# EDGAR Filing Document

**Accession Number:** 0000702340
**File Stem:** 0001193125-23-065387
**Filing Date:** 2023-3
**Character Count:** 1668896
**Document Hash:** c69ed213e8d7c6bf7918ced03c57081a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-065387.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-065387

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PENN SERIES FUNDS INC
- **CENTRAL INDEX KEY:** 0000702340
- **IRS NUMBER:** 232209178
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03459
- **FILM NUMBER:** 23718293

**BUSINESS ADDRESS:**
- **STREET 1:** 600 DRESHER RD
- **STREET 2:** C3D
- **CITY:** HORSHAM
- **STATE:** PA
- **ZIP:** 19044
- **BUSINESS PHONE:** (215) 956-8835

**MAIL ADDRESS:**
- **STREET 1:** 600 DRESHER ROAD
- **STREET 2:** C3D
- **CITY:** HORSHAM
- **STATE:** PA
- **ZIP:** 19044

## Series and Classes Contracts Data

### Money Market Fund (Series ID: S000006722)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000018285 | Money Market Fund |  |

### Limited Maturity Bond Fund (Series ID: S000006723)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000018286 | Limited Maturity Bond Fund |  |

### Index 500 Fund (Series ID: S000006724)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000018287 | Index 500 Fund |  |

### Mid Cap Growth Fund (Series ID: S000006725)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018288 | Mid Cap Growth Fund |  |

### Mid Cap Value Fund (Series ID: S000006726)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000018289 | Mid Cap Value Fund |  |

### Large Cap Growth Fund (Series ID: S000006727)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000018290 | Large Cap Growth Fund |  |

### Mid Core Value Fund (Series ID: S000006728)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018291 | Mid Core Value Fund |  |

### Real Estate Securities Fund (Series ID: S000006729)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000018292 | Real Estate Securities Fund |  |

### Quality Bond Fund (Series ID: S000006730)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000018293 | Quality Bond Fund |  |

### High Yield Bond Fund (Series ID: S000006731)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000018294 | High Yield Bond Fund |  |

### Large Growth Stock Fund (Series ID: S000006732)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000018295 | Large Growth Stock Fund |  |

### Large Cap Value Fund (Series ID: S000006733)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000018296 | Large Cap Value Fund |  |

### Flexibly Managed Fund (Series ID: S000006734)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000018297 | Flexibly Managed Fund |  |

### International Equity Fund (Series ID: S000006735)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000018298 | International Equity Fund |  |

### Small Cap Value Fund (Series ID: S000006736)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000018299 | Small Cap Value Fund |  |

### Small Cap Growth Fund (Series ID: S000006737)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000018300 | Small Cap Growth Fund |  |

### Aggressive Allocation Fund (Series ID: S000022076)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000063367 | Aggressive Allocation Fund |  |

### Moderately Conservative Allocation Fund (Series ID: S000022077)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000063368 | Moderately Conservative Allocation Fund |  |

### Small Cap Index Fund (Series ID: S000022078)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000063369 | Small Cap Index Fund |  |

### Smid Cap Growth Fund (Series ID: S000022079)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000063370 | Smid Cap Growth Fund |  |

### Smid Cap Value Fund (Series ID: S000022080)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000063371 | Smid Cap Value Fund |  |

### Balanced Fund (Series ID: S000022081)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000063372 | Balanced Fund |  |

### Conservative Allocation Fund (Series ID: S000022082)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000063373 | Conservative Allocation Fund |  |

### Developed International Index Fund (Series ID: S000022083)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000063374 | Developed International Index Fund |  |

### Emerging Markets Equity Fund (Series ID: S000022084)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000063375 | Emerging Markets Equity Fund |  |

### Large Core Growth Fund (Series ID: S000022085)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000063376 | Large Core Growth Fund |  |

### Large Core Value Fund (Series ID: S000022086)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000063377 | Large Core Value Fund |  |

### Moderate Allocation Fund (Series ID: S000022087)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000063378 | Moderate Allocation Fund |  |

### Moderately Aggressive Allocation Fund (Series ID: S000022088)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000063379 | Moderately Aggressive Allocation Fund |  |

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-03459** 

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## Penn Series Funds, Inc.
**(Exact name of registrant as specified in charter)** 

------

**600 Dresher Road** 

**Horsham, PA 19044** 

**(Address of principal executive offices) (Zip code)** 

------

**Steven Viola** 

**Penn Series Funds, Inc.** 

**600 Dresher Road** 

**Horsham, PA 19044** 

**(Name and address of agent for service)** 

------

**Registrant's telephone number, including area code: (215) 956-8129** 

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

------

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1. Reports to Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g429965img53ed30e81.gif)

## Penn Series<br> Funds, Inc.
■ 2022 Annual Report

Available through Penn Mutual Variable Products

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

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Dear Investor:

Thank you for your continued affiliation with The Penn Mutual Life Insurance Company. The confidence and trust you place in us reaffirms our commitment to helping policyholders take advantage of all of life's possibilities. We also take pride in being a financially strong mutual insurance company that delivers on our promises, and I am very pleased to bring you the following 2022 capital markets summary. Please remember that regardless of what the markets may bring, short-term performance changes should not distract you from your long-term financial plan, and it is a good idea to meet with your financial professional regularly to ensure that your asset allocation remains on target.

The U.S. economy and financial markets have taken numerous unexpected twists and turns since the onset of the pandemic, and 2022 was no exception. Surging inflation and global central banks' response to it were the predominant economic stories during the year. Inflation in the U.S. reached the highest levels since the early 1980s. Year-over-year inflation as measured by the Consumer Price Index peaked at 9% mid-year, but the question remains how quickly inflation will move close to the Federal Reserve's (Fed) 2% target. History suggests a durable decline in inflation will require a material slowdown in economic growth and consumer demand. The U.S. consumer entered the year with record-strong balance sheets benefiting from the pandemic-driven government stimulus and full employment. However, broad-based strength in consumer spending in 2022 led to a significant drawdown in savings and the largest increase in credit card balances in more than 20 years. The savings rate in the U.S. recently moved to the lowest levels since the Global Financial Crisis. The tragic war in Ukraine and China's "zero-COVID" policy also contributed to the challenging global growth and inflationary environments. European economies were particularly hard hit by the energy supply shock. Consumer discretionary spending was squeezed by high food and energy costs, forcing numerous countries to implement energy price caps.

**Stocks experienced extreme volatility as the historic increase in interest rates weighed on valuations for all financial assets. The impact was most significant for the market-leading growth stocks. Growth stocks — with a longer-duration earnings profile — benefited for years from the prolonged low-interest-rate environment. After years of outperformance, growth gradually moved out of favor as investors shifted toward value stocks. The previously high-flying growth stocks yet to generate profits were particularly hard hit, with numerous names plunging more than 90%. In this very volatile environment, the U.S. stock market, as measured by the Wilshire 5000 Total Market Index, returned -19.04% for the full twelve-month period ending December 31.**

On a relative basis, mid-capitalization stocks provided better returns than large- and small-capitalization stocks during the year. Mid-capitalization stocks, as measured by the Russell Midcap Index returned -17.32%, while large-capitalization stocks, as measured by the Russell 1000 Index, returned -19.13% and small-capitalization stocks, as measured by the Russell 2000 Index, returned -20.44%. From a style perspective, value stocks outperformed growth stocks for the full year in all market capitalizations. The widest disparity was witnessed in the large-capitalization space. For instance, large-capitalization value stocks, as measured by the Russell 1000 Value Index returned -7.54% while large-capitalization growth stocks, as measured by the Russell 1000 Growth Index, returned -29.14%.

**International markets were also challenged by tightening financial conditions and dollar strength. Looking ahead, the Russia-Ukraine conflict and slowing growth in China pose additional risks to an already uncertain global economic outlook. In this environment, emerging markets stocks ended the year with a -20.09% return, as measured by the MSCI Emerging Markets Index and developed international stocks returned -14.45%, as measured by the MSCI EAFE Index.**

**Fixed-income markets also experienced heightened volatility, after the relative calm of 2021. The Fed's failure to recognize the durability and severity of the inflation spike forced the most aggressive monetary tightening since the early 1980s. After years of low and stable inflation, Fed policymakers became too focused on the full-employment side of its dual mandate. Chair Jerome Powell now recognizes failure is "not an option" in the Fed's fight against inflation. Treasury yields moved materially higher and the yield curve shifted steadily deeper into inversion for the majority of the year. Ten-year Treasury yields peaked in late October near 4.25%, approximately 275 basis points above where they started the year. Signs that inflation had peaked brought buyers of long-duration bonds back during the fourth quarter, which is also when Treasury bill yields reached the highest point on the yield curve, as more points on the curve moved into inversion. In this environment, investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01% (more than four times the previous record loss of 2.9% in 1994) and high-yield bonds, as measured by the Bloomberg U.S. Corporate High Yield Bond Index, returned -11.19%.**

Once again, we thank you for the privilege of serving your financial needs and encourage you to work closely with your financial professional to continue to explore your options throughout all of life's stages.

Sincerely,

![](g429965img7f7b1e7f2.jpg)

#### Keith G. Huckerby<br> President<br> Penn Series Funds, Inc.

------

**Source: This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are subject to change as subsequent conditions vary. All economic and performance information is historical and not indicative of future results.**

------

### **Table of Contents**

### Penn Series Funds, Inc. Annual Report

#### Management's Discussion of Fund Performance (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Limited Maturity Bond Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_1)<br>| &nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Quality Bond Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_2)<br>| &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [High Yield Bond Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_3)<br>| &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Flexibly Managed Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_4)<br>| &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balanced Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_6)<br>| &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Growth Stock Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_7)<br>| &nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Cap Growth Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_9)<br>| &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Core Growth Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_11)<br>| &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Cap Value Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_13)<br>| &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Core Value Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_15)<br>| &nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Index 500 Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_17)<br>| &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Cap Growth Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_19)<br>| &nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Cap Value Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_21)<br>| &nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Core Value Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_23)<br>| &nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SMID Cap Growth Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_25)<br>| &nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SMID Cap Value Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_27)<br>| &nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Growth Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_29)<br>| &nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Value Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_31)<br>| &nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Index Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_33)<br>| &nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Developed International Index Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_35)<br>| &nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Equity Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_37)<br>| &nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Emerging Markets Equity Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_39)<br>| &nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Real Estate Securities Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_41)<br>| &nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Aggressive Allocation Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_43)<br>| &nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Moderately Aggressive Allocation Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_45)<br>| &nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Moderate Allocation Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_47)<br>| &nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Moderately Conservative Allocation Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_49)<br>| &nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Conservative Allocation Fund](#xx_80c797fd-0460-4a55-9b57-b66f8bf39348_51)<br>| &nbsp;&nbsp;52 |
| **[Important Information about Fund Expenses (Unaudited)](#xx_aa572d33-cba6-44f7-9b83-e8b43d6b485f_1)<br>**  | &nbsp;&nbsp;53 |
| **[Schedules of Investments](#xx_8bfee15b-cc4f-4a9e-b8ed-4c8cebf546cc_1)<br>**  | &nbsp;&nbsp;56 |
| **[Statements of Assets and Liabilities](#xx_010aeb75-c838-4e67-8cc1-3bea30c26460_1)<br>**  | &nbsp;&nbsp;167 |
| **[Statements of Operations](#xx_010aeb75-c838-4e67-8cc1-3bea30c26460_9)<br>**  | &nbsp;&nbsp;175 |
| **[Statements of Changes in Net Assets](#xx_010aeb75-c838-4e67-8cc1-3bea30c26460_16)<br>**  | &nbsp;&nbsp;182 |
| **[Financial Highlights](#xx_a1ffb1e4-b619-4e0c-982d-10bdbd97c225_1)<br>**  | &nbsp;&nbsp;190 |
| **[Notes to Financial Statements](#xx_927c988f-b4ee-4ee9-8e39-b2681efad319_1)<br>**  | &nbsp;&nbsp;219 |
| **[Report of Independent Registered Public Accounting Firm](#xx_71fd01eb-2eef-4fcf-b266-a8cc526482e1_1)<br>**  | &nbsp;&nbsp;242 |
| **[Tax Information](#xx_22631251-03d5-41d5-b67d-9fb950752bd9_1)<br>**  | &nbsp;&nbsp;243 |
| **[Disclosure of Portfolio Holdings](#xx_22631251-03d5-41d5-b67d-9fb950752bd9_2)<br>**  | &nbsp;&nbsp;244 |
| **[Voting Proxies on Fund Portfolio Securities](#xx_22631251-03d5-41d5-b67d-9fb950752bd9_2)<br>**  | &nbsp;&nbsp;244 |
| **[Fund Management](#xx_0224ffad-e116-44bf-b02d-05b826393b22_1)<br>**  | &nbsp;&nbsp;245 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Limited Maturity Bond Fund
The Penn Series Limited Maturity Bond Fund (the "Fund") returned -4.49% for the twelve-month period ending December 31, 2022, compared to the -3.69% return for its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Bond Index (the "Index") for the same period.

After hovering near the zero-lower bound since the onset of the pandemic, short-term Treasury yields moved materially higher during 2022. Inflation running at the highest levels in more than four decades forced the Federal Reserve (Fed) to tighten aggressively, hiking interest rates by 425 basis points. The Fed also began the process of reducing its balance sheet holdings of government bonds. Economic growth stalled during the first half of 2022 but rebounded during the second half despite tighter monetary policy. Labor markets remain tight as job openings continue to be well above the number of workers seeking employment.

The Fund's underweight stance to duration or interest rate risk benefited results during 2022 but was offset by spread widening for corporate and structured security holdings. We expect the end of the Fed's tightening cycle during the first quarter of 2023, providing a more favorable environment for short-duration, high-quality fixed income assets.

We are currently maintaining our overweight to high-quality structured securities, while opportunistically managing credit risk within the corporate sector.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img567bbe3f3.jpg)

An investment of $10,000 in the Limited Maturity Bond Fund on December 31, 2012 would have grown to $11,123. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Bloomberg U.S. Government/Credit 1–3 Year Bond Index, during the same period. A $10,000 investment in the Bloomberg U.S. Government/Credit 1–3 Year Bond Index on December 31, 2012 would have grown to $10,916.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;(4.49%) | &nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;1.07% |
| Bloomberg U.S. Government/Credit 1-3 Year Bond Index | &nbsp;&nbsp;(3.69%) | &nbsp;&nbsp;0.92% | &nbsp;&nbsp;0.88% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;42.1% |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;30.0% |
| Residential Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;14.6% |
| Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;12.3% |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Quality Bond Fund
The Penn Series Quality Bond Fund (the "Fund") returned -13.63% for the twelve-month period ending December 31, 2022, compared to -13.01% for its benchmark, the Bloomberg U.S. Aggregate Bond Index (the "Index") for the same time period.

The bond market suffered its steepest annual loss on record as surging inflation in the United States forced the Federal Reserve (Fed) to respond aggressively with tighter monetary policy. Inflation showed signs of peaking by the third quarter but remained well above the Fed's 2% inflation target. As inflation surged, economic growth stalled during the first half of the year but surprised to the upside during the second half. Labor market conditions remained strong despite the Fed's efforts to slow the economy. New job openings are running above the 10 million mark — more than 3 million higher than pre-pandemic levels.

Treasury yields moved materially higher and the yield curve shifted steadily deeper into inversion for the majority of the year. 10-year Treasury yields peaked in late October near 4.25%, approximately 275 basis points above where they started the year. Signs that inflation had peaked brought buyers of long duration bonds back during the fourth quarter. Fund performance benefited from conservative duration management but yield curve flattening detracted from results relative to the benchmark.

Spread widening among Fund holdings of corporate and structured securities also detracted from performance during the year. We remain focused on identifying higher quality credit sector opportunities that will be able to generate solid returns during periods of slowing economic growth. Current overweight positioning includes multi-family commercial mortgage-backed securities, high-quality collateralized loan obligations and investment-grade corporate bonds. We remain underweight agency residential mortgage-backed securities but are finding more attractive opportunities there as the Fed exits purchase activity in the sector.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img23f506974.jpg)

An investment of $10,000 in the Quality Bond Fund on December 31, 2012 would have grown to $11,332. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Bloomberg U.S. Aggregate Bond Index on December 31, 2012 would have grown to $11,108.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Quality Bond Fund | &nbsp;&nbsp;(13.63%) | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;1.26% |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;(13.01%) | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.06% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;39.4% |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;20.1% |
| Residential Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;19.6% |
| Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;16.2% |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### High Yield Bond Fund
The Penn Series High Yield Bond Fund (the "Fund") returned -6.30% for the twelve-month period ending December 31, 2022, compared to -10.55% return for its benchmark, the CSFB High Yield Bond Index (the "Index") for the same time period.

2022 was a very weak year for fixed income assets driven largely by a dramatic rise in Treasury rates. The 2-year and 10-year Treasuries rose by approximately 370 basis points (bps) and 230 bps, respectively, as the Federal Reserve (Fed) rapidly raised short-term interest rates and reduced the size of its balance sheet (quantitative tightening). Supply chain issues from the re-opening of the economy, the onset of the war in Ukraine, and the massive monetary and fiscal stimulus all contributed to materially higher inflation levels and forced the Fed to respond aggressively as the year progressed. Credit spreads widened and were volatile in 2022 but the market remained orderly and liquidity adequate. BB credit outperformed lower-quality credit by over 350 bps as the market started to price in the likelihood of a recession in 2023. Fortunately, a benign maturity wall in 2023 and 2024, very limited new issue supply, and reasonably solid corporate balance sheets helped prevent credit spreads from approaching typical recessionary periods. Sector dispersion was evident with energy remaining a relative outperformer, while broadcast media, telecom/cable and retail were laggards.

The Fund entered 2022 underweight duration and spread duration versus the benchmark, which benefited performance during the first half of the year as rates rose and spreads widened. As the prospect of a much weaker growth and earnings outlook appeared, the Fund reduced its allocation to lower-quality credit. This positioning was largely maintained during the second half of 2022, although the Fund did make adjustments to individual credits and sector allocations, reducing exposure to the retail, telecom/cable and advertising sectors.

Entering 2023, the Fund is overweight the energy, gaming/leisure, airline and health care sectors. The Fund remains underweight lower-quality risk but we will selectively add risk as opportunities present themselves.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img6392fb6f5.jpg)

An investment of $10,000 in the High Yield Bond Fund on December 31, 2012 would have grown to $15,796. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the CSFB High Yield Bond Index, during the same period. A $10,000 investment in the CSFB High Yield Bond Index on December 31, 2012 would have grown to $14,601.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| High Yield Bond Fund | &nbsp;&nbsp;&nbsp;(6.30%) | &nbsp;&nbsp;3.67% | &nbsp;&nbsp;4.68% |
| CSFB High Yield Bond Index | &nbsp;&nbsp;(10.55%) | &nbsp;&nbsp;2.07% | &nbsp;&nbsp;3.86% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| BB/B Rated | &nbsp;&nbsp;&nbsp;34.3% |
| BBB/BB Rated & Above | &nbsp;&nbsp;&nbsp;24.7% |
| BB Rated | &nbsp;&nbsp;&nbsp;16.1% |
| B/CCC Rated | &nbsp;&nbsp;&nbsp;&nbsp;8.9% |
| B Rated | &nbsp;&nbsp;&nbsp;&nbsp;8.8% |
| Not Rated | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| CCC and Below | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| Equity Securities | &nbsp;&nbsp;&nbsp;&nbsp;0.0% <sup>2</sup> |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
| 2 | Less than 0.05%. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Flexibly Managed Fund
The Penn Series Flexibly Managed Fund (the "Fund") returned -12.12% for the twelve-month period ending December 31, 2022, compared to the -18.11% return of its benchmark, the S&P 500 Index (the "Index") for the same time period.

The Fund posted a negative return but strongly outperformed its all-equity S&P 500 Index in the 2022 calendar year. The Fund's equity holdings posted a negative return but outpaced its S&P 500 Index benchmark. The Fund's fixed income holdings posted a negative return during the one-year period, but strongly outperformed its benchmark, the Bloomberg U.S. Aggregate Index.

U.S. stocks fell sharply in 2022, with major indices posting their worst year since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, and the Federal Reserve's (Fed) short-term interest rate increases starting in mid-March. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023. S&P 500 sector performance was mostly negative. The communication services, consumer discretionary and information technology sectors were the worst performers. On the other hand, energy stocks produced extraordinary gains, surging with oil and natural gas prices for much of the year as many nations sanctioned Russia and made efforts to reduce reliance on Russian energy exports because of its invasion of Ukraine.

As always, we remain committed to finding the best risk-adjusted opportunities across the asset class spectrum to help balance our goals of preserving invested capital and generating equity-like returns over the long term with less risk than the broader equity market.

Our overall fixed income weight increased compared to the beginning of the year. Our largest exposure remains in bank loans, which we think at current levels offer attractive risk-adjusted return profiles. We also like that bank loans are at the top of the capital structure and benefit from rising interest rates. Our second largest exposure is in U.S. Treasuries, which provide ballast, generate income, and are highly liquid should we decide to add to risk assets if further market stress arises. We

also continue to have a meaningful weight in high yield, where we are focused on higher quality and/or idiosyncratic issues that offer attractive return/risk profiles.

Within equities, the consumer discretionary sector contributed to relative performance, owing primarily to security selection. Shares of Yum! Brands, the parent company of Taco Bell, KFC, and Pizza Hut, declined but strongly outperformed sector peers. Despite some pressure on international sales due to COVID-related lockdowns in China and suspended operations in Russia, the company posted strong same-store-sales in other regions, as well as better than expected new unit growth. Stock selection in information technology also lifted relative returns, driven by NXP Semiconductors, which outperformed sector peers on the back of solid growth in its core automotive division. An underweight allocation to the energy sector was a leading detractor from relative results. Energy was by far the best performing sector during the year, outperforming the overall S&P 500 Index by 84%. The sector surged with oil and natural gas prices in the early part of the year and benefited late in the period from progress in the post-pandemic economic reopening of China. The health care sector also weighed on relative returns due to stock picks, such as PerkinElmer. Shares of the company underperformed as investors appeared to cool on the life sciences and tools industry after a period of strong returns driven by the demand for equipment needed to test for COVID-19.

Not withstanding the year-end rally that pared earlier losses, U.S. equity markets suffered their worst decline in over a decade this calendar year. While myriad factors contributed to the global downturn, the linked pair of elevated inflation and rising interest rates were the primary culprits in the U.S. Even as the rate of inflation appeared to recede and the Fed began to moderate the pace of its rate hikes, markets pulled back on speculation of a seemingly inevitable tightening-induced recession. And a recession remains a realistic outcome, although we believe this scenario would produce an unusual environment as pockets of the market are already at trough levels.

At current levels, we have a more constructive outlook for markets, particularly over the intermediate-term where recent dislocation has created pockets of opportunity for long-term investors. The rally in equities that opened the quarter created compelling opportunities to pare certain positions on strength. However, we also bought shares of names with strong underlying

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>
fundamentals that we believe have been oversold on near-term macroeconomic concerns. As a result, the Fund is positioned with a slight overweight to equities.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> T. Rowe Price Associates, Inc.<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img4af490d16.jpg)

An investment of $10,000 in the Flexibly Managed Fund on December 31, 2012 would have grown to $27,443. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the S&P 500 Index, during the same period. A $10,000 investment in the S&P 500 Index on December 31, 2012 would have grown to $32,654.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Flexibly Managed Fund | &nbsp;&nbsp;(12.12%) | &nbsp;&nbsp;8.91% | &nbsp;&nbsp;10.62% |
| S&P 500 Index | &nbsp;&nbsp;(18.11%) | &nbsp;&nbsp;9.43% | &nbsp;&nbsp;12.56% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;22.6% |
| Technology | &nbsp;&nbsp;&nbsp;19.8% |
| Financial | &nbsp;&nbsp;&nbsp;15.8% |
| Industrial | &nbsp;&nbsp;&nbsp;&nbsp;11.1% |
| Government | &nbsp;&nbsp;&nbsp;&nbsp;9.6% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;5.9% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Balanced Fund
The Penn Series Balanced Fund (the "Fund") returned -16.57% for the twelve-month period ending December 31, 2022, compared to its benchmarks, the S&P 500 Index's return of -18.11% and the Bloomberg U.S. Aggregate Bond Index's return of -13.01% (the "Index") for the same time period.

The Balanced Fund is comprised of a target allocation of 60% to an equity fund and 40% to a fixed income fund. The equity allocation of the Fund is comprised of the Penn Series Index 500 Fund which seeks a total return that corresponds to that of the S&P 500 Index. The fixed income allocation of the Fund consists of an allocation to the Penn Series Quality Bond Fund.

At the broad asset class level, the Balanced Fund's equity allocation performed in line with its broad equity benchmark, the S&P 500 Index, for the twelve-month period. The Fund's fixed income allocation underperformed the Bloomberg U.S. Aggregate Bond Index for the same period.

The Quality Bond Fund's conservative duration management benefited results, while yield curve positioning and credit spread widening for corporate and structured holdings detracted from performance.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img0f36b37f7.jpg)

An investment of $10,000 in the Balanced Fund on December 31, 2012 would have grown to $20,905. For the purpose of comparison, the graph also shows the change in the Fund's benchmarks, the S&P 500 Index and the Bloomberg U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the

S&P 500 Index on December 31, 2012 would have grown to $32,654. A $10,000 investment in the Bloomberg U.S. Aggregate Bond Index on December 31, 2012 would have grown to $11,108.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Balanced Fund | &nbsp;&nbsp;(16.57%) | &nbsp;&nbsp;5.55% | &nbsp;&nbsp;&nbsp;7.65% |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;(18.11%) | &nbsp;&nbsp;9.42% | &nbsp;&nbsp;12.56% |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;(13.01%) | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;1.06% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

---

| | |
|:---|:---|
| **Asset Allocation Target as of 12/31/22** |  |
| Index 500 | &nbsp;&nbsp;60.0% |
| Intermediate Bonds | &nbsp;&nbsp;40.0% |
|  | &nbsp;&nbsp;100.0% |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Large Growth Stock Fund
The Penn Series Large Growth Stock Fund (the "Fund") returned -39.52% for the twelve-month period ending December 31, 2022, compared to the -29.14% return for its benchmark, the Russell 1000 Growth Index (the "Index") for the same time period.

Overall, both stock selection and sector allocation were responsible for relative underperformance. Communication services was the largest relative underperformer, followed by consumer discretionary. Health care was the only relative contributor.

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The Federal Reserve's (Fed) aggressive short-term interest rate hikes that began in March, as well as comments that it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

In communication services, both stock selection and an overweight position detracted from relative results. Shares of Snap fell dramatically over the past year as it struggled to adapt to new policies around data tracking that affected its ability to target and measure ad performance. This, at a time where competition is intensifying, and an uncertain macro backdrop has led to tighter advertising spend. We eliminated the stock due to an impaired thesis and a loss of confidence in the company's management team. Shares of Sea Ltd. traded lower due to a COVID-off environment impacting the Gaming business, India's prohibition on the company's most popular title due to Chinese investment, and an uncertain macro environment that has reduced the visibility for the company's e-commerce segment. We believe Sea Ltd.'s platform is well positioned to gain share in South East Asia's high margin online gaming market and expand its reach to additional emerging market countries, with additional growth supported by

an underappreciated consumer to consumer (C2C) e-commerce marketplace with improving monetization trends.

In consumer discretionary, stock choices and an overweight position hindered relative returns. After a successful and well-received public offering, shares of electric vehicle (EV) upstart Rivian have significantly declined. The company is facing a challenging environment to try to ramp production given all the macro uncertainty, supply chain disruptions, and affordability coming under pressure. It's been a rough ride since coming public, but we continue to like the name and have conviction that it can be one of the long-term winners in EV. Shares of Amazon.com traded lower in response to deceleration within both its e-commerce and Amazon Web Services (AWS) segments as consumer confidence and enterprise cloud spend softened due to macro concerns. The company also disappointed in terms of cost control efforts that fell short of targets, with its bloated logistics footprint continuing to weigh on profitability. Despite the disappointing near-term results, we still believe the long-term growth runways for both businesses are still very much intact, while the advertising business remains exceptionally well positioned in an otherwise shaky digital marketing landscape, thanks to its closed loop system. Amazon has three businesses (e-commerce, AWS, advertising) that are each levered to durable secular growth themes, attacking huge addressable markets, and have plenty of runway left for growth.

Conversely, stock selection in health care added value. Cigna has performed well on solid results, driven by strength in both its pharmacy-benefits and healthcare segments, including a better-than-expected medical-loss-ratio. We believe Cigna remains a source of steady growth at an attractive valuation and appreciate its significant exposure to commercial markets in which we think the company will be able to exercise pricing power in the near term. Managed care holdings UnitedHealth Group and Humana also performed well over the past year thanks to better-than-expected cost trends as utilization returns to normal in the wake of the pandemic.

Signs of cooling inflation are a welcomed sight, but labor markets remain tight, likely forcing the Fed to maintain a "higher-for-longer" posture. We expect continued volatility in 2023 as the effects of Fed actions take hold and they assess their course of action; however, with many of our companies already having taken their medicine in the form of earnings revisions, and an

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>
eventual unwinding of economic tightening to come, the worst is likely behind us with better days ahead for growth stocks.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> T. Rowe Price Associates, Inc.<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img132428328.jpg)

An investment of $10,000 in the Large Growth Stock Fund on December 31, 2012 would have grown to $27,850. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 1000 Growth Index, during the same period. A $10,000 investment in the Russell 1000 Growth Index on December 31, 2012 would have grown to $37,397.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Large Growth Stock Fund | &nbsp;&nbsp;(39.52%) | &nbsp;&nbsp;&nbsp;4.43% | &nbsp;&nbsp;10.79% |
| Russell 1000 Growth Index | &nbsp;&nbsp;(29.14%) | &nbsp;&nbsp;10.96% | &nbsp;&nbsp;14.10% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Technology | &nbsp;&nbsp;&nbsp;41.4% |
| Communications | &nbsp;&nbsp;&nbsp;19.3% |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;17.3% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;10.7% |
| Financial | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| Industrial | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Large Cap Growth Fund
The Penn Series Large Cap Growth Fund (the "Fund") returned -19.19% for the twelve-month period ending December 31, 2022, compared to the -29.14% return for its benchmark, the Russell 1000 Growth Index (the "Index") for the same time period.

During the reporting period, markets continued to grapple with the strongest global inflationary pressures in decades along with signs of slowing economic growth. Intermittent coronavirus flareups, particularly in China, where home-grown vaccines have proved less effective than elsewhere, kept supply chains stretched for a considerable period. At the same time, the reopening of the economy in the parts of the world where the virus has been better contained has led to a shift in consumption patterns in favor of services, straining already tight labor markets in most developed economies, while reducing demand for manufactured goods, primarily from Asia. As a result of Russia's invasion of Ukraine, geopolitical considerations, such as sanctions and trade bans, have resulted in additional supply chain disruptions and volatile global energy prices. Taken together, these factors have contributed to market volatility.

The ripple effects from the Russian invasion further complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers will find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, policymakers remained focused on controlling inflation, although investors appeared to have expected varying degrees of action from the central banks. The Federal Reserve (Fed) has been among the most aggressive developed market central banks, tightening policy at the fastest rate in decades, although it slowed its hiking pace at the end of the period, as did the European Central Bank. After remaining on the monetary sidelines for much of the period, the Bank of Japan widened its yield curve control band, capping the yield on its 10-year bond at 0.5%, up from 0.25%, an action investors interpreted as a first step toward monetary policy normalization.

Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that supply

chain bottlenecks (particularly semiconductors) may be moderating, the easing of COVID restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels may be near a peak were supportive factors for the macroeconomic backdrop.

Security selection and, to a lesser extent, an underweight position in the consumer discretionary sector contributed to performance relative to the Russell 1000 Growth Index. Within this sector, not owning shares of electric vehicle manufacturer Tesla and internet retailer Amazon.com, and an overweight position in apparel retailer Ross Stores, boosted relative returns.

Stock selection in both the information technology and communication services sectors also aided relative results. Within the information technology sector, not owning shares of computer graphics processor maker NVIDIA and an overweight position in financial technology services provider Fiserv supported relative performance. Within the communication services sector, not owning shares of social networking service provider Meta Platforms further bolstered relative results.

Stocks in other sectors that supported relative performance included holdings of medical devices maker Boston Scientific and an overweight position in both risk management and human capital consulting services provider Aon and financial services provider Charles Schwab.

The Fund's cash and/or cash equivalents position during the period was also a contributor to relative performance. Under normal market conditions, the Fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when equity markets fell, as measured by the Fund's benchmark, holding cash helped performance versus the benchmark, which has no cash position.

Stock selection in the industrials sectors weighed on relative performance. Within this sector, not owning shares of defense contractor Lockheed Martin and construction, agricultural machinery and heavy equipment manufacturer Deere & Company and mining equipment manufacturer Caterpillar weakened relative returns.

Avoiding the energy sector also held back relative returns. However, there were no individual stocks within this sector, either in the Fund or in the benchmark, that were among the Fund's largest relative detractors during the period.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>
Elsewhere, not owning shares of pharmaceutical companies Abbvie and Eli Lilly, health insurance and medicare/medicaid provider UnitedHealth Group, beverage maker Coca-Cola and biotechnology firm Amgen hampered relative performance. Additionally, the Fund's position in sportswear and sports equipment manufacturer Adidas and an overweight position in technology company Alphabet further hindered relative returns.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> MFS Investments<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgd659c4fd9.jpg)

An investment of $10,000 in the Large Cap Growth Fund on December 31, 2012 would have grown to $32,476. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 1000 Growth Index, during the same period. A $10,000 investment in the Russell 1000 Growth Index on December 31, 2012 would have grown to $37,397.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Large Cap Growth Fund | &nbsp;&nbsp;(19.19%) | &nbsp;&nbsp;&nbsp;11.82% | &nbsp;&nbsp;12.50% |
| Russell 1000 Growth Index | &nbsp;&nbsp;(29.14%) | &nbsp;&nbsp;10.96% | &nbsp;&nbsp;14.10% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Technology | &nbsp;&nbsp;&nbsp;31.4% |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;26.0% |
| Financial | &nbsp;&nbsp;&nbsp;12.9% |
| Industrial | &nbsp;&nbsp;&nbsp;10.2% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;7.4% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Large Core Growth Fund
The Penn Series Large Core Growth Fund (the "Fund") returned -53.49% for the twelve-month period ending December 31, 2022, compared to the -29.14% return for its benchmark, the Russell 1000 Growth Index (the "Index") for the same time period.

Counterpoint Global seeks high quality companies, which we define primarily as those with sustainable competitive advantages. We manage concentrated portfolios that are highly differentiated from the benchmark, with securities weighted on our assessment of the quality of the company and our conviction. The value added or detracted in any period of time will typically result from stock selection, given our philosophy and process.

The long-term investment horizon and conviction weighted, highly active investment approach embraced by Counterpoint Global can result in periods of performance deviation from the benchmark and peers. The Fund underperformed the Russell 1000 Growth Index this period primarily due to adverse stock selection; sector allocation detracted to a lesser extent.

Large cap growth equities, as measured by the Russell 1000 Growth Index, declined over the year. Outside of the energy sector's significant outperformance and a small positive return from utilities, all other Index sectors had negative performance in the year. Communication services, consumer discretionary and information technology were the bottom performing sectors. Against this backdrop, Counterpoint Global continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the Fund.

Fear and uncertainty due to concerns about inflation, rising interest rates, geopolitical tensions, and ongoing effects of the global pandemic resulted in overall greater market volatility and a sell-off in high growth equities. We believe this sell-off, which began in the fourth quarter of 2021, was driven by primarily non-fundamental factors. Fundamentals across fund holdings largely remained healthy and in line with our expectations. Despite market volatility, we continued to find many high quality companies with attractive end-game potential due to compelling fundamentals, strong balance sheets and multiple competitive advantages. While we opportunistically added to some positions and initiated new ones, overall we made few changes as we remain confident in the long-term prospects for the businesses we own.

Information technology was by far the top detractor in the Fund this period, due to mixed stock selection. The Fund's stock selection in and sector allocations to most other sectors detracted as well; the communications services and consumer discretionary sectors were the second and third largest detractors from relative results. However, this was partially offset by an overweight to industrials, which contributed a modest gain. The real estate and utilities sectors, which the Fund did not have exposure to, and the materials position had a negligible impact on relative performance.

Counterpoint Global looks to own a portfolio of unique companies with diverse business drivers, strong competitive advantages and positioning, and healthy secular growth prospects whose market value we believe can increase significantly over the long-term for underlying fundamental reasons, independent of the macro or market environment. We find these companies through fundamental research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process.

Counterpoint Global believes having a market outlook can be an anchor. We focus on assessing company prospects over a five-year investment horizon. Current portfolio positioning reflects what we believe are the best long-term investment opportunities.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> Morgan Stanley Investment Management<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgff46e1c510.jpg)

An investment of $10,000 in the Large Core Growth Fund on December 31, 2012 would have grown to $20,723. For the purpose of comparison, the graph also shows the change in the Fund's

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>
benchmark, the Russell 1000 Growth Index, during the same period. A $10,000 investment in the Russell 1000 Growth Index on December 31, 2012 would have grown to $37,397.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Large Core Growth Fund | &nbsp;&nbsp;(53.49%) | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;7.56% |
| Russell 1000 Growth Index | &nbsp;&nbsp;(29.14%) | &nbsp;&nbsp;10.96% | &nbsp;&nbsp;14.10% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Communications | &nbsp;&nbsp;&nbsp;38.7% |
| Technology | &nbsp;&nbsp;&nbsp;35.3% |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;18.3% |
| Industrial | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Financial | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Large Cap Value Fund
The Penn Series Large Cap Value Fund (the "Fund") returned -4.25% for the twelve-month period ending December 31, 2022, compared to the -7.54% return for its benchmark, the Russell 1000 Value Index (the "Index") for the same time period.

U.S. stocks declined during the twelve-month period ended December 31, 2022. In response to persistently high inflation, central banks — led by the U.S. Federal Reserve (Fed) — took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

For 2022, the Fund declined in absolute terms but outperformed its benchmark, the Russell 1000 Value Index. Stock selection contributed to relative performance during the period, helped most by selection within materials and industrials. Sector selection detracted from relative returns, mostly driven by an underweight position in the energy sector and an overweight to consumer discretionary.

Leading contributors to full-year relative performance included Amgen, a biopharmaceutical company, after it released promising data on its weight loss drug and benefited from a sell-side upgrade that noted its underappreciated pipeline and attractive valuation. Elevance Health contributed, as the company showed continued strong fundamental performance and raised guidance for 2022 earnings, noting that cost management contributed to margin expansion in the third quarter. Philip Morris International contributed after the company completed its acquisition of Swedish Match, which was well received by investors; the

acquisition should bolster its product lineup with next-generation smokeless tobacco products, not only improving its growth profile, but also reducing its health-risk profile.

Leading detractors from full-year relative performance included Target, as the company was impacted by weakening consumer demand, driven by inflationary pressures and slowing economic growth; additionally, operating margins remain compressed due to higher input costs and discounting associated with excess inventory. Roche detracted, as the company's Alzheimer's treatment failed a phase 3 trial, while the lack of an additional near-term catalyst caused investor concern; our thesis continues to focus on the company's attractive valuation, pipeline optionality not reflected in the stock price and management team that has historically demonstrated strength in capital allocation. PerkinElmer detracted; while our outlook for the company is unchanged, investors reacted negatively to news that former CFO Jamey Mock would be leaving the company, as he was credited with restructuring the company's portfolio into a higher-profitability business.

While the normalization of monetary policy is something we embrace, we share concerns about the consequences of slowing economic growth too much; falling demand can undermine the pricing power that broadly sustained high corporate margins for much of 2022. Higher rates have already slowed housing and auto sales (and prices) despite favorable longer-term supply-and-demand dynamics. Caution warrants looking out for negative elasticities across industries as higher rates and dwindling cash reserves dent demand.

We believe that the Fund's holdings have attractive fundamentals that are consistent with our philosophy: high free-cash-flow yields, low earnings variability and low leverage. These well-managed companies deploy capital wisely, allowing them to grow dividends and enhance the long-term value of their shares.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> AllianceBernstein<br> Investment Sub-Adviser

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgbf31f29d11.jpg)

An investment of $10,000 in the Large Cap Value Fund on December 31, 2012 would have grown to $25,913. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 1000 Value Index, during the same period. A $10,000 investment in the Russell 1000 Value Index on December 31, 2012 would have grown to $26,632.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Large Cap Value Fund | &nbsp;&nbsp;(4.25%) | &nbsp;&nbsp;7.39% | &nbsp;&nbsp;&nbsp;9.99% |
| Russell 1000 Value Index | &nbsp;&nbsp;(7.54%) | &nbsp;&nbsp;6.67% | &nbsp;&nbsp;10.29% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;30.0% |
| Financial | &nbsp;&nbsp;&nbsp;24.6% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;13.6% |
| Industrial | &nbsp;&nbsp;&nbsp;&nbsp;11.9% |
| Technology | &nbsp;&nbsp;&nbsp;&nbsp;6.6% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Large Core Value Fund
The Penn Series Large Core Value Fund (the "Fund") returned -3.22% for the twelve-month period ending December 31, 2022, compared to the -7.54% return for its benchmark, the Russell 1000 Value Index (the "Index") for the same time period.

Coming off of a strong 2021 for equity markets, 2022 started off quite rocky. Russia's invasion of Ukraine in the first quarter rocked commodity markets, sending energy prices and food prices soaring. Rising inflation across the globe negatively impacted markets. As the Federal Reserve's (Fed) outlook on inflation worsened from "transitory" to "persistent," investors began to expect the Fed would raise interest rates at every 2022 policy meeting and, in turn, worried that aggressive rate hikes could tip the U.S. economy into recession. At its June, July, September and November 2022 policy meetings, the Fed hiked the federal funds rate 0.75% each time — to a 3.75% - 4.00% range — its first moves of that magnitude since 1994. Higher interest rates, inflation and recessionary worries drove stock prices down around the globe. In Europe, looming energy shortages caused by the Russia-Ukraine conflict pushed inflation rates even higher and stock prices lower during the period.

In the final quarter of 2022 however, corporate earnings reports came in better than expected; inflation declined every month from July through October; stock valuations seemed more attractive after the August–September market pullback; and there was reason to hope that, after a fourth 0.75% rate increase in November, the Fed would slow down the pace of interest rate hikes at its December meeting. The fourth quarter was the only quarter of generally positive performance in a tough year for almost every asset class.

With headwinds from every direction, most equity markets saw declines during the period. The S&P 500 Index returned -18.11% while the Russell 2000 Index was down -20.44%. International markets saw similar declines, with the MSCI EAFE Index returning -14.45% for the year. Emerging markets were down -20.09%. Energy names however had their best year in some time, with the MSCI World Energy Index up 46.01% in 2022.

In a reversal of the growth over value trend we've seen over the last few years, investors saw value stocks handily outperform. The Russell 1000 Value Index was

down -7.54% for the year outperforming the Russell 1000 Growth by over 21%, as it finished the year down -29.14%.

Against this backdrop, the Fund outperformed its index, the Russell 1000 Value Index. Stock selection was the primary driver of outperformance, with positive selection results across eight of the 11 GICS sectors. Overall sector allocation was also additive for the year, as the Fund's overweight to energy and underweights to information technology and consumer discretionary was positive.

Stock selection within the financials sector was the largest contributor to results. Stock selection within industrials, materials and consumer staples was additive, followed by information technology and energy. Individual stocks that had the largest positive impact on results included energy companies ConocoPhillips and EOG Resources. Within the health care sector, the Fund benefited from an overweight to Neurocine Biosciences. Elsewhere, an overweight to industrials company Huntington Ingalls Industries and avoidance of communication services name Meta Platforms Inc. added to relative results.

Stock selection was negative across just three of the 11 sectors for the period. Selection results within the communication services sector was the largest detractor for the year, followed by stock selection within consumer discretionary and real estate. The largest detractors from the stock level included avoidance of energy company Exxon Mobil Corporation, overweights to communication services names Alphabet Inc, Class A and Walt Disney Company, and positions within information technology companies Micron Technology, Inc., and Fidelity National Information Services, Inc

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> Eaton Vance Management<br> Investment Sub-Adviser

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img7c246c7812.jpg)

An investment of $10,000 in the Large Core Value Fund on December 31, 2012 would have grown to $27,081. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 1000 Value Index, during the same period. A $10,000 investment in the Russell 1000 Value Index on December 31, 2012 would have grown to $26,632.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Large Core Value Fund | &nbsp;&nbsp;(3.22%) | &nbsp;&nbsp;8.42% | &nbsp;&nbsp;10.48% |
| Russell 1000 Value Index | &nbsp;&nbsp;(7.54%) | &nbsp;&nbsp;6.67% | &nbsp;&nbsp;10.29% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;23.5% |
| Financial | &nbsp;&nbsp;&nbsp;23.3% |
| Industrial | &nbsp;&nbsp;&nbsp;10.5% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;9.6% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;8.6% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;8.6% |
| Technology | &nbsp;&nbsp;&nbsp;&nbsp;6.0% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Index 500 Fund
The Penn Series Index 500 Fund (the "Fund") returned -18.29% for the twelve-month period ending December 31, 2022, compared to the -18.11% return for its benchmark, the S&P 500 Index (the "Index") for the same time period.

The investment objective of the Penn Series Index 500 Fund is to seek a total return (capital appreciation and income) which corresponds to that of the S&P 500 Index.

The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund's performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. As-of flows contributed to the difference between the Fund's performance and that of the Index.

The global economy decelerated in 2022, with the S&P 500 Index sliding down in the first three quarters of 2022 and slightly rebounding in the fourth quarter.

In the U.S., concerns over the Russia-Ukraine War and tighter monetary policy negatively affected the S&P 500 Index, which declined by 4.60% during the first quarter. The U.S. consumer sentiment was hit due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve (Fed) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labor market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labor force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations.

The S&P 500 Index declined by 16.10% during the second quarter. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an aftereffect, unemployment rates were also likely to rise, which was an area of concern for market participants. Signs of

higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales.

In the third quarter, U.S. equities fell sharply for the third straight quarter in 2022. The brief market rebound that began in June fizzled in the second half of August as central bank hawkishness driven by stubbornly high inflation frightened investors. The central bank has been looking to bring down inflation, which is running near its highest levels since the early 1980s. The Fed repeatedly stated that it is committed to slowing the economy to bring inflation down to its 2% target. August core Consumer Price Index (CPI) data underpinned the Fed's hawkishness and further support came from a tight labor market.

Riding on the gains of October and November, U.S. equities were mostly higher in the fourth quarter of 2022. The S&P 500 Index gained 7.56% and was seen as a respite after the negative returns during the past three quarters. There were some drawdowns seen in U.S. equities during December. The Fed raised the short-term borrowing rate by 75 basis points (bps) during November. However, after four consecutive rate hikes of 75 bps during the year, the central bank raised the borrowing rate by 50 bps to a range of 4.25% to 4.50%. The Fed's rate hike policy reflected the cooling year-on-year CPI during October and November, after the record high achieved in June 2022. During the quarter, there were also signs of downward pressure on housing rent as well as nominal wage growth.

Throughout the reporting period, only two of the eleven sectors posted positive returns. Energy was the best performing sector with a return of 65.7% and the utilities sector finished the year gaining 1.5%. Communication services, consumer discretionary and information technology were the three worst performing sectors, heavily affected by increasing Fed funds rates and consumer sentiment.

The Fund used S&P 500 Index futures contracts in order to gain exposure to the Index during the reporting period. The Fund's use of Index futures helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund's performance during the reporting period were Merck & Co Inc., Chevron Corporation and Exxon Mobil Corporation. The top

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>
negative contributors to the Fund's performance during the reporting period were Amazon.com, Tesla Inc. and Apple Inc.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> State Street Global Advisors<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img6733050213.jpg)

An investment of $10,000 in the Index 500 Fund on December 31, 2012 would have grown to $31,654. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the S&P 500 Index, during the same period. A $10,000 investment in the S&P 500 Index on December 31, 2012 would have grown to $32,654.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Index 500 Fund | &nbsp;&nbsp;(18.29%) | &nbsp;&nbsp;9.14% | &nbsp;&nbsp;12.21% |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;(18.11%) | &nbsp;&nbsp;9.42% | &nbsp;&nbsp;12.56% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;23.5% |
| Technology | &nbsp;&nbsp;&nbsp;21.7% |
| Financial | &nbsp;&nbsp;&nbsp;15.7% |
| Communications | &nbsp;&nbsp;&nbsp;10.8% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;9.0% |
| Industrial | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.4% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Mid Cap Growth Fund
The Penn Series Mid Cap Growth Fund (the "Fund") returned -30.67% for the twelve-month period ending December 31, 2022, compared to the -26.72% return for its benchmark, the Russell Midcap Growth Index (the "Index") for the same time period.

Sector allocation was the primary driver of underperformance, led significantly by the Fund's continued lack of exposure to the dramatically outperforming energy sector for the year. Though the energy sector is a small allocation within the benchmark, and we continue to have no exposure to it, the sector returned 59.15% for 2022, which detracted from our Fund's relative returns. We continue to research potential names for the Fund but have yet to enter any positions of note.

The strongest contribution to relative outperformance where the Fund had exposure was in the health care sector, followed by communication services, consumer discretionary and consumer staples. The Fund's lack of exposure to the real estate sector contributed to relative performance, as did our cash position for the year. The leading detractors from relative performance where the Fund had exposure were the information technology (IT), industrials, financials and materials sectors. The lack of exposure to the utilities sector also detracted from relative performance.

The IT sector remained the largest allocation within the Fund for the reporting period and was the largest overall detractor from relative performance, while health care, the largest overweight sector relative to the benchmark, added the most significant outperformance during the year.

We remain measured in how we approach the management of the Fund. We believe that although the coming recessionary environment will not be severe, there is always a behavioral impact of investors on stock prices, and the current environment lends itself to a greater magnitude due to the number and significance of macroeconomic uncertainties. We are keenly aware that stock prices may not accurately reflect the true intrinsic value nor potential growth opportunity of companies for a full market cycle. In this environment, we have become less concerned with valuation risk and are more focused on earnings risk, and while there are still small pockets of valuation risk within the Index, we are discovering more and more company-specific opportunities as we filter through the mid-cap growth universe with the lens of

holding names for three to five years. The idea of reshoring is of particular interest to us now. The production problems of the pandemic only served to intensify an existing corporate trend to diversify supply chains. From an investment perspective, automation is the word that resonates with us, from manufacturing to transportation to delivery.

As growth managers, we continue to look for opportunities to invest in companies that we believe have sound capital structures and the ability to grow throughout business and economic cycles, not because of the cycle. These business models feature a product or service that appears durable to us, coupled with capital structure and a management team that is able to execute competitively in any market environment. We continue to seek opportunities in business and consumer technology, innovation in life sciences, the green energy revolution, and many other areas that we think should continue to grow, regardless of the economic cycle. Stock picking is always key to our process and performance, but it will be paramount in this environment as we seek to manage valuation risk in the Fund, while investing in durable, secular growth companies.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> Delaware Investments Fund Advisers<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imga606cd3b14.jpg)

An investment of $10,000 in the Mid Cap Growth Fund on December 31, 2012 would have grown to $31,901. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell Midcap Growth Index, during the same period. A $10,000 investment in the Russell Midcap Growth Index on December 31, 2012 would have grown to $29,456.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Mid Cap Growth Fund | &nbsp;&nbsp;(30.67%) | &nbsp;&nbsp;10.83% | &nbsp;&nbsp;12.30% |
| Russell Midcap Growth Index | &nbsp;&nbsp;(26.72%) | &nbsp;&nbsp;&nbsp;7.64% | &nbsp;&nbsp;&nbsp;11.41% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;27.1% |
| Technology | &nbsp;&nbsp;&nbsp;24.5% |
| Industrial | &nbsp;&nbsp;&nbsp;19.9% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;17.6% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| Financial | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Mid Cap Value Fund
The Penn Series Mid Cap Value Fund (the "Fund") returned -5.64% for the twelve-month period ending December 31, 2022, compared to the -12.03% return for its benchmark, the Russell Midcap Value Index (the "Index") for the same time period.

Mid-cap stocks declined along with the rest of the U.S. equity market in 2022 as soaring inflation, rising interest rates and recession fears led to market turbulence. Equities faced volatility early in 2022 as supply constraints, geopolitical uncertainty, and surging commodity prices weighed on investor sentiment, especially in the aftermath of the Russian invasion of Ukraine. Expectations for more restrictive Federal Reserve (Fed) policy also triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates by 25 basis points (bps) in March but moved more aggressively with a 50 bps increase in May and then a series of consecutive 75 bps rate hikes between June and November. The Fed opted for a 50 bps increase in December, raising hopes for a slower pace of monetary tightening in 2023. These hopes, along with some signs of moderating inflation, led markets to regain some ground in the fourth quarter. While many areas of the market have begun to see downward pressure on earnings and forward estimates, many cyclically exposed companies have continued to post strong earnings results during the fourth quarter. This has defied many forecasts that earnings were at risk for downside surprises. However, stocks still ended the year with broad-based declines, due in part to signs of slowing growth and downward revisions to corporate earnings forecasts.

The Fund delivered negative returns but outperformed its benchmark, the Russell Midcap Value Index, for the twelve-month period ended December 31, 2022. Stock selection in industrials and financials sectors lifted relative performance, while selection in energy and consumer discretionary detracted.

We were pleased to see many of our investments with the higher quality characteristics we always seek provide more resilient performance during the period, as companies with strong balance sheets and positive earnings outpaced lower quality companies. ChampionX was a top relative contributor. This oil services company reported strong financial performance, driven by both volume and margin expansion. It also increased its forward earnings guidance in the fourth quarter. Long-time holding Commercial Metals, a leading U.S. rebar

producer, also posted strong results and indicated strong future demand for its products, as healthy non-residential and government-funded infrastructure spending more than offset a slowing housing environment. Comfort Systems was another relative contributor. This provider of commercial contract heating and ventilation services has benefited from resilient construction spending, a large backlog of orders, and merger and acquisition opportunities.

Several of our consumer discretionary stocks were pressured by concerns over how consumer spending will fare in 2023. These concerns dampened stock performance for fast-casual restaurant chain Portillos, which also faced headwinds from higher food and labor costs. Frozen foods producer Nomad Foods, another relative detractor, was challenged by weaker European economic growth and higher costs, as it shifted product sourcing away from Russia. Elsewhere in the portfolio, concerns that cash-strapped consumers may delay elective procedures pressured stock performance for ZimVie, a supplier of medical instruments for the dental and spine markets. ZimVie was another detractor.

We believe valuations appear more attractive than they were a year ago, presenting us with many compelling investment opportunities. This is particularly the case for smaller market-cap stocks, which have underperformed large-cap stocks for six straight years. Given this market backdrop, we are tending to find many potential ideas amongst the lower end of the midcap capitalization spectrum. In addition, we recognize the potential for continued market volatility, as past Fed rate hikes are absorbed into an already slowing economy. Future rate hikes may set the stage for even slower economic growth as the Fed continues to combat inflation. A slower growing economy also presents a heightened risk for downward earnings revisions in 2023. We also see heightened risk of slower consumer spending if layoffs increase and households deplete the savings they built during the pandemic. As always, we will look to be opportunistic and capitalize on market volatility while adhering to our defensive value approach. Investors should be prepared for a wide variety of outcomes as the Fed will not prematurely declare a win over inflation. In such uncertain times, defense is best, and our continued emphasis on owning companies with strong balance sheets, consistent free cash flow, and earnings will be important to generating strong investment performance.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Janus Henderson Investors US LLC<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img4f0e87e315.jpg)

An investment of $10,000 in the Mid Cap Value Fund on December 31, 2012 would have grown to $19,213. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell Midcap Value Index, during the same period. A $10,000 investment in the Russell Midcap Value Index on December 31, 2012 would have grown to $26,193.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;(5.64%) | &nbsp;&nbsp;(0.41%) | &nbsp;&nbsp;6.75% |
| Russell Midcap Value Index | &nbsp;&nbsp;(12.03%) | &nbsp;&nbsp;&nbsp;5.72% | &nbsp;&nbsp;10.11% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Financial | &nbsp;&nbsp;&nbsp;24.7% |
| Industrial | &nbsp;&nbsp;&nbsp;21.5% |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;14.8% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;11.9% |
| Technology | &nbsp;&nbsp;&nbsp;10.0% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Mid Core Value Fund
The Penn Series Mid Core Value Fund (the "Fund") returned -1.45% for the twelve-month period ending December 31, 2022, compared to the -12.03% return for its benchmark, the Russell Midcap Value Index (the "Index") for the same time period.

Broad U.S. equity markets fell on concerns that persistently high inflation and rising interest rates may derail the economic expansion and weaken corporate profits. Market declines were broad based. Mid-cap stocks outperformed large and small caps, however, as measured by the Russell indices. Value stocks outperformed growth. Health care providers and services investments were notable contributors. Security selection in the information technology services industry boosted results. Not owning several benchmark names in the semiconductors and semiconductor equipment industry also contributed to relative performance. Stock selection and an underweight in the energy sector hindered relative performance. The Fund did not own a number of oil and gas exploration stocks that were strong contributors to the benchmark.

Key contributors included Reinsurance Group of America, Devon Energy and Conagra Brands. Reinsurance Group of America, a global life and health reinsurance company, reported strong financial results, as the impact from COVID-19 losses declined. Shares of Devon Energy, an oil and gas company, outperformed as commodity prices rose. This boosted Devon's free cash flow generation and helped the company make large dividend payments, repurchase stock and pay down debt. Conagra Brands, a packaged-food company, benefited from its strong competitive positioning, which enabled it to raise prices to offset higher costs.

Key detractors included Advanced Auto Parts, T. Rowe Price Group and Occidental Petroleum. Advance Auto Parts, an automotive replacement parts retailer, underperformed analysts' earnings expectations and lowered guidance. We held on to the stock given its longer-term prospects. Shares of asset management firm T. Rowe Price Group declined due to worries about lower assets under management amid volatile market conditions. We held on to the stock given our confidence in the management team and business model. Our lack of exposure to energy stock Occidental Petroleum detracted from performance. Occidental's shares benefited from a constructive market environment for the energy sector.

The Fund seeks to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company. Our process is based on individual security selection, but broad themes have emerged.

Our research has led us to several health care stocks that we think offer compelling risk/reward profiles. We think patients seeking elective procedures after the COVID-19 disruption should provide support to medical device companies and service providers that are working through patient backlogs.

We hold select companies in the consumer staples sector that we believe are trading at a discount to their intrinsic value. While input costs have risen in this inflationary environment, many consumer staples companies have been able to improve efficiencies and pass along rising costs through pricing without significantly impacting demand. We have identified many companies in the financials sector that meet our investment criteria, particularly in the capital markets, banking and insurance industries. We remain focused on companies that, in our view, offer higher relative returns on assets, stronger capital levels, lower credit risk and management teams focused on returns and building competitive advantages. The Fund is underweight in the information technology sector relative to the benchmark, largely due to valuations that we view as stretched.

As we enter 2023, we continue to face challenging macroeconomic and geopolitical conditions. In the event of a recession, we believe companies with low debt and steady revenues may be better positioned to grow and maintain their competitive edge despite economic headwinds.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> American Century Investment Management<br> Investment Sub-Adviser

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgc58b21c516.jpg)

An investment of $10,000 in the Mid Core Value Fund on December 31, 2012 would have grown to $27,978. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell Midcap Value Index, during the same period. A $10,000 investment in the Russell Midcap Value Index on December 31, 2012 would have grown to $26,193.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;(1.45%) | &nbsp;&nbsp;6.66% | &nbsp;&nbsp;10.84% |
| Russell Midcap Value Index | &nbsp;&nbsp;(12.03%) | &nbsp;&nbsp;5.72% | &nbsp;&nbsp;&nbsp;10.11% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Financial | &nbsp;&nbsp;&nbsp;29.5% |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;21.5% |
| Industrial | &nbsp;&nbsp;&nbsp;15.3% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;10.6% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;9.0% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
| Technology | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### SMID Cap Growth Fund
The Penn Series SMID Cap Growth Fund (the "Fund") returned -28.48% for the twelve-month period ending December 31, 2022, compared to the -26.21% return for its benchmark, the Russell 2500 Growth Index (the "Index") for the same time period.

Stock selection in information technology and an underweight to energy detracted from performance, while holdings in the health care and industrials sectors contributed to returns.

Insulin delivery products company Tandem Diabetes Care, Inc. was a top detractor from returns during the year. The stock was down on generally weaker-than-expected earnings and guidance, along with fears among market participants that customers may delay purchasing decisions due to the economic environment and risk of recession. We exited our position in November 2022 due to pressure from competing products and a challenging operating environment. Rapid7 Inc., a cybersecurity analytics and automation services provider, was another top detractor in the period. Along with disappointing quarterly earnings prints throughout the year, the market reacted negatively to Rapid7's overhaul of its sales force after the ramp to platform selling took longer and was harder than originally planned. While we see some challenges in the near term, we remain optimistic on the company, as we believe cybersecurity spending will hold up despite the macro backdrop, and Rapid7 is well-positioned to benefit.

Halozyme Therapeutics, Inc., a biopharmaceutical company that develops novel oncology therapies, was the top contributor to returns in 2022. Its shares appreciated throughout the year as the company signed several new strategic partnerships and grew royalty revenues at an accelerating pace. The market also reacted positively to the announced acquisition of drug autoinjector company, Anteres, in late May 2022. We remain positive on the company's long-term prospects, as they continue to return capital to shareholders, identify opportunities for external growth, and invest to maximize revenue growth and durability. Neurocrine Biosciences, Inc. was also a top contributor to returns during the period. Neurocrine Biosciences, Inc. is a biopharmaceutical company that develops treatments for neurological and endocrine-related diseases. The stock had a strong year as the company continued to execute by delivering solid earnings and repurchasing convertible notes. The company also received regulatory approval of a partner drug for the treatment of tardive dyskinesia

and shared additional results from the Phase 3 KINECT-HD study investigating valbenazine for the treatment of chorea associated with Huntington Disease, both of which the market reacted positively to. We continue to like Neurocrine Biosciences and maintain our long-term conviction in the stock.

Major U.S. indices closed out 2022 logging their worst calendar year performance since the 2008 financial crisis and seventh-worst performance since the S&P 500's inception. The market decline was driven by aggressive Federal Reserve (Fed) rate hikes to combat inflation, persistent recession worries, supply chain disruptions, geopolitical tensions, and elevated concerns over China's Zero-Covid policy. The rise in yields throughout 2022 contributed to a massive gap in returns between value and growth stocks, with value notably outperforming growth. Looking ahead, the primary focus of the market will be on whether the U.S. economy will tip into a recession or not. The Fed's devotion to a higher-for-longer policy continues to fuel concerns that the central bank may overtighten monetary policy and prompt a recession. Despite the backdrop of heightened uncertainty, we expect it to become clear by early 2023 if inflation is decelerating and will lead the Fed to eventually cease tightening. While supply disruptions should ease as COVID-19-related restrictions and shortages fade out, pressures of digitization, deglobalization, and geopolitical destabilization are likely to endure for some period of time. Companies will need to continue coping with wage pressures, higher input pricing, and potential demand fluctuations if the U.S. consumer becomes less resilient. In this new environment, the portfolio construction playbook that worked so well in recent decades may be less effective going forward, forcing a re-think in approach. We believe active management could be beneficial in such times, as we seek companies with more resilient business models, pricing power, and more inelastic customer bases. Furthermore, as concentration risk remains in indices, diversifying away from the top five constituents of the S&P 500 Index could be advantageous. This was seen in 2022, as it was the best year for active large cap core managers since 2005. Nevertheless, we continue to stay true to our quality-first investment approach and seek to invest in businesses with healthy balance sheets, relatively stable cash flows, and differentiated business models aligned to secular tailwinds. We think focusing on higher-quality investments can help navigate the heightened volatility, while also positioning investors to benefit from the next upcycle. We continue to test our models and re-evaluate our assumptions with increasing

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>
information, stay focused on the long-term investment horizon, and believe this fundamental approach may generate excess return in the long run for our clients.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> Goldman Sachs Asset Management<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img84f3479817.jpg)

An investment of $10,000 in the SMID Cap Growth Fund on December 31, 2012 would have grown to $29,353. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 2500 Growth Index, during the same period. A $10,000 investment in the Russell 2500 Growth Index on December 31, 2012 would have grown to $27,430.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| SMID Cap Growth Fund | &nbsp;&nbsp;(28.48%) | &nbsp;&nbsp;8.88% | &nbsp;&nbsp;&nbsp;11.37% |
| Russell 2500 Growth Index | &nbsp;&nbsp;&nbsp;(26.21%) | &nbsp;&nbsp;5.97% | &nbsp;&nbsp;10.62% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;23.9% |
| Industrial | &nbsp;&nbsp;&nbsp;21.9% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;19.5% |
| Technology | &nbsp;&nbsp;&nbsp;18.6% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| Financial | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### SMID Cap Value Fund
The Penn Series SMID Cap Value Fund (the "Fund") returned -15.97% for the twelve-month period ending December 31, 2022, compared to the -13.08% return for its benchmark, the Russell 2500 Value Index (the "Index") for the same time period.

U.S. stocks declined during the twelve-month period ended December 31, 2022. In response to persistently high inflation, central banks — led by the U.S. Federal Reserve (Fed) — took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction.

The Fund declined in absolute terms and underperformed its benchmark, the Russell 2500 Value Index, for the twelve-month period. Both stock and sector selection detracted from relative performance. Stock selection within consumer staples detracted, while selection in technology contributed. An underweight to energy detracted, while an underweight to real estate contributed.

Hain Celestial detracted after it reported disappointing fiscal 3Q22 and fiscal 4Q22 results, driven by cost inflation, supply-chain headwinds and weakness in European consumer spending. Syneos Health, a contract research organization, detracted after reporting disappointing 3Q22 results and lowering estimates for 2022. This forward guidance is predicated on weak bookings due to lower spending by its large and mid-size pharmaceutical customers for contracted research services.

HF Sinclair, an oil refiner and manufacturer of lubricants, contributed during the year. The company benefited from a sharp increase in refining margins driven by turmoil in the energy markets after the Russian invasion of Ukraine. Shares were additionally rewarded for the successful closing of the acquisition of The Sinclair Companies by HollyFrontier. Acadia Healthcare, a behavioral healthcare

provider, contributed after reporting its 2Q22 earnings. Results showed strength with pricing offsetting declines in the number of patients admitted and allowing Acadia to manage through labor cost inflation headwinds.

The past three years have been among the most volatile in recent memory. The market has grappled with shocks from a pandemic to the return of inflation. Investors longstanding assumptions are being questioned with globalization seeming to reverse, energy and supply chain security driving company and countries' spending and a new era of structurally higher interest rates likely. While we expect volatility to persist, we believe it should be reduced relative to the past few years. Fourth-quarter equity performance supports this as markets cheered improved inflationary data. While we expect further shocks in 2023, these market moves suggest investors have begun to adjust to this new normal. As active managers, we are faced with understanding what types of companies will be successful in this new environment. We continue to believe that stocks with a powerful combination of attractive valuation and strong quality will be the most desirable.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> AllianceBernstein<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imga6f4980618.jpg)

An investment of $10,000 in the SMID Cap Value Fund on December 31, 2012 would have grown to $23,641. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 2500 Value Index, during the same period. A $10,000 investment in the Russell 2500 Value Index on December 31, 2012 would have grown to $23,523.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| SMID Cap Value Fund | &nbsp;&nbsp;(15.97%) | &nbsp;&nbsp;3.28% | &nbsp;&nbsp;8.98% |
| Russell 2500 Value Index | &nbsp;&nbsp;(13.08%) | &nbsp;&nbsp;4.75% | &nbsp;&nbsp;8.93% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Financial | &nbsp;&nbsp;&nbsp;30.1% |
| Industrial | &nbsp;&nbsp;&nbsp;21.1% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;16.0% |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;12.9% |
| Technology | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Small Cap Growth Fund
The Penn Series Small Cap Growth Fund (the "Fund") returned -24.24% for the twelve-month period ending December 31, 2022, compared to the -26.36% return for its benchmark, the Russell 2000 Growth Index (the "Index") for the same time period.

Small-cap stocks declined in 2022 as soaring inflation, rising interest rates and recession fears led to market turbulence. Equities faced volatility early in 2022 as supply constraints, geopolitical uncertainty, and surging commodity prices weighed on investor sentiment, especially in the aftermath of the Russian invasion of Ukraine. Expectations for more restrictive Federal Reserve (Fed) policy also triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates by 25 basis points (bps) in March but moved more aggressively with a 50 bps increase in May, and then a series of consecutive 75 bps rate hikes between June and November. The Fed opted for a 50 bps increase in December, raising hopes for a slower pace of monetary tightening in 2023. These hopes, along with some signs of moderating inflation, led markets to regain some ground in the fourth quarter. However, stocks still ended the year with broad-based declines, due in part to signs of slowing growth and downward revisions to corporate earnings forecasts. Small-cap stocks underperformed over the period, as measured by the Russell indices. Growth stocks also underperformed value. Against this backdrop, the Russell 2000 Growth Index underperformed the broader equity market for the twelve-month period.

For the twelve-month period ending December 31, 2022, the Fund delivered negative returns but outpeformed its benchmark. Stock selection in the information technology and financials sectors lifted relative performance. An underweight to the energy sector was a notable drag on relative performance. Investments in the industrials sector also detracted, due primarily to stock selection.

Among individual holdings, LPL Financial was a top relative contributor. This financial services firm provides a full-service, technology-enabled platform that helps independent financial advisors serve their customers. LPL Financial has continued to add new advisors to its network, which supported its revenue and earnings growth. Higher interest rates were an additional tailwind for its earnings growth during 2022, because of the interest income it earned on client cash balances.

Vaxcyte, another contributor, is a health care company that develops vaccines for infectious diseases. Vaxcyte reported positive early stage clinical trial results for VAX-24, its vaccine targeting the pneumonia-causing pneumococcal bacteria. The current market share leader in this space targets 13 different strains of pneumococcal bacteria. Vaxcyte's proprietary platform has enabled VAX-24 to target up to 24 strains and showed superior efficacy relative to currently marketed vaccines in recent clinical trials. Investors reacted very favorably to this news, which was taken as a good sign for the vaccine's prospects for ultimate approval, as well as its potential market opportunity.

Health care company Catalent was a notable detractor. Catalent has become a leading provider of contract development and manufacturing services to the pharmaceutical industry. Catalent was tapped to produce several COVID-19 vaccines, a business that provided a revenue tailwind in recent years. Catalent had expected this tailwind to slow in 2022, but the drop-off in vaccine demand was even steeper than anticipated due to the lower uptake of booster shots. As a result, Catalent issued weaker-than-expected guidance, leading to a sell-off in the stock. Given the continued strong growth trends for Catalent's other businesses, we believed this decline was out of line with fundamentals, and we remained invested in Catalent due to its diversified market opportunities, strong competitive positioning, and innovations in areas such as gene therapy.

Higher living costs were also headwinds for consumer spending. These headwinds negatively impacted our investment in Lovesac, an omnichannel retailer of modular furniture. Early in the year, the company faced challenges due to supply chain bottlenecks and higher input costs. Later in the year, slower consumer spending led to weaker-than-expected revenue growth. Despite near-term economic uncertainty, we continue to believe in Lovesac's innovative sales model and long-term market opportunity.

As we look ahead, we caution that inflation remains stubbornly high due, in part, to wage pressures. Geopolitical tensions or rising COVID-19 cases in China could further complicate the inflation outlook. Given these dynamics, we believe the Fed will likely continue to raise rates until policymakers see a substantial slowdown in job growth. We recognize that it will take time for Fed rate hikes to impact the economy, and we believe that weaker-than-expected economic and corporate earnings growth in 2023 could lead to market volatility.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>
At the same time, we are reassured by the relative health of corporate balance sheets that might help mitigate the severity of an economic downturn. We believe the Fund is well positioned for this environment due to our focus on disciplined growth companies with strong balance sheets, healthy free cash flow and high returns on capital. We favor companies that are disciplined allocators of capital and able to fund their own organic growth without turning to the capital markets. We believe the current environment will make investors more discriminating to the benefit of high-quality companies with resilient business models. We see an opportunity as active managers seeking investment opportunities that may play out over the next three to five years.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> Janus Henderson Investors US LLC<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgce593a4d19.jpg)

An investment of $10,000 in the Small Cap Growth Fund on December 31, 2012 would have grown to $26,875. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 2000 Growth Index, during the same period. A $10,000 investment in the Russell 2000 Growth Index on December 31, 2012 would have grown to $24,112.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Small Cap Growth Fund | &nbsp;&nbsp;(24.24%) | &nbsp;&nbsp;5.87% | &nbsp;&nbsp;10.39% |
| Russell 2000 Growth Index | &nbsp;&nbsp;(26.36%) | &nbsp;&nbsp;3.51% | &nbsp;&nbsp;&nbsp;9.20% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;34.6% |
| Industrial | &nbsp;&nbsp;&nbsp;21.1% |
| Technology | &nbsp;&nbsp;&nbsp;20.9% |
| Financial | &nbsp;&nbsp;&nbsp;&nbsp;7.3% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Small Cap Value Fund
The Penn Series Small Cap Value Fund (the "Fund") returned -14.74% for the twelve-month period ending December 31, 2022, compared to the -14.48% return for its benchmark, the Russell 2000 Value Index (the "Index") for the same time period.

In 2022, the Fund modestly underperformed the Russell 2000 Value Index. Stock selection in the real estate and energy sectors detracted from performance, while holdings in the financials and communication services sectors contributed to returns.

Hudson Pacific Properties, Inc., an office, media, and entertainment property REIT, was a top detractor from returns. Despite largely in-line or above-expectation earnings, softer guidance and broad weakness in the peer group drove the stock lower. The market also negatively reacted to Hudson Pacific's completion of their previously announced acquisition of Washington 1000, a fully entitled, state-of-the-art office development site in Seattle, for $85.6 million before closing adjustments. Despite recent weakness, we continue to like Hudson Pacific, as leasing volumes recover, mark to market remains intact, and the company aggressively repurchases stock. Cell tower and datacenter REIT, DigitalBridge Group, Inc., was another top detractor. During the year, the data center space sold off broadly as a result of the rotation away from higher growth sectors in light of the macro backdrop. We exited our position in November 2022 on some strength and reallocated to better risk-reward opportunities elsewhere in the portfolio.

Antero Resources Corp., an independent oil and gas company that engages in the development, production, exploration, and acquisition of natural gas, was a top contributor to returns during the year. Supported by an increase in commodity prices, shares of the company rose to start the year. The market also reacted positively to an earlier than expected share repurchasing program. Following a run up in the stock price, we sold out of our position and reallocated proceeds of the sale. Professional services firm, KBR, Inc., was another top contributor. Despite some volatility during the year, its shares ended higher after the company secured a large contract with the Department of Defense to improve military personnel's relocation experience, and lifted their long-term guidance. We continue to see upside for this company given the opportunity for continued strong organic growth, capital deployment via M&A, and re-rating of the company's Sustainable Tech segment.

Major U.S. indices closed out 2022 logging their worst calendar year performance since the 2008 financial crisis and seventh-worst performance since the S&P 500's inception. The market decline was driven by aggressive Federal Reserve (Fed) rate hikes to combat inflation, persistent recession worries, supply chain disruptions, geopolitical tensions, and elevated concerns over China's Zero-Covid policy. The rise in yields throughout 2022 contributed to a massive gap in returns between value and growth stocks, with value notably outperforming growth. Looking ahead, the primary focus of the market will be on whether the U.S. economy will tip into a recession or not. The Fed's devotion to a higher-for-longer policy continues to fuel concerns that the central bank may overtighten monetary policy and prompt a recession. Despite the backdrop of heightened uncertainty, we expect it to become clear by early 2023 if inflation is decelerating and will lead the Fed to eventually cease tightening. While supply disruptions should ease as COVID-19-related restrictions and shortages fade out, pressures of digitization, deglobalization, and geopolitical destabilization are likely to endure for some period of time. Companies will need to continue coping with wage pressures, higher input pricing, and potential demand fluctuations if the U.S. consumer becomes less resilient. In this new environment, the portfolio construction playbook that worked so well in recent decades may be less effective going forward, forcing a re-think in approach. We believe active management could be beneficial in such times, as we seek companies with more resilient business models, pricing power, and more inelastic customer bases. Furthermore, as concentration risk remains in indices, diversifying away from the top five constituents of the S&P 500 Index could be advantageous. This was seen in 2022, as it was the best year for active large cap core managers since 2005. Nevertheless, we continue to stay true to our quality-first investment approach and seek to invest in businesses with healthy balance sheets, relatively stable cash flows, and differentiated business models aligned to secular tailwinds. We think focusing on higher-quality investments can help navigate the heightened volatility, while also positioning investors to benefit from the next upcycle. We continue to test our models and re-evaluate our assumptions with increasing information, stay focused on the long-term investment horizon, and believe this fundamental approach may generate excess return in the long run for our clients.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Goldman Sachs Asset Management<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img9630882120.jpg)

An investment of $10,000 in the Small Cap Value Fund on December 31, 2012 would have grown to $23,080. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 2000 Value Index, during the same period. A $10,000 investment in the Russell 2000 Value Index on December 31, 2012 would have grown to $22,559.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Small Cap Value Fund | &nbsp;&nbsp;(14.74%) | &nbsp;&nbsp;3.21% | &nbsp;&nbsp;8.72% |
| Russell 2000 Value Index | &nbsp;&nbsp;(14.48%) | &nbsp;&nbsp;4.13% | &nbsp;&nbsp;8.48% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Financial | &nbsp;&nbsp;&nbsp;36.7% |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;16.6% |
| Industrial | &nbsp;&nbsp;&nbsp;13.4% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;11.7% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| Technology | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Small Cap Index Fund
The Penn Series Small Cap Index Fund (the "Fund") returned -21.06% for the twelve-month period ending December 31, 2022, compared to the -20.44% return for its benchmark, the Russell 2000 Index (the "Index") for the same time period.

The investment objective of the Penn Series Small Cap Index Fund is to seek to replicate the returns and characteristics of a small cap index.

The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund's performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The cumulative effect of small weighting differences between the securities in the Fund and the Index contributed to the difference between the Fund's performance and that of the Index.

The Fund experienced negative performance over the twelve-month period. Performance in the first quarter was negative on the back of concerns over the Russia-Ukraine war and increasing inflation despite a robust labor market. Negative performance continued in the second quarter as inflation fears continued to weigh on investors and monetary policy tightened. Persistently high inflation, slowing economic growth and hawkish monetary policy contributed to the Fund's negative performance in the third quarter. Fourth quarter performance was positive on hopes that the Federal Reserve's rate increases were helping to curb inflation despite the ongoing Russia-Ukraine war.

The Fund used Russell 2000 Index futures contracts in order to gain exposure to the Index during the reporting period. The Fund's use of Index futures helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund's performance during the reporting period were Madrigal Pharmaceuticals, Inc., Halozyme Therapeutics, Inc. and Antero Resources Corporation. The top negative contributors to the Fund's performance during the reporting period were Synaptics Inc., Omnicell, Inc. and AMC Entertainment Holdings, Inc. Class A.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> State Street Global Advisors<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img1f893eef21.jpg)

An investment of $10,000 in the Small Cap Index Fund on December 31, 2012 would have grown to $22,234. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the Russell 2000 Index, during the same period. A $10,000 investment in the Russell 2000 Index on December 31, 2012 would have grown to $23,696.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Small Cap Index Fund | &nbsp;&nbsp;(21.06%) | &nbsp;&nbsp;3.52% | &nbsp;&nbsp;8.32% |
| Russell 2000 Index | &nbsp;&nbsp;(20.44%) | &nbsp;&nbsp;4.13% | &nbsp;&nbsp;9.01% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;23.9% |
| Financial | &nbsp;&nbsp;&nbsp;23.4% |
| Industrial | &nbsp;&nbsp;&nbsp;14.0% |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;11.3% |
| Technology | &nbsp;&nbsp;&nbsp;&nbsp;9.5% |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| Communications | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| Government | &nbsp;&nbsp;&nbsp;&nbsp;0.0% <sup>2</sup> |
| Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.0% <sup>2</sup> |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
| 2 | Less than 0.05%. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Developed International Index Fund
The Penn Series Developed International Index Fund (the "Fund") returned -15.32% for the twelve-month period ending December 31, 2022, compared to the -14.45% return for its benchmark, the MSCI EAFE Index (the "Index") for the same time period.

The investment objective of the Developed International Index Fund is to seek to replicate the returns and characteristics of an international index composed of securities from developed countries.

The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund's performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The cumulative effect of small weighting differences between the securities and the currencies in the Fund and the Index contributed to the difference between the Fund's performance and that of the Index.

The Fund experienced negative performance over the twelve-month period. Surging inflation, concerns around the Russia-Ukraine war, and increased supply chain disruptions were constant themes throughout the reporting period. Persistently high inflation and the resulting tighter monetary policy globally led to uncertainty around global growth, which also detracted from the Fund's performance. Increased oil and gas prices supported energy, as the sole sector posting a positive return for the year, with all other MSCI EAFE Index sectors retreating. By the fourth quarter, there were signs of slowing inflation and China began easing its zero-COVID policy, leading to strong performance, but not enough to offset the detraction in the first three quarters of 2022.

The Fund used MSCI EAFE Index futures contracts in order to gain exposure to the Index during the reporting period. The Fund's use of Index futures helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund's performance during the reporting period were Shell Plc, TotalEnergies SE and Novo Nordisk A/S Class B. The top negative contributors to Fund performance during the reporting period were

ASML Holding NV, Sony Group Corporation and Roche Holding Ltd Dividend Right Cert.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> State Street Global Advisors<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img2347da6d22.jpg)

An investment of $10,000 in the Developed International Index Fund on December 31, 2012 would have grown to $14,700. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the MSCI EAFE Index, during the same period. A $10,000 investment in the MSCI EAFE Index on December 31, 2012 would have grown to $15,787.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Developed International Index Fund | &nbsp;&nbsp;(15.32%) | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;3.93% |
| MSCI EAFE Index | &nbsp;&nbsp;(14.45%) | &nbsp;&nbsp;1.54% | &nbsp;&nbsp;4.67% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Japan | &nbsp;&nbsp;&nbsp;21.8% |
| United Kingdom | &nbsp;&nbsp;&nbsp;14.6% |
| France | &nbsp;&nbsp;&nbsp;&nbsp;11.5% |
| Switzerland | &nbsp;&nbsp;&nbsp;10.8% |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;8.0% |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Macao | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| Jordan | &nbsp;&nbsp;&nbsp;&nbsp;0.0% <sup>2</sup> |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;0.0% <sup>2</sup> |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
| 2 | Less than 0.05%. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### International Equity Fund
The Penn Series International Equity Fund (the "Fund") returned -21.81% for the twelve-month period ending December 31, 2022, compared to the -16.00% return for its benchmark, the MSCI ACWI ex U.S. Index (the "Index") for the same time period.

Stocks that helped absolute performance included Hermes International, EssilorLuxottica and Mettler-Toledo International. Hermes International benefited from structural spend gains in the luxury goods sector and as the top coveted brand, Hermes continued delivering better revenues as pricing and demand remained strong. EssilorLuxottica has been resilient as they recently reiterated their fiscal year 2022 estimate guidance and longer term mid-single-digit annual revenue growth from 2022 to 2026, at constant exchange rates and operating margins in the range of 19-20%, which is an increase of 50 basis points per annum and would drive 10% earnings per share CAGR. Merger synergies are firmly on track and demand is expected to be resilient, even in a recession, given the majority of revenues are driven by prescription. Mettler-Toledo International continues to deliver steady earnings growth as expected, even in China, an area of concern because of the COVID shutdown.

Stocks that hurt absolute performance included Halma, Eurofins Scientific and Alcon. Halma underperformed, in line with the information technology sector as investors rotated to value stocks. Eurofins Scientific faced several headwinds throughout the year, primarily the tough comps arising from Covid-related testing that benefited Eurofins. We believe they've continued to grow the core business at a reasonable level through the year, and with a stronger position and financial situation going forward, Eurofins remains in a solid position to generate sustainable growth. Alcon suffered from the headwinds facing higher multiple stocks. However, the underlying business performed well with solid growth in both the eye surgery and vision care businesses. Surgery benefited from a continued rebound in procedures and solid equipment sales, while Vision Care was led by contact lens product launches. Currency weighed on earnings as the U.S. dollar strengthened throughout the year, though margins continued to improve on an underlying basis.

Europe's structural problems — an over-regulated economy and declining population — have been exacerbated by energy uncertainty. Europe faces challenges in securing alternative energy sources and

limiting price rises for consumers while meeting its emissions ambitions. In 2021, Russia accounted for about 40% of EU gas imports and about 25% of its oil. But that reliance is not evenly spread, with greater consumption of Russian gas in Germany and Poland than in France. The continent is also at risk of further security breaches and other disruption that could put it back into a supply crisis.

