# EDGAR Filing Document

**Accession Number:** 0000702340
**File Stem:** 0000940400-25-009800
**Filing Date:** 2025-11
**Character Count:** 90297
**Document Hash:** eb296a75e11f034ade974cf999056dd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009800.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009800

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PENN SERIES FUNDS INC
- **CENTRAL INDEX KEY:** 0000702340

**ORGANIZATION NAME:**
- **EIN:** 232209178
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03459
- **FILM NUMBER:** 251513162

**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

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

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

## Nport-Ex

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

#### Schedule of Investments — September 30, 2025 (Unaudited)<br>

#### Small Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 92.5%** | **COMMON STOCKS — 92.5%** | **COMMON STOCKS — 92.5%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Mercury Systems, Inc.\* | &nbsp;&nbsp;&nbsp;13585 | &nbsp;&nbsp;&nbsp;$1051479 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984333 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;14410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500315 |
| **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
| SkyWest, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826795 |
| **Apparel — 0.9%** | **Apparel — 0.9%** | **Apparel — 0.9%** |
| Capri Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;27983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557421 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234110 |
| **Auto Parts & Equipment — 2.3%** | **Auto Parts & Equipment — 2.3%** | **Auto Parts & Equipment — 2.3%** |
| Adient PLC\* | &nbsp;&nbsp;&nbsp;21370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514590 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;14706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294708 |
| Fox Factory Holding Corp.\* | &nbsp;&nbsp;&nbsp;14148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343655 |
| Phinia, Inc. | &nbsp;&nbsp;20892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200872 |
| Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384501 |
| **Banks — 19.8%** | **Banks — 19.8%** | **Banks — 19.8%** |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;14070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271129 |
| Ameris Bancorp | &nbsp;&nbsp;28847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114773 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875346 |
| Cadence Bank | &nbsp;&nbsp;50559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897985 |
| CoastalSouth Bancshares, Inc.\* | &nbsp;&nbsp;20959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457116 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;49481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273641 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;19420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138789 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;52322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298109 |
| FB Financial Corp. | &nbsp;&nbsp;22583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258776 |
| First Merchants Corp. | &nbsp;&nbsp;28626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079200 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;40152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954198 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;33165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938238 |
| Northpointe Bancshares, Inc. | &nbsp;&nbsp;&nbsp;41214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703935 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;58049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003377 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;33960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172299 |
| Renasant Corp. | &nbsp;&nbsp;&nbsp;47582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755300 |
| Seacoast Banking Corp of Florida | &nbsp;&nbsp;&nbsp;36537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111821 |
| SOUTHSTATE BANK CORP | &nbsp;&nbsp;&nbsp;11725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159251 |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;21439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952106 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;19722 | &nbsp;&nbsp;&nbsp;&nbsp;2334099 |
| Valley National Bancorp | 146536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553281 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;14592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28522952 |
| **Biotechnology — 3.6%** | **Biotechnology — 3.6%** | **Biotechnology — 3.6%** |