Despite a temporary shift back to dirtier fuels, the REPowerEU plan aims to phase out the use of Russian fossil fuels and accelerate the energy transition. Europe faces the additional need to support less-wealthy countries in building low-carbon economies and strengthening defenses against climate change. On the plus side, Europe is ahead of the curve on greenhouse gas emissions and only accounts for about 7% of global emissions compared to 14% for the U.S. and 31% for China.

China's move away from COVID zero will lead to a rise in positive COVID cases, but as in other countries it will hasten China to a more normalized economic environment. While that means businesses will likely experience volatile demand in the beginning of the year, the second half should be strong compared to lockdowns in 2022, and as people will be excited to resume their normal activities.

Not only are countries targeting net zero, but many companies are expressing goals to become carbon neutral. Investors will need to assess the aggressiveness and achievability of their timelines. To that end, Europe has been driving improvements in the amount and quality of data available on environmental issues, but there has been little change to data on social issues. With more advanced modeling and third-party verification, data tends to become more accurate. As an asset manager, we encourage disclosures to gain a better understanding of the risks. Also, we believe stewardship requires close involvement with company management teams, watching the data for what they do well, issues at risk of being missed, and the real-world solutions they are implementing.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> Vontobel Asset Management<br> Investment Sub-Adviser

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgfbcf9a3123.jpg)

An investment of $10,000 in the International Equity Fund on December 31, 2012 would have grown to $15,970. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the MSCI ACWI ex-U.S. Index, during the same period. A $10,000 investment in the MSCI ACWI ex-U.S. Index on December 31, 2012 would have grown to $14,520.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| International Equity Fund | &nbsp;&nbsp;&nbsp;(21.81%) | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;4.79% |
| MSCI ACWI ex-U.S. Index | &nbsp;&nbsp;(16.00%) | &nbsp;&nbsp;0.88% | &nbsp;&nbsp;3.80% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| United Kingdom | &nbsp;&nbsp;&nbsp;21.9% |
| France | &nbsp;&nbsp;&nbsp;14.5% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;11.3% |
| United States | &nbsp;&nbsp;&nbsp;10.2% |
| Switzerland | &nbsp;&nbsp;&nbsp;10.1% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| India | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| China | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |

---

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Emerging Markets Equity Fund
The Penn Series Emerging Markets Equity Fund (the "Fund") returned -23.37% for the twelve-month period ending December 31, 2022, compared to the -20.09% return for its benchmark, the MSCI Emerging Markets Index (the "Index") for the same time period.

Stocks that helped absolute performance included PT Bank Rakyat Indonesia Perser, WEG S.A and Raia Drogasil. PT Bank Rakyat Indonesia Perser rallied in 2022, as the bank continued to drive double-digit growth in micro-loans. WEG S.A benefited from a rally on the Brazilian market after the presidential election. Raia Drogasil has been a strong performer as it reported stronger than expected numbers as price increases have come through since the second quarter and same store volumes have remained resilient. Additionally as the leader in the segment, Raia Drogasil continues to deliver on strong space growth of around 10% per annum, and is expanding nationally both in the North and South of Brazil.

Stocks that hurt absolute performance included Taiwan Semiconductor Manufacturing Co Ltd (TSMC), SK hynix Inc. and Naver Corporation. TSMC was impacted by investors' fears of a fundamental slowdown in the semiconductor industry as they look at the developing macro or sector-specific risks. While investors appreciate TSMC's leading technology position, most of the concerns have been around sustainability of TSMC's growth momentum amid potential industry deceleration, order cuts from customers, inventory correction, potential recession risk and the U.S. export restrictions on China. For the upcoming 3-nanometer node, there were questions around customer affordability amid rising costs. To sum up, the key focus has been the extent of the downturn and impact to utilizations and margins during the downturn, as well as general impact to its profitability given TSMC's global expansion plans. SK hynix Inc and other major memory makers' share prices have declined year-to-date due to fears of weakening end-demand, potential inventory destocking in the channel followed by a memory price correction. Given prolonged inflationary pressure, which translates into weak consumer demand (especially in PC and mobile), the market now expects dynamic random access memory (DRAM) price to decline sequentially in the following few quarters as well. However, Hynix reiterated its commitment to maintaining profitability on DRAM business while taking a flexible approach to inventory and capex. Naver Corporation management seems intent

on pursuing growth above all else and is investing in assets located overseas where the company has no competitive advantage at the expense of improving the core domestic business and profitability. Our investment thesis was predicated on Naver's domestic ecosystem and management's recent actions both detract from our thesis and increased concerns on their ability to allocate capital prudently.

In India and Indonesia, fiscal stimulus has been more moderate than in developed markets and central banks have been prudent with monetary policy. Consumers are underleveraged and credit growth is improving. Income growth in India's urban markets is ahead of inflation and the information technology sector is performing well. Importantly, both countries' currencies have held up relatively well, despite sharp U.S. rate rises.

Rising commodity prices have been a tailwind for Brazil, helping lift projections for GDP growth. Following the election of Luiz Inacio Lula da Silva as President, concerns are shifting to fiscal policy and the potential for increased social security payments. However, the National Congress of Brazil has moved further to the right, meaning any plans are likely to be watered down. Political headlines change daily, and Brazil remains a volatile market, but it is moving in the right direction over the long term.

Some investors underestimate China's manufacturing position, which is difficult to replicate. Supply chain shifts are happening but will be gradual. Vietnam is well-positioned to be a long-term beneficiary of supply chain shifts thanks to its young and educated workforce, as well as its economy that has geared up for semiconductor and apparel manufacturing. India, Indonesia and Malaysia have benefited to a lesser extent. India is increasing its domestic manufacturing through its Product Linked Incentive (PLI) scheme, offering incentives on incremental sales of goods manufactured in India

The crackdown on leverage among property developers has exacerbated China's real estate crisis. The problem is somewhat bigger than reports suggest and there is still concern about leverage in the broader economy. Given relatively moderate government stimulus, it will take time to stabilize the property market even after the changes announced at the recent Congress of the Chinese Communist Party. We remain cautious about a recovery in property and banking, as well as basic materials tied to construction. Often described as "the workshop of the world", China has become the world's

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>
largest carbon emitter given its manufacturing exports combined with its own consumption. The country has a natural incentive to reduce carbon emissions because many of its coastal cities, where a substantial proportion of manufacturing and the population are based, face increased risk of flooding from climate change. China is on the path to electrification with massive rollouts in wind, solar and nuclear power. The replacement of old coal plants with newer, more efficient ones will also improve its carbon footprint. Other initiatives include carbon trading and the development of carbon capture and storage. The costs will be high and the targets challenging but we believe that China is motivated to achieve its goal.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> Vontobel Asset Management, Inc.<br> Investment Sub-Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgdf43937124.jpg)

An investment of $10,000 in the Emerging Markets Equity Fund on December 31, 2012 would have grown to $9,358. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the MSCI Emerging Markets Index, during the same period. A $10,000 investment in the MSCI Emerging Markets Index on December 31, 2012 would have grown to $11,532.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;(23.37%) | &nbsp;&nbsp;(4.80%) | &nbsp;&nbsp;(0.66%) |
| MSCI Emerging Markets Index | &nbsp;&nbsp;(20.09%) | &nbsp;&nbsp;(1.40%) | &nbsp;&nbsp;&nbsp;&nbsp;1.44% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| China | &nbsp;&nbsp;&nbsp;31.1% |
| India | &nbsp;&nbsp;&nbsp;20.7% |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;8.6% |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;7.7% |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.8% |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Macao | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Real Estate Securities Fund
The Penn Series Real Estate Securities Fund (the "Fund") returned -25.35% for the twelve-month period ending December 31, 2022, compared to the -24.95% return for its benchmark, the FTSE NAREIT All Equity REITs Index (the "Index") for the same time period.

U.S. real estate securities declined in 2022 along with financial assets broadly. The U.S. economy slowed and inflation climbed to a 40-year high (before easing in the fourth quarter) amid lingering supply chain issues and as Russia's invasion of Ukraine led to heightened economic uncertainty and a pronounced increase in food and energy prices.

Bond yields rose meaningfully in what was one of the worst bond bear markets on record. In an effort to reduce demand to check persistently high inflation, the Federal Reserve (Fed) aggressively raised its benchmark lending rate. The Fed also shifted from a policy of quantitative easing to quantitative tightening.

The sharp increases in interest rates were particularly unsettling for REITs, even though real estate had not been an area of the economy that had seen significant speculation or aggressive leverage. Real estate fundamentals appeared to have little bearing on sector performance in the year. Fundamentals for most property types remained healthy, with rising demand and limited new supply (as indicated by data around high occupancy rates) allowing landlords to raise rents. While we anticipate a deceleration in REIT earnings, cash flows are nevertheless expected to be resilient in 2023, particularly compared to other asset classes.

Security selection in industrial REITs contributed to relative performance. This included the timing of our allocations in Prologis and an overweight in Americold Realty Trust; the latter benefited from rising occupancies and reduced labor pressures. An underweight allocation in offices also contributed. The sector trailed as companies offered elevated rent concessions to existing tenants, and occupancy growth is expected to be negative in 2023. Stock selection in self storage further aided relative performance, due to an overweight in Public Storage; the relatively defensive stock held up better than its peers.

Detractors from relative performance included an underweight in the specialty sector, where a pair of gaming net lease companies had strong returns on the upswing in leisure and business travel. An overweight in

the diversified sector also detracted, due partly to an overweight in Jones Lang LaSalle, which has considerable exposure to the office sector. Further hindering relative performance was stock selection in data centers, which were wrapped up in the broader technology sector's selloff and hampered by rising energy costs. However, this negative was partially offset by a favorable underweight allocation in the sector.

We believe real estate, which has seen improved valuations with the recent correction in share prices, offers attractive return potential. Although cash flow growth is decelerating, it should remain positive and, given in-place leases, should be less volatile than in the broader equity market. Real estate companies typically have high operating margins, low sensitivity to commodity and labor prices, and (in many cases) inflation-linked rents, making them better suited than traditional asset categories to defend against a prolonged environment of high inflation partially due to the impact high labor costs and commodities will have on future supply growth.

The Fund generally favors shorter-lease-duration property types. We are overweight single family homes and Sunbelt apartments based on our positive view of rental housing demand and demographic tailwinds. The Fund is also overweight self storage as we anticipate demand will outpace supply into 2023, giving companies pricing power. In health care, we see value in senior housing, where occupancies fell dramatically in early 2020 but are now steadily recovering. Within retail, our holdings are concentrated in companies with high-quality assets that we believe may be long-term winners.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser<br> Cohen & Steers Capital Management<br> Investment Sub-Adviser

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img16cb4d8225.jpg)

An investment of $10,000 in the Real Estate Securities Fund on December 31, 2012 would have grown to $20,947. For the purpose of comparison, the graph also shows the change in the Fund's benchmark, the FTSE NAREIT All Equity REITs Index, during the same period. A $10,000 investment in the FTSE NAREIT All Equity REITs Index on December 31, 2012 would have grown to $19,856.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Real Estate Securities Fund | &nbsp;&nbsp;(25.35%) | &nbsp;&nbsp;5.52% | &nbsp;&nbsp;7.67% |
| FTSE NAREIT All Equity REITs Index | &nbsp;&nbsp;(24.95%) | &nbsp;&nbsp;4.43% | &nbsp;&nbsp;7.10% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

#### Portfolio Composition as of 12/31/22

---

| | |
|:---|:---|
|  | **Percent of<br> Total Investments<sup>1</sup>** |
| Diversified | &nbsp;&nbsp;&nbsp;23.3% |
| Apartments | &nbsp;&nbsp;&nbsp;18.5% |
| Industrial | &nbsp;&nbsp;&nbsp;13.7% |
| Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;8.9% |
| Storage & Warehousing | &nbsp;&nbsp;&nbsp;&nbsp;8.2% |
| Single Tenant | &nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| Regional Malls | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| Manufactured Homes | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| Strip Centers | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Hotels & Resorts | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| Office Property | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
|  | 100.0% |

---

------

---

| | |
|:---|:---|
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Aggressive Allocation Fund
The Penn Series Aggressive Allocation Fund (the "Fund") returned -15.50% for the twelve-month period ending December 31, 2022, compared to its benchmarks, the Russell 3000 Index's return of -19.21% and the Bloomberg U.S. Aggregate Bond Index's return of -13.01% (the "Index") for the same time period.

The Aggressive Allocation Fund is comprised of a target allocation of 90% equity funds and 10% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Aggressive Allocation Fund contributed positively to its performance. During the period, the Fund's allocation to value stocks and international equities outperformed the Russell 3000 Index. The Fund's allocation to growth stocks, emerging markets and REITs generated negative asset allocation performance. In fixed income, allocation to high yield bonds and short-term bonds contributed positively to performance.

Fund selection of the Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Cap Growth, Large Core Value, Large Cap Value, Mid Cap Value, Mid Core Value, Small Cap Growth and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. The Penn Series Large Growth Stock, Mid Cap Growth, SMID Cap Growth, SMID Cap Value, International Equity and Emerging Markets Equity Funds underperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond Fund underperformed its benchmark.

We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgdfe3390526.jpg)

An investment of $10,000 in the Aggressive Allocation Fund on December 31, 2012 would have grown to $19,905. For the purpose of comparison, the graph also shows the change in the Fund's benchmarks, the Russell 3000 Index and the Bloomberg U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on December 31, 2012 would have grown to $31,428. A $10,000 investment in the Bloomberg U.S. Aggregate Bond Index on December 31, 2012 would have grown to $11,108.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Aggressive Allocation Fund | &nbsp;&nbsp;(15.50%) | &nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;7.13% |
| Russell 3000 Index | &nbsp;&nbsp;(19.21%) | &nbsp;&nbsp;8.79% | &nbsp;&nbsp;12.13% |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;(13.01%) | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.06% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

---

| | |
|:---|:---|
| **Asset Allocation Target as of 12/31/22** |  |
| Large Cap Value Stocks | &nbsp;&nbsp;26.0% |
| International Stocks | &nbsp;&nbsp;21.0% |
| Large Cap Growth Stocks | &nbsp;&nbsp;16.0% |
| Mid Cap Value Stocks | &nbsp;&nbsp;8.0% |
| Emerging Markets Stocks | &nbsp;&nbsp;6.0% |
| Short Term Bonds | &nbsp;&nbsp;5.0% |
| Small Cap Growth Stocks | &nbsp;&nbsp;5.0% |
| Domestic REITs | &nbsp;&nbsp;3.0% |
| Mid Cap Growth Stocks | &nbsp;&nbsp;3.0% |
| High Yield Bonds | &nbsp;&nbsp;3.0% |
| Small Cap Value Stocks | &nbsp;&nbsp;2.0% |
| Intermediate Bonds | &nbsp;&nbsp;2.0% |
|  | &nbsp;&nbsp;100.0% |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Moderately Aggressive Allocation Fund
The Penn Series Moderately Aggressive Allocation Fund (the "Fund") returned -14.47% for the twelve-month period ending December 31, 2022, compared to its benchmarks, the Russell 3000 Index's return of -19.21% and the Bloomberg U.S. Aggregate Bond Index's return of -13.01% (the "Index") for the same time period.

The Moderately Aggressive Allocation Fund is comprised of a target allocation of 80% equity funds and 20% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Moderately Aggressive Allocation Fund contributed positively to its performance. During the period, the Fund's allocation to value stocks and international equities outperformed the Russell 3000 Index. The Fund's allocation to growth stocks, emerging markets and REITs generated negative asset allocation performance. In fixed income, allocation to high yield bonds and short-term bonds contributed positively to performance.

Fund selection of the Moderately Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Cap Growth, Large Core Value, Large Cap Value, Mid Cap Value, Mid Core Value, Small Cap Growth and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. The Penn Series Large Growth Stock, Mid Cap Growth, SMID Cap Growth, SMID Cap Value, International Equity and Emerging Markets Equity Funds underperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond and Quality Bond Funds underperformed their respective benchmarks.

We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgecd44f6227.jpg)

An investment of $10,000 in the Moderately Aggressive Allocation Fund on December 31, 2012 would have grown to $19,171. For the purpose of comparison, the graph also shows the change in the Fund's benchmarks, the Russell 3000 Index and the Bloomberg U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on December 31, 2012 would have grown to $31,428. A $10,000 investment in the Bloomberg U.S. Aggregate Bond Index on December 31, 2012 would have grown to $11,108.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp;(14.47%) | &nbsp;&nbsp;3.90% | &nbsp;&nbsp;6.72% |
| Russell 3000 Index | &nbsp;&nbsp;(19.21%) | &nbsp;&nbsp;8.79% | &nbsp;&nbsp;12.13% |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;(13.01%) | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.06% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

---

| | |
|:---|:---|
| **Asset Allocation Target as of 12/31/22** |  |
| Large Cap Value Stocks | &nbsp;&nbsp;24.0% |
| International Stocks | &nbsp;&nbsp;17.0% |
| Large Cap Growth Stocks | &nbsp;&nbsp;14.0% |
| Short Term Bonds | &nbsp;&nbsp;10.0% |
| Mid Cap Value Stocks | &nbsp;&nbsp;7.0% |
| Intermediate Bonds | &nbsp;&nbsp;7.0% |
| Emerging Markets Stocks | &nbsp;&nbsp;5.0% |
| Small Cap Growth Stocks | &nbsp;&nbsp;4.0% |
| Small Cap Value Stocks | &nbsp;&nbsp;3.0% |
| Domestic REITs | &nbsp;&nbsp;3.0% |
| Mid Cap Growth Stocks | &nbsp;&nbsp;3.0% |
| High Yield Bonds | &nbsp;&nbsp;3.0% |
|  | &nbsp;&nbsp;100.0% |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Moderate Allocation Fund
The Penn Series Moderate Allocation Fund (the "Fund") returned -13.81% for the twelve-month period ending December 31, 2022, compared to its benchmarks, the Russell 3000 Index's return of -19.21% and the Bloomberg U.S. Aggregate Bond Index's return of -13.01% (the "Index") for the same time period.

The Moderate Allocation Fund is comprised of a target allocation of 60% equity funds and 40% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Moderate Allocation Fund contributed positively to its performance. During the period, the Fund's allocation to value stocks and international equities outperformed the Russell 3000 Index. The Fund's allocation to growth stocks, emerging markets and REITs generated negative asset allocation performance. In fixed income, allocation to high yield bonds and short-term bonds contributed positively to performance.

Fund selection of the Moderate Allocation Fund contributed negatively to its performance. During the period, our managers for the Penn Series Large Cap Growth, Large Core Value, Large Cap Value, Mid Core Value and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. The Penn Series Large Growth Stock, Mid Cap Growth, SMID Cap Growth, SMID Cap Value, International Equity and Emerging Markets Equity Funds underperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond and Quality Bond Funds underperformed their respective benchmarks.

We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgf926159f28.jpg)

An investment of $10,000 in the Moderate Allocation Fund on December 31, 2012 would have grown to $17,187. For the purpose of comparison, the graph also shows the change in the Fund's benchmarks, the Russell 3000 Index and the Bloomberg U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on December 31, 2012 would have grown to $31,428. A $10,000 investment in the Bloomberg U.S. Aggregate Bond Index on December 31, 2010 would have grown to $11,108.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Moderate Allocation Fund | &nbsp;&nbsp;(13.81%) | &nbsp;&nbsp;3.29% | &nbsp;&nbsp;5.56% |
| Russell 3000 Index | &nbsp;&nbsp;(19.21%) | &nbsp;&nbsp;8.79% | &nbsp;&nbsp;12.13% |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;(13.01%) | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.06% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

---

| | |
|:---|:---|
| **Asset Allocation Target as of 12/31/22** |  |
| Intermediate Bonds | &nbsp;&nbsp;21.0% |
| Large Cap Value Stocks | &nbsp;&nbsp;18.0% |
| Short Term Bonds | &nbsp;&nbsp;15.0% |
| Large Cap Growth Stocks | &nbsp;&nbsp;12.0% |
| International Stocks | &nbsp;&nbsp;11.0% |
| Mid Cap Value Stocks | &nbsp;&nbsp;5.0% |
| Emerging Markets Stocks | &nbsp;&nbsp;5.0% |
| High Yield Bonds | &nbsp;&nbsp;4.0% |
| Mid Cap Growth Stocks | &nbsp;&nbsp;3.0% |
| Small Cap Value Stocks | &nbsp;&nbsp;2.0% |
| Small Cap Growth Stocks | &nbsp;&nbsp;2.0% |
| Domestic REITs | &nbsp;&nbsp;2.0% |
|  | &nbsp;&nbsp;100.0% |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Moderately Conservative Allocation Fund
The Penn Series Moderately Conservative Allocation Fund (the "Fund") returned -11.25% for the twelve-month period ending December 31, 2022, compared to its benchmarks, the Russell 3000 Index's return of -19.21% and the Bloomberg U.S. Aggregate Bond Index's return of -13.01% (the "Index") for the same time period.

The Moderately Conservative Allocation Fund is comprised of a target allocation of 40% equity funds and 60% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Moderately Conservative Allocation Fund contributed positively to its performance. During the period, the Fund's allocation to value stocks and international equities outperformed the Russell 3000 Index. The Fund's allocation in growth stocks, emerging markets and REITs generated negative asset allocation performance. In fixed income, allocation to high yield bonds and short-term bonds contributed positively to performance.

Fund selection of the Moderately Conservative Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Cap Growth, Large Core Value, Large Cap Value, Mid Core Value and Flexibly Managed Funds outperformed their respective benchmarks by more than 2%. The Penn Series SMID Cap Value, International Equity and Emerging Markets Equity Funds underperformed their respective benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond and Quality Bond Funds underperformed their respective benchmarks.

We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965img03cb805229.jpg)

An investment of $10,000 in the Moderately Conservative Allocation Fund on December 31, 2012 would have grown to $15,417. For the purpose of comparison, the graph also shows the change in the Fund's benchmarks, the Russell 3000 Index and the Bloomberg U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on December 31, 2012 would have grown to $31,428. A $10,000 investment in the Bloomberg U.S. Aggregate Bond Index on December 31, 2012 would have grown to $11,108.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Moderately Conservative Allocation Fund | &nbsp;&nbsp;(11.25%) | &nbsp;&nbsp;2.90% | &nbsp;&nbsp;4.42% |
| Russell 3000 Index | &nbsp;&nbsp;(19.21%) | &nbsp;&nbsp;8.79% | &nbsp;&nbsp;12.13% |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;(13.01%) | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.06% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

---

| | |
|:---|:---|
| **Asset Allocation Target as of 12/31/22** |  |
| Intermediate Bonds | &nbsp;&nbsp;30.0% |
| Short Term Bonds | &nbsp;&nbsp;25.0% |
| Large Cap Value Stocks | &nbsp;&nbsp;14.0% |
| International Stocks | &nbsp;&nbsp;8.0% |
| Large Cap Growth Stocks | &nbsp;&nbsp;8.0% |
| High Yield Bonds | &nbsp;&nbsp;5.0% |
| Mid Cap Value Stocks | &nbsp;&nbsp;4.0% |
| Emerging Markets Stocks | &nbsp;&nbsp;2.0% |
| Domestic REITs | &nbsp;&nbsp;2.0% |
| Small Cap Value Stocks | &nbsp;&nbsp;1.0% |
| Small Cap Growth Stocks | &nbsp;&nbsp;1.0% |
|  | &nbsp;&nbsp;100.0% |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

### Penn Series Funds, Inc.<br>

### Management's Discussion of Fund Performance<br>

### Conservative Allocation Fund
The Penn Series Conservative Allocation Fund (the "Fund") returned -9.86% for the twelve-month period ending December 31, 2022, compared to its benchmarks, the Russell 3000 Index's return of -19.21% and the Bloomberg U.S. Aggregate Bond Index's return of -13.01% (the "Index") for the same time period.

The Conservative Allocation Fund is comprised of a target allocation of 20% equity funds and 80% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Conservative Allocation Fund contributed positively to its performance. During the period, the Fund's allocation to value stocks and international equities outperformed the Russell 3000 Index. The Fund's allocation to growth stocks and REITs generated negative asset allocation performance. In fixed income, allocation to high yield bonds and short-term bonds contributed positively to performance.

Fund selection of the Conservative Allocation Fund contributed negatively to its performance. During the period, our managers for the Penn Series Large Core Value, Mid Core Value and Flexibly Managed Funds outperformed their respective benchmark by more than 2%. The Penn Series International Equity Fund underperformed its benchmarks by more than 2%. On the fixed income side, Penn Series High Yield Bond Fund outperformed its benchmark, while the Penn Series Limited Maturity Bond and Quality Bond Funds underperformed their respective benchmarks.

We will continue to review the Fund to help ensure it remains consistent with its investment objective by making adjustments, when necessary.

#### Penn Mutual Asset Management, LLC<br> Investment Adviser

#### Cumulative Performance Comparison

#### December 31, 2012 — December 31, 2022
![](g429965imgfa1bd99930.jpg)

An investment of $10,000 in the Conservative Allocation Fund on December 31, 2012 would have grown to $13,322. For the purpose of comparison, the graph also shows the change in the Fund's benchmarks, the Russell 3000 Index and the Bloomberg U.S. Aggregate Bond Index, during the same period. A $10,000 investment in the Russell 3000 Index on December 31, 2012 would have grown to $31,428. A $10,000 investment in the Bloomberg U.S. Aggregate Bond Index on December 31, 2012 would have grown to $11,108.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** | **<u>Average Annual Total Returns<sup>1</sup> as of 12/31/22</u>** |
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Conservative Allocation Fund | &nbsp;&nbsp;(9.86%) | &nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;2.91% |
| Russell 3000 Index | &nbsp;&nbsp;(19.21%) | &nbsp;&nbsp;8.79% | &nbsp;&nbsp;12.13% |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;(13.01%) | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.06% |

---

------

1 The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends.

---

| | |
|:---|:---|
| **Asset Allocation Target as of 12/31/22** |  |
| Intermediate Bonds | &nbsp;&nbsp;39.0% |
| Short Term Bonds | &nbsp;&nbsp;36.0% |
| Large Cap Value Stocks | &nbsp;&nbsp;9.0% |
| Large Cap Growth Stocks | &nbsp;&nbsp;5.0% |
| High Yield Bonds | &nbsp;&nbsp;5.0% |
| International Stocks | &nbsp;&nbsp;3.0% |
| Mid Cap Value Stocks | &nbsp;&nbsp;2.0% |
| Domestic REITs | &nbsp;&nbsp;1.0% |
|  | &nbsp;&nbsp;100.0% |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

Important Information about Fund Expenses<br> Hypothetical Examples of a $1,000 Investment (Unaudited)<br>

We believe that it is important for you to understand the effect of fees on your investment. All mutual funds have operating expenses. As a participant in any of the Penn Series Funds, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund. A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio.

The Penn Series Funds are the underlying investment vehicles for the variable life and variable annuity contracts issued by The Penn Mutual Life Insurance Company and its subsidiary, The Penn Insurance and Annuity Company. These contracts have transaction costs, additional administrative expense fees and mortality and expense risk charges. Because of these additional expenses, the costs to investors will be higher than the figures shown in the following expense examples. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with the ongoing costs of investing in other funds.

These examples are based on an investment of $1,000 invested for six months beginning July 1, 2022 and held through December 31, 2022. The examples illustrate your fund's costs in two ways:

• **Actual Fund Performance in the table below provides information about actual account values and actual expenses. The "Ending Value" shown is derived from the fund's actual return, and "Expenses Paid During Period" shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled "Expenses Paid During Period."** 

• **Hypothetical 5% Annual Return is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case — because the return used is not the fund's actual return — the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's cost by comparing this hypothetical example with the hypothetical examples that appear in shareholders reports of other funds. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.** 

Please note that the expenses shown in the table are only meant to highlight and help you compare your ongoing costs of investing in the funds and do not reflect any fees and charges deducted under your insurance contract. The "Annualized Expense Ratio" represents the actual expenses for the six-month period indicated and will be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2022.

#### Disclosure of Fund Expenses<br> For the Period July 1, 2022 to December 31, 2022<br> Expense Table

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning <br> Value<br> July 1,<br> 2022** | **Ending <br> Value<br> December 31,<br> 2022** | **Annualized <br> Expense<br> Ratio** | **Expenses <br> Paid During<br> Period\*** |
| &nbsp;&nbsp;**Money Market Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1002.50 | 2.25% | $11.36 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1013.86 | 2.25% | $11.42 |
| &nbsp;&nbsp;**Limited Maturity Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | &nbsp;&nbsp;$994.50 | 0.71% | $3.57 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1021.63 | 0.71% | $3.62 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

Important Information about Fund Expenses<br> Hypothetical Examples of a $1,000 Investment (Unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning <br> Value<br> July 1,<br> 2022** | **Ending <br> Value<br> December 31,<br> 2022** | **Annualized <br> Expense<br> Ratio** | **Expenses <br> Paid During<br> Period\*** |
| &nbsp;&nbsp;**Quality Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | &nbsp;&nbsp;$969.40 | 0.69% | $3.43 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1021.73 | 0.69% | $3.52 |
| &nbsp;&nbsp;**High Yield Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1038.20 | 0.73% | $3.75 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1021.53 | 0.73% | $3.72 |
| &nbsp;&nbsp;**Flexibly Managed Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1026.90 | 0.88% | $4.50 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.77 | 0.88% | $4.48 |
| &nbsp;&nbsp;**Balanced Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | &nbsp;&nbsp;$999.20 | 0.24% | $1.21 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1024.00 | 0.24% | $1.22 |
| &nbsp;&nbsp;**Large Growth Stock Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | &nbsp;&nbsp;$948.50 | 0.98% | $4.81 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.27 | 0.98% | $4.99 |
| &nbsp;&nbsp;**Large Cap Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1011.40 | 0.92% | $4.66 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.57 | 0.92% | $4.69 |
| &nbsp;&nbsp;**Large Core Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | &nbsp;&nbsp;&nbsp;$973.40 | 0.89% | $4.43 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.72 | 0.89% | $4.53 |
| &nbsp;&nbsp;**Large Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1091.20 | 0.94% | $4.95 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.47 | 0.94% | $4.79 |
| &nbsp;&nbsp;**Large Core Value Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1065.70 | 0.94% | $4.89 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.47 | 0.94% | $4.79 |
| &nbsp;&nbsp;**Index 500 Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1021.70 | 0.36% | $1.83 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1023.39 | 0.36% | $1.84 |
| &nbsp;&nbsp;**Mid Cap Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1034.60 | 0.99% | $5.08 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.21 | 0.99% | $5.04 |
| &nbsp;&nbsp;**Mid Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1074.90 | 0.83% | $4.34 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1021.02 | 0.83% | $4.23 |
| &nbsp;&nbsp;**Mid Core Value Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1072.00 | &nbsp;&nbsp;1.07% | $5.59 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1019.81 | &nbsp;&nbsp;1.07% | $5.45 |
| &nbsp;&nbsp;**SMID Cap Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1073.10 | &nbsp;&nbsp;1.06% | $5.54 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1019.86 | &nbsp;&nbsp;1.06% | $5.40 |
| &nbsp;&nbsp;**SMID Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1049.00 | &nbsp;&nbsp;1.20% | $6.20 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1019.16 | &nbsp;&nbsp;1.20% | $6.11 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

Important Information about Fund Expenses<br> Hypothetical Examples of a $1,000 Investment (Unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning <br> Value<br> July 1,<br> 2022** | **Ending <br> Value<br> December 31,<br> 2022** | **Annualized <br> Expense<br> Ratio** | **Expenses <br> Paid During<br> Period\*** |
| &nbsp;&nbsp;**Small Cap Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1029.30 | &nbsp;&nbsp;1.02% | $5.22 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.06 | &nbsp;&nbsp;1.02% | $5.19 |
| &nbsp;&nbsp;**Small Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1039.20 | &nbsp;&nbsp;1.03% | $5.29 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.01 | &nbsp;&nbsp;1.03% | $5.24 |
| &nbsp;&nbsp;**Small Cap Index Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1034.70 | 0.70% | $3.59 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1021.68 | 0.70% | $3.57 |
| &nbsp;&nbsp;**Developed International Index Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1055.90 | 0.91% | $4.72 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.62 | 0.91% | $4.63 |
| &nbsp;&nbsp;**International Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1038.80 | &nbsp;&nbsp;1.08% | $5.55 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1019.76 | &nbsp;&nbsp;1.08% | $5.50 |
| &nbsp;&nbsp;**Emerging Markets Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | &nbsp;&nbsp;&nbsp;$943.20 | &nbsp;&nbsp;1.35% | $6.61 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1018.40 | &nbsp;&nbsp;1.35% | $6.87 |
| &nbsp;&nbsp;**Real Estate Securities Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | &nbsp;&nbsp;$924.60 | 0.98% | $4.75 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1020.27 | 0.98% | $4.99 |
| &nbsp;&nbsp;**Aggressive Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1029.10 | 0.34% | $1.74 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1023.49 | 0.34% | $1.73 |
| &nbsp;&nbsp;**Moderately Aggressive Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1024.10 | 0.31% | $1.58 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1023.64 | 0.31% | $1.58 |
| &nbsp;&nbsp;**Moderate Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1011.80 | 0.31% | $1.57 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1023.64 | 0.31% | $1.58 |
| &nbsp;&nbsp;**Moderately Conservative Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1005.50 | 0.33% | $1.67 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1023.54 | 0.33% | $1.68 |
| &nbsp;&nbsp;**Conservative Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | &nbsp;&nbsp;$995.50 | 0.36% | $1.81 |
| &nbsp;&nbsp;Hypothetical | $1000.00 | $1023.39 | 0.36% | $1.84 |

---

------

\* Expenses are equal to the Fund's annualized expense ratio multiplied by the average value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Money Market Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **AGENCY OBLIGATIONS — 72.5%** | **AGENCY OBLIGATIONS — 72.5%** | **AGENCY OBLIGATIONS — 72.5%** |
| Federal Farm Credit Banks |  |  |
| &nbsp;&nbsp;&nbsp;4.046%, 01/17/23 | $8000 | &nbsp;&nbsp;&nbsp;&nbsp;$7985671 |
| &nbsp;&nbsp;&nbsp;2.900%, 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994984 |
| &nbsp;&nbsp;&nbsp;0.160%, 02/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991675 |
| &nbsp;&nbsp;&nbsp;4.204%, 04/06/23 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9891278 |
| &nbsp;&nbsp;&nbsp;4.713%, 05/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961922 |
| Federal Home Loan Banks |  |  |
| &nbsp;&nbsp;&nbsp;4.065%, 01/25/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994627 |
| &nbsp;&nbsp;&nbsp;4.123%, 01/26/23 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9971528 |
| &nbsp;&nbsp;&nbsp;4.053%, 01/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991290 |
| &nbsp;&nbsp;&nbsp;4.049%, 01/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990309 |
| &nbsp;&nbsp;&nbsp;3.761%, 02/01/23 | &nbsp;&nbsp;&nbsp;10072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039779 |
| &nbsp;&nbsp;&nbsp;4.166%, 02/14/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989929 |
| &nbsp;&nbsp;&nbsp;4.329%, 02/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987383 |
| &nbsp;&nbsp;&nbsp;4.225%, 02/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332612 |
| &nbsp;&nbsp;&nbsp;4.259%, 03/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088200 |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 04/20/23 | &nbsp;&nbsp;&nbsp;10024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915051 |
| &nbsp;&nbsp;&nbsp;0.375%, 05/05/23 | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330656 |
| &nbsp;&nbsp;&nbsp;0.250%, 06/26/23 | &nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734174 |
| Federal National Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, 01/19/23 | &nbsp;&nbsp;&nbsp;14826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14814482 |
| &nbsp;&nbsp;&nbsp;4.135%, 02/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985308 |
| &nbsp;&nbsp;&nbsp;0.250%, 05/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933209 |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.508%, 01/04/23 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14995625 |
| &nbsp;&nbsp;&nbsp;4.050%, 01/11/23 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988778 |
| **TOTAL AGENCY OBLIGATIONS<br> (Cost $119,908,470)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**119908470** |
| **U.S. TREASURY OBLIGATIONS — 14.5%** | **U.S. TREASURY OBLIGATIONS — 14.5%** | **U.S. TREASURY OBLIGATIONS — 14.5%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.219%, 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999114 |
| &nbsp;&nbsp;&nbsp;4.053%, 01/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996420 |
| &nbsp;&nbsp;&nbsp;4.080%, 01/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994820 |
| &nbsp;&nbsp;&nbsp;2.375%, 01/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997980 |
| &nbsp;&nbsp;&nbsp;3.644%, 01/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990997 |
| &nbsp;&nbsp;&nbsp;4.107%, 02/07/23 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991644 |
| &nbsp;&nbsp;&nbsp;2.000%, 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991855 |
| &nbsp;&nbsp;&nbsp;4.043%, 04/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947692 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $23,910,522)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $23,910,522)** | &nbsp;&nbsp;&nbsp;&nbsp;**23910522** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 13.1%** | **SHORT-TERM INVESTMENTS — 13.1%** | **SHORT-TERM INVESTMENTS — 13.1%** |
| Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 4.230%)<br> **(Cost $21,669,267)** | 21669267 | &nbsp;&nbsp;&nbsp;$**21669267** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $165,488,259)** |  | &nbsp;&nbsp;**$165488259** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(165731)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$165322528** |

---

------

† See
Security Valuation Note.

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Agency Obligations | $119908470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $119908470 | $— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;23910522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23910522 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;21669267 | &nbsp;&nbsp;&nbsp;21669267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$165488259 | &nbsp;&nbsp;&nbsp;$21669267 | &nbsp;&nbsp;&nbsp;$143818992 | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Limited Maturity Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 29.4%** | **ASSET BACKED SECURITIES — 29.4%** | **ASSET BACKED SECURITIES — 29.4%** |
| AMMC CLO 16 Ltd., Series 2015-16A Class DR2 (3 M ICE LIBOR + 3.500%, Floor 3.500%), 144A<br> 7.511%, 04/14/29@,• | $2000 | &nbsp;&nbsp;$1926378 |
| Anchorage Capital CLO Ltd., Series 2013-1A Class A2R (3 M ICE LIBOR + 1.650%), 144A<br> 5.591%, 10/13/30@,• | &nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp;2761350 |
| ASSURANT CLO Ltd., Series 2018-2A Class A (3 M ICE LIBOR + 1.040%, Floor 1.040%), 144A<br> 5.283%, 04/20/31@,• | &nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2359094 |
| Babson CLO Ltd., Series 2014-IA Class C (3 M ICE LIBOR + 3.450%), 144A<br> 7.693%, 07/20/25@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683220 |
| Barings CLO Ltd., Series 2017-1A Class B1 (3 M ICE LIBOR + 1.700%), 144A<br> 5.894%, 07/18/29@,• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1470952 |
| Benefit Street Partners CLO VIII Ltd., Series 2015-8A Class A1AR (3 M ICE LIBOR + 1.100%, Floor 1.100%), 144A<br> 5.343%, 01/20/31@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2465980 |
| BSPRT Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-FL6 Class A (1 M ICE LIBOR + 1.100%, Floor 1.100%), 144A, 5.418%, 03/15/36@,• | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137271 |
| &nbsp;&nbsp;&nbsp;Series 2021-FL6 Class B (1 M ICE LIBOR + 1.600%, Floor 1.600%), 144A, 5.918%, 03/15/36@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2348326 |
| Crestline Denali CLO XVI Ltd., Series 2018-1A Class A (3 M ICE LIBOR + 1.120%, Floor 1.120%), 144A<br> 5.363%, 01/20/30@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2947176 |
| ECMC Group Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-2A Class A (1 M ICE LIBOR + 0.800%, Floor 0.800%), 144A, 5.189%, 09/25/68@,• | &nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp;2832722 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A Class A1A, 144A, 2.720%, 07/25/69@ | &nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313358 |
| Edsouth Indenture No 4 LLC, Series 2013-1 Class A (1 M ICE LIBOR + 0.570%), 144A<br> 4.959%, 02/26/29@,• | &nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp;1995700 |
| First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A<br> 7.493%, 01/20/33@,• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1451936 |
| Gallatin CLO IX Ltd., Series 2018-1A Class C1 (3 M ICE LIBOR + 2.100%, Floor 2.100%), 144A<br> 6.378%, 01/21/28@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1950746 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| JFIN CLO Ltd., Series 2017-2A Class AR (3 M ICE LIBOR + 0.990%, Floor 0.990%), 144A<br> 5.736%, 09/20/29@,• | $1646 | &nbsp;&nbsp;$1616132 |
| Navient Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-AA Class A3 (1 M ICE LIBOR + 1.700%), 144A, 6.018%, 11/15/30@,• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1497218 |
| &nbsp;&nbsp;&nbsp;Series 2014-AA Class A3 (1 M ICE LIBOR + 1.600%), 144A, 5.918%, 10/15/31@,• | &nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;1483389 |
| &nbsp;&nbsp;&nbsp;Series 2015-BA Class A3 (1 M ICE LIBOR + 1.450%), 144A, 5.768%, 07/16/40@,• | &nbsp;&nbsp;&nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp;1846586 |
| Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-EA Class A, 144A, 1.690%, 05/15/69@ | &nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp;1671667 |
| &nbsp;&nbsp;&nbsp;Series 2021-EA Class A, 144A, 0.970%, 12/16/69@ | &nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp;2493946 |
| Navient Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-5A Class A (1 M ICE LIBOR + 1.250%), 144A, 5.639%, 06/25/65@,• | &nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;&nbsp;4204204 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A Class A2 (1 M ICE LIBOR + 0.350%), 144A, 4.739%, 03/25/67@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68285 |
| Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A<br> 5.221%, 10/13/31@,• | &nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;1920967 |
| OZLM XI Ltd., Series 2015-11A Class A2R (3 M ICE LIBOR + 1.750%), 144A<br> 6.165%, 10/30/30@,• | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;2216452 |
| Shackleton CLO Ltd., Series 2013-3A Class AR (3 M ICE LIBOR + 1.120%, Floor 1.120%), 144A<br> 5.199%, 07/15/30@,• | &nbsp;&nbsp;&nbsp;&nbsp;1492 | &nbsp;&nbsp;&nbsp;&nbsp;1473219 |
| Signal Peak CLO Ltd., Series 2018-6A Class B (3 M ICE LIBOR + 1.680%), 144A<br> 6.054%, 07/28/31@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1944972 |
| SLM Student Loan Trust, Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%),<br> 4.979%, 03/25/55• | &nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;&nbsp;&nbsp;3923677 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-B Class A2B (1 M ICE LIBOR + 1.450%), 144A, 5.768%, 02/17/32@,• | &nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp;1609759 |
| &nbsp;&nbsp;&nbsp;Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A, 6.268%, 08/16/32@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965066 |
| &nbsp;&nbsp;&nbsp;Series 2021-C Class B, 144A, 2.300%, 01/15/53@ | &nbsp;&nbsp;&nbsp;2539 | &nbsp;&nbsp;&nbsp;&nbsp;2175246 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Limited Maturity Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** |
| Sound Point CLO V-R Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.750%, Floor 1.750%), 144A<br> 5.944%, 07/18/31@,• | &nbsp;&nbsp;$1500 | &nbsp;&nbsp;&nbsp;&nbsp;$1412891 |
| Steele Creek CLO Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.500%, Floor 1.500%), 144A<br> 5.778%, 04/21/31@,• | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195205 |
| Trinitas CLO XII Ltd., Series 2020-12A Class C (3 M ICE LIBOR + 3.000%, Floor 3.000%), 144A<br> 7.358%, 04/25/33@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454994 |
| Trinitas CLO XIV Ltd., Series 2020-14A Class D (3 M ICE LIBOR + 4.300%, Floor 4.300%), 144A<br> 8.658%, 01/25/34@,• | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930590 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $68,721,696)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $68,721,696)** | &nbsp;&nbsp;&nbsp;**65748674** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.0%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.0%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.0%** |
| BHMS, Series 2018-ATLS Class B (1 M ICE LIBOR + 1.500%, Floor 1.500%), 144A<br> 5.818%, 07/15/35@,• | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894246 |
| BX Commercial Mortgage Trust, Series 2019-XL Class B (1 M ICE LIBOR + 1.194%, Floor 1.194%), 144A<br> 5.530%, 10/15/36@,• | &nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252525 |
| Citigroup Commercial Mortgage Trust, Series 2018-TBR Class D (1 M ICE LIBOR + 1.800%, Floor 1.800%), 144A<br> 6.243%, 12/15/36@,• | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952298 |
| COMM Mortgage Trust, Series 2014-CR20 Class A3<br> 3.326%, 11/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363418 |
| FHLMC Multifamily Structured Pass Through Certificates, Series KC02 Class X3<br> 3.076%, 08/25/25• | &nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883418 |
| FREMF Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-K727 Class C, 144A, 3.742%, 07/25/24@,• | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332797 |
| &nbsp;&nbsp;&nbsp;Series 2013-K35 Class B, 144A, 3.932%, 12/25/46@,• | &nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227922 |
| &nbsp;&nbsp;&nbsp;Series 2014-K37 Class C, 144A, 4.561%, 01/25/47@,• | &nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491773 |
| &nbsp;&nbsp;&nbsp;Series 2015-K44 Class B, 144A, 3.719%, 01/25/48@,• | &nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498106 |
| &nbsp;&nbsp;&nbsp;Series 2015-K46 Class B, 144A, 3.698%, 04/25/48@,• | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665938 |
| &nbsp;&nbsp;&nbsp;Series 2016-K53 Class B, 144A, 4.024%, 03/25/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046600 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| GS Mortgage Securities Corp. Trust, Series 2018-HULA Class B (1 M ICE LIBOR + 1.250%, Floor 1.250%), 144A<br> 5.568%, 07/15/25@,• | $1829 | &nbsp;&nbsp;&nbsp;$1769740 |
| Hawaii Hotel Trust, Series 2019-MAUI Class C (1 M ICE LIBOR + 1.650%, Floor 1.650%), 144A<br> 5.968%, 05/15/38@,• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435991 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $28,597,120)** | **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $28,597,120)** | &nbsp;&nbsp;&nbsp;**26814772** |
| **CORPORATE BONDS — 41.2%** | **CORPORATE BONDS — 41.2%** | **CORPORATE BONDS — 41.2%** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| The Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.167%, 02/04/23 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494238 |
| &nbsp;&nbsp;&nbsp;4.508%, 05/01/23 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495348 |
| TransDigm, Inc., 144A<br> 8.000%, 12/15/25@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511193 |
| **Apparel — 0.6%** | **Apparel — 0.6%** | **Apparel — 0.6%** |
| Hanesbrands, Inc., 144A<br> 4.625%, 05/15/24@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452791 |
| **Auto Manufacturers — 2.3%** | **Auto Manufacturers — 2.3%** | **Auto Manufacturers — 2.3%** |
| BMW US Capital LLC, 144A<br> 3.800%, 04/06/23@ | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498818 |
| Ford Motor Credit Co., LLC<br> 2.300%, 02/10/25 | &nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032144 |
| General Motors Financial Co., Inc.<br> 3.800%, 04/07/25 | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545645 |
| Volkswagen Group of America Finance LLC, 144A<br> 4.250%, 11/13/23@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066772 |
| **Banks — 5.8%** | **Banks — 5.8%** | **Banks — 5.8%** |
| Bank of America Corp., Series L<br> 3.950%, 04/21/25 | &nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957628 |
| First Maryland Capital II (3 M ICE LIBOR + 0.850%)<br> 5.290%, 02/01/27• | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235491 |
| JPMorgan Chase & Co. (2 M ICE LIBOR + 0.600%)<br> 0.653%, 09/16/24• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446798 |
| State Street Corp. (3 M ICE LIBOR + 0.560%)<br> 5.166%, 05/15/28• | &nbsp;&nbsp;&nbsp;3805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473391 |
| Wells Fargo & Co. (3 M ICE LIBOR + 1.000%)<br> 5.079%, 04/15/27• | &nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13041442 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Limited Maturity Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Coca-Cola Europacific Partners PLC, 144A<br> 0.800%, 05/03/24@ | $1750 | &nbsp;&nbsp;$1644194 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| Gilead Sciences, Inc.<br> 0.750%, 09/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;1088885 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| Celanese US Holdings LLC<br> 5.900%, 07/05/24 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500115 |
| The Sherwin-Williams Co.<br> 4.050%, 08/08/24 | &nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219162 |
| W.R. Grace Holdings LLC, 144A<br> 5.625%, 10/01/24@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1970000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5689277 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
| Cintas Corp. No. 2<br> 3.450%, 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1694442 |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| Hewlett Packard Enterprise Co.<br> 1.450%, 04/01/24 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433097 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
| GSK Consumer Healthcare Capital UK PLC<br> 3.125%, 03/24/25 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427522 |
| **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br> 3.500%, 01/15/25 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381703 |
| OneMain Finance Corp.<br> 8.250%, 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1758642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4140345 |
| **Electric — 5.7%** | **Electric — 5.7%** | **Electric — 5.7%** |
| American Electric Power Co., Inc.<br> 2.031%, 03/15/24 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411247 |
| CenterPoint Energy, Inc. (SOFR + 0.650%)<br> 4.776%, 05/13/24• | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988356 |
| Georgia Power Co., Series A<br> 2.100%, 07/30/23 | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;1868273 |
| Niagara Mohawk Power Corp., 144A<br> 3.508%, 10/01/24@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922238 |
| Pacific Gas and Electric Co.<br> 3.150%, 01/01/26 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393923 |
| Southern California Edison Co., Series E<br> 3.700%, 08/01/25 | &nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;2662687 |
| Vistra Operations Co., LLC, 144A<br> 4.875%, 05/13/24@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1469775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12716499 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| TD SYNNEX Corp.<br> 1.250%, 08/09/24 | $1500 | &nbsp;&nbsp;$1392658 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| Warnermedia Holdings, Inc., 144A<br> 3.638%, 03/15/25@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1427424 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A<br> 3.500%, 02/15/23@ | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1291851 |
| General Mills, Inc.<br> 5.241%, 11/18/25 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1504170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2796021 |
| **Hand & Machine Tools — 0.6%** | **Hand & Machine Tools — 0.6%** | **Hand & Machine Tools — 0.6%** |
| Stanley Black & Decker, Inc.<br> 2.300%, 02/24/25 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1420028 |
| **Healthcare Products — 1.7%** | **Healthcare Products — 1.7%** | **Healthcare Products — 1.7%** |
| PerkinElmer, Inc.<br> 0.850%, 09/15/24 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927522 |
| Stryker Corp.<br> 0.600%, 12/01/23 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1440580 |
| Zimmer Biomet Holdings, Inc.<br> 1.450%, 11/22/24 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1395229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3763331 |
| **Healthcare Services — 0.7%** | **Healthcare Services — 0.7%** | **Healthcare Services — 0.7%** |
| Tenet Healthcare Corp., 144A<br> 4.625%, 09/01/24@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1456886 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| Hyatt Hotels Corp.<br> 1.800%, 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;1757520 |
| **Machinery — Diversified — 1.0%** | **Machinery — Diversified — 1.0%** | **Machinery — Diversified — 1.0%** |
| CNH Industrial Capital LLC<br> 1.950%, 07/02/23 | &nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;2211567 |
| **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** |
| Parker-Hannifin Corp.<br> 3.650%, 06/15/24 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1468246 |
| **Oil & Gas — 1.5%** | **Oil & Gas — 1.5%** | **Oil & Gas — 1.5%** |
| EQT Corp.<br> 5.678%, 10/01/25 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1493729 |
| Phillips 66<br> 0.900%, 02/15/24 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1912600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3406329 |
| **Packaging and Containers — 1.9%** | **Packaging and Containers — 1.9%** | **Packaging and Containers — 1.9%** |
| Ball Corp.<br> 4.000%, 11/15/23 | &nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;2205268 |
| Graphic Packaging International LLC<br> 4.125%, 08/15/24 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1964950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4170218 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Limited Maturity Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Real Estate Investment Trusts — 1.4%** | **Real Estate Investment Trusts — 1.4%** | **Real Estate Investment Trusts — 1.4%** |
| SBA Tower Trust, 144A<br> 1.884%, 07/15/50@ | $2500 | &nbsp;&nbsp;&nbsp;$2200858 |
| Simon Property Group LP<br> 3.500%, 09/01/25 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159191 |
| **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** |
| Qorvo, Inc., 144A<br> 1.750%, 12/15/24@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381425 |
| Skyworks Solutions, Inc.<br> 0.900%, 06/01/23 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851734 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| VMware, Inc.<br> 1.000%, 08/15/24 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396357 |
| **Telecommunications — 2.1%** | **Telecommunications — 2.1%** | **Telecommunications — 2.1%** |
| Sprint Corp.<br> 7.875%, 09/15/23 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028210 |
| T-Mobile USA, Inc.<br> 3.500%, 04/15/25 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443495 |
| Verizon Communications, Inc.<br> 1.450%, 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595035 |
| **TOTAL CORPORATE BONDS<br> (Cost $96,536,809)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**92179004** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — 14.3%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 14.3%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 14.3%** |
| **Collateralized Mortgage Obligations — 13.7%** | **Collateralized Mortgage Obligations — 13.7%** | **Collateralized Mortgage Obligations — 13.7%** |
| Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A<br> 2.774%, 12/25/59@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639141 |
| Bunker Hill Loan Depositary Trust, |  |  |
| &nbsp;&nbsp;&nbsp;STEP, Series 2019-2 Class A3, 144A, 3.185%, 07/25/49@ | &nbsp;&nbsp;&nbsp;1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843537 |
| &nbsp;&nbsp;&nbsp;Series 2020-1 Class M1, 144A, 4.353%, 02/25/55@,• | &nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042120 |
| Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A<br> 3.500%, 06/25/44@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527212 |
| Flagstar Mortgage Trust, Series 2020-2 Class A4, 144A<br> 3.000%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164814 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A<br> 2.500%, 10/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107844 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ7 Class A8, 144A<br> 2.500%, 01/25/52@,• | &nbsp;&nbsp;&nbsp;&nbsp;4193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599279 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-3 Class 1A13, 144A, 3.500%, 08/25/47@,• | &nbsp;&nbsp;&nbsp;2946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509046 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** |
| &nbsp;&nbsp;&nbsp;Series 2019-6 Class B2, 144A, 4.207%, 12/25/49@,• | $2994 | &nbsp;&nbsp;&nbsp;$2553736 |
| &nbsp;&nbsp;&nbsp;Series 2019-9 Class A3, 144A, 3.500%, 05/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123647 |
| OBX Trust, Series 2019-INV2 Class A5, 144A<br> 4.000%, 05/27/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251803 |
| Sequoia Mortgage Trust, Series 2021-5 Class A5, 144A<br> 2.000%, 07/25/51@,• | &nbsp;&nbsp;&nbsp;2392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009729 |
| Towd Point Mortgage Trust, Series 2020-4 Class A2, 144A<br> 2.500%, 10/25/60@ | &nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756965 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2 Class A3, 144A, 3.219%, 07/25/59@,• | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145965 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV3 Class A1, 144A, 2.692%, 11/25/59@,• | &nbsp;&nbsp;&nbsp;1678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576056 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A2, 144A, 3.035%, 03/25/60@,• | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103312 |
| Visio Trust, Series 2020-1R Class M1, 144A<br> 2.926%, 11/25/55@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045366 |
| Vista Point Securitization Trust, Series 2020-1 Class M1, 144A<br> 4.151%, 03/25/65@,• | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537971 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2020-2 Class A1, 144A<br> 3.000%, 12/25/49@,• | &nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30609172 |
| **Fannie Mae REMICS — 0.6%** | **Fannie Mae REMICS — 0.6%** | **Fannie Mae REMICS — 0.6%** |
| Series 2012-152 Class TA<br> 2.500%, 09/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;1547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313475 |
| **TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES<br> (Cost $37,468,311)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**31922647** |
| **U.S. TREASURY OBLIGATIONS — 1.0%** | **U.S. TREASURY OBLIGATIONS — 1.0%** | **U.S. TREASURY OBLIGATIONS — 1.0%** |
| U.S. Treasury Bill<br> 0.000%, 10/05/23¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483107 |
| U.S. Treasury Notes<br> 1.375%, 09/30/23 | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756125 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $2,243,467)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $2,243,467)** | &nbsp;&nbsp;&nbsp;&nbsp;**2239232** |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Limited Maturity Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $3,214,197)** | 3214197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**3214197** |
| **TOTAL INVESTMENTS — 99.3%<br> (Cost $236,781,600)** |  | &nbsp;&nbsp;**$222118526** |
| **Other Assets & Liabilities — 0.7%** | **Other Assets & Liabilities — 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1605554** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$223724080** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $135,230,137, which represents 60.4% of the Fund's net assets. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |

---

---

| |
|:---|
| CLO— Collateralized Loan Obligation. |
| FHLMC— Federal Home Loan Mortgage Corporation. |
| FREMF— Freddie Mac Multifamily Securities. |
| ICE— Intercontinental Exchange. |
| LIBOR— London Interbank Offered Rate. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| PLC— Public Limited Company. |
| REMICS— Real Estate Mortgage Investment Conduits. |
| SOFR— Secured Overnight Financing Rate. |
| STEP— Step Coupon Bond. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;81% |
| Cayman Islands | &nbsp;&nbsp;&nbsp;17 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Asset Backed Securities | $65748674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $65748674 | $— |
| Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;26814772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26814772 | &nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;92179004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;92179004 | &nbsp;&nbsp;&nbsp;— |
| Residential Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;31922647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31922647 | &nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239232 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214197 | &nbsp;&nbsp;&nbsp;3214197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$222118526 | &nbsp;&nbsp;$3214197 | &nbsp;&nbsp;$218904329 | $— |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21303 | &nbsp;&nbsp;&nbsp;&nbsp;$21303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| Total Assets—Other Financial Instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Futures Contracts | $(636) | $(636) | $— | $— |
| Total Liabilities—Other Financial Instruments | $(636) | $(636) | $— | $— |

---

<sup>(1)</sup> Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Limited Maturity Bond Fund<br>
Futures contracts held by the Fund at December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration <br> Date** | **Numbers <br> of<br> Contracts** | **Units per<br> Contract** | **Closing <br> Price** | **Notional <br> Value** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| Long | U.S. Treasury 2 Year Note | 03/31/23 | 90 | 2000 | $103 | $18457031 | $20228 | $— |
| Long | U.S. Treasury 5 Year Note | 03/31/23 | 180 | 1000 | &nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;19427344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  |  | $21303 | $— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Futures Contract** | **Expiration <br> Date** | **Numbers <br> of<br> Contracts** | **Units per<br> Contract** | **Closing <br> Price** | **Notional <br> Value** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| Short | U.S. Treasury Long Bond | 03/22/23 | (25) | 1000 | $125 | $(3133594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $(636) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $(636) |
|  |  |  |  |  |  |  | $21303 | $(636) |

---

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 19.9%** | **ASSET BACKED SECURITIES — 19.9%** | **ASSET BACKED SECURITIES — 19.9%** |
| ALM Ltd., Series 2020-1A Class A2 (3 M ICE LIBOR + 1.850%), 144A<br> 5.929%, 10/15/29@,• | $3000 | &nbsp;&nbsp;$2917896 |
| AMMC CLO 16 Ltd., Series 2015-16A Class DR2 (3 M ICE LIBOR + 3.500%, Floor 3.500%), 144A<br> 7.511%, 04/14/29@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2889567 |
| Battalion CLO XV Ltd., Series 2020-15A Class A1 (3 M ICE LIBOR + 1.350%, Floor 1.350%), 144A<br> 5.429%, 01/17/33@,• | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3916208 |
| Black Diamond CLO Ltd., Series 2019-2A Class A1A (3 M ICE LIBOR + 1.430%, Floor 1.430%), 144A<br> 5.755%, 07/23/32@,• | &nbsp;&nbsp;&nbsp;&nbsp;2761 | &nbsp;&nbsp;&nbsp;&nbsp;2702757 |
| Deerpath Capital CLO Ltd., Series 2020-1A Class A1 (3 M ICE LIBOR + 1.850%, Floor 1.850%), 144A<br> 5.929%, 04/17/32@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2454330 |
| ECMC Group Student Loan Trust, Series 2018-2A Class A (1 M ICE LIBOR + 0.800%, Floor 0.800%), 144A<br> 5.189%, 09/25/68@,• | &nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp;2832722 |
| First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A<br> 7.493%, 01/20/33@,• | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3871828 |
| Fortress Credit BSL III Ltd., Series 2015-1A Class B1R (3 M ICE LIBOR + 1.730%, Floor 1.730%), 144A<br> 5.924%, 04/18/31@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2864421 |
| Highbridge Loan Management Ltd., Series 2015-7A Class A2R (3 M ICE LIBOR + 0.900%), 144A<br> 5.506%, 03/15/27@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1993680 |
| Nassau Ltd., Series 2017-IA Class A1BR, 144A<br> 2.730%, 10/15/29@ | &nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp;2392712 |
| New Hampshire Higher Education Loan Corp., Series 2020-1 Class A1A,<br> 1.550%, 09/25/60 | &nbsp;&nbsp;&nbsp;3389 | &nbsp;&nbsp;&nbsp;&nbsp;2977857 |
| Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A<br> 5.221%, 10/13/31@,• | &nbsp;&nbsp;&nbsp;2457 | &nbsp;&nbsp;&nbsp;&nbsp;2401209 |
| OZLM XI Ltd., Series 2015-11A Class A2R (3 M ICE LIBOR + 1.750%), 144A<br> 6.165%, 10/30/30@,• | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3854700 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-6 Class B (1 M ICE LIBOR + 1.000%), 5.389%, 04/27/43• | $4860 | &nbsp;&nbsp;&nbsp;$4078293 |
| &nbsp;&nbsp;&nbsp;Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%), 4.979%, 03/25/55• | &nbsp;&nbsp;&nbsp;&nbsp;3561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3433218 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A, 6.268%, 08/16/32@,• | &nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006374 |
| &nbsp;&nbsp;&nbsp;Series 2014-A Class B, 144A, 4.000%, 09/15/42@ | &nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272325 |
| &nbsp;&nbsp;&nbsp;Series 2015-C Class B, 144A, 3.500%, 09/15/43@ | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4702544 |
| Steele Creek CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-1A Class BR (3 M ICE LIBOR + 1.650%, Floor 1.650%), 144A, 6.419%, 06/15/31@,• | &nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074835 |
| &nbsp;&nbsp;&nbsp;Series 2018-2A Class A (3 M ICE LIBOR + 1.200%, Floor 1.200%), 144A, 5.874%, 08/18/31@,• | &nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413708 |
| Telos CLO Ltd., Series 2013-3A Class BR (3 M ICE LIBOR + 2.000%), 144A<br> 6.079%, 07/17/26@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320729 |
| Trimaran Cavu Ltd., Series 2019-1A Class C1 (3 M ICE LIBOR + 3.150%, Floor 3.150%), 144A<br> 7.393%, 07/20/32@,• | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773224 |
| Trinitas CLO XII Ltd., Series 2020-12A Class C (3 M ICE LIBOR + 3.000%, Floor 3.000%), 144A<br> 7.358%, 04/25/33@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939992 |
| Trinitas CLO XIV Ltd., Series 2020-14A Class D (3 M ICE LIBOR + 4.300%, Floor 4.300%), 144A<br> 8.658%, 01/25/34@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413238 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $73,298,607)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $73,298,607)** | &nbsp;&nbsp;&nbsp;**70498367** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 16.0%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 16.0%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 16.0%** |
| Benchmark Mortgage Trust, Series 2019-B9 Class A5<br> 4.016%, 03/15/52 | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718884 |
| BHMS, Series 2018-ATLS Class B (1 M ICE LIBOR + 1.500%, Floor 1.500%), 144A<br> 5.818%, 07/15/35@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894246 |
| COMM Mortgage Trust, Series 2014-CR20 Class A3<br> 3.326%, 11/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;4131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939031 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)** |
| FHLMC Multifamily Structured Pass Through Certificates, Series K094 Class A2<br> 2.903%, 06/25/29 | $2000 | &nbsp;&nbsp;&nbsp;$1826994 |
| Fontainebleau Miami Beach Trust, Series 2019-FBLU Class B, 144A<br> 3.447%, 12/10/36@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331695 |
| FREMF Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-K731 Class B, 144A, 3.946%, 02/25/25@,• | &nbsp;&nbsp;&nbsp;6610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294527 |
| &nbsp;&nbsp;&nbsp;Series 2019-K735 Class B, 144A, 4.019%, 05/25/26@,• | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641741 |
| &nbsp;&nbsp;&nbsp;Series 2019-K736 Class B, 144A, 3.760%, 07/25/26@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390010 |
| &nbsp;&nbsp;&nbsp;Series 2015-K48 Class B, 144A, 3.646%, 08/25/48@,• | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756568 |
| &nbsp;&nbsp;&nbsp;Series 2016-K52 Class B, 144A, 3.929%, 01/25/49@,• | &nbsp;&nbsp;&nbsp;5065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787487 |
| &nbsp;&nbsp;&nbsp;Series 2016-K53 Class C, 144A, 4.024%, 03/25/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288601 |
| &nbsp;&nbsp;&nbsp;Series 2017-K729 Class C, 144A, 3.673%, 11/25/49@,• | &nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321985 |
| &nbsp;&nbsp;&nbsp;Series 2017-K63 Class B, 144A, 3.877%, 02/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392308 |
| &nbsp;&nbsp;&nbsp;Series 2018-K85 Class C, 144A, 4.320%, 12/25/50@,• | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167260 |
| &nbsp;&nbsp;&nbsp;Series 2019-K102 Class B, 144A, 3.531%, 12/25/51@,• | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4208851 |
| &nbsp;&nbsp;&nbsp;Series 2019-K95 Class B, 144A, 3.921%, 08/25/52@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221622 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C51 Class A3<br> 3.055%, 06/15/52 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653979 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $63,078,511)** | **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $63,078,511)** | &nbsp;&nbsp;&nbsp;**56835789** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** |  |
| **PREFERRED STOCKS — 1.2%** | **PREFERRED STOCKS — 1.2%** | **PREFERRED STOCKS — 1.2%** |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Wells Fargo & Co., Series Zµ | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;1099200 |
| **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
| Duke Energy Corp. | 134000 | &nbsp;&nbsp;&nbsp;3055200 |
| **TOTAL PREFERRED STOCKS<br> (Cost $5,084,700)** |  | &nbsp;&nbsp;**4154400** |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** |  |
| **CORPORATE BONDS — 39.0%** | **CORPORATE BONDS — 39.0%** | **CORPORATE BONDS — 39.0%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| General Dynamics Corp.<br> 3.500%, 05/15/25 | $3000 | &nbsp;&nbsp;2925351 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Aerospace & Defense — (continued)** | **Aerospace & Defense — (continued)** | **Aerospace & Defense — (continued)** |
| The Boeing Co.<br> 2.196%, 02/04/26 | $2000 | &nbsp;&nbsp;$1819098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4744449 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| Delta Air Lines Pass Through Trust, Series 2015-1 Class B<br> 4.250%, 01/30/25 | &nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574171 |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
| VF Corp.<br> 2.800%, 04/23/27 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2722391 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| Ford Motor Credit Co., LLC<br> 4.950%, 05/28/27 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1865800 |
| **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** |
| Allfirst Preferred Capital Trust (3 M ICE LIBOR + 1.500%)<br> 5.579%, 07/15/29• | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;3281716 |
| JPMorgan Chase & Co., Series B (3 M ICE LIBOR + 0.500%)<br> 4.940%, 02/01/27• | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;2979252 |
| KeyCorp Capital I (3 M ICE LIBOR + 0.740%)<br> 5.494%, 07/01/28• | &nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp;2378220 |
| State Street Corp. (3 M ICE LIBOR + 0.560%)<br> 5.166%, 05/15/28• | &nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;3496212 |
| The Goldman Sachs Group, Inc. (SOFR + 1.248%)<br> 2.383%, 07/21/32• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2335613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14471013 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Constellation Brands, Inc.<br> 2.250%, 08/01/31 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2391048 |
| Keurig Dr Pepper, Inc.<br> 2.250%, 03/15/31 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1610812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4001860 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| Gilead Sciences, Inc.<br> 1.650%, 10/01/30 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2386449 |
| **Building Materials — 1.7%** | **Building Materials — 1.7%** | **Building Materials — 1.7%** |
| Martin Marietta Materials, Inc.<br> 4.250%, 07/02/24 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2960881 |
| Vulcan Materials Co.<br> 4.500%, 04/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;3140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6077075 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| W.R. Grace Holdings LLC, 144A<br> 5.625%, 10/01/24@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2955000 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
| The Georgetown University, Series B<br> 4.315%, 04/01/49 | $2710 | &nbsp;&nbsp;$2272573 |
| University of Southern California<br> 3.028%, 10/01/39 | &nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp;2233621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4506194 |
| **Computers — 1.2%** | **Computers — 1.2%** | **Computers — 1.2%** |
| Apple, Inc.<br> 3.850%, 08/04/46 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412017 |
| Dell International LLC/EMC Corp.<br> 5.450%, 06/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4212516 |
| **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br> 3.000%, 10/29/28 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2518437 |
| OneMain Finance Corp.<br> 8.250%, 10/01/23 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3014814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5533251 |
| **Electric — 3.4%** | **Electric — 3.4%** | **Electric — 3.4%** |
| Edison International<br> 3.550%, 11/15/24 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931918 |
| Louisville Gas and Electric Co.<br> 4.250%, 04/01/49 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2505697 |
| Monongahela Power Co., 144A<br> 3.550%, 05/15/27@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2352615 |
| Northern States Power Co.<br> 3.600%, 09/15/47 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102187 |
| Pacific Gas and Electric Co.<br> 4.000%, 12/01/46 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2024329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11916746 |
| **Food — 2.7%** | **Food — 2.7%** | **Food — 2.7%** |
| Kraft Heinz Foods Co.<br> 4.625%, 10/01/39 | &nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;&nbsp;2591975 |
| Mars, Inc., 144A<br> 0.875%, 07/16/26@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2606414 |
| The Hershey Co.<br> 1.700%, 06/01/30 | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;1765233 |
| The J.M. Smucker Co.<br> 3.375%, 12/15/27 | &nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;2547763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9511385 |
| **Gas — 0.7%** | **Gas — 0.7%** | **Gas — 0.7%** |
| The Brooklyn Union Gas Co., 144A<br> 3.407%, 03/10/26@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346112 |
| **Healthcare Products — 0.4%** | **Healthcare Products — 0.4%** | **Healthcare Products — 0.4%** |
| PerkinElmer, Inc.<br> 2.250%, 09/15/31 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572711 |
| **Healthcare Services — 1.2%** | **Healthcare Services — 1.2%** | **Healthcare Services — 1.2%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914189 |
| &nbsp;&nbsp;&nbsp;2.500%, 03/01/31 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1564946 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Healthcare Services — (continued)** | **Healthcare Services — (continued)** | **Healthcare Services — (continued)** |
| Health Care Service Corp. A Mutual Legal Reserve Co., 144A<br> 2.200%, 06/01/30@ | $2000 | &nbsp;&nbsp;&nbsp;$1612370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4091505 |
| **Household Products & Wares — 1.2%** | **Household Products & Wares — 1.2%** | **Household Products & Wares — 1.2%** |
| Church & Dwight Co., Inc.<br> 2.300%, 12/15/31 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411763 |
| Kimberly-Clark Corp.<br> 3.100%, 03/26/30 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216071 |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
| Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, 12/06/27 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921234 |
| &nbsp;&nbsp;&nbsp;2.125%, 02/09/31 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317454 |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| Ares Capital Corp.<br> 2.875%, 06/15/28 | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810998 |
| **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
| Becton Dickinson and Co.<br> 3.700%, 06/06/27 | &nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852524 |
| Bristol-Myers Squibb Co.<br> 3.400%, 07/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862408 |
| GlaxoSmithKline Capital, Inc.<br> 5.375%, 04/15/34 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030385 |
| Johnson & Johnson<br> 3.625%, 03/03/37 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659616 |
| Mead Johnson Nutrition Co.<br> 4.125%, 11/15/25 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960287 |
| Merck & Co., Inc.<br> 3.900%, 03/07/39 | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941434 |
| Zoetis, Inc.<br> 4.500%, 11/13/25 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2982442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13289096 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| Energy Transfer LP, Series G (UST Yield Curve CMT 5 Yr + 5.306%)<br> 7.125%µ,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1670000 |
| **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** |
| Kimco Realty Corp.<br> 2.800%, 10/01/26 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755477 |
| SBA Tower Trust, 144A<br> 1.884%, 07/15/50@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4075992 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| AutoNation, Inc.<br> 1.950%, 08/01/28 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199042 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| NXP BV/NXP Funding LLC/NXP USA, Inc.<br> 3.150%, 05/01/27 | $2000 | &nbsp;&nbsp;&nbsp;&nbsp;$1814506 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| Microsoft Corp.<br> 3.750%, 02/12/45 | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670787 |
| Roper Technologies, Inc.<br> 1.400%, 09/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270352 |
| Salesforce, Inc.<br> 2.700%, 07/15/41 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096155 |
| **Telecommunications — 3.2%** | **Telecommunications — 3.2%** | **Telecommunications — 3.2%** |
| Crown Castle Towers LLC, 144A<br> 3.663%, 05/15/45@ | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877545 |
| Sprint Corp.<br> 7.875%, 09/15/23 | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332441 |
| T-Mobile USA, Inc.<br> 2.625%, 04/15/26 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748603 |
| Verizon Communications, Inc.<br> 2.550%, 03/21/31 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11429882 |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| BNSF Railway Co. Pass Through Trust, Series 2015-1, 144A<br> 3.442%, 06/16/28@ | &nbsp;&nbsp;&nbsp;&nbsp;2154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022355 |
| Union Pacific Corp.<br> 3.375%, 02/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;3336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852890 |
| **TOTAL CORPORATE BONDS<br> (Cost $158,992,591)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**138260714** |
| **MUNICIPAL BONDS — 1.1%** | **MUNICIPAL BONDS — 1.1%** | **MUNICIPAL BONDS — 1.1%** |
| University of Massachusetts Building Authority, Series 2020-3<br> 2.417%, 11/01/28<br> **(Cost $4,689,967)** | &nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4097877** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — 19.4%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 19.4%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 19.4%** |
| **Collateralized Mortgage Obligations — 11.3%** | **Collateralized Mortgage Obligations — 11.3%** | **Collateralized Mortgage Obligations — 11.3%** |
| CIM Trust, Series 2020-INV1 Class A13, 144A<br> 3.000%, 04/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292781 |
| CSMC Trust, Series 2013-IVR2 Class A2, 144A<br> 3.000%, 04/25/43@,• | &nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581404 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A<br> 2.500%, 10/25/50@,• | &nbsp;&nbsp;&nbsp;2709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167830 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B1A, 144A, 2.955%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;4748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607390 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** |
| &nbsp;&nbsp;&nbsp;Series 2021-1 Class A3, 144A, 2.500%, 06/25/51@,• | $5248 | &nbsp;&nbsp;&nbsp;&nbsp;$4226339 |
| &nbsp;&nbsp;&nbsp;Series 2021-1 Class A15, 144A, 2.500%, 06/25/51@,• | &nbsp;&nbsp;&nbsp;3923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057871 |
| &nbsp;&nbsp;&nbsp;Series 2021-7 Class A15, 144A, 2.500%, 11/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;5117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916797 |
| &nbsp;&nbsp;&nbsp;Series 2022-1 Class A3, 144A, 2.500%, 07/25/52@,• | &nbsp;&nbsp;&nbsp;4659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752581 |
| Seasoned Credit Risk Transfer Trust, Series 2021-2 Class MBU<br> 2.500%, 11/25/60 | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211852 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-5 Class A1, 144A, 3.500%, 08/25/47@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671527 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A20, 144A, 2.500%, 11/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;2931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294939 |
| &nbsp;&nbsp;&nbsp;Series 2021-5 Class A5, 144A, 2.000%, 07/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;3189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679639 |
| Towd Point Mortgage Trust, Series 2021-1 Class A2, 144A<br> 2.750%, 11/25/61@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962271 |
| Verus Securitization Trust, Series 2019-INV2 Class A3, 144A<br> 3.219%, 07/25/59@,• | &nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702123 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A<br> 3.000%, 06/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190051 |
| WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A<br> 3.784%, 01/20/46@,• | &nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40117977 |
| **Fannie Mae Pool — 7.0%** | **Fannie Mae Pool — 7.0%** | **Fannie Mae Pool — 7.0%** |
| 3.500%, 10/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676075 |
| 3.500%, 10/01/48 | &nbsp;&nbsp;&nbsp;6053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5488926 |
| 1.500%, 06/01/51 | &nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991316 |
| 2.000%, 11/01/51 | &nbsp;&nbsp;&nbsp;4666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810172 |
| 2.000%, 12/01/51 | &nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303459 |
| 3.000%, 03/01/52 | &nbsp;&nbsp;&nbsp;6320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24827765 |
| **Freddie Mac Pool — 1.1%** | **Freddie Mac Pool — 1.1%** | **Freddie Mac Pool — 1.1%** |
| 4.000%, 09/01/52 | &nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690921 |
| **TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES<br> (Cost $79,204,294)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**68636663** |
| **U.S. TREASURY OBLIGATIONS — 2.3%** | **U.S. TREASURY OBLIGATIONS — 2.3%** | **U.S. TREASURY OBLIGATIONS — 2.3%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 08/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971211 |
| &nbsp;&nbsp;&nbsp;2.500%, 02/15/45 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517344 |
| U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, 02/15/50 | &nbsp;&nbsp;&nbsp;3477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344607 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **U.S. TREASURY OBLIGATIONS — (continued)** | **U.S. TREASURY OBLIGATIONS — (continued)** | **U.S. TREASURY OBLIGATIONS — (continued)** |
| &nbsp;&nbsp;&nbsp;0.125%, 02/15/51 | $3434 | &nbsp;&nbsp;&nbsp;$2211231 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $8,907,971)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $8,907,971)** | &nbsp;&nbsp;&nbsp;**8044393** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** |  |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $813,445)** | 813445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**813445** |
| **TOTAL INVESTMENTS — 99.1%<br> (Cost $394,070,086)** |  | &nbsp;&nbsp;**$351341648** |
| **Other Assets & Liabilities — 0.9%** | **Other Assets & Liabilities — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3248099** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$354589747** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $160,704,951, which represents 45.3% of the Fund's net assets. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| µ | Perpetual security with no stated maturity date. |

---

---

| |
|:---|
| CLO— Collateralized Loan Obligation. |
| CMT— Constant Maturity Treasury. |
| FHLMC— Federal Home Loan Mortgage Corporation. |
| FREMF— Freddie Mac Multifamily Securities. |
| ICE— Intercontinental Exchange. |
| LIBOR— London Interbank Offered Rate. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |

---

---

| |
|:---|
| M— Month. |
| SOFR— Secured Overnight Financing Rate. |
| UST— US Treasury. |
| Yr— Year. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;85% |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Asset Backed Securities | $70498367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $70498367 | $— |
| Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;56835789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;56835789 | &nbsp;&nbsp;&nbsp;— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154400 | &nbsp;&nbsp;&nbsp;4154400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;138260714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;138260714 | &nbsp;&nbsp;&nbsp;— |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097877 | &nbsp;&nbsp;&nbsp;— |
| Residential Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;68636663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;68636663 | &nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8044393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8044393 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$351341648 | &nbsp;&nbsp;$4967845 | &nbsp;&nbsp;$346373803 | $— |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111908 | &nbsp;&nbsp;&nbsp;&nbsp;$111908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| Total Assets—Other Financial Instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |

---

<sup>(1)</sup> Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Quality Bond Fund<br>
Futures contracts held by the Fund at December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration <br> Date** | **Numbers <br> of<br> Contracts** | **Units per<br> Contract** | **Closing <br> Price** | **Notional <br> Value** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| Long | U.S. Treasury 2 Year Note | 03/31/23 | 318 | 2000 | $103 | $65214844 | $71472 | $— |
| Long | U.S. Treasury Ultra Bond | 03/22/23 | 149 | 1000 | &nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;20012563 | &nbsp;&nbsp;&nbsp;&nbsp;40436 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  |  | $111908 | $— |

---

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### High Yield Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 0.7%** | **ASSET BACKED SECURITIES — 0.7%** | **ASSET BACKED SECURITIES — 0.7%** |
| Benefit Street Partners CLO II Ltd., Series 2013-IIA Class CR (3 M ICE LIBOR + 3.700%), 144A<br> 7.779%, 07/15/29@,•  **(Cost $1,030,691)** | $1050 | &nbsp;&nbsp;$**993804** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** |  |
| **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| New Cotai Participation, Class B(1),\*<br> **(Cost $24,225)** | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;**0** |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
| **Packaging and Containers — 0.0%** | **Packaging and Containers — 0.0%** | **Packaging and Containers — 0.0%** |
| Smurfit-Stone Container Corp. (Escrow) CONV.(1),\*<br> **(Cost $0)** | 725 | &nbsp;&nbsp;**0** |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** |  |
| **CORPORATE BONDS — 86.5%** | **CORPORATE BONDS — 86.5%** | **CORPORATE BONDS — 86.5%** |
| **Advertising — 0.6%** | **Advertising — 0.6%** | **Advertising — 0.6%** |
| Stagwell Global LLC, 144A<br> 5.625%, 08/15/29@ | $1050 | &nbsp;&nbsp;&nbsp;&nbsp;865809 |
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
| Howmet Aerospace, Inc.<br> 6.875%, 05/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718319 |
| TransDigm, Inc., 144A<br> 6.250%, 03/15/26@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;1380666 |
|  |  | &nbsp;&nbsp;2098985 |
| **Airlines — 3.8%** | **Airlines — 3.8%** | **Airlines — 3.8%** |
| American Airlines Pass Through Trust, Series 2021-1 Class B<br> 3.950%, 01/11/32 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1191870 |
| American Airlines, Inc., 144A<br> 11.750%, 07/15/25@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723923 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A<br> 5.500%, 04/20/26@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;1009447 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.500%, 10/20/25@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683219 |
| &nbsp;&nbsp;&nbsp;144A, 4.750%, 10/20/28@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;658917 |
| United Airlines Pass Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1 Class B, 4.875%, 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507712 |
| &nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 5.875%, 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545915 |
|  |  | &nbsp;&nbsp;&nbsp;5321003 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| Ford Motor Credit Co., LLC<br> 5.113%, 05/03/29 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;950822 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** |
| Clarios Global LP/Clarios US Finance Co., 144A<br> 6.250%, 05/15/26@ | $1050 | &nbsp;&nbsp;$1025985 |
| The Goodyear Tire & Rubber Co.<br> 4.875%, 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1666296 |
| **Building Materials — 1.4%** | **Building Materials — 1.4%** | **Building Materials — 1.4%** |
| Builders FirstSource, Inc., 144A<br> 4.250%, 02/01/32@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852192 |
| Summit Materials LLC/Summit Materials Finance Corp., 144A<br> 6.500%, 03/15/27@ | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1077968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1930160 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Olin Corp.<br> 5.000%, 02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830375 |
| Olympus Water US Holding Corp., 144A<br> 4.250%, 10/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791546 |
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 144A<br> 5.125%, 04/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2059132 |
| **Commercial Services — 6.3%** | **Commercial Services — 6.3%** | **Commercial Services — 6.3%** |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., 144A<br> 6.125%, 10/15/26@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624267 |
| ASGN, Inc., 144A<br> 4.625%, 05/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633640 |
| Herc Holdings, Inc., 144A<br> 5.500%, 07/15/27@ | &nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946741 |
| Korn Ferry, 144A<br> 4.625%, 12/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644707 |
| Metis Merger Sub LLC, 144A<br> 6.500%, 05/15/29@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881457 |
| Sabre GLBL, Inc., 144A<br> 11.250%, 12/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694832 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 04/01/27 | &nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1782915 |
| &nbsp;&nbsp;&nbsp;4.000%, 05/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589881 |
| Sotheby's/Bidfair Holdings, Inc., 144A<br> 5.875%, 06/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587790 |
| United Rentals North America, Inc.<br> 4.875%, 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663355 |
| WASH Multifamily Acquisition, Inc., 144A<br> 5.750%, 04/15/26@ | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8874273 |
| **Computers — 0.9%** | **Computers — 0.9%** | **Computers — 0.9%** |
| Booz Allen Hamilton, Inc., 144A<br> 4.000%, 07/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616101 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### High Yield Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Computers — (continued)** | **Computers — (continued)** | **Computers — (continued)** |
| NCR Corp., 144A<br> 5.750%, 09/01/27@ | &nbsp;&nbsp;&nbsp;$750 | &nbsp;&nbsp;&nbsp;&nbsp;$717693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1333794 |
| **Cosmetics & Personal Care — 0.8%** | **Cosmetics & Personal Care — 0.8%** | **Cosmetics & Personal Care — 0.8%** |
| Coty, Inc., 144A<br> 5.000%, 04/15/26@ | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;1062065 |
| **Diversified Financial Services — 2.1%** | **Diversified Financial Services — 2.1%** | **Diversified Financial Services — 2.1%** |
| OneMain Finance Corp.<br> 8.250%, 10/01/23 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1055185 |
| PRA Group, Inc., 144A<br> 7.375%, 09/01/25@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1014455 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc., 144A<br> 7.875%, 05/01/27@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3016892 |
| **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |
| Calpine Corp., 144A<br> 5.250%, 06/01/26@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666766 |
| FirstEnergy Corp., Class B<br> 4.400%, 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;1128555 |
| Vistra Corp. (UST Yield Curve CMT 5 Yr + 5.740%) , 144A<br> 7.000%@,µ,• | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955430 |
| Vistra Operations Co., LLC, 144A<br> 5.000%, 07/31/27@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1295978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4046729 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 7.125%, 06/15/25@ | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354376 |
| &nbsp;&nbsp;&nbsp;144A, 7.250%, 06/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1063458 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| Imola Merger Corp., 144A<br> 4.750%, 05/15/29@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1214600 |
| **Entertainment — 3.6%** | **Entertainment — 3.6%** | **Entertainment — 3.6%** |
| Caesars Entertainment, Inc., 144A<br> 6.250%, 07/01/25@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1021239 |
| CDI Escrow Issuer, Inc., 144A<br> 5.750%, 04/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627501 |
| Churchill Downs, Inc., 144A<br> 5.500%, 04/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710666 |
| Everi Holdings, Inc., 144A<br> 5.000%, 07/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601277 |
| International Game Technology PLC, 144A<br> 6.500%, 02/15/25@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223352 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 144A<br> 4.875%, 05/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574333 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Entertainment — (continued)** | **Entertainment — (continued)** | **Entertainment — (continued)** |
| Scientific Games International, Inc., 144A<br> 7.000%, 05/15/28@ | $1400 | &nbsp;&nbsp;$1335474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5093842 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Clean Harbors, Inc., 144A<br> 4.875%, 07/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710625 |
| **Food — 2.6%** | **Food — 2.6%** | **Food — 2.6%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A<br> 4.625%, 01/15/27@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975314 |
| Performance Food Group, Inc., 144A<br> 5.500%, 10/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;1042197 |
| SEG Holding LLC/SEG Finance Corp., 144A<br> 5.625%, 10/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658000 |
| United Natural Foods, Inc., 144A<br> 6.750%, 10/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3650748 |
| **Food Service — 0.7%** | **Food Service — 0.7%** | **Food Service — 0.7%** |
| Aramark Services, Inc., 144A<br> 6.375%, 05/01/25@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1037096 |
| **Gas — 0.7%** | **Gas — 0.7%** | **Gas — 0.7%** |
| NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%)<br> 5.650%µ,• | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932500 |
| **Healthcare Products — 1.3%** | **Healthcare Products — 1.3%** | **Healthcare Products — 1.3%** |
| Avantor Funding, Inc., 144A<br> 4.625%, 07/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999504 |
| Medline Borrower LP, 144A<br> 3.875%, 04/01/29@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1844628 |
| **Healthcare Services — 6.5%** | **Healthcare Services — 6.5%** | **Healthcare Services — 6.5%** |
| Acadia Healthcare Co., Inc., 144A<br> 5.500%, 07/01/28@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1327900 |
| Catalent Pharma Solutions, Inc., 144A<br> 5.000%, 07/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;1079228 |
| Centene Corp.<br> 4.625%, 12/15/29 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959898 |
| Charles River Laboratories International, Inc., 144A<br> 4.250%, 05/01/28@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967019 |
| Encompass Health Corp.<br> 4.750%, 02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1009863 |
| IQVIA, Inc., 144A<br> 5.000%, 10/15/26@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954680 |
| Select Medical Corp., 144A<br> 6.250%, 08/15/26@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665581 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.125%, 11/01/27@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1302336 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### High Yield Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Healthcare Services — (continued)** | **Healthcare Services — (continued)** | **Healthcare Services — (continued)** |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 | $1050 | &nbsp;&nbsp;&nbsp;$945873 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9212378 |
| **Home Builders — 0.9%** | **Home Builders — 0.9%** | **Home Builders — 0.9%** |
| Williams Scotsman International, Inc., 144A<br> 4.625%, 08/15/28@ | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1218375 |
| **Home Furnishings — 0.7%** | **Home Furnishings — 0.7%** | **Home Furnishings — 0.7%** |
| Tempur Sealy International, Inc., 144A<br> 4.000%, 04/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924176 |
| **Housewares — 0.8%** | **Housewares — 0.8%** | **Housewares — 0.8%** |
| Newell Brands, Inc.<br> 5.750%, 04/01/46 | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1076050 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| AmWINS Group, Inc., 144A<br> 4.875%, 06/30/29@ | &nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856628 |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
| Go Daddy Operating Co., LLC/GD Finance Co., Inc., 144A<br> 5.250%, 12/01/27@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1325044 |
| **Leisure Time — 2.0%** | **Leisure Time — 2.0%** | **Leisure Time — 2.0%** |
| Carnival Corp., 144A<br> 5.750%, 12/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602775 |
| Carnival Holdings Bermuda Ltd., 144A<br> 10.375%, 05/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692962 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.250%, 07/01/26@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545634 |
| &nbsp;&nbsp;&nbsp;144A, 9.250%, 01/15/29@ | &nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;1037876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2879247 |
| **Lodging — 1.7%** | **Lodging — 1.7%** | **Lodging — 1.7%** |
| Boyd Gaming Corp., 144A<br> 4.750%, 06/15/31@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913500 |
| Hilton Domestic Operating Co., Inc., 144A<br> 4.000%, 05/01/31@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585641 |
| Station Casinos LLC, 144A<br> 4.625%, 12/01/31@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2341423 |
| **Machinery — Construction & Mining — 0.4%** | **Machinery — Construction & Mining — 0.4%** | **Machinery — Construction & Mining — 0.4%** |
| Terex Corp., 144A<br> 5.000%, 05/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539250 |
| **Machinery — Diversified — 1.4%** | **Machinery — Diversified — 1.4%** | **Machinery — Diversified — 1.4%** |
| Granite US Holdings Corp., 144A<br> 11.000%, 10/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711281 |
| Stevens Holding Co., Inc., 144A<br> 6.125%, 10/01/26@ | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1203000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1914281 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Media — 2.9%** | **Media — 2.9%** | **Media — 2.9%** |
| CCO Holdings LLC/CCO Holdings Capital Corp., 144A<br> 6.375%, 09/01/29@ | &nbsp;&nbsp;&nbsp;$675 | &nbsp;&nbsp;&nbsp;&nbsp;$634325 |
| iHeartCommunications, Inc., 144A<br> 5.250%, 08/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592958 |
| Nexstar Media, Inc., 144A<br> 5.625%, 07/15/27@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963225 |
| Sirius XM Radio, Inc., 144A<br> 5.500%, 07/01/29@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958419 |
| Univision Communications, Inc., 144A<br> 7.375%, 06/30/30@ | &nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4142855 |
| **Mining — 1.1%** | **Mining — 1.1%** | **Mining — 1.1%** |
| FMG Resources August 2006 Pty Ltd., 144A<br> 5.875%, 04/15/30@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978104 |
| Novelis Corp., 144A<br> 4.750%, 01/30/30@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1598699 |
| **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
| FXI Holdings, Inc., 144A<br> 7.875%, 11/01/24@ | &nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832728 |
| **Oil & Gas — 8.2%** | **Oil & Gas — 8.2%** | **Oil & Gas — 8.2%** |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A<br> 8.250%, 12/31/28@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1029209 |
| Chesapeake Energy Corp., 144A<br> 5.875%, 02/01/29@ | &nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752917 |
| Comstock Resources, Inc., 144A<br> 6.750%, 03/01/29@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1263500 |
| Encino Acquisition Partners Holdings LLC, 144A<br> 8.500%, 05/01/28@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953082 |
| Occidental Petroleum Corp.<br> 8.500%, 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605713 |
| Parkland Corp., 144A<br> 5.875%, 07/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;1091925 |
| Permian Resources Operating LLC, 144A<br> 5.375%, 01/15/26@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910285 |
| Range Resources Corp.<br> 8.250%, 01/15/29 | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1442623 |
| Southwestern Energy Co.<br> 8.375%, 09/15/28 | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1443356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11492610 |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| Enerflex Ltd., 144A<br> 9.000%, 10/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673140 |
| **Packaging and Containers — 4.9%** | **Packaging and Containers — 4.9%** | **Packaging and Containers — 4.9%** |
| Ball Corp.<br> 3.125%, 09/15/31 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843286 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### High Yield Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Packaging and Containers — (continued)** | **Packaging and Containers — (continued)** | **Packaging and Containers — (continued)** |
| Berry Global, Inc., 144A<br> 5.625%, 07/15/27@ | &nbsp;&nbsp;&nbsp;$750 | &nbsp;&nbsp;&nbsp;&nbsp;$731813 |
| Graham Packaging Co., Inc., 144A<br> 7.125%, 08/15/28@ | &nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842574 |
| Mauser Packaging Solutions Holding Co., 144A<br> 8.500%, 04/15/24@ | &nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;1543434 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.000%, 04/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658000 |
| &nbsp;&nbsp;&nbsp;144A, 6.875%, 07/15/33@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693771 |
| TriMas Corp., 144A<br> 4.125%, 04/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610750 |
| Trivium Packaging Finance BV, 144A<br> 5.500%, 08/15/26@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6885940 |
| **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
| Elanco Animal Health, Inc.<br> 6.400%, 08/28/28 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999086 |
| Jazz Securities DAC, 144A<br> 4.375%, 01/15/29@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247610 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, 144A<br> 5.125%, 04/30/31@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3155344 |
| **Pipelines — 5.6%** | **Pipelines — 5.6%** | **Pipelines — 5.6%** |
| Cheniere Energy, Inc.<br> 4.625%, 10/15/28 | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1265496 |
| Energy Transfer LP, Series G (UST Yield Curve CMT 5 Yr + 5.306%)<br> 7.125%µ,• | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563625 |
| EnLink Midstream Partners LP<br> 5.450%, 06/01/47 | &nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853744 |
| EQM Midstream Partners LP<br> 4.000%, 08/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648655 |
| Holly Energy Partners LP/Holly Energy Finance Corp., 144A<br> 6.375%, 04/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687745 |
| Howard Midstream Energy Partners LLC, 144A<br> 6.750%, 01/15/27@ | &nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982510 |
| New Fortress Energy, Inc., 144A<br> 6.500%, 09/30/26@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650090 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 144A<br> 7.500%, 10/01/25@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1412600 |
| Western Midstream Operating LP<br> 5.300%, 03/01/48 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7926259 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| Greystar Real Estate Partners LLC, 144A<br> 5.750%, 12/01/25@ | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732939 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** |
| MPT Operating Partnership LP/MPT Finance Corp.<br> 5.000%, 10/15/27 | $1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$882556 |
| VICI Properties LP/VICI Note Co., Inc., 144A<br> 5.750%, 02/01/27@ | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198457 |
| **Retail — 2.4%** | **Retail — 2.4%** | **Retail — 2.4%** |
| Asbury Automotive Group, Inc., 144A<br> 4.625%, 11/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589848 |
| Lithia Motors, Inc., 144A<br> 4.625%, 12/15/27@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947037 |
| Macy's Retail Holdings LLC, 144A<br> 5.875%, 04/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863268 |
| Murphy Oil USA, Inc.<br> 5.625%, 05/01/27 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419713 |
| **Software — 2.5%** | **Software — 2.5%** | **Software — 2.5%** |
| ACI Worldwide, Inc., 144A<br> 5.750%, 08/15/26@ | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726563 |
| Consensus Cloud Solutions, Inc., 144A<br> 6.500%, 10/15/28@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965757 |
| MSCI, Inc., 144A<br> 3.875%, 02/15/31@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163995 |
| Open Text Corp., 144A<br> 6.900%, 12/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531315 |
| **Telecommunications — 2.8%** | **Telecommunications — 2.8%** | **Telecommunications — 2.8%** |
| Connect Finco SARL/Connect US Finco LLC, 144A<br> 6.750%, 10/01/26@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973098 |
| Frontier Communications Holdings LLC, 144A<br> 5.875%, 10/15/27@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299998 |
| Hughes Satellite Systems Corp.<br> 5.250%, 08/01/26 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959200 |
| Sprint Corp.<br> 7.625%, 02/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955078 |
| **TOTAL CORPORATE BONDS<br> (Cost $129,410,765)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**121605386** |
| **LOAN AGREEMENTS‡ — 3.1%** | **LOAN AGREEMENTS‡ — 3.1%** | **LOAN AGREEMENTS‡ — 3.1%** |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| Crocs, Inc. (6 M SOFR + 3.750%)<br> 7.731%, 02/20/29• | &nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004136 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
| Neptune Bidco US, Inc. (3 M SOFR + 5.000%)<br> 5.500%, 04/11/29• | &nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180085 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### High Yield Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** |
| **Healthcare Products — 0.7%** | **Healthcare Products — 0.7%** | **Healthcare Products — 0.7%** |
| Bausch & Lomb Corp. (3 M SOFR + 3.350%)<br> 7.842%, 05/10/27• | $1006 | &nbsp;&nbsp;&nbsp;$954814 |
| **Healthcare Services — 0.9%** | **Healthcare Services — 0.9%** | **Healthcare Services — 0.9%** |
| Surgery Center Holdings, Inc. (1 M LIBOR+ 3.750%)<br> 8.050%, 08/31/26• | &nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;1198576 |
| **TOTAL LOAN AGREEMENTS<br> (Cost $4,371,803)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4337611** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** |  |
| **SHORT-TERM INVESTMENTS — 7.3%** | **SHORT-TERM INVESTMENTS — 7.3%** | **SHORT-TERM INVESTMENTS — 7.3%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $10,222,466)** | 10222466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10222466** |
| **TOTAL INVESTMENTS — 97.6%<br> (Cost $145,059,950)** |  | &nbsp;&nbsp;&nbsp;**$137159267** |
| **Other Assets & Liabilities — 2.4%** | **Other Assets & Liabilities — 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3443239** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$140602506** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $92,958,315, which represents 66.1% of the Fund's net assets. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| \* | Non-income producing security. |
| µ | Perpetual security with no stated maturity date. |
| ‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at December 31, 2022. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the "1933 Act"), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |

---

---

| |
|:---|
| CLO— Collateralized Loan Obligation. |
| CMT— Constant Maturity Treasury. |
| ICE— Intercontinental Exchange. |
| LIBOR— London Interbank Offered Rate. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| MSCI— Morgan Stanley Capital International. |
| PLC— Public Limited Company. |
| SOFR— Secured Overnight Financing Rate. |
| UST— US Treasury. |
| Yr— Year. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### High Yield Bond Fund<br>

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;92% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Malta | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;$993804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$993804 | $— |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;121605386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;121605386 | &nbsp;&nbsp;&nbsp;— |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337611 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;10222466 | &nbsp;&nbsp;&nbsp;10222466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$137159267 | &nbsp;&nbsp;&nbsp;$10222466 | &nbsp;&nbsp;&nbsp;$126936801 | $— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Includes internally fair valued securities currently priced at zero ($0). |
| <sup>^</sup> | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 0.2%** | **ASSET BACKED SECURITIES — 0.2%** | **ASSET BACKED SECURITIES — 0.2%** |
| Domino's Pizza Master Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A A23, 144A, 4.118%, 07/25/47@ | $4777 | &nbsp;&nbsp;&nbsp;&nbsp;$4375351 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A A2I, 144A, 4.116%, 07/25/48@ | &nbsp;&nbsp;&nbsp;4488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247286 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A A2, 144A, 3.668%, 10/25/49@ | &nbsp;&nbsp;&nbsp;&nbsp;2154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859659 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $11,379,029)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $11,379,029)** | &nbsp;&nbsp;&nbsp;**10482296** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** |  |
| **COMMON STOCKS — 61.9%** | **COMMON STOCKS — 61.9%** | **COMMON STOCKS — 61.9%** |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Aurora Innovation, Inc.\* | 3528857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269917 |
| Mobileye Global, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;76637 | &nbsp;&nbsp;&nbsp;&nbsp;2686893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956810 |
| **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;840751 | &nbsp;&nbsp;&nbsp;132788213 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;441144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15731195 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;137778 | &nbsp;&nbsp;&nbsp;44940428 |
| **Commercial Services — 2.9%** | **Commercial Services — 2.9%** | **Commercial Services — 2.9%** |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314489 | &nbsp;&nbsp;&nbsp;&nbsp;61124082 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15012011 |
| TransUnion | &nbsp;&nbsp;1027421 | &nbsp;&nbsp;&nbsp;&nbsp;58306142 |
|  |  | &nbsp;&nbsp;&nbsp;134442235 |
| **Computers — 2.4%** | **Computers — 2.4%** | **Computers — 2.4%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;859748 | &nbsp;&nbsp;&nbsp;111707058 |
| **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;840671 | &nbsp;&nbsp;&nbsp;86244438 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;97700 | &nbsp;&nbsp;&nbsp;&nbsp;33973221 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;140200 | &nbsp;&nbsp;&nbsp;&nbsp;29127952 |
|  |  | &nbsp;&nbsp;&nbsp;149345611 |
| **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;760447 | &nbsp;&nbsp;&nbsp;&nbsp;67618947 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;614133 | &nbsp;&nbsp;&nbsp;26548970 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;289300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17725411 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;529100 | &nbsp;&nbsp;&nbsp;&nbsp;37095201 |
|  |  | &nbsp;&nbsp;148988529 |
| **Electronics — 3.4%** | **Electronics — 3.4%** | **Electronics — 3.4%** |
| Fortive Corp. | 1380867 | &nbsp;&nbsp;&nbsp;&nbsp;88720705 |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;579893 | &nbsp;&nbsp;&nbsp;&nbsp;66571716 |
|  |  | &nbsp;&nbsp;&nbsp;155292421 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862213 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Environmental Control — 1.3%** | **Environmental Control — 1.3%** | **Environmental Control — 1.3%** |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;452617 | &nbsp;&nbsp;$59998909 |
| **Healthcare Products — 9.7%** | **Healthcare Products — 9.7%** | **Healthcare Products — 9.7%** |
| Alcon, Inc. | &nbsp;&nbsp;&nbsp;704085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48313585 |
| Avantor, Inc.\* | 2596556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54761366 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23191350 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;275045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73002444 |
| GE Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;103576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046767 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593945 | &nbsp;&nbsp;&nbsp;&nbsp;83282968 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20087787 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51743057 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156695 | &nbsp;&nbsp;&nbsp;&nbsp;86290370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;446719694 |
| **Healthcare Services — 2.3%** | **Healthcare Services — 2.3%** | **Healthcare Services — 2.3%** |
| Catalent, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;284238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12793553 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90785372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;103578925 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34320387 |
| **Internet — 3.9%** | **Internet — 3.9%** | **Internet — 3.9%** |
| Alphabet, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;747800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65978394 |
| Amazon.com, Inc.\* | &nbsp;&nbsp;1138728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95653152 |
| Meta Platforms, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;146759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17660978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;179292524 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19787976 |
| **Machinery — Diversified — 1.5%** | **Machinery — Diversified — 1.5%** | **Machinery — Diversified — 1.5%** |
| Ingersoll Rand, Inc. | 1349629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70518115 |
| **Miscellaneous Manufacturing — 2.9%** | **Miscellaneous Manufacturing — 2.9%** | **Miscellaneous Manufacturing — 2.9%** |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;926941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77668386 |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;134028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53599138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;131267524 |
| **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;103214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12179252 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42709220 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21011880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75900352 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34276835 |
| Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;229771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58430765 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;79900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29230616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;121938216 |
| **Private Equity — 0.8%** | **Private Equity — 0.8%** | **Private Equity — 0.8%** |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;826710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38375878 |
| **Retail — 2.5%** | **Retail — 2.5%** | **Retail — 2.5%** |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;239300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23738560 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;704631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90249138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;113987698 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Semiconductors — 3.8%** | **Semiconductors — 3.8%** | **Semiconductors — 3.8%** |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;190600 | &nbsp;&nbsp;&nbsp;&nbsp;$27854284 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;521658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82437614 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;395977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65423320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175715218 |
| **Software — 8.0%** | **Software — 8.0%** | **Software — 8.0%** |
| Black Knight, Inc.\* | &nbsp;&nbsp;&nbsp;393233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24282138 |
| Microsoft Corp. | 1003921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240760334 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285377 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;130639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56447805 |
| Salesforce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;301391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39961433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367737087 |
| **TOTAL COMMON STOCKS<br> (Cost $2,957,828,050)** | **TOTAL COMMON STOCKS<br> (Cost $2,957,828,050)** | &nbsp;&nbsp;&nbsp;**2843193216** |
| **PREFERRED STOCKS — 0.6%** | **PREFERRED STOCKS — 0.6%** | **PREFERRED STOCKS — 0.6%** |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Waymo LLC, Series A-2, CONV(1),\*,# | &nbsp;&nbsp;&nbsp;245568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11585898 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| The Charles Schwab Corp., Series Dµ | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283080 |
| **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
| CMS Energy Corp., 2078 | &nbsp;&nbsp;&nbsp;256434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687706 |
| CMS Energy Corp., 2079 | &nbsp;&nbsp;&nbsp;313864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7030554 |
| SCE Trust IV, Series J (3 M ICE LIBOR + 3.132%)µ,• | &nbsp;&nbsp;&nbsp;208169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16486119 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
| NiSource, Inc., Series B (UST Yield Curve CMT 5 Yr + 3.632%)µ,• | &nbsp;&nbsp;&nbsp;&nbsp;59238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438891 |
| **TOTAL PREFERRED STOCKS<br> (Cost $42,328,861)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29793988** |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** |  |
| **CORPORATE BONDS — 8.7%** | **CORPORATE BONDS — 8.7%** | **CORPORATE BONDS — 8.7%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/28 | $2569 | &nbsp;&nbsp;2299528 |
| &nbsp;&nbsp;&nbsp;3.625%, 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;359627 |
|  |  | &nbsp;&nbsp;&nbsp;2659155 |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, 02/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315615 |
| &nbsp;&nbsp;&nbsp;3.000%, 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;2217 | &nbsp;&nbsp;1884450 |
| TransDigm UK Holdings PLC<br> 6.875%, 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;478492 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 6.250%, 03/15/26@ | &nbsp;&nbsp;&nbsp;3593 | &nbsp;&nbsp;3543380 |
| &nbsp;&nbsp;&nbsp;6.375%, 06/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;578038 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Aerospace & Defense — (continued)** | **Aerospace & Defense — (continued)** | **Aerospace & Defense — (continued)** |
| &nbsp;&nbsp;&nbsp;5.500%, 11/15/27 | $2748 | &nbsp;&nbsp;$2578833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9378808 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 144A<br> 4.750%, 10/20/28@ | &nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;&nbsp;&nbsp;3920557 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A<br> 6.500%, 06/20/27@ | &nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp;4026777 |
| U.S. Airways Pass Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-1 Class A, 6.250%, 10/22/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635766 |
| &nbsp;&nbsp;&nbsp;Series 2012-2 Class A, 4.625%, 12/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115439 |
| &nbsp;&nbsp;&nbsp;Series 2013-1 Class A, 3.950%, 05/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 |
| United Airlines Pass Through Trust, Series 2012-1, Class A<br> 4.150%, 10/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9840189 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Clarios Global LP, 144A<br> 6.750%, 05/15/25@ | &nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716291 |
| Clarios Global LP/Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 6.250%, 05/15/26@ | &nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;&nbsp;&nbsp;2251305 |
| &nbsp;&nbsp;&nbsp;144A, 8.500%, 05/15/27@ | &nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;&nbsp;7315436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11283032 |
| **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| Lennox International, Inc.<br> 3.000%, 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746404 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.500%, 07/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615338 |
| &nbsp;&nbsp;&nbsp;144A, 3.625%, 06/15/29@ | &nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;2530714 |
| &nbsp;&nbsp;&nbsp;144A, 3.750%, 10/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;1053287 |
| Korn Ferry, 144A<br> 4.625%, 12/15/27@ | &nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;1294019 |
| Service Corp. International<br> 3.375%, 08/15/30 | &nbsp;&nbsp;&nbsp;2557 | &nbsp;&nbsp;&nbsp;&nbsp;2104820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7598178 |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 3.875%, 09/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp;1188076 |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 07/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139943 |
| Crowdstrike Holdings, Inc.<br> 3.000%, 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1542463 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 09/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;$639 | &nbsp;&nbsp;&nbsp;&nbsp;$616993 |
| &nbsp;&nbsp;&nbsp;4.350%, 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093902 |
| &nbsp;&nbsp;&nbsp;5.200%, 06/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;4298 | &nbsp;&nbsp;&nbsp;&nbsp;4049485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6760380 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 04/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965275 |
| &nbsp;&nbsp;&nbsp;144A, 5.875%, 09/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051975 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.375%, 02/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762562 |
| &nbsp;&nbsp;&nbsp;144A, 3.750%, 02/15/31@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373266 |
| **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
| Cedar Fair LP<br> 5.250%, 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;8662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7778901 |
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.500%, 05/01/25@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030533 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;11262 | &nbsp;&nbsp;&nbsp;&nbsp;10737373 |
| &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;7084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853770 |
| Live Nation Entertainment, Inc., 144A<br> 4.875%, 11/01/24@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363091 |
| Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.875%, 07/31/24@ | &nbsp;&nbsp;&nbsp;20988 | &nbsp;&nbsp;&nbsp;&nbsp;20207771 |
| &nbsp;&nbsp;&nbsp;144A, 5.500%, 04/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;13244 | &nbsp;&nbsp;&nbsp;&nbsp;11958670 |
| Six Flags Theme Parks, Inc., 144A<br> 7.000%, 07/01/25@ | &nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391594 |
| Vail Resorts, Inc., 144A<br> 6.250%, 05/15/25@ | &nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;67375704 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%)<br> 5.650%µ,• | &nbsp;&nbsp;&nbsp;&nbsp;2623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445947 |
| **Healthcare Products — 0.4%** | **Healthcare Products — 0.4%** | **Healthcare Products — 0.4%** |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.625%, 07/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;9334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8481246 |
| &nbsp;&nbsp;&nbsp;144A, 3.875%, 11/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;6218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5221565 |
| Hologic, Inc., 144A<br> 3.250%, 02/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969850 |
| Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;3795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616976 |
| &nbsp;&nbsp;&nbsp;144A, 4.250%, 06/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19800839 |
| **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** |
| Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.250%, 05/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599551 |
| &nbsp;&nbsp;&nbsp;144A, 3.750%, 03/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027045 |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 03/15/31@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240410 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Healthcare Services — (continued)** | **Healthcare Services — (continued)** | **Healthcare Services — (continued)** |
| Hadrian Merger Sub, Inc., 144A<br> 8.500%, 05/01/26@ | $6996 | &nbsp;&nbsp;$6156480 |
| IQVIA, Inc., 144A<br> 5.000%, 05/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711174 |
| Surgery Center Holdings, Inc., 144A<br> 10.000%, 04/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14822772 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| Acrisure LLC/Acrisure Finance, Inc., 144A<br> 7.000%, 11/15/25@ | &nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7603175 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.250%, 10/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343442 |
| &nbsp;&nbsp;&nbsp;144A, 6.750%, 10/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;7552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788191 |
| &nbsp;&nbsp;&nbsp;144A, 5.875%, 11/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944154 |
| AmWINS Group, Inc., 144A<br> 4.875%, 06/30/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844719 |
| BroadStreet Partners, Inc., 144A<br> 5.875%, 04/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626396 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 7.000%, 05/01/26@ | &nbsp;&nbsp;&nbsp;32063 | &nbsp;&nbsp;&nbsp;&nbsp;31389356 |
| &nbsp;&nbsp;&nbsp;144A, 5.625%, 12/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602657 |
| Ryan Specialty Group LLC, 144A<br> 4.375%, 02/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255439 |
| USI, Inc., 144A<br> 6.875%, 05/01/25@ | &nbsp;&nbsp;&nbsp;&nbsp;12918 | &nbsp;&nbsp;&nbsp;&nbsp;12444483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;65842012 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Arches Buyer, Inc., 144A<br> 4.250%, 06/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23463 |
| Spotify USA, Inc.<br> 0.000%, 03/15/26¤ | &nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp;3628940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652403 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Life Time, Inc., 144A<br> 5.750%, 01/15/26@ | &nbsp;&nbsp;&nbsp;&nbsp;5724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326182 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.375%, 05/01/25@ | &nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085817 |
| &nbsp;&nbsp;&nbsp;144A, 5.750%, 05/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764360 |
| &nbsp;&nbsp;&nbsp;144A, 3.750%, 05/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779305 |
| &nbsp;&nbsp;&nbsp;4.875%, 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp;&nbsp;&nbsp;2525607 |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 05/01/31@ | &nbsp;&nbsp;&nbsp;&nbsp;2762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310772 |
| &nbsp;&nbsp;&nbsp;144A, 3.625%, 02/15/32@ | &nbsp;&nbsp;&nbsp;&nbsp;3708 | &nbsp;&nbsp;&nbsp;&nbsp;2969366 |
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.<br> 4.875%, 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12803956 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.500%, 05/01/26@ | &nbsp;&nbsp;$1325 | &nbsp;&nbsp;&nbsp;$1282497 |
| &nbsp;&nbsp;&nbsp;144A, 5.125%, 05/01/27@ | &nbsp;&nbsp;&nbsp;33727 | &nbsp;&nbsp;&nbsp;&nbsp;31292922 |
| &nbsp;&nbsp;&nbsp;144A, 5.000%, 02/01/28@ | &nbsp;&nbsp;&nbsp;28336 | &nbsp;&nbsp;&nbsp;&nbsp;25608660 |
| Sirius XM Radio, Inc., 144A<br> 5.000%, 08/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;59698339 |
| **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** |
| General Electric Co., Series D (3 M ICE LIBOR + 3.330%)<br> 8.099%µ,• | &nbsp;&nbsp;&nbsp;&nbsp;15314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15045125 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| PRA Health Sciences, Inc., 144A<br> 2.875%, 07/15/26@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591905 |
| **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306402 |
| &nbsp;&nbsp;&nbsp;3.125%, 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;4753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952072 |
| SBA Tower Trust, 144A<br> 6.599%, 01/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515286 |
| **Retail — 0.9%** | **Retail — 0.9%** | **Retail — 0.9%** |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A<br> 4.750%, 06/01/27@ | &nbsp;&nbsp;&nbsp;15352 | &nbsp;&nbsp;&nbsp;&nbsp;14737920 |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.750%, 01/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;2531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322193 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;3338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798913 |
| &nbsp;&nbsp;&nbsp;4.625%, 01/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;6977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167157 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;5455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052694 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;3867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921718 |
| &nbsp;&nbsp;&nbsp;5.350%, 11/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;8979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7385227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42385822 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Entegris Escrow Corp., 144A<br> 4.750%, 04/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605010 |
| Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.625%, 11/01/24@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874025 |
| &nbsp;&nbsp;&nbsp;144A, 5.000%, 10/01/25@ | &nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555359 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Black Knight InfoServ LLC, 144A<br> 3.625%, 09/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919161 |
| Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 3.875%, 07/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959967 |
| &nbsp;&nbsp;&nbsp;144A, 4.875%, 07/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676028 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 11/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704563 |
| &nbsp;&nbsp;&nbsp;144A, 3.625%, 09/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;4424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677450 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| &nbsp;&nbsp;&nbsp;144A, 3.875%, 02/15/31@ | &nbsp;&nbsp;$2354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1957175 |
| &nbsp;&nbsp;&nbsp;144A, 3.625%, 11/01/31@ | &nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569608 |
| &nbsp;&nbsp;&nbsp;144A, 3.250%, 08/15/33@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338324 |
| Twilio, Inc.<br> 3.625%, 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13903826 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| Altice France Holding S.A., 144A<br> 10.500%, 05/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4529250 |
| **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** |
| Mattel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 3.375%, 04/01/26@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690473 |
| &nbsp;&nbsp;&nbsp;144A, 5.875%, 12/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564503 |
| &nbsp;&nbsp;&nbsp;144A, 3.750%, 04/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659418 |
| **TOTAL CORPORATE BONDS<br> (Cost $417,673,388)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**400136020** |
| **LOAN AGREEMENTS‡ — 13.6%** | **LOAN AGREEMENTS‡ — 13.6%** | **LOAN AGREEMENTS‡ — 13.6%** |
| **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** |
| Delta Air Lines, Inc. (3 M ICE LIBOR + 3.750%)<br> 7.993%, 10/20/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6282366 |
| Mileage Plus Holdings LLC (3 M ICE LIBOR + 5.250%)<br> 9.996%, 06/21/27• | &nbsp;&nbsp;&nbsp;23884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24534811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30817177 |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
| CoreLogic, Inc. (1 M ICE LIBOR + 6.500%)<br> 10.938%, 06/04/29• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465832 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Sunshine Luxembourg VII Sarl (3 M ICE LIBOR + 3.750%)<br> 8.480%, 10/01/26• | &nbsp;&nbsp;&nbsp;13664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13064415 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| SeaWorld Parks & Entertainment, Inc. (1 M ICE LIBOR + 3.000%)<br> 7.438%, 08/25/28• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604099 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| Filtration Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M ICE EURIBOR + 3.500%), 4.992%, 03/31/25• | &nbsp;&nbsp;&nbsp;&nbsp;5523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700326 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.000%), 7.071%, 03/31/25• | &nbsp;&nbsp;&nbsp;&nbsp;7724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7630664 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.500%), 7.571%, 10/21/28• | &nbsp;&nbsp;&nbsp;&nbsp;6094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5971835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19302825 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** |
| **Healthcare Products — 0.8%** | **Healthcare Products — 0.8%** | **Healthcare Products — 0.8%** |
| Avantor Funding, Inc. (1 M ICE LIBOR + 2.250%)<br> 6.321%, 11/08/27• | &nbsp;&nbsp;&nbsp;$3981 | &nbsp;&nbsp;$3956091 |
| Medline Borrower, LP (1 M ICE LIBOR + 3.250%)<br> 7.634%, 10/23/28• | &nbsp;&nbsp;&nbsp;&nbsp;35777 | &nbsp;&nbsp;&nbsp;&nbsp;33952013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37908104 |
| **Healthcare Services — 1.1%** | **Healthcare Services — 1.1%** | **Healthcare Services — 1.1%** |
| ADMI Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 04/30/25×,• | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568383 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.750%), 8.134%, 12/23/27• | &nbsp;&nbsp;&nbsp;&nbsp;10481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9518283 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.375%), 7.759%, 12/23/27• | &nbsp;&nbsp;&nbsp;&nbsp;6194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602153 |
| EyeCare Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;(3 M ICE LIBOR + 3.750%), 8.480%, 02/18/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806302 |
| &nbsp;&nbsp;&nbsp;(3 M ICE LIBOR + 3.750%), 8.480%, 11/15/28• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409549 |
| Heartland Dental LLC |  |  |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.750%), 8.134%, 04/30/25• | &nbsp;&nbsp;&nbsp;&nbsp;17866 | &nbsp;&nbsp;&nbsp;&nbsp;16472757 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 4.000%), 8.387%, 04/30/25• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156 | &nbsp;&nbsp;&nbsp;&nbsp;2000030 |
| Loire Finco Luxembourg Sarl (3 M ICE LIBOR + 3.500%)<br> 7.571%, 04/21/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624010 |
| Loire US Holdco 1, Inc. (1 M ICE LIBOR + 3.000%)<br> 7.384%, 04/21/27• | &nbsp;&nbsp;&nbsp;&nbsp;12667 | &nbsp;&nbsp;&nbsp;&nbsp;11796075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;48797542 |
| **Insurance — 5.4%** | **Insurance — 5.4%** | **Insurance — 5.4%** |
| Acrisure LLC (1 M ICE LIBOR + 3.750%)<br> 8.134%, 02/15/27• | &nbsp;&nbsp;&nbsp;&nbsp;2646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508379 |
| Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.250%), 7.321%, 05/09/25• | &nbsp;&nbsp;&nbsp;&nbsp;16233 | &nbsp;&nbsp;&nbsp;&nbsp;16001945 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.250%), 7.321%, 05/09/25• | &nbsp;&nbsp;&nbsp;&nbsp;7909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7797456 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.500%), 7.854%, 11/05/27• | &nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp;19911960 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.000%), 6.983%, 04/25/25• | &nbsp;&nbsp;&nbsp;86863 | &nbsp;&nbsp;&nbsp;&nbsp;85813810 |
| &nbsp;&nbsp;&nbsp;(3 M ICE LIBOR + 3.250%), 7.232%, 04/25/25• | &nbsp;&nbsp;&nbsp;55872 | &nbsp;&nbsp;&nbsp;&nbsp;55300056 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 4.000%), 8.220%, 11/10/29• | &nbsp;&nbsp;&nbsp;&nbsp;4446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392655 |
| Hyperion Refinance Sarl (1 M ICE LIBOR + 3.250%)<br> 7.688%, 11/12/27• | &nbsp;&nbsp;&nbsp;&nbsp;17128 | &nbsp;&nbsp;&nbsp;&nbsp;16654456 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| Ryan Specialty Group LLC (1 M SOFR + 3.000%)<br> 7.423%, 09/01/27• | $4096 | &nbsp;&nbsp;&nbsp;&nbsp;$4061608 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M ICE LIBOR + 3.250%), 7.980%, 12/02/26• | &nbsp;&nbsp;&nbsp;19868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19693990 |
| &nbsp;&nbsp;&nbsp;8.330%, 11/22/29• | &nbsp;&nbsp;&nbsp;16479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16302132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;248438447 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Life Time, Inc. (3 M ICE LIBOR + 4.750%)<br> 9.485%, 12/16/24• | &nbsp;&nbsp;&nbsp;&nbsp;2177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162586 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Hilton Worldwide Finance LLC (1 M ICE LIBOR +1.750%)<br> 6.173%, 06/22/26• | &nbsp;&nbsp;&nbsp;&nbsp;2089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081142 |
| **Machinery — Diversified — 0.2%** | **Machinery — Diversified — 0.2%** | **Machinery — Diversified — 0.2%** |
| TK Elevator Midco Gmbh (6 M ICE LIBOR + 3.500%)<br> 6.871%, 07/30/27• | &nbsp;&nbsp;&nbsp;&nbsp;8221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7897508 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Charter Communications Operating LLC (1 M ICE LIBOR +1.750%)<br> 6.140%, 04/30/25• | &nbsp;&nbsp;&nbsp;&nbsp;2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251327 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| PetVet Care Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 2.750%), 7.134%, 02/14/25• | &nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160687 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.250%), 7.321%, 02/14/25• | &nbsp;&nbsp;&nbsp;&nbsp;5174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4826133 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.500%), 7.884%, 02/14/25• | &nbsp;&nbsp;&nbsp;&nbsp;7422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6954558 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 6.250%), 10.634%, 02/13/26• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13313642 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| IRB Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 2.750%), 7.134%, 02/05/25• | &nbsp;&nbsp;&nbsp;&nbsp;7253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179403 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.000%), 7.317%, 12/15/27• | &nbsp;&nbsp;&nbsp;&nbsp;7258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7034432 |
| Woof Holdings, Inc. (3 M ICE LIBOR + 3.750%)<br> 8.104%, 12/21/27• | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16043825 |
| **Software — 4.0%** | **Software — 4.0%** | **Software — 4.0%** |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 4.500%), 8.660%, 09/18/26• | &nbsp;&nbsp;&nbsp;24373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24233144 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000)** | &nbsp;&nbsp;**Value†** |
| **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| &nbsp;&nbsp;&nbsp;(3 M ICE LIBOR + 5.500%), 0.000%, 09/17/27×,• | &nbsp;&nbsp;&nbsp;&nbsp;$4143 | &nbsp;&nbsp;&nbsp;&nbsp;$4096796 |
| Ascend Learning LLC (1 M ICE LIBOR + 3.500%)<br> 7.884%, 12/11/28• | &nbsp;&nbsp;&nbsp;&nbsp;17465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16482039 |
| AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.500%), 7.821%, 02/15/29• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570593 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.500%), 7.821%, 02/15/29• | &nbsp;&nbsp;&nbsp;&nbsp;16761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15090666 |
| Azalea TopCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.500%), 7.884%, 07/24/26• | &nbsp;&nbsp;&nbsp;&nbsp;16250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14848523 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.750%), 8.134%, 07/24/26• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868699 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.850%), 8.173%, 07/24/26• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427937 |
| Camelot US Acquisition I Co. (1 M ICE LIBOR + 3.000%)<br> 7.384%, 10/30/26• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505461 |
| RealPage, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 3.000%), 7.384%, 04/24/28• | &nbsp;&nbsp;&nbsp;&nbsp;19350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18363409 |
| &nbsp;&nbsp;&nbsp;(1 M ICE LIBOR + 6.500%), 10.571%, 04/23/29• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664720 |
| Sophia LP |  |  |
| &nbsp;&nbsp;&nbsp;(3 M ICE LIBOR + 3.500%), 7.174%, 10/07/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633903 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 4.250%), 8.573%, 10/07/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611133 |
| Storable, Inc. (3 M SOFR + 3.500%)<br> 7.823%, 04/17/28• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940500 |
| UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M ICE LIBOR + 3.250%), 6.998%, 05/04/26• | &nbsp;&nbsp;&nbsp;&nbsp;70814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67273392 |
| &nbsp;&nbsp;&nbsp;(3 M ICE LIBOR + 5.250%), 8.998%, 05/03/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;181686995 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| SBA Senior Finance II LLC (1 M ICE LIBOR + 3.500%)<br> 0.000%, 04/11/25×,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094950 |
| **TOTAL LOAN AGREEMENTS<br> (Cost $644,845,627)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**625930416** |
| **U.S. TREASURY OBLIGATIONS — 9.0%** | **U.S. TREASURY OBLIGATIONS — 9.0%** | **U.S. TREASURY OBLIGATIONS — 9.0%** |
| U.S. Treasury Notes<br> 2.750%, 08/15/32<br> **(Cost $410,973,706)** | &nbsp;&nbsp;&nbsp;451877 | &nbsp;&nbsp;&nbsp;&nbsp;**412973580** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 6.3%** | **SHORT-TERM INVESTMENTS — 6.3%** | **SHORT-TERM INVESTMENTS — 6.3%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%) | &nbsp;&nbsp;&nbsp;23396922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23396922 |
| T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 4.410%) | 263297429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263297429 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $286,694,351)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**286694351** |
| **TOTAL INVESTMENTS — 100.3%<br> (Cost $4,771,723,012)** |  | &nbsp;&nbsp;**$4609203867** |
| **Other Assets & Liabilities — (0.3)%** | **Other Assets & Liabilities — (0.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12387959)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$4596815908** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Contracts** |  |
| **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** |
| Call Options |  |  |
| **TOTAL WRITTEN OPTIONS** |  |  |
| **(See open written options schedule)** | **(See open written options schedule)** | **(See open written options schedule)** |
| &nbsp;&nbsp;&nbsp;**(Premiums $(24373588))** | 25181 | &nbsp;&nbsp;&nbsp;&nbsp;**$(6900032)** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $303,717,729, which represents 6.6% of the Fund's net assets. |
| \* | Non-income producing security. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| # | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At December 31, 2022, the aggregate value of restricted securities was $11,585,898 which represented 0.3% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Date of<br> Acquisition** | **Cost** | **Value** |
| Waymo LLC, Series A-2 | 05/08/20 | $21086236 | $11585898 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | |
|:---|:---|
| µ | Perpetual security with no stated maturity date. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
| ‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at December 31, 2022. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the "1933 Act"), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
| × | This loan will settle after December 31, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |

---

---

| |
|:---|
| CMT— Constant Maturity Treasury. |
| CONV— Convertible Security. |
| EURIBOR— Euro Interbank Offered Rate. |
| ICE— Intercontinental Exchange. |
| LIBOR— London Interbank Offered Rate. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| MSCI— Morgan Stanley Capital International. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| SOFR— Secured Overnight Financing Rate. |
| UST— US Treasury. |
| Yr— Year. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Asset Backed Securities | &nbsp;&nbsp;$10482296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$10482296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;132788213 | &nbsp;&nbsp;&nbsp;&nbsp;132788213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15731195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15731195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;44940428 | &nbsp;&nbsp;&nbsp;&nbsp;44940428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;134442235 | &nbsp;&nbsp;&nbsp;&nbsp;134442235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;111707058 | &nbsp;&nbsp;&nbsp;&nbsp;111707058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;149345611 | &nbsp;&nbsp;&nbsp;&nbsp;149345611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;148988529 | &nbsp;&nbsp;&nbsp;148988529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;155292421 | &nbsp;&nbsp;&nbsp;&nbsp;155292421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;59998909 | &nbsp;&nbsp;&nbsp;&nbsp;59998909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;446719694 | &nbsp;&nbsp;&nbsp;398406109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48313585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;103578925 | &nbsp;&nbsp;&nbsp;&nbsp;103578925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;34320387 | &nbsp;&nbsp;&nbsp;&nbsp;34320387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;179292524 | &nbsp;&nbsp;&nbsp;&nbsp;179292524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19787976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19787976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70518115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70518115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;131267524 | &nbsp;&nbsp;&nbsp;&nbsp;131267524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;75900352 | &nbsp;&nbsp;&nbsp;&nbsp;75900352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;121938216 | &nbsp;&nbsp;&nbsp;&nbsp;121938216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;38375878 | &nbsp;&nbsp;&nbsp;&nbsp;38375878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;113987698 | &nbsp;&nbsp;&nbsp;&nbsp;113987698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;175715218 | &nbsp;&nbsp;&nbsp;&nbsp;175715218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;367737087 | &nbsp;&nbsp;&nbsp;&nbsp;367737087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;2843193216 | &nbsp;&nbsp;&nbsp;&nbsp;2794879631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48313585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11585898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11585898 |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16486119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16486119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29793988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18208090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11585898 |
| Corporate Bonds | 400136020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;400136020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Loan Agreements | &nbsp;&nbsp;&nbsp;625930416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;623502479 | 2427937 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| U.S. Treasury Obligations | $412973580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $412973580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;286694351 | &nbsp;&nbsp;&nbsp;286694351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | $4609203867 | $3099782072 | $1495407960 | &nbsp;&nbsp;&nbsp;$14013835 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Written Options | $(6900032) | $(6888718) | $(11314) | $— |
| Total Liabilities—Other Financial Instruments | &nbsp;&nbsp;&nbsp;$(6900032) | &nbsp;&nbsp;&nbsp;$(6888718) | &nbsp;&nbsp;$(11314) | $— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument and written options which are reported at their fair value at period end. |
| <sup>^</sup> | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

Open written options contracts held by the Fund at December 31, 2022 are as follows:

---

| |
|:---|
| **Open Written Options** |
| **Exchange Traded** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Call Options** |  |  |  |  |  |
| **Description** | **# of<br> Contracts** | **Notional** | **Exercise <br> Price** | **Expiration <br> Date** | **Value** |
| Alphabet, Inc. | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;$4160000 | $160 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(260) |
| Alphabet, Inc. | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;4290000 | &nbsp;&nbsp;&nbsp;&nbsp;165 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520) |
| Alphabet, Inc. | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;4420000 | &nbsp;&nbsp;&nbsp;&nbsp;170 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) |
| Alphabet, Inc. | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;4550000 | &nbsp;&nbsp;&nbsp;&nbsp;175 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) |
| Alphabet, Inc. | 1168 | &nbsp;&nbsp;&nbsp;&nbsp;14016000 | &nbsp;&nbsp;&nbsp;&nbsp;120 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(467200) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;15050000 | &nbsp;&nbsp;&nbsp;&nbsp;175 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(860) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;3240000 | &nbsp;&nbsp;&nbsp;&nbsp;180 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;&nbsp;&nbsp;185 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;190 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;6240000 | &nbsp;&nbsp;&nbsp;&nbsp;195 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;200 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;9020000 | &nbsp;&nbsp;&nbsp;&nbsp;205 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;9240000 | &nbsp;&nbsp;&nbsp;&nbsp;210 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;2580000 | &nbsp;&nbsp;&nbsp;&nbsp;215 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp;220 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;5850000 | &nbsp;&nbsp;&nbsp;&nbsp;225 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220000 | &nbsp;&nbsp;&nbsp;&nbsp;230 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;3290000 | &nbsp;&nbsp;&nbsp;&nbsp;235 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;240 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;3430000 | &nbsp;&nbsp;&nbsp;&nbsp;245 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;250 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570000 | &nbsp;&nbsp;&nbsp;&nbsp;255 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;8704000 | &nbsp;&nbsp;&nbsp;&nbsp;170 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1024) |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;8960000 | &nbsp;&nbsp;&nbsp;&nbsp;175 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1024) |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9216000 | &nbsp;&nbsp;&nbsp;&nbsp;180 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512) |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6213500 | &nbsp;&nbsp;&nbsp;&nbsp;85 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141083) |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;6579000 | &nbsp;&nbsp;&nbsp;&nbsp;90 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35819) |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;6944500 | &nbsp;&nbsp;&nbsp;&nbsp;95 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7310) |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Flexibly Managed Fund<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Call Options** |  |  |  |  |  |
| **Description** | **# of<br> Contracts** | **Notional** | **Exercise <br> Price** | **Expiration <br> Date** | **Value** |
| General Electric Co. | &nbsp;&nbsp;&nbsp;974 | $10714000 | $110 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1948) |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;4364500 | &nbsp;&nbsp;&nbsp;&nbsp;145 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358190) |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;4530000 | &nbsp;&nbsp;&nbsp;&nbsp;150 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314080) |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;2944000 | &nbsp;&nbsp;&nbsp;&nbsp;40 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3680) |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091200 | &nbsp;&nbsp;&nbsp;&nbsp;42 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584000 | &nbsp;&nbsp;&nbsp;&nbsp;320 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;14137500 | &nbsp;&nbsp;&nbsp;&nbsp;325 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;15180000 | &nbsp;&nbsp;&nbsp;&nbsp;330 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;23766000 | &nbsp;&nbsp;&nbsp;&nbsp;340 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;32900000 | &nbsp;&nbsp;&nbsp;&nbsp;350 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;8520000 | &nbsp;&nbsp;&nbsp;&nbsp;355 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;17244000 | &nbsp;&nbsp;&nbsp;&nbsp;360 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;5986000 | &nbsp;&nbsp;&nbsp;&nbsp;365 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;28440000 | &nbsp;&nbsp;&nbsp;300 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;(1189740) |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391750 | &nbsp;&nbsp;&nbsp;&nbsp;98 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190785) |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;5530000 | &nbsp;&nbsp;&nbsp;&nbsp;100 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121107) |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;5806500 | &nbsp;&nbsp;&nbsp;&nbsp;105 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30968) |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp;3670000 | &nbsp;&nbsp;&nbsp;&nbsp;100 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(497285) |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853500 | &nbsp;&nbsp;&nbsp;&nbsp;105 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405535) |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;6924000 | &nbsp;&nbsp;&nbsp;&nbsp;120 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54815) |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724000 | &nbsp;&nbsp;&nbsp;&nbsp;190 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(980) |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822000 | &nbsp;&nbsp;&nbsp;&nbsp;195 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29400) |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;3920000 | &nbsp;&nbsp;&nbsp;200 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(980) |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304000 | &nbsp;&nbsp;&nbsp;&nbsp;220 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(664) |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7636000 | &nbsp;&nbsp;&nbsp;&nbsp;230 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8300) |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144000 | &nbsp;&nbsp;&nbsp;640 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3360) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;9828000 | &nbsp;&nbsp;&nbsp;540 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151060) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712000 | &nbsp;&nbsp;&nbsp;560 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24888) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916000 | &nbsp;&nbsp;&nbsp;580 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7038) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;12064000 | &nbsp;&nbsp;&nbsp;580 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(901680) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;13200000 | &nbsp;&nbsp;&nbsp;600 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(784520) |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030500 | &nbsp;&nbsp;&nbsp;&nbsp;145 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(627) |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135000 | &nbsp;&nbsp;&nbsp;&nbsp;150 | 01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2090) |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;12586000 | &nbsp;&nbsp;&nbsp;&nbsp;140 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(854050) |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219000 | &nbsp;&nbsp;&nbsp;&nbsp;145 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166500) |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;&nbsp;&nbsp;150 | 01/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130980) |
| **Total Written Options** |  |  |  |  | $(6900032) |

---

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Balanced Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 59.9%** | **AFFILIATED EQUITY FUNDS — 59.9%** | **AFFILIATED EQUITY FUNDS — 59.9%** |
| Penn Series Index 500 Fund\*<br> **(Cost $24,276,682)** | &nbsp;&nbsp;1244170 | &nbsp;&nbsp;$**42140045** |
| **AFFILIATED FIXED INCOME FUNDS — 39.7%** | **AFFILIATED FIXED INCOME FUNDS — 39.7%** | **AFFILIATED FIXED INCOME FUNDS — 39.7%** |
| Penn Series Quality Bond Fund\*<br> **(Cost $29,418,104)** | 1873900 | &nbsp;&nbsp;&nbsp;&nbsp;**27902372** |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $313,864)** | &nbsp;&nbsp;&nbsp;&nbsp;313864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**313864** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $54,008,650)** |  | &nbsp;&nbsp;**$70356281** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(33209)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$70323072** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $42140045 | $42140045 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;27902372 | &nbsp;&nbsp;&nbsp;27902372 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313864 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$70356281 | &nbsp;&nbsp;&nbsp;$70356281 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Growth Stock Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 94.0%** | **COMMON STOCKS — 94.0%** | **COMMON STOCKS — 94.0%** |
| **Advertising — 0.4%** | **Advertising — 0.4%** | **Advertising — 0.4%** |
| The Trade Desk, Inc., Class A\* | &nbsp;&nbsp;&nbsp;23657 | &nbsp;&nbsp;$1060543 |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| Airbus S.E. | &nbsp;&nbsp;&nbsp;20021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380547 |
| **Auto Manufacturers — 3.2%** | **Auto Manufacturers — 3.2%** | **Auto Manufacturers — 3.2%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;15426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304558 |
| Rivian Automotive, Inc., Class A\* | &nbsp;&nbsp;225433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7459288 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Mobileye Global, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126952 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| Argenx S.E., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595632 |
| Illumina, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059883 |
| **Commercial Services — 1.8%** | **Commercial Services — 1.8%** | **Commercial Services — 1.8%** |
| Adyen N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316521 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750592 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880373 |
| TransUnion | &nbsp;&nbsp;&nbsp;27088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537244 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134485 |
| **Computers — 8.0%** | **Computers — 8.0%** | **Computers — 8.0%** |
| Apple, Inc. | &nbsp;&nbsp;144837 | &nbsp;&nbsp;&nbsp;&nbsp;18818672 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439038 |
| **Diversified Financial Services — 6.4%** | **Diversified Financial Services — 6.4%** | **Diversified Financial Services — 6.4%** |
| Ant Group Co., Ltd.(1),\*,# | 279408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567198 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;20049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6971639 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15084888 |
| **Healthcare Products — 3.8%** | **Healthcare Products — 3.8%** | **Healthcare Products — 3.8%** |
| Align Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605072 |
| Avantor, Inc.\* | &nbsp;&nbsp;&nbsp;48803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029255 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871905 |
| Insulet Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945286 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;14123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747538 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8947404 |
| **Healthcare Services — 6.0%** | **Healthcare Services — 6.0%** | **Healthcare Services — 6.0%** |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671321 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5545 | &nbsp;&nbsp;&nbsp;&nbsp;2840094 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;18340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9723501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14234916 |
| **Internet — 18.0%** | **Internet — 18.0%** | **Internet — 18.0%** |
| Alphabet, Inc., Class A\* | &nbsp;&nbsp;114380 | &nbsp;&nbsp;&nbsp;&nbsp;10091747 |
| Alphabet, Inc., Class C\* | &nbsp;&nbsp;&nbsp;66557 | &nbsp;&nbsp;&nbsp;&nbsp;5905603 |
| Amazon.com, Inc.\* | &nbsp;&nbsp;167055 | &nbsp;&nbsp;&nbsp;&nbsp;14032620 |
| Booking Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997143 |
| Coupang, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;73361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079140 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Internet — (continued)** | **Internet — (continued)** | **Internet — (continued)** |
| Expedia Group, Inc.\* | &nbsp;&nbsp;13307 | &nbsp;&nbsp;$1165693 |
| Match Group, Inc.\* | &nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041399 |
| Meta Platforms, Inc., Class A\* | &nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890516 |
| Netflix, Inc.\* | &nbsp;&nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp;2989494 |
| Pinterest, Inc., Class A\* | &nbsp;&nbsp;43100 | &nbsp;&nbsp;&nbsp;&nbsp;1046468 |
| Sea Ltd., ADR\* | &nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941743 |
| Spotify Technology S.A.\* | &nbsp;&nbsp;16739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42503110 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| Peloton Interactive, Inc., Class A\* | &nbsp;&nbsp;&nbsp;72181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573117 |
| **Lodging — 1.9%** | **Lodging — 1.9%** | **Lodging — 1.9%** |
| Las Vegas Sands Corp.\* | &nbsp;&nbsp;&nbsp;55114 | &nbsp;&nbsp;&nbsp;&nbsp;2649330 |
| Wynn Resorts Ltd.\* | &nbsp;&nbsp;22264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4485442 |
| **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;9434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772751 |
| **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** |
| AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;12103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820584 |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;6868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275643 |
| Eli Lilly & Co. | &nbsp;&nbsp;14088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5153954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250181 |
| **Retail — 3.8%** | **Retail — 3.8%** | **Retail — 3.8%** |
| Chipotle Mexican Grill, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925836 |
| Floor & Decor Holdings, Inc., Class A\* | &nbsp;&nbsp;11695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814323 |
| Lululemon Athletica, Inc.\* | &nbsp;&nbsp;&nbsp;2083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667351 |
| Ross Stores, Inc. | 48867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9079503 |
| **Semiconductors — 7.2%** | **Semiconductors — 7.2%** | **Semiconductors — 7.2%** |
| Advanced Micro Devices, Inc.\* | &nbsp;&nbsp;&nbsp;51551 | &nbsp;&nbsp;&nbsp;&nbsp;3338958 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;11333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6192351 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513080 |
| NVIDIA Corp. | &nbsp;&nbsp;40791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17005586 |
| **Software — 24.4%** | **Software — 24.4%** | **Software — 24.4%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;17455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336180 |
| Atlassian Corp., Class A\* | &nbsp;&nbsp;&nbsp;11335 | &nbsp;&nbsp;&nbsp;&nbsp;1458588 |
| Black Knight, Inc.\* | &nbsp;&nbsp;12668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782249 |
| Ceridian HCM Holding, Inc.\* | &nbsp;&nbsp;15641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003370 |
| Fiserv, Inc.\* | 39628 | &nbsp;&nbsp;&nbsp;&nbsp;4005202 |
| HashiCorp, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;3314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90605 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;15571 | &nbsp;&nbsp;&nbsp;&nbsp;6060545 |
| Magic Leap, Inc., Class A(1),\*,# | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25980 |
| Microsoft Corp. | 128128 | &nbsp;&nbsp;&nbsp;&nbsp;30727657 |
| Monday.com Ltd.\* | &nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303048 |
| MongoDB, Inc.\* | &nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540917 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7114 | &nbsp;&nbsp;&nbsp;&nbsp;3073888 |
| Salesforce, Inc.\* | &nbsp;&nbsp;23041 | &nbsp;&nbsp;&nbsp;&nbsp;3055006 |
| SentinelOne, Inc., Class A\* | &nbsp;&nbsp;40031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584052 |
| ServiceNow, Inc.\* | &nbsp;&nbsp;11067 | &nbsp;&nbsp;&nbsp;&nbsp;4296984 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Growth Stock Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Stripe, Inc., Class B(1),\*,# | &nbsp;&nbsp;8608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$159334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57503605 |
| **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;7957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378152 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797052 |
| **TOTAL COMMON STOCKS<br> (Cost $191,173,012)** | **TOTAL COMMON STOCKS<br> (Cost $191,173,012)** | &nbsp;&nbsp;&nbsp;**221716963** |
| **PREFERRED STOCKS — 1.6%** | **PREFERRED STOCKS — 1.6%** | **PREFERRED STOCKS — 1.6%** |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| Dr. Ing. h.c. F. Porsche AG\* | 23042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325250 |
| Waymo LLC, Series A-2, CONV(1),\*,# | &nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501562 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| GM Cruise, Class F, CONV(1),\*,# | 27200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552976 |
| Sartorius AG | &nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350625 |
| **TOTAL PREFERRED STOCKS<br> (Cost $3,350,675)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3852187** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 4.4%** | **SHORT-TERM INVESTMENTS — 4.4%** | **SHORT-TERM INVESTMENTS — 4.4%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%) | &nbsp;&nbsp;&nbsp;&nbsp;926855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926855 |
| T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 4.410%) | 9384083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384083 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $10,310,938)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10310938** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $204,834,625)** |  | &nbsp;&nbsp;**$235880088** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(34005)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$235846083** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| \* | Non-income producing security. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| # | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At December 31, 2022, the aggregate value of restricted securities was $1,481,800 which represented 0.6% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Date of<br> Acquisition** | **Cost** | **Value** |
| Ant Group Co., Ltd. | 06/07/18 | $1064929 | &nbsp;&nbsp;&nbsp;$567198 |
| GM Cruise, Class F | 05/07/19 | &nbsp;&nbsp;&nbsp;&nbsp;496400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552976 |
| Magic Leap, Inc., Class A | 01/20/16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25980 |
| Stripe, Inc., Class B | 12/17/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159334 |
| Waymo LLC, Series A-2 | 05/08/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176312 |
| &nbsp;&nbsp;&nbsp;**Total** |  | $2674775 | $1481800 |

---

---

| |
|:---|
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| CONV— Convertible Security. |
| LLC— Limited Liability Company. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising | &nbsp;&nbsp;$1060543 | &nbsp;&nbsp;$1060543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2380547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2380547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;7459288 | &nbsp;&nbsp;&nbsp;&nbsp;7459288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;2059883 | &nbsp;&nbsp;&nbsp;&nbsp;2059883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134485 | &nbsp;&nbsp;&nbsp;&nbsp;3817964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;18818672 | &nbsp;&nbsp;&nbsp;18818672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1439038 | &nbsp;&nbsp;&nbsp;&nbsp;1439038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;15084888 | &nbsp;&nbsp;&nbsp;&nbsp;14517690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;567198 |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;8947404 | &nbsp;&nbsp;&nbsp;&nbsp;8947404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;14234916 | &nbsp;&nbsp;&nbsp;&nbsp;14234916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;42503110 | &nbsp;&nbsp;&nbsp;&nbsp;42503110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;4485442 | &nbsp;&nbsp;&nbsp;&nbsp;4485442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;9079503 | &nbsp;&nbsp;&nbsp;&nbsp;9079503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Growth Stock Fund<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| &nbsp;&nbsp;&nbsp;Semiconductors | $17005586 | $17005586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;57503605 | &nbsp;&nbsp;&nbsp;&nbsp;57318291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;185314 |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2797052 | &nbsp;&nbsp;&nbsp;&nbsp;2797052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;221716963 | &nbsp;&nbsp;&nbsp;&nbsp;218267383 | &nbsp;&nbsp;&nbsp;&nbsp;2697068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752512 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2325250 | &nbsp;&nbsp;&nbsp;&nbsp;176312 |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797649 | &nbsp;&nbsp;&nbsp;552976 |
| Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122899 | &nbsp;&nbsp;&nbsp;&nbsp;729288 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;10310938 | &nbsp;&nbsp;&nbsp;&nbsp;10310938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | $235880088 | $228578321 | &nbsp;&nbsp;$5819967 | $1481800 |

---

---

| | |
|:---|:---|
| <sup>^</sup> | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Cap Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |
| **Apparel — 3.6%** | **Apparel — 3.6%** | **Apparel — 3.6%** |
| LVMH Moet Hennessy Louis Vuitton S.E. | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;$640370 |
| NIKE, Inc., Class B | &nbsp;&nbsp;13537 | &nbsp;&nbsp;&nbsp;&nbsp;1583965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2224335 |
| **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** |
| Aptiv PLC\* | &nbsp;&nbsp;11386 | &nbsp;&nbsp;&nbsp;&nbsp;1060378 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;4932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891015 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;3273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776781 |
| **Commercial Services — 4.3%** | **Commercial Services — 4.3%** | **Commercial Services — 4.3%** |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960138 |
| Gartner, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511605 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;2987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832238 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2669700 |
| **Computers — 8.8%** | **Computers — 8.8%** | **Computers — 8.8%** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;7938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118176 |
| Apple, Inc. | 22964 | &nbsp;&nbsp;&nbsp;&nbsp;2983713 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;6737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5487178 |
| **Cosmetics & Personal Care — 2.2%** | **Cosmetics & Personal Care — 2.2%** | **Cosmetics & Personal Care — 2.2%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;8386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660733 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1372064 |
| **Diversified Financial Services — 7.0%** | **Diversified Financial Services — 7.0%** | **Diversified Financial Services — 7.0%** |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782740 |
| The Charles Schwab Corp. | &nbsp;&nbsp;12628 | &nbsp;&nbsp;&nbsp;&nbsp;1051408 |
| Visa, Inc., Class A | &nbsp;&nbsp;12229 | &nbsp;&nbsp;&nbsp;&nbsp;2540697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4374845 |
| **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642909 |
| **Electronics — 7.5%** | **Electronics — 7.5%** | **Electronics — 7.5%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;6335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948033 |
| Amphenol Corp., Class A | 20948 | &nbsp;&nbsp;&nbsp;&nbsp;1594981 |
| Fortive Corp. | &nbsp;&nbsp;19657 | &nbsp;&nbsp;&nbsp;&nbsp;1262962 |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4672716 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
| McCormick & Co., Inc. | &nbsp;&nbsp;12278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017723 |
| **Healthcare Products — 9.3%** | **Healthcare Products — 9.3%** | **Healthcare Products — 9.3%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645016 |
| Boston Scientific Corp.\* | &nbsp;&nbsp;31035 | &nbsp;&nbsp;&nbsp;&nbsp;1435989 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860492 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;4945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913292 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;2746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671370 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;$1323308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849467 |
| **Healthcare Services — 2.0%** | **Healthcare Services — 2.0%** | **Healthcare Services — 2.0%** |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;6344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232322 |
| **Household Products & Wares — 2.7%** | **Household Products & Wares — 2.7%** | **Household Products & Wares — 2.7%** |
| Church & Dwight Co., Inc. | 20761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673544 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;5318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596145 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388463 |
| **Internet — 7.3%** | **Internet — 7.3%** | **Internet — 7.3%** |
| Alphabet, Inc., Class A\* | 43963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878856 |
| Tencent Holdings Ltd. | 16900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595422 |
| **Machinery — Diversified — 1.3%** | **Machinery — Diversified — 1.3%** | **Machinery — Diversified — 1.3%** |
| Otis Worldwide Corp. | 10359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811213 |
| **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
| Becton Dickinson and Co. | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017200 |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502944 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222199 |
| **Retail — 4.5%** | **Retail — 4.5%** | **Retail — 4.5%** |
| Ross Stores, Inc. | &nbsp;&nbsp;11023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279439 |
| Starbucks Corp. | &nbsp;&nbsp;6924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686861 |
| The TJX Cos., Inc. | &nbsp;&nbsp;10515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803294 |
| **Semiconductors — 3.0%** | **Semiconductors — 3.0%** | **Semiconductors — 3.0%** |
| Analog Devices, Inc. | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754538 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;6076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452601 |
| Texas Instruments, Inc. | &nbsp;&nbsp;4208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902385 |
| **Software — 19.4%** | **Software — 19.4%** | **Software — 19.4%** |
| Adobe, Inc.\* | &nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358572 |
| Black Knight, Inc.\* | &nbsp;&nbsp;15251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941749 |
| Electronic Arts, Inc. | &nbsp;&nbsp;11873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450643 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;9822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666423 |
| Fiserv, Inc.\* | &nbsp;&nbsp;12127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225676 |
| Microsoft Corp. | 27265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12181755 |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| Canadian Pacific Railway Ltd. | &nbsp;&nbsp;11913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888591 |
| **TOTAL COMMON STOCKS<br> (Cost $48,430,056)** | **TOTAL COMMON STOCKS<br> (Cost $48,430,056)** | &nbsp;&nbsp;&nbsp;**61241243** |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Cap Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — 1.6%** | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** |
| **Diversified — 1.6%** | **Diversified — 1.6%** | **Diversified — 1.6%** |
| American Tower Corp.<br> **(Cost $1,092,165)** | 4822 | &nbsp;&nbsp;$**1021589** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $242,719)** | 242719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**242719** |
| **TOTAL INVESTMENTS — 99.8%<br> (Cost $49,764,940)** |  | &nbsp;&nbsp;**$62505551** |
| **Other Assets & Liabilities — 0.2%** | **Other Assets & Liabilities — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**149101** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$62654652** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

ADR— American Depositary Receipt. <br> PLC— Public Limited Company. <br> S.E.— Societas Europaea.

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;89% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Apparel | $2224335 | $1583965 | $640370 | $— |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1060378 | &nbsp;&nbsp;&nbsp;&nbsp;1060378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;2669700 | &nbsp;&nbsp;&nbsp;2669700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;5487178 | &nbsp;&nbsp;&nbsp;&nbsp;5487178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1372064 | &nbsp;&nbsp;&nbsp;&nbsp;1372064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4374845 | &nbsp;&nbsp;&nbsp;&nbsp;4374845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;4672716 | &nbsp;&nbsp;&nbsp;&nbsp;4672716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;$1017723 | &nbsp;&nbsp;$1017723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;5849467 | &nbsp;&nbsp;&nbsp;5849467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;1232322 | &nbsp;&nbsp;&nbsp;&nbsp;1232322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;1673544 | &nbsp;&nbsp;&nbsp;&nbsp;1673544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2388463 | &nbsp;&nbsp;&nbsp;&nbsp;2388463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;4595422 | &nbsp;&nbsp;&nbsp;3878856 | &nbsp;&nbsp;&nbsp;&nbsp;716566 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1502944 | &nbsp;&nbsp;&nbsp;&nbsp;1502944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;2803294 | &nbsp;&nbsp;&nbsp;2803294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1902385 | &nbsp;&nbsp;&nbsp;&nbsp;1902385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;12181755 | &nbsp;&nbsp;&nbsp;&nbsp;12181755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;61241243 | &nbsp;&nbsp;&nbsp;&nbsp;59884307 | &nbsp;&nbsp;&nbsp;1356936 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;1021589 | &nbsp;&nbsp;&nbsp;&nbsp;1021589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$62505551 | &nbsp;&nbsp;$61148615 | $1356936 | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Core Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** |
| **Advertising — 5.7%** | **Advertising — 5.7%** | **Advertising — 5.7%** |
| The Trade Desk, Inc., Class A\* | 119039 | &nbsp;&nbsp;&nbsp;$5336518 |
| **Biotechnology — 10.2%** | **Biotechnology — 10.2%** | **Biotechnology — 10.2%** |
| Illumina, Inc.\* | &nbsp;&nbsp;&nbsp;15808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196378 |
| Royalty Pharma PLC, Class A | 160539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6344501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9540879 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;7397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755530 |
| **Commercial Services — 6.6%** | **Commercial Services — 6.6%** | **Commercial Services — 6.6%** |
| Adyen N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;2639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663591 |
| Block, Inc.\* | &nbsp;&nbsp;40645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217723 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;15401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579989 |
| **Healthcare Products — 1.1%** | **Healthcare Products — 1.1%** | **Healthcare Products — 1.1%** |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005146 |
| **Internet — 32.2%** | **Internet — 32.2%** | **Internet — 32.2%** |
| Airbnb, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;10125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865688 |
| Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;51329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311636 |
| Chewy, Inc., Class A\* | &nbsp;&nbsp;99423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686605 |
| DoorDash, Inc., Class A\* | &nbsp;&nbsp;79657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888855 |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517564 |
| Meta Platforms, Inc., Class A\* | &nbsp;&nbsp;&nbsp;13063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572001 |
| Okta, Inc.\* | &nbsp;&nbsp;&nbsp;10159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694164 |
| Pinterest, Inc., Class A\* | &nbsp;&nbsp;42078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021654 |
| Shopify, Inc., Class A\* | 143870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993728 |
| Uber Technologies, Inc.\* | 263522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6516899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30068794 |
| **Miscellaneous Manufacturing — 2.3%** | **Miscellaneous Manufacturing — 2.3%** | **Miscellaneous Manufacturing — 2.3%** |
| Axon Enterprise, Inc.\* | &nbsp;&nbsp;&nbsp;13041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163893 |
| **Retail — 1.6%** | **Retail — 1.6%** | **Retail — 1.6%** |
| Floor & Decor Holdings, Inc., Class A\* | &nbsp;&nbsp;22084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537709 |
| **Semiconductors — 7.2%** | **Semiconductors — 7.2%** | **Semiconductors — 7.2%** |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;11447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6254641 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691161 |
| **Software — 27.4%** | **Software — 27.4%** | **Software — 27.4%** |
| Cloudflare, Inc., Class A\* | &nbsp;&nbsp;&nbsp;112113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068629 |
| Datadog, Inc., Class A\* | &nbsp;&nbsp;&nbsp;56891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181488 |
| ROBLOX Corp., Class A\* | &nbsp;&nbsp;135210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848077 |
| Snowflake, Inc., Class A\* | &nbsp;&nbsp;46202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6631835 |
| Veeva Systems, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;9155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477434 |
| Zoom Video Communications, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402443 |
| ZoomInfo Technologies, Inc.\* | &nbsp;&nbsp;134145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25649012 |
| **TOTAL COMMON STOCKS<br> (Cost $133,950,640)** | **TOTAL COMMON STOCKS<br> (Cost $133,950,640)** | &nbsp;&nbsp;&nbsp;**91546354** |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofShares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $2,015,890)** | 2015890 | &nbsp;&nbsp;&nbsp;$**2015890** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $135,966,530)** |  | &nbsp;&nbsp;**$93562244** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(97058)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$93465186** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

N.V.— Naamloze Vennootschap. <br> PLC— Public Limited Company.

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;81% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Core Growth Fund<br>
Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising | &nbsp;&nbsp;&nbsp;$5336518 | &nbsp;&nbsp;&nbsp;$5336518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;9540879 | &nbsp;&nbsp;&nbsp;&nbsp;9540879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554132 | &nbsp;&nbsp;&nbsp;3663591 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;30068794 | &nbsp;&nbsp;&nbsp;30068794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;25649012 | &nbsp;&nbsp;&nbsp;&nbsp;25649012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91546354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87882763 | &nbsp;&nbsp;&nbsp;&nbsp;3663591 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$93562244 | &nbsp;&nbsp;&nbsp;$89898653 | &nbsp;&nbsp;$3663591 | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 93.5%** | **COMMON STOCKS — 93.5%** | **COMMON STOCKS — 93.5%** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6724 | &nbsp;&nbsp;$1122841 |
| Raytheon Technologies Corp. | &nbsp;&nbsp;23063 | &nbsp;&nbsp;&nbsp;&nbsp;2327518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3450359 |
| **Agriculture — 4.3%** | **Agriculture — 4.3%** | **Agriculture — 4.3%** |
| Philip Morris International, Inc. | &nbsp;&nbsp;70875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7173259 |
| **Airlines — 1.9%** | **Airlines — 1.9%** | **Airlines — 1.9%** |
| Alaska Air Group, Inc.\* | &nbsp;&nbsp;&nbsp;33910 | &nbsp;&nbsp;&nbsp;&nbsp;1456096 |
| Southwest Airlines Co.\* | &nbsp;&nbsp;52230 | &nbsp;&nbsp;&nbsp;&nbsp;1758584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3214680 |
| **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** |
| PACCAR, Inc. | &nbsp;&nbsp;26100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583117 |
| **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** |
| BorgWarner, Inc. | &nbsp;&nbsp;36635 | &nbsp;&nbsp;&nbsp;&nbsp;1474559 |
| **Banks — 9.9%** | **Banks — 9.9%** | **Banks — 9.9%** |
| Bank OZK | &nbsp;&nbsp;40270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613216 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;43971 | &nbsp;&nbsp;&nbsp;&nbsp;5896511 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632350 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169131 |
| Wells Fargo & Co. | 148374 | &nbsp;&nbsp;&nbsp;&nbsp;6126363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16437571 |
| **Biotechnology — 6.7%** | **Biotechnology — 6.7%** | **Biotechnology — 6.7%** |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18116 | &nbsp;&nbsp;&nbsp;&nbsp;4757986 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;36550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137817 |
| Regeneron Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11052322 |
| **Building Materials — 0.8%** | **Building Materials — 0.8%** | **Building Materials — 0.8%** |
| Builders FirstSource, Inc.\* | &nbsp;&nbsp;&nbsp;21405 | &nbsp;&nbsp;&nbsp;&nbsp;1388756 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| The Mosaic Co. | &nbsp;&nbsp;29324 | &nbsp;&nbsp;&nbsp;&nbsp;1286444 |
| **Commercial Services — 3.8%** | **Commercial Services — 3.8%** | **Commercial Services — 3.8%** |
| FleetCor Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;10672 | &nbsp;&nbsp;&nbsp;&nbsp;1960233 |
| PayPal Holdings, Inc.\* | &nbsp;&nbsp;40180 | &nbsp;&nbsp;&nbsp;&nbsp;2861620 |
| Robert Half International, Inc. | &nbsp;&nbsp;20059 | &nbsp;&nbsp;&nbsp;&nbsp;1480956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6302809 |
| **Computers — 2.3%** | **Computers — 2.3%** | **Computers — 2.3%** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;5430 | &nbsp;&nbsp;&nbsp;&nbsp;1448941 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;14537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831371 |
| Maximus, Inc. | &nbsp;&nbsp;21960 | &nbsp;&nbsp;&nbsp;&nbsp;1610327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3890639 |
| **Distribution & Wholesale — 1.4%** | **Distribution & Wholesale — 1.4%** | **Distribution & Wholesale — 1.4%** |
| LKQ Corp. | &nbsp;&nbsp;44180 | &nbsp;&nbsp;&nbsp;&nbsp;2359654 |
| **Diversified Financial Services — 4.8%** | **Diversified Financial Services — 4.8%** | **Diversified Financial Services — 4.8%** |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;1263820 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;15590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421111 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;21140 | &nbsp;&nbsp;&nbsp;&nbsp;1296939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7981870 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;9279 | &nbsp;&nbsp;$1000740 |
| **Electrical Components & Equipment — 2.3%** | **Electrical Components & Equipment — 2.3%** | **Electrical Components & Equipment — 2.3%** |
| Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;5322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881376 |
| Emerson Electric Co. | &nbsp;&nbsp;23817 | &nbsp;&nbsp;&nbsp;&nbsp;2287861 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3803413 |
| **Electronics — 1.4%** | **Electronics — 1.4%** | **Electronics — 1.4%** |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;13146 | &nbsp;&nbsp;&nbsp;&nbsp;2248886 |
| **Engineering & Construction — 0.7%** | **Engineering & Construction — 0.7%** | **Engineering & Construction — 0.7%** |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;7580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122674 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| The Kroger Co. | &nbsp;&nbsp;31590 | &nbsp;&nbsp;&nbsp;&nbsp;1408282 |
| **Healthcare Products — 1.3%** | **Healthcare Products — 1.3%** | **Healthcare Products — 1.3%** |
| PerkinElmer, Inc. | 14856 | &nbsp;&nbsp;&nbsp;&nbsp;2083108 |
| **Healthcare Services — 5.7%** | **Healthcare Services — 5.7%** | **Healthcare Services — 5.7%** |
| Elevance Health, Inc. | &nbsp;&nbsp;13556 | &nbsp;&nbsp;&nbsp;&nbsp;6953821 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;16311 | &nbsp;&nbsp;&nbsp;&nbsp;2551693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9505514 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| D.R. Horton, Inc. | &nbsp;&nbsp;12730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134752 |
| **Insurance — 5.5%** | **Insurance — 5.5%** | **Insurance — 5.5%** |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;23510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273537 |
| Berkshire Hathaway, Inc., Class B\* | 20693 | &nbsp;&nbsp;&nbsp;&nbsp;6392067 |
| MetLife, Inc. | &nbsp;&nbsp;18810 | &nbsp;&nbsp;&nbsp;&nbsp;1361280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9026884 |
| **Internet — 2.2%** | **Internet — 2.2%** | **Internet — 2.2%** |
| Alphabet, Inc., Class C\* | 22880 | &nbsp;&nbsp;&nbsp;&nbsp;2030142 |
| Booking Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;1632377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3662519 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| Choice Hotels International, Inc. | &nbsp;&nbsp;11493 | &nbsp;&nbsp;&nbsp;&nbsp;1294572 |
| **Machinery — Diversified — 1.0%** | **Machinery — Diversified — 1.0%** | **Machinery — Diversified — 1.0%** |
| The Middleby Corp.\* | &nbsp;&nbsp;&nbsp;4651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622769 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp;1025448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1648217 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| Comcast Corp., Class A | 93392 | &nbsp;&nbsp;&nbsp;&nbsp;3265918 |
| **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
| BHP Group Ltd., ADR | &nbsp;&nbsp;12109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751363 |
| **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** |
| Textron, Inc. | 34070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412156 |
| **Office & Business Equipment — 0.4%** | **Office & Business Equipment — 0.4%** | **Office & Business Equipment — 0.4%** |
| Zebra Technologies Corp., Class A\* | &nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707692 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1194865 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014800 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;17322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243545 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;28203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398023 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;25252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479461 |
| **Pharmaceuticals — 6.1%** | **Pharmaceuticals — 6.1%** | **Pharmaceuticals — 6.1%** |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;11783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904179 |
| Pfizer, Inc. | &nbsp;&nbsp;24933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277567 |
| Roche Holding AG, ADR | 126220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10123259 |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| CBRE Group, Inc., Class A\* | &nbsp;&nbsp;19566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505799 |
| **Retail — 5.8%** | **Retail — 5.8%** | **Retail — 5.8%** |
| AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299677 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;13029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595898 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;11948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976152 |
| Target Corp. | &nbsp;&nbsp;&nbsp;22051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286481 |
| Ulta Beauty, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535866 |
| **Semiconductors — 3.6%** | **Semiconductors — 3.6%** | **Semiconductors — 3.6%** |
| IPG Photonics Corp.\* | &nbsp;&nbsp;&nbsp;16714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582314 |
| MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455323 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382763 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;19570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878169 |
| **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** |
| Cisco Systems, Inc. | &nbsp;&nbsp;56259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680179 |
| **Transportation — 1.7%** | **Transportation — 1.7%** | **Transportation — 1.7%** |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618116 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;41801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808907 |
| **TOTAL COMMON STOCKS<br> (Cost $139,978,888)** | **TOTAL COMMON STOCKS<br> (Cost $139,978,888)** | &nbsp;&nbsp;&nbsp;**154684369** |
| **REAL ESTATE INVESTMENT TRUSTS — 2.4%** | **REAL ESTATE INVESTMENT TRUSTS — 2.4%** | **REAL ESTATE INVESTMENT TRUSTS — 2.4%** |
| **Diversified — 2.4%** | **Diversified — 2.4%** | **Diversified — 2.4%** |
| Weyerhaeuser Co.<br> **(Cost $4,617,920)** | 131090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4063790** |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofShares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 4.2%** | **SHORT-TERM INVESTMENTS — 4.2%** | **SHORT-TERM INVESTMENTS — 4.2%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $6,898,059)** | 6898059 | &nbsp;&nbsp;&nbsp;&nbsp;$**6898059** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $151,494,867)** |  | &nbsp;&nbsp;**$165646218** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(165466)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$165480752** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;93% |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $154684369 | $154684369 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063790 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898059 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$165646218 | &nbsp;&nbsp;&nbsp;$165646218 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Core Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 93.1%** | **COMMON STOCKS — 93.1%** | **COMMON STOCKS — 93.1%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Hexcel Corp. | &nbsp;&nbsp;38579 | &nbsp;&nbsp;$2270374 |
| **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** |
| PACCAR, Inc. | &nbsp;&nbsp;25976 | &nbsp;&nbsp;&nbsp;&nbsp;2570845 |
| **Banks — 8.4%** | **Banks — 8.4%** | **Banks — 8.4%** |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;86436 | &nbsp;&nbsp;&nbsp;&nbsp;3402985 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;17752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575105 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322279 |
| Wells Fargo & Co. | 125858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13497046 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;16931 | &nbsp;&nbsp;&nbsp;&nbsp;3923759 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;21835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862919 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;52185 | &nbsp;&nbsp;&nbsp;&nbsp;3339840 |
| **Chemicals — 4.2%** | **Chemicals — 4.2%** | **Chemicals — 4.2%** |
| FMC Corp. | &nbsp;&nbsp;&nbsp;16194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021011 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;9181 | &nbsp;&nbsp;&nbsp;&nbsp;2994659 |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;7067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6692881 |
| **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;35521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073361 |
| The Charles Schwab Corp. | &nbsp;&nbsp;58959 | &nbsp;&nbsp;&nbsp;&nbsp;4908926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6982287 |
| **Electric — 5.6%** | **Electric — 5.6%** | **Electric — 5.6%** |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;17894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133227 |
| Edison International | &nbsp;&nbsp;&nbsp;19973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270682 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;57231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784512 |
| Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;11821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9015238 |
| **Food — 3.4%** | **Food — 3.4%** | **Food — 3.4%** |
| Performance Food Group Co.\* | &nbsp;&nbsp;30622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788018 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;16256 | &nbsp;&nbsp;&nbsp;&nbsp;3764402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5552420 |
| **Healthcare Products — 7.9%** | **Healthcare Products — 7.9%** | **Healthcare Products — 7.9%** |
| Boston Scientific Corp.\* | &nbsp;&nbsp;50038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315258 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;&nbsp;&nbsp;1350998 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4687 | &nbsp;&nbsp;&nbsp;&nbsp;2581084 |
| Waters Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;9532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265473 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;24779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12672135 |
| **Healthcare Services — 1.0%** | **Healthcare Services — 1.0%** | **Healthcare Services — 1.0%** |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657447 |
| **Insurance — 4.4%** | **Insurance — 4.4%** | **Insurance — 4.4%** |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;73542 | &nbsp;&nbsp;&nbsp;&nbsp;4650796 |
| Arch Capital Group Ltd.\* | &nbsp;&nbsp;23587 | &nbsp;&nbsp;&nbsp;&nbsp;1480792 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;7077 | &nbsp;&nbsp;$1005571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7137159 |
| **Internet — 2.4%** | **Internet — 2.4%** | **Internet — 2.4%** |
| Alphabet, Inc., Class A\* | 43857 | &nbsp;&nbsp;&nbsp;&nbsp;3869503 |
| **Machinery — Diversified — 2.2%** | **Machinery — Diversified — 2.2%** | **Machinery — Diversified — 2.2%** |
| Westinghouse Air Brake Technologies Corp. | 36259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619011 |
| **Media — 2.4%** | **Media — 2.4%** | **Media — 2.4%** |
| The Walt Disney Co.\* | 44540 | &nbsp;&nbsp;&nbsp;&nbsp;3869635 |
| **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** |
| Eaton Corp. PLC | &nbsp;&nbsp;16304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558913 |
| **Oil & Gas — 6.8%** | **Oil & Gas — 6.8%** | **Oil & Gas — 6.8%** |
| Chevron Corp. | 26665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786101 |
| ConocoPhillips | 30628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614104 |
| EOG Resources, Inc. | &nbsp;&nbsp;19107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10874943 |
| **Oil & Gas Services — 1.8%** | **Oil & Gas Services — 1.8%** | **Oil & Gas Services — 1.8%** |
| Halliburton Co. | 73505 | &nbsp;&nbsp;&nbsp;&nbsp;2892422 |
| **Packaging and Containers — 0.6%** | **Packaging and Containers — 0.6%** | **Packaging and Containers — 0.6%** |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;7269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929778 |
| **Pharmaceuticals — 8.0%** | **Pharmaceuticals — 8.0%** | **Pharmaceuticals — 8.0%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;5547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896451 |
| Bristol-Myers Squibb Co. | 51056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673479 |
| Neurocrine Biosciences, Inc.\* | 18495 | &nbsp;&nbsp;&nbsp;&nbsp;2209043 |
| Novo Nordisk A/S, ADR | 23468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176159 |
| Sanofi, ADR | 59449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12834247 |
| **Retail — 4.8%** | **Retail — 4.8%** | **Retail — 4.8%** |
| BJ's Wholesale Club Holdings, Inc.\* | 27266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803919 |
| Dollar Tree, Inc.\* | &nbsp;&nbsp;17327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450731 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;6861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404721 |
| Papa John's International, Inc. | 25437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7753090 |
| **Semiconductors — 3.2%** | **Semiconductors — 3.2%** | **Semiconductors — 3.2%** |
| Micron Technology, Inc. | 56253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811525 |
| Texas Instruments, Inc. | &nbsp;&nbsp;13726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079335 |
| **Shipbuilding — 2.5%** | **Shipbuilding — 2.5%** | **Shipbuilding — 2.5%** |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;17710 | &nbsp;&nbsp;&nbsp;&nbsp;4085343 |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
| Fiserv, Inc.\* | 20838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106097 |
| VMware, Inc., Class A\* | 19866 | &nbsp;&nbsp;&nbsp;&nbsp;2438750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4544847 |
| **Telecommunications — 4.7%** | **Telecommunications — 4.7%** | **Telecommunications — 4.7%** |
| Cisco Systems, Inc. | 55784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657550 |
| T-Mobile US, Inc.\* | &nbsp;&nbsp;10872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522080 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Large Core Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Telecommunications — (continued)** | **Telecommunications — (continued)** | **Telecommunications — (continued)** |
| Verizon Communications, Inc. | 86250 | &nbsp;&nbsp;&nbsp;&nbsp;$3398250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577880 |
| **Toys, Games & Hobbies — 2.1%** | **Toys, Games & Hobbies — 2.1%** | **Toys, Games & Hobbies — 2.1%** |
| Hasbro, Inc. | 54808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343836 |
| **TOTAL COMMON STOCKS<br> (Cost $138,319,597)** | **TOTAL COMMON STOCKS<br> (Cost $138,319,597)** | &nbsp;&nbsp;&nbsp;**150007133** |
| **REAL ESTATE INVESTMENT TRUSTS — 5.9%** | **REAL ESTATE INVESTMENT TRUSTS — 5.9%** | **REAL ESTATE INVESTMENT TRUSTS — 5.9%** |
| **Apartments — 3.1%** | **Apartments — 3.1%** | **Apartments — 3.1%** |
| Invitation Homes, Inc. | 68679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035646 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;18462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4933995 |
| **Healthcare — 0.8%** | **Healthcare — 0.8%** | **Healthcare — 0.8%** |
| Healthpeak Properties, Inc. | 52407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313843 |
| **Industrial — 2.0%** | **Industrial — 2.0%** | **Industrial — 2.0%** |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;13174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950543 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;26231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216451 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $10,303,745)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9464289** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $1,422,044)** | 1422044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1422044** |
| **TOTAL INVESTMENTS — 99.9%<br> (Cost $150,045,386)** |  | &nbsp;&nbsp;**$160893466** |
| **Other Assets & Liabilities — 0.1%** | **Other Assets & Liabilities — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**171350** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$161064816** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

A/S— Aktieselskab. <br> ADR— American Depositary Receipt. <br> PLC— Public Limited Company.