| Bridgebio Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232639 |
| CG oncology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361070 |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;15080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828797 |
| Dynavax Technologies Corp.\* | &nbsp;&nbsp;23036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228747 |
| Ideaya Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251611 |
| Immunovant, Inc.\* | &nbsp;&nbsp;&nbsp;12328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198727 |
| Ionis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379371 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648155 |
| Mineralys Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;10144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384660 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| NeoGenomics, Inc.\* | &nbsp;&nbsp;63214 | &nbsp;&nbsp;&nbsp;$488012 |
| Revolution Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;7908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369304 |
| Syndax Pharmaceuticals, Inc.\* | &nbsp;&nbsp;21726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334255 |
| Ultragenyx Pharmaceutical, Inc.\* | &nbsp;&nbsp;&nbsp;7985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240189 |
| Xenon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;6276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5197518 |
| **Building Materials — 2.7%** | **Building Materials — 2.7%** | **Building Materials — 2.7%** |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411438 |
| Knife River Corp.\* | &nbsp;&nbsp;&nbsp;9902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761167 |
| Masterbrand, Inc.\* | 52880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696430 |
| Modine Manufacturing Co.\* | &nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412975 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;9043 | &nbsp;&nbsp;&nbsp;&nbsp;1689051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3971061 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| Avient Corp. | &nbsp;&nbsp;41324 | &nbsp;&nbsp;&nbsp;&nbsp;1361626 |
| H.B. Fuller Co. | &nbsp;&nbsp;15519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919966 |
| Rogers Corp.\* | &nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2607214 |
| **Coal — 0.3%** | **Coal — 0.3%** | **Coal — 0.3%** |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;5204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434430 |
| **Commercial Services — 1.9%** | **Commercial Services — 1.9%** | **Commercial Services — 1.9%** |
| BrightView Holdings, Inc.\* | &nbsp;&nbsp;52175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699145 |
| Korn Ferry | &nbsp;&nbsp;16554 | &nbsp;&nbsp;&nbsp;&nbsp;1158449 |
| Valvoline, Inc.\* | 25394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2769492 |
| **Computers — 1.3%** | **Computers — 1.3%** | **Computers — 1.3%** |
| ASGN, Inc.\* | &nbsp;&nbsp;14378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680798 |
| Insight Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229995 |
| V2X, Inc.\* | &nbsp;&nbsp;10128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588336 |
| Varonis Systems, Inc.\* | &nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1856018 |
| **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** |
| Prestige Consumer Healthcare, Inc.\* | 10682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666557 |
| **Distribution & Wholesale — 0.6%** | **Distribution & Wholesale — 0.6%** | **Distribution & Wholesale — 0.6%** |
| MRC Global, Inc.\* | 34983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504455 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909914 |
| **Diversified Financial Services — 5.7%** | **Diversified Financial Services — 5.7%** | **Diversified Financial Services — 5.7%** |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;13055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728077 |
| Encore Capital Group, Inc.\* | &nbsp;&nbsp;&nbsp;17133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715131 |
| Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;7969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917152 |
| Jefferson Capital, Inc. | 40873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705468 |
| Miami International Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213378 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;16452 | &nbsp;&nbsp;&nbsp;&nbsp;2038074 |
| Perella Weinberg Partners | 68792 | &nbsp;&nbsp;&nbsp;&nbsp;1466646 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;3983 | &nbsp;&nbsp;&nbsp;&nbsp;1382061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8165987 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;11321 | &nbsp;&nbsp;&nbsp;&nbsp;1496070 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551379 |