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;93% |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $150007133 | $150007133 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;9464289 | &nbsp;&nbsp;&nbsp;&nbsp;9464289 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422044 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $160893466 | $160893466 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Index 500 Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 96.6%** | **COMMON STOCKS — 96.6%** | **COMMON STOCKS — 96.6%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3919 | &nbsp;&nbsp;&nbsp;&nbsp;$319673 |
| The Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548513 |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4267 | &nbsp;&nbsp;&nbsp;&nbsp;1058685 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274175 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773708 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192611 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2803 | &nbsp;&nbsp;&nbsp;&nbsp;1529345 |
| Raytheon Technologies Corp. | &nbsp;&nbsp;28370 | &nbsp;&nbsp;&nbsp;&nbsp;2863100 |
| The Boeing Co.\* | &nbsp;&nbsp;&nbsp;10831 | &nbsp;&nbsp;&nbsp;&nbsp;2063197 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11392657 |
| **Agriculture — 0.9%** | **Agriculture — 0.9%** | **Agriculture — 0.9%** |
| Altria Group, Inc. | &nbsp;&nbsp;34698 | &nbsp;&nbsp;&nbsp;&nbsp;1586046 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;10415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967033 |
| Philip Morris International, Inc. | &nbsp;&nbsp;29906 | &nbsp;&nbsp;&nbsp;&nbsp;3026786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5579865 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Alaska Air Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95284 |
| American Airlines Group, Inc.\* | &nbsp;&nbsp;&nbsp;12540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159509 |
| Delta Air Lines, Inc.\* | &nbsp;&nbsp;&nbsp;11936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392217 |
| Southwest Airlines Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;11743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395387 |
| United Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1279756 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;24317 | &nbsp;&nbsp;&nbsp;&nbsp;2845332 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90454 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165991 |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3271026 |
| **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645945 |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;74416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865458 |
| General Motors Co. | &nbsp;&nbsp;26935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906093 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654291 |
| Tesla, Inc.\* | &nbsp;&nbsp;&nbsp;51647 | &nbsp;&nbsp;&nbsp;&nbsp;6361878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9433665 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477850 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642151 |
| **Banks — 4.8%** | **Banks — 4.8%** | **Banks — 4.8%** |
| Bank of America Corp. | 134486 | &nbsp;&nbsp;&nbsp;&nbsp;4454176 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;37492 | &nbsp;&nbsp;&nbsp;&nbsp;1695763 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365314 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173409 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;13580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445560 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;3468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422715 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;28630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403683 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;56449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7569811 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| KeyCorp | &nbsp;&nbsp;16921 | &nbsp;&nbsp;&nbsp;&nbsp;$294764 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;3237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469559 |
| Morgan Stanley | 25470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165459 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;4149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367145 |
| Regions Financial Corp. | 17484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376955 |
| Signature Bank | &nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125129 |
| State Street Corp. | &nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540275 |
| SVB Financial Group\* | &nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244639 |
| The Bank of New York Mellon Corp. | &nbsp;&nbsp;14031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638691 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;6542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246392 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;7737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221982 |
| Truist Financial Corp. | 25792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109830 |
| US Bancorp | 25539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113756 |
| Wells Fargo & Co. | &nbsp;&nbsp;73511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035269 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;2571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29606666 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;3351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220094 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735111 |
| Keurig Dr Pepper, Inc. | 16668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594381 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;3601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185523 |
| Monster Beverage Corp.\* | &nbsp;&nbsp;&nbsp;7265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737615 |
| PepsiCo, Inc. | 26538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794355 |
| The Coca-Cola Co. | 74973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12036112 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| Amgen, Inc. | 10298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704667 |
| Biogen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778422 |
| Bio-Rad Laboratories, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158525 |
| Corteva, Inc. | 13584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798467 |
| Gilead Sciences, Inc. | 24241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081090 |
| Illumina, Inc.\* | &nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603567 |
| Incyte Corp.\* | &nbsp;&nbsp;&nbsp;3319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266582 |
| Moderna, Inc.\* | &nbsp;&nbsp;6408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151005 |
| Regeneron Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;2074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496370 |
| Vertex Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;4972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11474509 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Carrier Global Corp. | &nbsp;&nbsp;16361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674891 |
| Johnson Controls International PLC | &nbsp;&nbsp;13425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859200 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;1228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415027 |
| Masco Corp. | &nbsp;&nbsp;4204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196201 |
| Mohawk Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98847 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;2623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703479 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;4301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325826 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482514 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192722 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;3603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306976 |
| Dow, Inc. | &nbsp;&nbsp;13247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667516 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;9260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635514 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Index 500 Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Chemicals — (continued)** | **Chemicals — (continued)** | **Chemicals — (continued)** |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$182914 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683550 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298147 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512353 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;9536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110453 |
| LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418056 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548855 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;6194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271731 |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10695856 |
| **Commercial Services — 1.8%** | **Commercial Services — 1.8%** | **Commercial Services — 1.8%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915657 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761431 |
| CoStar Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616231 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440225 |
| FleetCor Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257887 |
| Gartner, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507908 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510405 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214188 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855642 |
| PayPal Holdings, Inc.\* | &nbsp;&nbsp;22082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572680 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383182 |
| Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138062 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162311 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155004 |
| United Rentals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475907 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11481161 |
| **Computers — 7.5%** | **Computers — 7.5%** | **Computers — 7.5%** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;12150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242106 |
| Apple, Inc. | 287383 | &nbsp;&nbsp;&nbsp;&nbsp;37339673 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;10096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577390 |
| DXC Technology Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114374 |
| EPAM Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349371 |
| Fortinet, Inc.\* | &nbsp;&nbsp;&nbsp;12230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597925 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;24386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389200 |
| HP, Inc. | &nbsp;&nbsp;16694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448568 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;17458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459658 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281909 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252312 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184398 |
| Western Digital Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;6025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46426973 |
| **Cosmetics & Personal Care — 1.5%** | **Cosmetics & Personal Care — 1.5%** | **Cosmetics & Personal Care — 1.5%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;16207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276950 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115254 |
| The Procter & Gamble Co. | &nbsp;&nbsp;45610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9304856 |
| **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** |
| Copart, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494122 |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;10981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519621 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Distribution & Wholesale — (continued)** | **Distribution & Wholesale — (continued)** | **Distribution & Wholesale — (continued)** |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5109 | &nbsp;&nbsp;&nbsp;&nbsp;$272872 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211329 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977431 |
| **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
| American Express Co. | &nbsp;&nbsp;11568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709172 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634572 |
| BlackRock, Inc. | &nbsp;&nbsp;&nbsp;2904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057862 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664106 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252948 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;6984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174429 |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;5207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509401 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;5830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153795 |
| Intercontinental Exchange, Inc. | 10854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113512 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;9169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164950 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;16345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683647 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;6390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392027 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;3539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378142 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;9056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297580 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452381 |
| The Charles Schwab Corp. | 29467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453422 |
| Visa, Inc., Class A | &nbsp;&nbsp;31472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24630569 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;4883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269591 |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454292 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;9697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920730 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;11813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354272 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;5269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333686 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;6693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637910 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526743 |
| Dominion Energy, Inc. | &nbsp;&nbsp;16222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994733 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;3827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449787 |
| Duke Energy Corp. | &nbsp;&nbsp;14917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536302 |
| Edison International | &nbsp;&nbsp;&nbsp;7248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461118 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440100 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;4464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280920 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;6556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549655 |
| Exelon Corp. | &nbsp;&nbsp;18654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806412 |
| FirstEnergy Corp. | &nbsp;&nbsp;10734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450184 |
| NextEra Energy, Inc. | 38324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203886 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138003 |
| PG&E Corp.\* | 29808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484678 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169569 |
| PPL Corp. | 14059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410804 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600078 |
| Sempra Energy | &nbsp;&nbsp;&nbsp;5930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916422 |
| The AES Corp. | &nbsp;&nbsp;12568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361456 |
| The Southern Co. | &nbsp;&nbsp;21094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506323 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562466 |
| Xcel Energy, Inc. | &nbsp;&nbsp;10691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18569666 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Index 500 Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;4346 | &nbsp;&nbsp;&nbsp;$607223 |
| Emerson Electric Co. | &nbsp;&nbsp;11492 | &nbsp;&nbsp;&nbsp;&nbsp;1103922 |
| Generac Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1832541 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846570 |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179047 |
| Amphenol Corp., Class A | &nbsp;&nbsp;11247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856347 |
| Fortive Corp. | &nbsp;&nbsp;6692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429961 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;2774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256013 |
| Honeywell International, Inc. | 12977 | &nbsp;&nbsp;&nbsp;&nbsp;2780971 |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;3506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599771 |
| Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601307 |
| TE Connectivity Ltd. | &nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693392 |
| Trimble, Inc.\* | &nbsp;&nbsp;&nbsp;4721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7482073 |
| **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** |
| Enphase Energy, Inc.\* | &nbsp;&nbsp;&nbsp;2651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702409 |
| First Solar, Inc.\* | &nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278909 |
| SolarEdge Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1269120 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282765 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Caesars Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171891 |
| Live Nation Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364653 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Pentair PLC | &nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131476 |
| Republic Services, Inc. | &nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521120 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1765973 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| Campbell Soup Co. | &nbsp;&nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220076 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;9013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348803 |
| General Mills, Inc. | &nbsp;&nbsp;11242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942642 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;5169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235448 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349860 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232336 |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;4963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411383 |
| Mondelez International, Inc., Class A | 26425 | &nbsp;&nbsp;&nbsp;&nbsp;1761226 |
| Sysco Corp. | &nbsp;&nbsp;9896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756549 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645386 |
| The J.M. Smucker Co. | &nbsp;&nbsp;2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324526 |
| The Kraft Heinz Co. | &nbsp;&nbsp;15108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615047 |
| The Kroger Co. | 12069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538036 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7716285 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| International Paper Co. | &nbsp;&nbsp;6646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230151 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp;$285554 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;7816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499869 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233974 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443408 |
| **Healthcare Products — 3.9%** | **Healthcare Products — 3.9%** | **Healthcare Products — 3.9%** |
| Abbott Laboratories | &nbsp;&nbsp;33613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690371 |
| Align Technology, Inc.\* | &nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281341 |
| Baxter International, Inc. | &nbsp;&nbsp;9586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488598 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256265 |
| Boston Scientific Corp.\* | 27788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285751 |
| Danaher Corp. | 12634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353316 |
| DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;3666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116726 |
| Edwards Lifesciences Corp.\* | &nbsp;&nbsp;11613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866446 |
| Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353926 |
| IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661303 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;6836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813933 |
| Medtronic PLC | 25697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997171 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331340 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;2779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578393 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335766 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;6522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594564 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237398 |
| The Cooper Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305539 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;7558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162115 |
| Waters Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379579 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317487 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;4130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23933903 |
| **Healthcare Services — 2.8%** | **Healthcare Services — 2.8%** | **Healthcare Services — 2.8%** |
| Catalent, Inc.\* | &nbsp;&nbsp;&nbsp;3353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150918 |
| Centene Corp.\* | 10806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886200 |
| Charles River Laboratories International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213106 |
| DaVita, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83182 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;4613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366331 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;4126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990075 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;2457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258451 |
| IQVIA Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;3629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743546 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405497 |
| Molina Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362582 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348392 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;17975 | &nbsp;&nbsp;&nbsp;&nbsp;9529985 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17507051 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521469 |
| Lennar Corp., Class A | &nbsp;&nbsp;4869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440644 |
| NVR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262917 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Index 500 Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Home Builders — (continued)** | **Home Builders — (continued)** | **Home Builders — (continued)** |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp;$196781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421811 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147826 |
| **Household Products & Wares — 0.3%** | **Household Products & Wares — 0.3%** | **Household Products & Wares — 0.3%** |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279826 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362262 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862691 |
| The Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828801 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80847 |
| **Insurance — 4.2%** | **Insurance — 4.2%** | **Insurance — 4.2%** |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;10826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778822 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;14228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899779 |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;3971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191856 |
| Arch Capital Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;6892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432680 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776219 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123059 |
| Berkshire Hathaway, Inc., Class B\* | &nbsp;&nbsp;34656 | &nbsp;&nbsp;&nbsp;&nbsp;10705238 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253004 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772080 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314440 |
| Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239840 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200113 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86292 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231103 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589270 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;12630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914033 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376465 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698806 |
| The Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686272 |
| The Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460288 |
| The Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470782 |
| The Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839955 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265969 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25803841 |
| **Internet — 7.3%** | **Internet — 7.3%** | **Internet — 7.3%** |
| Alphabet, Inc., Class A\* | 114892 | &nbsp;&nbsp;&nbsp;&nbsp;10136921 |
| Alphabet, Inc., Class C\* | 101862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9038215 |
| Amazon.com, Inc.\* | 170658 | &nbsp;&nbsp;&nbsp;&nbsp;14335272 |
| Booking Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485261 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476630 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;10235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424446 |
| Etsy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295857 |
| Expedia Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250886 |
| F5, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154417 |
| Match Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212968 |
| Meta Platforms, Inc., Class A\* | &nbsp;&nbsp;&nbsp;43310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211925 |
| Netflix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8593 | &nbsp;&nbsp;&nbsp;&nbsp;2533904 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Internet — (continued)** | **Internet — (continued)** | **Internet — (continued)** |
| NortonLifeLock, Inc. | 10997 | &nbsp;&nbsp;&nbsp;&nbsp;$235666 |
| VeriSign, Inc.\* | &nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45154353 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;4910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647187 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960023 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp.\* | 19064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153656 |
| Norwegian Cruise Line Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;7409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90686 |
| Royal Caribbean Cruises Ltd.\* | &nbsp;&nbsp;&nbsp;4445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464058 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;5290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668444 |
| Las Vegas Sands Corp.\* | &nbsp;&nbsp;&nbsp;6570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315820 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;5105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760083 |
| MGM Resorts International | &nbsp;&nbsp;&nbsp;5767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193368 |
| Wynn Resorts Ltd.\* | &nbsp;&nbsp;&nbsp;2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2104222 |
| **Machinery — Construction & Mining — 0.4%** | **Machinery — Construction & Mining — 0.4%** | **Machinery — Construction & Mining — 0.4%** |
| Caterpillar, Inc. | 10052 | &nbsp;&nbsp;&nbsp;&nbsp;2408057 |
| **Machinery — Diversified — 0.9%** | **Machinery — Diversified — 0.9%** | **Machinery — Diversified — 0.9%** |
| Deere & Co. | &nbsp;&nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp;2275001 |
| Dover Corp. | &nbsp;&nbsp;2690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364253 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328339 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397779 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244852 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;8162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639166 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;2156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555321 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;3619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361212 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;3399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5541750 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Charter Communications, Inc., Class A\* | &nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691764 |
| Comcast Corp., Class A | 83242 | &nbsp;&nbsp;&nbsp;&nbsp;2910973 |
| DISH Network Corp., Class A\* | &nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58294 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286464 |
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp;5368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163026 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77384 |
| News Corp., Class A | &nbsp;&nbsp;&nbsp;6937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126253 |
| News Corp., Class B | &nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32491 |
| Paramount Global, Class B | &nbsp;&nbsp;&nbsp;8758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147835 |
| The Walt Disney Co.\* | &nbsp;&nbsp;35163 | &nbsp;&nbsp;&nbsp;&nbsp;3054962 |
| Warner Bros Discovery, Inc.\* | 42250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7949976 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 27789 | &nbsp;&nbsp;&nbsp;&nbsp;1055982 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Index 500 Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Mining — (continued)** | **Mining — (continued)** | **Mining — (continued)** |
| Newmont Corp. | 15056 | &nbsp;&nbsp;&nbsp;&nbsp;$710643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766625 |
| **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** |
| 3M Co. | &nbsp;&nbsp;10722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285782 |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125985 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;7721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211811 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;21151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772242 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;5310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169793 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709167 |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350721 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;3865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273642 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;4407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7639916 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Zebra Technologies Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247948 |
| **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** |
| APA Corp. | &nbsp;&nbsp;&nbsp;6242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291377 |
| Chevron Corp. | &nbsp;&nbsp;34251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147712 |
| ConocoPhillips | 24051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838018 |
| Coterra Energy, Inc. | &nbsp;&nbsp;14725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361793 |
| Devon Energy Corp. | 12306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756942 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462727 |
| EOG Resources, Inc. | &nbsp;&nbsp;11384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474456 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231735 |
| Exxon Mobil Corp. | 79240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8740172 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745973 |
| Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;12211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330552 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061128 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;14168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892442 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;9101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947232 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;4511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030267 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27244947 |
| **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** |
| Baker Hughes Co. | &nbsp;&nbsp;19243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568246 |
| Halliburton Co. | &nbsp;&nbsp;17355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682919 |
| Schlumberger Ltd. N.V. | 27493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720941 |
| **Packaging and Containers — 0.2%** | **Packaging and Containers — 0.2%** | **Packaging and Containers — 0.2%** |
| Amcor PLC | 28419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338470 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;5874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300396 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230238 |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122855 |
| Westrock Co. | &nbsp;&nbsp;&nbsp;4629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154715 |
| **Pharmaceuticals — 7.1%** | **Pharmaceuticals — 7.1%** | **Pharmaceuticals — 7.1%** |
| AbbVie, Inc. | 34053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503305 |
| AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509558 |
| Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;5529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406025 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;41015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951029 |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;5242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402953 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5912 | &nbsp;&nbsp;$1958882 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;25372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364417 |
| Dexcom, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829143 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;15186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555646 |
| Henry Schein, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192487 |
| Johnson & Johnson | &nbsp;&nbsp;50300 | &nbsp;&nbsp;&nbsp;&nbsp;8885495 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010948 |
| Merck & Co., Inc. | &nbsp;&nbsp;48825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417134 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;4483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125210 |
| Pfizer, Inc. | 108078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5537917 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;23083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256914 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44231582 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;37393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676065 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556282 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311052 |
| The Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;22945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298290 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CBRE Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;6114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470533 |
| **Retail — 5.5%** | **Retail — 5.5%** | **Retail — 5.5%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172760 |
| AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887825 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178168 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298221 |
| CarMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186262 |
| Chipotle Mexican Grill, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729820 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893945 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337387 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055920 |
| Dollar Tree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573822 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239362 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458240 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;11985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387891 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720516 |
| O'Reilly Automotive, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994267 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768267 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;22179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200157 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330629 |
| The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;19706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224337 |
| The TJX Cos., Inc. | &nbsp;&nbsp;22466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788294 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464113 |
| Ulta Beauty, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474699 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507760 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;27202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856972 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34435099 |
| **Semiconductors — 4.9%** | **Semiconductors — 4.9%** | **Semiconductors — 4.9%** |
| Advanced Micro Devices, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;31165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018557 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606182 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;16648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621182 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4363451 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Index 500 Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Semiconductors — (continued)** | **Semiconductors — (continued)** | **Semiconductors — (continued)** |
| Intel Corp. | &nbsp;&nbsp;79750 | &nbsp;&nbsp;&nbsp;$2107792 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038718 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085215 |
| Microchip Technology, Inc. | &nbsp;&nbsp;10474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735799 |
| Micron Technology, Inc. | &nbsp;&nbsp;20580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028588 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289607 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;47912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7001860 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;4967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784935 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511434 |
| Qorvo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180917 |
| QUALCOMM, Inc. | &nbsp;&nbsp;21644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379541 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293074 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244580 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;17510 | &nbsp;&nbsp;&nbsp;&nbsp;2893002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30184434 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180161 |
| **Software — 9.2%** | **Software — 9.2%** | **Software — 9.2%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;13451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029674 |
| Adobe, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018674 |
| Akamai Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238990 |
| ANSYS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389926 |
| Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767475 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285429 |
| Cadence Design Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830509 |
| Ceridian HCM Holding, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194824 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628250 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;11233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762159 |
| Fiserv, Inc.\* | &nbsp;&nbsp;&nbsp;12033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216175 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120081 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249822 |
| Microsoft Corp. | 143267 | &nbsp;&nbsp;&nbsp;&nbsp;34358292 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712175 |
| Oracle Corp. | &nbsp;&nbsp;29682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426207 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701103 |
| Paycom Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290140 |
| PTC, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243441 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893130 |
| Salesforce, Inc.\* | &nbsp;&nbsp;19308 | &nbsp;&nbsp;&nbsp;&nbsp;2560048 |
| ServiceNow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518912 |
| Synopsys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950207 |
| Take-Two Interactive Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308954 |
| Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;56947366 |
| **Telecommunications — 2.1%** | **Telecommunications — 2.1%** | **Telecommunications — 2.1%** |
| Arista Networks, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566704 |
| AT&T, Inc. | 137603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533271 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;79145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770468 |
| Corning, Inc. | &nbsp;&nbsp;15007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479324 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199622 |
| Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;17789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92859 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816425 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Telecommunications — (continued)** | **Telecommunications — (continued)** | **Telecommunications — (continued)** |
| T-Mobile US, Inc.\* | &nbsp;&nbsp;11563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1618820 |
| Verizon Communications, Inc. | &nbsp;&nbsp;81019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13269642 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138493 |
| **Transportation — 1.5%** | **Transportation — 1.5%** | **Transportation — 1.5%** |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208482 |
| CSX Corp. | 39828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233871 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320697 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;4514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781825 |
| J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267991 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;4442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094598 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479021 |
| Union Pacific Corp. | &nbsp;&nbsp;11871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458128 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;14091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9294192 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525544 |
| **TOTAL COMMON STOCKS<br> (Cost $346,644,966)** | **TOTAL COMMON STOCKS<br> (Cost $346,644,966)** | &nbsp;&nbsp;&nbsp;**600998696** |
| **REAL ESTATE INVESTMENT TRUSTS — 2.6%** | **REAL ESTATE INVESTMENT TRUSTS — 2.6%** | **REAL ESTATE INVESTMENT TRUSTS — 2.6%** |
| **Apartments — 0.4%** | **Apartments — 0.4%** | **Apartments — 0.4%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416076 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218725 |
| Equity Residential | &nbsp;&nbsp;&nbsp;6734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397306 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253032 |
| Invitation Homes, Inc. | 10637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315281 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360449 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;5929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190499 |
| **Diversified — 1.0%** | **Diversified — 1.0%** | **Diversified — 1.0%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;9003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907375 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140868 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544767 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;1796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176434 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576037 |
| VICI Properties, Inc. | 18209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589972 |
| Weyerhaeuser Co. | &nbsp;&nbsp;14533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385976 |
| **Healthcare — 0.2%** | **Healthcare — 0.2%** | **Healthcare — 0.2%** |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;10191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255488 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;7950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358148 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;9265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220957 |
| **Hotels & Resorts — 0.0%** | **Hotels & Resorts — 0.0%** | **Hotels & Resorts — 0.0%** |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;13729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220350 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Index 500 Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** |
| **Industrial — 0.3%** | **Industrial — 0.3%** | **Industrial — 0.3%** |
| Prologis, Inc. | 17840 | &nbsp;&nbsp;&nbsp;&nbsp;$2011103 |
| **Office Property — 0.1%** | **Office Property — 0.1%** | **Office Property — 0.1%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;2952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430018 |
| Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;2751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185913 |
| Vornado Realty Trust | &nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674469 |
| **Regional Malls — 0.1%** | **Regional Malls — 0.1%** | **Regional Malls — 0.1%** |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;6241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733193 |
| **Single Tenant — 0.1%** | **Single Tenant — 0.1%** | **Single Tenant — 0.1%** |
| Realty Income Corp. | 12243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776573 |
| **Storage & Warehousing — 0.3%** | **Storage & Warehousing — 0.3%** | **Storage & Warehousing — 0.3%** |
| Extra Space Storage, Inc. | &nbsp;&nbsp;2653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390469 |
| Iron Mountain, Inc. | &nbsp;&nbsp;5293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263856 |
| Public Storage | &nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517030 |
| **Strip Centers — 0.1%** | **Strip Centers — 0.1%** | **Strip Centers — 0.1%** |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124582 |
| Kimco Realty Corp. | &nbsp;&nbsp;11743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248717 |
| Regency Centers Corp. | &nbsp;&nbsp;2676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540549 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $12,956,910)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16270699** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $4,177,599)** | 4177599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4177599** |
| **TOTAL INVESTMENTS — 99.9%<br> (Cost $363,779,475)** |  | &nbsp;&nbsp;**$621446994** |
| **Other Assets & Liabilities — 0.1%** | **Other Assets & Liabilities — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**620563** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$622067557** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| N.V.— Naamloze Vennootschap. |
| NA— National Association. |
| PLC— Public Limited Company. |
| S&P— Standards & Poor's |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $600998696 | $600998696 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16270699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16270699 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177599 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;$621446994 | &nbsp;&nbsp;&nbsp;&nbsp;$621446994 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Futures Contracts | $(162808) | $(162808) | $— | $— |
| Total Liabilities—Other Financial Instruments | &nbsp;&nbsp;$(162808) | &nbsp;&nbsp;$(162808) | $— | $— |

---

<sup>(1)</sup> Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Index 500 Fund<br>
Futures contracts held by the Fund at December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration <br> Date** | **Numbers <br> of<br> Contracts** | **Units per<br> Contract** | **Closing <br> Price** | **Notional <br> Value** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| Long | E-mini S&P 500 Index | 03/17/23 | 25 | 50 | $3861 | $4826250 | $— | $(162808) |
|  |  |  |  |  |  |  | $— | $(162808) |

---

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Mid Cap Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** |
| **Advertising — 1.4%** | **Advertising — 1.4%** | **Advertising — 1.4%** |
| The Trade Desk, Inc., Class A\* | 40641 | &nbsp;&nbsp;$1821936 |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| HEICO Corp., Class A | 24889 | &nbsp;&nbsp;&nbsp;&nbsp;2982947 |
| **Apparel — 2.1%** | **Apparel — 2.1%** | **Apparel — 2.1%** |
| Levi Strauss & Co., Class A | 98032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521456 |
| On Holding AG, Class A\* | &nbsp;&nbsp;73837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2788499 |
| **Auto Parts & Equipment — 2.4%** | **Auto Parts & Equipment — 2.4%** | **Auto Parts & Equipment — 2.4%** |
| BorgWarner, Inc. | 78999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179710 |
| **Banks — 2.8%** | **Banks — 2.8%** | **Banks — 2.8%** |
| First Republic Bank | &nbsp;&nbsp;18939 | &nbsp;&nbsp;&nbsp;&nbsp;2308475 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;20721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3829396 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;27734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821569 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| Genmab A/S, ADR\* | 58382 | &nbsp;&nbsp;&nbsp;&nbsp;2474229 |
| Seagen, Inc.\* | &nbsp;&nbsp;15996 | &nbsp;&nbsp;&nbsp;&nbsp;2055646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4529875 |
| **Building Materials — 2.3%** | **Building Materials — 2.3%** | **Building Materials — 2.3%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;3407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151464 |
| Trex Co., Inc.\* | 46767 | &nbsp;&nbsp;&nbsp;&nbsp;1979647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131111 |
| **Commercial Services — 8.5%** | **Commercial Services — 8.5%** | **Commercial Services — 8.5%** |
| Clarivate PLC\* | 111709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931653 |
| CoStar Group, Inc.\* | 82278 | &nbsp;&nbsp;&nbsp;&nbsp;6358444 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;14740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11400935 |
| **Computers — 2.2%** | **Computers — 2.2%** | **Computers — 2.2%** |
| Crowdstrike Holdings, Inc., Class A\* | 16008 | &nbsp;&nbsp;&nbsp;&nbsp;1685482 |
| Genpact Ltd. | 29022 | &nbsp;&nbsp;&nbsp;&nbsp;1344299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3029781 |
| **Distribution & Wholesale — 4.2%** | **Distribution & Wholesale — 4.2%** | **Distribution & Wholesale — 4.2%** |
| Copart, Inc.\* | &nbsp;&nbsp;24383 | &nbsp;&nbsp;&nbsp;&nbsp;1484681 |
| Fastenal Co. | 42686 | &nbsp;&nbsp;&nbsp;&nbsp;2019901 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;7206 | &nbsp;&nbsp;&nbsp;&nbsp;2178590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683172 |
| **Electrical Components & Equipment — 4.6%** | **Electrical Components & Equipment — 4.6%** | **Electrical Components & Equipment — 4.6%** |
| Generac Holdings, Inc.\* | &nbsp;&nbsp;13283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337067 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;1468734 |
| Novanta, Inc.\* | &nbsp;&nbsp;12068 | &nbsp;&nbsp;&nbsp;&nbsp;1639679 |
| Universal Display Corp. | &nbsp;&nbsp;16797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6260228 |
| **Electronics — 6.9%** | **Electronics — 6.9%** | **Electronics — 6.9%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;15623 | &nbsp;&nbsp;&nbsp;&nbsp;2337982 |
| Coherent Corp.\* | 58383 | &nbsp;&nbsp;&nbsp;&nbsp;2049243 |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;17193 | &nbsp;&nbsp;&nbsp;&nbsp;2941207 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electronics — (continued)** | **Electronics — (continued)** | **Electronics — (continued)** |
| Trimble, Inc.\* | &nbsp;&nbsp;38245 | &nbsp;&nbsp;$1933667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9262099 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;9942 | &nbsp;&nbsp;&nbsp;&nbsp;2369676 |
| **Hand & Machine Tools — 0.6%** | **Hand & Machine Tools — 0.6%** | **Hand & Machine Tools — 0.6%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814346 |
| **Healthcare Products — 9.5%** | **Healthcare Products — 9.5%** | **Healthcare Products — 9.5%** |
| Bio-Techne Corp. | &nbsp;&nbsp;27284 | &nbsp;&nbsp;&nbsp;&nbsp;2261298 |
| Edwards Lifesciences Corp.\* | &nbsp;&nbsp;23880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781687 |
| Envista Holdings Corp.\* | &nbsp;&nbsp;66847 | &nbsp;&nbsp;&nbsp;&nbsp;2250738 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;10081 | &nbsp;&nbsp;&nbsp;&nbsp;2674993 |
| Repligen Corp.\* | &nbsp;&nbsp;&nbsp;15141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563523 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12867380 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388410 |
| **Internet — 3.6%** | **Internet — 3.6%** | **Internet — 3.6%** |
| Pinterest, Inc., Class A\* | 143061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473521 |
| Shutterstock, Inc. | &nbsp;&nbsp;24882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4785300 |
| **Machinery — Diversified — 1.5%** | **Machinery — Diversified — 1.5%** | **Machinery — Diversified — 1.5%** |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013186 |
| **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** |
| A.O. Smith Corp. | &nbsp;&nbsp;32651 | &nbsp;&nbsp;&nbsp;&nbsp;1868943 |
| **Office & Business Equipment — 0.7%** | **Office & Business Equipment — 0.7%** | **Office & Business Equipment — 0.7%** |
| Zebra Technologies Corp., Class A\* | &nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943589 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| Dexcom, Inc.\* | 46882 | &nbsp;&nbsp;&nbsp;&nbsp;5308918 |
| **Retail — 6.9%** | **Retail — 6.9%** | **Retail — 6.9%** |
| Chipotle Mexican Grill, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp;2990041 |
| Floor & Decor Holdings, Inc., Class A\* | &nbsp;&nbsp;21032 | &nbsp;&nbsp;&nbsp;&nbsp;1464458 |
| Lululemon Athletica, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013588 |
| National Vision Holdings, Inc.\* | &nbsp;&nbsp;52509 | &nbsp;&nbsp;&nbsp;&nbsp;2035249 |
| Petco Health & Wellness Co., Inc.\* | 90838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9364480 |
| **Semiconductors — 9.0%** | **Semiconductors — 9.0%** | **Semiconductors — 9.0%** |
| Marvell Technology, Inc. | &nbsp;&nbsp;62418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311963 |
| Microchip Technology, Inc. | &nbsp;&nbsp;45404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189631 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;10542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727756 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;33114 | &nbsp;&nbsp;&nbsp;&nbsp;2892508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12121858 |
| **Software — 12.1%** | **Software — 12.1%** | **Software — 12.1%** |
| DocuSign, Inc.\* | &nbsp;&nbsp;36745 | &nbsp;&nbsp;&nbsp;&nbsp;2036408 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;13239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617541 |
| EngageSmart, Inc.\* | &nbsp;&nbsp;&nbsp;36135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635976 |
| Five9, Inc.\* | &nbsp;&nbsp;23862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619275 |
| HubSpot, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491810 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Mid Cap Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Paycom Software, Inc.\* | &nbsp;&nbsp;&nbsp;9491 | &nbsp;&nbsp;&nbsp;&nbsp;$2945152 |
| Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572510 |
| Workday, Inc.\* | &nbsp;&nbsp;8585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436528 |
| Workiva, Inc.\* | 20172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693843 |
| ZoomInfo Technologies, Inc.\* | 43291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16352535 |
| **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** |
| Arista Networks, Inc.\* | 21486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607326 |
| **TOTAL COMMON STOCKS<br> (Cost $119,368,603)** | **TOTAL COMMON STOCKS<br> (Cost $119,368,603)** | &nbsp;&nbsp;&nbsp;**132527205** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 1.8%** | **SHORT-TERM INVESTMENTS — 1.8%** | **SHORT-TERM INVESTMENTS — 1.8%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $2,460,175)** | 2460175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2460175** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $121,828,778)** |  | &nbsp;&nbsp;**$134987380** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(154949)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$134832431** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| A/S— Aktieselskab. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| PLC— Public Limited Company. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $132527205 | $132527205 | $— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460175 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$134987380 | &nbsp;&nbsp;$134987380 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Mid Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 89.1%** | **COMMON STOCKS — 89.1%** | **COMMON STOCKS — 89.1%** |
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;6809 | &nbsp;&nbsp;$1417702 |
| **Auto Parts & Equipment — 1.9%** | **Auto Parts & Equipment — 1.9%** | **Auto Parts & Equipment — 1.9%** |
| Aptiv PLC\* | &nbsp;&nbsp;&nbsp;8967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835097 |
| Autoliv, Inc. | 10560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1643782 |
| **Banks — 8.1%** | **Banks — 8.1%** | **Banks — 8.1%** |
| Citizens Financial Group, Inc. | 33082 | &nbsp;&nbsp;&nbsp;&nbsp;1302438 |
| Regions Financial Corp. | 54463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174222 |
| State Street Corp. | &nbsp;&nbsp;21487 | &nbsp;&nbsp;&nbsp;&nbsp;1666747 |
| SVB Financial Group\* | &nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455677 |
| Synovus Financial Corp. | 29489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107312 |
| Webster Financial Corp. | 18658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883270 |
| Zions Bancorp NA | &nbsp;&nbsp;13003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7228894 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| Corteva, Inc. | &nbsp;&nbsp;26110 | &nbsp;&nbsp;&nbsp;&nbsp;1534746 |
| **Building Materials — 3.0%** | **Building Materials — 3.0%** | **Building Materials — 3.0%** |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;9586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657504 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;15144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864874 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp;1066971 |
| Masterbrand, Inc.\* | &nbsp;&nbsp;15144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2703686 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| Axalta Coating Systems Ltd.\* | 36680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934240 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp;&nbsp;&nbsp;1146537 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;6994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2797942 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359638 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| Insight Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;2735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274238 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| Jefferies Financial Group, Inc. | 20274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694993 |
| **Electric — 4.6%** | **Electric — 4.6%** | **Electric — 4.6%** |
| Alliant Energy Corp. | 30205 | &nbsp;&nbsp;&nbsp;&nbsp;1667618 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;5298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622674 |
| Entergy Corp. | 15986 | &nbsp;&nbsp;&nbsp;&nbsp;1798425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4088717 |
| **Electrical Components & Equipment — 3.2%** | **Electrical Components & Equipment — 3.2%** | **Electrical Components & Equipment — 3.2%** |
| Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;6584 | &nbsp;&nbsp;&nbsp;&nbsp;1090376 |
| AMETEK, Inc. | &nbsp;&nbsp;12593 | &nbsp;&nbsp;&nbsp;&nbsp;1759494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2849870 |
| **Electronics — 2.2%** | **Electronics — 2.2%** | **Electronics — 2.2%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809756 |
| Vontier Corp. | &nbsp;&nbsp;59337 | &nbsp;&nbsp;&nbsp;&nbsp;1146984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1956740 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Environmental Control — 1.7%** | **Environmental Control — 1.7%** | **Environmental Control — 1.7%** |
| Waste Connections, Inc. | &nbsp;&nbsp;11729 | &nbsp;&nbsp;$1554796 |
| **Food — 2.3%** | **Food — 2.3%** | **Food — 2.3%** |
| Kellogg Co. | &nbsp;&nbsp;12656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901614 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;12501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2018703 |
| **Hand & Machine Tools — 1.5%** | **Hand & Machine Tools — 1.5%** | **Hand & Machine Tools — 1.5%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;9467 | &nbsp;&nbsp;&nbsp;&nbsp;1367887 |
| **Healthcare Products — 2.7%** | **Healthcare Products — 2.7%** | **Healthcare Products — 2.7%** |
| Envista Holdings Corp.\* | &nbsp;&nbsp;25810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869022 |
| Globus Medical, Inc., Class A\* | 20225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371133 |
| **Healthcare Services — 4.0%** | **Healthcare Services — 4.0%** | **Healthcare Services — 4.0%** |
| Charles River Laboratories International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397667 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843065 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;9742 | &nbsp;&nbsp;&nbsp;&nbsp;2294046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3534778 |
| **Insurance — 6.6%** | **Insurance — 6.6%** | **Insurance — 6.6%** |
| Globe Life, Inc. | &nbsp;&nbsp;12430 | &nbsp;&nbsp;&nbsp;&nbsp;1498437 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;6635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942767 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;6834 | &nbsp;&nbsp;&nbsp;&nbsp;1259028 |
| The Hartford Financial Services Group, Inc. | &nbsp;&nbsp;28751 | &nbsp;&nbsp;&nbsp;&nbsp;2180188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5880420 |
| **Machinery — Construction & Mining — 2.1%** | **Machinery — Construction & Mining — 2.1%** | **Machinery — Construction & Mining — 2.1%** |
| BWX Technologies, Inc. | 23505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365171 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1821025 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Fox Corp., Class B | &nbsp;&nbsp;39514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124173 |
| **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
| Freeport-McMoRan, Inc. | 28838 | &nbsp;&nbsp;&nbsp;&nbsp;1095844 |
| **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;&nbsp;1039217 |
| **Office & Business Equipment — 0.8%** | **Office & Business Equipment — 0.8%** | **Office & Business Equipment — 0.8%** |
| Zebra Technologies Corp., Class A\* | &nbsp;&nbsp;&nbsp;2932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751794 |
| **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** |
| Coterra Energy, Inc. | 69298 | &nbsp;&nbsp;&nbsp;&nbsp;1702652 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;5843 | &nbsp;&nbsp;&nbsp;&nbsp;1334483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037135 |
| **Oil & Gas Services — 2.2%** | **Oil & Gas Services — 2.2%** | **Oil & Gas Services — 2.2%** |
| Baker Hughes Co. | &nbsp;&nbsp;67255 | &nbsp;&nbsp;&nbsp;&nbsp;1986040 |
| **Packaging and Containers — 1.9%** | **Packaging and Containers — 1.9%** | **Packaging and Containers — 1.9%** |
| Graphic Packaging Holding Co. | 49573 | &nbsp;&nbsp;&nbsp;&nbsp;1102999 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;9882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1702935 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Mid Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;17514 | &nbsp;&nbsp;&nbsp;&nbsp;$1346301 |
| Henry Schein, Inc.\* | 20625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993620 |
| **Retail — 9.8%** | **Retail — 9.8%** | **Retail — 9.8%** |
| AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250353 |
| Bath & Body Works, Inc. | 22802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960876 |
| Burlington Stores, Inc.\* | 10056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038955 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;7902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772814 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;17623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439799 |
| O'Reilly Automotive, Inc.\* | &nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668916 |
| **Semiconductors — 3.1%** | **Semiconductors — 3.1%** | **Semiconductors — 3.1%** |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505201 |
| Microchip Technology, Inc. | &nbsp;&nbsp;17242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211250 |
| Teradyne, Inc. | &nbsp;&nbsp;11504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721325 |
| **Software — 5.6%** | **Software — 5.6%** | **Software — 5.6%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;17926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372235 |
| Black Knight, Inc.\* | &nbsp;&nbsp;13305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821584 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;20017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358154 |
| Take-Two Interactive Software, Inc.\* | &nbsp;&nbsp;13556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963559 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| Nice Ltd., ADR\* | &nbsp;&nbsp;&nbsp;3588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689972 |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| Canadian Pacific Railway Ltd. | &nbsp;&nbsp;10611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791474 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;2840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254110 |
| **Trucking and Leasing — 1.1%** | **Trucking and Leasing — 1.1%** | **Trucking and Leasing — 1.1%** |
| GATX Corp. | &nbsp;&nbsp;&nbsp;9012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958336 |
| **TOTAL COMMON STOCKS<br> (Cost $67,315,813)** | **TOTAL COMMON STOCKS<br> (Cost $67,315,813)** | &nbsp;&nbsp;&nbsp;**79086666** |
| **REAL ESTATE INVESTMENT TRUSTS — 8.6%** | **REAL ESTATE INVESTMENT TRUSTS — 8.6%** | **REAL ESTATE INVESTMENT TRUSTS — 8.6%** |
| **Diversified — 2.6%** | **Diversified — 2.6%** | **Diversified — 2.6%** |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;14655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383432 |
| Weyerhaeuser Co. | 29638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302210 |
| **Hotels & Resorts — 1.5%** | **Hotels & Resorts — 1.5%** | **Hotels & Resorts — 1.5%** |
| Apple Hospitality REIT, Inc. | 85948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356260 |
| **Industrial — 0.9%** | **Industrial — 0.9%** | **Industrial — 0.9%** |
| STAG lndustrial, Inc. | &nbsp;&nbsp;23023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743873 |
| **Manufactured Homes — 2.1%** | **Manufactured Homes — 2.1%** | **Manufactured Homes — 2.1%** |
| Equity LifeStyle Properties, Inc. | 28524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842650 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Office Property — 1.5%** | **Office Property — 1.5%** | **Office Property — 1.5%** |
| Alexandria Real Estate Equities, Inc. | 9253 | &nbsp;&nbsp;$1347885 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $7,399,014)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7592878** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $1,984,268)** | 1984268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1984268** |
| **TOTAL INVESTMENTS — 99.9%<br> (Cost $76,699,095)** |  | &nbsp;&nbsp;**$88663812** |
| **Other Assets & Liabilities — 0.1%** | **Other Assets & Liabilities — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44485** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$88708297** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| ADR— American Depositary Receipt. |
| NA— National Association. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $79086666 | $79086666 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592878 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984268 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;$88663812 | &nbsp;&nbsp;&nbsp;&nbsp;$88663812 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Mid Core Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 86.4%** | **COMMON STOCKS — 86.4%** | **COMMON STOCKS — 86.4%** |
| **Advertising — 0.8%** | **Advertising — 0.8%** | **Advertising — 0.8%** |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;8931 | &nbsp;&nbsp;&nbsp;$728502 |
| **Airlines — 1.7%** | **Airlines — 1.7%** | **Airlines — 1.7%** |
| Southwest Airlines Co.\* | &nbsp;&nbsp;&nbsp;43117 | &nbsp;&nbsp;&nbsp;&nbsp;1451749 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488214 |
| **Auto Parts & Equipment — 2.5%** | **Auto Parts & Equipment — 2.5%** | **Auto Parts & Equipment — 2.5%** |
| Aptiv PLC\* | &nbsp;&nbsp;&nbsp;4002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372706 |
| BorgWarner, Inc. | &nbsp;&nbsp;33023 | &nbsp;&nbsp;&nbsp;&nbsp;1329176 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;17638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2193229 |
| **Banks — 11.3%** | **Banks — 11.3%** | **Banks — 11.3%** |
| First Hawaiian, Inc. | &nbsp;&nbsp;51482 | &nbsp;&nbsp;&nbsp;&nbsp;1340591 |
| Northern Trust Corp. | 26970 | &nbsp;&nbsp;&nbsp;&nbsp;2386575 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;15626 | &nbsp;&nbsp;&nbsp;&nbsp;1135698 |
| The Bank of New York Mellon Corp. | 48274 | &nbsp;&nbsp;&nbsp;&nbsp;2197433 |
| Truist Financial Corp. | &nbsp;&nbsp;34197 | &nbsp;&nbsp;&nbsp;&nbsp;1471497 |
| US Bancorp | 20848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909181 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;6451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9821649 |
| **Building Materials — 1.0%** | **Building Materials — 1.0%** | **Building Materials — 1.0%** |
| Cie de Saint-Gobain | &nbsp;&nbsp;18439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902051 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| Akzo Nobel N.V. | &nbsp;&nbsp;13842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928834 |
| Axalta Coating Systems Ltd.\* | 31800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1738780 |
| **Computers — 1.9%** | **Computers — 1.9%** | **Computers — 1.9%** |
| Amdocs Ltd. | &nbsp;&nbsp;10534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957541 |
| HP, Inc. | &nbsp;&nbsp;26361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1665861 |
| **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336591 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;11709 | &nbsp;&nbsp;&nbsp;&nbsp;1276984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1613575 |
| **Electric — 6.6%** | **Electric — 6.6%** | **Electric — 6.6%** |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944830 |
| Edison International | &nbsp;&nbsp;29215 | &nbsp;&nbsp;&nbsp;&nbsp;1858658 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;6498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408919 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;5048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423225 |
| NorthWestern Corp. | &nbsp;&nbsp;23374 | &nbsp;&nbsp;&nbsp;&nbsp;1387013 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5729817 |
| **Electrical Components & Equipment — 2.2%** | **Electrical Components & Equipment — 2.2%** | **Electrical Components & Equipment — 2.2%** |
| Emerson Electric Co. | 13060 | &nbsp;&nbsp;&nbsp;&nbsp;1254544 |
| Legrand S.A. | &nbsp;&nbsp;&nbsp;8631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1946592 |
| **Electronics — 2.7%** | **Electronics — 2.7%** | **Electronics — 2.7%** |
| Atkore, Inc.\* | &nbsp;&nbsp;&nbsp;3359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380978 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electronics — (continued)** | **Electronics — (continued)** | **Electronics — (continued)** |
| nVent Electric PLC | 25982 | &nbsp;&nbsp;&nbsp;$999527 |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;7997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2298561 |
| **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** |
| Vinci S.A. | &nbsp;&nbsp;&nbsp;9258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922902 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;2963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382197 |
| **Food — 4.8%** | **Food — 4.8%** | **Food — 4.8%** |
| Conagra Brands, Inc. | &nbsp;&nbsp;41184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593821 |
| Koninklijke Ahold Delhaize N.V. | 56639 | &nbsp;&nbsp;&nbsp;&nbsp;1628444 |
| The J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;5784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4138798 |
| **Food Service — 0.9%** | **Food Service — 0.9%** | **Food Service — 0.9%** |
| Sodexo S.A. | &nbsp;&nbsp;&nbsp;8436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807143 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Mondi PLC | &nbsp;&nbsp;&nbsp;5986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101229 |
| **Gas — 2.2%** | **Gas — 2.2%** | **Gas — 2.2%** |
| Atmos Energy Corp. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224140 |
| Spire, Inc. | 24865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1936344 |
| **Healthcare Products — 5.2%** | **Healthcare Products — 5.2%** | **Healthcare Products — 5.2%** |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428709 |
| DENTSPLY SIRONA, Inc. | 18520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589677 |
| Envista Holdings Corp.\* | &nbsp;&nbsp;12081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406767 |
| Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442576 |
| Zimmer Biomet Holdings, Inc. | 20653 | &nbsp;&nbsp;&nbsp;&nbsp;2633257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4500986 |
| **Healthcare Services — 4.1%** | **Healthcare Services — 4.1%** | **Healthcare Services — 4.1%** |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238520 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;4086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962172 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;6914 | &nbsp;&nbsp;&nbsp;&nbsp;1081626 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;9372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3602739 |
| **Household Products & Wares — 1.5%** | **Household Products & Wares — 1.5%** | **Household Products & Wares — 1.5%** |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;9432 | &nbsp;&nbsp;&nbsp;&nbsp;1280394 |
| **Insurance — 5.9%** | **Insurance — 5.9%** | **Insurance — 5.9%** |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;8146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586023 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237586 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;6982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992073 |
| The Allstate Corp. | &nbsp;&nbsp;13687 | &nbsp;&nbsp;&nbsp;&nbsp;1855957 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;5106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689974 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;3284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5164814 |
| **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** |
| F5, Inc.\* | &nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964674 |
| **Machinery — Construction & Mining — 1.9%** | **Machinery — Construction & Mining — 1.9%** | **Machinery — Construction & Mining — 1.9%** |
| Oshkosh Corp. | 18309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614671 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Mid Core Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Machinery — Diversified — 0.8%** | **Machinery — Diversified — 0.8%** | **Machinery — Diversified — 0.8%** |
| IMI PLC | &nbsp;&nbsp;41981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$655652 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| Fox Corp., Class B | &nbsp;&nbsp;34120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970714 |
| **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308842 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566679 |
| EQT Corp. | &nbsp;&nbsp;12761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431705 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;3162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636327 |
| **Oil & Gas Services — 1.0%** | **Oil & Gas Services — 1.0%** | **Oil & Gas Services — 1.0%** |
| Baker Hughes Co. | &nbsp;&nbsp;28721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848131 |
| **Packaging and Containers — 3.1%** | **Packaging and Containers — 3.1%** | **Packaging and Containers — 3.1%** |
| Amcor PLC | 68240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812739 |
| Packaging Corp. of America | &nbsp;&nbsp;10732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372730 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;7841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661496 |
| **Pharmaceuticals — 4.5%** | **Pharmaceuticals — 4.5%** | **Pharmaceuticals — 4.5%** |
| AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;6668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104954 |
| Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383230 |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408872 |
| Embecta Corp. | 24052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608275 |
| Henry Schein, Inc.\* | &nbsp;&nbsp;17561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907928 |
| **Retail — 4.7%** | **Retail — 4.7%** | **Retail — 4.7%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;7230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063027 |
| Beacon Roofing Supply, Inc.\* | &nbsp;&nbsp;&nbsp;8886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469092 |
| Dollar Tree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376353 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;14585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100066 |
| **Savings & Loans — 0.4%** | **Savings & Loans — 0.4%** | **Savings & Loans — 0.4%** |
| Capitol Federal Financial, Inc. | 38344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331676 |
| **Semiconductors — 0.9%** | **Semiconductors — 0.9%** | **Semiconductors — 0.9%** |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389812 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819050 |
| **Shipbuilding — 1.2%** | **Shipbuilding — 1.2%** | **Shipbuilding — 1.2%** |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;4657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074277 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448278 |
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| Corning, Inc. | &nbsp;&nbsp;10230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326746 |
| Juniper Networks, Inc. | &nbsp;&nbsp;22119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033669 |
| **Transportation — 0.7%** | **Transportation — 0.7%** | **Transportation — 0.7%** |
| Heartland Express, Inc. | &nbsp;&nbsp;38159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585359 |
| **TOTAL COMMON STOCKS<br> (Cost $74,477,361)** | **TOTAL COMMON STOCKS<br> (Cost $74,477,361)** | &nbsp;&nbsp;&nbsp;**75068094** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — 8.3%** | **REAL ESTATE INVESTMENT TRUSTS — 8.3%** | **REAL ESTATE INVESTMENT TRUSTS — 8.3%** |
| **Apartments — 1.1%** | **Apartments — 1.1%** | **Apartments — 1.1%** |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;$919097 |
| **Diversified — 2.3%** | **Diversified — 2.3%** | **Diversified — 2.3%** |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp;1040843 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249480 |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;7607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235817 |
| WP Carey, Inc. | &nbsp;&nbsp;&nbsp;6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2010279 |
| **Healthcare — 1.4%** | **Healthcare — 1.4%** | **Healthcare — 1.4%** |
| Healthpeak Properties, Inc. | 50336 | &nbsp;&nbsp;&nbsp;&nbsp;1261924 |
| **Single Tenant — 1.4%** | **Single Tenant — 1.4%** | **Single Tenant — 1.4%** |
| Realty Income Corp. | 19066 | &nbsp;&nbsp;&nbsp;&nbsp;1209356 |
| **Storage & Warehousing — 0.8%** | **Storage & Warehousing — 0.8%** | **Storage & Warehousing — 0.8%** |
| Public Storage | &nbsp;&nbsp;&nbsp;2624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735219 |
| **Strip Centers — 1.3%** | **Strip Centers — 1.3%** | **Strip Centers — 1.3%** |
| Regency Centers Corp. | 17409 | &nbsp;&nbsp;&nbsp;&nbsp;1088062 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $7,996,844)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7223937** |
| **PREFERRED STOCKS — 1.0%** | **PREFERRED STOCKS — 1.0%** | **PREFERRED STOCKS — 1.0%** |
| **Household Products & Wares — 1.0%** | **Household Products & Wares — 1.0%** | **Household Products & Wares — 1.0%** |
| Henkel AG & Co., KGaA<br> **(Cost $824,792)** | 12678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**878747** |
| **EXCHANGE TRADED FUNDS — 1.2%** | **EXCHANGE TRADED FUNDS — 1.2%** | **EXCHANGE TRADED FUNDS — 1.2%** |
| **Investment Companies — 1.2%** | **Investment Companies — 1.2%** | **Investment Companies — 1.2%** |
| iShares Russell Mid-Cap Value ETF<br> **(Cost $957,206)** | &nbsp;&nbsp;9699 | &nbsp;&nbsp;&nbsp;&nbsp;**1021693** |
| **MASTER LIMITED PARTNERSHIP — 1.2%** | **MASTER LIMITED PARTNERSHIP — 1.2%** | **MASTER LIMITED PARTNERSHIP — 1.2%** |
| **Pipelines — 1.2%** | **Pipelines — 1.2%** | **Pipelines — 1.2%** |
| Enterprise Products Partners LP<br> **(Cost $1,056,280)** | 44357 | &nbsp;&nbsp;&nbsp;&nbsp;**1069891** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $1,239,971)** | 1239971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1239971** |
| **TOTAL INVESTMENTS — 99.5%<br> (Cost $86,552,454)** |  | &nbsp;&nbsp;**$86502333** |
| **Other Assets & Liabilities — 0.5%** | **Other Assets & Liabilities — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**447807** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$86950140** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Mid Core Value Fund<br>

---

| |
|:---|
| AG— Aktiengesellschaft. |
| ETF— Exchange-Traded Fund. |
| KGaA— Kommanditgesellschaft auf Aktien. |
| LP— Limited Partnership. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;87% |
| France | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising | &nbsp;&nbsp;&nbsp;$728502 | &nbsp;&nbsp;&nbsp;$728502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| &nbsp;&nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;1451749 | &nbsp;&nbsp;&nbsp;&nbsp;1451749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2193229 | &nbsp;&nbsp;&nbsp;&nbsp;1701882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491347 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;9821649 | &nbsp;&nbsp;&nbsp;&nbsp;9821649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902051 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1738780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928834 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;1665861 | &nbsp;&nbsp;&nbsp;&nbsp;1665861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1613575 | &nbsp;&nbsp;&nbsp;&nbsp;1613575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;5729817 | &nbsp;&nbsp;&nbsp;&nbsp;5729817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1946592 | &nbsp;&nbsp;&nbsp;&nbsp;1254544 | &nbsp;&nbsp;&nbsp;&nbsp;692048 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;2298561 | &nbsp;&nbsp;&nbsp;&nbsp;2298561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922902 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;4138798 | &nbsp;&nbsp;&nbsp;&nbsp;2510354 | &nbsp;&nbsp;&nbsp;1628444 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807143 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101229 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;&nbsp;1936344 | &nbsp;&nbsp;&nbsp;&nbsp;1936344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;4500986 | &nbsp;&nbsp;&nbsp;4500986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;3602739 | &nbsp;&nbsp;&nbsp;&nbsp;3602739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;1280394 | &nbsp;&nbsp;&nbsp;&nbsp;1280394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5164814 | &nbsp;&nbsp;&nbsp;&nbsp;5164814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1614671 | &nbsp;&nbsp;&nbsp;&nbsp;1614671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;$655652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$655652 | $— |
| &nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1636327 | &nbsp;&nbsp;&nbsp;&nbsp;1636327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;2661496 | &nbsp;&nbsp;&nbsp;&nbsp;2661496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3907928 | &nbsp;&nbsp;&nbsp;&nbsp;3907928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;4100066 | &nbsp;&nbsp;&nbsp;&nbsp;4100066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;1074277 | &nbsp;&nbsp;&nbsp;&nbsp;1074277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1033669 | &nbsp;&nbsp;&nbsp;&nbsp;1033669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;75068094 | &nbsp;&nbsp;&nbsp;&nbsp;67938444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129650 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;7223937 | &nbsp;&nbsp;&nbsp;&nbsp;7223937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878747 | &nbsp;&nbsp;&nbsp;— |
| Master Limited Partnership | &nbsp;&nbsp;&nbsp;&nbsp;1069891 | &nbsp;&nbsp;&nbsp;&nbsp;1069891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;1021693 | &nbsp;&nbsp;&nbsp;&nbsp;1021693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1239971 | &nbsp;&nbsp;&nbsp;&nbsp;1239971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$86502333 | $78493936 | &nbsp;&nbsp;$8008397 | $— |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5005 | $— |
| Total Assets—Other Financial Instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5005 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Forward Foreign Currency Contracts | $(38749) | $— | $(38749) | $— |
| Total Liabilities—Other Financial Instruments | &nbsp;&nbsp;$(38749) | $— | &nbsp;&nbsp;$(38749) | $— |

---

<sup>(1)</sup> Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Mid Core Value Fund<br>
Open forward foreign currency contracts held at December 31, 2022 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** |
|  | **Currency** | **Counterparty** | **Settlement <br> Date** | **Foreign <br> Currency<br> Contract** | **Forward <br> Rate** | **U.S. <br> Contract<br> Amount** | **U.S. <br> Contract<br> Value** | **Unrealized <br> Foreign<br> Exchange<br> Gain** | **Unrealized <br> Foreign<br> Exchange<br> Loss** |
| Buy | Pound Sterling | Bank of America | 03/31/23 | 75172 | 0.82531 | $91010 | $91084 | $74 | $— |
| Sell | Pound Sterling | Bank of America | 03/31/23 | (618343) | 0.82531 | (753837) | (749226) | 4611 |  |
| Sell | Euro | JPMorgan | 03/31/23 | (5826710) | 0.92832 | (6238398) | (6276589) |  | (38191) |
| Buy | Norwegian Krone | UBS Securities | 03/31/23 | 494422 | 9.75721 | 50352 | 50672 | 320 |  |
| Sell | Norwegian Krone | UBS Securities | 03/31/23 | (494422) | 9.75721 | (50114) | (50672) |  | (558) |
|  | Total |  |  |  |  |  |  | $5005 | $(38749) |

---

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### SMID Cap Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 96.0%** | **COMMON STOCKS — 96.0%** | **COMMON STOCKS — 96.0%** |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;$678782 |
| **Apparel — 4.0%** | **Apparel — 4.0%** | **Apparel — 4.0%** |
| Crocs, Inc.\* | &nbsp;&nbsp;&nbsp;9032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979340 |
| Deckers Outdoor Corp.\* | &nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;&nbsp;&nbsp;1226219 |
| Levi Strauss & Co., Class A | 25286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392439 |
| On Holding AG, Class A\* | 13909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2836676 |
| **Biotechnology — 5.6%** | **Biotechnology — 5.6%** | **Biotechnology — 5.6%** |
| Beam Therapeutics, Inc.\* | 10260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401269 |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;&nbsp;4428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202891 |
| Exelixis, Inc.\* | &nbsp;&nbsp;41581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666959 |
| Halozyme Therapeutics, Inc.\* | 26329 | &nbsp;&nbsp;&nbsp;&nbsp;1498120 |
| Sarepta Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;4667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604750 |
| Ultragenyx Pharmaceutical, Inc.\* | &nbsp;&nbsp;11686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3915401 |
| **Building Materials — 1.7%** | **Building Materials — 1.7%** | **Building Materials — 1.7%** |
| AAON, Inc. | &nbsp;&nbsp;15814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191110 |
| **Chemicals — 4.0%** | **Chemicals — 4.0%** | **Chemicals — 4.0%** |
| Ashland, Inc. | &nbsp;&nbsp;14362 | &nbsp;&nbsp;&nbsp;&nbsp;1544346 |
| RPM International, Inc. | &nbsp;&nbsp;13045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2815581 |
| **Commercial Services — 4.0%** | **Commercial Services — 4.0%** | **Commercial Services — 4.0%** |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;6761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706660 |
| Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;4380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850859 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;5340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760950 |
| Toast, Inc., Class A\* | 25899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2785428 |
| **Computers — 2.9%** | **Computers — 2.9%** | **Computers — 2.9%** |
| CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706593 |
| Pure Storage, Inc., Class A\* | 37058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991672 |
| Rapid7, Inc.\* | 10645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2059982 |
| **Distribution & Wholesale — 2.0%** | **Distribution & Wholesale — 2.0%** | **Distribution & Wholesale — 2.0%** |
| Core & Main, Inc., Class A\* | 47025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908053 |
| SiteOne Landscape Supply, Inc.\* | &nbsp;&nbsp;&nbsp;4536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1440216 |
| **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;4662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406340 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656076 |
| TPG, Inc. | &nbsp;&nbsp;&nbsp;12171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401135 |
| **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
| Ameresco, Inc., Class A\* | &nbsp;&nbsp;&nbsp;9205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525974 |
| **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
| Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;5798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787774 |
| **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
| Allegion PLC | &nbsp;&nbsp;&nbsp;7248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762924 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Energy-Alternate Sources — 0.7%** | **Energy-Alternate Sources — 0.7%** | **Energy-Alternate Sources — 0.7%** |
| Shoals Technologies Group, Inc., Class A\* | 20634 | &nbsp;&nbsp;&nbsp;$509041 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722221 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;3799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905492 |
| **Environmental Control — 1.7%** | **Environmental Control — 1.7%** | **Environmental Control — 1.7%** |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;8061 | &nbsp;&nbsp;&nbsp;&nbsp;1170377 |
| **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
| Hostess Brands, Inc.\* | &nbsp;&nbsp;34182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767044 |
| **Hand & Machine Tools — 1.0%** | **Hand & Machine Tools — 1.0%** | **Hand & Machine Tools — 1.0%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730108 |
| **Healthcare Products — 7.5%** | **Healthcare Products — 7.5%** | **Healthcare Products — 7.5%** |
| Axonics, Inc.\* | 10576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661317 |
| Inari Medical, Inc.\* | &nbsp;&nbsp;&nbsp;7294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463607 |
| Insulet Corp.\* | &nbsp;&nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419800 |
| iRhythm Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;5245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491299 |
| Omnicell, Inc.\* | &nbsp;&nbsp;&nbsp;5923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298638 |
| QIAGEN N.V.\* | &nbsp;&nbsp;21578 | &nbsp;&nbsp;&nbsp;&nbsp;1076095 |
| Repligen Corp.\* | &nbsp;&nbsp;&nbsp;4299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727864 |
| Shockwave Medical, Inc.\* | &nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488940 |
| Stevanato Group SpA | 37602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5303268 |
| **Healthcare Services — 0.7%** | **Healthcare Services — 0.7%** | **Healthcare Services — 0.7%** |
| Molina Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495660 |
| **Household Products & Wares — 1.3%** | **Household Products & Wares — 1.3%** | **Household Products & Wares — 1.3%** |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913145 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387311 |
| **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** |
| Bumble, Inc., Class A\* | &nbsp;&nbsp;11081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233255 |
| Okta, Inc.\* | &nbsp;&nbsp;&nbsp;6503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677605 |
| **Leisure Time — 1.6%** | **Leisure Time — 1.6%** | **Leisure Time — 1.6%** |
| Planet Fitness, Inc., Class A\* | 14472 | &nbsp;&nbsp;&nbsp;&nbsp;1140394 |
| **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516356 |
| **Machinery — Diversified — 8.5%** | **Machinery — Diversified — 8.5%** | **Machinery — Diversified — 8.5%** |
| Chart Industries, Inc.\* | &nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527753 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;5272 | &nbsp;&nbsp;&nbsp;&nbsp;1203756 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;5773 | &nbsp;&nbsp;&nbsp;&nbsp;1372358 |
| The Toro Co. | &nbsp;&nbsp;&nbsp;9655 | &nbsp;&nbsp;&nbsp;&nbsp;1092946 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;6088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890248 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;7828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5952603 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### SMID Cap Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp;$837325 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | &nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1581048 |
| **Metal Fabricate/Hardware — 2.3%** | **Metal Fabricate/Hardware — 2.3%** | **Metal Fabricate/Hardware — 2.3%** |
| RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5169 | &nbsp;&nbsp;&nbsp;&nbsp;1082130 |
| The Timken Co. | &nbsp;&nbsp;&nbsp;7790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1632649 |
| **Miscellaneous Manufacturing — 1.0%** | **Miscellaneous Manufacturing — 1.0%** | **Miscellaneous Manufacturing — 1.0%** |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700242 |
| **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** |
| Antero Resources Corp.\* | &nbsp;&nbsp;13202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409130 |
| Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;4291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404942 |
| Denbury, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618277 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;8571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1922953 |
| **Packaging and Containers — 0.9%** | **Packaging and Containers — 0.9%** | **Packaging and Containers — 0.9%** |
| Ball Corp. | &nbsp;&nbsp;11962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611737 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Agios Pharmaceuticals, Inc.\* | &nbsp;&nbsp;17805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499964 |
| Neurocrine Biosciences, Inc.\* | &nbsp;&nbsp;10591 | &nbsp;&nbsp;&nbsp;&nbsp;1264989 |
| Option Care Health, Inc.\* | 10829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2090798 |
| **Retail — 9.2%** | **Retail — 9.2%** | **Retail — 9.2%** |
| BJ's Wholesale Club Holdings, Inc.\* | 18644 | &nbsp;&nbsp;&nbsp;&nbsp;1233487 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793526 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544541 |
| Five Below, Inc.\* | &nbsp;&nbsp;&nbsp;9012 | &nbsp;&nbsp;&nbsp;&nbsp;1593952 |
| Floor & Decor Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;7701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536221 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;11169 | &nbsp;&nbsp;&nbsp;&nbsp;1015820 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6455328 |
| **Semiconductors — 6.9%** | **Semiconductors — 6.9%** | **Semiconductors — 6.9%** |
| Allegro MicroSystems, Inc.\* | 34869 | &nbsp;&nbsp;&nbsp;&nbsp;1046767 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;7626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500189 |
| Lattice Semiconductor Corp.\* | &nbsp;&nbsp;23778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542717 |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;16075 | &nbsp;&nbsp;&nbsp;&nbsp;1012404 |
| MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;8706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4839736 |
| **Software — 8.2%** | **Software — 8.2%** | **Software — 8.2%** |
| Alignment Healthcare, Inc.\* | 45989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540831 |
| Bill.com Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335597 |
| DoubleVerify Holdings, Inc.\* | &nbsp;&nbsp;17628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387111 |
| Dynatrace, Inc.\* | 25470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975501 |
| Elastic N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;8221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423381 |
| EverCommerce, Inc.\* | &nbsp;&nbsp;22251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165547 |
| Evolent Health, Inc., Class A\* | &nbsp;&nbsp;17072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479382 |
| Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;5760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699264 |
| Procore Technologies, Inc.\* | &nbsp;&nbsp;10081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475622 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Qualtrics International, Inc., Class A\* | 35691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$370473 |
| Samsara, Inc., Class A\* | 27968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347642 |
| Smartsheet, Inc., Class A\* | 14245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761034 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| Ciena Corp.\* | &nbsp;&nbsp;11206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571282 |
| **TOTAL COMMON STOCKS<br> (Cost $71,313,705)** | **TOTAL COMMON STOCKS<br> (Cost $71,313,705)** | &nbsp;&nbsp;&nbsp;**67558415** |
| **REAL ESTATE INVESTMENT TRUSTS — 0.7%** | **REAL ESTATE INVESTMENT TRUSTS — 0.7%** | **REAL ESTATE INVESTMENT TRUSTS — 0.7%** |
| **Hotels & Resorts — 0.7%** | **Hotels & Resorts — 0.7%** | **Hotels & Resorts — 0.7%** |
| Ryman Hospitality Properties, Inc.<br> **(Cost $621,402)** | &nbsp;&nbsp;&nbsp;6672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**545636** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $2,160,520)** | 2160520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2160520** |
| **TOTAL INVESTMENTS — 99.8%<br> (Cost $74,095,627)** |  | &nbsp;&nbsp;**$70264571** |
| **Other Assets & Liabilities — 0.2%** | **Other Assets & Liabilities — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**116627** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$70381198** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| AG— Aktiengesellschaft. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| SpA— Società per Azioni. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### SMID Cap Growth Fund<br>
Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $67558415 | $67558415 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545636 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2160520 | &nbsp;&nbsp;&nbsp;&nbsp;2160520 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$70264571 | &nbsp;&nbsp;$70264571 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### SMID Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 93.0%** | **COMMON STOCKS — 93.0%** | **COMMON STOCKS — 93.0%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Spirit AeroSystems Holdings, Inc., Class A | 25380 | &nbsp;&nbsp;&nbsp;$751248 |
| **Airlines — 1.1%** | **Airlines — 1.1%** | **Airlines — 1.1%** |
| Alaska Air Group, Inc.\* | &nbsp;&nbsp;14510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623059 |
| **Apparel — 3.7%** | **Apparel — 3.7%** | **Apparel — 3.7%** |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;5860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437214 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761881 |
| Tapestry, Inc. | &nbsp;&nbsp;21760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2027716 |
| **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** |
| Dana, Inc. | &nbsp;&nbsp;26512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401127 |
| The Goodyear Tire & Rubber Co.\* | 53780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946994 |
| **Banks — 13.5%** | **Banks — 13.5%** | **Banks — 13.5%** |
| BankUnited, Inc. | &nbsp;&nbsp;14635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497151 |
| Comerica, Inc. | &nbsp;&nbsp;13108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876270 |
| First Bancorp | 54440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692477 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929749 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;31114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810208 |
| Synovus Financial Corp. | 18945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711385 |
| Texas Capital Bancshares, Inc.\* | &nbsp;&nbsp;11749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708582 |
| Webster Financial Corp. | &nbsp;&nbsp;10742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508526 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;9490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802095 |
| Zions Bancorp NA | &nbsp;&nbsp;17561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7399742 |
| **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** |
| Masonite International Corp.\* | &nbsp;&nbsp;&nbsp;7424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598449 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| Huntsman Corp. | 26640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732067 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1081791 |
| **Commercial Services — 4.2%** | **Commercial Services — 4.2%** | **Commercial Services — 4.2%** |
| ADT, Inc. | 73060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662654 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;5930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780210 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;7040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356365 |
| Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;6959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2313012 |
| **Computers — 1.8%** | **Computers — 1.8%** | **Computers — 1.8%** |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;12152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562881 |
| Lumentum Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979197 |
| **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555832 |
| Moelis & Co., Class A | &nbsp;&nbsp;14204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545008 |
| Stifel Financial Corp. | &nbsp;&nbsp;12820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1849143 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;8499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916617 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;6697 | &nbsp;&nbsp;&nbsp;&nbsp;$481514 |
| **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
| Avnet, Inc. | 14080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585446 |
| **Engineering & Construction — 4.9%** | **Engineering & Construction — 4.9%** | **Engineering & Construction — 4.9%** |
| AECOM | &nbsp;&nbsp;&nbsp;8720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740590 |
| Arcosa, Inc. | &nbsp;&nbsp;12720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691205 |
| Dycom Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676728 |
| Fluor Corp.\* | &nbsp;&nbsp;15755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2654591 |
| **Food — 2.4%** | **Food — 2.4%** | **Food — 2.4%** |
| Nomad Foods Ltd.\* | &nbsp;&nbsp;47134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812590 |
| The Hain Celestial Group, Inc.\* | 29608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1291648 |
| **Gas — 0.8%** | **Gas — 0.8%** | **Gas — 0.8%** |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;6694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414225 |
| **Hand & Machine Tools — 1.4%** | **Hand & Machine Tools — 1.4%** | **Hand & Machine Tools — 1.4%** |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;6504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780350 |
| **Healthcare Products — 3.1%** | **Healthcare Products — 3.1%** | **Healthcare Products — 3.1%** |
| Envista Holdings Corp.\* | 24640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829629 |
| Integra LifeSciences Holdings Corp.\* | &nbsp;&nbsp;15510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1699275 |
| **Healthcare Services — 3.1%** | **Healthcare Services — 3.1%** | **Healthcare Services — 3.1%** |
| Acadia Healthcare Co., Inc.\* | &nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776196 |
| Pediatrix Medical Group, Inc.\* | 33870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503308 |
| Syneos Health, Inc.\* | 10940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1680783 |
| **Home Builders — 3.2%** | **Home Builders — 3.2%** | **Home Builders — 3.2%** |
| KB Home | &nbsp;&nbsp;15970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508645 |
| PulteGroup, Inc. | &nbsp;&nbsp;17870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813621 |
| Taylor Morrison Home Corp.\* | &nbsp;&nbsp;14475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1761582 |
| **Insurance — 6.7%** | **Insurance — 6.7%** | **Insurance — 6.7%** |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;4338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595521 |
| Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;1844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610862 |
| Kemper Corp. | 10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531360 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634716 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;6920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613181 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;5034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3665884 |
| **Internet — 2.1%** | **Internet — 2.1%** | **Internet — 2.1%** |
| Criteo S.A., ADR\* | 22648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590207 |
| NortonLifeLock, Inc. | 26470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157459 |
| **Iron & Steel — 2.1%** | **Iron & Steel — 2.1%** | **Iron & Steel — 2.1%** |
| ATI, Inc.\* | &nbsp;&nbsp;24110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719924 |
| Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;2181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1161446 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### SMID Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Lodging — 1.2%** | **Lodging — 1.2%** | **Lodging — 1.2%** |
| Hilton Grand Vacations, Inc.\* | &nbsp;&nbsp;16754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$645699 |
| **Machinery — Construction & Mining — 2.4%** | **Machinery — Construction & Mining — 2.4%** | **Machinery — Construction & Mining — 2.4%** |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492100 |
| Vertiv Holdings Co. | 60650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320579 |
| **Metal Fabricate/Hardware — 1.1%** | **Metal Fabricate/Hardware — 1.1%** | **Metal Fabricate/Hardware — 1.1%** |
| The Timken Co. | &nbsp;&nbsp;&nbsp;8870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626843 |
| **Mining — 1.0%** | **Mining — 1.0%** | **Mining — 1.0%** |
| Cameco Corp. | &nbsp;&nbsp;24810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562443 |
| **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;12599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624532 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577069 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;29196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886247 |
| **Packaging and Containers — 1.9%** | **Packaging and Containers — 1.9%** | **Packaging and Containers — 1.9%** |
| Berry Global Group, Inc. | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027310 |
| **Retail — 4.9%** | **Retail — 4.9%** | **Retail — 4.9%** |
| Bath & Body Works, Inc. | &nbsp;&nbsp;12770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538128 |
| Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543738 |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584730 |
| Sally Beauty Holdings, Inc.\* | &nbsp;&nbsp;40120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502303 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;4484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684200 |
| **Semiconductors — 3.4%** | **Semiconductors — 3.4%** | **Semiconductors — 3.4%** |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;10421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461233 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;4321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269501 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;13260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535439 |
| Synaptics, Inc.\* | &nbsp;&nbsp;&nbsp;6080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844746 |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| ACI Worldwide, Inc.\* | &nbsp;&nbsp;27830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640090 |
| CommVault Systems, Inc.\* | &nbsp;&nbsp;10863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322721 |
| **Transportation — 3.9%** | **Transportation — 3.9%** | **Transportation — 3.9%** |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;15222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797785 |
| RXO, Inc.\* | &nbsp;&nbsp;&nbsp;4694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80737 |
| Star Bulk Carriers Corp. | 26700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513441 |
| XPO, Inc.\* | &nbsp;&nbsp;21480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107032 |
| **TOTAL COMMON STOCKS<br> (Cost $51,316,911)** | **TOTAL COMMON STOCKS<br> (Cost $51,316,911)** | &nbsp;&nbsp;&nbsp;**50848991** |
| **REAL ESTATE INVESTMENT TRUSTS — 6.3%** | **REAL ESTATE INVESTMENT TRUSTS — 6.3%** | **REAL ESTATE INVESTMENT TRUSTS — 6.3%** |
| **Apartments — 1.2%** | **Apartments — 1.2%** | **Apartments — 1.2%** |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667924 |
| **Diversified — 0.9%** | **Diversified — 0.9%** | **Diversified — 0.9%** |
| Broadstone Net Lease, Inc. | 29490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478033 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare — 1.2%** | **Healthcare — 1.2%** | **Healthcare — 1.2%** |
| Physicians Realty Trust | 45335 | &nbsp;&nbsp;&nbsp;&nbsp;$655997 |
| **Industrial — 1.0%** | **Industrial — 1.0%** | **Industrial — 1.0%** |
| STAG lndustrial, Inc. | 16775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542000 |
| **Office Property — 0.7%** | **Office Property — 0.7%** | **Office Property — 0.7%** |
| Cousins Properties, Inc. | 15085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381500 |
| **Storage & Warehousing — 1.3%** | **Storage & Warehousing — 1.3%** | **Storage & Warehousing — 1.3%** |
| CubeSmart | 17854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718623 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $3,871,072)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3444077** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $378,527)** | 378527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**378527** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $55,566,510)** |  | &nbsp;&nbsp;**$54671595** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(18727)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$54652868** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| ADR— American Depositary Receipt. |
| NA— National Association. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;92% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### SMID Cap Value Fund<br>
Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $50848991 | $50848991 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;3444077 | &nbsp;&nbsp;&nbsp;&nbsp;3444077 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378527 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$54671595 | &nbsp;&nbsp;&nbsp;$54671595 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 95.3%** | **COMMON STOCKS — 95.3%** | **COMMON STOCKS — 95.3%** |
| **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** |
| QuantumScape Corp.\* | &nbsp;&nbsp;16158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91616 |
| Visteon Corp.\* | &nbsp;&nbsp;&nbsp;4558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687939 |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| Walker & Dunlop, Inc. | 12448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976919 |
| **Biotechnology — 4.2%** | **Biotechnology — 4.2%** | **Biotechnology — 4.2%** |
| Akero Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;4493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246216 |
| Altimmune, Inc.\* | &nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111186 |
| Apellis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;9967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515394 |
| Biohaven Ltd.\* | 33389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463439 |
| Insmed, Inc.\* | 18252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364675 |
| IVERIC bio, Inc.\* | 15554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333011 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;10041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670739 |
| PTC Therapeutics, Inc.\* | &nbsp;&nbsp;9808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374371 |
| Sarepta Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4079000 |
| **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** |
| Summit Materials, Inc., Class A\* | &nbsp;&nbsp;37722 | &nbsp;&nbsp;&nbsp;&nbsp;1070928 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Sensient Technologies Corp. | 21729 | &nbsp;&nbsp;&nbsp;&nbsp;1584479 |
| **Commercial Services — 10.2%** | **Commercial Services — 10.2%** | **Commercial Services — 10.2%** |
| Clarivate PLC\* | 76754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640128 |
| Euronet Worldwide, Inc.\* | &nbsp;&nbsp;11462 | &nbsp;&nbsp;&nbsp;&nbsp;1081784 |
| HealthEquity, Inc.\* | &nbsp;&nbsp;&nbsp;7853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484059 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;10618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425357 |
| Mister Car Wash, Inc.\* | 33306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307414 |
| Paylocity Holding Corp.\* | &nbsp;&nbsp;5904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146911 |
| Rentokil Initial PLC | 63691 | &nbsp;&nbsp;&nbsp;&nbsp;1962320 |
| Shift4 Payments, Inc., Class A\* | 14962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836825 |
| Stride, Inc.\* | 37442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171186 |
| TriNet Group, Inc.\* | 13505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915639 |
| WEX, Inc.\* | &nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9850423 |
| **Computers — 3.2%** | **Computers — 3.2%** | **Computers — 3.2%** |
| Maximus, Inc. | &nbsp;&nbsp;13582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995968 |
| NCR Corp.\* | 20827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487560 |
| WNS Holdings Ltd., ADR\* | 20377 | &nbsp;&nbsp;&nbsp;&nbsp;1629956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113484 |
| **Distribution & Wholesale — 1.1%** | **Distribution & Wholesale — 1.1%** | **Distribution & Wholesale — 1.1%** |
| Core & Main, Inc., Class A\* | 54621 | &nbsp;&nbsp;&nbsp;&nbsp;1054732 |
| **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;10171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276155 |
| Focus Financial Partners, Inc., Class A\* | 18043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672463 |
| Foresight Acquisition Corp. PIPE\* | 72553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133497 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;7727 | &nbsp;&nbsp;&nbsp;&nbsp;1670346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3752461 |
| **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
| NRG Energy, Inc. | 18882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600825 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electrical Components & Equipment — 1.7%** | **Electrical Components & Equipment — 1.7%** | **Electrical Components & Equipment — 1.7%** |
| EnerSys | &nbsp;&nbsp;12601 | &nbsp;&nbsp;&nbsp;$930458 |
| Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;4892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1595134 |
| **Electronics — 4.8%** | **Electronics — 4.8%** | **Electronics — 4.8%** |
| Brady Corp., Class A | &nbsp;&nbsp;&nbsp;31174 | &nbsp;&nbsp;&nbsp;&nbsp;1468295 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;5386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272801 |
| Napco Security Technologies, Inc.\* | &nbsp;&nbsp;37649 | &nbsp;&nbsp;&nbsp;&nbsp;1034595 |
| National Instruments Corp. | &nbsp;&nbsp;12687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468150 |
| OSI Systems, Inc.\* | &nbsp;&nbsp;&nbsp;17010 | &nbsp;&nbsp;&nbsp;&nbsp;1352635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4596476 |
| **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** |
| Stem, Inc.\* | &nbsp;&nbsp;18462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165050 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Manchester United PLC, Class A | 28299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660216 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Montrose Environmental Group, Inc.\* | &nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466095 |
| **Food — 2.1%** | **Food — 2.1%** | **Food — 2.1%** |
| Hostess Brands, Inc.\* | &nbsp;&nbsp;57830 | &nbsp;&nbsp;&nbsp;&nbsp;1297705 |
| Premium Brands Holdings Corp. | &nbsp;&nbsp;12780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2074322 |
| **Hand & Machine Tools — 0.9%** | **Hand & Machine Tools — 0.9%** | **Hand & Machine Tools — 0.9%** |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879813 |
| **Healthcare Products — 9.7%** | **Healthcare Products — 9.7%** | **Healthcare Products — 9.7%** |
| Alphatec Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;51175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632011 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;6984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578834 |
| Bruker Corp. | &nbsp;&nbsp;19936 | &nbsp;&nbsp;&nbsp;&nbsp;1362626 |
| Glaukos Corp.\* | &nbsp;&nbsp;&nbsp;14167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618814 |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;19962 | &nbsp;&nbsp;&nbsp;&nbsp;1482578 |
| ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;6756 | &nbsp;&nbsp;&nbsp;&nbsp;1063935 |
| Integra LifeSciences Holdings Corp.\* | 26288 | &nbsp;&nbsp;&nbsp;&nbsp;1473968 |
| OmniAb, Inc.\* | &nbsp;&nbsp;43150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155340 |
| OmniAb, Inc.(1),\* | &nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| OmniAb, Inc.(1),\* | &nbsp;&nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Paragon 28, Inc.\* | &nbsp;&nbsp;22053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421433 |
| SomaLogic, Inc.\* | 30686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77022 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;6226 | &nbsp;&nbsp;&nbsp;&nbsp;1149880 |
| Treace Medical Concepts, Inc.\* | &nbsp;&nbsp;16488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9395500 |
| **Healthcare Services — 1.8%** | **Healthcare Services — 1.8%** | **Healthcare Services — 1.8%** |
| Catalent, Inc.\* | &nbsp;&nbsp;31035 | &nbsp;&nbsp;&nbsp;&nbsp;1396886 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1737853 |
| **Holding Companies — 0.7%** | **Holding Companies — 0.7%** | **Holding Companies — 0.7%** |
| Mirion Technologies, Inc. PIPE\* | 103971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687248 |
| **Home Builders — 0.6%** | **Home Builders — 0.6%** | **Home Builders — 0.6%** |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;7696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580971 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| The Lovesac Co.\* | &nbsp;&nbsp;25509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561453 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Growth Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Household Products & Wares — 0.4%** | **Household Products & Wares — 0.4%** | **Household Products & Wares — 0.4%** |
| Helen of Troy Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp;$389294 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| RLI Corp. | &nbsp;&nbsp;&nbsp;8899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168172 |
| **Internet — 2.0%** | **Internet — 2.0%** | **Internet — 2.0%** |
| CarParts.com, Inc.\* | &nbsp;&nbsp;89715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561616 |
| Ziff Davis, Inc.\* | 16948 | &nbsp;&nbsp;&nbsp;&nbsp;1340587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1902203 |
| **Machinery — Diversified — 5.2%** | **Machinery — Diversified — 5.2%** | **Machinery — Diversified — 5.2%** |
| ATS Corp.\* | 40035 | &nbsp;&nbsp;&nbsp;&nbsp;1244515 |
| CSW Industrials, Inc. | &nbsp;&nbsp;10237 | &nbsp;&nbsp;&nbsp;&nbsp;1186775 |
| Gates Industrial Corp. PLC\* | &nbsp;&nbsp;39412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449691 |
| Kornit Digital Ltd.\* | &nbsp;&nbsp;14816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340324 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997711 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;37916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5020939 |
| **Miscellaneous Manufacturing — 2.1%** | **Miscellaneous Manufacturing — 2.1%** | **Miscellaneous Manufacturing — 2.1%** |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946371 |
| ITT, Inc. | &nbsp;&nbsp;12912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1993534 |
| **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;12182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603862 |
| Magnolia Oil & Gas Corp., Class A | 45435 | &nbsp;&nbsp;&nbsp;&nbsp;1065451 |
| PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;6707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2095073 |
| **Packaging and Containers — 2.5%** | **Packaging and Containers — 2.5%** | **Packaging and Containers — 2.5%** |
| Crown Holdings, Inc. | 29294 | &nbsp;&nbsp;&nbsp;&nbsp;2408260 |
| **Pharmaceuticals — 4.8%** | **Pharmaceuticals — 4.8%** | **Pharmaceuticals — 4.8%** |
| Ascendis Pharma A/S, ADR\* | &nbsp;&nbsp;&nbsp;5825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711407 |
| BellRing Brands, Inc.\* | &nbsp;&nbsp;31395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804968 |
| Centessa Pharmaceuticals PLC, ADR\* | &nbsp;&nbsp;&nbsp;17301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53633 |
| Eagle Pharmaceuticals, Inc.\* | &nbsp;&nbsp;11343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331556 |
| Neurocrine Biosciences, Inc.\* | 10794 | &nbsp;&nbsp;&nbsp;&nbsp;1289235 |
| Seres Therapeutics, Inc.\* | 47834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267870 |
| Vaxcyte, Inc.\* | &nbsp;&nbsp;23471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4584104 |
| **Retail — 2.2%** | **Retail — 2.2%** | **Retail — 2.2%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827403 |
| National Vision Holdings, Inc.\* | &nbsp;&nbsp;19972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774115 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2113486 |
| **Semiconductors — 3.9%** | **Semiconductors — 3.9%** | **Semiconductors — 3.9%** |
| Entegris, Inc. | &nbsp;&nbsp;15953 | &nbsp;&nbsp;&nbsp;&nbsp;1046357 |
| ON Semiconductor Corp.\* | 34883 | &nbsp;&nbsp;&nbsp;&nbsp;2175653 |
| Wolfspeed, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3714334 |
| **Software — 13.0%** | **Software — 13.0%** | **Software — 13.0%** |
| Aspen Technology, Inc.\* | &nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488441 |
| AvidXchange Holdings, Inc.\* | 68249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678395 |
| Blackbaud, Inc.\* | &nbsp;&nbsp;21934 | &nbsp;&nbsp;&nbsp;&nbsp;1291035 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;11279 | &nbsp;&nbsp;&nbsp;&nbsp;$1512852 |
| Clear Secure, Inc., Class A | &nbsp;&nbsp;20514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562699 |
| Consensus Cloud Solutions, Inc.\* | &nbsp;&nbsp;12654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680279 |
| CoreCard Corp.\* | &nbsp;&nbsp;21679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628041 |
| Dynatrace, Inc.\* | 24262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929234 |
| Enfusion, Inc., Class A\* | &nbsp;&nbsp;41637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402630 |
| Envestnet, Inc.\* | &nbsp;&nbsp;&nbsp;9764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602439 |
| Expensify, Inc., Class A\* | 20684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182640 |
| LivePerson, Inc.\* | 26820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271955 |
| PagerDuty, Inc.\* | 30383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806972 |
| SS&C Technologies Holdings, Inc. | 35565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851514 |
| The Descartes Systems Group, Inc.\* | &nbsp;&nbsp;23397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12520177 |
| **Telecommunications — 2.3%** | **Telecommunications — 2.3%** | **Telecommunications — 2.3%** |
| Nice Ltd., ADR\* | &nbsp;&nbsp;11734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256448 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| CryoPort, Inc.\* | &nbsp;&nbsp;19745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342576 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;5689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535445 |
| **TOTAL COMMON STOCKS<br> (Cost $73,632,986)** | **TOTAL COMMON STOCKS<br> (Cost $73,632,986)** | &nbsp;&nbsp;&nbsp;**91872790** |
| **REAL ESTATE INVESTMENT TRUSTS — 0.9%** | **REAL ESTATE INVESTMENT TRUSTS — 0.9%** | **REAL ESTATE INVESTMENT TRUSTS — 0.9%** |
| **Diversified — 0.9%** | **Diversified — 0.9%** | **Diversified — 0.9%** |
| Lamar Advertising Co., Class A<br> **(Cost $524,467)** | &nbsp;&nbsp;&nbsp;9463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**893307** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 3.8%** | **SHORT-TERM INVESTMENTS — 3.8%** | **SHORT-TERM INVESTMENTS — 3.8%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $3,653,624)** | 3653624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3653624** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $77,811,077)** |  | &nbsp;&nbsp;**$96419721** |
| **Other Assets & Liabilities — 0.0%** | **Other Assets & Liabilities — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6556** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$96426277** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security. <br> (1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments.

---

| |
|:---|
| A/S— Aktieselskab. |
| ADR— American Depositary Receipt. |
| PIPE— Private Investments in Public Equity. |
| PLC— Public Limited Company. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Growth Fund<br>

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United States | &nbsp;&nbsp;&nbsp;88% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Common Stocks | $91872790 | $91872790 | $— | &nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893307 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3653624 | &nbsp;&nbsp;&nbsp;&nbsp;3653624 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$96419721 | &nbsp;&nbsp;&nbsp;$96419721 | $— | $— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Includes internally fair valued securities currently priced at zero ($0). |
| <sup>^</sup> | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 87.0%** | **COMMON STOCKS — 87.0%** | **COMMON STOCKS — 87.0%** |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| Entravision Communications Corp., Class A | 67654 | &nbsp;&nbsp;&nbsp;&nbsp;$324739 |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| AAR Corp.\* | &nbsp;&nbsp;15877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712877 |
| Aerojet Rocketdyne Holdings, Inc.\* | &nbsp;&nbsp;15130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846221 |
| Ducommun, Inc.\* | &nbsp;&nbsp;12302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173706 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| Spirit Airlines, Inc.\* | &nbsp;&nbsp;23914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465845 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| Capri Holdings Ltd.\* | &nbsp;&nbsp;17548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005852 |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;6361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474594 |
| Deckers Outdoor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014921 |
| **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** |
| Adient PLC\* | &nbsp;&nbsp;24110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836376 |
| American Axle & Manufacturing Holdings, Inc.\* | &nbsp;&nbsp;51353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237956 |
| **Banks — 16.5%** | **Banks — 16.5%** | **Banks — 16.5%** |
| Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;5398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126043 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;8226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189527 |
| Ameris Bancorp | 21647 | &nbsp;&nbsp;&nbsp;&nbsp;1020440 |
| Associated Banc-Corp. | &nbsp;&nbsp;48371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116886 |
| Atlantic Union Bankshares Corp. | 25058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880538 |
| Banner Corp. | 19899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257617 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;9773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241002 |
| Community Bank System, Inc. | &nbsp;&nbsp;11737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738844 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;30011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726566 |
| CVB Financial Corp. | 42386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091440 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;62211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073140 |
| FB Financial Corp. | 20081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725727 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;17291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594810 |
| First Merchants Corp. | 25052 | &nbsp;&nbsp;&nbsp;&nbsp;1029888 |
| German American Bancorp, Inc. | &nbsp;&nbsp;13821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515523 |
| Glacier Bancorp, Inc. | 15520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766998 |
| Hancock Whitney Corp. | &nbsp;&nbsp;34141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652083 |
| Heritage Financial Corp. | &nbsp;&nbsp;21287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652234 |
| Home BancShares, Inc. | &nbsp;&nbsp;38301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872880 |
| Independent Bank Corp. | &nbsp;&nbsp;15107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275484 |
| Independent Bank Group, Inc. | &nbsp;&nbsp;9968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598878 |
| Lakeland Financial Corp. | 14042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024645 |
| NBT Bancorp, Inc. | 10387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451004 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;11412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418820 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;9840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722256 |
| Renasant Corp. | 27483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033086 |
| SouthState Corp. | 15809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207175 |
| Towne Bank | 23657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729582 |
| TriCo Bancshares | &nbsp;&nbsp;17682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901605 |
| United Community Banks, Inc. | 42074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422101 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;6529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25569218 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Primo Water Corp. | &nbsp;&nbsp;87755 | &nbsp;&nbsp;$1363713 |
| **Biotechnology — 3.8%** | **Biotechnology — 3.8%** | **Biotechnology — 3.8%** |
| 2seventy bio, Inc.\* | &nbsp;&nbsp;15233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142733 |
| Allogene Therapeutics, Inc.\* | &nbsp;&nbsp;13643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85814 |
| Apellis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;7424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383895 |
| Arcus Biosciences, Inc.\* | &nbsp;&nbsp;10893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225267 |
| Avidity Biosciences, Inc.\* | 15980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354596 |
| Beam Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;6404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250460 |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;&nbsp;8554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391944 |
| Intellia Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;4439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154877 |
| Iovance Biotherapeutics, Inc.\* | &nbsp;&nbsp;33815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216078 |
| Mersana Therapeutics, Inc.\* | 43269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253556 |
| Myriad Genetics, Inc.\* | 24802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359877 |
| NeoGenomics, Inc.\* | 64028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591619 |
| REGENXBIO, Inc.\* | &nbsp;&nbsp;&nbsp;11713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265651 |
| Relay Therapeutics, Inc.\* | 23943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357708 |
| REVOLUTION Medicines, Inc.\* | &nbsp;&nbsp;18736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446292 |
| Sage Therapeutics, Inc.\* | 16598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633048 |
| Veracyte, Inc.\* | &nbsp;&nbsp;18238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432788 |
| Xencor, Inc.\* | &nbsp;&nbsp;14241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5917039 |
| **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;13205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866908 |
| Summit Materials, Inc., Class A\* | 32693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1795056 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984007 |
| Avient Corp. | 36304 | &nbsp;&nbsp;&nbsp;&nbsp;1225623 |
| H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;9060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648877 |
| Rogers Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3056731 |
| **Coal — 0.2%** | **Coal — 0.2%** | **Coal — 0.2%** |
| Peabody Energy Corp.\* | &nbsp;&nbsp;12602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332945 |
| **Commercial Services — 4.6%** | **Commercial Services — 4.6%** | **Commercial Services — 4.6%** |
| ABM Industries, Inc. | &nbsp;&nbsp;35338 | &nbsp;&nbsp;&nbsp;&nbsp;1569714 |
| Adtalem Global Education, Inc.\* | 21990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780645 |
| Alight, Inc., Class A\* | 55545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464356 |
| ASGN, Inc.\* | &nbsp;&nbsp;11664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950383 |
| Deluxe Corp. | &nbsp;&nbsp;17356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294705 |
| First Advantage Corp.\* | 37200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483600 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;5340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702584 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725145 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;16693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668721 |
| LiveRamp Holdings, Inc.\* | 22798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7174238 |
| **Computers — 1.5%** | **Computers — 1.5%** | **Computers — 1.5%** |
| KBR, Inc. | 32042 | &nbsp;&nbsp;&nbsp;&nbsp;1691817 |
| Tenable Holdings, Inc.\* | &nbsp;&nbsp;18479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2396791 |
| **Distribution & Wholesale — 0.5%** | **Distribution & Wholesale — 0.5%** | **Distribution & Wholesale — 0.5%** |
| Resideo Technologies, Inc.\* | 45559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749446 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| LendingClub Corp.\* | &nbsp;&nbsp;16519 | &nbsp;&nbsp;&nbsp;&nbsp;$145367 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527920 |
| PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413254 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1466705 |
| **Electric — 2.4%** | **Electric — 2.4%** | **Electric — 2.4%** |
| ALLETE, Inc. | &nbsp;&nbsp;19912 | &nbsp;&nbsp;&nbsp;&nbsp;1284523 |
| IDACORP, Inc. | &nbsp;&nbsp;11505 | &nbsp;&nbsp;&nbsp;&nbsp;1240815 |
| MGE Energy, Inc. | &nbsp;&nbsp;16553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3690669 |
| **Electronics — 2.6%** | **Electronics — 2.6%** | **Electronics — 2.6%** |
| CTS Corp. | 10989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433186 |
| FARO Technologies, Inc.\* | &nbsp;&nbsp;17908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526674 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;11713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593264 |
| Knowles Corp.\* | 48884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802675 |
| Sanmina Corp.\* | &nbsp;&nbsp;15106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865423 |
| TTM Technologies, Inc.\* | &nbsp;&nbsp;48166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3947565 |
| **Energy-Alternate Sources — 0.8%** | **Energy-Alternate Sources — 0.8%** | **Energy-Alternate Sources — 0.8%** |
| Green Plains, Inc.\* | &nbsp;&nbsp;15169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462654 |
| NextEra Energy Partners LP | &nbsp;&nbsp;10164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1175049 |
| **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** |
| Arcosa, Inc. | &nbsp;&nbsp;19637 | &nbsp;&nbsp;&nbsp;&nbsp;1067075 |
| Dycom Industries, Inc.\* | &nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330314 |
| MasTec, Inc.\* | &nbsp;&nbsp;12654 | &nbsp;&nbsp;&nbsp;&nbsp;1079766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477155 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| International Game Technology PLC | &nbsp;&nbsp;41364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938135 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;12598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504046 |
| SeaWorld Entertainment, Inc.\* | &nbsp;&nbsp;13705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2175536 |
| **Food — 2.9%** | **Food — 2.9%** | **Food — 2.9%** |
| Hostess Brands, Inc.\* | &nbsp;&nbsp;63553 | &nbsp;&nbsp;&nbsp;&nbsp;1426129 |
| Krispy Kreme, Inc. | 26524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273728 |
| SpartanNash Co. | &nbsp;&nbsp;11783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356318 |
| The Simply Good Foods Co.\* | &nbsp;&nbsp;12633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480433 |
| TreeHouse Foods, Inc.\* | &nbsp;&nbsp;12725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628360 |
| United Natural Foods, Inc.\* | &nbsp;&nbsp;18674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722871 |
| Utz Brands, Inc. | &nbsp;&nbsp;37224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4478212 |
| **Gas — 1.5%** | **Gas — 1.5%** | **Gas — 1.5%** |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793933 |
| ONE Gas, Inc. | &nbsp;&nbsp;16633 | &nbsp;&nbsp;&nbsp;&nbsp;1259451 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2369405 |
| **Healthcare Products — 2.3%** | **Healthcare Products — 2.3%** | **Healthcare Products — 2.3%** |
| Avanos Medical, Inc.\* | &nbsp;&nbsp;28186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762713 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381418 |
| LivaNova PLC\* | &nbsp;&nbsp;10854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602831 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| NuVasive, Inc.\* | &nbsp;&nbsp;15559 | &nbsp;&nbsp;&nbsp;&nbsp;$641653 |
| Pacific Biosciences of California, Inc.\* | &nbsp;&nbsp;41929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342980 |
| QuidelOrtho Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;9391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3536122 |
| **Healthcare Services — 0.5%** | **Healthcare Services — 0.5%** | **Healthcare Services — 0.5%** |
| Acadia Healthcare Co., Inc.\* | &nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730590 |
| **Home Builders — 1.5%** | **Home Builders — 1.5%** | **Home Builders — 1.5%** |
| Century Communities, Inc. | &nbsp;&nbsp;11976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598920 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;4884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418070 |
| Meritage Homes Corp.\* | &nbsp;&nbsp;13822 | &nbsp;&nbsp;&nbsp;&nbsp;1274389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2291379 |
| **Insurance — 3.9%** | **Insurance — 3.9%** | **Insurance — 3.9%** |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390503 |
| CNO Financial Group, Inc. | 28068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641354 |
| Enstar Group Ltd.\* | &nbsp;&nbsp;&nbsp;3956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913994 |
| MGIC Investment Corp. | 81690 | &nbsp;&nbsp;&nbsp;&nbsp;1061970 |
| NMI Holdings, Inc., Class A\* | 29240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611116 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;3522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462333 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;17965 | &nbsp;&nbsp;&nbsp;&nbsp;1591879 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6100700 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| Bumble, Inc., Class A\* | &nbsp;&nbsp;21560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453838 |
| **Iron & Steel — 1.6%** | **Iron & Steel — 1.6%** | **Iron & Steel — 1.6%** |
| ATI, Inc.\* | 27584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823658 |
| Carpenter Technology Corp. | 18569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685939 |
| Commercial Metals Co. | 19464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2449708 |
| **Leisure Time — 0.4%** | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** |
| Topgolf Callaway Brands Corp.\* | &nbsp;&nbsp;35397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699091 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;11214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611499 |
| Travel + Leisure Co. | &nbsp;&nbsp;16924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227533 |
| **Machinery — Construction & Mining — 1.0%** | **Machinery — Construction & Mining — 1.0%** | **Machinery — Construction & Mining — 1.0%** |
| Astec Industries, Inc. | 12090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491579 |
| Terex Corp. | &nbsp;&nbsp;25577 | &nbsp;&nbsp;&nbsp;&nbsp;1092650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1584229 |
| **Machinery — Diversified — 1.0%** | **Machinery — Diversified — 1.0%** | **Machinery — Diversified — 1.0%** |
| Columbus McKinnon Corp. | 24664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800840 |
| Enovis Corp.\* | &nbsp;&nbsp;14507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1577255 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| iHeartMedia, Inc., Class A\* | &nbsp;&nbsp;19391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118867 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717623 |
| TEGNA, Inc. | 43853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1765735 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Metal Fabricate/Hardware — 0.3%** | **Metal Fabricate/Hardware — 0.3%** | **Metal Fabricate/Hardware — 0.3%** |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;$415989 |
| **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
| Constellium S.E.\* | 36460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431322 |
| Hecla Mining Co. | 64320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788941 |
| **Miscellaneous Manufacturing — 2.3%** | **Miscellaneous Manufacturing — 2.3%** | **Miscellaneous Manufacturing — 2.3%** |
| EnPro Industries, Inc. | 10898 | &nbsp;&nbsp;&nbsp;&nbsp;1184504 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;12250 | &nbsp;&nbsp;&nbsp;&nbsp;1072365 |
| Federal Signal Corp. | &nbsp;&nbsp;27120 | &nbsp;&nbsp;&nbsp;&nbsp;1260266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517135 |
| **Office & Business Equipment — 0.2%** | **Office & Business Equipment — 0.2%** | **Office & Business Equipment — 0.2%** |
| Xerox Holdings Corp. | &nbsp;&nbsp;17013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248390 |
| **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** |
| Callon Petroleum Co.\* | &nbsp;&nbsp;&nbsp;5034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186711 |
| Helmerich & Payne, Inc. | 22472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113937 |
| Murphy Oil Corp. | &nbsp;&nbsp;23511 | &nbsp;&nbsp;&nbsp;&nbsp;1011208 |
| Patterson-UTI Energy, Inc. | 42038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707920 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;9931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404986 |
| Sitio Royalties Corp., Class A | &nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265190 |
| SM Energy Co. | &nbsp;&nbsp;18393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4330581 |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| NexTier Oilfield Solutions, Inc.\* | 83287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769572 |
| **Packaging and Containers — 0.2%** | **Packaging and Containers — 0.2%** | **Packaging and Containers — 0.2%** |
| TriMas Corp. | &nbsp;&nbsp;11383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315764 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| Agios Pharmaceuticals, Inc.\* | &nbsp;&nbsp;21536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604731 |
| Alkermes PLC\* | &nbsp;&nbsp;18014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470706 |
| BellRing Brands, Inc.\* | &nbsp;&nbsp;18483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473904 |
| Kura Oncology, Inc.\* | &nbsp;&nbsp;18601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230838 |
| Owens & Minor, Inc. | &nbsp;&nbsp;&nbsp;11219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1999286 |
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| Equitrans Midstream Corp. | 64675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433322 |
| Golar LNG Ltd.\* | 27497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1059979 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| P10, Inc., Class A | &nbsp;&nbsp;27312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291419 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| Kennedy-Wilson Holdings, Inc. | 59087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929439 |
| **Retail — 4.0%** | **Retail — 4.0%** | **Retail — 4.0%** |
| Academy Sports & Outdoors, Inc. | 25556 | &nbsp;&nbsp;&nbsp;&nbsp;1342712 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;17138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239247 |
| Asbury Automotive Group, Inc.\* | &nbsp;&nbsp;&nbsp;4017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720047 |
| Beacon Roofing Supply, Inc.\* | &nbsp;&nbsp;13918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734731 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618712 |
| Foot Locker, Inc. | &nbsp;&nbsp;19237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726966 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;6234 | &nbsp;&nbsp;&nbsp;&nbsp;1124427 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Retail — (continued)** | **Retail — (continued)** | **Retail — (continued)** |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;21555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$445111 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6128345 |
| **Savings & Loans — 2.5%** | **Savings & Loans — 2.5%** | **Savings & Loans — 2.5%** |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;11858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354554 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;33409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472737 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;35254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749148 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;35824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130605 |
| Washington Federal, Inc. | &nbsp;&nbsp;35599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901391 |
| **Semiconductors — 1.2%** | **Semiconductors — 1.2%** | **Semiconductors — 1.2%** |
| Cohu, Inc.\* | &nbsp;&nbsp;29810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955411 |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;10979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691457 |
| Onto Innovation, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787133 |
| **Software — 1.9%** | **Software — 1.9%** | **Software — 1.9%** |
| Allscripts Healthcare Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;53128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937178 |
| Domo, Inc., Class B\* | &nbsp;&nbsp;10863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154689 |
| Health Catalyst, Inc.\* | &nbsp;&nbsp;24524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260690 |
| JFrog Ltd.\* | &nbsp;&nbsp;33634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717413 |
| Smartsheet, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;9562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376361 |
| Verint Systems, Inc.\* | &nbsp;&nbsp;12846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912384 |
| **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** |
| Iridium Communications, Inc.\* | &nbsp;&nbsp;&nbsp;15579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800761 |
| Maxar Technologies, Inc. | &nbsp;&nbsp;&nbsp;17942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928319 |
| Telephone and Data Systems, Inc. | &nbsp;&nbsp;15650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164168 |
| Viavi Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;43451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349918 |
| **Textiles — 0.5%** | **Textiles — 0.5%** | **Textiles — 0.5%** |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729888 |
| **Transportation — 1.7%** | **Transportation — 1.7%** | **Transportation — 1.7%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388582 |
| DHT Holdings, Inc. | &nbsp;&nbsp;65482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581480 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648121 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;18995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639544 |
| **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** |
| SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;8570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695798 |
| **TOTAL COMMON STOCKS<br> (Cost $131,834,336)** | **TOTAL COMMON STOCKS<br> (Cost $131,834,336)** | &nbsp;&nbsp;&nbsp;**134579716** |
| **REAL ESTATE INVESTMENT TRUSTS — 9.8%** | **REAL ESTATE INVESTMENT TRUSTS — 9.8%** | **REAL ESTATE INVESTMENT TRUSTS — 9.8%** |
| **Healthcare — 1.3%** | **Healthcare — 1.3%** | **Healthcare — 1.3%** |
| Physicians Realty Trust | 138778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008118 |
| **Hotels & Resorts — 2.3%** | **Hotels & Resorts — 2.3%** | **Hotels & Resorts — 2.3%** |
| Pebblebrook Hotel Trust | &nbsp;&nbsp;65420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875974 |
| RLJ Lodging Trust | &nbsp;&nbsp;123114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303777 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** |
| **Hotels & Resorts — (continued)** | **Hotels & Resorts — (continued)** | **Hotels & Resorts — (continued)** |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;17017 | &nbsp;&nbsp;&nbsp;&nbsp;$1391650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571401 |
| **Industrial — 1.1%** | **Industrial — 1.1%** | **Industrial — 1.1%** |
| STAG lndustrial, Inc. | 52960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711138 |
| **Mortgage Banks — 1.3%** | **Mortgage Banks — 1.3%** | **Mortgage Banks — 1.3%** |
| KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;48174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672509 |
| PennyMac Mortgage Investment Trust | 76739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950796 |
| TPG RE Finance Trust, Inc. | 62308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046376 |
| **Office Property — 0.4%** | **Office Property — 0.4%** | **Office Property — 0.4%** |
| Hudson Pacific Properties, Inc. | 60638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590008 |
| **Single Tenant — 0.7%** | **Single Tenant — 0.7%** | **Single Tenant — 0.7%** |
| Agree Realty Corp. | 16788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190773 |
| **Storage & Warehousing — 1.0%** | **Storage & Warehousing — 1.0%** | **Storage & Warehousing — 1.0%** |
| Terreno Realty Corp. | &nbsp;&nbsp;27150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544020 |
| **Strip Centers — 1.7%** | **Strip Centers — 1.7%** | **Strip Centers — 1.7%** |
| Acadia Realty Trust | 87920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261652 |
| SITE Centers Corp. | 96882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585060 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $18,766,765)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15246894** |
| **EXCHANGE TRADED FUNDS — 1.5%** | **EXCHANGE TRADED FUNDS — 1.5%** | **EXCHANGE TRADED FUNDS — 1.5%** |
| **Investment Companies — 1.5%** | **Investment Companies — 1.5%** | **Investment Companies — 1.5%** |
| iShares Russell 2000 Value ETF<br> **(Cost $2,392,947)** | 16549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2294850** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $2,471,549)** | 2471549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2471549** |
| **TOTAL INVESTMENTS — 99.9%<br> (Cost $155,465,597)** |  | &nbsp;&nbsp;**$154593009** |
| **Other Assets & Liabilities — 0.1%** | **Other Assets & Liabilities — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89909** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$154682918** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| ETF— Exchange-Traded Fund. |
| LP— Limited Partnership. |
| PLC— Public Limited Company. |
| S.E.— Societas Europaea. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $134579716 | $134579716 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;15246894 | &nbsp;&nbsp;&nbsp;&nbsp;15246894 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;2294850 | &nbsp;&nbsp;&nbsp;&nbsp;2294850 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471549 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$154593009 | &nbsp;&nbsp;$154593009 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 92.0%** | **COMMON STOCKS — 92.0%** | **COMMON STOCKS — 92.0%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| AdTheorent Holding Co., Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;$1992 |
| Advantage Solutions, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 |
| Boston Omaha Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18550 |
| Clear Channel Outdoor Holdings, Inc.\* | 12200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12810 |
| Entravision Communications Corp., Class A | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160 |
| Quotient Technology, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9261 |
| Stagwell, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71085 |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| AAR Corp.\* | &nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52488 |
| Aerojet Rocketdyne Holdings, Inc.\* | &nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp;153248 |
| AeroVironment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78636 |
| AerSale Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 |
| Archer Aviation, Inc., Class A\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7667 |
| Astra Space, Inc.\* | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 |
| Astronics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8189 |
| Barnes Group, Inc. | &nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72100 |
| Ducommun, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19984 |
| Joby Aviation, Inc.\* | &nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27470 |
| Kaman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21140 |
| Kratos Defense & Security Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44603 |
| Momentus, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;86970 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9995 |
| Rocket Lab USA, Inc.\* | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26390 |
| Triumph Group, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;646821 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| 22nd Century Group, Inc.\* | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 |
| Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 |
| AppHarvest, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 |
| Benson Hill, Inc.\* | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp;26609 |
| Fresh Market, Inc. (Escrow)(1),\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Local Bounti Corp.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 |
| Tejon Ranch Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15543 |
| The Andersons, Inc. | &nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36110 |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10815 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45152 |
| Vector Group Ltd. | &nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57604 |
| Vital Farms, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;237138 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Allegiant Travel Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35423 |
| Frontier Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12324 |
| Hawaiian Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16683 |
| SkyWest, Inc.\* | &nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27753 |
| Spirit Airlines, Inc.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74024 |
| Sun Country Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17446 |
| Wheels Up Experience, Inc.\* | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;189009 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| Crocs, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;$227703 |
| Ermenegildo Zegna N.V. | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23034 |
| Fossil Group, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7327 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75981 |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47336 |
| PLBY Group, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 |
| Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724 |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;2673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85429 |
| Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 |
| Torrid Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 |
| Urban Outfitters, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52470 |
| Weyco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;2782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;566601 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| Blue Bird Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7411 |
| Canoo, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551 |
| Cenntro Electric Group Ltd.\* | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 |
| Fisker, Inc.\* | &nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46528 |
| Hyliion Holdings Corp.\* | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9126 |
| Hyzon Motors, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495 |
| Lightning eMotors, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 |
| Lordstown Motors Corp., Class A\* | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6384 |
| Mullen Automotive, Inc.\* | 11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 |
| Nikola Corp.\* | 12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 |
| Proterra, Inc.\* | &nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27144 |
| REV Group, Inc. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12620 |
| TuSimple Holdings, Inc., Class A\* | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544 |
| Wabash National Corp. | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36160 |
| Workhorse Group, Inc.\* | &nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360 |
| Xos, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;204469 |
| **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** |
| Adient PLC\* | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;114477 |
| Aeva Technologies, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624 |
| American Axle & Manufacturing Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31405 |
| Cepton, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 |
| Dana, Inc. | &nbsp;&nbsp;4596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69538 |
| Dorman Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73268 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25312 |
| Fox Factory Holding Corp.\* | &nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;133652 |
| Gentherm, Inc.\* | &nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76259 |
| Holley, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604 |
| indie Semiconductor, Inc., Class A\* | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19239 |
| Luminar Technologies, Inc.\* | &nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41085 |
| Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55906 |
| Microvast Holdings, Inc.\* | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568 |
| Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9144 |
| Motorcar Parts of America, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5930 |
| Solid Power, Inc.\* | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11430 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24360 |
| The Goodyear Tire & Rubber Co.\* | &nbsp;&nbsp;9695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98404 |
| The Shyft Group, Inc. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29832 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Auto Parts & Equipment — (continued)** | **Auto Parts & Equipment — (continued)** | **Auto Parts & Equipment — (continued)** |
| Titan International, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;$27576 |
| Velodyne Lidar, Inc.\* | 8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501 |
| Visteon Corp.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130830 |
| XPEL, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1045018 |
| **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31217 |
| ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11943 |
| Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13824 |
| American National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14772 |
| Ameris Bancorp | &nbsp;&nbsp;2312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108988 |
| Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15662 |
| Associated Banc-Corp. | 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120068 |
| Atlantic Union Bankshares Corp. | 2607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91610 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63490 |
| Banco Latinoamericano de Comercio Exterior S.A., Class E | &nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17982 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27846 |
| Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15782 |
| BankUnited, Inc. | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91719 |
| Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5886 |
| Banner Corp. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75840 |
| Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19128 |
| BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592 |
| BCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8995 |
| Blue Foundry Bancorp\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11565 |
| Blue Ridge Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8743 |
| Bridgewater Bancshares Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12418 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15498 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20673 |
| Cadence Bank | 6283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154939 |
| Cambridge Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24918 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22471 |
| Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15243 |
| Capstar Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596 |
| Carter Bankshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13272 |
| Cathay General Bancorp | 2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99935 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18252 |
| Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12710 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45149 |
| Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8804 |
| CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18413 |
| Coastal Financial Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14256 |
| Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345 |
| Columbia Banking System, Inc. | 2768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83400 |
| Community Bank System, Inc. | &nbsp;&nbsp;1837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115639 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22184 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32926 |
| CrossFirst Bankshares, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18615 |
| Customers Bancorp, Inc.\* | 1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30607 |
| CVB Financial Corp. | 4592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118244 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35299 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;1073 | &nbsp;&nbsp;$47287 |
| Eastern Bankshares, Inc. | 5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91425 |
| Enterprise Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11049 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57773 |
| Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16335 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8652 |
| Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10872 |
| Farmers National Banc Corp. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15532 |
| FB Financial Corp. | &nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp;46476 |
| Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10718 |
| First Bancorp | &nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp;52436 |
| First Bancorp | 6400 | &nbsp;&nbsp;&nbsp;&nbsp;81408 |
| First Bank | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5504 |
| First Busey Corp. | &nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp;42345 |
| First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;10965 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;3221 | &nbsp;&nbsp;&nbsp;&nbsp;44997 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21221 |
| First Financial Bancorp | 3282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79523 |
| First Financial Bankshares, Inc. | 4504 | &nbsp;&nbsp;&nbsp;&nbsp;154938 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17510 |
| First Foundation, Inc. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;25794 |
| First Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 |
| First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7284 |
| First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;3187 | &nbsp;&nbsp;&nbsp;&nbsp;123178 |
| First Merchants Corp. | &nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;79342 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;22456 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13620 |
| Fulton Financial Corp. | 5503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92615 |
| FVCBankcorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7628 |
| German American Bancorp, Inc. | &nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38717 |
| Glacier Bancorp, Inc. | 3799 | &nbsp;&nbsp;&nbsp;&nbsp;187747 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22071 |
| Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11431 |
| Hancock Whitney Corp. | 2978 | &nbsp;&nbsp;&nbsp;&nbsp;144105 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27547 |
| HarborOne Bancorp, Inc. | &nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21920 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7828 |
| Heartland Financial USA, Inc. | &nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;66061 |
| Heritage Commerce Corp. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;24700 |
| Heritage Financial Corp. | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37687 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;1742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52277 |
| Home BancShares, Inc. | 6635 | &nbsp;&nbsp;&nbsp;&nbsp;151212 |
| HomeStreet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16548 |
| Hope Bancorp, Inc. | 4067 | &nbsp;&nbsp;&nbsp;&nbsp;52098 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;20358 |
| Independent Bank Corp. | &nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131711 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19136 |
| Independent Bank Group, Inc. | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 |
| International Bancshares Corp. | &nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83512 |
| John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11512 |
| Kearny Financial Corp. | 2245 | &nbsp;&nbsp;&nbsp;&nbsp;22787 |
| Lakeland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;2111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37175 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;65016 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;36240 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| Luther Burbank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;$4444 |
| Macatawa Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8824 |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16740 |
| Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14592 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12978 |
| Metropolitan Bank Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23468 |
| Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17982 |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18634 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 |
| MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8808 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42070 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63784 |
| Nicolet Bankshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31916 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420 |
| OFG Bancorp | &nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44372 |
| Old National Bancorp | 10157 | &nbsp;&nbsp;&nbsp;&nbsp;182623 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22456 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29360 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9264 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68404 |
| Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222 |
| Pathward Financial, Inc. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43050 |
| PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076 |
| PCSB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23672 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25171 |
| Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10368 |
| Pioneer Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37310 |
| Premier Financial Corp. | &nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30503 |
| Primis Financial Corp. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850 |
| Provident Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29784 |
| RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8340 |
| Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10212 |
| Renasant Corp. | &nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68978 |
| Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11744 |
| Republic First Bancorp, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47203 |
| Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51083 |
| Seacoast Banking Corp of Florida | &nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66747 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117147 |
| Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10458 |
| Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8751 |
| Silvergate Capital Corp., Class A\* | &nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548 |
| Simmons First National Corp., Class A | &nbsp;&nbsp;4196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90550 |
| SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11012 |
| Southern First Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38545 |
| SouthState Corp. | &nbsp;&nbsp;2627 | &nbsp;&nbsp;&nbsp;&nbsp;200598 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49846 |
| Sterling Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62836 |
| Summit Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10006 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| Texas Capital Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;$102527 |
| The Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;1812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51425 |
| The Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53658 |
| The First Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12994 |
| The First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22407 |
| The First of Long Island Corp. | &nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12402 |
| Third Coast Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9215 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35532 |
| Towne Bank | &nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70223 |
| TriCo Bancshares | &nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55987 |
| Triumph Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39096 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24433 |
| Trustmark Corp. | &nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77849 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132045 |
| United Bankshares, Inc. | &nbsp;&nbsp;4560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184634 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;3671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124080 |
| Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466 |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25790 |
| USCB Financial Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880 |
| Valley National Bancorp | 14883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168327 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52032 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81619 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26893 |
| WesBanco, Inc. | &nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75069 |
| West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12213 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7633126 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| BRC, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888 |
| Celsius Holdings, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197676 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84539 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53190 |
| National Beverage Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36480 |
| Primo Water Corp. | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87024 |
| The Duckhorn Portfolio, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26512 |
| The Vita Coco Co., Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16584 |
| Vintage Wine Estates, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510479 |
| **Biotechnology — 6.9%** | **Biotechnology — 6.9%** | **Biotechnology — 6.9%** |
| 2seventy bio, Inc.\* | &nbsp;&nbsp;&nbsp;1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13427 |
| 4D Molecular Therapeutics, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22210 |
| Aadi Bioscience, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6415 |
| Absci Corp.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 |
| ACADIA Pharmaceuticals, Inc.\* | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66864 |
| Adicet Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8046 |
| ADMA Biologics, Inc.\* | &nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23668 |
| Aerovate Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8790 |
| Affimed N.V.\* | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6944 |
| Agenus, Inc.\* | 10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24240 |
| Akero Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65760 |
| Albireo Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10805 |
| Allogene Therapeutics, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17612 |
| Allovir, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 |
| Alpha Teknova, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Alpine Immune Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;$4410 |
| ALX Oncology Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6762 |
| Amicus Therapeutics, Inc.\* | 9600 | &nbsp;&nbsp;&nbsp;&nbsp;117216 |
| AN2 Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 |
| AnaptysBio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18594 |
| Anavex Life Sciences Corp.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23150 |
| ANI Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20115 |
| Apellis Pharmaceuticals, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;165472 |
| Arbutus Biopharma Corp.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7223 |
| Arcellx, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;30980 |
| Arcturus Therapeutics Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11872 |
| Arcus Biosciences, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37224 |
| Arcutis Biotherapeutics, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19240 |
| Arrowhead Pharmaceuticals, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;141960 |
| Atara Biotherapeutics, Inc.\* | 2928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9604 |
| Atea Pharmaceuticals, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13468 |
| Athira Pharma, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 |
| Aura Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 |
| Aurinia Pharmaceuticals, Inc.\* | 4400 | &nbsp;&nbsp;&nbsp;&nbsp;19008 |
| Avid Bioservices, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28917 |
| Avidity Biosciences, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;39942 |
| Axsome Therapeutics, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;84843 |
| Beam Therapeutics, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;86042 |
| Berkeley Lights, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288 |
| BioCryst Pharmaceuticals, Inc.\* | 6500 | &nbsp;&nbsp;&nbsp;&nbsp;74620 |
| Biohaven Ltd.\* | &nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31383 |
| Bluebird Bio, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;20068 |
| Blueprint Medicines Corp.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92001 |
| Bridgebio Pharma, Inc.\* | &nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26327 |
| C4 Therapeutics, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7670 |
| Cara Therapeutics, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16110 |
| Caribou Biosciences, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12560 |
| Cassava Sciences, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41356 |
| Celldex Therapeutics, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71312 |
| Celularity, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 |
| Century Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104 |
| Cerevel Therapeutics Holdings, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;63080 |
| Chinook Therapeutics, Inc.\* | &nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46112 |
| CinCor Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9832 |
| Cogent Biosciences, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25432 |
| Crinetics Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31110 |
| CTI BioPharma Corp.\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18030 |
| Cullinan Oncology, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11605 |
| Cytek Biosciences, Inc.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;40840 |
| Cytokinetics, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;128296 |
| Day One Biopharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19368 |
| Deciphera Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27863 |
| Denali Therapeutics, Inc.\* | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;105678 |
| Design Therapeutics, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13338 |
| DICE Therapeutics, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;40560 |
| Dynavax Technologies Corp.\* | 3920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41709 |
| Dyne Therapeutics, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11590 |
| Edgewise Therapeutics, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11622 |
| Editas Medicine, Inc.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22175 |
| Eiger BioPharmaceuticals, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Emergent BioSolutions, Inc.\* | &nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;$20762 |
| EQRx, Inc.\* | &nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16974 |
| Erasca, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10344 |
| Esperion Therapeutics, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14329 |
| Evolus, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9012 |
| EyePoint Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 |
| Fate Therapeutics, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29261 |
| FibroGen, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46458 |
| Generation Bio Co.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109 |
| Geron Corp.\* | 13340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32283 |
| Gossamer Bio, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 |
| GreenLight Biosciences Holdings PBC\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 |
| Halozyme Therapeutics, Inc.\* | &nbsp;&nbsp;4689 | &nbsp;&nbsp;&nbsp;&nbsp;266803 |
| HilleVax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6692 |
| Humacyte, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697 |
| Icosavax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146 |
| Ideaya Biosciences, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29072 |
| IGM Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103 |
| Imago Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28760 |
| ImmunityBio, Inc.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16224 |
| ImmunoGen, Inc.\* | &nbsp;&nbsp;7563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37512 |
| Immunovant, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28400 |
| Inhibrx, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29568 |
| Innoviva, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27825 |
| Inovio Pharmaceuticals, Inc.\* | &nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15288 |
| Insmed, Inc.\* | &nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95904 |
| Instil Bio, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 |
| Intellia Therapeutics, Inc.\* | &nbsp;&nbsp;2991 | &nbsp;&nbsp;&nbsp;&nbsp;104356 |
| Intercept Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981 |
| Intra-Cellular Therapies, Inc.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;169344 |
| Invivyd, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450 |
| Iovance Biotherapeutics, Inc.\* | &nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33867 |
| iTeos Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13671 |
| IVERIC bio, Inc.\* | &nbsp;&nbsp;4584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98143 |
| Janux Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219 |
| Karuna Therapeutics, Inc.\* | &nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp;207504 |
| Karyopharm Therapeutics, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 |
| Keros Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33614 |
| Kezar Life Sciences, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12672 |
| Kiniksa Pharmaceuticals Ltd., Class A\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14980 |
| Kinnate Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710 |
| Kodiak Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876 |
| Kronos Bio, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 |
| Krystal Biotech, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63376 |
| Kymera Therapeutics, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34944 |
| Lexicon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33801 |
| Liquidia Corp.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10192 |
| MacroGenics, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12749 |
| MeiraGTx Holdings PLC\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172 |
| Mersana Therapeutics, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19924 |
| Monte Rosa Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371 |
| Myriad Genetics, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39177 |
| Nektar Therapeutics\* | &nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13334 |
| NeoGenomics, Inc.\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40656 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| NGM Biopharmaceuticals, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;$6024 |
| Nkarta, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188 |
| Nurix Therapeutics, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;17568 |
| Nuvalent, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;23824 |
| Nuvation Bio, Inc.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296 |
| Organogenesis Holdings, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725 |
| Pardes Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 |
| PepGen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 |
| Phathom Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854 |
| Point Biopharma Global, Inc.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;23328 |
| Praxis Precision Medicines, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856 |
| Precigen, Inc.\* | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016 |
| Prime Medicine, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9290 |
| Prothena Corp. PLC\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;78325 |
| Provention Bio, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;23254 |
| PTC Therapeutics, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;91608 |
| Rallybio Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 |
| RAPT Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;15840 |
| Recursion Pharmaceuticals, Inc., Class A\* | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;36237 |
| REGENXBIO, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;29484 |
| Relay Therapeutics, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;44820 |
| Replimune Group, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;40800 |
| REVOLUTION Medicines, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;64314 |
| Rigel Pharmaceuticals, Inc.\* | &nbsp;&nbsp;6290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435 |
| Rocket Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37183 |
| Sage Therapeutics, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;68652 |
| Sana Biotechnology, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;11060 |
| Sangamo Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;4103 | &nbsp;&nbsp;&nbsp;&nbsp;12883 |
| Seer, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;11600 |
| Singular Genomics Systems, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618 |
| Sorrento Therapeutics, Inc.\* | 13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12138 |
| SpringWorks Therapeutics, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31212 |
| Stoke Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461 |
| Sutro Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;17243 |
| Syndax Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;45810 |
| Talaris Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 |
| Tango Therapeutics, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;10875 |
| Tarsus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;10262 |
| Tenaya Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211 |
| TG Therapeutics, Inc.\* | &nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;57967 |
| Theravance Biopharma, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;24684 |
| Theseus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490 |
| TransMedics Group, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;67892 |
| Travere Therapeutics, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;42060 |
| Twist Bioscience Corp.\* | &nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp;44953 |
| Tyra Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 |
| Vaxart, Inc.\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844 |
| VBI Vaccines, Inc.\* | &nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425 |
| Ventyx Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;26232 |
| Vera Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7740 |
| Veracyte, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;59325 |
| Vericel Corp.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;44778 |
| Veru, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616 |
| Verve Therapeutics, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;30960 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Vir Biotechnology, Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;$60744 |
| Viridian Therapeutics, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40894 |
| VistaGen Therapeutics, Inc.\* | 6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
| Xencor, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49476 |
| Zentalis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5542279 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| AAON, Inc. | &nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111850 |
| American Woodmark Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27802 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33034 |
| Boise Cascade Co. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96138 |
| Caesarstone Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426 |
| Gibraltar Industries, Inc.\* | &nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50514 |
| Griffon Corp. | &nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59268 |
| JELD-WEN Holding, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29915 |
| Masonite International Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64488 |
| Modine Manufacturing Co.\* | &nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31319 |
| PGT Innovations, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35920 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133256 |
| SmartRent, Inc.\* | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98475 |
| Summit Materials, Inc., Class A\* | &nbsp;&nbsp;4174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118500 |
| UFP Industries, Inc. | 2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162383 |
| View, Inc.\* | &nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1070686 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34218 |
| American Vanguard Corp. | &nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23403 |
| Amyris, Inc.\* | 7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11016 |
| Avient Corp. | &nbsp;&nbsp;3155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106513 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;1117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136397 |
| Cabot Corp. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126996 |
| Codexis, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 |
| Danimer Scientific, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728 |
| Diversey Holdings Ltd.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11076 |
| Ecovyst, Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21264 |
| H.B. Fuller Co. | 1880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134646 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26943 |
| Ingevity Corp.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91572 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92574 |
| Intrepid Potash, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10682 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17484 |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460 |
| Lightwave Logic, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15947 |
| Livent Corp.\* | 5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111272 |
| Mativ Holdings, Inc. | &nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40859 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68492 |
| Origin Materials, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16135 |
| Orion Engineered Carbons S.A. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37401 |
| Perimeter Solutions S.A.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36560 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78777 |
| Rayonier Advanced Materials, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18240 |
| Rogers Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75661 |
| Sensient Technologies Corp. | &nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106317 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Chemicals — (continued)** | **Chemicals — (continued)** | **Chemicals — (continued)** |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;$78248 |
| Trinseo PLC | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27252 |
| Tronox Holdings PLC, Class A | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54840 |
| Unifi, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961 |
| Valhi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1640454 |
| **Coal — 0.5%** | **Coal — 0.5%** | **Coal — 0.5%** |
| Alpha Metallurgical Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73195 |
| Arch Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77106 |
| CONSOL Energy, Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 |
| NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 |
| Peabody Energy Corp.\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105680 |
| Ramaco Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21929 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424751 |
| **Commercial Services — 5.2%** | **Commercial Services — 5.2%** | **Commercial Services — 5.2%** |
| 2U, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14421 |
| ABM Industries, Inc. | &nbsp;&nbsp;2339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103898 |
| Adtalem Global Education, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53250 |
| AirSculpt Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 |
| Alarm.com Holdings, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84116 |
| Alight, Inc., Class A\* | 11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98648 |
| Alta Equipment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 |
| American Public Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8050 |
| AMN Healthcare Services, Inc.\* | &nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155155 |
| API Group Corp.\* | &nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137313 |
| Arlo Technologies, Inc.\* | &nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10646 |
| ASGN, Inc.\* | &nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138109 |
| Bakkt Holdings, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22574 |
| Bird Global, Inc., Class A\* | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 |
| BrightView Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9749 |
| Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13770 |
| Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22818 |
| CBIZ, Inc.\* | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76834 |
| Chegg, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108661 |
| Cimpress PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17091 |
| Cipher Mining, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 |
| CoreCivic, Inc.\* | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48552 |
| CorVel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43454 |
| Coursera, Inc.\* | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48503 |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33546 |
| Cross Country Healthcare, Inc.\* | &nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34116 |
| Custom Truck One Source, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13272 |
| Deluxe Corp. | &nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25589 |
| Distribution Solutions Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7372 |
| Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19013 |
| European Wax Center, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960 |
| EVERTEC, Inc. | &nbsp;&nbsp;2239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72499 |
| Evo Payments, Inc., Class A\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57528 |
| First Advantage Corp.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 |
| Forrester Research, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13410 |
| Franklin Covey Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18568 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Commercial Services — (continued)** | **Commercial Services — (continued)** | **Commercial Services — (continued)** |
| Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;$78547 |
| Green Dot Corp., Class A\* | &nbsp;&nbsp;&nbsp;1727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27321 |
| Healthcare Services Group, Inc. | &nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp;30960 |
| HealthEquity, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;178756 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21509 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;117887 |
| Huron Consulting Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;52853 |
| I3 Verticals, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19472 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;64184 |
| Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp;144613 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;60090 |
| Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp;22207 |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37613 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp;95672 |
| Landec Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 |
| Laureate Education, Inc., Class A | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;44252 |
| Legalzoom.com, Inc.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;24768 |
| LiveRamp Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp;55482 |
| Marathon Digital Holdings, Inc.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12312 |
| Medifast, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43372 |
| MoneyGram International, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;32670 |
| Moneylion, Inc.\* | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914 |
| Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51392 |
| Multiplan Corp.\* | 12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14720 |
| National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18165 |
| Paya Holdings, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;22036 |
| Payoneer Global, Inc.\* | &nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;38837 |
| Paysafe Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12732 |
| Perdoceo Education Corp.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31970 |
| PFSweb, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 |
| Priority Technology Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 |
| PROG Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28156 |
| Progyny, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;80990 |
| Quad/Graphics, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488 |
| R1 RCM, Inc.\* | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;55845 |
| Remitly Global, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;38930 |
| Rent the Runway, Inc., Class A\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 |
| Rent-A-Center, Inc. | &nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp;39530 |
| Repay Holdings Corp.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;24955 |
| Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;22460 |
| Riot Blockchain, Inc.\* | &nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16611 |
| Sabre Corp.\* | 11400 | &nbsp;&nbsp;&nbsp;&nbsp;70452 |
| ShotSpotter, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10149 |
| SP Plus Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27533 |
| Spire Global, Inc.\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936 |
| Sterling Check Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13923 |
| StoneCo Ltd., Class A\* | &nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;90624 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;58897 |
| Stride, Inc.\* | &nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42291 |
| Target Hospitality Corp.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;16654 |
| Textainer Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp;46887 |
| The Aaron's Co., Inc. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13145 |
| The Brink's Co. | &nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;86473 |
| The Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp;20696 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Commercial Services — (continued)** | **Commercial Services — (continued)** | **Commercial Services — (continued)** |
| Transcat, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;$21261 |
| TriNet Group, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88140 |
| Triton International Ltd. | 2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143956 |
| TrueBlue, Inc.\* | &nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21068 |
| Udemy, Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25320 |
| Universal Technical Institute, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392 |
| V2X, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16516 |
| Viad Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16366 |
| Vivint Smart Home, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36890 |
| Willdan Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355 |
| WW International, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6562 |
| ZipRecruiter, Inc., Class A\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4184927 |
| **Computers — 1.9%** | **Computers — 1.9%** | **Computers — 1.9%** |
| 3D Systems Corp.\* | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31080 |
| Cantaloupe, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 |
| Cerberus Cyber Sentinel Corp.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3825 |
| Conduent, Inc.\* | 5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23490 |
| Corsair Gaming, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18998 |
| Desktop Metal, Inc., Class A\* | 9584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13034 |
| Diebold Nixdorf, Inc.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 |
| ExlService Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191625 |
| Grid Dynamics Holdings, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19074 |
| Insight Enterprises, Inc.\* | &nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114609 |
| Integral Ad Science Holding Corp.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10548 |
| IronNet, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 |
| KnowBe4, Inc., Class A\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64428 |
| Markforged Holding Corp.\* | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176 |
| Maximus, Inc. | 2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151573 |
| Mitek Systems, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14535 |
| NetScout Systems, Inc.\* | 2365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76886 |
| NextNav, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4688 |
| OneSpan, Inc.\* | &nbsp;&nbsp;1528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17098 |
| PAR Technology Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23463 |
| Parsons Corp.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55500 |
| Qualys, Inc.\* | &nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148144 |
| Rapid7, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67960 |
| Rigetti Computing, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 |
| Rimini Street, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858 |
| SecureWorks Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 |
| Super Micro Computer, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131360 |
| Telos Corp.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10689 |
| Tenable Holdings, Inc.\* | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148785 |
| TTEC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26787 |
| Unisys Corp.\* | 2324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11876 |
| Varonis Systems, Inc.\* | &nbsp;&nbsp;3732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89344 |
| Velo3D, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222 |
| Vuzix Corp.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1507592 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Edgewell Personal Care Co. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69372 |
| elf Beauty, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94010 |
| Inter Parfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60228 |
| The Beauty Health Co.\* | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30940 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Cosmetics & Personal Care — (continued)** | **Cosmetics & Personal Care — (continued)** | **Cosmetics & Personal Care — (continued)** |
| The Honest Co., Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;$8428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;262978 |
| **Distribution & Wholesale — 0.5%** | **Distribution & Wholesale — 0.5%** | **Distribution & Wholesale — 0.5%** |
| A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20838 |
| G-III Apparel Group Ltd.\* | &nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20675 |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518 |
| H&E Equipment Services, Inc. | &nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp;48078 |
| Hudson Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168 |
| KAR Auction Services, Inc.\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53505 |
| MRC Global, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33582 |
| Resideo Technologies, Inc.\* | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82250 |
| ScanSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25743 |
| ThredUp, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 |
| Titan Machinery, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28725 |
| Veritiv Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60855 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;413865 |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24156 |
| Applied Digital Corp.\* | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072 |
| Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62370 |
| AssetMark Financial Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 |
| Associated Capital Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 |
| Atlanticus Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240 |
| B Riley Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23940 |
| BGC Partners, Inc., Class A | 10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39585 |
| Blucora, Inc.\* | &nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;40746 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64022 |
| Brightsphere Investment Group, Inc. | &nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115 |
| Brookfield Business Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15032 |
| Calamos Asset Management, Inc., Class A(1),\* | &nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59201 |
| Columbia Financial, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23782 |
| Consumer Portfolio Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425 |
| Cowen, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36573 |
| Cryptyde, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| Curo Group Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 |
| Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19797 |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24120 |
| Encore Capital Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38208 |
| Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42706 |
| EZCORP, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14393 |
| Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33813 |
| Federated Hermes, Inc. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;105299 |
| Finance Of America Cos., Inc., Class A\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 |
| First Western Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8445 |
| Flywire Corp.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51387 |
| Focus Financial Partners, Inc., Class A\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74540 |
| GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83044 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;152356 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** |
| International Money Express, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;$29244 |
| LendingClub Corp.\* | 3560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31328 |
| LendingTree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8041 |
| Moelis & Co., Class A | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84414 |
| Mr. Cooper Group, Inc.\* | 2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100004 |
| Navient Corp. | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64155 |
| Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45284 |
| NerdWallet, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680 |
| Oportun Financial Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857 |
| Oppenheimer Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14308 |
| PennyMac Financial Services, Inc. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56660 |
| Perella Weinberg Partners | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76422 |
| PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58952 |
| PRA Group, Inc.\* | &nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45535 |
| Radian Group, Inc. | 5503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104942 |
| Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8424 |
| Sculptor Capital Management, Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10392 |
| Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631 |
| StepStone Group, Inc., Class A | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45324 |
| StoneX Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56513 |
| Sunlight Financial Holdings, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 |
| Velocity Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860 |
| Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13415 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45180 |
| WisdomTree Investments, Inc. | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26705 |
| World Acceptance Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2083726 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| ALLETE, Inc. | &nbsp;&nbsp;1951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125859 |
| Altus Power, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9128 |
| Ameresco, Inc., Class A\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62854 |
| Avista Corp. | 2639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117013 |
| Black Hills Corp. | 2248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158124 |
| Clearway Energy, Inc., Class A | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35904 |
| Clearway Energy, Inc., Class C | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89236 |
| FTC Solar, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288 |
| MGE Energy, Inc. | &nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87437 |
| NorthWestern Corp. | 1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117493 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147016 |
| Otter Tail Corp. | &nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81724 |
| PNM Resources, Inc. | &nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141979 |
| Portland General Electric Co. | 3056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149744 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28916 |
| Via Renewables, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1358759 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| Belden, Inc. | &nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104615 |
| Blink Charging Co.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13164 |
| Encore Wire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92303 |
| Energizer Holdings, Inc. | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80520 |
| EnerSys | &nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105074 |
| ESS Tech, Inc.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6318 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electrical Components & Equipment — (continued)** | **Electrical Components & Equipment — (continued)** | **Electrical Components & Equipment — (continued)** |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;$19016 |
| nLight, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13182 |
| Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp;168887 |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;614653 |
| **Electronics — 1.8%** | **Electronics — 1.8%** | **Electronics — 1.8%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110914 |
| Akoustis Technologies, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640 |
| Allied Motion Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17405 |
| Atkore, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;158788 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110993 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29706 |
| Berkshire Grey, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 |
| Brady Corp., Class A | &nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73335 |
| Charge Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340 |
| Comtech Telecommunications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11557 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41903 |
| Enovix Corp.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44784 |
| Evolv Technologies Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6993 |
| FARO Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18234 |
| GoPro, Inc., Class A\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21414 |
| Identiv, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81040 |
| Kimball Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21076 |
| Knowles Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;3152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51756 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30915 |
| MicroVision, Inc.\* | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11985 |
| Mirion Technologies, Inc.\* | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29745 |
| Napco Security Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27480 |
| OSI Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44293 |
| Plexus Corp.\* | &nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103239 |
| Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116070 |
| Stoneridge, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18822 |
| TTM Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51709 |
| Turtle Beach Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 |
| Vicor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38807 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99222 |
| Vishay Precision Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1411833 |
| **Energy-Alternate Sources — 0.8%** | **Energy-Alternate Sources — 0.8%** | **Energy-Alternate Sources — 0.8%** |
| Aemetis, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564 |
| Alto Ingredients, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488 |
| Array Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;102449 |
| Cleanspark, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 |
| Energy Vault Holdings, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 |
| Eneti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035 |
| Fluence Energy, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20580 |
| FuelCell Energy, Inc.\* | 14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40588 |
| FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6504 |
| Gevo, Inc.\* | &nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12160 |
| Green Plains, Inc.\* | &nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56944 |
| Heliogen, Inc.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 |
| Montauk Renewables, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23163 |
| REX American Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18351 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Energy-Alternate Sources — (continued)** | **Energy-Alternate Sources — (continued)** | **Energy-Alternate Sources — (continued)** |
| Shoals Technologies Group, Inc., Class A\* | 4800 | &nbsp;&nbsp;$118416 |
| Stem, Inc.\* | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44700 |
| Sunnova Energy International, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63035 |
| SunPower Corp.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50484 |
| TPI Composites, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;602069 |
| **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** |
| 908 Devices, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096 |
| Arcosa, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92378 |
| Atlas Technical Consultants, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141203 |
| Concrete Pumping Holdings, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435 |
| Construction Partners, Inc., Class A\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37366 |
| Dycom Industries, Inc.\* | &nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98561 |
| EMCOR Group, Inc. | &nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp;244233 |
| Exponent, Inc. | &nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp;176380 |
| Fluor Corp.\* | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;169834 |
| Frontdoor, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60320 |
| Granite Construction, Inc. | &nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57269 |
| Great Lakes Dredge & Dock Corp.\* | &nbsp;&nbsp;2351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13989 |
| IES Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10671 |
| Latham Group, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830 |
| MYR Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53677 |
| NV5 Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60073 |
| Primoris Services Corp. | &nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39273 |
| Sterling Infrastructure, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 |
| Tutor Perini Corp.\* | &nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1318510 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| Accel Entertainment, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400 |
| Bally's Corp.\* | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24225 |
| Cinemark Holdings, Inc.\* | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32908 |
| Everi Holdings, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44485 |
| Golden Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26180 |
| IMAX Corp.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26388 |
| International Game Technology PLC | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74844 |
| Liberty Media Corp.-Liberty Braves, Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 |
| Liberty Media Corp.-Liberty Braves, Class C\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41899 |
| Light & Wonder, Inc.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193380 |
| Lions Gate Entertainment Corp., Class A\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10849 |
| Lions Gate Entertainment Corp., Class B\* | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20634 |
| Madison Square Garden Entertainment Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37640 |
| Monarch Casino & Resort, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37292 |
| NEOGAMES S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876 |
| RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27957 |
| Red Rock Resorts, Inc., Class A | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72018 |
| Reservoir Media, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4179 |
| Rush Street Interactive, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6462 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Entertainment — (continued)** | **Entertainment — (continued)** | **Entertainment — (continued)** |
| SeaWorld Entertainment, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;$74914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786331 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| Casella Waste Systems, Inc., Class A\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134827 |
| Centrus Energy Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12992 |
| Energy Recovery, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40980 |
| Evoqua Water Technologies Corp.\* | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162360 |
| Harsco Corp.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15725 |
| Heritage-Crystal Clean, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19488 |
| Li-Cycle Holdings Corp.\* | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20468 |
| Montrose Environmental Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39951 |
| Pure Cycle Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384 |
| PureCycle Technologies, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478835 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
| B&G Foods, Inc. | 2472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27563 |
| Beyond Meat, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27082 |
| Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16199 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73290 |
| HF Foods Group, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5278 |
| Hostess Brands, Inc.\* | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105468 |
| Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48616 |
| J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79795 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24396 |
| Krispy Kreme, Inc. | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23736 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133572 |
| Mission Produce, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15106 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656 |
| Seneca Foods Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12860 |
| SpartanNash Co. | &nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40219 |
| Sprouts Farmers Market, Inc.\* | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123006 |
| SunOpta, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27008 |
| Tattooed Chef, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 |
| The Chefs' Warehouse, Inc.\* | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38272 |
| The Hain Celestial Group, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51776 |
| The Simply Good Foods Co.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117893 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24095 |
| TreeHouse Foods, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83946 |
| United Natural Foods, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77420 |
| Utz Brands, Inc. | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36478 |
| Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242 |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46576 |
| Whole Earth Brands, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1276807 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Sovos Brands, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18681 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Clearwater Paper Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21854 |
| Glatfelter Corp. | &nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778 |
| Resolute Forest Products, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32385 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Forest Products & Paper — (continued)** | **Forest Products & Paper — (continued)** | **Forest Products & Paper — (continued)** |
| Sylvamo Corp. | 1200 | &nbsp;&nbsp;$58308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;116325 |
| **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** |
| Brookfield Infrastructure Corp., Class A | 3350 | &nbsp;&nbsp;&nbsp;&nbsp;130315 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69135 |
| New Jersey Resources Corp. | 3364 | &nbsp;&nbsp;&nbsp;&nbsp;166922 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54729 |
| ONE Gas, Inc. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;143868 |
| South Jersey Industries, Inc. | &nbsp;&nbsp;4180 | &nbsp;&nbsp;&nbsp;&nbsp;148515 |
| Southwest Gas Holdings, Inc. | 2286 | &nbsp;&nbsp;&nbsp;&nbsp;141458 |
| Spire, Inc. | &nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp;120918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;975860 |
| **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14098 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53598 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;125207 |
| Kennametal, Inc. | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69774 |
| Luxfer Holdings PLC | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;276397 |
| **Healthcare Products — 3.8%** | **Healthcare Products — 3.8%** | **Healthcare Products — 3.8%** |
| Adaptive Biotechnologies Corp.\* | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27504 |
| Akoya Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6699 |
| Alphatec Holdings, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28405 |
| AngioDynamics, Inc.\* | &nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15946 |
| Artivion, Inc.\* | &nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16956 |
| AtriCure, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71008 |
| Atrion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24616 |
| Avanos Medical, Inc.\* | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46002 |
| Axogen, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11976 |
| Axonics, Inc.\* | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;106301 |
| BioLife Solutions, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20020 |
| Bionano Genomics, Inc.\* | 9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13432 |
| Bioventus, Inc., Class A\* | 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858 |
| Butterfly Network, Inc.\* | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11562 |
| Cardiovascular Systems, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20430 |
| CareDx, Inc.\* | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19397 |
| Castle Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21186 |
| Cerus Corp.\* | 6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22630 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87133 |
| Cue Health, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245 |
| Cutera, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26532 |
| Glaukos Corp.\* | &nbsp;&nbsp;1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67748 |
| Haemonetics Corp.\* | &nbsp;&nbsp;1741 | &nbsp;&nbsp;&nbsp;&nbsp;136930 |
| Inari Medical, Inc.\* | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;108052 |
| Inogen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17739 |
| Inspire Medical Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;248102 |
| Integer Holdings Corp.\* | &nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76196 |
| iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658 |
| iRhythm Technologies, Inc.\* | &nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96667 |
| Lantheus Holdings, Inc.\* | 2406 | &nbsp;&nbsp;&nbsp;&nbsp;122610 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32214 |
| LivaNova PLC\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;105526 |
| MaxCyte, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16926 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| Meridian Bioscience, Inc.\* | &nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;$51807 |
| Merit Medical Systems, Inc.\* | &nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139474 |
| MiMedx Group, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10286 |
| NanoString Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11955 |
| Nautilus Biotechnology, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 |
| Neogen Corp.\* | &nbsp;&nbsp;&nbsp;7638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116327 |
| Nevro Corp.\* | &nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49777 |
| NuVasive, Inc.\* | &nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74479 |
| OmniAb, Inc.\* | &nbsp;&nbsp;2863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8924 |
| Omnicell, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76487 |
| OraSure Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10609 |
| Orthofix Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11723 |
| OrthoPediatrics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19865 |
| Pacific Biosciences of California, Inc.\* | &nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63804 |
| Paragon 28, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28665 |
| Patterson Cos., Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84090 |
| PROCEPT BioRobotics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37386 |
| Pulmonx Corp.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10959 |
| Quanterix Corp.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13850 |
| Quantum-Si, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490 |
| RxSight, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10136 |
| SeaSpine Holdings Corp.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350 |
| Shockwave Medical, Inc.\* | &nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252078 |
| SI-BONE, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17680 |
| Silk Road Medical, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68705 |
| SomaLogic, Inc.\* | &nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12299 |
| STAAR Surgical Co.\* | &nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80382 |
| Surmodics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16139 |
| Tactile Systems Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 |
| Treace Medical Concepts, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29887 |
| Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053 |
| Varex Imaging Corp.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24360 |
| Vicarious Surgical, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636 |
| ViewRay, Inc.\* | &nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25536 |
| Zimvie, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538 |
| Zynex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3052891 |
| **Healthcare Services — 1.5%** | **Healthcare Services — 1.5%** | **Healthcare Services — 1.5%** |
| 23andMe Holding Co., Class A\* | &nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19008 |
| Accolade, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17138 |
| Addus HomeCare Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59694 |
| Agiliti, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17941 |
| American Well Corp., Class A\* | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22640 |
| ATI Physical Therapy, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 |
| Aveanna Healthcare Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
| Babylon Holdings Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
| Bright Health Group, Inc.\* | &nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004 |
| Brookdale Senior Living, Inc.\* | &nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17199 |
| Cano Health, Inc.\* | &nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261 |
| CareMax, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935 |
| Clover Health Investments Corp.\* | 12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11619 |
| Community Health Systems, Inc.\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17712 |
| DocGo, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18382 |
| Fulgent Genetics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20846 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Healthcare Services — (continued)** | **Healthcare Services — (continued)** | **Healthcare Services — (continued)** |
| Innovage Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5026 |
| Inotiv, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 |
| Invitae Corp.\* | 8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15810 |
| LHC Group, Inc.\* | &nbsp;&nbsp;1039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167996 |
| LifeStance Health Group, Inc.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12844 |
| Medpace Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184584 |
| ModivCare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44865 |
| Nano-X Imaging Ltd.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10332 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24157 |
| OPKO Health, Inc.\* | 14501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18126 |
| Oscar Health, Inc., Class A\* | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9594 |
| P3 Health Partners, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 |
| Pediatrix Medical Group, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43094 |
| RadNet, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30128 |
| Science 37 Holdings, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91871 |
| Sema4 Holdings Corp.\* | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 |
| Surgery Partners, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47362 |
| The Ensign Group, Inc. | &nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177867 |
| The Joint Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990 |
| The Oncology Institute, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 |
| The Pennant Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125 |
| Thorne HealthTech, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1190579 |
| **Holding Companies — 0.0%** | **Holding Companies — 0.0%** | **Holding Companies — 0.0%** |
| Professional Holding Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11096 |
| **Home Builders — 1.3%** | **Home Builders — 1.3%** | **Home Builders — 1.3%** |
| Beazer Homes USA, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11790 |
| Cavco Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70816 |
| Century Communities, Inc. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50010 |
| Dream Finders Homes, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6062 |
| Forestar Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7089 |
| Green Brick Partners, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24230 |
| Hovnanian Enterprises, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8416 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70963 |
| KB Home | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89180 |
| Landsea Homes Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82373 |
| LGI Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64820 |
| M/I Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43225 |
| MDC Holdings, Inc. | &nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65064 |
| Meritage Homes Corp.\* | &nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118938 |
| Skyline Champion Corp.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92718 |
| Taylor Morrison Home Corp.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115330 |
| Tri Pointe Homes, Inc.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66924 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1050724 |
| **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** |
| Aterian, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21876 |
| iRobot Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42354 |
| MillerKnoll, Inc. | &nbsp;&nbsp;2628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55214 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Home Furnishings — (continued)** | **Home Furnishings — (continued)** | **Home Furnishings — (continued)** |
| Purple Innovation, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;$8143 |
| Sleep Number Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;20057 |
| Snap One Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 |
| Sonos, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;72670 |
| The Lovesac Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8804 |
| Traeger, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 |
| Universal Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8324 |
| Vizio Holding Corp., Class A\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16302 |
| Weber, Inc., Class A | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9660 |
| Xperi, Inc.\* | &nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;283577 |
| **Household Products & Wares — 0.3%** | **Household Products & Wares — 0.3%** | **Household Products & Wares — 0.3%** |
| ACCO Brands Corp. | &nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16172 |
| Central Garden & Pet Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11235 |
| Central Garden & Pet Co., Class A\* | &nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50192 |
| Helen of Troy Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90613 |
| Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24272 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;267285 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Lifetime Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 |
| Tupperware Brands Corp.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10074 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| Ambac Financial Group, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26160 |
| American Equity Investment Life Holding Co. | &nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp;112955 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31598 |
| Argo Group International Holdings Ltd. | &nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;26677 |
| BRP Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;52794 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;3993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91240 |
| Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892 |
| Doma Holdings, Inc.\* | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 |
| Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9699 |
| eHealth, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38041 |
| Enstar Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91030 |
| Essent Group Ltd. | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;143856 |
| Genworth Financial, Inc., Class A\* | 17000 | &nbsp;&nbsp;&nbsp;&nbsp;89930 |
| Goosehead Insurance, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;24038 |
| Greenlight Capital Re Ltd., Class A\* | &nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11877 |
| Hippo Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51571 |
| Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5754 |
| Jackson Financial, Inc., Class A | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;90454 |
| James River Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27183 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;194309 |
| Lemonade, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23256 |
| MBIA, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21845 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;30780 |
| National Western Life Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;20794 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| NI Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2654 |
| NMI Holdings, Inc., Class A\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62700 |
| Palomar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40644 |
| ProAssurance Corp. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31446 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178790 |
| Root, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40613 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183866 |
| Selectquote, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 |
| SiriusPoint Ltd.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15930 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38799 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13840 |
| Trean Insurance Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 |
| Trupanion, Inc.\* | &nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63167 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18605 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1952999 |
| **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |
| 1-800-Flowers.com, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958 |
| 1stdibs.com, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572 |
| Allbirds, Inc., Class A\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502 |
| BARK, Inc.\* | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768 |
| Blade Air Mobility, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6444 |
| Bumble, Inc., Class A\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63150 |
| Cargurus, Inc.\* | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49035 |
| CarParts.com, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10016 |
| Cars.com, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35802 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86705 |
| ContextLogic, Inc., Class A\* | 18600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9071 |
| Couchbase, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11934 |
| DHI Group, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406 |
| Edgio, Inc.\* | &nbsp;&nbsp;&nbsp;4172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714 |
| ePlus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41712 |
| Eventbrite, Inc., Class A\* | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| EverQuote, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318 |
| Figs, Inc., Class A\* | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28266 |
| Focus Universal, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 |
| fuboTV, Inc.\* | &nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11832 |
| Gambling.com Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 |
| Groupon, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 |
| HealthStream, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22356 |
| Innovid Corp.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446 |
| Lands' End, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 |
| Liquidity Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10334 |
| Lulu's Fashion Lounge Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 |
| Magnite, Inc.\* | &nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49837 |
| Marqeta, Inc., Class A\* | 14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90428 |
| MediaAlpha, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950 |
| Nerdy, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 |
| Open Lending Corp., Class A\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22950 |
| OptimizeRx Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10080 |
| Overstock.com, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27104 |
| Perficient, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79955 |
| Poshmark, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26820 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Internet — (continued)** | **Internet — (continued)** | **Internet — (continued)** |
| Q2 Holdings, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;$51053 |
| QuinStreet, Inc.\* | &nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24610 |
| Revolve Group, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31164 |
| Rover Group, Inc.\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11010 |
| RumbleON, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42176 |
| Solo Brands, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 |
| Squarespace, Inc., Class A\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22170 |
| Stitch Fix, Inc., Class A\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086 |
| TechTarget, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39654 |
| The Arena Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244 |
| The RealReal, Inc.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 |
| TrueCar, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8785 |
| Tucows, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10176 |
| Upwork, Inc.\* | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42804 |
| Vacasa, Inc., Class A\* | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788 |
| Vivid Seats, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 |
| Yelp, Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65616 |
| Ziff Davis, Inc.\* | &nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1300532 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| Cannae Holdings, Inc.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51625 |
| Compass Diversified Holdings | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88085 |
| **Iron & Steel — 0.5%** | **Iron & Steel — 0.5%** | **Iron & Steel — 0.5%** |
| ATI, Inc.\* | 4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131384 |
| Carpenter Technology Corp. | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59104 |
| Commercial Metals Co. | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198030 |
| Haynes International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16631 |
| Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432734 |
| **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50952 |
| Bowlero Corp.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17524 |
| Camping World Holdings, Inc., Class A | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31248 |
| Clarus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 |
| F45 Training Holdings, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 |
| Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11108 |
| Life Time Group Holdings, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15548 |
| Lindblad Expeditions Holdings, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8470 |
| Malibu Boats, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37310 |
| Marine Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 |
| MasterCraft Boat Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18109 |
| OneSpaWorld Holdings Ltd.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23325 |
| Topgolf Callaway Brands Corp.\* | 4746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93733 |
| Virgin Galactic Holdings, Inc.\* | 8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30624 |
| Vista Outdoor, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46303 |
| Xponential Fitness, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407247 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Century Casinos, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733 |
| Full House Resorts, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9024 |
| Hilton Grand Vacations, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119474 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Lodging — (continued)** | **Lodging — (continued)** | **Lodging — (continued)** |
| Sonder Holdings, Inc.\* | 6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8060 |
| The Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154839 |
| **Machinery — Construction & Mining — 0.4%** | **Machinery — Construction & Mining — 0.4%** | **Machinery — Construction & Mining — 0.4%** |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16080 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32447 |
| Babcock & Wilcox Enterprises, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11540 |
| Bloom Energy Corp., Class A\* | 6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120456 |
| Hyster-Yale Materials Handling, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8707 |
| NuScale Power Corp.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13338 |
| Terex Corp. | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98256 |
| The Manitowoc Co., Inc.\* | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389 |
| Transphorm, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 |
| Volta, Inc.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315442 |
| **Machinery — Diversified — 1.8%** | **Machinery — Diversified — 1.8%** | **Machinery — Diversified — 1.8%** |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51259 |
| Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111604 |
| Altra Industrial Motion Corp. | &nbsp;&nbsp;2303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137604 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174173 |
| Cactus, Inc., Class A | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100520 |
| Chart Industries, Inc.\* | &nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172154 |
| CIRCOR International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15215 |
| Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28736 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55762 |
| DXP Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14381 |
| Eastman Kodak Co.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880 |
| GrafTech International Ltd. | 6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31416 |
| Hydrofarm Holdings Group, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 |
| Ichor Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24138 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71407 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63186 |
| Mueller Water Products, Inc., Class A | 5492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59094 |
| Sarcos Technology and Robotics Corp.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39159 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19241 |
| Thermon Group Holdings, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22088 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136725 |
| Zurn Elkay Water Solutions Corp. | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1424990 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| AMC Networks, Inc., Class A\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15670 |
| Audacy, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 |
| Cumulus Media, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726 |
| Gannett Co., Inc.\* | &nbsp;&nbsp;4253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8634 |
| Gray Television, Inc. | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33570 |
| iHeartMedia, Inc., Class A\* | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26359 |
| Liberty Latin America Ltd., Class A\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10542 |
| Liberty Latin America Ltd., Class C\* | &nbsp;&nbsp;5252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39915 |
| Scholastic Corp. | &nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41670 |
| Sinclair Broadcast Group, Inc., Class A | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21714 |
| TEGNA, Inc. | 7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163163 |
| The E.W. Scripps Co., Class A\* | &nbsp;&nbsp;1829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24124 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Media — (continued)** | **Media — (continued)** | **Media — (continued)** |
| Thryv Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$15200 |
| WideOpenWest, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;421383 |
| **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35215 |
| Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63096 |
| Hillman Solutions Corp.\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31724 |
| Janus International Group, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25704 |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;117292 |
| Northwest Pipe Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10110 |
| Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11115 |
| Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11572 |
| Proto Labs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22952 |
| RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp;205372 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18156 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;40964 |
| TimkenSteel Corp.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30889 |
| Tredegar Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7777 |
| Worthington Industries, Inc. | &nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53886 |
| Xometry, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;724500 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| 5E Advanced Materials, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 |
| Arconic Corp.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76176 |
| Century Aluminum Co.\* | &nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14348 |
| Coeur Mining, Inc.\* | 10028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33694 |
| Compass Minerals International, Inc. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;49200 |
| Constellium S.E.\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52052 |
| Dakota Gold Corp.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 |
| Energy Fuels, Inc.\* | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33534 |
| Ferroglobe PLC(1),\* | &nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Hecla Mining Co. | 19491 | &nbsp;&nbsp;&nbsp;&nbsp;108370 |
| Hycroft Mining Holding Corp.\* | &nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607 |
| Ivanhoe Electric, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39195 |
| Novagold Resources, Inc.\* | &nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50232 |
| Piedmont Lithium, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26412 |
| PolyMet Mining Corp.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505 |
| United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12669 |
| Uranium Energy Corp.\* | 11600 | &nbsp;&nbsp;&nbsp;&nbsp;45008 |
| Ur-Energy, Inc.\* | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;575980 |
| **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** |
| AMMO, Inc.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228 |
| Chase Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22514 |
| EnPro Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77931 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81762 |
| Fabrinet\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;166686 |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99585 |
| Hillenbrand, Inc. | &nbsp;&nbsp;2444 | &nbsp;&nbsp;&nbsp;&nbsp;104285 |
| John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;100463 |
| LSB Industries, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35910 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66245 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Miscellaneous Manufacturing — (continued)** | **Miscellaneous Manufacturing — (continued)** | **Miscellaneous Manufacturing — (continued)** |
| Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;$29455 |
| NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 |
| Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7147 |
| Sight Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10989 |
| Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;1579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13706 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31334 |
| Trinity Industries, Inc. | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;82796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;937649 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| Pitney Bowes, Inc. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;22800 |
| Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;59860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;82660 |
| **Office Furnishings — 0.1%** | **Office Furnishings — 0.1%** | **Office Furnishings — 0.1%** |
| HNI Corp. | &nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41024 |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19691 |
| Kimball International, Inc., Class B | &nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086 |
| Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;90937 |
| **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** |
| Amplify Energy Corp.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10548 |
| Berry Corp. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;24000 |
| Borr Drilling Ltd.\* | &nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33299 |
| California Resources Corp. | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113126 |
| Callon Petroleum Co.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63053 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp;194544 |
| Civitas Resources, Inc. | &nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;150270 |
| CNX Resources Corp.\* | &nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;106092 |
| Cobalt International Energy, Inc.(1),\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Comstock Resources, Inc. | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43872 |
| Crescent Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18225 |
| CVR Energy, Inc. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31340 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67041 |
| Denbury, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;156636 |
| Diamond Offshore Drilling, Inc.\* | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34320 |
| Earthstone Energy, Inc., Class A\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22768 |
| Empire Petroleum Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 |
| Gulfport Energy Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;29456 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;178452 |
| HighPeak Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4574 |
| Kosmos Energy Ltd.\* | 15200 | &nbsp;&nbsp;&nbsp;&nbsp;96672 |
| Laredo Petroleum, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30852 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;143045 |
| Matador Resources Co. | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;223236 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;219351 |
| Nabors Industries Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;48784 |
| Noble Corp. PLC\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113130 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;70886 |
| Par Pacific Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37619 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;126300 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;138652 |
| Permian Resources Corp. | &nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;67680 |
| Ranger Oil Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28301 |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8829 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Oil & Gas — (continued)** | **Oil & Gas — (continued)** | **Oil & Gas — (continued)** |
| Ring Energy, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;$6888 |
| SandRidge Energy, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17030 |
| SilverBow Resources, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11312 |
| Sitio Royalties Corp., Class A | &nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69655 |
| SM Energy Co. | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146286 |
| Talos Energy, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41536 |
| Tellurian, Inc.\* | 17900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30072 |
| VAALCO Energy, Inc. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18696 |
| Valaris Ltd.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142002 |
| Vertex Energy, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160 |
| W&T Offshore, Inc.\* | &nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19770 |
| Weatherford International PLC\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3279120 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| Archrock, Inc. | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42206 |
| Aris Water Solution, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12969 |
| Bristow Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20782 |
| ChampionX Corp. | &nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205829 |
| DMC Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11664 |
| Dril-Quip, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29887 |
| Expro Group Holdings N.V.\* | &nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45615 |
| Helix Energy Solutions Group, Inc.\* | &nbsp;&nbsp;&nbsp;4501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33217 |
| Liberty Oilfield Services, Inc., Class A | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81651 |
| National Energy Services Reunited Corp.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 |
| Newpark Resources, Inc.\* | &nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11255 |
| NexTier Oilfield Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;5891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54433 |
| NOW, Inc.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48260 |
| Oceaneering International, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59466 |
| Oil States International, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14920 |
| ProFrac Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22680 |
| ProPetro Holding Corp.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30073 |
| RPC, Inc. | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24892 |
| Select Energy Services, Inc., Class A | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24948 |
| Solaris Oilfield Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10923 |
| TETRA Technologies, Inc.\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15224 |
| Tidewater, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62645 |
| US Silica Holdings, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904923 |
| **Packaging and Containers — 0.4%** | **Packaging and Containers — 0.4%** | **Packaging and Containers — 0.4%** |
| Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60354 |
| Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15646 |
| Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 |
| Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33636 |
| O-I Glass, Inc.\* | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89478 |
| Pactiv Evergreen, Inc. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19312 |
| Ranpak Holdings Corp.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6924 |
| TriMas Corp. | &nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41472 |
| UFP Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;306500 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| AbCellera Biologics, Inc.\* | &nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72936 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| Aclaris Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;$33075 |
| AdaptHealth Corp.\* | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;48050 |
| Agios Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;50544 |
| Alector, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17537 |
| Alkermes PLC\* | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;146328 |
| Amneal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5845 |
| Amphastar Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;36426 |
| Amylyx Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66510 |
| Anika Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17760 |
| Arvinas, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58157 |
| BellRing Brands, Inc.\* | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;117944 |
| Bioxcel Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12888 |
| Catalyst Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65100 |
| Chimerix, Inc.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 |
| Coherus Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21384 |
| Collegium Pharmaceutical, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30160 |
| Corcept Therapeutics, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;60930 |
| Eagle Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11692 |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53109 |
| Enanta Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;32564 |
| Foghorn Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104 |
| Fulcrum Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10920 |
| Harmony Biosciences Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;49590 |
| Herbalife Nutrition Ltd.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;50592 |
| Heron Therapeutics, Inc.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 |
| Heska Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19394 |
| Ironwood Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;4861 | &nbsp;&nbsp;&nbsp;&nbsp;60228 |
| Jounce Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 |
| KalVista Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 |
| Kura Oncology, Inc.\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;28543 |
| Lyell Immunopharma, Inc.\* | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;20820 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;131483 |
| MannKind Corp.\* | &nbsp;&nbsp;&nbsp;8701 | &nbsp;&nbsp;&nbsp;&nbsp;45854 |
| Mirum Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 |
| Morphic Holding, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;26750 |
| Nature's Sunshine Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160 |
| Ocugen, Inc.\* | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;10400 |
| Ocular Therapeutix, Inc.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7587 |
| Option Care Health, Inc.\* | &nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;165555 |
| Outlook Therapeutics, Inc.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888 |
| Owens & Minor, Inc. | &nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp;50309 |
| Pacira BioSciences, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57915 |
| PetIQ, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9220 |
| Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9387 |
| PMV Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12180 |
| Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp;110927 |
| Prometheus Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;132000 |
| Protagonist Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15274 |
| Reata Pharmaceuticals, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33583 |
| Relmada Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 |
| Revance Therapeutics, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53534 |
| Senseonics Holdings, Inc.\* | 16900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17407 |
| Seres Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12880 |
| SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12512 |
| Supernus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;60639 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| The Beachbody Co., Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1789 |
| Tricida, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| USANA Health Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18514 |
| Vanda Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14344 |
| Vaxcyte, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119875 |
| Xeris Biopharma Holdings, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719 |
| Y-mAbs Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2388658 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| Equitrans Midstream Corp. | 14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96480 |
| Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15030 |
| Golar LNG Ltd.\* | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79765 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19848 |
| NextDecade Corp.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216063 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| Anywhere Real Estate, Inc.\* | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24921 |
| Compass, Inc., Class A\* | 10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23766 |
| Cushman & Wakefield PLC\* | &nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68530 |
| Douglas Elliman, Inc. | &nbsp;&nbsp;&nbsp;2428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9882 |
| eXp World Holdings, Inc. | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26592 |
| FRP Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14489 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;4081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64194 |
| Legacy Housing Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31005 |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84225 |
| Newmark Group, Inc., Class A | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41444 |
| Offerpad Solutions, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 |
| Radius Global Infrastructure, Inc., Class A\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29550 |
| RE/MAX Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11184 |
| Redfin Corp.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16112 |
| Stratus Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 |
| The RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13193 |
| The St. Joe Co. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516026 |
| **Real Estate Investment Trusts — 0.1%** | **Real Estate Investment Trusts — 0.1%** | **Real Estate Investment Trusts — 0.1%** |
| Bluerock Homes Trust, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 |
| Claros Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50919 |
| **Retail — 4.5%** | **Retail — 4.5%** | **Retail — 4.5%** |
| Abercrombie & Fitch Co., Class A\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41238 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141858 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73988 |
| America's Car-Mart, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13007 |
| Arko Corp. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25980 |
| Asbury Automotive Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135334 |
| Aspen Aerogels, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14148 |
| Beacon Roofing Supply, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94019 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Retail — (continued)** | **Retail — (continued)** | **Retail — (continued)** |
| Bed Bath & Beyond, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;$7781 |
| Big 5 Sporting Goods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181 |
| Big Lots, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16170 |
| Biglari Holdings, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552 |
| BJ's Restaurants, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18994 |
| Bloomin' Brands, Inc. | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60360 |
| BlueLinx Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21333 |
| Boot Barn Holdings, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62520 |
| Brinker International, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47865 |
| Build-A-Bear Workshop, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11920 |
| Caleres, Inc. | &nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27939 |
| Chico's FAS, Inc.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19680 |
| Chuy's Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16980 |
| Citi Trends, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 |
| Clean Energy Fuels Corp.\* | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31200 |
| Conn's, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76360 |
| Dave & Buster's Entertainment, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53160 |
| Denny's Corp.\* | &nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17978 |
| Designer Brands, Inc., Class A | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18582 |
| Destination XL Group, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 |
| Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48480 |
| Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30427 |
| Duluth Holdings, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 |
| El Pollo Loco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5976 |
| EVgo, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9834 |
| Express, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 |
| First Watch Restaurant Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116372 |
| Foot Locker, Inc. | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;105812 |
| Franchise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21438 |
| Genesco, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22780 |
| GMS, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74700 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89824 |
| GrowGeneration Corp.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7056 |
| Guess?, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22759 |
| Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16445 |
| Hibbett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31040 |
| Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48716 |
| JOANN, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 |
| Kura Sushi USA, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33363 |
| LL Flooring Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681 |
| MarineMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21854 |
| Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14835 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;206860 |
| National Vision Holdings, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;104652 |
| Noodles & Co.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6588 |
| Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71672 |
| OneWater Marine, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11440 |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91364 |
| Party City Holdco, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46965 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17119 |
| PetMed Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10850 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Retail — (continued)** | **Retail — (continued)** | **Retail — (continued)** |
| Portillo's, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;$13056 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50508 |
| Qurate Retail, Inc., Class A\* | 11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18582 |
| Rite Aid Corp.\* | &nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5377 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78525 |
| Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14068 |
| Ruth's Hospitality Group, Inc. | &nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18499 |
| Sally Beauty Holdings, Inc.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45072 |
| Shake Shack, Inc., Class A\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53989 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12338 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;108800 |
| Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36164 |
| Sportsman's Warehouse Holdings, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12233 |
| Sweetgreen, Inc., Class A\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25710 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215551 |
| The Buckle, Inc. | &nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47572 |
| The Cato Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568 |
| The Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54414 |
| The Children's Place, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17991 |
| The Container Store Group, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172 |
| The ODP Corp.\* | &nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66944 |
| The ONE Group Hospitality, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 |
| Tile Shop Holdings, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5256 |
| Tilly's, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240 |
| TravelCenters of America, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17912 |
| Warby Parker, Inc., Class A\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40470 |
| Wingstop, Inc. | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141749 |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24998 |
| World Fuel Services Corp. | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60126 |
| Zumiez, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3623711 |
| **Savings & Loans — 1.0%** | **Savings & Loans — 1.0%** | **Savings & Loans — 1.0%** |
| Axos Financial, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76440 |
| Banc of California, Inc. | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30267 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43116 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;2522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35686 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38060 |
| Flushing Financial Corp. | &nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20116 |
| Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742 |
| Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12009 |
| HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12085 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25058 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;4155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58087 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40588 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;3246 | &nbsp;&nbsp;&nbsp;&nbsp;102444 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;2474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52845 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13749 |
| The Hingham Institution For Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11866 |
| Washington Federal, Inc. | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73810 |
| Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13792 |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;2174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;764329 |
| **Semiconductors — 2.4%** | **Semiconductors — 2.4%** | **Semiconductors — 2.4%** |
| ACM Research, Inc., Class A\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12336 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Semiconductors — (continued)** | **Semiconductors — (continued)** | **Semiconductors — (continued)** |
| Alpha & Omega Semiconductor Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;$19999 |
| Ambarella, Inc.\* | &nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102048 |
| Amkor Technology, Inc. | &nbsp;&nbsp;3611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86592 |
| Arteris, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 |
| Atomera, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 |
| Axcelis Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89280 |
| AXT, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446 |
| CEVA, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22280 |
| Cohu, Inc.\* | &nbsp;&nbsp;1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55254 |
| Diodes, Inc.\* | &nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121748 |
| FormFactor, Inc.\* | 2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58443 |
| Impinj, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87344 |
| Kulicke & Soffa Industries, Inc. | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88520 |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108452 |
| MaxLinear, Inc.\* | 2443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82940 |
| Onto Innovation, Inc.\* | &nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118953 |
| Ouster, Inc.\* | &nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401 |
| Photronics, Inc.\* | 2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35208 |
| Power Integrations, Inc. | &nbsp;&nbsp;1954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140141 |
| Rambus, Inc.\* | &nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136940 |
| Rockley Photonics Holdings Ltd.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
| Semtech Corp.\* | 2209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63376 |
| Silicon Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157784 |
| SiTime Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55993 |
| SkyWater Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 |
| SMART Global Holdings, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26784 |
| Synaptics, Inc.\* | &nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132558 |
| Ultra Clean Holdings, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53040 |
| Veeco Instruments, Inc.\* | &nbsp;&nbsp;1854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1909924 |
| **Software — 5.0%** | **Software — 5.0%** | **Software — 5.0%** |
| 1Life Healthcare, Inc.\* | 6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105273 |
| 8X8, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15984 |
| ACI Worldwide, Inc.\* | &nbsp;&nbsp;3927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90321 |
| ACV Auctions, Inc., Class A\* | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35303 |
| Adeia, Inc. | &nbsp;&nbsp;3753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35578 |
| Agilysys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53499 |
| Alignment Healthcare, Inc.\* | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42336 |
| Alkami Technology, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20426 |
| Allscripts Healthcare Solutions, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65268 |
| Altair Engineering, Inc., Class A\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81846 |
| American Software, Inc., Class A | &nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16045 |
| Amplitude, Inc., Class A\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21744 |
| Apollo Medical Holdings, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38467 |
| Appfolio, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68497 |
| Appian Corp., Class A\* | &nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44770 |
| Asana, Inc., Class A\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35802 |
| Avaya Holdings Corp.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |
| AvePoint, Inc.\* | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17262 |
| Avid Technology, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34567 |
| AvidXchange Holdings, Inc.\* | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47712 |
| Bandwidth, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16960 |
| Benefitfocus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9414 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| BigCommerce Holdings, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;$18354 |
| Blackbaud, Inc.\* | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97119 |
| Blackline, Inc.\* | &nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp;130437 |
| Blend Labs, Inc., Class A\* | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640 |
| Box, Inc., Class A\* | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;149424 |
| Brightcove, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276 |
| C3.ai, Inc., Class A\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;26856 |
| Cardlytics, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6358 |
| Cerence, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;25942 |
| Clear Secure, Inc., Class A | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;60346 |
| CommVault Systems, Inc.\* | &nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97276 |
| Computer Programs and Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12167 |
| Consensus Cloud Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;35858 |
| CS Disco, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 |
| CSG Systems International, Inc. | &nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61833 |
| Cvent Holding Corp.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 |
| Daily Journal Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10271 |
| Digi International, Inc.\* | &nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;45943 |
| Digimarc Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7396 |
| Digital Turbine Inc\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;48768 |
| DigitalOcean Holdings, Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61128 |
| Domo, Inc., Class B\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15664 |
| Donnelley Financial Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34785 |
| Duck Creek Technologies, Inc.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30125 |
| Duolingo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;56904 |
| E2open Parent Holdings, Inc.\* | 6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38155 |
| Ebix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18683 |
| eGain Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515 |
| Enfusion, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6769 |
| EngageSmart, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19360 |
| Envestnet, Inc.\* | &nbsp;&nbsp;1913 | &nbsp;&nbsp;&nbsp;&nbsp;118032 |
| Everbridge, Inc.\* | &nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38247 |
| EverCommerce, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8184 |
| Evolent Health, Inc., Class A\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;78624 |
| Faraday Future Intelligent Electric, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 |
| Fastly, Inc., Class A\* | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;29484 |
| ForgeRock, Inc., Class A\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31878 |
| Health Catalyst, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19134 |
| Hims & Hers Health, Inc.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;25640 |
| HireRight Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8302 |
| IBEX Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7455 |
| Inspired Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 |
| Instructure Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;16408 |
| Intapp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12470 |
| IonQ, Inc.\* | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13455 |
| Latch, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 |
| LivePerson, Inc.\* | &nbsp;&nbsp;2525 | &nbsp;&nbsp;&nbsp;&nbsp;25603 |
| Loyalty Ventures, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 |
| Matterport, Inc.\* | 7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20160 |
| MeridianLink, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;10984 |
| MicroStrategy, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;44878 |
| Model N, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;48672 |
| Momentive Global, Inc.\* | 4400 | &nbsp;&nbsp;&nbsp;&nbsp;30800 |
| N-able, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22616 |
| NextGen Healthcare, Inc.\* | 2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37635 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Nutex Health, Inc.\* | &nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;$18240 |
| Olo, Inc., Class A\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18125 |
| ON24, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13808 |
| Outbrain, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620 |
| Outset Medical, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43894 |
| PagerDuty, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79680 |
| PDF Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28520 |
| Pear Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714 |
| Phreesia, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58248 |
| Playstudios, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10088 |
| Porch Group, Inc.\* | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 |
| PowerSchool Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36928 |
| Privia Health Group, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34065 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76987 |
| PROS Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34376 |
| PubMatic, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17934 |
| Rackspace Technology, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310 |
| Red Violet, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6906 |
| Sapiens International Corp. N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20328 |
| Schrodinger, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33642 |
| Sharecare, Inc.\* | &nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16160 |
| Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18285 |
| Skillsoft Corp.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510 |
| Skillz, Inc.\* | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065 |
| SolarWinds Corp.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14976 |
| Sprout Social, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90392 |
| SPS Commerce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160923 |
| Sumo Logic, Inc.\* | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31590 |
| Upland Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6417 |
| UserTesting, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15020 |
| Verint Systems, Inc.\* | &nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79635 |
| Veritone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240 |
| Verra Mobility Corp.\* | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70533 |
| Viant Technology, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 |
| Vimeo, Inc.\* | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16121 |
| Weave Communications, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 |
| WM Technology, Inc.\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323 |
| Workiva, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142749 |
| Yext, Inc.\* | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29385 |
| Zeta Global Holdings Corp., Class A\* | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30229 |
| Zuora, Inc., Class A\* | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4025658 |
| **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38249 |
| ADTRAN Holdings, Inc. | &nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50827 |
| Anterix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19302 |
| ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18033 |
| Aviat Networks, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12476 |
| Calix, Inc.\* | &nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136381 |
| Cambium Networks Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 |
| Casa Systems, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276 |
| Clearfield, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37656 |
| CommScope Holding Co., Inc.\* | &nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52920 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Telecommunications — (continued)** | **Telecommunications — (continued)** | **Telecommunications — (continued)** |
| Consolidated Communications Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2571 | &nbsp;&nbsp;&nbsp;&nbsp;$9204 |
| Credo Technology Group Holding Ltd.\* | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43923 |
| Cyxtera Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60990 |
| DZS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608 |
| EchoStar Corp., Class A\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20016 |
| Extreme Networks, Inc.\* | &nbsp;&nbsp;&nbsp;4547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83256 |
| Globalstar, Inc.\* | 24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32585 |
| Gogo, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23616 |
| Harmonic, Inc.\* | &nbsp;&nbsp;&nbsp;3270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42837 |
| IDT Corp., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16902 |
| Infinera Corp.\* | &nbsp;&nbsp;&nbsp;6594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44444 |
| Inseego Corp.\* | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 |
| InterDigital, Inc. | &nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54131 |
| Iridium Communications, Inc.\* | &nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226160 |
| KORE Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 |
| Maxar Technologies, Inc. | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129350 |
| NETGEAR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16824 |
| Ondas Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 |
| Ooma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9534 |
| Planet Labs PBC\* | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22185 |
| Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12077 |
| Ribbon Communications, Inc.\* | &nbsp;&nbsp;&nbsp;1843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27282 |
| Starry Group Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34617 |
| Terran Orbital Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 |
| United States Cellular Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10425 |
| Viavi Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1401308 |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99197 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Funko, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13092 |
| Vinco Ventures, Inc.\* | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15876 |
| **Transportation — 1.8%** | **Transportation — 1.8%** | **Transportation — 1.8%** |
| Air Transport Services Group, Inc.\* | &nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51570 |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62686 |
| Ardmore Shipping Corp.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21615 |
| Atlas Air Worldwide Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95558 |
| Costamare, Inc. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17632 |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13828 |
| CryoPort, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26025 |
| Daseke, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397 |
| DHT Holdings, Inc. | &nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43512 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19556 |
| Eagle Bulk Shipping, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25669 |
| FLEX LNG Ltd. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32690 |
| Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104470 |
| Frontline Ltd. | &nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53416 |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16896 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Transportation — (continued)** | **Transportation — (continued)** | **Transportation — (continued)** |
| Golden Ocean Group Ltd. | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34760 |
| Heartland Express, Inc. | &nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24038 |
| Hub Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90857 |
| International Seaways, Inc. | &nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60380 |
| Marten Transport Ltd. | &nbsp;&nbsp;2126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42052 |
| Matson, Inc. | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81263 |
| Nordic American Tankers Ltd. | 7067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21625 |
| PAM Transportation Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180 |
| Radiant Logistics, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090 |
| Safe Bulkers, Inc. | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7566 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191019 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88183 |
| SFL Corp. Ltd. | 3784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34889 |
| Teekay Corp.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12258 |
| Teekay Tankers Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27729 |
| Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10032 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;2252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420107 |
| **Trucking and Leasing — 0.2%** | **Trucking and Leasing — 0.2%** | **Trucking and Leasing — 0.2%** |
| GATX Corp. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127608 |
| The Greenbrier Cos., Inc. | &nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162714 |
| **Water — 0.5%** | **Water — 0.5%** | **Water — 0.5%** |
| American States Water Co. | &nbsp;&nbsp;1297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120037 |
| Artesian Resources Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18336 |
| California Water Service Group | 1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113154 |
| Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49641 |
| SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73964 |
| The York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404127 |
| **TOTAL COMMON STOCKS<br> (Cost $77,595,803)** | **TOTAL COMMON STOCKS<br> (Cost $77,595,803)** | &nbsp;&nbsp;&nbsp;**73736934** |
| **REAL ESTATE INVESTMENT TRUSTS — 6.9%** | **REAL ESTATE INVESTMENT TRUSTS — 6.9%** | **REAL ESTATE INVESTMENT TRUSTS — 6.9%** |
| **Apartments — 0.3%** | **Apartments — 0.3%** | **Apartments — 0.3%** |
| Apartment Investment and Management Co., Class A | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35600 |
| BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820 |
| Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32914 |
| Independence Realty Trust, Inc. | 7692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129687 |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242837 |
| **Building & Real Estate — 0.1%** | **Building & Real Estate — 0.1%** | **Building & Real Estate — 0.1%** |
| Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12883 |
| MFA Financial, Inc. | &nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35213 |
| Orchid Island Capital, Inc. | &nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14070 |
| Two Harbors Investment Corp. | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107899 |
| **Diversified — 1.2%** | **Diversified — 1.2%** | **Diversified — 1.2%** |
| Alexander & Baldwin, Inc. | 2456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46001 |
| American Assets Trust, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45050 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Diversified — (continued)** | **Diversified — (continued)** | **Diversified — (continued)** |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;$24150 |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98881 |
| Clipper Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840 |
| Farmland Partners, Inc. | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18690 |
| Gladstone Commercial Corp. | &nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23162 |
| Gladstone Land Corp. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18350 |
| Global Net Lease, Inc. | &nbsp;&nbsp;3533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44410 |
| InvenTrust Properties Corp. | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56808 |
| iStar, Inc. | &nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16923 |
| LXP Industrial Trust | &nbsp;&nbsp;9615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96342 |
| One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11332 |
| Outfront Media, Inc. | 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86216 |
| Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;2774 | &nbsp;&nbsp;&nbsp;&nbsp;122028 |
| Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24871 |
| The GEO Group, Inc.\* | 4252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46560 |
| The Necessity Retail REIT, Inc. | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27871 |
| UMH Properties, Inc. | &nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28465 |
| Uniti Group, Inc. | 8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45899 |
| Washington Real Estate Investment Trust | 3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;946621 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86940 |
| **Healthcare — 0.6%** | **Healthcare — 0.6%** | **Healthcare — 0.6%** |
| CareTrust REIT, Inc. | &nbsp;&nbsp;3295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61221 |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28640 |
| Diversified Healthcare Trust | 8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562 |
| Global Medical REIT, Inc. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18012 |
| LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46793 |
| National Health Investors, Inc. | &nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76085 |
| Physicians Realty Trust | 8000 | &nbsp;&nbsp;&nbsp;&nbsp;115760 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;7793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96867 |
| Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;468987 |
| **Hotels & Resorts — 0.8%** | **Hotels & Resorts — 0.8%** | **Hotels & Resorts — 0.8%** |
| Apple Hospitality REIT, Inc. | 7400 | &nbsp;&nbsp;&nbsp;&nbsp;116772 |
| Ashford Hospitality Trust, Inc.\* | &nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660 |
| Braemar Hotels & Resorts, Inc. | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11508 |
| Chatham Lodging Trust | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18405 |
| DiamondRock Hospitality Co. | &nbsp;&nbsp;7023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57519 |
| Hersha Hospitality Trust, Class A | &nbsp;&nbsp;&nbsp;1117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517 |
| Pebblebrook Hotel Trust | &nbsp;&nbsp;4393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58822 |
| RLJ Lodging Trust | 5580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59092 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp;156363 |
| Service Properties Trust | 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40095 |
| Summit Hotel Properties, Inc. | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24548 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;7347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70972 |
| Xenia Hotels & Resorts, Inc. | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;682993 |
| **Industrial — 0.4%** | **Industrial — 0.4%** | **Industrial — 0.4%** |
| Indus Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12761 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** |
| **Industrial — (continued)** | **Industrial — (continued)** | **Industrial — (continued)** |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;$99019 |
| STAG lndustrial, Inc. | &nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;200322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;312102 |
| **Mortgage Banks — 0.9%** | **Mortgage Banks — 0.9%** | **Mortgage Banks — 0.9%** |
| AFC Gamma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9438 |
| Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;4956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53327 |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76502 |
| Ares Commercial Real Estate Corp. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20580 |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27446 |
| Blackstone Mortgage Trust, Inc., Class A | &nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;122786 |
| BrightSpire Capital, Inc. | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21805 |
| Broadmark Realty Capital, Inc. | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16376 |
| Chimera Investment Corp. | &nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45650 |
| Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21230 |
| Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23503 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34985 |
| Granite Point Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9112 |
| KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29316 |
| Ladder Capital Corp. | &nbsp;&nbsp;3976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39919 |
| New York Mortgage Trust, Inc. | 13900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35584 |
| Nexpoint Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4767 |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp;2992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37071 |
| Ready Capital Corp. | &nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26535 |
| Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28912 |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;699103 |
| **Office Property — 0.6%** | **Office Property — 0.6%** | **Office Property — 0.6%** |
| Brandywine Realty Trust | &nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33825 |
| City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11732 |
| Corporate Office Properties Trust | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;101166 |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42810 |
| Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31678 |
| Equity Commonwealth | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92389 |
| Franklin Street Properties Corp. | &nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8586 |
| Office Properties Income Trust | &nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22281 |
| Orion Office REIT, Inc. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16226 |
| Paramount Group, Inc. | &nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40392 |
| Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38514 |
| Veris Residential, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;44604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;484203 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Angel Oak Mortgage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838 |
| **Regional Malls — 0.2%** | **Regional Malls — 0.2%** | **Regional Malls — 0.2%** |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20772 |
| Tanger Factory Outlet Centers, Inc. | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62790 |
| The Macerich Co. | &nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;84450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;168012 |
| **Single Tenant — 0.6%** | **Single Tenant — 0.6%** | **Single Tenant — 0.6%** |
| Agree Realty Corp. | &nbsp;&nbsp;3096 | &nbsp;&nbsp;&nbsp;&nbsp;219599 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Single Tenant — (continued)** | **Single Tenant — (continued)** | **Single Tenant — (continued)** |
| Essential Properties Realty Trust, Inc. | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;$112656 |
| Four Corners Property Trust, Inc. | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77790 |
| Getty Realty Corp. | &nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459771 |
| **Storage & Warehousing — 0.2%** | **Storage & Warehousing — 0.2%** | **Storage & Warehousing — 0.2%** |
| Industrial Logistics Properties Trust | 2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7384 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26852 |
| Terreno Realty Corp. | &nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180676 |
| **Strip Centers — 0.9%** | **Strip Centers — 0.9%** | **Strip Centers — 0.9%** |
| Acadia Realty Trust | &nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47642 |
| Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15184 |
| CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13875 |
| Kite Realty Group Trust | 7449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156801 |
| NETSTREIT Corp. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38493 |
| Phillips Edison & Co., Inc. | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127360 |
| Retail Opportunity Investments Corp. | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63126 |
| RPT Realty | &nbsp;&nbsp;3041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30532 |
| Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14279 |
| SITE Centers Corp. | 6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90156 |
| Urban Edge Properties | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54951 |
| Urstadt Biddle Properties, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17358 |
| Whitestone REIT | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683253 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $6,828,259)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5526235** |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| Aduro Biotech CVR\* | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Chelsea Therapeutics International Ltd. CVR\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Durata Therapeutics CVR Shares\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| PLBY Group, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Progenic Pharmaceuticals CVR\* | &nbsp;&nbsp;2601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| Tobira Therapeutic, Inc. CVR\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668 |
| Trius Therapeutics CVR\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Zogenix, Inc. CVR\* | &nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
| **TOTAL RIGHTS<br> (Cost $152)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7059** |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| Nabors Industries Ltd. Expiration Date 06/11/26\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 |
| Chord Energy Corp. Expiration Date 09/01/24\* | &nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160 |
| Chord Energy Corp. Expiration Date 09/01/25\* | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 |
| **TOTAL WARRANTS<br> (Cost $3,666)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8877** |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number ofShares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $801,436)** | 801436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**801436** |
| **TOTAL INVESTMENTS — 99.9%<br> (Cost $85,229,316)** |  | &nbsp;&nbsp;**$80080541** |
| **Other Assets & Liabilities — 0.1%** | **Other Assets & Liabilities — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70435** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$80150976** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security. <br> (1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments.