---

------

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

#### Schedule of Investments — September 30, 2025 (Unaudited)<br>

#### Small Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** |
| TXNM Energy, Inc. | &nbsp;&nbsp;10319 | &nbsp;&nbsp;&nbsp;$583540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2630989 |
| **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;6202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745915 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;11410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283995 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1574867 |
| **Electronics — 4.3%** | **Electronics — 4.3%** | **Electronics — 4.3%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;3720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632921 |
| Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356640 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;5848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234571 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;4463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555911 |
| Knowles Corp.\* | 55290 | &nbsp;&nbsp;&nbsp;&nbsp;1288810 |
| Mirion Technologies, Inc.\* | &nbsp;&nbsp;14239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331199 |
| Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;8119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934578 |
| TTM Technologies, Inc.\* | 14450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6166950 |
| **Engineering & Construction — 3.0%** | **Engineering & Construction — 3.0%** | **Engineering & Construction — 3.0%** |
| Arcosa, Inc. | &nbsp;&nbsp;15615 | &nbsp;&nbsp;&nbsp;&nbsp;1463281 |
| Centuri Holdings, Inc.\* | 28289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598878 |
| Fluor Corp.\* | &nbsp;&nbsp;&nbsp;13138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552716 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;8280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907902 |
| MYR Group, Inc.\* | &nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4283127 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538405 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;10576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184176 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| Grocery Outlet Holding Corp.\* | 20484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328768 |
| Utz Brands, Inc. | 42848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849371 |
| **Gas — 2.8%** | **Gas — 2.8%** | **Gas — 2.8%** |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp;&nbsp;1079945 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;28161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501547 |
| ONE Gas, Inc. | &nbsp;&nbsp;16972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373714 |
| Spire, Inc. | &nbsp;&nbsp;13150 | &nbsp;&nbsp;&nbsp;&nbsp;1071988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4027194 |
| **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;11197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408803 |
| **Healthcare Products — 1.2%** | **Healthcare Products — 1.2%** | **Healthcare Products — 1.2%** |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;&nbsp;8015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459019 |
| LivaNova PLC\* | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785700 |
| Merit Medical Systems, Inc.\* | &nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1784049 |
| **Home Builders — 3.8%** | **Home Builders — 3.8%** | **Home Builders — 3.8%** |
| Forestar Group, Inc.\* | &nbsp;&nbsp;18823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500503 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543392 |
| M/I Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131110 |
| Meritage Homes Corp. | &nbsp;&nbsp;21375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548191 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Home Builders — (continued)** | **Home Builders — (continued)** | **Home Builders — (continued)** |
| Taylor Morrison Home Corp.\* | &nbsp;&nbsp;26101 | &nbsp;&nbsp;$1722927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5446123 |
| **Household Products & Wares — 0.3%** | **Household Products & Wares — 0.3%** | **Household Products & Wares — 0.3%** |
| Central Garden & Pet Co., Class A\* | &nbsp;&nbsp;14349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423726 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| Abacus Global Management, Inc.\* | 95057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544677 |
| CNO Financial Group, Inc. | 25577 | &nbsp;&nbsp;&nbsp;&nbsp;1011570 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858311 |
| Kemper Corp. | 10484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540450 |
| NMI Holdings, Inc.\* | &nbsp;&nbsp;19164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734748 |
| Slide Insurance Holdings, Inc.\* | &nbsp;&nbsp;31919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4193597 |
| **Iron & Steel — 0.9%** | **Iron & Steel — 0.9%** | **Iron & Steel — 0.9%** |
| Commercial Metals Co. | &nbsp;&nbsp;21661 | &nbsp;&nbsp;&nbsp;&nbsp;1240742 |
| **Leisure Time — 0.7%** | **Leisure Time — 0.7%** | **Leisure Time — 0.7%** |
| Polaris, Inc. | &nbsp;&nbsp;12418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721858 |
| Topgolf Callaway Brands Corp.\* | &nbsp;&nbsp;37265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1075876 |
| **Machinery — Construction & Mining — 0.7%** | **Machinery — Construction & Mining — 0.7%** | **Machinery — Construction & Mining — 0.7%** |
| Terex Corp. | 18560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952128 |
| **Machinery — Diversified — 1.8%** | **Machinery — Diversified — 1.8%** | **Machinery — Diversified — 1.8%** |
| Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687536 |
| Gates Industrial Corp. PLC\* | &nbsp;&nbsp;56718 | &nbsp;&nbsp;&nbsp;&nbsp;1407741 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;11296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2619524 |
| **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;6176 | &nbsp;&nbsp;&nbsp;&nbsp;1308694 |
| **Mining — 1.8%** | **Mining — 1.8%** | **Mining — 1.8%** |
| Coeur Mining, Inc.\* | 74573 | &nbsp;&nbsp;&nbsp;&nbsp;1398989 |
| Constellium S.E.\* | 39695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590662 |
| SSR Mining, Inc.\* | 22387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2536342 |
| **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464180 |
| **Oil & Gas — 4.9%** | **Oil & Gas — 4.9%** | **Oil & Gas — 4.9%** |
| California Resources Corp. | &nbsp;&nbsp;18077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961335 |
| CNX Resources Corp.\* | 33598 | &nbsp;&nbsp;&nbsp;&nbsp;1079168 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;17237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556238 |
| Magnolia Oil & Gas Corp., Class A | 49939 | &nbsp;&nbsp;&nbsp;&nbsp;1192044 |
| Matador Resources Co. | 16790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754375 |
| Noble Corp. PLC | 31048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878037 |
| Patterson-UTI Energy, Inc. | 86975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450530 |
| Seadrill Ltd.\* | 12070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364635 |
| SM Energy Co. | &nbsp;&nbsp;31478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7022368 |
| **Oil & Gas Services — 0.6%** | **Oil & Gas Services — 0.6%** | **Oil & Gas Services — 0.6%** |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp;22371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827056 |