---

| |
|:---|
| CVR— Contingent Valued Rights. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71085 |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646821 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237138 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189009 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566601 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204469 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;1045018 |
| Banks | &nbsp;&nbsp;&nbsp;10.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633126 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510479 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;7.5% | &nbsp;&nbsp;&nbsp;&nbsp;5542279 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;1070686 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;&nbsp;1640454 |
| Coal | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424751 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.7% | &nbsp;&nbsp;&nbsp;&nbsp;4184927 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;1507592 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262978 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413865 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;2083726 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;1358759 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614653 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411833 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602069 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318510 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786331 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478835 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;1276807 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18681 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116325 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975860 |
| Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276397 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;4.1% | &nbsp;&nbsp;$3052891 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190579 |
| Holding Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11096 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;1050724 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283577 |
| Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267285 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10074 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;&nbsp;1952999 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;1300532 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88085 |
| Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432734 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407247 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154839 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315442 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;1424990 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421383 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724500 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575980 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937649 |
| Office & Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82660 |
| Office Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90937 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.4% | &nbsp;&nbsp;&nbsp;&nbsp;3279120 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904923 |
| Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306500 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;2388658 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216063 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516026 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50919 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623711 |
| Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764329 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;1909924 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;5.5% | &nbsp;&nbsp;&nbsp;&nbsp;4025658 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;1401308 |
| Textiles | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99197 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15876 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420107 |
| Trucking and Leasing | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162714 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404127 |
|  | 100.0% | $73736934 |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Common Stocks | $73736934 | $73736934 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;5526235 | &nbsp;&nbsp;&nbsp;&nbsp;5526235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7059 | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Small Cap Index Fund<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8877 | &nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$80080541 | &nbsp;&nbsp;$80073482 | $7059 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Other Financial Instruments<sup>(2)</sup> |  |  |  |  |
| Futures Contracts | $(25736) | $(25736) | $— | $— |
| Total Liabilities—Other Financial Instruments | &nbsp;&nbsp;$(25736) | &nbsp;&nbsp;$(25736) | $— | $— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Includes internally fair valued securities currently priced at zero ($0). |
| <sup>(2)</sup> | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
| <sup>^</sup> | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

Futures contracts held by the Fund at December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration <br> Date** | **Numbers <br> of<br> Contracts** | **Units per<br> Contract** | **Closing <br> Price** | **Notional <br> Value** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| Long | E-Mini Russell 2000 Index | 03/17/23 | 11 | 50 | $1771 | $973995 | $— | $(25736) |
|  |  |  |  |  |  |  | $— | $(25736) |

---

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** |
| **Australia — 7.7%** | **Australia — 7.7%** | **Australia — 7.7%** |
| Ampol Ltd. | &nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;$26527 |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp;17497 | &nbsp;&nbsp;&nbsp;&nbsp;281858 |
| APA Group | &nbsp;&nbsp;&nbsp;&nbsp;7172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52423 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71605 |
| ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54070 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp;11109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28144 |
| BHP Group Ltd. | 29706 | &nbsp;&nbsp;&nbsp;&nbsp;920201 |
| BlueScope Steel Ltd. | &nbsp;&nbsp;&nbsp;2897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33018 |
| Brambles Ltd. | &nbsp;&nbsp;&nbsp;8039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65925 |
| Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55105 |
| Coles Group Ltd. | &nbsp;&nbsp;&nbsp;7769 | &nbsp;&nbsp;&nbsp;&nbsp;88066 |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;9975 | &nbsp;&nbsp;&nbsp;&nbsp;692812 |
| Computershare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55367 |
| CSL Ltd. | &nbsp;&nbsp;&nbsp;2823 | &nbsp;&nbsp;&nbsp;&nbsp;550468 |
| Dexus | &nbsp;&nbsp;&nbsp;6508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34167 |
| Endeavour Group Ltd. | &nbsp;&nbsp;&nbsp;8189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35638 |
| Fortescue Metals Group Ltd. | &nbsp;&nbsp;&nbsp;9878 | &nbsp;&nbsp;&nbsp;&nbsp;138066 |
| Goodman Group | 10204 | &nbsp;&nbsp;&nbsp;&nbsp;120003 |
| IDP Education Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22539 |
| IGO Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37596 |
| Insurance Australia Group Ltd. | 14240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45777 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21392 |
| Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp;242484 |
| Medibank Pvt. Ltd. | 16587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33092 |
| Mineral Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54188 |
| Mirvac Group | &nbsp;&nbsp;21784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31515 |
| National Australia Bank Ltd. | 18548 | &nbsp;&nbsp;&nbsp;&nbsp;376591 |
| Newcrest Mining Ltd. | &nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75833 |
| Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52922 |
| Orica Ltd. | &nbsp;&nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27882 |
| Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;9942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52036 |
| Pilbara Minerals Ltd.\* | 15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38743 |
| Qantas Airways Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;5515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22323 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;8610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78107 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48829 |
| REA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23840 |
| Reece Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11480 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171111 |
| Santos Ltd. | &nbsp;&nbsp;18536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91164 |
| Scentre Group | 29458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57342 |
| SEEK Ltd. | &nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29585 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56169 |
| South32 Ltd. | &nbsp;&nbsp;21214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58161 |
| South32 Ltd. | &nbsp;&nbsp;&nbsp;5653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15552 |
| Stockland | &nbsp;&nbsp;13685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33704 |
| Suncorp Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58370 |
| Telstra Corp. Ltd. | 23429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63362 |
| The GPT Group | &nbsp;&nbsp;11476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32730 |
| The Lottery Corp. Ltd.\* | &nbsp;&nbsp;13454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41009 |
| Transurban Group | &nbsp;&nbsp;17957 | &nbsp;&nbsp;&nbsp;&nbsp;157983 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp;&nbsp;4318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39891 |
| Vicinity Centres | 23482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31708 |
| Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23752 |
| Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;6630 | &nbsp;&nbsp;&nbsp;&nbsp;206772 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Australia — (continued)** | **Australia — (continued)** | **Australia — (continued)** |
| Westpac Banking Corp. | 20496 | &nbsp;&nbsp;&nbsp;$324483 |
| WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29440 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;11109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269040 |
| Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp;7088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6553817 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62455 |
| OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44908 |
| Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32783 |
| voestalpine AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158450 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Ageas N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43529 |
| Anheuser-Busch InBev N.V. | &nbsp;&nbsp;&nbsp;5084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306214 |
| D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28019 |
| Elia Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28575 |
| Groupe Bruxelles Lambert N.V. | &nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48430 |
| KBC Group N.V. | &nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93616 |
| Sofina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20756 |
| Solvay S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43071 |
| UCB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56495 |
| Umicore S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45497 |
| Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739354 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44634 |
| **Denmark — 2.9%** | **Denmark — 2.9%** | **Denmark — 2.9%** |
| A.P. Moller - Maersk A/S, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39669 |
| A.P. Moller - Maersk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64920 |
| Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78129 |
| Chr Hansen Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46037 |
| Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80835 |
| Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;4173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82304 |
| Demant A/S\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15672 |
| DSV A/S | &nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172844 |
| Genmab A/S\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162353 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp;&nbsp;1318769 |
| Novozymes A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60069 |
| Orsted A/S | &nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103605 |
| Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39087 |
| ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12876 |
| Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51476 |
| Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;5898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2500694 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| Elisa OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44683 |
| Fortum OYJ | &nbsp;&nbsp;&nbsp;2676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44566 |
| Kesko OYJ, Class B | &nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34558 |
| Kone OYJ, Class B | &nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102405 |
| Neste OYJ | &nbsp;&nbsp;&nbsp;2466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113725 |
| Nokia OYJ | &nbsp;&nbsp;31588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146748 |
| Nordea Bank Abp | &nbsp;&nbsp;19652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210511 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Finland — (continued)** | **Finland — (continued)** | **Finland — (continued)** |
| Orion OYJ, Class B | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;$35361 |
| Sampo OYJ, Class A | &nbsp;&nbsp;2884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150630 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47304 |
| UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;&nbsp;3110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116381 |
| Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1070018 |
| **France — 11.3%** | **France — 11.3%** | **France — 11.3%** |
| Accor S.A.\* | &nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26145 |
| Aeroports de Paris\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24249 |
| Air Liquide S.A. | &nbsp;&nbsp;3066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435174 |
| Airbus S.E. | &nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411640 |
| Alstom S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46902 |
| Amundi S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21323 |
| Arkema S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31661 |
| AXA S.A. | 10940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304740 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27527 |
| BNP Paribas S.A. | &nbsp;&nbsp;6505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370389 |
| Bollore S.E. | &nbsp;&nbsp;&nbsp;5309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29669 |
| Bouygues S.A. | &nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40369 |
| Bureau Veritas S.A. | &nbsp;&nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45830 |
| Capgemini S.E. | &nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159820 |
| Carrefour S.A. | &nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57454 |
| Cie de Saint-Gobain | &nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140990 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;4101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114243 |
| Covivio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17273 |
| Credit Agricole S.A. | &nbsp;&nbsp;&nbsp;&nbsp;7341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77222 |
| Danone S.A. | &nbsp;&nbsp;&nbsp;3752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197752 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25948 |
| Dassault Systemes S.E. | &nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139847 |
| Edenred | &nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81965 |
| Eiffage S.A. | &nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49576 |
| Electricite de France S.A. | &nbsp;&nbsp;&nbsp;3398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43625 |
| Engie S.A. | 10664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152560 |
| EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;1702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307948 |
| Eurazeo S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15876 |
| Gecina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27609 |
| Getlink S.E. | &nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43107 |
| Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286353 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23341 |
| Kering S.A. | &nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222910 |
| Klepierre S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;1311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30259 |
| La Francaise des Jeux SAEM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24666 |
| Legrand S.A. | &nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124763 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506708 |
| LVMH Moet Hennessy Louis Vuitton S.E. | &nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp;1181046 |
| Orange S.A. | 12056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119621 |
| Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237444 |
| Publicis Groupe S.A.\* | &nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84836 |
| Remy Cointreau S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23943 |
| Renault S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39075 |
| Safran S.A. | &nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250383 |
| Sanofi | &nbsp;&nbsp;6687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644805 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **France — (continued)** | **France — (continued)** | **France — (continued)** |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;$54595 |
| Schneider Electric S.E. | &nbsp;&nbsp;&nbsp;3178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446301 |
| SEB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12753 |
| Societe Generale S.A. | &nbsp;&nbsp;&nbsp;4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120878 |
| Sodexo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51475 |
| Teleperformance | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85107 |
| Thales S.A. | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79217 |
| TotalEnergies S.E. | 14590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915861 |
| Ubisoft Entertainment S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15933 |
| Unibail-Rodamco-Westfield\* | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34502 |
| Unibail-Rodamco-Westfield\* | &nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 |
| Valeo | &nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22460 |
| Veolia Environnement S.A. | &nbsp;&nbsp;&nbsp;3874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99540 |
| Vinci S.A. | &nbsp;&nbsp;&nbsp;3148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313815 |
| Vivendi S.E. | &nbsp;&nbsp;4358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41632 |
| Wendel S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14852 |
| Worldline S.A.\* | &nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9637425 |
| **Germany — 7.4%** | **Germany — 7.4%** | **Germany — 7.4%** |
| adidas AG | &nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136611 |
| Allianz S.E. | &nbsp;&nbsp;&nbsp;2393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511044 |
| BASF S.E. | &nbsp;&nbsp;&nbsp;5374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264608 |
| Bayer AG | &nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296005 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171227 |
| Bechtle AG | &nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17745 |
| Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69820 |
| Brenntag S.E. | &nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55739 |
| Carl Zeiss Meditec AG | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27653 |
| Commerzbank AG\* | &nbsp;&nbsp;&nbsp;6114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57164 |
| Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39822 |
| Covestro AG | &nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44644 |
| Daimler Truck Holding AG\* | &nbsp;&nbsp;2630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80851 |
| Delivery Hero S.E.\* | &nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48038 |
| Deutsche Bank AG | 12049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135450 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191131 |
| Deutsche Lufthansa AG\* | &nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29230 |
| Deutsche Post AG | &nbsp;&nbsp;5796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216925 |
| Deutsche Telekom AG | 18982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377677 |
| E.ON S.E. | 13090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130141 |
| Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22049 |
| Fresenius Medical Care AG & Co., KGaA | &nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40469 |
| Fresenius S.E. & Co., KGaA | &nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70640 |
| GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34161 |
| Hannover Rueck S.E. | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72017 |
| HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49752 |
| HelloFresh S.E.\* | &nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22174 |
| Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39973 |
| Infineon Technologies AG | &nbsp;&nbsp;&nbsp;7639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232164 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24318 |
| LEG Immobilien S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28761 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;4697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307160 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145477 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69919 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Germany — (continued)** | **Germany — (continued)** | **Germany — (continued)** |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;$265246 |
| Nemetschek S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17894 |
| Puma S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39046 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17815 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52556 |
| RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;3752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165867 |
| SAP S.E. | &nbsp;&nbsp;&nbsp;&nbsp;6121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631937 |
| Scout24 S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24814 |
| Siemens AG | &nbsp;&nbsp;&nbsp;4484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618125 |
| Siemens Energy AG | &nbsp;&nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50001 |
| Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81756 |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83843 |
| Telefonica Deutschland Holding AG | &nbsp;&nbsp;&nbsp;5808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14264 |
| United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635 |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28081 |
| Vonovia S.E. | &nbsp;&nbsp;&nbsp;4340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102235 |
| Zalando S.E.\* | &nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6312778 |
| **Hong Kong — 2.9%** | **Hong Kong — 2.9%** | **Hong Kong — 2.9%** |
| AIA Group Ltd. | 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773037 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72988 |
| Budweiser Brewing Co., APAC, Ltd. | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32510 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp;12034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73807 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp;16128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96620 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18263 |
| CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69213 |
| ESR Group Ltd. | &nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24250 |
| Futu Holdings Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12195 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85471 |
| Hang Lung Properties Ltd. | 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23376 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76298 |
| Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;8891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30951 |
| HK Electric Investments & HK Electric Investments Ltd. | &nbsp;&nbsp;15777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10432 |
| HKT Trust & HKT Ltd. | 23240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28449 |
| Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;65112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61753 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;7084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304401 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31746 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45784 |
| Link REIT | &nbsp;&nbsp;12302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90018 |
| MTR Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48504 |
| New World Development Co., Ltd. | &nbsp;&nbsp;&nbsp;8458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23726 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43724 |
| Sino Land Co., Ltd. | &nbsp;&nbsp;21372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26657 |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17732 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;8661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118304 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26298 |
| Swire Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18075 |
| Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88855 |
| WH Group Ltd. | 50872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29670 |
| Wharf Real Estate Investment Co., Ltd. | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58241 |
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2481671 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| AerCap Holdings N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$46656 |
| AIB Group PLC | &nbsp;&nbsp;6449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24754 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;6455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61512 |
| CRH PLC | &nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;&nbsp;175386 |
| DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28372 |
| Experian PLC | &nbsp;&nbsp;&nbsp;5380 | &nbsp;&nbsp;&nbsp;&nbsp;182212 |
| Flutter Entertainment PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;133606 |
| James Hardie Industries PLC | &nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45284 |
| Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83555 |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50895 |
| Smurfit Kappa Group PLC | &nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;885154 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17139 |
| Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;7360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66269 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;9130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76042 |
| Bezeq The Israeli Telecommunication Corp., Ltd. | &nbsp;&nbsp;11692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20058 |
| Check Point Software Technologies Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77210 |
| CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25930 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26509 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;4391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31727 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp;&nbsp;7042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36970 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27240 |
| Nice Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70987 |
| Teva Pharmaceutical Industries Ltd.\* | &nbsp;&nbsp;&nbsp;5764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53154 |
| Teva Pharmaceutical Industries Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560 |
| Tower Semiconductor Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28416 |
| Wix.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23894 |
| ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;594700 |
| **Italy — 1.9%** | **Italy — 1.9%** | **Italy — 1.9%** |
| Amplifon SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22634 |
| Assicurazioni Generali SpA | &nbsp;&nbsp;&nbsp;6714 | &nbsp;&nbsp;&nbsp;&nbsp;119392 |
| Davide Campari-Milano N.V. | &nbsp;&nbsp;&nbsp;3207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32558 |
| DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21409 |
| Enel SpA | 47582 | &nbsp;&nbsp;&nbsp;&nbsp;255903 |
| Eni SpA | &nbsp;&nbsp;14613 | &nbsp;&nbsp;&nbsp;&nbsp;207789 |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;157827 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;3527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58570 |
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20701 |
| Intesa Sanpaolo SpA | 97660 | &nbsp;&nbsp;&nbsp;&nbsp;216357 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;3592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34516 |
| Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63180 |
| Nexi SpA\* | &nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25276 |
| Poste Italiane SpA | &nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30957 |
| Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;1441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53541 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26437 |
| Snam SpA | &nbsp;&nbsp;12195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59132 |
| Telecom Italia SpA\* | 60149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13940 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Italy — (continued)** | **Italy — (continued)** | **Italy — (continued)** |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;8507 | &nbsp;&nbsp;&nbsp;&nbsp;$62826 |
| UniCredit SpA | &nbsp;&nbsp;11213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1642052 |
| **Japan — 21.4%** | **Japan — 21.4%** | **Japan — 21.4%** |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70453 |
| Aeon Co., Ltd. | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80239 |
| AGC, Inc. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36504 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23863 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85577 |
| ANA Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21178 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87157 |
| Asahi Intecc Co., Ltd. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21206 |
| Asahi Kasei Corp. | &nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54101 |
| Astellas Pharma, Inc. | 10700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162700 |
| Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17575 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75215 |
| Bridgestone Corp. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120384 |
| Brother Industries Ltd. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21159 |
| Canon, Inc. | &nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125536 |
| Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31920 |
| Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98224 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40328 |
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99476 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27558 |
| CyberAgent, Inc. | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21367 |
| Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24107 |
| Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27968 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133242 |
| Daiichi Sankyo Co., Ltd. | 10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331523 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227570 |
| Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30715 |
| Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82931 |
| Daiwa House REIT Investment Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28986 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35792 |
| Denso Corp. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122600 |
| Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40782 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57004 |
| East Japan Railway Co. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102524 |
| Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98928 |
| ENEOS Holdings, Inc. | 18590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63307 |
| FANUC Corp. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164611 |
| Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182560 |
| Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26417 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105003 |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146649 |
| GLP J-Reit\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29944 |
| GMO Payment Gateway, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16540 |
| Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15054 |
| Hamamatsu Photonics K.K. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38182 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41479 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14075 |
| Hirose Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15051 |
| Hitachi Construction Machinery Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15601 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| Hitachi Ltd. | &nbsp;&nbsp;5700 | &nbsp;&nbsp;$286803 |
| Honda Motor Co., Ltd. | &nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;216686 |
| Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21097 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;201135 |
| Hulic Co., Ltd. | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18061 |
| Ibiden Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25244 |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29405 |
| Iida Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13665 |
| Inpex Corp. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64473 |
| Isuzu Motors Ltd. | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40575 |
| Ito En Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918 |
| ITOCHU Corp. | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;219609 |
| Itochu Techno-Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13917 |
| Japan Airlines Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16294 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41797 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33412 |
| Japan Post Bank Co., Ltd. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21432 |
| Japan Post Holdings Co., Ltd. | 14300 | &nbsp;&nbsp;&nbsp;&nbsp;120320 |
| Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19346 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30746 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;145154 |
| JFE Holdings, Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34811 |
| JSR Corp. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21539 |
| Kajima Corp. | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30257 |
| Kakaku.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12837 |
| Kao Corp. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115131 |
| KDDI Corp. | &nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;285073 |
| Keio Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21978 |
| Keisei Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22729 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;442599 |
| Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42109 |
| Kintetsu Group Holdings Co., Ltd. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33016 |
| Kirin Holdings Co., Ltd. | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76207 |
| Kobayashi Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20563 |
| Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23057 |
| Koei Tecmo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14107 |
| Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17890 |
| Komatsu Ltd. | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;116716 |
| Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22681 |
| Kose Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21731 |
| Kubota Corp. | &nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;80602 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24783 |
| Kyocera Corp. | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94310 |
| Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36646 |
| Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65308 |
| Lixil Corp. | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27137 |
| M3, Inc. | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73341 |
| Makita Corp. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27954 |
| Marubeni Corp. | &nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;103104 |
| Mazda Motor Corp. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25487 |
| McDonald's Holdings Co., Japan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19003 |
| MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30755 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32595 |
| MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36948 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39863 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;$240239 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;115935 |
| Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89380 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19182 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75081 |
| Mitsubishi UFJ Financial Group, Inc. | 70000 | &nbsp;&nbsp;&nbsp;&nbsp;469939 |
| Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;244656 |
| Mitsui Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24707 |
| Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;96868 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47477 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp;14108 | &nbsp;&nbsp;&nbsp;&nbsp;198758 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21129 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85999 |
| Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;167672 |
| NEC Corp. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49097 |
| Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62862 |
| NGK Insulators Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19016 |
| Nidec Corp. | &nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;133794 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22149 |
| Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;6459 | &nbsp;&nbsp;&nbsp;&nbsp;271579 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40246 |
| NIPPON EXPRESS HOLDINGS, INC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22844 |
| Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39270 |
| Nippon Prologis REIT, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30479 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14485 |
| Nippon Shinyaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17025 |
| Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81845 |
| Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;199630 |
| Nippon Yusen K.K. | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66026 |
| Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30525 |
| Nissan Motor Co., Ltd. | &nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43499 |
| Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12757 |
| Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23758 |
| Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65331 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46076 |
| Nomura Holdings, Inc. | &nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65216 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14968 |
| Nomura Real Estate Master Fund, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32211 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48261 |
| NTT Data Corp. | &nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55376 |
| Obayashi Corp. | &nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29459 |
| Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59311 |
| Odakyu Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23311 |
| Oji Holdings Corp. | &nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18983 |
| Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;125227 |
| Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53161 |
| Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51422 |
| Open House Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18205 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13004 |
| Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;174629 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;115248 |
| Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37060 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22064 |
| Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75009 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42720 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| Panasonic Corp. | 12900 | &nbsp;&nbsp;$107960 |
| Persol Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21270 |
| Rakuten Group, Inc.\* | &nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24789 |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;262937 |
| Renesas Electronics Corp.\* | &nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61868 |
| Resona Holdings, Inc. | 12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67557 |
| Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26639 |
| Rohm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35845 |
| SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28770 |
| SCSK Corp. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15137 |
| Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68469 |
| Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24733 |
| Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32058 |
| Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65598 |
| Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;188568 |
| SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23572 |
| Sharp Corp. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8620 |
| Shimadzu Corp. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39634 |
| Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63208 |
| Shimizu Corp. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18142 |
| Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;268647 |
| Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74840 |
| Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112732 |
| Shizuoka Financial Group, Inc. | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22438 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;139463 |
| SoftBank Corp. | 16800 | &nbsp;&nbsp;&nbsp;&nbsp;190070 |
| SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;300280 |
| Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80744 |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;564040 |
| Square Enix Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23213 |
| Subaru Corp. | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56018 |
| SUMCO Corp. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27822 |
| Sumitomo Chemical Co., Ltd. | &nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32988 |
| Sumitomo Corp. | &nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113037 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48583 |
| Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52708 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;305767 |
| Sumitomo Mitsui Trust Holdings, Inc. | &nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71292 |
| Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42422 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27242 |
| Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70460 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60371 |
| T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45807 |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35470 |
| Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;8795 | &nbsp;&nbsp;&nbsp;&nbsp;274815 |
| TDK Corp. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74827 |
| Terumo Corp. | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;110567 |
| The Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24077 |
| The Kansai Electric Power Co., Inc. | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40786 |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34166 |
| Tobu Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25657 |
| Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26982 |
| Tokio Marine Holdings, Inc. | 10700 | &nbsp;&nbsp;&nbsp;&nbsp;228578 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| Tokyo Electric Power Co. Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33493 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264446 |
| Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43076 |
| Tokyu Corp. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40301 |
| TOPPAN Inc. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22151 |
| Toray Industries, Inc. | &nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46716 |
| Toshiba Corp. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79923 |
| Tosoh Corp. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19027 |
| TOTO Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27136 |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43461 |
| Toyota Motor Corp. | 62140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847748 |
| Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44141 |
| Trend Micro, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37414 |
| Unicharm Corp. | &nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91887 |
| USS Co., Ltd. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20627 |
| Welcia Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13986 |
| West Japan Railway Co. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56445 |
| Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45568 |
| Yamaha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29686 |
| Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40682 |
| Yamato Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25354 |
| Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44668 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22219 |
| Z Holdings Corp. | &nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40210 |
| ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18280386 |
| **Jordan — 0.0%** | **Jordan — 0.0%** | **Jordan — 0.0%** |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16101 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84001 |
| Aroundtown S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14261 |
| Eurofins Scientific S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58587 |
| Tenaris S.A. | &nbsp;&nbsp;&nbsp;2782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205639 |
| **Macao — 0.1%** | **Macao — 0.1%** | **Macao — 0.1%** |
| Sands China Ltd.\* | 14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48547 |
| **Netherlands — 4.5%** | **Netherlands — 4.5%** | **Netherlands — 4.5%** |
| ABN AMRO Bank N.V. | &nbsp;&nbsp;&nbsp;2447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33886 |
| Adyen N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176308 |
| Aegon N.V. | &nbsp;&nbsp;10361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52496 |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70726 |
| Argenx S.E.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120505 |
| ASM International N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69016 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;2384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299881 |
| Euronext N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38348 |
| EXOR N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48321 |
| Heineken Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47342 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142419 |
| IMCD N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49635 |
| ING Groep N.V. | 22040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268473 |
| JDE Peet's N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14896 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Netherlands — (continued)** | **Netherlands — (continued)** | **Netherlands — (continued)** |
| Just Eat Takeaway.com N.V.\* | &nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22711 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;6109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175642 |
| Koninklijke DSM N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125128 |
| Koninklijke KPN N.V. | &nbsp;&nbsp;18759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58064 |
| Koninklijke Philips N.V. | &nbsp;&nbsp;&nbsp;5366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80743 |
| NN Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66164 |
| OCI NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22131 |
| Prosus N.V.\* | &nbsp;&nbsp;&nbsp;4856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335275 |
| QIAGEN N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69021 |
| Randstad N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44299 |
| Stellantis N.V. | &nbsp;&nbsp;&nbsp;4487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63749 |
| Stellantis N.V. | &nbsp;&nbsp;&nbsp;8372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118969 |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;4222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102099 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3879060 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Auckland International Airport Ltd.\* | &nbsp;&nbsp;&nbsp;7648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37931 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50496 |
| Mercury NZ Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15477 |
| Meridian Energy Ltd. | &nbsp;&nbsp;&nbsp;7863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26154 |
| Spark New Zealand Ltd. | &nbsp;&nbsp;11452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39209 |
| Xero Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206317 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Adevinta ASA\* | &nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11085 |
| Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55669 |
| DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106947 |
| Equinor ASA | &nbsp;&nbsp;&nbsp;5569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200151 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24361 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21282 |
| Mowi ASA | &nbsp;&nbsp;&nbsp;2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42737 |
| Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;8146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60870 |
| Orkla ASA | &nbsp;&nbsp;&nbsp;4507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32529 |
| Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13451 |
| Telenor ASA | &nbsp;&nbsp;&nbsp;4219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39418 |
| Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652944 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP - Energias de Portugal S.A. | &nbsp;&nbsp;16741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83451 |
| Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;3064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41335 |
| Jeronimo Martins SGPS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162280 |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| CapitaLand Ascendas REIT | 20490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41965 |
| CapitaLand Integrated Commercial Trust | 29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44841 |
| Capitaland Investment Ltd. | &nbsp;&nbsp;15807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43686 |
| CDL Hospitality Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 |
| City Developments Ltd. | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15368 |
| DBS Group Holdings Ltd. | 10548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266987 |
| Genting Singapore Ltd. | 36200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25834 |
| Grab Holdings Ltd., Class A\* | &nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22218 |
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12811 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Singapore — (continued)** | **Singapore — (continued)** | **Singapore — (continued)** |
| Keppel Corp. Ltd. | &nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp;$47182 |
| Mapletree Logistics Trust | 20077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23874 |
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15868 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;19791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180020 |
| Sea Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109263 |
| Singapore Airlines Ltd. | &nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32618 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33434 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23772 |
| Singapore Telecommunications Ltd. | 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92030 |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;6937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158898 |
| UOL Group Ltd. | &nbsp;&nbsp;&nbsp;2407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12102 |
| Venture Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21668 |
| Wilmar International Ltd. | &nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1261023 |
| **Spain — 2.4%** | **Spain — 2.4%** | **Spain — 2.4%** |
| Acciona S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27237 |
| ACS Actividades de Construccion y Servicios S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35509 |
| Aena SME S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56662 |
| Amadeus IT Group S.A.\* | &nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136387 |
| Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;35463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213603 |
| Banco Santander S.A. | 98280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293868 |
| CaixaBank S.A. | &nbsp;&nbsp;25785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101098 |
| Cellnex Telecom S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105020 |
| Corp. ACCIONA Energias Renovables S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15340 |
| EDP Renovaveis S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38496 |
| Enagas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24959 |
| Endesa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35639 |
| Ferrovial S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74178 |
| Grifols S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21769 |
| Iberdrola S.A. | &nbsp;&nbsp;35402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413265 |
| Industria de Diseno Textil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169220 |
| Naturgy Energy Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21909 |
| Red Electrica Corp. S.A. | &nbsp;&nbsp;&nbsp;2449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42584 |
| Repsol S.A. | &nbsp;&nbsp;&nbsp;8043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128021 |
| Telefonica S.A. | 30268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2064337 |
| **Sweden — 3.0%** | **Sweden — 3.0%** | **Sweden — 3.0%** |
| Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50738 |
| Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;5845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125722 |
| Atlas Copco AB, Class A | &nbsp;&nbsp;15698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185996 |
| Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;9087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96955 |
| Boliden AB\* | &nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58372 |
| Electrolux AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18929 |
| Embracer Group AB\* | &nbsp;&nbsp;&nbsp;4059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18428 |
| Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70706 |
| Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;2199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35376 |
| EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38284 |
| Essity AB, Class B | &nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92755 |
| Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103736 |
| Fastighets AB Balder, Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;3781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17647 |
| Getinge AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27943 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Sweden — (continued)** | **Sweden — (continued)** | **Sweden — (continued)** |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;4438 | &nbsp;&nbsp;&nbsp;&nbsp;$47826 |
| Hexagon AB, Class B | &nbsp;&nbsp;11349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118995 |
| Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21899 |
| Husqvarna AB, Class B | &nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17629 |
| Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16880 |
| Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20574 |
| Indutrade AB | &nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33056 |
| Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17418 |
| Investor AB, Class A | &nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55963 |
| Investor AB, Class B | 10649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192757 |
| Kinnevik AB, Class B\* | &nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20192 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20080 |
| Lifco AB, Class B | &nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22747 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;8810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82231 |
| Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26401 |
| Sandvik AB | &nbsp;&nbsp;&nbsp;6212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112261 |
| Securitas AB, Class B | &nbsp;&nbsp;&nbsp;3022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25216 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;9412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108359 |
| Skanska AB, Class B | &nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29628 |
| SKF AB, Class B | &nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32380 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;3681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46619 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;8477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85346 |
| Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;5265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89553 |
| Swedish Orphan Biovitrum AB\* | &nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20324 |
| Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28128 |
| Telefonaktiebolaget LM Ericsson, Class B | 17669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103530 |
| Telia Co., AB | 16043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40994 |
| Volvo AB, Class A | &nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22935 |
| Volvo AB, Class B | &nbsp;&nbsp;&nbsp;8812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159176 |
| Volvo Car AB, Class B\* | &nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2578001 |
| **Switzerland — 10.6%** | **Switzerland — 10.6%** | **Switzerland — 10.6%** |
| ABB Ltd. | &nbsp;&nbsp;&nbsp;9198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280332 |
| Adecco Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29869 |
| Alcon, Inc. | &nbsp;&nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200436 |
| Bachem Holding AG, Class B | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17354 |
| Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43024 |
| Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17450 |
| Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41470 |
| BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17377 |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102883 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61140 |
| Cie Financiere Richemont S.A., Class A | &nbsp;&nbsp;&nbsp;3057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396370 |
| Clariant AG\* | &nbsp;&nbsp;&nbsp;&nbsp;1199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19042 |
| Coca-Cola HBC AG\* | &nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28887 |
| Credit Suisse Group AG\* | 20764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61991 |
| EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29124 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98665 |
| Givaudan S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165397 |
| Glencore PLC\* | &nbsp;&nbsp;57212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381527 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Switzerland — (continued)** | **Switzerland — (continued)** | **Switzerland — (continued)** |
| Holcim AG\* | &nbsp;&nbsp;&nbsp;&nbsp;3237 | &nbsp;&nbsp;&nbsp;$167558 |
| Julius Baer Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72169 |
| Kuehne + Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76487 |
| Logitech International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62133 |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213531 |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;16134 | &nbsp;&nbsp;&nbsp;&nbsp;1863629 |
| Novartis AG | &nbsp;&nbsp;12688 | &nbsp;&nbsp;&nbsp;&nbsp;1148232 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116884 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;4121 | &nbsp;&nbsp;&nbsp;&nbsp;1294973 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60449 |
| Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22544 |
| Schindler Holding AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44011 |
| SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88515 |
| SIG Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;1861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40665 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205304 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74100 |
| STMicroelectronics N.V. | &nbsp;&nbsp;&nbsp;&nbsp;3989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141753 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74536 |
| Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92267 |
| Swiss Prime Site AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39956 |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;1761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164656 |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82172 |
| Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21455 |
| The Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50023 |
| The Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15495 |
| UBS Group AG | &nbsp;&nbsp;19606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364402 |
| VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44746 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9056169 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| NMC Health PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| **United Kingdom — 14.3%** | **United Kingdom — 14.3%** | **United Kingdom — 14.3%** |
| 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;5661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91297 |
| abrdn PLC | &nbsp;&nbsp;&nbsp;13258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30127 |
| Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28033 |
| Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;7436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291193 |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146102 |
| Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;2147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40704 |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;9089 | &nbsp;&nbsp;&nbsp;&nbsp;1229918 |
| Auto Trader Group PLC | &nbsp;&nbsp;&nbsp;5606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34911 |
| AVEVA Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27366 |
| Aviva PLC | &nbsp;&nbsp;16295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86439 |
| BAE Systems PLC | &nbsp;&nbsp;&nbsp;18291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188917 |
| Barclays PLC | &nbsp;&nbsp;93905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178684 |
| Barratt Developments PLC | &nbsp;&nbsp;&nbsp;&nbsp;6327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30220 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28402 |
| BP PLC | 110290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636367 |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;12524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495426 |
| BT Group PLC | &nbsp;&nbsp;&nbsp;42147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56910 |
| Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68004 |
| Burberry Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55140 |
| CNH Industrial N.V. | &nbsp;&nbsp;&nbsp;&nbsp;5953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95498 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68151 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **United Kingdom — (continued)** | **United Kingdom — (continued)** | **United Kingdom — (continued)** |
| Compass Group PLC | &nbsp;&nbsp;&nbsp;10329 | &nbsp;&nbsp;$238518 |
| Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67323 |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;13346 | &nbsp;&nbsp;&nbsp;&nbsp;584179 |
| Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54225 |
| GSK PLC | &nbsp;&nbsp;&nbsp;23826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411790 |
| Haleon PLC\* | &nbsp;&nbsp;&nbsp;29595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117096 |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54274 |
| Hargreaves Lansdown PLC | &nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22130 |
| HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;117061 | &nbsp;&nbsp;&nbsp;&nbsp;725490 |
| Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;5266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131182 |
| Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62662 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61166 |
| Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47582 |
| J. Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;10110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26517 |
| JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;15834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24062 |
| Johnson Matthey PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28599 |
| Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;11961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33984 |
| Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31902 |
| Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;36138 | &nbsp;&nbsp;&nbsp;&nbsp;108347 |
| Lloyds Banking Group PLC | 398788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217624 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165141 |
| M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;15177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34319 |
| Melrose Industries PLC | &nbsp;&nbsp;&nbsp;23250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37458 |
| Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;2953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49938 |
| National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;21415 | &nbsp;&nbsp;&nbsp;&nbsp;256538 |
| NatWest Group PLC | &nbsp;&nbsp;&nbsp;30926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98630 |
| Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52343 |
| Ocado Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22930 |
| Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;3709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41881 |
| Persimmon PLC | &nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28489 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;4526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33155 |
| Prudential PLC | &nbsp;&nbsp;&nbsp;16072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219146 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;4188 | &nbsp;&nbsp;&nbsp;&nbsp;290297 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;6807 | &nbsp;&nbsp;&nbsp;&nbsp;188200 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122716 |
| Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;14597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89681 |
| Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;6588 | &nbsp;&nbsp;&nbsp;&nbsp;463690 |
| Rolls-Royce Holdings PLC\* | &nbsp;&nbsp;&nbsp;49855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55687 |
| Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;4547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23892 |
| Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67406 |
| Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47315 |
| Shell PLC | &nbsp;&nbsp;&nbsp;42608 | &nbsp;&nbsp;&nbsp;&nbsp;1201154 |
| Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70540 |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39996 |
| Spirax-Sarco Engineering PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53391 |
| SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;6227 | &nbsp;&nbsp;&nbsp;&nbsp;128070 |
| St. James's Place PLC | &nbsp;&nbsp;&nbsp;&nbsp;3047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40139 |
| Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;14561 | &nbsp;&nbsp;&nbsp;&nbsp;108604 |
| Taylor Wimpey PLC | &nbsp;&nbsp;&nbsp;&nbsp;21314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26103 |
| Tesco PLC | &nbsp;&nbsp;&nbsp;43504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117238 |
| The British Land Co., PLC | &nbsp;&nbsp;&nbsp;&nbsp;5472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25980 |
| The Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;5891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53047 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;8385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423341 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;6538 | &nbsp;&nbsp;&nbsp;&nbsp;328056 |
| United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48857 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **United Kingdom — (continued)** | **United Kingdom — (continued)** | **United Kingdom — (continued)** |
| Vodafone Group PLC | &nbsp;&nbsp;&nbsp;154210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156171 |
| Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38277 |
| WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12266768 |
| **TOTAL COMMON STOCKS<br> (Cost $66,789,603)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**83298319** |
| **PREFERRED STOCKS — 0.5%** | **PREFERRED STOCKS — 0.5%** | **PREFERRED STOCKS — 0.5%** |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28777 |
| Dr. Ing. h.c. F. Porsche AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69227 |
| Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74927 |
| Porsche Automobil Holding S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50555 |
| Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57652 |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134346 |
| **TOTAL PREFERRED STOCKS<br> (Cost $409,938)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**415484** |
| **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $1,051,801)** | 1051801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1051801** |
| **TOTAL INVESTMENTS — 99.2%<br> (Cost $68,251,342)** |  | &nbsp;&nbsp;**$84765604** |
| **Other Assets & Liabilities — 0.8%** | **Other Assets & Liabilities — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**717360** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$85482964** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| A/S— Aktieselskab. |
| AB— Aktiebolag. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| ASA— Allmennaksjeselskap. |
| K.K.— Kabushiki Kaisha |
| KGaA— Kommanditgesellschaft auf Aktien. |
| MSCI— Morgan Stanley Capital International. |
| N.V.— Naamloze Vennootschap. |
| OYJ— Julkinen Osakeyhtiö. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |
| SpA— Società per Azioni. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| Japan | &nbsp;&nbsp;&nbsp;22% |
| United Kingdom | &nbsp;&nbsp;&nbsp;14 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;&nbsp;21 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;$203163 |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;1184548 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807900 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121643 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921106 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;2466840 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572322 |
| Banks | &nbsp;&nbsp;&nbsp;10.7% | &nbsp;&nbsp;&nbsp;&nbsp;8927571 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;&nbsp;1873725 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871004 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;1385029 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;2352438 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;2170974 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893124 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;&nbsp;1879257 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110444 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361161 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367514 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926096 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;1025720 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187389 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;1015040 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758391 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24783 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;4.7% | &nbsp;&nbsp;&nbsp;&nbsp;3882458 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289993 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354046 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247889 |
| Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266785 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;1632906 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548844 |
| Holding Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72082 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260073 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751214 |
| Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330270 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5.5% | &nbsp;&nbsp;&nbsp;&nbsp;4560994 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924273 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520015 |
| Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444233 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133576 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274974 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878480 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;1681248 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338657 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162864 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Developed International Index Fund<br>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;3.3% | &nbsp;&nbsp;&nbsp;$2723113 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942479 |
| Office & Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281911 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117268 |
| Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40665 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;9.7% | &nbsp;&nbsp;&nbsp;&nbsp;8053217 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52423 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306027 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;1069487 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;1047460 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513984 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335154 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21282 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194350 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695116 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346794 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398821 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195712 |
|  | 100.0% | $83298319 |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;$6553817 | &nbsp;&nbsp;$281858 | &nbsp;&nbsp;$6271959 | $— |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158450 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739354 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44634 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;2500694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2500694 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;1070018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1070018 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;9637425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9637425 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312778 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12195 | &nbsp;&nbsp;&nbsp;&nbsp;2469476 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838498 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594700 | &nbsp;&nbsp;&nbsp;&nbsp;140189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454511 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;1642052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1642052 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;18280386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;18280386 | &nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| &nbsp;&nbsp;&nbsp;Jordan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16101 | $— |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205639 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Macao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48547 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3879060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3879060 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206317 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652944 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162280 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129542 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;2064337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2064337 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;2578001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2578001 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;9056169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9056169 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;12266768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12266768 | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;$83298319 | &nbsp;&nbsp;&nbsp;&nbsp;$612379 | &nbsp;&nbsp;$82685940 | $— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415484 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051801 | &nbsp;&nbsp;&nbsp;1051801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$84765604 | &nbsp;&nbsp;$1664180 | &nbsp;&nbsp;&nbsp;$83101424 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Futures Contracts | $(2850) | $(2850) | $— | $— |
| Total Liabilities—Other Financial Instruments | &nbsp;&nbsp;$(2850) | &nbsp;&nbsp;$(2850) | $— | $— |

---

<sup>(1)</sup> Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

Futures contracts held by the Fund at December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration <br> Date** | **Numbers <br> of<br> Contracts** | **Units per<br> Contract** | **Closing <br> Price** | **Notional <br> Value** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| Long | MSCI EAFE Index | 03/17/23 | 21 | 50 | $1949 | $2046870 | $— | $(2850) |
|  |  |  |  |  |  |  | $— | $(2850) |

---

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 93.6%** | **COMMON STOCKS — 93.6%** | **COMMON STOCKS — 93.6%** |
| **Canada — 10.6%** | **Canada — 10.6%** | **Canada — 10.6%** |
| Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;45869 | &nbsp;&nbsp;$5448722 |
| Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9966 | &nbsp;&nbsp;&nbsp;&nbsp;15559620 |
| Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27486005 |
| **China — 2.3%** | **China — 2.3%** | **China — 2.3%** |
| Yum China Holdings, Inc. | &nbsp;&nbsp;106029 | &nbsp;&nbsp;&nbsp;&nbsp;5920648 |
| **France — 13.6%** | **France — 13.6%** | **France — 13.6%** |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;&nbsp;55273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845198 |
| EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;&nbsp;39989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235338 |
| Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9773141 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;17322 | &nbsp;&nbsp;&nbsp;&nbsp;6202969 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;12508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35121347 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| Budweiser Brewing Co., APAC, Ltd. | 1718379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5371646 |
| **India — 3.1%** | **India — 3.1%** | **India — 3.1%** |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;202753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973691 |
| **Ireland — 4.1%** | **Ireland — 4.1%** | **Ireland — 4.1%** |
| Experian PLC | &nbsp;&nbsp;190560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6453950 |
| Flutter Entertainment PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;29661 | &nbsp;&nbsp;&nbsp;&nbsp;4064488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10518438 |
| **Italy — 2.6%** | **Italy — 2.6%** | **Italy — 2.6%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;31898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840164 |
| **Japan — 6.4%** | **Japan — 6.4%** | **Japan — 6.4%** |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772335 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936026 |
| Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8927312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16635673 |
| **Luxembourg — 1.4%** | **Luxembourg — 1.4%** | **Luxembourg — 1.4%** |
| Eurofins Scientific S.E. | &nbsp;&nbsp;&nbsp;&nbsp;49544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557171 |
| **Netherlands — 6.5%** | **Netherlands — 6.5%** | **Netherlands — 6.5%** |
| Adyen N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869973 |
| IMCD N.V. | &nbsp;&nbsp;&nbsp;&nbsp;24374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486495 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;109953 | &nbsp;&nbsp;&nbsp;&nbsp;11504967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16861435 |
| **Sweden — 1.4%** | **Sweden — 1.4%** | **Sweden — 1.4%** |
| Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;206223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755137 |
| **Switzerland — 9.5%** | **Switzerland — 9.5%** | **Switzerland — 9.5%** |
| Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794803 |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673221 |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;&nbsp;91639 | &nbsp;&nbsp;&nbsp;&nbsp;10585169 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;14359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24565330 |
| **United Kingdom — 20.5%** | **United Kingdom — 20.5%** | **United Kingdom — 20.5%** |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;62591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555469 |
| Diageo PLC | &nbsp;&nbsp;&nbsp;227875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9974516 |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;149321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556072 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **United Kingdom — (continued)** | **United Kingdom — (continued)** | **United Kingdom — (continued)** |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127157 | &nbsp;&nbsp;&nbsp;&nbsp;$10925482 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;490092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13550080 |
| Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;1337261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8215821 |
| Spirax-Sarco Engineering PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53109420 |
| **United States — 9.5%** | **United States — 9.5%** | **United States — 9.5%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680115 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8823997 |
| Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24588011 |
| **TOTAL COMMON STOCKS<br> (Cost $248,680,352)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**242304116** |
| **SHORT-TERM INVESTMENTS — 6.1%** | **SHORT-TERM INVESTMENTS — 6.1%** | **SHORT-TERM INVESTMENTS — 6.1%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $15,762,222)** | 15762222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15762222** |
| **TOTAL INVESTMENTS — 99.7%<br> (Cost $264,442,574)** |  | &nbsp;&nbsp;**$258066338** |
| **Other Assets & Liabilities — 0.3%** | **Other Assets & Liabilities — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**838755** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$258905093** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| AB— Aktiebolag. |
| AG— Aktiengesellschaft. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| United Kingdom | &nbsp;&nbsp;&nbsp;21% |
| United States | &nbsp;&nbsp;&nbsp;16 |
| France | &nbsp;&nbsp;&nbsp;14 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other | &nbsp;&nbsp;&nbsp;16 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;4.0% | &nbsp;&nbsp;&nbsp;&nbsp;$9773141 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840164 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;6.3% | &nbsp;&nbsp;&nbsp;&nbsp;15346162 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845198 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;13.9% | &nbsp;&nbsp;&nbsp;&nbsp;33645293 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### International Equity Fund<br>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;7.0% | $16901003 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;6202969 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486495 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;8.2% | &nbsp;&nbsp;&nbsp;&nbsp;19749479 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;5.5% | &nbsp;&nbsp;&nbsp;&nbsp;13412306 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;4064488 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;4.4% | &nbsp;&nbsp;&nbsp;&nbsp;10585169 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1% | &nbsp;&nbsp;&nbsp;&nbsp;17094842 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7230392 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.7% | &nbsp;&nbsp;&nbsp;&nbsp;16157778 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755137 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7268006 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;4.7% | &nbsp;&nbsp;&nbsp;&nbsp;11504967 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512137 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;&nbsp;&nbsp;5920648 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;6.4% | &nbsp;&nbsp;&nbsp;&nbsp;15559620 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448722 |
|  | 100.0% | $242304116 |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $27486005 | $27486005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;5920648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5920648 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;35121347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35121347 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5371646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5371646 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973691 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;10518438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10518438 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;6840164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6840164 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;16635673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16635673 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557171 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;16861435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16861435 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755137 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;24565330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24565330 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;53109420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;53109420 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;24588011 | &nbsp;&nbsp;&nbsp;&nbsp;24588011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;$242304116 | &nbsp;&nbsp;&nbsp;$52074016 | &nbsp;&nbsp;$190230100 | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;15762222 | &nbsp;&nbsp;&nbsp;&nbsp;15762222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $258066338 | &nbsp;&nbsp;&nbsp;$67836238 | &nbsp;&nbsp;$190230100 | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Emerging Markets Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |
| **Brazil — 7.4%** | **Brazil — 7.4%** | **Brazil — 7.4%** |
| Banco BTG Pactual S.A. | &nbsp;&nbsp;189269 | &nbsp;&nbsp;&nbsp;&nbsp;$858203 |
| Hapvida Participacoes e Investimentos S.A.\* | 1126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083936 |
| Lojas Renner S.A. | &nbsp;&nbsp;349528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355809 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;519146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332334 |
| TOTVS S.A. | &nbsp;&nbsp;&nbsp;189392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990768 |
| WEG S.A. | &nbsp;&nbsp;&nbsp;&nbsp;52289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002441 |
| **China — 30.8%** | **China — 30.8%** | **China — 30.8%** |
| Alibaba Group Holding Ltd.\* | &nbsp;&nbsp;&nbsp;134733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478414 |
| Alibaba Group Holding Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245419 |
| Chacha Food Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;181388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301813 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;42268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308349 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197928 |
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;46607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532445 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;265127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178924 |
| JD.com, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;11614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651894 |
| JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;111329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107932 |
| Kweichow Moutai Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966146 |
| Meituan, Class B\* | &nbsp;&nbsp;&nbsp;108745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409336 |
| Midea Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;196514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458388 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545496 |
| NetEase, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;11389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827183 |
| Shanghai M&G Stationery, Inc., Class A | &nbsp;&nbsp;&nbsp;183423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447272 |
| Shenzhen Inovance Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;117356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170961 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064333 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202130 |
| Wuxi Biologics Cayman, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;64876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491365 |
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;225461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300698 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28982060 |
| **Colombia — 1.4%** | **Colombia — 1.4%** | **Colombia — 1.4%** |
| Bancolombia S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;47030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342236 |
| **Hong Kong — 3.8%** | **Hong Kong — 3.8%** | **Hong Kong — 3.8%** |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482220 |
| Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547300 |
| **India — 20.5%** | **India — 20.5%** | **India — 20.5%** |
| Cipla Ltd. | &nbsp;&nbsp;&nbsp;107405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395432 |
| Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662237 |
| HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;84151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055328 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271451 |
| Housing Development Finance Corp. Ltd. | &nbsp;&nbsp;&nbsp;108128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437493 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404102 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;92066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025572 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp;408724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053775 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **India — (continued)** | **India — (continued)** | **India — (continued)** |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103732 | &nbsp;&nbsp;&nbsp;$3184636 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208090 |
| Voltas Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19282260 |
| **Indonesia — 7.6%** | **Indonesia — 7.6%** | **Indonesia — 7.6%** |
| Avia Avian Tbk PT | 25859451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046504 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;3179673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743536 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;9137585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897074 |
| Telekom Indonesia Persero Tbk PT | &nbsp;&nbsp;5988671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129259 |
| **Macao — 1.0%** | **Macao — 1.0%** | **Macao — 1.0%** |
| Sands China Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;291658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956705 |
| **Mexico — 4.0%** | **Mexico — 4.0%** | **Mexico — 4.0%** |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;1068438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776666 |
| **Netherlands — 2.1%** | **Netherlands — 2.1%** | **Netherlands — 2.1%** |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954961 |
| **Singapore — 2.2%** | **Singapore — 2.2%** | **Singapore — 2.2%** |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767569 |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084037 |
| **South Africa — 1.3%** | **South Africa — 1.3%** | **South Africa — 1.3%** |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234997 |
| **South Korea — 3.6%** | **South Korea — 3.6%** | **South Korea — 3.6%** |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961214 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429219 |
| **Taiwan — 8.6%** | **Taiwan — 8.6%** | **Taiwan — 8.6%** |
| Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190412 |
| President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820419 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;277650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043271 |
| **Thailand — 1.6%** | **Thailand — 1.6%** | **Thailand — 1.6%** |
| SCB X PCL | &nbsp;&nbsp;&nbsp;&nbsp;475583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467082 |
| **United Arab Emirates — 2.7%** | **United Arab Emirates — 2.7%** | **United Arab Emirates — 2.7%** |
| Americana Restaurants International PLC\* | &nbsp;&nbsp;1599909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293832 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489731 |
| **Uruguay — 0.4%** | **Uruguay — 0.4%** | **Uruguay — 0.4%** |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412119 |
| **TOTAL COMMON STOCKS<br> (Cost $104,163,680)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**93134344** |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Emerging Markets Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $1,249,895)** | 1249895 | &nbsp;&nbsp;&nbsp;$**1249895** |
| **TOTAL INVESTMENTS — 100.3%<br> (Cost $105,413,575)** |  | &nbsp;&nbsp;**$94384239** |
| **Other Assets & Liabilities — (0.3)%** | **Other Assets & Liabilities — (0.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(309001)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$94075238** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| ADR— American Depositary Receipt. |
| N.V.— Naamloze Vennootschap. |
| PCL— Public Company Limited. |
| PJSC— Private Joint Stock Company. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.A.B. de C.V.— Sociedad Anonima de Capital Variable. |
| Tbk PT— Terbuka Perseroan Terbatas. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2022††** | **Country Weightings as of 12/31/2022††** |
| China | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| India | &nbsp;&nbsp;&nbsp;20 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;&nbsp;17 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2022. |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;$1064333 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;13.7% | &nbsp;&nbsp;&nbsp;12755436 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;4.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921107 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584144 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;1046504 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;2612192 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;7.3% | &nbsp;&nbsp;&nbsp;&nbsp;6777916 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;1053775 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;1300698 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170961 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013182 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197928 |
| Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;1065080 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575301 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;1458388 |
| Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271451 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;13.4% | &nbsp;&nbsp;&nbsp;12507244 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;2.9% | &nbsp;&nbsp;&nbsp;&nbsp;2662237 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956705 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;$381391 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.4% | &nbsp;&nbsp;&nbsp;&nbsp;3184636 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;1395432 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;17.9% | &nbsp;&nbsp;&nbsp;16665312 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;8.0% | &nbsp;&nbsp;&nbsp;&nbsp;7461659 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;3.7% | &nbsp;&nbsp;&nbsp;&nbsp;3418775 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;2632557 |
|  | 100.0% | $93134344 |

---

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;$7002441 | $7002441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;28982060 | &nbsp;&nbsp;&nbsp;&nbsp;1724496 | &nbsp;&nbsp;&nbsp;&nbsp;27257564 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342236 | &nbsp;&nbsp;&nbsp;&nbsp;1342236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3547300 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;19282260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19282260 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129259 | &nbsp;&nbsp;&nbsp;1046504 | &nbsp;&nbsp;&nbsp;&nbsp;6082755 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Macao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956705 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;3776666 | &nbsp;&nbsp;&nbsp;3776666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1954961 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;2084037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2084037 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234997 | &nbsp;&nbsp;&nbsp;&nbsp;1234997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3429219 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8043271 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1467082 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489731 | &nbsp;&nbsp;&nbsp;&nbsp;1293832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195899 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$93134344 | &nbsp;&nbsp;$17833291 | &nbsp;&nbsp;&nbsp;$75301053 | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249895 | &nbsp;&nbsp;&nbsp;1249895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$94384239 | &nbsp;&nbsp;$19083186 | &nbsp;&nbsp;&nbsp;$75301053 | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Real Estate Securities Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 2.9%** | **COMMON STOCKS — 2.9%** | **COMMON STOCKS — 2.9%** |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17233 | &nbsp;&nbsp;&nbsp;&nbsp;$939716 |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
| Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;12301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960410 |
| **TOTAL COMMON STOCKS<br> (Cost $2,256,966)** | **TOTAL COMMON STOCKS<br> (Cost $2,256,966)** | &nbsp;&nbsp;&nbsp;&nbsp;**2900126** |
| **REAL ESTATE INVESTMENT TRUSTS — 94.8%** | **REAL ESTATE INVESTMENT TRUSTS — 94.8%** | **REAL ESTATE INVESTMENT TRUSTS — 94.8%** |
| **Apartments — 18.1%** | **Apartments — 18.1%** | **Apartments — 18.1%** |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;64462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942885 |
| Apartment Income REIT Corp. | &nbsp;&nbsp;45629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565531 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;29127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258729 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496952 |
| Invitation Homes, Inc. | 160190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4748031 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;19219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017191 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;77199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18019236 |
| **Diversified — 22.7%** | **Diversified — 22.7%** | **Diversified — 22.7%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;6843078 |
| Crown Castle, Inc. | &nbsp;&nbsp;30749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170794 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;51104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124198 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4046120 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712975 |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;22430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22592495 |
| **Healthcare — 8.7%** | **Healthcare — 8.7%** | **Healthcare — 8.7%** |
| Healthcare Realty Trust, Inc. | 102281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970955 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;51743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297197 |
| Welltower, Inc. | &nbsp;&nbsp;81989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8642531 |
| **Hotels & Resorts — 2.3%** | **Hotels & Resorts — 2.3%** | **Hotels & Resorts — 2.3%** |
| Host Hotels & Resorts, Inc. | 144879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325308 |
| **Industrial — 13.3%** | **Industrial — 13.3%** | **Industrial — 13.3%** |
| Americold Realty Trust, Inc. | 107290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037380 |
| Prologis, Inc. | &nbsp;&nbsp;90905 | &nbsp;&nbsp;&nbsp;&nbsp;10247721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13285101 |
| **Manufactured Homes — 3.5%** | **Manufactured Homes — 3.5%** | **Manufactured Homes — 3.5%** |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;24104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446872 |
| **Office Property — 1.9%** | **Office Property — 1.9%** | **Office Property — 1.9%** |
| Highwoods Properties, Inc. | &nbsp;&nbsp;66770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868225 |
| **Regional Malls — 6.3%** | **Regional Malls — 6.3%** | **Regional Malls — 6.3%** |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;53146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243592 |
| **Single Tenant — 7.0%** | **Single Tenant — 7.0%** | **Single Tenant — 7.0%** |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;81858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192253 |
| Spirit Realty Capital, Inc. | &nbsp;&nbsp;43309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921581 |
| **Storage & Warehousing — 8.0%** | **Storage & Warehousing — 8.0%** | **Storage & Warehousing — 8.0%** |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274432 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Storage & Warehousing — (continued)** | **Storage & Warehousing — (continued)** | **Storage & Warehousing — (continued)** |
| Public Storage | 23797 | &nbsp;&nbsp;&nbsp;&nbsp;$6667681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7942113 |
| **Strip Centers — 3.0%** | **Strip Centers — 3.0%** | **Strip Centers — 3.0%** |
| Kimco Realty Corp. | 97326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061365 |
| SITE Centers Corp. | 68447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996351 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $97,396,860)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**94283405** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 2.0%** | **SHORT-TERM INVESTMENTS — 2.0%** | **SHORT-TERM INVESTMENTS — 2.0%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $2,048,589)** | 2048589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2048589** |
| **TOTAL INVESTMENTS — 99.7%<br> (Cost $101,702,415)** |  | &nbsp;&nbsp;**$99232120** |
| **Other Assets & Liabilities — 0.3%** | **Other Assets & Liabilities — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**272602** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$99504722** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

REIT— Real Estate Investment Trust.