---

------

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

#### Schedule of Investments — September 30, 2025 (Unaudited)<br>

#### Small Cap Value Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Packaging and Containers — 0.9%** | **Packaging and Containers — 0.9%** | **Packaging and Containers — 0.9%** |
| Greif, Inc., Class A | &nbsp;&nbsp;13421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$802039 |
| Silgan Holdings, Inc. | 12485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339019 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| Alkermes PLC\* | 19578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587340 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419674 |
| Protagonist Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254466 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;12801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547115 |
| **Real Estate — 1.9%** | **Real Estate — 1.9%** | **Real Estate — 1.9%** |
| Cushman & Wakefield PLC\* | 81483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297209 |
| Newmark Group, Inc., Class A | 78934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769328 |
| **Retail — 3.6%** | **Retail — 3.6%** | **Retail — 3.6%** |
| Academy Sports & Outdoors, Inc. | 13264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663465 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;9606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589808 |
| American Eagle Outfitters, Inc. | 18035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308579 |
| Black Rock Coffee Bar, Inc., Class A\* | 12406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296007 |
| First Watch Restaurant Group, Inc.\* | 24518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383462 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994023 |
| La-Z-Boy, Inc. | 10870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373058 |
| Patrick Industries, Inc. | &nbsp;&nbsp;9248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956521 |
| Urban Outfitters, Inc.\* | &nbsp;&nbsp;&nbsp;8160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147792 |
| **Savings & Loans — 0.8%** | **Savings & Loans — 0.8%** | **Savings & Loans — 0.8%** |
| Banc of California, Inc. | 71259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179336 |
| **Semiconductors — 2.6%** | **Semiconductors — 2.6%** | **Semiconductors — 2.6%** |
| Axcelis Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;8612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840876 |
| Cohu, Inc.\* | 23247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472611 |
| Qorvo, Inc.\* | &nbsp;&nbsp;&nbsp;6493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591382 |
| Rambus, Inc.\* | &nbsp;&nbsp;&nbsp;2929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305202 |
| Semtech Corp.\* | &nbsp;&nbsp;6798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485717 |
| Silicon Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545501 |
| Ultra Clean Holdings, Inc.\* | &nbsp;&nbsp;17632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721761 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| BlackLine, Inc.\* | &nbsp;&nbsp;&nbsp;5548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294599 |
| Commvault Systems, Inc.\* | &nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369631 |
| Digi International, Inc.\* | &nbsp;&nbsp;8945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326135 |
| PagerDuty, Inc.\* | 21665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348271 |
| **Transportation — 1.3%** | **Transportation — 1.3%** | **Transportation — 1.3%** |
| DHT Holdings, Inc. | 47447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566992 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683439 |
| Scorpio Tankers, Inc. | 10924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862721 |
| **TOTAL COMMON STOCKS<br> (Cost $118,558,874)** | **TOTAL COMMON STOCKS<br> (Cost $118,558,874)** | &nbsp;&nbsp;&nbsp;**133220888** |

---

---

| | | |
|:---|:---|:---|
|  | **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 — 0.9%** | **Apartments — 0.9%** | **Apartments — 0.9%** |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;81044 | &nbsp;&nbsp;&nbsp;&nbsp;$1328311 |
| **Diversified — 0.9%** | **Diversified — 0.9%** | **Diversified — 0.9%** |
| InvenTrust Properties Corp. | 32460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929005 |
| UMH Properties, Inc. | 29908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1373139** |
| **Hotels & Resorts — 0.3%** | **Hotels & Resorts — 0.3%** | **Hotels & Resorts — 0.3%** |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;4639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415608 |
| **Industrial — 1.6%** | **Industrial — 1.6%** | **Industrial — 1.6%** |
| STAG lndustrial, Inc. | &nbsp;&nbsp;26339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929503 |
| Terreno Realty Corp. | &nbsp;&nbsp;24357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2311763** |
| **Mortgage Banks — 0.7%** | **Mortgage Banks — 0.7%** | **Mortgage Banks — 0.7%** |
| Ladder Capital Corp. | 86900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948079 |
| **Office Property — 1.6%** | **Office Property — 1.6%** | **Office Property — 1.6%** |
| COPT Defense Properties | &nbsp;&nbsp;39792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156355 |
| Cousins Properties, Inc. | &nbsp;&nbsp;37953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2254715** |
| **Regional Malls — 0.5%** | **Regional Malls — 0.5%** | **Regional Malls — 0.5%** |
| Tanger, Inc. | &nbsp;&nbsp;23385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791349 |
| **Single Tenant — 1.3%** | **Single Tenant — 1.3%** | **Single Tenant — 1.3%** |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;35211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047879 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;32759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1847199** |
| **Storage & Warehousing — 0.5%** | **Storage & Warehousing — 0.5%** | **Storage & Warehousing — 0.5%** |
| Smartstop Self Storage REIT, Inc. | 20559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773841 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $12,608,460)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12044004** |

---

**SHORT-TERM INVESTMENTS — 0.6%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.027%)<br> **(Cost $823,313)** | 823313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**823313** |
| **TOTAL INVESTMENTS — 101.4%<br> (Cost $131,990,647)** |  | &nbsp;&nbsp;**$146088205** |
| **Other Assets & Liabilities — (1.4)%** | **Other Assets & Liabilities — (1.4)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2009206)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$144078999** |

---

------

† See Security Valuation Note in the most recent semi-annual or annual report. <br> \* Non-income producing security.

PLC— Public Limited Company. <br> REIT— Real Estate Investment Trust. <br> S.E.— Societas Europaea.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Penn Series Funds Inc

- **b. Investment Company Act file number:** 811-03459

- **c. CIK number of Registrant:** 0000702340

- **d. LEI of Registrant:** 549300GLJSCMRCVZWX45

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Eight Tower Bridge

  - **City:** Conshohocken

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19428

  - **Telephone number:** 215-956-8114

**Item A.2. Information about the Series.**

- **a. Name of Series:** Penn Series Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000006736

- **c. LEI of Series:** E0OL9R5FEYCKFXTPRB77

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $146315246.56

**Total Liabilities:** $410072.08

**Net Assets:** $145905174.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018299 | 1.24%                | 8.12%                | -0.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1281368.29              | $399564.45                                 |
| Month 2  | $-506006.60              | $11524787.70                               |
| Month 3  | $1788884.88              | $-2125059.84                               |

### Schedule of Portfolio Investments

| Name                           | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Moog Inc                       | Moog Inc                              | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      4492 | NS      | $932853.64    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                 | Utz Brands Inc                        | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |     42848 | NS      | $520603.20    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gorman-Rupp Co/The             | Gorman-Rupp Co/The                    | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |     11296 | NS      | $524247.36    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NeoGenomics Inc                | NeoGenomics Inc                       | CUSIP: 64049M209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63214 | NS      | $488012.08    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc            | Silgan Holdings Inc                   | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     12485 | NS      | $536979.85    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc           | Urban Outfitters Inc                  | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      8160 | NS      | $582868.80    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                      | Greif Inc                             | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |     13421 | NS      | $802038.96    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc             | Kontoor Brands Inc                    | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      8483 | NS      | $676688.91    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                   | Sanmina Corp                          | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      8119 | NS      | $934578.09    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group Inc               | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28161 | NS      | $501547.41    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellium SE                 | Constellium SE                        | CUSIP: 000000000<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |     39695 | NS      | $590661.60    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                    | Avient Corp                           | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     41324 | NS      | $1361625.80   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient PLC                            | CUSIP: 000000000<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | US        |     21370 | NS      | $514589.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                   | Griffon Corp                          | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      5403 | NS      | $411438.45    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc   | Bread Financial Holdings Inc          | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     13055 | NS      | $728077.35    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Slide Insurance Holdings Inc   | Slide Insurance Holdings Inc          | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |     31919 | NS      | $503841.42    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                     | Belden Inc                            | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      6202 | NS      | $745914.54    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                  | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     16790 | NS      | $754374.70    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc         | Group 1 Automotive Inc                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      2272 | NS      | $994022.72    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                   | LivaNova PLC                          | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     15000 | NS      | $785700.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                    | Polaris Inc                           | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     12418 | NS      | $721858.34    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc           | Bridgebio Pharma Inc                  | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      4479 | NS      | $232639.26    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TriCo Bancshares               | TriCo Bancshares                      | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21439 | NS      | $952105.99    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc  | American Eagle Outfitters Inc         | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     18035 | NS      | $308578.85    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc        | Insight Enterprises Inc               | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      2028 | NS      | $229995.48    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MidWestOne Financial Group Inc | MidWestOne Financial Group Inc        | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33165 | NS      | $938237.85    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings Inc           | Kinetik Holdings Inc                  | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12801 | NS      | $547114.74    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Rock Coffee Bar Inc      | Black Rock Coffee Bar Inc             | CUSIP: 092244102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12406 | NS      | $296007.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                   | Alkermes PLC                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     19578 | NS      | $587340.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining Inc                      | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     74573 | NS      | $1398989.48   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp     | InvenTrust Properties Corp            | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |     32460 | NS      | $929005.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc    | Fresh Del Monte Produce Inc           | CUSIP: 000000000<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | US        |     14410 | NS      | $500315.20    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp                      | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9902 | NS      | $761166.74    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp | Atlantic Union Bankshares Corp        | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53141 | NS      | $1875345.89   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                  | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     21661 | NS      | $1240742.08   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORP           | SOUTHSTATE BANK CORP                  | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     11725 | NS      | $1159250.75   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                   | Cadence Bank                          | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |     50559 | NS      | $1897984.86   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp            | Ladder Capital Corp                   | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |     86900 | NS      | $948079.