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | &nbsp;&nbsp;$2900126 | &nbsp;&nbsp;$2900126 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;94283405 | &nbsp;&nbsp;&nbsp;94283405 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2048589 | &nbsp;&nbsp;&nbsp;&nbsp;2048589 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$99232120 | &nbsp;&nbsp;&nbsp;$99232120 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Aggressive Allocation Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 64.7%** | **AFFILIATED EQUITY FUNDS — 64.7%** | **AFFILIATED EQUITY FUNDS — 64.7%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;41347 | &nbsp;&nbsp;&nbsp;&nbsp;$3314390 |
| Penn Series Index 500 Fund\* | 390641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13231013 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;17801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553249 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;82604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352067 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;120162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354928 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;&nbsp;10742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540016 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;34577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096430 |
| Penn Series Mid Cap Value Fund\* | &nbsp;&nbsp;&nbsp;42766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116623 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;83978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788895 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;57900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626413 |
| Penn Series Small Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;21619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115520 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;61288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665192 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;27192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097481 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;34229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122361 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $31,464,112)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**35974578** |
| **AFFILIATED FIXED INCOME FUNDS — 8.0%** | **AFFILIATED FIXED INCOME FUNDS — 8.0%** | **AFFILIATED FIXED INCOME FUNDS — 8.0%** |
| Penn Series High Yield Bond Fund\* | 104934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655858 |
| Penn Series Limited Maturity Bond Fund\* | 218342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790414 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $4,417,400)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4446272** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 26.7%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 26.7%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 26.7%** |
| Penn Series Developed International Index Fund\* | 334925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997078 |
| Penn Series Emerging Markets Equity Fund\* | 309385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338271 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;191473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556034 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $14,550,417)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14891383** |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $372,575)** | 372575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**372575** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $50,804,504)** |  | &nbsp;&nbsp;**$55684808** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(67418)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$55617390** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $35974578 | $35974578 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;4446272 | &nbsp;&nbsp;&nbsp;&nbsp;4446272 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;14891383 | &nbsp;&nbsp;&nbsp;&nbsp;14891383 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372575 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$55684808 | &nbsp;&nbsp;$55684808 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Moderately Aggressive Allocation Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 59.8%** | **AFFILIATED EQUITY FUNDS — 59.8%** | **AFFILIATED EQUITY FUNDS — 59.8%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;143594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11510472 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;1187056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40205605 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921349 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;286878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11641523 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;417315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651428 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875313 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;120078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807662 |
| Penn Series Mid Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;74262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938970 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;291649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9685662 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;201067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5647965 |
| Penn Series Small Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937040 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;283794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7710696 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905678 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;118874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3897878 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $94,783,096)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**115337241** |
| **AFFILIATED FIXED INCOME FUNDS — 18.0%** | **AFFILIATED FIXED INCOME FUNDS — 18.0%** | **AFFILIATED FIXED INCOME FUNDS — 18.0%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;364431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750726 |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;1516617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19382362 |
| Penn Series Quality Bond Fund\* | &nbsp;&nbsp;&nbsp;638538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9507829 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $34,617,242)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34640917** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 21.8%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 21.8%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 21.8%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;904686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13497917 |
| Penn Series Emerging Markets Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;895412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9661493 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;554129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18973367 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $39,613,667)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42132777** |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $1,002,929)** | 1002929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1002929** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $170,016,934)** |  | &nbsp;&nbsp;&nbsp;**$193113864** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(258926)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$192854938** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $115337241 | $115337241 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;34640917 | &nbsp;&nbsp;&nbsp;34640917 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;42132777 | &nbsp;&nbsp;&nbsp;&nbsp;42132777 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1002929 | &nbsp;&nbsp;&nbsp;&nbsp;1002929 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;$193113864 | &nbsp;&nbsp;$193113864 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Moderate Allocation Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 45.8%** | **AFFILIATED EQUITY FUNDS — 45.8%** | **AFFILIATED EQUITY FUNDS — 45.8%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;164315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13171498 |
| Penn Series Index 500 Fund\* | 1099619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37244107 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;70740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198593 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;164140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660803 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;318358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888547 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;42688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145906 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;137404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4357084 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;333737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11083415 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;153382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308500 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;243562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6617569 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;54030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180653 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;68014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230184 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $80,342,310)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**101086859** |
| **AFFILIATED FIXED INCOME FUNDS — 37.8%** | **AFFILIATED FIXED INCOME FUNDS — 37.8%** | **AFFILIATED FIXED INCOME FUNDS — 37.8%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;556035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8774239 |
| Penn Series Limited Maturity Bond Fund\* | 2603275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33269852 |
| Penn Series Quality Bond Fund\* | 2776619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41343852 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $83,188,316)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83387943** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.9%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;591571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826246 |
| Penn Series Emerging Markets Equity Fund\* | 1024646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11055927 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;443863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15197887 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $32,932,670)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35080060** |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $1,091,879)** | 1091879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1091879** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $197,555,175)** |  | &nbsp;&nbsp;**$220646741** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(53716)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$220593025** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $101086859 | $101086859 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;83387943 | &nbsp;&nbsp;&nbsp;&nbsp;83387943 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;35080060 | &nbsp;&nbsp;&nbsp;&nbsp;35080060 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091879 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$220646741 | &nbsp;&nbsp;&nbsp;$220646741 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Moderately Conservative Allocation Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 32.8%** | **AFFILIATED EQUITY FUNDS — 32.8%** | **AFFILIATED EQUITY FUNDS — 32.8%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;80251 | &nbsp;&nbsp;&nbsp;&nbsp;$6432902 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;236935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8024989 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;25912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805347 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;60123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439791 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;116613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255821 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;73347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435864 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;56186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578275 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;29739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807999 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;24913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816906 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $22,402,856)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26597894** |
| **AFFILIATED FIXED INCOME FUNDS — 56.5%** | **AFFILIATED FIXED INCOME FUNDS — 56.5%** | **AFFILIATED FIXED INCOME FUNDS — 56.5%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;254586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017360 |
| Penn Series Limited Maturity Bond Fund\* | 1589216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20310182 |
| Penn Series Quality Bond Fund\* | 1445281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21520239 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $47,049,514)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**45847781** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;162515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424721 |
| Penn Series Emerging Markets Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;150124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619842 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;116133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976390 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $7,996,143)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8020953** |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $718,140)** | &nbsp;&nbsp;&nbsp;&nbsp;718140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**718140** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $78,166,653)** |  | &nbsp;&nbsp;**$81184768** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(106031)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$81078737** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $26597894 | $26597894 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;45847781 | &nbsp;&nbsp;&nbsp;&nbsp;45847781 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;8020953 | &nbsp;&nbsp;&nbsp;&nbsp;8020953 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718140 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$81184768 | &nbsp;&nbsp;&nbsp;$81184768 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Schedule of Investments — December 31, 2022<br>

#### Conservative Allocation Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 19.6%** | **AFFILIATED EQUITY FUNDS — 19.6%** | **AFFILIATED EQUITY FUNDS — 19.6%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;46940 | &nbsp;&nbsp;&nbsp;&nbsp;$3762710 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;83153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816398 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;51156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428261 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;28601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949826 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;16434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461644 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $8,141,401)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9418839** |
| **AFFILIATED FIXED INCOME FUNDS — 75.6%** | **AFFILIATED FIXED INCOME FUNDS — 75.6%** | **AFFILIATED FIXED INCOME FUNDS — 75.6%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;148904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349707 |
| Penn Series Limited Maturity Bond Fund\* | 1338451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17105407 |
| Penn Series Quality Bond Fund\* | &nbsp;&nbsp;1127128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16782931 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $38,022,509)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**36238045** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.9%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;63370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945479 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;13586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465184 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $1,358,930)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1410663** |
| **SHORT-TERM INVESTMENTS — 1.9%** | **SHORT-TERM INVESTMENTS — 1.9%** | **SHORT-TERM INVESTMENTS — 1.9%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.030%)<br> **(Cost $903,187)** | &nbsp;&nbsp;&nbsp;903187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**903187** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $48,426,027)** |  | &nbsp;&nbsp;**$47970734** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20791)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$47949943** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2022 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total <br> Market<br> Value at<br> 12/31/2022** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | &nbsp;&nbsp;$9418839 | &nbsp;&nbsp;$9418839 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;36238045 | &nbsp;&nbsp;&nbsp;36238045 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410663 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903187 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;$47970734 | &nbsp;&nbsp;&nbsp;$47970734 | $— | $— |

---

It is the Fund's practice to recognize transfers into and transfers out of Level 3 at the fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.

*The accompanying notes are an integral part of these financial statements.*

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Assets and Liabilities<br>

#### December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Money <br> Market<br> Fund** | &nbsp;&nbsp;**Limited <br> Maturity Bond<br> Fund** | &nbsp;&nbsp;**Quality <br> Bond<br> Fund** | &nbsp;&nbsp;**High Yield<br> Bond<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<br>| &nbsp;&nbsp;$165488259 | &nbsp;&nbsp;&nbsp;$222118526 | &nbsp;&nbsp;$351341648 | &nbsp;&nbsp;&nbsp;$137159267 |
| &nbsp;&nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383690 |
| &nbsp;&nbsp;&nbsp; Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp; Foreign currency at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108803 |
| &nbsp;&nbsp;&nbsp; Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229635 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866320 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 |
| &nbsp;&nbsp;&nbsp; Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;165843956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223970968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355054224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140752811 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111 |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14043 |
| &nbsp;&nbsp;&nbsp; Futures variation margin payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54968 |
| &nbsp;&nbsp;&nbsp; Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10467 |
| &nbsp;&nbsp;&nbsp; Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150305 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$165322528** | &nbsp;&nbsp;**$223724080** | &nbsp;&nbsp;**$354589747** | &nbsp;&nbsp;**$140602506** |
| Investments at cost<br>| &nbsp;&nbsp;$165488259 | &nbsp;&nbsp;$236781600 | &nbsp;&nbsp;$394070086 | &nbsp;&nbsp;$145059950 |
| Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$112601 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;$165322528 | &nbsp;&nbsp;$241434408 | &nbsp;&nbsp;$421254166 | &nbsp;&nbsp;$154364306 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17710328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66664419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13761800) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$165322528** | &nbsp;&nbsp;**$223724080** | &nbsp;&nbsp;**$354589747** | &nbsp;&nbsp;**$140602506** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.10 par value, 500 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;165300966 |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23810461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910515 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17507993 |  |  |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.78** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$15.78** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Assets and Liabilities<br>

#### December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Flexibly <br> Managed<br> Fund** | &nbsp;&nbsp;**Balanced <br> Fund** | &nbsp;&nbsp;**Large <br> Growth Stock<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Growth<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments of affiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$70042417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp; Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4609203867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235880088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62505551 |
| &nbsp;&nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp; Foreign currency at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17027174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36149 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24842 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20768366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151021 |
| &nbsp;&nbsp;&nbsp; Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648176688 | &nbsp;&nbsp;&nbsp;&nbsp;70369076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236188656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62719690 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39790427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
| &nbsp;&nbsp;&nbsp; Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29747 |
| &nbsp;&nbsp;&nbsp; Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 |
| &nbsp;&nbsp;&nbsp; Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51360780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65038 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$4596815908** | &nbsp;&nbsp;**$70323072** | &nbsp;&nbsp;**$235846083** | &nbsp;&nbsp;**$62654652** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$53694786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;&nbsp;$4771723012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$313864 | &nbsp;&nbsp;$204834625 | &nbsp;&nbsp;$49764940 |
| Written options, premiums received<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(24373588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$211322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;$4786973743 | &nbsp;&nbsp;$53978912 | &nbsp;&nbsp;$205981275 | &nbsp;&nbsp;$50031702 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190157835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16344160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29864808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12622950 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$4596815908** | &nbsp;&nbsp;**$70323072** | &nbsp;&nbsp;**$235846083** | &nbsp;&nbsp;**$62654652** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.10 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57346483 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691236 |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669467 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016141 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$80.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$26.34** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$31.08** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Assets and Liabilities<br>

#### December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Core<br> Growth<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Large Core<br> Value<br> Fund** | &nbsp;&nbsp;**Index 500<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<br>| &nbsp;&nbsp;$93562244 | &nbsp;&nbsp;$165646218 | &nbsp;&nbsp;$160893466 | &nbsp;&nbsp;$621446994 |
| &nbsp;&nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275600 |
| &nbsp;&nbsp;&nbsp; Foreign currency at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551794 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151620 |
| &nbsp;&nbsp;&nbsp; Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93586043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166049743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161253176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622442129 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15760 |
| &nbsp;&nbsp;&nbsp; Futures variation margin payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14827 |
| &nbsp;&nbsp;&nbsp; Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67812 |
| &nbsp;&nbsp;&nbsp; Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46286 |
| &nbsp;&nbsp;&nbsp; Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374572 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$93465186** | &nbsp;&nbsp;**$165480752** | &nbsp;&nbsp;**$161064816** | &nbsp;&nbsp;**$622067557** |
| Investments at cost<br>| &nbsp;&nbsp;$135966530 | &nbsp;&nbsp;$151494867 | &nbsp;&nbsp;$150045386 | &nbsp;&nbsp;$363779475 |
| Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;$175033913 | &nbsp;&nbsp;$152243939 | &nbsp;&nbsp;$151068373 | &nbsp;&nbsp;&nbsp;$371708117 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(81568727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13236813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9996443 | &nbsp;&nbsp;&nbsp;&nbsp;250359440 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$93465186** | &nbsp;&nbsp;**$165480752** | &nbsp;&nbsp;**$161064816** | &nbsp;&nbsp;**$622067557** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078041 |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4179193 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5767960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18367223 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$22.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$40.58** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$27.92** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$33.87** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Assets and Liabilities<br>

#### December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Mid Core<br> Value<br> Fund** | &nbsp;&nbsp;**SMID Cap<br> Growth<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<br>| &nbsp;&nbsp;$134987380 | &nbsp;&nbsp;$88663812 | &nbsp;&nbsp;$86502333 | &nbsp;&nbsp;$70264571 |
| &nbsp;&nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25957 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180526 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation of forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;135400875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88801567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87105739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70473138 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency overdraft<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028 |
| &nbsp;&nbsp;&nbsp; Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46016 |
| &nbsp;&nbsp;&nbsp; Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation of forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91940 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$134832431** | &nbsp;&nbsp;**$88708297** | &nbsp;&nbsp;**$86950140** | &nbsp;&nbsp;**$70381198** |
| Investments at cost<br>| &nbsp;&nbsp;$121828778 | &nbsp;&nbsp;$76699095 | &nbsp;&nbsp;$86552454 | &nbsp;&nbsp;$74095627 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;$121836251 | &nbsp;&nbsp;$79516949 | &nbsp;&nbsp;$87852670 | &nbsp;&nbsp;$80731305 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12996180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902530) | &nbsp;&nbsp;&nbsp;&nbsp;(10350107) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$134832431** | &nbsp;&nbsp;**$88708297** | &nbsp;&nbsp;**$86950140** | &nbsp;&nbsp;**$70381198** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3397420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743947 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$31.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$26.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$33.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$40.36** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Assets and Liabilities<br>

#### December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SMID Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Index<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<br>| &nbsp;&nbsp;$54671595 | &nbsp;&nbsp;$96419721 | &nbsp;&nbsp;$154593009 | &nbsp;&nbsp;$80080541 |
| &nbsp;&nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63800 |
| &nbsp;&nbsp;&nbsp; Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100493 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 |
| &nbsp;&nbsp;&nbsp; Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54749220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96541061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154874033 | &nbsp;&nbsp;&nbsp;&nbsp;80247495 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6293 |
| &nbsp;&nbsp;&nbsp; Futures variation margin payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410 |
| &nbsp;&nbsp;&nbsp; Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20782 |
| &nbsp;&nbsp;&nbsp; Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130 |
| &nbsp;&nbsp;&nbsp; Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96519 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$54652868** | &nbsp;&nbsp;**$96426277** | &nbsp;&nbsp;**$154682918** | &nbsp;&nbsp;**$80150976** |
| Investments at cost<br>| &nbsp;&nbsp;$55566510 | &nbsp;&nbsp;&nbsp;$77811077 | &nbsp;&nbsp;$155465597 | &nbsp;&nbsp;$85229316 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;$56202280 | &nbsp;&nbsp;$77899543 | &nbsp;&nbsp;$157402857 | &nbsp;&nbsp;$85637513 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1549412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18526734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2719939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5486537) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$54652868** | &nbsp;&nbsp;**$96426277** | &nbsp;&nbsp;**$154682918** | &nbsp;&nbsp;**$80150976** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.10 par value, 500 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666939 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559068 |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868772 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949508 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$32.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51.60** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$43.46** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$27.17** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Assets and Liabilities<br>

#### December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Developed <br> International<br> Index Fund** | &nbsp;&nbsp;**International <br> Equity Fund** | &nbsp;&nbsp;**Emerging <br> Markets<br> Equity Fund** | &nbsp;&nbsp;**Real Estate<br> Securities<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<br>| &nbsp;&nbsp;$84765604 | &nbsp;&nbsp;$258066338 | &nbsp;&nbsp;$94384239 | &nbsp;&nbsp;$99232120 |
| &nbsp;&nbsp;&nbsp; Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currency at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304352 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140608 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4729 |
| &nbsp;&nbsp;&nbsp; Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85627431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259264885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95827883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99684451 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash overdraft<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currency overdraft<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63345 |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 |
| &nbsp;&nbsp;&nbsp; Futures variation margin payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60230 |
| &nbsp;&nbsp;&nbsp; Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7511 |
| &nbsp;&nbsp;&nbsp; Deferred Indian capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179729 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$85482964** | &nbsp;&nbsp;**$258905093** | &nbsp;&nbsp;**$94075238** | &nbsp;&nbsp;**$99504722** |
| Investments at cost<br>| &nbsp;&nbsp;&nbsp;$68251342 | &nbsp;&nbsp;$264442574 | &nbsp;&nbsp;$105413575 | &nbsp;&nbsp;$101702415 |
| Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;$70550244 | &nbsp;&nbsp;$279535753 | &nbsp;&nbsp;$114048257 | &nbsp;&nbsp;$102593690 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14932720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20630660) | &nbsp;&nbsp;&nbsp;&nbsp;(19973019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3088968) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$85482964** | &nbsp;&nbsp;**$258905093** | &nbsp;&nbsp;**$94075238** | &nbsp;&nbsp;**$99504722** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561311 |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5727734 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541817 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.92** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$34.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$28.09** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Assets and Liabilities<br>

#### December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive <br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderately <br> Aggressive<br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderate <br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderately <br> Conservative<br> Allocation<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments of affiliated issuers at value<br>| &nbsp;&nbsp;$55312233 | &nbsp;&nbsp;&nbsp;$192110935 | &nbsp;&nbsp;$219554862 | &nbsp;&nbsp;$80466628 |
| &nbsp;&nbsp;&nbsp; Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718140 |
| &nbsp;&nbsp;&nbsp; Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31740 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 |
| &nbsp;&nbsp;&nbsp; Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;55699954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193133434 | &nbsp;&nbsp;&nbsp;&nbsp;220728850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81219402 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95005 |
| &nbsp;&nbsp;&nbsp; Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8388 |
| &nbsp;&nbsp;&nbsp; Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161 |
| &nbsp;&nbsp;&nbsp; Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140665 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$55617390** | &nbsp;&nbsp;**$192854938** | &nbsp;&nbsp;**$220593025** | &nbsp;&nbsp;**$81078737** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;$50431929 | &nbsp;&nbsp;$169014005 | &nbsp;&nbsp;$196463296 | &nbsp;&nbsp;$77448513 |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$372575 | &nbsp;&nbsp;&nbsp;&nbsp;$1002929 | &nbsp;&nbsp;&nbsp;&nbsp;$1091879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$718140 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;$50835788 | &nbsp;&nbsp;$169853778 | &nbsp;&nbsp;$197553327 | &nbsp;&nbsp;$78128577 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23001160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23039698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950160 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$55617390** | &nbsp;&nbsp;**$192854938** | &nbsp;&nbsp;**$220593025** | &nbsp;&nbsp;**$81078737** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8099159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10714826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430457 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$23.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$23.81** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.59** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$18.30** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Assets and Liabilities<br>

#### December 31, 2022<br>

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Conservative <br> Allocation<br> Fund** |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments of affiliated issuers at value<br>| &nbsp;&nbsp;$47067547 |
| &nbsp;&nbsp;&nbsp; Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903187 |
| &nbsp;&nbsp;&nbsp; Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 |
| &nbsp;&nbsp;&nbsp; Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47980587 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 |
| &nbsp;&nbsp;&nbsp; Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923 |
| &nbsp;&nbsp;&nbsp; Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630 |
| &nbsp;&nbsp;&nbsp; Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30644 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$47949943** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;$47522840 |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$903187 |
| **COMPONENTS OF NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;$48406203 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456260) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$47949943** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065492 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$15.64** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Operations<br>

#### For The Year Ended December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Money <br> Market<br> Fund** | &nbsp;&nbsp;**Limited <br> Maturity Bond<br> Fund** | &nbsp;&nbsp;**Quality <br> Bond<br> Fund** | &nbsp;&nbsp;**High Yield<br> Bond<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;$386188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$170352 |
| &nbsp;&nbsp;&nbsp; Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12936264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8026864 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;2680381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13236678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8194063 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688719 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134749 |
| &nbsp;&nbsp;&nbsp; Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44916 |
| &nbsp;&nbsp;&nbsp; Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94861 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 |
| &nbsp;&nbsp;&nbsp; Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11345 |
| &nbsp;&nbsp;&nbsp; Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22840 |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14983 |
| &nbsp;&nbsp;&nbsp; Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11291 |
| &nbsp;&nbsp;&nbsp; Recaptured administration fee (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Recaptured advisory fee (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2486906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers and reimbursement from administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers and reimbursement from advisor (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2264995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086065 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**415386** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2491969** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10534754** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7107998** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8722774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5810715) |
| &nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2458487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14745741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2519029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23468515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5810715) |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11638718) | &nbsp;&nbsp;&nbsp;&nbsp;(49240943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11977427) |
| &nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11635070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49373130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11984894) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(14154099)** | &nbsp;&nbsp;&nbsp;&nbsp;**(72841645)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17795609)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;&nbsp;**$415386** | &nbsp;&nbsp;**$(11662130)** | &nbsp;&nbsp;**$(62306891)** | &nbsp;&nbsp;**$(10687611)** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Operations<br>

#### For The Year Ended December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Flexibly <br> Managed<br> Fund** | &nbsp;&nbsp;**Balanced <br> Fund** | &nbsp;&nbsp;**Large <br> Growth Stock<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Growth<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;$39076695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1277580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$711430 |
| &nbsp;&nbsp;&nbsp; Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67324983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106128769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702859 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33420282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366439 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59963 |
| &nbsp;&nbsp;&nbsp; Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19988 |
| &nbsp;&nbsp;&nbsp; Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46638 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072 |
| &nbsp;&nbsp;&nbsp; Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715 |
| &nbsp;&nbsp;&nbsp; Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7428 |
| &nbsp;&nbsp;&nbsp; Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856 |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42687921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592032 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63440848** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(163963)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1636684)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**110827** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448786371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6011145 |
| &nbsp;&nbsp;&nbsp; Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14141395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1261) |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462769931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009843 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20658543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Unaffiliated Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1253942068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163378860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21529154) |
| &nbsp;&nbsp;&nbsp; Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69224799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1184708940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20658543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163378939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21530447) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(721939009)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14731446)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(163315612)** | &nbsp;&nbsp;&nbsp;&nbsp;**(15520604)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$(658498161)** | &nbsp;&nbsp;**$(14895409)** | &nbsp;&nbsp;**$(164952296)** | &nbsp;&nbsp;**$(15409777)** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Operations<br>

#### For The Year Ended December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Core<br> Growth<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Large Core<br> Value<br> Fund** | &nbsp;&nbsp;**Index 500<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$278277 | &nbsp;&nbsp;&nbsp;&nbsp;$3950495 | &nbsp;&nbsp;&nbsp;$3344395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9996405 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9993743 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790144 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558858 |
| &nbsp;&nbsp;&nbsp; Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186286 |
| &nbsp;&nbsp;&nbsp; Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263696 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46401 |
| &nbsp;&nbsp;&nbsp; Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44400 |
| &nbsp;&nbsp;&nbsp; Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12755 |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64970 |
| &nbsp;&nbsp;&nbsp; Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42695 |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181508 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(817799)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2210445** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1732030** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7812235** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37633876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17885266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15734508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17841696 |
| &nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215561) |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37633845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17885266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15734508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16626135 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70234868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28935192) | &nbsp;&nbsp;&nbsp;&nbsp;(23945117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151198752) |
| &nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249672) |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70235599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28935192) | &nbsp;&nbsp;&nbsp;&nbsp;(23945117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151448424) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(107869444)** | &nbsp;&nbsp;&nbsp;&nbsp;**(11049926)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8210609)** | &nbsp;&nbsp;&nbsp;&nbsp;**(134822289)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$(108687243)** | &nbsp;&nbsp;**$(8839481)** | &nbsp;&nbsp;**$(6478579)** | &nbsp;&nbsp;**$(127010054)** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Operations<br>

#### For The Year Ended December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Mid Core<br> Value<br> Fund** | &nbsp;&nbsp;**SMID Cap<br> Growth<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$719477 | &nbsp;&nbsp;&nbsp;&nbsp;$1671505 | &nbsp;&nbsp;&nbsp;$2386105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$376061 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375459 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575210 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69025 |
| &nbsp;&nbsp;&nbsp; Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23008 |
| &nbsp;&nbsp;&nbsp; Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53678 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5892 |
| &nbsp;&nbsp;&nbsp; Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5673 |
| &nbsp;&nbsp;&nbsp; Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824 |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 |
| &nbsp;&nbsp;&nbsp; Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542 |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers and reimbursement from advisor (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807262 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(769574)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**895639** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1430023** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(431803)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18194659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11043351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6440593) |
| &nbsp;&nbsp;&nbsp; Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Purchased options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17544765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11459527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6440468) |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80138500) | &nbsp;&nbsp;&nbsp;&nbsp;(10489152) | &nbsp;&nbsp;&nbsp;&nbsp;(14241046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22327156) |
| &nbsp;&nbsp;&nbsp; Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Purchased options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(79990283) | &nbsp;&nbsp;&nbsp;&nbsp;(10489163) | &nbsp;&nbsp;&nbsp;&nbsp;(14208183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22327156) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(62445518)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6817118)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2748656)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28767624)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$(63215092)** | &nbsp;&nbsp;**$(5921479)** | &nbsp;&nbsp;**$(1318633)** | &nbsp;&nbsp;**$(29199427)** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Operations<br>

#### For The Year Ended December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SMID Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Index<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1060493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$647527 | &nbsp;&nbsp;&nbsp;&nbsp;$2823991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1111684 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109846 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252000 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75600 |
| &nbsp;&nbsp;&nbsp; Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 |
| &nbsp;&nbsp;&nbsp; Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58800 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 |
| &nbsp;&nbsp;&nbsp; Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6124 |
| &nbsp;&nbsp;&nbsp; Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35108 |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13566 |
| &nbsp;&nbsp;&nbsp; Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925 |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590439 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**350371** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(460531)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1094826** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**519407** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645604 |
| &nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271201) |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374395 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17056286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38714386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33397911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22738077) |
| &nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49188) |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17056286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38714321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33397911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22787265) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11447317)** | &nbsp;&nbsp;&nbsp;&nbsp;**(32983652)** | &nbsp;&nbsp;&nbsp;&nbsp;**(29467841)** | &nbsp;&nbsp;&nbsp;&nbsp;**(21412870)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$(11096946)** | &nbsp;&nbsp;**$(33444183)** | &nbsp;&nbsp;**$(28373015)** | &nbsp;&nbsp;**$(20893463)** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Operations<br>

#### For The Year Ended December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Developed <br> International<br> Index Fund** | &nbsp;&nbsp;**International <br> Equity Fund** | &nbsp;&nbsp;**Emerging <br> Markets<br> Equity Fund** | &nbsp;&nbsp;**Real Estate<br> Securities<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3290949 | &nbsp;&nbsp;&nbsp;&nbsp;$3295452 | &nbsp;&nbsp;&nbsp;&nbsp;$2283642 | &nbsp;&nbsp;&nbsp;&nbsp;$2986344 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986344 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805373 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103548 |
| &nbsp;&nbsp;&nbsp; Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34516 |
| &nbsp;&nbsp;&nbsp; Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77427 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 |
| &nbsp;&nbsp;&nbsp; Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8926 |
| &nbsp;&nbsp;&nbsp; Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467 |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11860 |
| &nbsp;&nbsp;&nbsp; Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491 |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112210 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2122299** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(61543)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**585019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1874134** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14177925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8032311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8045533 |
| &nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14834374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8240254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8045533 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(20836040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61403232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22139889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44510305) |
| &nbsp;&nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(20912065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61443107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22145497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44510305) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(19890701)** | &nbsp;&nbsp;&nbsp;&nbsp;**(76277481)** | &nbsp;&nbsp;&nbsp;&nbsp;**(30385751)** | &nbsp;&nbsp;&nbsp;&nbsp;**(36464772)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$(17768402)** | &nbsp;&nbsp;**$(76339024)** | &nbsp;&nbsp;**$(29800732)** | &nbsp;&nbsp;**$(34590638)** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Operations<br>

#### For The Year Ended December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive <br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderately <br> Aggressive<br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderate <br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderately <br> Conservative<br> Allocation<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7507 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106411 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79808 |
| &nbsp;&nbsp;&nbsp; Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26603 |
| &nbsp;&nbsp;&nbsp; Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6776 |
| &nbsp;&nbsp;&nbsp; Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608 |
| &nbsp;&nbsp;&nbsp; Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339 |
| &nbsp;&nbsp;&nbsp; Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7267 |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284428 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(198238)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(625948)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(718775)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(276921)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15582873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15829136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771109 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14389212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50153411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53845211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15579538) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(10575854)** | &nbsp;&nbsp;&nbsp;&nbsp;**(34570538)** | &nbsp;&nbsp;&nbsp;&nbsp;**(38016075)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10808429)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$(10774092)** | &nbsp;&nbsp;**$(35196486)** | &nbsp;&nbsp;**$(38734850)** | &nbsp;&nbsp;**$(11085350)** |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Conservative <br> Allocation<br> Fund** |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10637 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62282 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46712 |
| &nbsp;&nbsp;&nbsp; Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15570 |
| &nbsp;&nbsp;&nbsp; Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933 |
| &nbsp;&nbsp;&nbsp; Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837 |
| &nbsp;&nbsp;&nbsp; Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848 |
| &nbsp;&nbsp;&nbsp; Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4778 |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180018 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(169381)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643768 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7148313) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(5504545)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$(5673926)** |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Changes in Net Assets<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Money Market Fund** | &nbsp;&nbsp;**Money Market Fund** | &nbsp;&nbsp;**Limited Maturity Bond Fund** | &nbsp;&nbsp;**Limited Maturity Bond Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$415386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16716 | &nbsp;&nbsp;&nbsp;&nbsp;$2491969 | &nbsp;&nbsp;&nbsp;&nbsp;$3792737 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2519029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227082) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11635070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2512682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**415386** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19430** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11662130)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1052973** |
| **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(415386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(415386)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16716)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;104403034 | &nbsp;&nbsp;&nbsp;&nbsp;135442747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29962838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54991956 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of cash distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(101697413) | &nbsp;&nbsp;&nbsp;&nbsp;(133727825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54561039) | &nbsp;&nbsp;&nbsp;&nbsp;(50938391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3121010** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1731638** | &nbsp;&nbsp;&nbsp;&nbsp;**(24598201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4053565** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3121010** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1734352** | &nbsp;&nbsp;&nbsp;&nbsp;**(36260331)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5106538** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162201518 | &nbsp;&nbsp;&nbsp;&nbsp;160467166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259984411 | &nbsp;&nbsp;&nbsp;&nbsp;254877873 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$165322528 | &nbsp;&nbsp;$162201518 | &nbsp;&nbsp;$223724080 | &nbsp;&nbsp;$259984411 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;104399829 | &nbsp;&nbsp;&nbsp;&nbsp;135442747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107612 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of cash distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(101697413) | &nbsp;&nbsp;&nbsp;&nbsp;(133727825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4223027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3805410) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1921180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302202 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Quality Bond Fund** | &nbsp;&nbsp;**Quality Bond Fund** | &nbsp;&nbsp;**High Yield Bond Fund** | &nbsp;&nbsp;**High Yield Bond Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$10534754 | &nbsp;&nbsp;&nbsp;&nbsp;$9519197 | &nbsp;&nbsp;&nbsp;&nbsp;$7107998 | &nbsp;&nbsp;&nbsp;$6975214 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23468515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5810715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519498 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49373130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14198475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11984894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5155856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(62306891)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3362999)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10687611)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8338856** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19526045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63716703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10250624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15459601 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74695779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72761498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28391945) | &nbsp;&nbsp;&nbsp;&nbsp;(21758474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(55169734)** | &nbsp;&nbsp;&nbsp;&nbsp;**(9044795)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(18141321)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6298873)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(117476625)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12407794)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28828932)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2039983** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472066372 | &nbsp;&nbsp;&nbsp;&nbsp;484474166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169431438 | &nbsp;&nbsp;&nbsp;&nbsp;167391455 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$354589747 | &nbsp;&nbsp;$472066372 | &nbsp;&nbsp;$140602506 | &nbsp;&nbsp;$169431438 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936393 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4795215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4230720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1788791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1322604) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3572023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1149514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386211) |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Changes in Net Assets<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Flexibly Managed Fund** | &nbsp;&nbsp;**Flexibly Managed Fund** | &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp;**Balanced Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$63440848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41801770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(163963) | &nbsp;&nbsp;&nbsp;&nbsp;$(171009) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462769931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612729648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9391510 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1184708940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218125111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20658543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(658498161)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**872656529** | &nbsp;&nbsp;&nbsp;&nbsp;**(14895409)** | &nbsp;&nbsp;&nbsp;&nbsp;**13026784** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84773529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78991493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700832 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317124224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350338635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9894988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9322437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(232350695)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(271347142)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7534428)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4621605)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(890848856)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**601309387** | &nbsp;&nbsp;&nbsp;&nbsp;**(22429837)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8405179** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;5487664764 | &nbsp;&nbsp;&nbsp;&nbsp;4886355377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92752909 | &nbsp;&nbsp;&nbsp;&nbsp;84347730 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$4596815908 | &nbsp;&nbsp;$5487664764 | &nbsp;&nbsp;&nbsp;$70323072 | &nbsp;&nbsp;$92752909 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162133 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3829470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4131573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317193) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2813135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3201955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155060) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Growth Stock Fund** | &nbsp;&nbsp;**Large Growth Stock Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(1636684) | &nbsp;&nbsp;&nbsp;$(2594374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36523 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59901290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8403431 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163378939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21530447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(164952296)** | &nbsp;&nbsp;&nbsp;&nbsp;**64414436** | &nbsp;&nbsp;&nbsp;&nbsp;**(15409777)** | &nbsp;&nbsp;&nbsp;&nbsp;**17170849** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18308685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16606702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13984872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333971 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46197710) | &nbsp;&nbsp;&nbsp;&nbsp;(58120448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14936577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12024711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(27889025)** | &nbsp;&nbsp;&nbsp;&nbsp;**(41513746)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(951705)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6690740)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(192841321)** | &nbsp;&nbsp;&nbsp;&nbsp;**22900690** | &nbsp;&nbsp;&nbsp;&nbsp;**(16361482)** | &nbsp;&nbsp;&nbsp;&nbsp;**10480109** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428687404 | &nbsp;&nbsp;&nbsp;&nbsp;405786714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79016134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68536025 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;&nbsp;$235846083 | &nbsp;&nbsp;$428687404 | &nbsp;&nbsp;$62654652 | &nbsp;&nbsp;$79016134 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159695 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(769912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348367) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(527067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188672) |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Changes in Net Assets<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Core Growth Fund** | &nbsp;&nbsp;**Large Core Growth Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(817799) | &nbsp;&nbsp;&nbsp;&nbsp;$(1619382) | &nbsp;&nbsp;&nbsp;&nbsp;$2210445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1561813 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37633845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41852998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17885266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32298494 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70235599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48219459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28935192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13408379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(108687243)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7985843)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8839481)** | &nbsp;&nbsp;&nbsp;&nbsp;**47268686** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12050227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17243325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9088325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082948 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15377067) | &nbsp;&nbsp;&nbsp;&nbsp;(25806226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37364224) | &nbsp;&nbsp;&nbsp;&nbsp;(30566489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3326840)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8562901)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28275899)** | &nbsp;&nbsp;&nbsp;&nbsp;**(22483541)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(112014083)** | &nbsp;&nbsp;&nbsp;&nbsp;**(16548744)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(37115380)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24785145** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205479269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222028013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202596132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177810987 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$93465186 | &nbsp;&nbsp;$205479269 | &nbsp;&nbsp;$165480752 | &nbsp;&nbsp;$202596132 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208887 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(927337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794797) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(702049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585910) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Core Value Fund** | &nbsp;&nbsp;**Large Core Value Fund** | &nbsp;&nbsp;**Index 500 Fund** | &nbsp;&nbsp;**Index 500 Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1732030 | &nbsp;&nbsp;&nbsp;&nbsp;$2311499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7812235 | &nbsp;&nbsp;&nbsp;&nbsp;$6707780 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15734508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30721742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16626135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45700232 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23945117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8290741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151448424) | &nbsp;&nbsp;&nbsp;&nbsp;108515289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6478579)** | &nbsp;&nbsp;&nbsp;&nbsp;**41323982** | &nbsp;&nbsp;&nbsp;&nbsp;**(127010054)** | &nbsp;&nbsp;&nbsp;&nbsp;**160923301** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9698515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9614251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100330717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38832262 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31290700) | &nbsp;&nbsp;&nbsp;&nbsp;(40761500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49975201) | &nbsp;&nbsp;&nbsp;&nbsp;(96966378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(21592185)** | &nbsp;&nbsp;&nbsp;&nbsp;**(31147249)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50355516** | &nbsp;&nbsp;&nbsp;&nbsp;**(58134116)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(28070764)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10176733** | &nbsp;&nbsp;&nbsp;&nbsp;**(76654538)** | &nbsp;&nbsp;&nbsp;&nbsp;**102789185** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189135580 | &nbsp;&nbsp;&nbsp;&nbsp;178958847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698722095 | &nbsp;&nbsp;&nbsp;&nbsp;595932910 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$161064816 | &nbsp;&nbsp;$189135580 | &nbsp;&nbsp;$622067557 | &nbsp;&nbsp;$698722095 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041297 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1133290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1529299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1381713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2630019) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1165299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1588722) |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Changes in Net Assets<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap Growth Fund** | &nbsp;&nbsp;**Mid Cap Growth Fund** | &nbsp;&nbsp;**Mid Cap Value Fund** | &nbsp;&nbsp;**Mid Cap Value Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(769574) | &nbsp;&nbsp;&nbsp;&nbsp;$(1316903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$895639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$542837 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17544765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34156474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14042856 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(79990283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1438703) | &nbsp;&nbsp;&nbsp;&nbsp;(10489163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(63215092)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31400868** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5921479)** | &nbsp;&nbsp;&nbsp;&nbsp;**17690433** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9502829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11782143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865740 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21501923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30128689) | &nbsp;&nbsp;&nbsp;&nbsp;(12480927) | &nbsp;&nbsp;&nbsp;&nbsp;(14241668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(11999094)** | &nbsp;&nbsp;&nbsp;&nbsp;**(18346546)** | &nbsp;&nbsp;&nbsp;&nbsp;**(9446612)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8375928)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(75214186)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13054322** | &nbsp;&nbsp;&nbsp;&nbsp;**(15368091)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9314505** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;210046617 | &nbsp;&nbsp;&nbsp;&nbsp;196992295 | &nbsp;&nbsp;&nbsp;&nbsp;104076388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94761883 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$134832431 | &nbsp;&nbsp;$210046617 | &nbsp;&nbsp;$88708297 | &nbsp;&nbsp;$104076388 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226526 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551073) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324547) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Core Value Fund** | &nbsp;&nbsp;**Mid Core Value Fund** | &nbsp;&nbsp;**SMID Cap Growth Fund** | &nbsp;&nbsp;**SMID Cap Growth Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;$1430023 | &nbsp;&nbsp;&nbsp;&nbsp;$1262614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(431803) | &nbsp;&nbsp;&nbsp;&nbsp;$(785842) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11459527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17392267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6440468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17862730 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(14208183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22327156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9805272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1318633)** | &nbsp;&nbsp;&nbsp;&nbsp;**20568978** | &nbsp;&nbsp;&nbsp;&nbsp;**(29199427)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7271616** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8047009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8005802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16757559 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(15568725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28155842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12205016) | &nbsp;&nbsp;&nbsp;&nbsp;(16259146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(6268185)** | &nbsp;&nbsp;&nbsp;&nbsp;**(20108833)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4199214)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**498413** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(7586818)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**460145** | &nbsp;&nbsp;&nbsp;&nbsp;**(33398641)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7770029** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;94536958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94076813 | &nbsp;&nbsp;&nbsp;&nbsp;103779839 | &nbsp;&nbsp;&nbsp;&nbsp;96009810 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$86950140 | &nbsp;&nbsp;$94536958 | &nbsp;&nbsp;&nbsp;$70381198 | &nbsp;&nbsp;$103779839 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298608 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292408) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Changes in Net Assets<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SMID Cap Value Fund** | &nbsp;&nbsp;**SMID Cap Value Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$350371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$410699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(460531) | &nbsp;&nbsp;&nbsp;&nbsp;$(869061) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11185789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21339622 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17056286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38714321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8563951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(11096946)** | &nbsp;&nbsp;&nbsp;&nbsp;**19640242** | &nbsp;&nbsp;&nbsp;&nbsp;**(33444183)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11906610** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8649638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555073 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9483217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14151233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14148539) | &nbsp;&nbsp;&nbsp;&nbsp;(21846222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(6060568)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5501595)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10339976)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14291149)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17157514)** | &nbsp;&nbsp;&nbsp;&nbsp;**14138647** | &nbsp;&nbsp;&nbsp;&nbsp;**(43784159)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2384539)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71810382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57671735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140210436 | &nbsp;&nbsp;&nbsp;&nbsp;142594975 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$54652868 | &nbsp;&nbsp;$71810382 | &nbsp;&nbsp;$96426277 | &nbsp;&nbsp;$140210436 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114121 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331087) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216966) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap Value Fund** | &nbsp;&nbsp;**Small Cap Value Fund** | &nbsp;&nbsp;**Small Cap Index Fund** | &nbsp;&nbsp;**Small Cap Index Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1094826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$411564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$519407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$282211 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47543690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12592002 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33397911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1680539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22787265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2656160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(28373015)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46274715** | &nbsp;&nbsp;&nbsp;&nbsp;**(20893463)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10218053** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10348403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224597 | &nbsp;&nbsp;&nbsp;&nbsp;26580797 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19422177) | &nbsp;&nbsp;&nbsp;&nbsp;(37362659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10007228) | &nbsp;&nbsp;&nbsp;&nbsp;(13823850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16116681)** | &nbsp;&nbsp;&nbsp;&nbsp;**(27014256)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2217369** | &nbsp;&nbsp;&nbsp;&nbsp;**12756947** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(44489696)** | &nbsp;&nbsp;&nbsp;&nbsp;**19260459** | &nbsp;&nbsp;&nbsp;&nbsp;**(18676094)** | &nbsp;&nbsp;&nbsp;&nbsp;**22975000** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199172614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179912155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98827070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75852070 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;&nbsp;$154682918 | &nbsp;&nbsp;$199172614 | &nbsp;&nbsp;&nbsp;$80150976 | &nbsp;&nbsp;$98827070 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757555 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406236) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351319 |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Changes in Net Assets<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Developed International Index Fund** | &nbsp;&nbsp;**Developed International Index Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2122299 | &nbsp;&nbsp;&nbsp;$1866783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(61543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(339271) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14834374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63990279 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20912065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61443107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23183396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(17768402)** | &nbsp;&nbsp;&nbsp;&nbsp;**11288486** | &nbsp;&nbsp;&nbsp;&nbsp;**(76339024)** | &nbsp;&nbsp;&nbsp;&nbsp;**40467612** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16630475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18978194 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18624691) | &nbsp;&nbsp;&nbsp;&nbsp;(16026129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34391040) | &nbsp;&nbsp;&nbsp;&nbsp;(42714865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(10906662)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6426077)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17760565)** | &nbsp;&nbsp;&nbsp;&nbsp;**(23736671)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(28675064)** | &nbsp;&nbsp;&nbsp;&nbsp;**4862409** | &nbsp;&nbsp;&nbsp;&nbsp;**(94099589)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16730941** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114158028 | &nbsp;&nbsp;&nbsp;&nbsp;109295619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353004682 | &nbsp;&nbsp;&nbsp;&nbsp;336273741 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;&nbsp;$85482964 | &nbsp;&nbsp;$114158028 | &nbsp;&nbsp;$258905093 | &nbsp;&nbsp;$353004682 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468705 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1271728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(968456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1026636) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(750274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557931) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Equity Fund** | &nbsp;&nbsp;**Emerging Markets Equity Fund** | &nbsp;&nbsp;**Real Estate Securities Fund** | &nbsp;&nbsp;**Real Estate Securities Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$585019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1874134 | &nbsp;&nbsp;&nbsp;&nbsp;$1161507 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8240254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19486168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8045533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16592735 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22145497) | &nbsp;&nbsp;&nbsp;&nbsp;(26890936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44510305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28759376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(29800732)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7300136)** | &nbsp;&nbsp;&nbsp;&nbsp;**(34590638)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46513618** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8573775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16132556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7779188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276599 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15335050) | &nbsp;&nbsp;&nbsp;&nbsp;(23530604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13744643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31792613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6761275)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7398048)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5965455)** | &nbsp;&nbsp;&nbsp;&nbsp;**(27516014)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(36562007)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14698184)** | &nbsp;&nbsp;&nbsp;&nbsp;**(40556093)** | &nbsp;&nbsp;&nbsp;&nbsp;**18997604** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130637245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145335429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140060815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121063211 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;&nbsp;$94075238 | &nbsp;&nbsp;$130637245 | &nbsp;&nbsp;&nbsp;$99504722 | &nbsp;&nbsp;$140060815 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132791 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1303830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1555915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1001340) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(868549) |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Changes in Net Assets<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive Allocation Fund** | &nbsp;&nbsp;**Aggressive Allocation Fund** | &nbsp;&nbsp;**Moderately Aggressive Allocation Fund** | &nbsp;&nbsp;**Moderately Aggressive Allocation Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(198238) | &nbsp;&nbsp;&nbsp;&nbsp;$(229248) | &nbsp;&nbsp;&nbsp;&nbsp;$(625948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(706097) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15582873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20521343 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14389212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50153411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14233495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(10774092)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10605813** | &nbsp;&nbsp;&nbsp;&nbsp;**(35196486)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34048741** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8425976 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6122373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13951031) | &nbsp;&nbsp;&nbsp;&nbsp;(22934766) | &nbsp;&nbsp;&nbsp;&nbsp;(23086058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4265217)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10022679)** | &nbsp;&nbsp;&nbsp;&nbsp;**(18421479)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14660082)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(15039309)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**583134** | &nbsp;&nbsp;&nbsp;&nbsp;**(53617965)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19388659** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70656699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70073565 | &nbsp;&nbsp;&nbsp;&nbsp;246472903 | &nbsp;&nbsp;&nbsp;&nbsp;227084244 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;&nbsp;$55617390 | &nbsp;&nbsp;$70656699 | &nbsp;&nbsp;$192854938 | &nbsp;&nbsp;$246472903 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319365 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(931456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(874683) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(754292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(555318) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Moderate Allocation Fund** | &nbsp;&nbsp;**Moderate Allocation Fund** | &nbsp;&nbsp;**Moderately Conservative Allocation Fund** | &nbsp;&nbsp;**Moderately Conservative Allocation Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(718775) | &nbsp;&nbsp;&nbsp;&nbsp;$(840649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(276921) | &nbsp;&nbsp;&nbsp;&nbsp;$(298717) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15829136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25886652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7087205 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53845211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15579538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(38734850)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31010762** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11085350)** | &nbsp;&nbsp;&nbsp;&nbsp;**7928084** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867987 | &nbsp;&nbsp;&nbsp;&nbsp;12980442 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31280697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34241634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13478661) | &nbsp;&nbsp;&nbsp;&nbsp;(15618874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(28733239)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28859358)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7610674)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2638432)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(67468089)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2151404** | &nbsp;&nbsp;&nbsp;&nbsp;**(18696024)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5289652** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288061114 | &nbsp;&nbsp;&nbsp;&nbsp;285909710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99774761 | &nbsp;&nbsp;&nbsp;&nbsp;94485109 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$220593025 | &nbsp;&nbsp;$288061114 | &nbsp;&nbsp;&nbsp;&nbsp;$81078737 | &nbsp;&nbsp;$99774761 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650921 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1463661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1499453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(712205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788191) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1261830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137270) |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Penn Series Funds, Inc.<br>

#### Statements of Changes in Net Assets<br>

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Conservative Allocation Fund** | &nbsp;&nbsp;**Conservative Allocation Fund** |
|  | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(169381) | &nbsp;&nbsp;&nbsp;&nbsp;$(199764) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989908 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7148313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1118481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(5673926)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2671663** |
| **Capital Share Transactions (1):** |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11180718 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8096370) | &nbsp;&nbsp;&nbsp;&nbsp;(16518862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(5563938)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5338144)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(11237864)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2666481)** |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59187807 | &nbsp;&nbsp;&nbsp;&nbsp;61854288 |
| &nbsp;&nbsp;&nbsp; End of period<br>| &nbsp;&nbsp;$47949943 | &nbsp;&nbsp;$59187807 |
| **(1) Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657075 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(972219) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315144) |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### MONEY MARKET FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$1.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 |
| **Less distributions:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp; — <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;&nbsp; Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $165323 | &nbsp;&nbsp;&nbsp;&nbsp; $162202 | &nbsp;&nbsp;&nbsp;&nbsp; $160467 | &nbsp;&nbsp;&nbsp;&nbsp; $112938 | &nbsp;&nbsp;&nbsp;&nbsp; $110933 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 1.26% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

<sup>4</sup> The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

<sup>(a)</sup> Less than one penny per share.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### LIMITED MATURITY BOND FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$13.33 | &nbsp;&nbsp;$12.86 | &nbsp;&nbsp;$12.26 | &nbsp;&nbsp;$12.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17 |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.26 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; (4.49%) | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 3.65% | &nbsp;&nbsp;&nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.41% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $223724 | &nbsp;&nbsp;&nbsp;&nbsp; $259984 | &nbsp;&nbsp;&nbsp;&nbsp; $254878 | &nbsp;&nbsp;&nbsp; $244998 | &nbsp;&nbsp;&nbsp;&nbsp; $233216 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.61% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 73% | &nbsp;&nbsp;&nbsp;&nbsp; 99% | &nbsp;&nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp;&nbsp; 79% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### QUALITY BOND FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$17.24 | &nbsp;&nbsp;$17.36 | &nbsp;&nbsp;$16.01 | &nbsp;&nbsp;$14.66 | &nbsp;&nbsp;$14.68 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.76) | &nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.66 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.63%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.69%) | &nbsp;&nbsp;&nbsp;&nbsp; 8.43% | &nbsp;&nbsp;&nbsp;&nbsp; 9.21% | &nbsp;&nbsp;&nbsp;&nbsp; (0.14%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $354590 | &nbsp;&nbsp;&nbsp;&nbsp; $472066 | &nbsp;&nbsp;&nbsp; $484474 | &nbsp;&nbsp;&nbsp;&nbsp; $433734 | &nbsp;&nbsp;&nbsp;&nbsp; $409027 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 2.64% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.81% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp;&nbsp; 47% | &nbsp;&nbsp;&nbsp;&nbsp; 59% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### HIGH YIELD BOND FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $16.84 | &nbsp;&nbsp;$16.02 | &nbsp;&nbsp;$14.90 | &nbsp;&nbsp;$12.88 | &nbsp;&nbsp;$13.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34 | &nbsp;&nbsp;&nbsp;&nbsp; (0.96) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.02 | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.88 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; (6.30%) | &nbsp;&nbsp;&nbsp;&nbsp; 5.12% | &nbsp;&nbsp;&nbsp;&nbsp; 7.52% | &nbsp;&nbsp;&nbsp;&nbsp; 15.68% | &nbsp;&nbsp;&nbsp;&nbsp; (2.35%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $140603 | &nbsp;&nbsp;&nbsp;&nbsp; $169431 | &nbsp;&nbsp;&nbsp;&nbsp; $167391 | &nbsp;&nbsp;&nbsp;&nbsp; $159896 | &nbsp;&nbsp;&nbsp;&nbsp; $150324 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 4.75% | &nbsp;&nbsp;&nbsp;&nbsp; 4.15% | &nbsp;&nbsp;&nbsp;&nbsp; 4.73% | &nbsp;&nbsp;&nbsp;&nbsp; 4.83% | &nbsp;&nbsp;&nbsp;&nbsp; 5.02% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 94% | &nbsp;&nbsp;&nbsp;&nbsp; 128% | &nbsp;&nbsp;&nbsp;&nbsp; 133% | &nbsp;&nbsp;&nbsp;&nbsp; 115% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### FLEXIBLY MANAGED FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$91.22 | &nbsp;&nbsp;$77.12 | &nbsp;&nbsp;$65.45 | &nbsp;&nbsp;$52.56 | &nbsp;&nbsp;$52.31 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.97) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25 |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $91.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $77.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.56 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.12%) | &nbsp;&nbsp;&nbsp;&nbsp; 18.29% | &nbsp;&nbsp;&nbsp;&nbsp; 17.83% | &nbsp;&nbsp;&nbsp;&nbsp; 24.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $4596816 | &nbsp;&nbsp;$5487665 | &nbsp;&nbsp;$4886355 | &nbsp;&nbsp;$4418265 | &nbsp;&nbsp;$3698250 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 2.28% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 87% | &nbsp;&nbsp;&nbsp;&nbsp; 51% | &nbsp;&nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp;&nbsp; 69% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### BALANCED FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$31.57 | &nbsp;&nbsp;$27.27 | &nbsp;&nbsp;$23.76 | &nbsp;&nbsp;$19.53 | &nbsp;&nbsp;$20.12 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.17) | &nbsp;&nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27 | &nbsp;&nbsp;&nbsp;&nbsp; (0.55) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.23) | &nbsp;&nbsp;&nbsp;&nbsp; 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23 | &nbsp;&nbsp;&nbsp;&nbsp; (0.59) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.53 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.57%) | &nbsp;&nbsp;&nbsp;&nbsp; 15.77% | &nbsp;&nbsp;&nbsp;&nbsp; 14.77% | &nbsp;&nbsp;&nbsp;&nbsp; 21.66% | &nbsp;&nbsp;&nbsp;&nbsp; (2.93%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70323 | &nbsp;&nbsp;&nbsp;&nbsp; $92753 | &nbsp;&nbsp;&nbsp;&nbsp; $84348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $74832 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; 8% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### LARGE GROWTH STOCK FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$83.11 | &nbsp;&nbsp;$71.38 | &nbsp;&nbsp;$52.10 | &nbsp;&nbsp;$39.95 | &nbsp;&nbsp;$40.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.95 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (39.52%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.44% | &nbsp;&nbsp;&nbsp;&nbsp; 37.01% | &nbsp;&nbsp;&nbsp;&nbsp; 30.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.31%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $235846 | &nbsp;&nbsp;&nbsp; $428687 | &nbsp;&nbsp;&nbsp;&nbsp; $405787 | &nbsp;&nbsp;&nbsp;&nbsp; $331420 | &nbsp;&nbsp;&nbsp;&nbsp; $282675 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; (0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.50%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp; 42% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### LARGE CAP GROWTH FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $38.46 | &nbsp;&nbsp;$30.56 | &nbsp;&nbsp;$25.02 | &nbsp;&nbsp;$17.90 | &nbsp;&nbsp;$17.78 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12 |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.90 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.19%) | &nbsp;&nbsp;&nbsp;&nbsp; 25.85% | &nbsp;&nbsp;&nbsp;&nbsp; 22.14% | &nbsp;&nbsp;&nbsp;&nbsp; 39.78% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79016 | &nbsp;&nbsp;&nbsp;&nbsp; $68536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $63219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53444 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp; 25% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### LARGE CORE GROWTH FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $48.08 | &nbsp;&nbsp;$50.05 | &nbsp;&nbsp;$28.52 | &nbsp;&nbsp;$22.41 | &nbsp;&nbsp;$21.67 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74 |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.41 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (53.49%) | &nbsp;&nbsp;&nbsp;&nbsp; (3.94%) | &nbsp;&nbsp;&nbsp;&nbsp; 75.49% | &nbsp;&nbsp;&nbsp;&nbsp; 27.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.42% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $93465 | &nbsp;&nbsp;&nbsp;&nbsp; $205479 | &nbsp;&nbsp;&nbsp;&nbsp; $222028 | &nbsp;&nbsp;&nbsp;&nbsp; $135930 | &nbsp;&nbsp;&nbsp;&nbsp; $118365 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 0.86% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.72%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp; 72% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### LARGE CAP VALUE FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $42.38 | &nbsp;&nbsp;$33.14 | &nbsp;&nbsp;$32.39 | &nbsp;&nbsp;$26.22 | &nbsp;&nbsp;$28.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.54) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.19) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.22 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.25%) | &nbsp;&nbsp;&nbsp;&nbsp; 27.88% | &nbsp;&nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp;&nbsp; 23.53% | &nbsp;&nbsp;&nbsp;&nbsp; (7.71%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $165481 | &nbsp;&nbsp;&nbsp;&nbsp; $202596 | &nbsp;&nbsp;&nbsp;&nbsp; $177811 | &nbsp;&nbsp;&nbsp;&nbsp; $196108 | &nbsp;&nbsp;&nbsp;&nbsp; $179441 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.22% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 56% | &nbsp;&nbsp;&nbsp;&nbsp; 62% | &nbsp;&nbsp;&nbsp;&nbsp; 108% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### LARGE CORE VALUE FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $28.85 | &nbsp;&nbsp;$23.18 | &nbsp;&nbsp;$22.58 | &nbsp;&nbsp;$17.41 | &nbsp;&nbsp;$18.64 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.49) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.23) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.41 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.22%) | &nbsp;&nbsp;&nbsp;&nbsp; 24.46% | &nbsp;&nbsp;&nbsp;&nbsp; 2.66% | &nbsp;&nbsp;&nbsp;&nbsp; 29.70% | &nbsp;&nbsp;&nbsp;&nbsp; (6.60%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $161065 | &nbsp;&nbsp;&nbsp;&nbsp; $189136 | &nbsp;&nbsp;&nbsp;&nbsp; $178959 | &nbsp;&nbsp;&nbsp;&nbsp; $192959 | &nbsp;&nbsp;&nbsp;&nbsp; $176072 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp;&nbsp; 80% | &nbsp;&nbsp;&nbsp;&nbsp; 65% | &nbsp;&nbsp;&nbsp;&nbsp; 76% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### INDEX 500 FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $41.45 | &nbsp;&nbsp;$32.31 | &nbsp;&nbsp;$27.30 | &nbsp;&nbsp;$20.83 | &nbsp;&nbsp;$21.87 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.39) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.83 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.29%) | &nbsp;&nbsp;&nbsp;&nbsp; 28.29% | &nbsp;&nbsp;&nbsp;&nbsp; 18.35% | &nbsp;&nbsp;&nbsp;&nbsp; 31.06% | &nbsp;&nbsp;&nbsp;&nbsp; (4.76%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp; $622068 | &nbsp;&nbsp;&nbsp; $698722 | &nbsp;&nbsp;&nbsp;&nbsp; $595933 | &nbsp;&nbsp;&nbsp; $494540 | &nbsp;&nbsp;&nbsp;&nbsp; $416864 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 1.56% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 3% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### MID CAP GROWTH FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $45.74 | &nbsp;&nbsp;$39.21 | &nbsp;&nbsp;$26.23 | &nbsp;&nbsp;$19.01 | &nbsp;&nbsp;$18.96 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.01 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (30.67%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.66% | &nbsp;&nbsp;&nbsp;&nbsp; 49.48% | &nbsp;&nbsp;&nbsp;&nbsp; 37.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $134832 | &nbsp;&nbsp;&nbsp;&nbsp; $210047 | &nbsp;&nbsp;&nbsp;&nbsp; $196992 | &nbsp;&nbsp;&nbsp;&nbsp; $148766 | &nbsp;&nbsp;&nbsp;&nbsp; $112502 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; (0.50%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.64%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.38%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.32%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; 42% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### MID CAP VALUE FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$27.67 | &nbsp;&nbsp;$23.20 | &nbsp;&nbsp;$26.45 | &nbsp;&nbsp;$22.60 | &nbsp;&nbsp;$26.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33 | &nbsp;&nbsp;&nbsp;&nbsp; (3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp;&nbsp;&nbsp; (4.28) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85 | &nbsp;&nbsp;&nbsp;&nbsp; (4.05) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.60 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.64%) | &nbsp;&nbsp;&nbsp;&nbsp; 19.27% | &nbsp;&nbsp;&nbsp;&nbsp; (12.29%) | &nbsp;&nbsp;&nbsp;&nbsp; 17.04% | &nbsp;&nbsp;&nbsp;&nbsp; (15.20%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88708 | &nbsp;&nbsp;&nbsp;&nbsp; $104076 | &nbsp;&nbsp;&nbsp;&nbsp; $94762 | &nbsp;&nbsp;&nbsp;&nbsp; $116799 | &nbsp;&nbsp;&nbsp;&nbsp; $141771 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp;&nbsp; 122% <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 33% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

<sup>4</sup> The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

<sup>(a)</sup> The Fund's portfolio turnover rate increased substantially during the year ended December 31, 2020 due to a change in the Fund's sub-adviser and associated repositioning.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### MID CORE VALUE FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $33.70 | &nbsp;&nbsp;$27.37 | &nbsp;&nbsp;$26.94 | &nbsp;&nbsp;$20.92 | &nbsp;&nbsp;$24.06 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.42) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.14) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.92 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45%) | &nbsp;&nbsp;&nbsp;&nbsp; 23.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 28.78% | &nbsp;&nbsp;&nbsp;&nbsp; (13.05%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $86950 | &nbsp;&nbsp;&nbsp;&nbsp; $94537 | &nbsp;&nbsp;&nbsp;&nbsp; $94077 | &nbsp;&nbsp;&nbsp;&nbsp; $99799 | &nbsp;&nbsp;&nbsp;&nbsp; $79292 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 1.16% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp; 51% | &nbsp;&nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 60% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### SMID CAP GROWTH FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $56.43 | &nbsp;&nbsp;$52.38 | &nbsp;&nbsp;$34.39 | &nbsp;&nbsp;$24.93 | &nbsp;&nbsp;$26.38 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48 | &nbsp;&nbsp;&nbsp;&nbsp; 18.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.35) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp;&nbsp; 17.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.45) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.93 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; (28.48%) | &nbsp;&nbsp;&nbsp;&nbsp; 7.73% | &nbsp;&nbsp;&nbsp;&nbsp; 52.31% | &nbsp;&nbsp;&nbsp;&nbsp; 37.95% | &nbsp;&nbsp;&nbsp;&nbsp; (5.50%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $70381 | &nbsp;&nbsp;&nbsp;&nbsp; $103780 | &nbsp;&nbsp;&nbsp;&nbsp; $96010 | &nbsp;&nbsp;&nbsp;&nbsp; $70961 | &nbsp;&nbsp;&nbsp;&nbsp; $59882 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; (0.56%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.65%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.59%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.35%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp;&nbsp; 65% | &nbsp;&nbsp;&nbsp;&nbsp; 97% | &nbsp;&nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp;&nbsp; 83% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### SMID CAP VALUE FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $39.02 | &nbsp;&nbsp;$28.78 | &nbsp;&nbsp;$28.37 | &nbsp;&nbsp;$23.67 | &nbsp;&nbsp;$27.90 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.43) | &nbsp;&nbsp;&nbsp;&nbsp; 10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.33) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.23) | &nbsp;&nbsp;&nbsp;&nbsp; 10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.23) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.67 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.97%) | &nbsp;&nbsp;&nbsp;&nbsp; 35.58% | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 19.86% | &nbsp;&nbsp;&nbsp;&nbsp; (15.16%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $57672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85324 | &nbsp;&nbsp;&nbsp;&nbsp; $80919 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 42% | &nbsp;&nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp;&nbsp; 47% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### SMALL CAP GROWTH FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$68.11 | &nbsp;&nbsp;$62.66 | &nbsp;&nbsp;$47.45 | &nbsp;&nbsp;$37.00 | &nbsp;&nbsp;$38.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86 | &nbsp;&nbsp;&nbsp;&nbsp; 15.49 | &nbsp;&nbsp;&nbsp;&nbsp; 10.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.65) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.21 | &nbsp;&nbsp;&nbsp;&nbsp; 10.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.80) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $47.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.00 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; (24.24%) | &nbsp;&nbsp;&nbsp;&nbsp; 8.70% | &nbsp;&nbsp;&nbsp;&nbsp; 32.06% | &nbsp;&nbsp;&nbsp;&nbsp; 28.24% | &nbsp;&nbsp;&nbsp;&nbsp; (4.64%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $96426 | &nbsp;&nbsp;&nbsp;&nbsp; $140210 | &nbsp;&nbsp;&nbsp;&nbsp; $142595 | &nbsp;&nbsp;&nbsp;&nbsp; $118244 | &nbsp;&nbsp;&nbsp;&nbsp; $93243 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; (0.42%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.36%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 22% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### SMALL CAP VALUE FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $50.97 | &nbsp;&nbsp;$40.24 | &nbsp;&nbsp;$39.32 | &nbsp;&nbsp;$31.96 | &nbsp;&nbsp;&nbsp;$37.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.32) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.15) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.96 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.74%) | &nbsp;&nbsp;&nbsp;&nbsp; 26.67% | &nbsp;&nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp;&nbsp;&nbsp; 23.03% | &nbsp;&nbsp;&nbsp;&nbsp; (13.88%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $154683 | &nbsp;&nbsp;&nbsp;&nbsp; $199173 | &nbsp;&nbsp;&nbsp;&nbsp; $179912 | &nbsp;&nbsp;&nbsp; $205049 | &nbsp;&nbsp;&nbsp;&nbsp; $211285 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp;&nbsp; 67% | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp;&nbsp; 55% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### SMALL CAP INDEX FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $34.42 | &nbsp;&nbsp;$30.10 | &nbsp;&nbsp;$25.22 | &nbsp;&nbsp;$20.26 | &nbsp;&nbsp;$22.86 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.74) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96 | &nbsp;&nbsp;&nbsp;&nbsp; (2.60) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.26 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.06%) | &nbsp;&nbsp;&nbsp;&nbsp; 14.35% | &nbsp;&nbsp;&nbsp;&nbsp; 19.35% | &nbsp;&nbsp;&nbsp;&nbsp; 24.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.37%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80151 | &nbsp;&nbsp;&nbsp;&nbsp; $98827 | &nbsp;&nbsp;&nbsp;&nbsp; $75852 | &nbsp;&nbsp;&nbsp;&nbsp; $69993 | &nbsp;&nbsp;&nbsp;&nbsp; $70724 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

<sup>4</sup> The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### DEVELOPED INTERNATIONAL INDEX FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$17.62 | &nbsp;&nbsp;$15.94 | &nbsp;&nbsp;$14.79 | &nbsp;&nbsp;$12.22 | &nbsp;&nbsp;$14.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.31) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57 | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.22 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.32%) | &nbsp;&nbsp;&nbsp;&nbsp; 10.54% | &nbsp;&nbsp;&nbsp;&nbsp; 7.78% | &nbsp;&nbsp;&nbsp;&nbsp; 21.03% | &nbsp;&nbsp;&nbsp;&nbsp; (14.07%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85483 | &nbsp;&nbsp;&nbsp;&nbsp; $114158 | &nbsp;&nbsp;&nbsp;&nbsp; $109296 | &nbsp;&nbsp;&nbsp;&nbsp; $111067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $98471 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp; 2.24% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; 3% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### INTERNATIONAL EQUITY FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $43.79 | &nbsp;&nbsp;$39.02 | &nbsp;&nbsp;$33.95 | &nbsp;&nbsp;$26.51 | &nbsp;&nbsp;$30.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.24 | &nbsp;&nbsp;&nbsp;&nbsp; (3.94) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.75) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.51 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.81%) | &nbsp;&nbsp;&nbsp;&nbsp; 12.23% | &nbsp;&nbsp;&nbsp;&nbsp; 14.93% | &nbsp;&nbsp;&nbsp;&nbsp; 28.07% | &nbsp;&nbsp;&nbsp;&nbsp; (12.39%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp; $258905 | &nbsp;&nbsp;&nbsp;&nbsp; $353005 | &nbsp;&nbsp;&nbsp;&nbsp; $336274 | &nbsp;&nbsp;&nbsp;&nbsp; $325965 | &nbsp;&nbsp;&nbsp; $296892 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; (0.02%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14%) | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp; (0.66%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp;&nbsp; 76% | &nbsp;&nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 50% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### EMERGING MARKETS EQUITY FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $14.08 | &nbsp;&nbsp;$14.93 | &nbsp;&nbsp;$13.52 | &nbsp;&nbsp;$11.39 | &nbsp;&nbsp;$13.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp;&nbsp;&nbsp; (2.50) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.41) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.39 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (23.37%) | &nbsp;&nbsp;&nbsp;&nbsp; (5.69%) | &nbsp;&nbsp;&nbsp;&nbsp; 10.43% | &nbsp;&nbsp;&nbsp;&nbsp; 18.70% | &nbsp;&nbsp;&nbsp;&nbsp; (17.46%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $94075 | &nbsp;&nbsp;&nbsp;&nbsp; $130637 | &nbsp;&nbsp;&nbsp;&nbsp; $145335 | &nbsp;&nbsp;&nbsp;&nbsp; $147412 | &nbsp;&nbsp;&nbsp;&nbsp; $146973 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp; (0.19%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp;&nbsp; 121% <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp;&nbsp; 45% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>(a)</sup> The Fund's portfolio turnover rate increased substantially during the year ended December 31, 2020 due to a change in the Fund's sub-adviser and associated repositioning.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### REAL ESTATE SECURITIES FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$37.63 | &nbsp;&nbsp;$26.37 | &nbsp;&nbsp;$27.25 | &nbsp;&nbsp;$20.57 | &nbsp;&nbsp;$21.47 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.06) | &nbsp;&nbsp;&nbsp;&nbsp; 10.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.33) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.26 | &nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.68 | &nbsp;&nbsp;&nbsp;&nbsp; (0.90) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.57 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (25.35%) | &nbsp;&nbsp;&nbsp;&nbsp; 42.70% | &nbsp;&nbsp;&nbsp;&nbsp; (3.23%) | &nbsp;&nbsp;&nbsp;&nbsp; 32.47% | &nbsp;&nbsp;&nbsp;&nbsp; (4.19%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $99505 | &nbsp;&nbsp;&nbsp;&nbsp; $140061 | &nbsp;&nbsp;&nbsp;&nbsp; $121063 | &nbsp;&nbsp;&nbsp;&nbsp; $133068 | &nbsp;&nbsp;&nbsp;&nbsp; $114366 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp; 2.05% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp; 66% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### AGGRESSIVE ALLOCATION FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$27.23 | &nbsp;&nbsp;$23.39 | &nbsp;&nbsp;$21.41 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$19.20 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.77) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.83) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.37 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.50%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.42% | &nbsp;&nbsp;&nbsp;&nbsp; 9.25% | &nbsp;&nbsp;&nbsp;&nbsp; 23.26% | &nbsp;&nbsp;&nbsp;&nbsp; (9.53%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55617 | &nbsp;&nbsp;&nbsp;&nbsp; $70657 | &nbsp;&nbsp;&nbsp;&nbsp; $70074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $72017 | &nbsp;&nbsp;&nbsp;&nbsp; $64604 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.32%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 19% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### MODERATELY AGGRESSIVE ALLOCATION FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $27.84 | &nbsp;&nbsp;$24.14 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$18.12 | &nbsp;&nbsp;$19.66 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.48) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.54) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.12 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.47%) | &nbsp;&nbsp;&nbsp;&nbsp; 15.33% | &nbsp;&nbsp;&nbsp;&nbsp; 9.43% | &nbsp;&nbsp;&nbsp;&nbsp; 21.75% | &nbsp;&nbsp;&nbsp;&nbsp; (7.83%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $192855 | &nbsp;&nbsp;&nbsp;&nbsp; $246473 | &nbsp;&nbsp;&nbsp;&nbsp; $227084 | &nbsp;&nbsp;&nbsp;&nbsp; $232308 | &nbsp;&nbsp;&nbsp;&nbsp; $217918 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### MODERATE ALLOCATION FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $23.89 | &nbsp;&nbsp;$21.46 | &nbsp;&nbsp;$19.55 | &nbsp;&nbsp;$16.48 | &nbsp;&nbsp;&nbsp;$17.51 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12 | &nbsp;&nbsp;&nbsp;&nbsp; (0.98) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.03) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.48 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.81%) | &nbsp;&nbsp;&nbsp;&nbsp; 11.32% | &nbsp;&nbsp;&nbsp;&nbsp; 9.77% | &nbsp;&nbsp;&nbsp;&nbsp; 18.63% | &nbsp;&nbsp;&nbsp;&nbsp; (5.88%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $220593 | &nbsp;&nbsp;&nbsp;&nbsp; $288061 | &nbsp;&nbsp;&nbsp;&nbsp; $285910 | &nbsp;&nbsp;&nbsp;&nbsp; $298115 | &nbsp;&nbsp;&nbsp;&nbsp; $291618 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### MODERATELY CONSERVATIVE ALLOCATION FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| $20.62 | &nbsp;&nbsp;$18.99 | &nbsp;&nbsp;$17.58 | &nbsp;&nbsp;$15.31 | &nbsp;&nbsp;$15.86 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp;&nbsp;&nbsp; (0.50) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27 | &nbsp;&nbsp;&nbsp;&nbsp; (0.55) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.31 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.25%) | &nbsp;&nbsp;&nbsp;&nbsp; 8.58% | &nbsp;&nbsp;&nbsp;&nbsp; 8.02% | &nbsp;&nbsp;&nbsp;&nbsp; 14.83% | &nbsp;&nbsp;&nbsp;&nbsp; (3.47%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $81079 | &nbsp;&nbsp;&nbsp;&nbsp; $99775 | &nbsp;&nbsp;&nbsp;&nbsp; $94485 | &nbsp;&nbsp;&nbsp;&nbsp; $93947 | &nbsp;&nbsp;&nbsp;&nbsp; $88927 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp; 23% | &nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 17% |

---

------

<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Financial Highlights<br>

------

#### CONSERVATIVE ALLOCATION FUND<br> For a share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;$17.35 | &nbsp;&nbsp;$16.60 | &nbsp;&nbsp;$15.51 | &nbsp;&nbsp;$13.99 | &nbsp;&nbsp;$14.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.99 |
| &nbsp;&nbsp;&nbsp; Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; (9.86%) | &nbsp;&nbsp;&nbsp;&nbsp; 4.52% | &nbsp;&nbsp;&nbsp;&nbsp; 7.03% | &nbsp;&nbsp;&nbsp;&nbsp; 10.87% | &nbsp;&nbsp;&nbsp;&nbsp; (1.34%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47950 | &nbsp;&nbsp;&nbsp;&nbsp; $59188 | &nbsp;&nbsp;&nbsp;&nbsp; $61854 | &nbsp;&nbsp;&nbsp;&nbsp; $59832 | &nbsp;&nbsp;&nbsp;&nbsp; $57092 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 23% | &nbsp;&nbsp;&nbsp;&nbsp; 30% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 23% |

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<sup>1</sup> The net investment income (loss) per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

<sup>3</sup> The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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#### 1 — Organization
Penn Series Funds, Inc. ("Penn Series") was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company ("Penn Mutual") and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual's employee benefit plans.

Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a "Fund" and collectively, the "Funds"). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.

***Fund of Funds ("FOFs") – Each Penn Series FOF seeks to achieve its investment objective by investing in other Penn Series Funds ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. Each of the following is a Penn Series FOFs: Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds.***

#### 2 — Significant Accounting Policies
The following significant accounting policies are followed by Penn Series in the preparation of its financial statements. The preparation of financial statements in accordance with the accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic No. 946.

#### Security Valuation:
Effective September 8, 2022, in conjunction with and pursuant to the requirements of the 1940 Act and Rule 2a-5 (the "Rule"), the Board of the Penn Series Funds, Inc. ("Board") has designated Penn Mutual Asset Management LLC ("PMAM" or the "Adviser") as the Valuation Designee for the Funds. As Valuation Designee, PMAM has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. PMAM has adopted policies and procedures related to the Rule, and established a Valuation Committee for Registered Investment Companies to oversee valuation practices including fair valuation of all Fund investments. Note that prior to September 8, 2022, fair-value determinations were performed in accordance with the Funds' policies and procedures approved by the Board and implemented through a Fair Value Committee of the Funds with members designated by the Board.

***Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.***

***Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Securities valued according to these valuation methods are categorized as Level 1 in the fair value hierarchy described below. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing valuation methodologies that utilize actual market transactions, broker-dealer supplied***

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these valuation methods are generally categorized as Level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the valuation date.

Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded. Although derivatives may be subject to netting provisions, as discussed further in Note 7, derivatives held are valued at their gross amounts.

Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund's NAV is calculated. These securities are valued at a fair value utilizing an independent third party valuation service in accordance with procedures adopted by the Fund's Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a "confidence interval", which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the fair valuation service.

The determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

***Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund's investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.***

Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Funds' investments. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:

• Level 1 — quoted
prices in active markets for identical securities

• Level 2 — other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level
3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Level 3 items at December 31, 2022 consist of $14,013,835 and $1,481,800 of equities in the Flexibly Managed Fund and Large Growth Stock Fund, respectively which were not publicly trading. The unobservable inputs used in valuing

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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these securities include new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies and strategic events affecting the company. Significant increases (decreases) in the valuation indicated by the new rounds of financing, valuations observed through negotiated transactions between other investors in the company or changes in the market valuation of relevant peer companies would result in directionally similar changes to the fair value. Fair value determinations are reviewed and updated on a regular basis and as information becomes available, including actual purchase and sale transactions of the issue. For certain loan agreements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

***Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.***

The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of all securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

***Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the Fund is subject to nonperformance by the counterparty.***

***Private Investments Issued by Special Purpose Acquisition Companies — Special purpose acquisition companies (SPACs) are shell companies that have no operations but are formed to raise capital with the intention of merging with or acquiring a company with the proceeds of the SPAC's initial public offering (IPO). Certain Funds may acquire equity securitites of an issuer that are issued through a private investment in public equity (PIPE), including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the issuer's common equity. Purchased PIPE shares will be restricted from trading until the registration statement for the shares is declared effective. Upon registration, the shares can be freely sold; however, in certain circumstances, the issuer may have the right to temporarily suspend trading of the shares in the first year after the merger or acquisition. The securities issued by a SPAC may be considered illiquid, more difficult to value, and/or be subject to restrictions on resale. PIPE are valued based upon valuations of the underlying SPACs.***

***Security Transactions, Investment Income and Expenses — Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums on debt and fixed income securities are accreted and amortized using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. The cost of investment securities sold is determined by using the specific identification method for both financial reporting and income tax purposes. Expenses directly attributable to a Fund are directly charged. Expenses included in***

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds of the FOFs. Other expenses attributable to the Funds are allocated in accordance with methodologies, which are reviewed with the Board of Directors no less than annually.

***Dividends to Shareholders — Except for the Money Market Fund, all or a portion of each Fund's undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2022 were deemed distributed as consent dividends to each respective Fund's shareholders in place of regular distributions. As consent dividends, shareholders of each Fund agree to treat their share of undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2022, respectively, as dividend income and net capital gains for tax purposes. In the case of the Money Market Fund, dividends paid from undistributed net investment income and accumulated net realized gain on investments are declared daily and paid monthly.***

Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations which may differ from net investment income and net realized capital gains recorded in accordance with accounting principles generally accepted in the United States. To the extent that these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. Distributions from net realized gains may involve short-term capital gains, which are included as ordinary income for tax purposes.

The character of distributions received from Real Estate Investment Trusts ("REITs") held by a Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from the underlying REITs based on historical data provided by the REITs.

***Foreign Capital Gains Taxes— The International Equity Fund and Emerging Markets Equity Fund accrue capital gains tax on unrealized and realized gains for certain securities of issuers domiciled in India. At December 31, 2022, Emerging Markets Equity Fund had accrued capital gains taxes of $52,544 which is reflected in the Statement of Assets and Liabilities. For the year ended December 31, 2022, the International Equity Fund and Emerging Markets Equity Fund had realized capital gains tax expense of $210,704 and $354,209, respectively, which is reflected in the Net realized gain (loss) on Investments line item in the Statement of Operations.***

#### 3 — Investment Advisory and Other Corporate Services

#### Investment Advisory Services
PMAM serves as investment adviser to each series of Penn Series. With the exception of the Money Market, Limited Maturity, Quality Bond, High Yield Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds, PMAM has entered into sub-advisory agreements to provide investment management services to each of the Funds.

Each of the Funds pay PMAM, on a monthly basis, an advisory fee accrued daily based on the average daily net assets of the Fund, at the following rates pursuant to the investment advisory agreements:

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Investment Advisory Fees<br> (As a Percentage of the<br> Average Daily<br> Net Assets of the Fund)** |
| Money Market Fund |  | &nbsp;&nbsp;0.33% of the first $200,000,000;<br> 0.31% of the next $150,000,000;<br> 0.29% of the next $150,000,000;<br> 0.27% over $500,000,000. |

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Investment Advisory Fees<br> (As a Percentage of the<br> Average Daily<br> Net Assets of the Fund)** |
| Limited Maturity Bond Fund |  | &nbsp;&nbsp;0.46% of the first $200,000,000;<br> 0.44% of the next $150,000,000;<br> 0.42% of the next $150,000,000;<br> 0.40% over $500,000,000. |
| Quality Bond Fund |  | &nbsp;&nbsp;0.46% of the first $200,000,000;<br> 0.44% of the next $150,000,000;<br> 0.42% of the next $150,000,000;<br> 0.40% over $500,000,000. |
| High Yield Bond Fund |  | &nbsp;&nbsp;0.46% of the first $200,000,000;<br> 0.44% of the next $150,000,000;<br> 0.42% of the next $150,000,000;<br> 0.40% over $500,000,000. |
| Flexibly Managed Fund | &nbsp;&nbsp;T. Rowe Price Associates, Inc. | &nbsp;&nbsp;0.72% of the first $500,000,000;<br> 0.70% of the next $2,000,000,000;<br> 0.68% of the next $1,500,000,000;<br> 0.65% of the next $1,000,000,000;<br> 0.62% over $5,000,000,000. |
| Balanced Fund |  |  |
| Large Growth Stock Fund | &nbsp;&nbsp;T. Rowe Price Associates, Inc. | &nbsp;&nbsp;0.72% of the first $250,000,000;<br> 0.68% of the next $250,000,000;<br> 0.65% over $500,000,000. |
| Large Cap Growth Fund | &nbsp;&nbsp;Massachusetts Financial Services<br> Company | &nbsp;&nbsp;0.55%  |
| Large Core Growth Fund | &nbsp;&nbsp;Morgan Stanley Investment<br> Management Inc. | &nbsp;&nbsp;0.60%  |
| Large Cap Value Fund | &nbsp;&nbsp;AllianceBernstein, LP | &nbsp;&nbsp;0.67% of the first $150,000,000;<br> 0.65% over $150,000,000. |
| Large Core Value Fund | &nbsp;&nbsp;Eaton Vance Management | &nbsp;&nbsp;0.67% of the first $150,000,000;<br> 0.65% of the next $250,000,000;<br> 0.60% over $400,000,000. |
| Index 500 Fund | &nbsp;&nbsp;SSgA Fund Management, Inc. | &nbsp;&nbsp;0.14% of the first $150,000,000;<br> 0.13% of the next $150,000,000;<br> 0.12% over $300,000,000. |
| Mid Cap Growth Fund | &nbsp;&nbsp;Delaware Investments Fund<br> Advisers | &nbsp;&nbsp;0.70%  |

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Investment Advisory Fees<br> (As a Percentage of the<br> Average Daily<br> Net Assets of the Fund)** |
| Mid Cap Value Fund | &nbsp;&nbsp;Janus Henderson Investors<br> US LLC | &nbsp;&nbsp;0.55% of the first $250,000,000;<br> 0.525% of the next $250,000,000;<br> 0.50% of the next $250,000,000;<br> 0.475% of the next $250,000,000;<br> 0.45% of the next $500,000,000;<br> 0.425% over $1,500,000,000. |
| Mid Core Value Fund | &nbsp;&nbsp;American Century Investment<br> Management, Inc. | &nbsp;&nbsp;0.69%  |
| SMID Cap Growth Fund | &nbsp;&nbsp;Goldman Sachs Asset Management, LP | &nbsp;&nbsp;0.75%  |
| SMID Cap Value Fund | &nbsp;&nbsp;AllianceBernstein, LP | &nbsp;&nbsp;0.84%  |
| Small Cap Growth Fund | &nbsp;&nbsp;Janus Henderson Investors US LLC | &nbsp;&nbsp;0.80% of the first $25,000,000;<br> 0.75% of the next $25,000,000;<br> 0.70% over $50,000,000. |
| Small Cap Value Fund | &nbsp;&nbsp;Goldman Sachs Asset Management, LP | &nbsp;&nbsp;0.75% of the first $50,000,000;<br> 0.725% of the next $50,000,000;<br> 0.70% over $100,000,000. |
| Small Cap Index Fund | &nbsp;&nbsp;SSgA Fund Management, Inc. | &nbsp;&nbsp;0.30%  |
| Developed International Index Fund | &nbsp;&nbsp;SSgA Fund Management, Inc. | &nbsp;&nbsp;0.30%  |
| International Equity Fund | &nbsp;&nbsp;Vontobel Asset Management, Inc. | &nbsp;&nbsp;0.83% of the first $227,000,000;<br> 0.63% over $227,000,000. |
| Emerging Markets Equity Fund | &nbsp;&nbsp;Vontobel Asset Management, Inc. | &nbsp;&nbsp;0.87%  |
| Real Estate Securities Fund | &nbsp;&nbsp;Cohen & Steers Capital Management,<br> Inc. | &nbsp;&nbsp;0.70%  |
| Aggressive Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |
| Moderately Aggressive Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |
| Moderate Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Investment Advisory Fees<br> (As a Percentage of the<br> Average Daily<br> Net Assets of the Fund)** |
| Moderately Conservative Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |
| Conservative Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |

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For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a subadvisory fee.

#### Administrative and Corporate, Co-Administrative and Shareholder Services
Each of the Funds pays Penn Mutual, on a quarterly basis, 0.01% of the Fund's average daily net assets under a revised administrative and corporate services agreement and 0.09% under a shareholder servicing agreement. Each of the Funds pays PMAM, on a quarterly basis, 0.02% of the Fund's average daily assets under a co-administrative agreement. These fees are accrued daily.

#### Fund Administration and Accounting Services
Under a fund administration and accounting agreement, BNY Mellon Investment Servicing (US), Inc. ("BNY Mellon") serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee accrued daily based on the average daily net assets of the Fund equal to 0.070% for the first $100 million, 0.050% for the next $200 million, 0.030% for the next $300 million and 0.020% thereafter. With the exception of the FOFs, International Equity Fund, Emerging Markets Equity Fund, Developed International Index Fund and Money Market Fund, the minimum annual fee each Fund must pay is $27,500. The annual accounting fee for each of the FOFs is an asset-based fee of 0.010% of FOF's average daily net assets, exclusive of out-of-pocket expenses. Each FOF's minimum annual fee is $12,000. The minimum annual fee is $48,000 for each of the International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund. The Money Market Fund pays no minimum annual fee. Each of the International Equity, Emerging Markets Equity and Developed International Index Funds pays BNY Mellon, on a monthly basis, an annual 0.080% for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter. In addition, each of the Funds pays BNY Mellon approximately 0.010% of the Fund's average daily net assets for tax and regulatory administration services.

#### Transfer Agent Services
Under a transfer agency agreement, BNY Mellon serves as transfer agent for Penn Series.

#### Custodial Services
The Bank of New York Mellon, Inc., serves as custodian for Penn Series. In addition to transaction charges and out-of-pocket expenses, each of the Funds pay The Bank of New York Mellon, Inc., on a monthly basis, an annual custody fee of 0.007% for U.S. securities. The Bank of New York Mellon, Inc. serves as foreign custodian for Penn Series. There is a separate custody fee schedule for foreign securities.

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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#### Expenses and Limitations Thereon
Each Fund bears all expenses of its operations other than those incurred by PMAM and, if applicable its sub-adviser under its respective investment advisory agreement and those incurred by Penn Mutual under its administrative and corporate services agreement. PMAM and Penn Mutual have agreed to waive fees or reimburse expenses to the extent the Fund's total expense ratio (excluding nonrecurring account fees, fees on portfolio transactions, such as exchange fees, dividends and interest on securities sold short, acquired fund fees and expenses, service fees, interest, taxes, brokerage commissions, other capitalized expenses and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund's business, but including investment advisory and administrative and corporate services fees) exceeds the applicable expense limitation for the Fund. The expense limitations for the Funds are as follows:

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| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| Money Market Fund | 0.64% |
| Limited Maturity Bond Fund | 0.74% |
| Quality Bond Fund | 0.73% |
| High Yield Bond Fund | 0.92% |
| Flexibly Managed Fund | 0.94% |
| Balanced Fund | 0.79% |
| Large Growth Stock Fund | 1.02% |
| Large Cap Growth Fund | 0.89% |
| Large Core Growth Fund | 0.90% |
| Large Cap Value Fund | 0.96% |
| Large Core Value Fund | 0.96% |
| Index 500 Fund | 0.42% |
| Mid Cap Growth Fund | 1.00% |
| Mid Cap Value Fund | 0.83% |
| Mid Core Value Fund | 1.11% |
| SMID Cap Growth Fund | 1.07% |

---

---

| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| SMID Cap Value Fund | 1.26% |
| Small Cap Growth Fund | 1.13% |
| Small Cap Value Fund | 1.02% |
| Small Cap Index Fund | 0.74% |
| Developed International Index Fund | 0.94% |
| International Equity Fund | 1.20% |
| Emerging Markets Equity Fund | 1.78% |
| Real Estate Securities Fund | 1.02% |
| Aggressive Allocation Fund\* | 0.40% |
| Moderately Aggressive Allocation Fund\* | 0.34% |
| Moderate Allocation Fund\* | 0.34% |
| Moderately Conservative Allocation Fund\* | 0.35% |
| Conservative Allocation Fund\* | 0.38% |

---

\* For FOFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds.

Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are considered "extraordinary expenses" and are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund's future yield.

If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM's election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

As of December 31, 2022, the Mid Cap Value Fund had waived and/or reimbursed advisory fees that are subject to potential recapture by PMAM through the periods stated below. If not recaptured, the waived and/or reimbursed advisory fees will expire according to the table below:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**December 31,<br> 2025** |
| Mid Cap Value Fund | &nbsp;&nbsp;$7208 |

---

During the year ended December 31, 2022, previously waived Money Market Fund advisory fees of $1,016,358 were recaptured by PMAM and $499,153 recaptured by PMAM and Penn Mutual. These fees are shown as recaptured advisory fees and recaptured adminstrative fees on the statement of operations.

Total fees of $596,000 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the year ended December 31, 2022. Directors who are also employees of PMAM or its affiliates and officers of the Company receive no compensation from the Company for their services.

#### 4 — Related Party Transactions
Certain benefit plans of Penn Mutual own annuity contracts that are invested in the Penn Series Funds. The benefit plan assets that are invested in the Penn Series Funds at December 31, 2022 are as follows:

---

| | |
|:---|:---|
| Money Market Fund | &nbsp;&nbsp;&nbsp;$7232515 |
| Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;69446127 |
| Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;52865736 |
| Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7627145 |
| Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;12990836 |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;15269332 |
| SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813643 |
| SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914540 |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864859 |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857544 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078655 |

---

Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| SMID Cap Growth Fund | &nbsp;&nbsp;$5036 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;12458 |

---

Cross trades for the year ended December 31, 2022, were executed by the Funds pursuant to procedures adopted by the Board of Directors designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board of Directors review such transactions for compliance with the procedures adopted by the Board of Directors. Pursuant to these procedures, for the year ended December 31, 2022, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gain (loss) as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | $1021206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45123 | &nbsp;&nbsp;&nbsp;&nbsp;34486 | &nbsp;&nbsp;&nbsp;&nbsp;(19685) |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

A Summary of the FOF's total long-term and short-term purchases and sales of the shares of the underlying Funds during the year ended December 31, 2022 as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balanced Fund** | **Total <br> Value at<br> 12/31/21** | **Purchases** | **Sales <br> Proceeds** | **Realized <br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total <br> Value at<br> 12/31/22** | **Number of<br> Shares** | **Dividend <br> Income** |
| **Affiliated Equity Funds — 59.9%** | **Affiliated Equity Funds — 59.9%** | **Affiliated Equity Funds — 59.9%** |  |  |  |  |  |  |
| Penn Series Index 500 Fund<sup>\*</sup> | $55850210 | $2696701 | $6464519 | $4961687 | $(14904034) | $42140045 | &nbsp;&nbsp;1244170 | $— |
| **Affiliated Fixed Income Funds — 39.7%** | **Affiliated Fixed Income Funds — 39.7%** | **Affiliated Fixed Income Funds — 39.7%** |  |  |  |  |  |  |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;36822571 | &nbsp;&nbsp;&nbsp;&nbsp;1353511 | &nbsp;&nbsp;&nbsp;&nbsp;5484611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965410 | &nbsp;&nbsp;&nbsp;&nbsp;(5754509) | &nbsp;&nbsp;&nbsp;27902372 | 1873900 | &nbsp;&nbsp;&nbsp;— |
|  | $92672781 | $4050212 | $11949130 | $5927097 | $(20658543) | $70042417 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggressive Allocation Fund** | **Total <br> Value at<br> 12/31/21** | **Purchases** | **Sales <br> Proceeds** | **Realized <br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total <br> Value at<br> 12/31/22** | **Number of<br> Shares** | **Dividend <br> Income** |
| **Affiliated Equity Funds — 64.7%** | **Affiliated Equity Funds — 64.7%** | **Affiliated Equity Funds — 64.7%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;$4165160 | &nbsp;&nbsp;&nbsp;&nbsp;$159255 | &nbsp;&nbsp;&nbsp;&nbsp;$515414 | &nbsp;&nbsp;&nbsp;$243157 | &nbsp;&nbsp;&nbsp;&nbsp;$(737768) | $3314390 | &nbsp;&nbsp;&nbsp;41347 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;10460839 | &nbsp;&nbsp;&nbsp;&nbsp;5658467 | &nbsp;&nbsp;&nbsp;&nbsp;1014229 | &nbsp;&nbsp;&nbsp;&nbsp;282485 | &nbsp;&nbsp;&nbsp;&nbsp;(2156549) | &nbsp;&nbsp;&nbsp;&nbsp;13231013 | 390641 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105794 | &nbsp;&nbsp;&nbsp;&nbsp;1236938 | &nbsp;&nbsp;&nbsp;&nbsp;575983 | &nbsp;&nbsp;&nbsp;&nbsp;(1001967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553249 | &nbsp;&nbsp;&nbsp;17801 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5642609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125770 | &nbsp;&nbsp;&nbsp;&nbsp;2173058 | &nbsp;&nbsp;&nbsp;&nbsp;654054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(897308) | &nbsp;&nbsp;&nbsp;&nbsp;3352067 | &nbsp;&nbsp;82604 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5639110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112365 | &nbsp;&nbsp;&nbsp;&nbsp;2148961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797731 | &nbsp;&nbsp;&nbsp;&nbsp;(1045317) | &nbsp;&nbsp;&nbsp;&nbsp;3354928 | &nbsp;&nbsp;120162 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540016 | &nbsp;&nbsp;&nbsp;10742 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1406625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537395) | &nbsp;&nbsp;&nbsp;1096430 | &nbsp;&nbsp;&nbsp;34577 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1414876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73726) | &nbsp;&nbsp;&nbsp;&nbsp;1116623 | &nbsp;&nbsp;42766 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796475 | &nbsp;&nbsp;&nbsp;&nbsp;205701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263055) | &nbsp;&nbsp;&nbsp;2788895 | &nbsp;&nbsp;83978 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2159022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605723) | &nbsp;&nbsp;&nbsp;&nbsp;1626413 | &nbsp;&nbsp;57900 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1405228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394726) | &nbsp;&nbsp;&nbsp;&nbsp;1115520 | &nbsp;&nbsp;&nbsp;21619 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2114988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237715 | &nbsp;&nbsp;&nbsp;&nbsp;(59549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380869) | &nbsp;&nbsp;&nbsp;&nbsp;1665192 | &nbsp;&nbsp;&nbsp;61288 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1399268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219666 | &nbsp;&nbsp;&nbsp;&nbsp;109266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510881) | &nbsp;&nbsp;&nbsp;&nbsp;1097481 | &nbsp;&nbsp;&nbsp;27192 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1406866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263096) | &nbsp;&nbsp;&nbsp;&nbsp;1122361 | &nbsp;&nbsp;&nbsp;34229 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 8.0%** | **Affiliated Fixed Income Funds — 8.0%** | **Affiliated Fixed Income Funds — 8.0%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2077891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195924) | &nbsp;&nbsp;&nbsp;&nbsp;1655858 | 104934 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3447096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191590) | &nbsp;&nbsp;&nbsp;&nbsp;2790414 | 218342 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 26.7%** | **Affiliated International Equity Funds — 26.7%** | **Affiliated International Equity Funds — 26.7%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8430576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342224 | &nbsp;&nbsp;&nbsp;&nbsp;2379331 | &nbsp;&nbsp;&nbsp;&nbsp;349708 | &nbsp;&nbsp;&nbsp;&nbsp;(1746099) | &nbsp;&nbsp;&nbsp;4997078 | 334925 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4168887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531069 | &nbsp;&nbsp;&nbsp;&nbsp;(76769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(890704) | &nbsp;&nbsp;&nbsp;&nbsp;3338271 | 309385 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8497242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912229 | &nbsp;&nbsp;&nbsp;&nbsp;1004767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318741 | &nbsp;&nbsp;&nbsp;&nbsp;(2167411) | &nbsp;&nbsp;&nbsp;6556034 | &nbsp;&nbsp;191473 | &nbsp;&nbsp;&nbsp;— |
|  | $70180122 | $10051359 | $14343394 | $3813358 | $(14389212) | $55312233 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Aggressive Allocation Fund** | **Total <br> Value at<br> 12/31/21** | **Purchases** | **Sales <br> Proceeds** | **Realized <br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total <br> Value at<br> 12/31/22** | **Number of<br> Shares** | **Dividend <br> Income** |
| **Affiliated Equity Funds — 59.8%** | **Affiliated Equity Funds — 59.8%** | **Affiliated Equity Funds — 59.8%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;$14587377 | &nbsp;&nbsp;&nbsp;&nbsp;$395816 | &nbsp;&nbsp;&nbsp;$1735155 | &nbsp;&nbsp;&nbsp;&nbsp;$862279 | $(2599845) | &nbsp;&nbsp;$11510472 | &nbsp;&nbsp;&nbsp;143594 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31749501 | &nbsp;&nbsp;&nbsp;17614701 | &nbsp;&nbsp;&nbsp;&nbsp;3491460 | &nbsp;&nbsp;&nbsp;&nbsp;1297517 | &nbsp;&nbsp;&nbsp;(6964654) | &nbsp;&nbsp;&nbsp;40205605 | 1187056 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392299 | &nbsp;&nbsp;&nbsp;&nbsp;4359753 | &nbsp;&nbsp;&nbsp;&nbsp;2091955 | &nbsp;&nbsp;&nbsp;&nbsp;(3593672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921349 | &nbsp;&nbsp;&nbsp;&nbsp;61819 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19760562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281370 | &nbsp;&nbsp;&nbsp;&nbsp;7545910 | &nbsp;&nbsp;&nbsp;&nbsp;2655394 | &nbsp;&nbsp;&nbsp;(3509893) | &nbsp;&nbsp;&nbsp;&nbsp;11641523 | &nbsp;&nbsp;286878 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19748491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249695 | &nbsp;&nbsp;&nbsp;&nbsp;7473232 | &nbsp;&nbsp;&nbsp;&nbsp;2883995 | &nbsp;&nbsp;&nbsp;&nbsp;(3757521) | &nbsp;&nbsp;&nbsp;&nbsp;11651428 | &nbsp;&nbsp;&nbsp;&nbsp;417315 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148432 | &nbsp;&nbsp;&nbsp;&nbsp;(1167603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875313 | &nbsp;&nbsp;&nbsp;&nbsp;37305 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925785 | &nbsp;&nbsp;&nbsp;&nbsp;1034127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357990 | &nbsp;&nbsp;&nbsp;(1909893) | &nbsp;&nbsp;&nbsp;&nbsp;3807662 | &nbsp;&nbsp;120078 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161547) | &nbsp;&nbsp;&nbsp;&nbsp;1938970 | &nbsp;&nbsp;&nbsp;&nbsp;74262 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12414906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220295 | &nbsp;&nbsp;&nbsp;&nbsp;2745251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876888 | &nbsp;&nbsp;&nbsp;&nbsp;(1081176) | &nbsp;&nbsp;&nbsp;&nbsp;9685662 | &nbsp;&nbsp;291649 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248071 | &nbsp;&nbsp;&nbsp;&nbsp;(2127952) | &nbsp;&nbsp;&nbsp;&nbsp;5647965 | &nbsp;&nbsp;201067 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(704688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937040 | &nbsp;&nbsp;&nbsp;&nbsp;37539 | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Aggressive Allocation Fund** | **Total <br> Value at<br> 12/31/21** | **Purchases** | **Sales <br> Proceeds** | **Realized <br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total <br> Value at<br> 12/31/22** | **Number of<br> Shares** | **Dividend <br> Income** |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$9875121 | $1074298 | &nbsp;&nbsp;$1180845 | &nbsp;&nbsp;&nbsp;$288689 | $(2346567) | &nbsp;&nbsp;&nbsp;$7710696 | &nbsp;&nbsp;283794 | $— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(927594) | &nbsp;&nbsp;&nbsp;&nbsp;1905678 | &nbsp;&nbsp;&nbsp;&nbsp;47217 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(871332) | &nbsp;&nbsp;&nbsp;&nbsp;3897878 | &nbsp;&nbsp;&nbsp;118874 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 18.0%** | **Affiliated Fixed Income Funds — 18.0%** | **Affiliated Fixed Income Funds — 18.0%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128852 | &nbsp;&nbsp;&nbsp;&nbsp;1199457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836611) | &nbsp;&nbsp;&nbsp;&nbsp;5750726 | &nbsp;&nbsp;&nbsp;364431 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24146584 | &nbsp;&nbsp;&nbsp;&nbsp;1029865 | &nbsp;&nbsp;&nbsp;&nbsp;4761798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311713 | &nbsp;&nbsp;&nbsp;&nbsp;(1344002) | &nbsp;&nbsp;&nbsp;&nbsp;19382362 | 1516617 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12078290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135193 | &nbsp;&nbsp;&nbsp;&nbsp;(1739669) | &nbsp;&nbsp;&nbsp;&nbsp;9507829 | &nbsp;&nbsp;638538 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 21.8%** | **Affiliated International Equity Funds — 21.8%** | **Affiliated International Equity Funds — 21.8%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22143448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891579 | &nbsp;&nbsp;&nbsp;&nbsp;5870880 | &nbsp;&nbsp;&nbsp;&nbsp;1323985 | &nbsp;&nbsp;&nbsp;&nbsp;(4990215) | &nbsp;&nbsp;&nbsp;&nbsp;13497917 | &nbsp;&nbsp;904686 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12167611 | &nbsp;&nbsp;&nbsp;&nbsp;1916860 | &nbsp;&nbsp;&nbsp;&nbsp;1572591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187470 | &nbsp;&nbsp;&nbsp;&nbsp;(3037857) | &nbsp;&nbsp;&nbsp;&nbsp;9661493 | &nbsp;&nbsp;&nbsp;895412 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24797590 | &nbsp;&nbsp;&nbsp;&nbsp;2713540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127180 | &nbsp;&nbsp;&nbsp;&nbsp;1070537 | &nbsp;&nbsp;&nbsp;&nbsp;(6481120) | &nbsp;&nbsp;&nbsp;&nbsp;18973367 | &nbsp;&nbsp;&nbsp;554129 | &nbsp;&nbsp;&nbsp;— |
|  | $245348993 | $31145043 | $49812563 | $15582873 | $(50153411) | $192110935 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderate Allocation Fund** | **Total <br> Value at<br> 12/31/21** | **Purchases** | **Sales <br> Proceeds** | **Realized <br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total <br> Value at<br> 12/31/22** | **Number of<br> Shares** | **Dividend <br> Income** |
| **Affiliated Equity Funds — 45.8%** | **Affiliated Equity Funds — 45.8%** | **Affiliated Equity Funds — 45.8%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;$17135094 | &nbsp;&nbsp;&nbsp;&nbsp;$339406 | $2288790 | $1533964 | $(3548176) | &nbsp;&nbsp;&nbsp;$13171498 | &nbsp;&nbsp;&nbsp;&nbsp;164315 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34426314 | &nbsp;&nbsp;&nbsp;&nbsp;13126949 | &nbsp;&nbsp;&nbsp;&nbsp;4175383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173134 | &nbsp;&nbsp;&nbsp;&nbsp;(7306907) | &nbsp;&nbsp;&nbsp;&nbsp;37244107 | 1099619 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282920 | &nbsp;&nbsp;&nbsp;&nbsp;2725248 | &nbsp;&nbsp;&nbsp;&nbsp;1316501 | &nbsp;&nbsp;&nbsp;(2463288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198593 | &nbsp;&nbsp;&nbsp;&nbsp;70740 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14507719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215992 | &nbsp;&nbsp;&nbsp;&nbsp;7444303 | &nbsp;&nbsp;&nbsp;&nbsp;2304741 | &nbsp;&nbsp;&nbsp;&nbsp;(2923346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660803 | &nbsp;&nbsp;&nbsp;&nbsp;164140 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14498853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110723 | &nbsp;&nbsp;&nbsp;&nbsp;1898172 | &nbsp;&nbsp;&nbsp;(2488380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888547 | &nbsp;&nbsp;&nbsp;&nbsp;318358 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208329 | &nbsp;&nbsp;&nbsp;&nbsp;(1390331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145906 | &nbsp;&nbsp;&nbsp;&nbsp;42688 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493930 | &nbsp;&nbsp;&nbsp;(2298265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4357084 | &nbsp;&nbsp;&nbsp;&nbsp;137404 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14583756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127679 | &nbsp;&nbsp;&nbsp;&nbsp;3398506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898816 | &nbsp;&nbsp;&nbsp;&nbsp;(1128330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11083415 | &nbsp;&nbsp;&nbsp;&nbsp;333737 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302722 | &nbsp;&nbsp;&nbsp;&nbsp;(1753590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308500 | &nbsp;&nbsp;&nbsp;&nbsp;153382 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303105 | &nbsp;&nbsp;&nbsp;(2098754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6617569 | &nbsp;&nbsp;&nbsp;243562 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281677 | &nbsp;&nbsp;&nbsp;&nbsp;(1100941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180653 | &nbsp;&nbsp;&nbsp;&nbsp;54030 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230184 | &nbsp;&nbsp;&nbsp;&nbsp;68014 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 37.8%** | **Affiliated Fixed Income Funds — 37.8%** | **Affiliated Fixed Income Funds — 37.8%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11398091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98417 | &nbsp;&nbsp;&nbsp;&nbsp;2014061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766827 | &nbsp;&nbsp;&nbsp;&nbsp;(1475035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8774239 | &nbsp;&nbsp;&nbsp;556035 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39708871 | &nbsp;&nbsp;&nbsp;&nbsp;1897884 | &nbsp;&nbsp;&nbsp;&nbsp;6590466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410690 | &nbsp;&nbsp;&nbsp;&nbsp;(2157127) | &nbsp;&nbsp;&nbsp;&nbsp;33269852 | 2603275 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56750229 | &nbsp;&nbsp;&nbsp;&nbsp;1286789 | &nbsp;&nbsp;&nbsp;&nbsp;9428211 | &nbsp;&nbsp;&nbsp;&nbsp;1392549 | &nbsp;&nbsp;&nbsp;(8657504) | &nbsp;&nbsp;&nbsp;&nbsp;41343852 | 2776619 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 15.9%** | **Affiliated International Equity Funds — 15.9%** | **Affiliated International Equity Funds — 15.9%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14450945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577503 | &nbsp;&nbsp;&nbsp;&nbsp;3854380 | &nbsp;&nbsp;&nbsp;&nbsp;1168218 | &nbsp;&nbsp;&nbsp;&nbsp;(3516040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826246 | &nbsp;&nbsp;&nbsp;&nbsp;591571 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14292746 | &nbsp;&nbsp;&nbsp;&nbsp;2095454 | &nbsp;&nbsp;&nbsp;&nbsp;2019989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98110 | &nbsp;&nbsp;&nbsp;&nbsp;(3410394) | &nbsp;&nbsp;&nbsp;&nbsp;11055927 | 1024646 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20390937 | &nbsp;&nbsp;&nbsp;&nbsp;2287987 | &nbsp;&nbsp;&nbsp;&nbsp;3073225 | &nbsp;&nbsp;&nbsp;&nbsp;1170453 | &nbsp;&nbsp;&nbsp;&nbsp;(5578265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15197887 | &nbsp;&nbsp;&nbsp;443863 | &nbsp;&nbsp;&nbsp;— |
|  | $286942877 | $26793728 | $56165668 | $15829136 | $(53845211) | $219554862 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Conservative Allocation Fund** | **Total <br> Value at<br> 12/31/21** | **Purchases** | **Sales <br> Proceeds** | **Realized <br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total <br> Value at<br> 12/31/22** | **Number of<br> Shares** | **Dividend <br> Income** |
| **Affiliated Equity Funds — 32.8%** | **Affiliated Equity Funds — 32.8%** | **Affiliated Equity Funds — 32.8%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | &nbsp;&nbsp;$7906973 | &nbsp;&nbsp;&nbsp;&nbsp;$737287 | &nbsp;&nbsp;&nbsp;$1271621 | &nbsp;&nbsp;$657259 | $(1596996) | &nbsp;&nbsp;$6432902 | &nbsp;&nbsp;&nbsp;&nbsp;80251 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957187 | &nbsp;&nbsp;&nbsp;&nbsp;4290981 | &nbsp;&nbsp;&nbsp;&nbsp;1162946 | &nbsp;&nbsp;&nbsp;&nbsp;381786 | &nbsp;&nbsp;&nbsp;&nbsp;(1442019) | &nbsp;&nbsp;&nbsp;&nbsp;8024989 | &nbsp;&nbsp;&nbsp;236935 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2002998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223563 | &nbsp;&nbsp;&nbsp;&nbsp;1015290 | &nbsp;&nbsp;&nbsp;&nbsp;438068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(843992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805347 | &nbsp;&nbsp;&nbsp;&nbsp;25912 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5020806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387174 | &nbsp;&nbsp;&nbsp;&nbsp;2754742 | &nbsp;&nbsp;&nbsp;&nbsp;791216 | &nbsp;&nbsp;&nbsp;&nbsp;(1004663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439791 | &nbsp;&nbsp;&nbsp;&nbsp;60123 | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Conservative Allocation Fund** | **Total <br> Value at<br> 12/31/21** | **Purchases** | **Sales <br> Proceeds** | **Realized <br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total <br> Value at<br> 12/31/22** | **Number of<br> Shares** | **Dividend <br> Income** |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;$5017732 | &nbsp;&nbsp;&nbsp;&nbsp;$278398 | &nbsp;&nbsp;$1828761 | &nbsp;&nbsp;$607453 | &nbsp;&nbsp;&nbsp;&nbsp;$(819001) | &nbsp;&nbsp;&nbsp;$3255821 | &nbsp;&nbsp;&nbsp;&nbsp;116613 | $— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3028250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225369) | &nbsp;&nbsp;&nbsp;&nbsp;2435864 | &nbsp;&nbsp;&nbsp;&nbsp;73347 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2049087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289128 | &nbsp;&nbsp;&nbsp;&nbsp;105304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578275 | &nbsp;&nbsp;&nbsp;&nbsp;56186 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1003663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807999 | &nbsp;&nbsp;&nbsp;&nbsp;29739 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816906 | &nbsp;&nbsp;&nbsp;&nbsp;24913 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 56.5%** | **Affiliated Fixed Income Funds — 56.5%** | **Affiliated Fixed Income Funds — 56.5%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4930926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894609 | &nbsp;&nbsp;&nbsp;&nbsp;289856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017360 | &nbsp;&nbsp;254586 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22577566 | &nbsp;&nbsp;&nbsp;&nbsp;3041846 | &nbsp;&nbsp;&nbsp;&nbsp;4282276 | &nbsp;&nbsp;&nbsp;&nbsp;276830 | &nbsp;&nbsp;&nbsp;&nbsp;(1303784) | &nbsp;&nbsp;&nbsp;&nbsp;20310182 | 1589216 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;28479024 | &nbsp;&nbsp;&nbsp;&nbsp;2013437 | &nbsp;&nbsp;&nbsp;&nbsp;5281581 | &nbsp;&nbsp;&nbsp;&nbsp;701243 | &nbsp;&nbsp;&nbsp;&nbsp;(4391884) | &nbsp;&nbsp;&nbsp;&nbsp;21520239 | 1445281 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 9.9%** | **Affiliated International Equity Funds — 9.9%** | **Affiliated International Equity Funds — 9.9%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424721 | &nbsp;&nbsp;&nbsp;162515 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1978565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314004 | &nbsp;&nbsp;&nbsp;&nbsp;(29303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619842 | &nbsp;&nbsp;&nbsp;150124 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5040580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930574 | &nbsp;&nbsp;&nbsp;&nbsp;279954 | &nbsp;&nbsp;&nbsp;&nbsp;(1379097) | &nbsp;&nbsp;&nbsp;&nbsp;3976390 | &nbsp;&nbsp;&nbsp;&nbsp;116133 | &nbsp;&nbsp;&nbsp;— |
|  | $98995479 | $13943944 | $21664366 | $4771109 | $(15579538) | $80466628 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Conservative Allocation Fund** | **Total <br> Value at<br> 12/31/21** | **Purchases** | **Sales <br> Proceeds** | **Realized <br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total <br> Value at<br> 12/31/22** | **Number of<br> Shares** | **Dividend <br> Income** |
| **Affiliated Equity Funds — 19.6%** | **Affiliated Equity Funds — 19.6%** | **Affiliated Equity Funds — 19.6%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $4670678 | &nbsp;&nbsp;&nbsp;$416863 | &nbsp;&nbsp;&nbsp;&nbsp;$772251 | &nbsp;&nbsp;&nbsp;$270326 | &nbsp;&nbsp;&nbsp;$(822906) | &nbsp;&nbsp;$3762710 | &nbsp;&nbsp;&nbsp;46940 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2346382 | &nbsp;&nbsp;&nbsp;&nbsp;1287897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(538754) | &nbsp;&nbsp;&nbsp;&nbsp;2816398 | &nbsp;&nbsp;&nbsp;&nbsp;83153 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1186693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78658 | &nbsp;&nbsp;&nbsp;&nbsp;1216085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1778879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180811) | &nbsp;&nbsp;&nbsp;&nbsp;1428261 | &nbsp;&nbsp;&nbsp;&nbsp;51156 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949826 | &nbsp;&nbsp;&nbsp;&nbsp;28601 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461644 | &nbsp;&nbsp;&nbsp;&nbsp;16434 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 75.6%** | **Affiliated Fixed Income Funds — 75.6%** | **Affiliated Fixed Income Funds — 75.6%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2912574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261581) | &nbsp;&nbsp;&nbsp;&nbsp;2349707 | &nbsp;&nbsp;148904 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19131755 | &nbsp;&nbsp;&nbsp;&nbsp;2282517 | &nbsp;&nbsp;&nbsp;&nbsp;3445799 | &nbsp;&nbsp;&nbsp;&nbsp;225534 | &nbsp;&nbsp;&nbsp;(1088600) | &nbsp;&nbsp;&nbsp;&nbsp;17105407 | 1338451 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;22619234 | &nbsp;&nbsp;&nbsp;&nbsp;1327389 | &nbsp;&nbsp;&nbsp;4269442 | &nbsp;&nbsp;&nbsp;&nbsp;363356 | &nbsp;&nbsp;&nbsp;(3257606) | &nbsp;&nbsp;&nbsp;16782931 | &nbsp;&nbsp;1127128 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 2.9%** | **Affiliated International Equity Funds — 2.9%** | **Affiliated International Equity Funds — 2.9%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27504 | &nbsp;&nbsp;&nbsp;&nbsp;(204076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945479 | &nbsp;&nbsp;&nbsp;&nbsp;63370 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465184 | &nbsp;&nbsp;&nbsp;&nbsp;13586 | &nbsp;&nbsp;&nbsp;— |
|  | $58222349 | $6078397 | $11728654 | $1643768 | &nbsp;&nbsp;$(7148313) | $47067547 |  | $— |

---

\* Non-income producing security.

#### 5 — Purchases and Sales of Securities
During the year ended December 31, 2022, the Funds made the following purchases and sales of portfolio securities, other than short-term securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**Other Investment Securities** | &nbsp;&nbsp;**Other Investment Securities** |
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;$1135805 | &nbsp;&nbsp;&nbsp;$9962636 | &nbsp;&nbsp;&nbsp;&nbsp;$89888123 | &nbsp;&nbsp;$104956976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40933693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59749026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108911436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143672434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117399324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125284624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;939498188 | &nbsp;&nbsp;&nbsp;&nbsp;495566335 | &nbsp;&nbsp;&nbsp;&nbsp;3093875260 | &nbsp;&nbsp;&nbsp;&nbsp;3495391143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11949130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86724121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119561154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21396068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22704151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64203018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60934201 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**Other Investment Securities** | &nbsp;&nbsp;**Other Investment Securities** |
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$111474693 | &nbsp;&nbsp;$140460845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85321124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107278969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81413597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27737462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44288130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57430483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42221213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51040774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64362458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68548939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53330915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58083792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25207060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30960422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13748724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24641265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95828831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111129965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19244787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15438488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10293966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140003763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161087935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67054078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70011139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31064287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38616021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10051359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14343394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31145043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49812563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26793728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56165668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13943944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21664366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11728654 |

---

#### 6 — Federal Income Taxes
Each Fund has qualified and intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2022, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.

On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the "Act") was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:

The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 ("post-enactment losses") to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of the Act ("pre-enactment losses"). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.

The Act provides that a RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term "qualified late-year loss" means any post-October capital loss and any late-year ordinary loss.

The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for "inadvertent" failures of the asset diversification and/or qualifying income tests.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

#### Reclassification of Capital Accounts:
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/ tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2022, primarily attributable to consent dividends, were reclassed between the following accounts:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Total <br> distributable<br> earnings<br> (loss)** | &nbsp;&nbsp;**Increase <br> (Decrease)<br> Paid-in Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2879070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(10870035) | &nbsp;&nbsp;&nbsp;&nbsp;10870035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7107998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;(563322183) | &nbsp;&nbsp;&nbsp;&nbsp;563322183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5635556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1360265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6206236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6206236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;(20305733) | &nbsp;&nbsp;&nbsp;&nbsp;20305733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16165845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16165845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24171178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24171178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;(16400961) | &nbsp;&nbsp;&nbsp;&nbsp;16400961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(882836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12451942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12451942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5658046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5189331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5083772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1810955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2576329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(973379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9965421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9965421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3681114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14931835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14931835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15073374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15073374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4520106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1455841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455841 |

---

These reclassifications had no effect on net assets or net asset value per share.

#### Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Income and<br> Short-Term Capital Gains** | **Ordinary Income and<br> Short-Term Capital Gains** | **Long-Term Capital Gains** | **Long-Term Capital Gains** | **Total** | **Total** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;$416654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$416654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21353 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Income and<br> Short-Term Capital Gains** | **Ordinary Income and<br> Short-Term Capital Gains** | **Long-Term Capital Gains** | **Long-Term Capital Gains** | **Total** | **Total** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;$2879070 | &nbsp;&nbsp;&nbsp;$3660375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$2879070 | &nbsp;&nbsp;&nbsp;$3660375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;10870035 | &nbsp;&nbsp;&nbsp;&nbsp;10408652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581151 | &nbsp;&nbsp;&nbsp;&nbsp;10870035 | &nbsp;&nbsp;&nbsp;&nbsp;10989803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;63279640 | &nbsp;&nbsp;&nbsp;195736954 | &nbsp;&nbsp;&nbsp;500042543 | &nbsp;&nbsp;&nbsp;453781423 | &nbsp;&nbsp;&nbsp;563322183 | &nbsp;&nbsp;&nbsp;649518377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907651 | &nbsp;&nbsp;&nbsp;&nbsp;12884778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8128357 | &nbsp;&nbsp;&nbsp;&nbsp;14125940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269503 | &nbsp;&nbsp;&nbsp;&nbsp;51380783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269503 | &nbsp;&nbsp;&nbsp;&nbsp;57314055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6184697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8412195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;36000990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40421913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;2008550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18225021 | &nbsp;&nbsp;&nbsp;&nbsp;20887442 | &nbsp;&nbsp;&nbsp;&nbsp;20233571 | &nbsp;&nbsp;&nbsp;&nbsp;28100414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262793 | &nbsp;&nbsp;&nbsp;&nbsp;11009430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12903052 | &nbsp;&nbsp;&nbsp;&nbsp;21210050 | &nbsp;&nbsp;&nbsp;&nbsp;16165845 | &nbsp;&nbsp;&nbsp;&nbsp;32219480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16358943 | &nbsp;&nbsp;&nbsp;&nbsp;44177839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24171178 | &nbsp;&nbsp;&nbsp;&nbsp;51687879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17170535 | &nbsp;&nbsp;&nbsp;&nbsp;33041972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17170535 | &nbsp;&nbsp;&nbsp;&nbsp;33041972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;2964608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6948194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9487334 | &nbsp;&nbsp;&nbsp;&nbsp;11497689 | &nbsp;&nbsp;&nbsp;&nbsp;12451942 | &nbsp;&nbsp;&nbsp;&nbsp;18445883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14714496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17020709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4854967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5658046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712638 | &nbsp;&nbsp;&nbsp;&nbsp;17548296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712638 | &nbsp;&nbsp;&nbsp;&nbsp;20550116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1094826 | &nbsp;&nbsp;&nbsp;&nbsp;20918874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988946 | &nbsp;&nbsp;&nbsp;&nbsp;24016729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083772 | &nbsp;&nbsp;&nbsp;&nbsp;44935603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12768316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5989745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;57422610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;63412355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5615466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13295608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18911074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12868114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9965421 | &nbsp;&nbsp;&nbsp;&nbsp;14029621 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Income and<br> Short-Term Capital Gains** | **Ordinary Income and<br> Short-Term Capital Gains** | **Long-Term Capital Gains** | **Long-Term Capital Gains** | **Total** | **Total** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;$543618 | &nbsp;&nbsp;&nbsp;&nbsp;$1681712 | &nbsp;&nbsp;&nbsp;$6088579 | &nbsp;&nbsp;&nbsp;$14115541 | &nbsp;&nbsp;&nbsp;$6632197 | &nbsp;&nbsp;$15797253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6036323 | &nbsp;&nbsp;&nbsp;&nbsp;22959200 | &nbsp;&nbsp;&nbsp;&nbsp;39308858 | &nbsp;&nbsp;&nbsp;&nbsp;25153405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45345181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688233 | &nbsp;&nbsp;&nbsp;&nbsp;22349076 | &nbsp;&nbsp;&nbsp;&nbsp;43116939 | &nbsp;&nbsp;&nbsp;&nbsp;25516992 | &nbsp;&nbsp;&nbsp;&nbsp;49805172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11019657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8144434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13257736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294695 |

---

Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.

#### Capital loss carryforwards:
At December 31, 2022, the following Funds had capital loss carryforwards (post-enactment losses) available to offset future realized capital gains:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term <br> Capital Loss** | &nbsp;&nbsp;**Long-Term <br> Capital Loss** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;$(1106372) | &nbsp;&nbsp;$(1982215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;(9733260) | &nbsp;&nbsp;&nbsp;&nbsp;(13930059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;(3566539) | &nbsp;&nbsp;&nbsp;&nbsp;(2290906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;(17773124) | &nbsp;&nbsp;&nbsp;&nbsp;(19910318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;(1914841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(814427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;(6278231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;(12725732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;(6488820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1234620) |

---

During the year ended December 31, 2022, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | $5643795 |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

#### Tax cost of securities:
At December 31, 2022, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal <br> Tax Cost** | &nbsp;&nbsp;**Unrealized <br> Appreciation** | &nbsp;&nbsp;**Unrealized <br> Depreciation** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation/<br> Depreciation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;&nbsp;$165488259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236781600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15025215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14621741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394342750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43351138) | &nbsp;&nbsp;&nbsp;&nbsp;(43001100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145059950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8203702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7904355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;4816838853 | &nbsp;&nbsp;&nbsp;&nbsp;131558937 | &nbsp;&nbsp;&nbsp;&nbsp;(321716772) | &nbsp;&nbsp;&nbsp;&nbsp;(190157835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54012120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17863362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1519202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16344160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206015065 | &nbsp;&nbsp;&nbsp;&nbsp;59425330 | &nbsp;&nbsp;&nbsp;&nbsp;(29560522) | &nbsp;&nbsp;&nbsp;&nbsp;29864808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49882498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14158771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1535821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12622950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137447494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169719 | &nbsp;&nbsp;&nbsp;&nbsp;(45055004) | &nbsp;&nbsp;&nbsp;&nbsp;(43885285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152409405 | &nbsp;&nbsp;&nbsp;&nbsp;19590922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6354109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13236813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150897023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18915575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8919132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9996443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371087554 | &nbsp;&nbsp;&nbsp;&nbsp;275678118 | &nbsp;&nbsp;&nbsp;&nbsp;(25318678) | &nbsp;&nbsp;&nbsp;&nbsp;250359440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121991200 | &nbsp;&nbsp;&nbsp;&nbsp;31802679 | &nbsp;&nbsp;&nbsp;&nbsp;(18806499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12996180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76743201 | &nbsp;&nbsp;&nbsp;&nbsp;15428320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3507704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11920616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87402538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5531269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74336447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8846866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4071876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56221007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6490350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1549412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77893007 | &nbsp;&nbsp;&nbsp;&nbsp;25754656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7227922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18526734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157312948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527111 | &nbsp;&nbsp;&nbsp;&nbsp;(16247050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2719939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85567078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14963711 | &nbsp;&nbsp;&nbsp;&nbsp;(20450248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5486537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69822898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32141927 | &nbsp;&nbsp;&nbsp;&nbsp;(17209207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14932720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265460598 | &nbsp;&nbsp;&nbsp;&nbsp;15447550 | &nbsp;&nbsp;&nbsp;&nbsp;(22802548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7354998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106577603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610390 | &nbsp;&nbsp;&nbsp;&nbsp;(15859969) | &nbsp;&nbsp;&nbsp;&nbsp;(12249579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102321088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8504408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11593376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3088968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50903206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5805468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1023866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170112704 | &nbsp;&nbsp;&nbsp;&nbsp;26566717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3565557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23001160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197607044 | &nbsp;&nbsp;&nbsp;&nbsp;27284587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4244889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23039698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78234608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1854272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48426994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1792832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456260) |

---

The differences between book basis and tax basis appreciation are primarily due to wash sales, Passive Foreign Investment Companies, Partnership Investments, Trust Preferred Securities, real estate investment trust adjustments, and the treatment of certain corporate actions.

It is each Fund's policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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#### 7 — Derivative Financial Instruments
The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include purchase options, written options, forward foreign currency exchange contracts and futures contracts.

The notional or contractual amounts of these instruments represent the investment the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

***Futures Contracts—A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.***

To the extent permitted by the investment objective, restrictions and policies set forth in the Funds' Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn "market-like" returns with the Funds' excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the Funds' investment objectives.

Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of greater loss than if these techniques had not been used by a Fund. These investments can also increase the Fund's share price and expose the Fund to significant additional costs.

The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the year ended December 31, 2022. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at December 31, 2022 are listed after the Fund's Schedule of Investments.

***Options— An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.***

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statements of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statements of Operations.

The Flexibly Managed and Mid Cap Growth Funds received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

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and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.

The total market value of written options held in the Flexibly Managed Fund as of December 31, 2022 can be found on the Schedule of Investments.

***Forward Foreign Currency Contracts—A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.***

The Mid Core Value Fund entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Fund hedged currencies in times of base currency weakness in order to reduce the volatility of returns for the local securities which the Fund owns.

Foreign forward currency contracts involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the portfolio manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between the Fund's portfolio holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position. These investments can also increase the volatility of the Fund's share price and expose the Fund to significant additional costs. The forward foreign currency contracts outstanding are listed after the Fund's Schedule of Investments.

The following is a summary of the location of derivatives on the Funds' Statements of Assets and Liabilities as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Location on the Statements of Assets and Liabilities** | &nbsp;&nbsp;**Location on the Statements of Assets and Liabilities** |
| **Derivative Type** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| Equity contracts | &nbsp;&nbsp;Investments at value<br> Futures variation margin receivable\* | &nbsp;&nbsp;Call options written, at value<br> Futures variation margin payable\* |
| Foreign currency contracts | &nbsp;&nbsp;Net unrealized appreciation of forward<br> foreign currency contracts | &nbsp;&nbsp;Net unrealized depreciation of forward<br> foreign currency contracts |
| Interest rate contracts | &nbsp;&nbsp;Futures variation margin receivable\* | &nbsp;&nbsp;Futures variation margin payable\* |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The following is a summary of the gross amount of each Fund's derivative instrument holdings categorized by primary risk exposure as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** |
|  | &nbsp;&nbsp;**Equity <br> Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** | &nbsp;&nbsp;**Equity <br> Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$21303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(636) |
| Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;111908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6900032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(38749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

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#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** |
|  | &nbsp;&nbsp;**Equity <br> Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** | &nbsp;&nbsp;**Equity <br> Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Developed International Index Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement" or "ISDA") with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts ("Fx Letters"). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter ("OTC") traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (closeout netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange contracts. Fx Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and Fx Letters containing netting provisions may be referred to as Master Netting Agreements ("MNA").

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

The following table presents derivative assets and liabilities net of amounts available for offset under a MNA and, as applicable, the related collateral and potential loss exposure to each Fund as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Gross Amounts Presented<br> on Statements of Assets<br> and Liabilities** | &nbsp;&nbsp;**Gross Amounts Presented<br> on Statements of Assets<br> and Liabilities** |  |  |  |
| **Fund and Counterparty** | &nbsp;&nbsp;**Form of<br> Master<br> Netting<br> Agreement** | &nbsp;&nbsp;**Value of<br> Assets** | &nbsp;&nbsp;**Value of<br> Liabilities** | &nbsp;&nbsp;**Net Amount<br> Due (to)/from<br> Counterparty** | &nbsp;&nbsp;**Collateral Pledged<br> (Received by<br> Fund)** | &nbsp;&nbsp;**Loss Exposure,<br> After Collateral** |
| **Flexibly Managed Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(1401904) | &nbsp;&nbsp;$(1401904) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1401904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1249220) | &nbsp;&nbsp;&nbsp;&nbsp;(1249220) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1249220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2063714) | &nbsp;&nbsp;&nbsp;&nbsp;(2063714) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2063714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WellsFargo | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2184017) | &nbsp;&nbsp;&nbsp;&nbsp;(2184017) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2184017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(6900032) | &nbsp;&nbsp;$(6900032) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(6900032) |
| **Mid Core Value Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;4685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685 |

---

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Gross Amounts Presented<br> on Statements of Assets<br> and Liabilities** | &nbsp;&nbsp;**Gross Amounts Presented<br> on Statements of Assets<br> and Liabilities** |  |  |  |
| **Fund and Counterparty** | &nbsp;&nbsp;**Form of<br> Master<br> Netting<br> Agreement** | &nbsp;&nbsp;**Value of<br> Assets** | &nbsp;&nbsp;**Value of<br> Liabilities** | &nbsp;&nbsp;**Net Amount<br> Due (to)/from<br> Counterparty** | &nbsp;&nbsp;**Collateral Pledged<br> (Received by<br> Fund)** | &nbsp;&nbsp;**Loss Exposure,<br> After Collateral** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(38191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(38191) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(38191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Securities | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$5005 | &nbsp;&nbsp;&nbsp;&nbsp;$(38749) | &nbsp;&nbsp;&nbsp;&nbsp;$(33744) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(33744) |

---

The following is a summary of the location of derivatives on the Funds' Statements of Operations as of December 31, 2022:

---

| | |
|:---|:---|
| **Derivative Type** | &nbsp;&nbsp;**Location of Gain (Loss) on Derivatives Recognized in Income** |
| Equity contracts | &nbsp;&nbsp;Net realized gain (loss) on futures contracts<br> Net realized gain (loss) on purchased options<br> Net realized gain (loss) on written options<br> Net change in unrealized appreciation (depreciation) of futures contracts<br> Net change in unrealized appreciation (depreciation) of purchased options<br> Net change in unrealized appreciation (depreciation) of written options |
| Interest rate contracts | &nbsp;&nbsp;Net realized gain (loss) on futures contracts<br> Net change in unrealized appreciation (depreciation) of futures contracts |
| Foreign currency contracts | &nbsp;&nbsp;Net realized gain (loss) on forward foreign currency contracts<br> Net change in unrealized appreciation (depreciation) of forward foreign<br> currency contracts |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(2458487) |
| Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14745741) |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;14141395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;(1215561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;(649894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;421658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;(464940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** |
| **Fund** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3648 |
| Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(132187) |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;69224799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** |
| **Fund** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;$(54964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

The table below summarizes the average balance of derivative holdings by Fund during the year ended December 31, 2022. The average balance of derivatives held is indicative of the trading volume of each Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Average Derivative Volume** | &nbsp;&nbsp;**Average Derivative Volume** | &nbsp;&nbsp;**Average Derivative Volume** | &nbsp;&nbsp;**Average Derivative Volume** | &nbsp;&nbsp;**Average Derivative Volume** |
| **Fund** | &nbsp;&nbsp;**Forward foreign<br> currency<br> contracts<br> (average cost)** | &nbsp;&nbsp;**Futures <br> contracts<br> (average<br> notional<br> value)<br> long** | &nbsp;&nbsp;**Futures <br> contracts<br> (average<br> notional<br> value)<br> short** | &nbsp;&nbsp;**Purchased <br> options<br> (average<br> notional<br> cost)** | &nbsp;&nbsp;**Written <br> options<br> (premiums<br> received)** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$41475325 | &nbsp;&nbsp;&nbsp;$(626719) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;129676288 | &nbsp;&nbsp;&nbsp;&nbsp;(2928750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26785122) |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6380600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100156) |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;(5888435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The Large Cap Growth Fund and Small Cap Growth Fund had derivative activity during the period but did not have open positions at any quarter-end.

#### 8 — Credit and Market Risk
An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

The Funds may invest a portion of their assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds' ability to dispose of them in a timely manner and at a fair price when it is necessary or preferable to do so.

The high yield securities in which the High Yield Bond Fund may invest are predominantly speculative as to the issuer's continuing ability to meet principal and interest payments. The value of the lower quality securities in which the High Yield Bond Fund may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.

The High Yield Bond, Flexibly Managed, Large Core Growth, Mid Core Value, Small Cap Growth, Developed International Index, International Equity and the Emerging Markets Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### Notes to Financial Statements — December 31, 2022<br>

------

investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Funds or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

#### 9 — Contractual Obligations
In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.

#### 10 — Recent Accounting Pronoucements and Reporting Updates
In March 2020, the FASB issued ASU No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of June 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating ASU 2020-04, but does not believe there will be a material impact.

Management is also actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

#### 11 — Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that no additional subsequent events require recognition or disclosure in the financial statements.

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders of the Funds and Board of Directors<br> Penn Series Funds, Inc.:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of Penn Series Funds, Inc., comprised of the Money Market Fund, Limited Maturity Bond Fund, Quality Bond Fund, High Yield Bond Fund, Flexibly Managed Fund, Balanced Fund, Large Growth Stock Fund, Large Cap Growth Fund, Large Core Growth Fund, Large Cap Value Fund, Large Core Value Fund, Index 500 Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Mid Core Value Fund, SMID Cap Growth Fund, SMID Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Small Cap Index Fund, Developed International Index Fund, International Equity Fund, Emerging Markets Equity Fund, Real Estate Securities Fund, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, and Conservative Allocation Fund (collectively, the Funds), including the schedules of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent, underlying companies, agent banks and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g429965img22456cde31.jpg)

We have served as the auditor of one or more Penn Series Funds, Inc. investment companies since 2004.

Philadelphia, Pennsylvania<br> February 23, 2023

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[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

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#### Penn Series Funds, Inc.<br>

#### December 31, 2022<br>

------

#### Tax Information (unaudited)
Each Fund reports the following amounts distributed during the year ended December 31, 2022 as capital gain dividends:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Long-Term <br> Capital Gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;$500042543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18225021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12903052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16358943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17170535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9487334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4854967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22959200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22349076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367906 |

---

Each Fund reports the following percentages of ordinary income dividend paid during the year ended December 31, 2022 as being eligible for the dividends received deduction available to corporate shareholders:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;47.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;45.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;85.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;56.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;98.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;70.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;44.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;28.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;23.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;13.49% |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

------

#### Penn Series Funds, Inc.<br>

#### December 31, 2022<br>

------

#### Tax Information (unaudited) continued

#### Disclosure of Portfolio Holdings
Pursuant to applicable law, the Funds are required to disclose to the SEC their complete portfolio holdings monthly on Form N-PORT, within 60 days of the end of each month and within 5 days after the end of each month for the Money Market Fund on Form N-MFP. Portfolio holdings reported for the last month of each fiscal quarter are made publicly available by the SEC 60 days after the end of the fiscal quarter. Holdings reports filed with the SEC on Forms N-PORT and N-MFP are not distributed to Fund shareholders, but are available, free of charge, on the EDGAR database on the SEC's website at <u>http://www.sec.gov.</u>

#### Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund's portfolios is available, without charge and upon request, on the Fund's website at <u>http://www.pennmutual.com</u> or on the SEC's website at <u>http://www.sec.gov</u>. Information regarding how the Fund voted proxies for the most recent twelve-month period ended December 31, 2022 is available on the Fund's website at <u>http://www.pennmutual.com</u> and on the SEC's website at <u>http://www.sec.gov.</u>

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

Penn Series Funds Management (Unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position with<br> the Company;<br> Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Funds<br> Overseen by<br> the Director** | &nbsp;&nbsp;**Other Directorships<br> Held by Director<br> During Past 5 Years** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| Marie K. Karpinski (1949)\* | Director; <br> No set term;<br> served since<br> 2015. | Retired (2010 – Present). | 29 | None. |
| Joanne B. Mack (1946)\* | Director; <br> No set term;<br> served since<br> 2013. | Management Consultant, self-employed (2009 – 2012; 2013 – Present). | 29 | None. |
| Archie C. MacKinlay (1955)\* | Director; <br> No set term;<br> served since<br> 2010. | Professor of Finance, Wharton School, University of Pennsylvania (1984 – Present). | 29 | None. |
| Rebecca C. Matthias (1953)\* | Director; <br> No set term;<br> served since<br> 2010. | Retired (2010 – Present). | 29 | Director, CSS Industries<br> (2005-2020). |
| David B. Pudlin (1949)\* | Director; <br> No set term;<br> served since<br> 2009. | Chief Executive Officer, President and Attorney, Hangley Aronchick Segal Pudlin & Schiller (law firm) (1994 – Present). | 29 | None. |
| **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** |
| David M. O'Malley (1974)\* | Director and<br> Chairman of<br> the Board;<br> No set term;<br> served since<br> 2022. | Chairman (2022 – Present), Chairman and Chief Executive Officer (2014 – 2021), PMAM; President and Chief Executive Officer (2022 – Present), President and Chief Operating Officer (2016 – 2021), Penn Mutual. | 29 | None. |

---

\* The address of each Director is: Penn Series Funds, Inc. 600 Dresher Road, Horsham, Pennsylvania 19044.

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position with<br> the Company;<br> Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** |
|  | **OFFICERS** | **OFFICERS** |
| Keith Huckerby (1971)\* | President; <br> One year;<br> served since<br> 2022. | Senior Managing Director and Chief Operating Officer (2022 – Present), President and Chief Operating Officer (2019 – 2021), President and Chief Marketing Officer (2014 – 2018), PMAM. |
| Steven Viola (1975)\* | Treasurer <br> One year;<br> served<br> since 2015. | Assistant Treasurer (2016 – Present), PMAM. |
| Tyler J. Thur (1984)\* | Assistant <br> Treasurer<br> One year;<br> served since<br> Feb. 2017. | Controller and Treasurer (2015 - Present), PMAM. |

---

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

Penn Series Funds Management (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position with<br> the Company;<br> Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** |
| Victoria Robinson (1965)\* | Chief <br> Compliance<br> Officer<br> One year;<br> served since<br> October 2021;<br> served 2014-2019.<br> Secretary<br> One year;<br> served<br> since 2019. AML Officer One year; served since 2019. | Chief Ethics and Compliance Officer, Penn Mutual and insurance affiliates (May 2019 – Present); Chief Compliance Officer, PMAM (October 2021 –<br> Present; served 2008 – 2019); Chief Compliance Officer, HTK (August 2019 – Present). |

---

\* The address of each Officer is: Penn Series Funds, Inc. 600 Dresher Road, Horsham, Pennsylvania 19044.

Additional information about the Fund's Directors is available in the Fund's Statement of Additional Information, which is available upon request, without charge, by calling 1-800-523-0650.

------

[**Table of Contents**](#job_penn__290ca8dd-1c26-42ea-bc57-f360a2928011_toc)

#### About The Penn Mutual Life Insurance Company
Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.

#### Visit Penn Mutual at www.pennmutual.com.
![](g429965imgb82d508632.jpg)

#### THE PENN MUTUAL

#### LIFE INSURANCE COMPANY<br>© 2023 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172, www.pennmutual.com

PM8942 01/23

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been amendments, during the period covered by this report, to a provision of the code of ethics that
applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or
a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

**Item 3. Audit Committee Financial Expert.** 

The Registrant's Board of Directors has determined that Ms. Rebecca C. Matthias qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Matthias is considered independent for purposes of Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

<u>Audit Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $536,000
for 2022 and $537,500 for 2021.

------

<u>Audit-Related Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2022 and $0 for 2021.

<u>Tax Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are $0 for 2022 and $0 for 2021.

<u>All Other Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre-approval policies and procedures described
in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

---

| | |
|:---|:---|
| (e)(1) | Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Penn Series Funds, Inc. To the extent required by applicable law, pre-approval by the Audit Committee of the Penn Series Funds, Inc. (the "Company") Board of Directors is required for all audit and permissible non-audit services rendered to the Company and all permissible non-audit services rendered to the investment adviser to the Company, Penn Mutual Asset Management, Inc. ("PMAM"), or any other service providers controlling, controlled by or under common control with PMAM that provide ongoing services to the Company ("Related Entities") that relate directly to the operations and financial reporting of the Company's Funds. The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for the Company may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or by the Audit Committee Chairman or other member of the Audit Committee as designated by the Audit Committee. The Policy sets forth the audit, audit-related, tax and all other services that are subject to general or specific pre-approval by the Audit Committee subject to specified expense limitations. The Policy provides that the Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor pursuant to the pre-approval provision of the Policy. Pursuant to the Policy, the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules and related guidance concerning auditor independence.  |

---

(e)(2) No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2022 and
$0 for 2021.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

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

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

The shareholder meeting voting results is included as part of the report to shareholders filed under Item 1 of this form.

**Item 11. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and

------

procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d429965dex99codeeth.htm) |
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d429965dex99cert.htm) |
| (a)(2)(1) | Not applicable. |
| (a)(2)(2) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d429965dex99906ce.htm) |

---

------

**SIGNATURES** 

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

---

| | |
|:---|:---|
| (Registrant) | Penn Series Funds, Inc. |
| By (Signature and Title)\* | /s/ Keith G. Huckerby |
|  | Keith G. Huckerby, President |
|  | (principal executive officer) |
| Date March 7, 2023 | Date March 7, 2023 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Keith G. Huckerby |
|  | Keith G. Huckerby, President |
|  | (principal executive officer) |
|  Date March 7, 2023 | Date March 7, 2023 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Steven Viola |
|  | Steven Viola, Treasurer |
|  | (principal financial officer) |
| Date March 7, 2023 | Date March 7, 2023 |

---

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

## Ex-99.Code

**EX-99.CODE ETH** 

**Code of Ethics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Type**: Operating Policy |  |
| &nbsp;&nbsp; **Responsibility:** Penn Series | **Origination Date**: 1/1/2017 |
| &nbsp;&nbsp; **Number:** PS - 54.0 | **Amended Date:** 11/14/2022 |
| &nbsp;&nbsp; **Third-Party Accessible**: Yes | **Review Cycle**: Annually |
| &nbsp;&nbsp; **Responsible Owner (Title):** Chief Compliance Officer |  |
| &nbsp;&nbsp; **Approver (Title) – Only for Policies:** Board of Directors |  |
| &nbsp;&nbsp; **Company**: (check all that apply) |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ☐ | Penn Mutual | ☐ | PIA | ☐ | PIA NY | ☐ | PIA Re I |
| &nbsp;&nbsp; ☐ | HTK | ☐ | Vantis | ☐ | PMAM | ☑ | Penn Series |

---

**Description** 

------

**Background** 

Rule 17j-1 (the "Rule") under the Investment Company Act of 1940 ("1940 Act") requires every fund (other than a money market fund or a fund that does not invest in "covered securities" as that term is defined in the Rule) and each investment adviser of and principal underwriter for the fund, to adopt a written code of ethics ("Code of Ethics") containing provisions reasonably designed to prevent its "access persons", as defined in the Rule, from engaging in conduct expressly prohibited by the Rule (as detailed below).

The Penn Series Funds ("Funds" or "the Company") is an open-end management investment company that offers shares of diversified Funds for variable annuity contracts and variable life insurance policies issued by The Penn Mutual Life Insurance Company and its subsidiary, The Penn Insurance and Annuity Company. The Funds' Code of Ethics ("Code") adopted under Rule 17j-1 governs the Funds' policies and procedures pursuant to 17j-1. Fund Compliance will communicate the Code to applicable <u>Access Persons</u>. The Fund's investment adviser, Penn Mutual Asset Management, LLC ("PMAM" or the "Adviser"), and its sub-advisers maintain separate codes of ethics that are designed to comply with the requirements of Rule 17j-1. No less frequently than annually, the Funds will obtain from PMAM and each sub-adviser a certification stating it has adopted procedures reasonably necessary to prevent <u>Access Persons</u> from violating its code of ethics.

<u>Access Persons</u> are required to act with integrity and good faith, particularly when their personal interests may conflict with the Funds' interests. Potential conflicts of interests include circumstances where <u>Access Persons</u> involved with the Funds: know about a Fund's present or future portfolio transactions; have the power to influence a Fund's portfolio transactions; and engage in securities transactions in their personal account(s).

In accordance with the requirements of the Rule, the Funds have adopted this Code to address transactions and conduct that may create conflicts of interest, establish reporting requirements, and create enforcement procedures.

Definitions of underlined terms used throughout the Code are included in the definitions section below.

**About the Code of Ethics** 

This Code sets forth specific prohibitions and restrictions, and applies to all Fund <u>Access Persons</u> except where otherwise noted. Fund <u>Access Persons</u> generally are all Directors of the Funds, both interested and <u>Independent,</u> and all Fund Officers. The Code also sets out reporting requirements for <u>Access Persons.</u>

**General Principles** 

The Funds have adopted the following principles to be followed by their <u>Access Persons</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are required to comply with <u>Federal Securities Laws</u> and other regulatory rules and regulations related
to your personal investment activities.

Page 1 of 7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are expected to maintain the highest ethical standards when making personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not misuse non-public information about Fund portfolios, such as
portfolio holdings, pending holdings or contemplated purchases or sales, for your personal benefit or the benefit of others. Equally, you may not use similar information to cause a Fund portfolio to take action or fail to take action which will
result in your personal benefit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of the Fund and Funds' shareholders are paramount. You must place Fund and shareholder
interests before your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must avoid actions or activities that allow you or your family to benefit from your position with the Fund,
or that bring into question your independence or judgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not engage in any securities transaction that creates, may create, or may appear to create conflicts of
interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons are expected to notify the Code Administrator to obtain approval to participate in any outside
employment or directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons are expected to notify the Code Administrator to obtain approval to participate in any outside
investment group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are expected to seek guidance if you need assistance or if you are unsure as to the application of the Code.
The <u>Code Administrator</u> and Chief Compliance Officer ("CCO") will provide assistance and guidance in interpreting this Code.

Fund <u>Access Persons</u> may not, in connection with purchase or sale, directly or indirectly, of a security held or to be acquired by the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ any device, scheme or artifice to defraud the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make any untrue statement of a material fact to the Funds or omit to state a material fact necessary in order to
make the statements made to the Funds, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of business that operations or would operate as a fraud or deceit upon the
Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respective to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose information pertaining to a Fund's portfolio transactions and holdings, unless such disclosure is
made in connection with your regular duties or functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilize information concerning prospective or actual portfolio transactions in a manner that might prove
detrimental to the interests of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personally affect a purchase, sale or exchange of shares of a Fund while in possession of material non-public information concerning the portfolio holdings or pending transactions of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use your position for your personal benefit or attempt to cause a Fund to purchase, sell or hold a particular
portfolio security when that action may reasonably be expected to create a personal benefit for you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of conduct which would violate applicable provisions of the federal
securities laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in, or help others engage in, late trading in the Funds.

**ACCESS PERSONS (other than Independent Directors)** 

***Access Person - Restrictions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackout Period on Personal Securities Transactions. This restriction applies to <u>Access Persons</u> who, in
conjunction with their regular duties, make, participate in, or obtain information regarding the purchase or sale of securities by the Funds or whose functions related to the making of any recommendation with respect to the purchases or sales. These
persons may not purchase or sell, directly or indirectly, any security in which they have (or by reason of such transaction acquire) any <u>Beneficial Ownership</u> on the same day as the same security is being purchased or sold by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Initial Public Offering</u>. All <u>Access Persons</u> must pre-clear any security as part of an initial public offering (equity) by the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Limited Offering</u>. All <u>Access Persons</u> must pre-clear private
placement investments. Note that private placements include any investment in any private fund managed by the Adviser.

Page 2 of 7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Short-Term Trading</u>. <u>Access Persons</u> may not profit from <u>Short-Term</u> trading and market timing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limits on Accepting or Receiving Gifts. <u>Access Persons</u> may not accept or receive gifts of more than de
minimis value from any person or entity in connection with the Funds' entry into a contract, development of an economic relationship, or other course of dealing by or on behalf of the Fund. If you receive a gift, regardless of its value, you
must promptly report the gift to the <u>Code Administrator</u>. All gifts of cash and cash equivalents are prohibited. The Penn Mutual Rewards program is deemed excluded from this requirement.

***Access Person – Preclearance Requirement***

To pre-clear transactions that are restricted and/or require pre-clearance under this Code, you may submit a pre-clearance request through BasisCode/Orion Compliance or contact the <u>Code Administrator</u> or CCO by email. Your pre-clearance request must include the security, the principal amount or number of shares of the security proposed to be purchased or sold prior to engaging in any transaction. Approval will be communicated in writing from the <u>Code Administrator</u> or CCO. Pre-clearance approval will remain in effect for the day specified in the request.

***Access Person - Reporting Requirements***

<u>Access Persons</u> (other than <u>Independent Directors)</u> must comply with the reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code Acknowledgement. All <u>Access Persons</u> will receive a copy of this Code as well as any future Code
amendments. If you are an <u>Access Person</u>, you must acknowledge receipt and understanding of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Holdings Report. Within ten (10) days of the date you have been identified as an <u>Access Person</u>, you must provide your initial holdings report to the <u>Code Administrator</u>. Your Initial Holdings Report must be current as of a date no more than forty-five (45) days before you have been identified as an <u>Access Person</u>.
The Initial Holdings Report should list all securities subject to disclosure that you own or have a <u>Beneficial Ownership</u> interest. This report should include the name of the financial institution that maintains the account in which the <u>Securities</u> are held, the name(s) on the account, account number, each security name, the type of security, as applicable, the exchange ticker symbol or CUSIP number, number of shares, principal amount of each security, and the date that the
report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you do not have any securities to report, you are still required to submit an initial holdings report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly Personal Trading Report. You must submit your quarterly personal trading report within thirty
(30) days after the end of a calendar quarter. Your quarterly personal trading report must include all transactions during the quarter in <u>Securities</u> subject to disclosure in which you own or had any <u>Beneficial Ownership</u> interest.
This report must include the name of the financial institution that maintains the account in which <u>Securities</u> are held, name(s) on the account, account number, each security name, the type of security, as applicable, the exchange ticker
symbol or CUSIP number, number of shares, principal amount of each security, the interest rate and maturity date (if applicable) and the date the report is submitted. With respect to any account established in which any securities were held during
the quarter, the report must also disclose the name of the financial institution where the account was established, the date the account was established and the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you did not have any reportable transactions during the quarter, you are still required to submit a quarterly
transaction report indicating as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Holdings Report. You must provide your Annual Holdings Report within thirty (30) days of the annual
notification from the <u>Code Administrator</u>. Your Annual Holdings Report must be current as of a date no more than forty-five (45) days before the report is submitted. The Annual Holdings Report should include all <u>Securities</u> subject
to disclosure in which you own or have a <u>Beneficial Ownership</u> interest. This report should include the same information as required for your Initial Holdings Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you do not have any holdings to report, you are still required to submit an Annual Holdings Report indicating
as such.

***Access Person - Reporting Requirement Exceptions***

You are not required to detail or list the following transactions in your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of securities effected pursuant to an <u>Automated Investment Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected on the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, as long as you acquired these rights from the issuer and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct subscription of open-end mutual funds (excludes open-end mutual fund purchases or redemptions in a brokerage account or mutual funds managed by the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer sponsored retirement plans such as 401K plans, defined benefit plans and other defined contribution
plans.

Page 3 of 7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales which are non-volitional on the part of the person
including stock splits, mandatory tenders, dividend reinvestment plans, automatic payroll deduction plan, automatic rebalancing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales effected for any account over which you have no director or indirect influence or control

The Funds' CCO shall appoint a <u>Code Administrator</u> to perform the duties described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The <u>Code Administrator</u> will notify each person who becomes an <u>Access Person</u> and who is required to
report under this Code of Ethics of their requirements no later than 10 calendar days after being deemed an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The <u>Code Administrator</u> will, on a quarterly basis, compare all reported personal securities transactions
with the Funds' portfolio transactions completed during the period to determine whether a Code violation may have occurred. The <u>Code Administrator</u> will discuss any irregularities identified with the <u>Access Person</u> to confirm if a
violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the <u>Code Administrator</u> finds that a material Code violation has occurred, or believes that a material
Code violation may have occurred, the <u>Code Administrator</u> will submit a written report regarding the possible violation to the Funds' CCO, together with any explanatory material provided by the person who violated or may have violated the
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The <u>Code Administrator</u> will document any approvals granted to <u>Access Persons</u> for the acquisition of
securities offered in connection with an <u>Initial Public Offering</u> or <u>Limited Offering</u>. The report must include the rationale supporting any decision to approve such acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a determination is made that a person has violated the Code, the CCO will notify the Board of Directors (the
"Board") at the next regularly scheduled Board meeting unless, in the CCO's discretion, circumstances warrant an earlier report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least annually, the Fund CCO will provide a written report to the Funds' Board to address any issues
arising under the Code during the previous year, including any material Code or procedural violations, and any resulting actions. The report will be accompanied by a certification to the Board that the Funds, the Adviser and each sub-adviser have adopted procedures reasonably necessary to prevent their <u>Access Persons</u> from violating their Code of Ethics.

**INDEPENDENT DIRECTORS** 

***Independent Directors – Reporting Requirements***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Independent Directors</u> will acknowledge annually they have read, understand and agree to comply with the
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Independent Directors</u> are not required to provide initial or annual holdings reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are an <u>Independent Director</u> and you engage in a securities transactions and you knew at the time of
the transaction, or in the ordinary course of fulfilling your official duties as a Director, should have known, that during the 15 day period immediately preceding or following the date of your transaction, the same security was being considered for
purchase or sale by the Funds, you must submit a report of your security transaction to the <u>Code Administrator</u> no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected. You
must report all transactions in a security in which you acquire direct or indirect <u>Beneficial Ownership</u> if you had the actual or constructive knowledge described.

***Independent Directors - Reporting Requirement Exceptions***

You are not required to detail or list the following transactions in your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of securities effected pursuant to an <u>Automated Investment Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected on the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, as long as you acquired these rights from the issuer and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct subscription of open-end mutual funds (excludes open-end mutual fund purchases or redemptions in a brokerage account or mutual funds managed by the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer sponsored retirement plans such as 401K plans, defined benefit plans and other defined contribution
plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales which are non-volitional on the part of the person
including stock splits, mandatory tenders, dividend reinvestment plans, automatic payroll deduction plan, automatic rebalancing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales effected for any account over which you have no direct or indirect influence or control.

Page 4 of 7

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**SENIOR FINANCIAL OFFICERS** 

The reputation and integrity of the Funds are valuable assets that are vital to the Funds success. The Fund's president, treasurer or principal financial officer, principal accounting officer or controller, or any person performing similar functions (collectively, "SFO") is responsible for conducting the Fund's business in a manner that demonstrates a commitment to the highest standards of integrity.

The purposes of this SFO Code are to deter wrong-doing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely, and understandable disclosure in reports and documents that are filed with, or
submitted to, the U.S. Securities and Exchange Commission and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prompt internal reporting to an appropriate person of violations of the SFO Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the SFO Code.

The Funds have adopted the following guidelines under which the SFOs perform their duties. However, the Fund expects all employees who provide services to the Funds in the preparation of any part of the financial statements to follow the guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act with honesty and integrity and avoid violations of this SFO Code, including avoidance of actual or apparent
conflicts of interest with personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose to the CCO any material transaction or relationship that reasonably could be expected to give rise to
any violations of the SFO Code, including actual or apparent conflicts of interest. SFO's should disclose these transactions or relationships whether you are involved or have only observed the transaction or relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide information to service providers (adviser, administrator, outside auditor, outside counsel, custodian,
etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material
facts or allowing independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Respect the confidentiality of information acquired in the course of your work except when you have CCO approval
to disclose it or where disclosure is otherwise legally mandated. SFOs may not use confidential information acquired in the course of work for the Funds for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Responsibly use and control all assets and resources employed or entrusted to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record or participate in the recording of entries in the books and records that are accurate to the best of your
knowledge.

***SFO - Reporting Requirements***

Each SFO will be asked to certify on an annual basis that they are in full compliance with the Code.

***Suspected Violations***

SFOs who observe, learn of, or, in good faith, suspect a violation of the Code must immediately report the violation to the CCO. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Because service providers to the Funds perform much of the work relating to the financial statements, SFO's should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. SFO's should report these actions to the CCO even if you know, or think, that the service provider has its own code of ethics for its SFOs.

Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

***Violations***

Dishonest or unethical conduct or conduct that is illegal, or gives the appearance of any of the foregoing, will constitute a violation of this Code, regardless of whether this Code refers specifically to that particular conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety of laws apply to the Fund and its operations, including the Securities Act of 1933, the Investment Adviser Act of 1940, state laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit the Adviser from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials facts.

Page 5 of 7

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**Funds Recordkeeping** 

The Funds will maintain the following records in accordance with Rules 17j-1 and 31a-2 under the 1940 Act at their principal place of business. A copy of this Code and any other code adopted by the Funds, which is, or at any time within the past five years has been, in effect will be preserved in an easily accessible place. A record of any Code violation, and of any action taken as a result of the violation, will be preserved in an easily accessible place for a period of at least five years following the end of the fiscal year in which the violation occurred. A copy of each Quarterly Transaction Report, Initial Holdings Report and Annual Holdings Report submitted under this Code, including any information provided in lieu of any such reports made under the Code will be preserved for a period of at least five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place. A record of all persons, currently or within the past five years, who are or were required to submit reports under this Code, or who are or were responsible for reviewing these reports, will be maintained in an easily accessible place. A copy of each written report to the Board required by this Code must be maintained for at least five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place. A record of any decision, and the reasons supporting the decision, to approve the acquisition of securities acquired in an <u>Initial Public Offering</u> or <u>Limited Offering</u> for at least five years after the end of the fiscal year in which the approval was granted.

**Interrelationship with Other Codes** 

A person who is both an <u>Access Person</u> of a Fund and an <u>Access Person</u> of an investment adviser to a Fund is only required to report under and otherwise comply with the investment adviser's Code of Ethics, provided such Code has been adopted pursuant to, and in compliance with, Rule 17j-1. Such report will satisfy any reporting obligations under this Code. The Adviser and each sub-adviser of the Funds must submit: A copy of its code of ethics adopted pursuant to or in compliance with Rule 17j-1; Copies of any reports made under its code of ethics by any person who is also covered by the Fund's Code, upon request; and; Material amendments to its code of ethics, along with the certification under Rule 17j-1.

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**Responsibilities** 

------

All Fund <u>Access Persons</u> are covered under this Code

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**Applicability** 

------

All full, part-time and temporary employees.

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**Related Policies** 

------

All Applicable Policies.

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**Regulations** 

------

17j-1 Investment Company Act

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**Definitions** 

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<u>Access Persons</u> means all employees, officers and managers who have regular access to nonpublic information regarding purchases and sales orders, purchase and sales recommendations, transactions and holdings information regarding the Funds.

<u>Automated Investment Plan</u> means a program under which regular periodic purchases or withdrawals are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.

<u>Beneficial Ownership</u> means the same as it does under Section 16 of the Securities Exchange Act of 1934. You should generally consider yourself the "beneficial owner" of any securities in which you have a direct or indirect pecuniary interest. In addition, you should consider yourself the Beneficial Owner of securities held by your spouse or domestic partner, your minor children, a relative who shares your home or other persons by reason of any contract, arrangement, understanding or relationship that provides you with sole or shared voting or investment power.

<u>Code Administrator</u> is the person that is appointed by the Funds' CCO to administer this Code for the Funds.

<u>Federal Securities Laws</u> means the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 (the "Investment Company Act"), the Investment Advisers Act of 1940 (the "Advisers Act"), Title V of the Gramm-Leach-Bliley Act, and any rules adopted by the Commission under any of the statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

Page 6 of 7

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<u>Independent Director</u> means a director of a Fund who is not an interested person as defined in Section 2(a)(19) of the Act.

<u>Initial Public Offering</u> means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

<u>Limited Offering</u> means an offering exempt from registration under the Securities Act of 1933. Limited Offerings include but are not limited to private placements, private offerings, private funds, hedge funds, private equity funds, and initial coin offerings.

<u>Security or securities</u> means the same as they do under Section 202(a)(18) of the Advisers Act, which includes any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral- trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ''security'', or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing, except that for reporting purposes under this Code, they do not include direct obligations issued by the U.S. Government or its agencies, bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements. For purposes of this Code, a virtual currency token (e.g., Bitcoin) that functions like a unit of fiat currency is not considered a security. However, a virtual currency token offered in an Initial Coin Offering that involves investment in a common enterprise, or is offered to investors with an expectation of profits to be derived from the entrepreneurial or managerial efforts of others will be deemed to be a security for purposes of this Code. Rider 1: The status of virtual currencies and related instruments may change over time. As a result, this definition also may change. Currently, the Funds do not invest in virtual currencies or related instruments. However, at such time as the Funds commence such investing, virtual currencies and related instruments that qualify as securities as defined above will be subject to the provisions of this Code. PMAM and/or the Funds will notify Covered Persons at such time.

<u>Securities subject to disclosure</u> means any security, except direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements, and shares issued by registered open-end mutual funds other than shares of exchange-traded funds and Fund Shares.

<u>Short-Term Trading</u> means the purchase and sale of a security subject to disclosure within a 30-day calendar period. Short-swing trading refers to a style of trading that attempts to capture gains in a stock within one to four days through a technical analysis of a stock's short-term price momentum rather than its fundamentals or intrinsic value.

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**Our Shared Commitment** 

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**Doing what's right today, together, for the** 

**promise of a brighter tomorrow.** 

The feelings are mutual. Care. Respect. Belonging.

Page 7 of 7

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Keith G. Huckerby, certify that:

1. I have reviewed this report on Form N-CSR of Penn Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 7, 2023 | /s/ Keith G. Huckerby |
|  |  | Keith G. Huckerby, President |
|  |  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Steven Viola, certify that:

1. I have reviewed this report on Form N-CSR of Penn Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 7, 2023 | /s/ Steven Viola |
|  |  | Steven Viola, Treasurer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Keith G. Huckerby, President of Penn Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 7, 2023 | /s/ Keith G. Huckerby |
|  |  | Keith G. Huckerby, President |
|  |  | (principal executive officer) |

---

I, Steven Viola, Treasurer of Penn Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 7, 2023 | /s/ Steven Viola |
|  |  | Steven Viola, Treasurer |
|  |  | (principal financial officer) |

---