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc     | Core Natural Resources Inc            | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      3116 | NS      | $260123.68    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners      | Perella Weinberg Partners             | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68792 | NS      | $1466645.44   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CG oncology Inc                | CG oncology Inc                       | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8964 | NS      | $361069.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                | TXNM Energy Inc                       | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     10319 | NS      | $583539.45    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                     | Arcosa Inc                            | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     15615 | NS      | $1463281.65   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc       | Revolution Medicines Inc              | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |      7908 | NS      | $369303.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos              | Piper Sandler Cos                     | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      3983 | NS      | $1382061.17   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerant Bancorp Inc            | Amerant Bancorp Inc                   | CUSIP: 023576101<br>LEI: 54930071V6LIG79MTL10 | Long             | EC               | CORP              | US        |     14070 | NS      | $271128.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori | Seacoast Banking Corp of Florida      | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     36537 | NS      | $1111820.91   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc            | STAG Industrial Inc                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     26339 | NS      | $929503.31    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc               | DHT Holdings Inc                      | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |     47447 | NS      | $566991.65    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc        | Kodiak Gas Services Inc               | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22371 | NS      | $827055.87    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                       | ASGN Inc                              | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     14378 | NS      | $680798.30    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc           | SPX Technologies Inc                  | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      9043 | NS      | $1689051.54   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc       | Encore Capital Group Inc              | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |     17133 | NS      | $715131.42    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CoastalSouth Bancshares Inc    | CoastalSouth Bancshares Inc           | CUSIP: 19058X207<br>LEI: 5493006BUH6IGMGU0H14 | Long             | EC               | CORP              | US        |     20959 | NS      | $457115.79    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc           | TTM Technologies Inc                  | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     14450 | NS      | $832320.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                      | Itron Inc                             | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      4463 | NS      | $555911.28    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                     | Tanger Inc                            | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     23385 | NS      | $791348.40    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                   | Visteon Corp                          | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      8599 | NS      | $1030676.14   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                     | Terex Corp                            | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     18560 | NS      | $952128.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp Inc             | Origin Bancorp Inc                    | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     33960 | NS      | $1172299.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Esab Corp                      | Esab Corp                             | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |      6153 | NS      | $687536.22    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                   | La-Z-Boy Inc                          | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     10870 | NS      | $373058.40    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc             | Forestar Group Inc                    | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |     18823 | NS      | $500503.57    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc  | Academy Sports & Outdoors Inc         | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13264 | NS      | $663465.28    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp        | Magnolia Oil & Gas Corp               | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49939 | NS      | $1192043.93   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc  | Independence Realty Trust Inc         | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |     81044 | NS      | $1328311.16   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc         | Old Second Bancorp Inc                | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     58049 | NS      | $1003376.97   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp      | Dynavax Technologies Corp             | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |     23036 | NS      | $228747.48    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc        | Enova International Inc               | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      7969 | NS      | $917152.21    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp             | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     18077 | NS      | $961334.86    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc           | Centuri Holdings Inc                  | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28289 | NS      | $598878.13    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc   | Protagonist Therapeutics Inc          | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3725 | NS      | $247451.75    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC      | Gates Industrial Corp PLC             | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     56718 | NS      | $1407740.76   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp      | Chesapeake Utilities Corp             | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |      8018 | NS      | $1079944.42   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc    | Columbia Banking System Inc           | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49481 | NS      | $1273640.94   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunovant Inc                 | Immunovant Inc                        | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12328 | NS      | $198727.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc     | Ligand Pharmaceuticals Inc            | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      3659 | NS      | $648155.26    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc            | Mercury Systems Inc                   | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     13585 | NS      | $1051479.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                  | HCI Group Inc                         | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      4472 | NS      | $858310.96    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo Inc                             | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      6493 | NS      | $591382.44    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                     | Korn Ferry                            | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     16554 | NS      | $1158448.92   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                   | Bel Fuse Inc                          | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      2529 | NS      | $356639.58    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                     | Fluor Corp                            | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     13138 | NS      | $552715.66    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services In | PennyMac Financial Services Inc       | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |     16452 | NS      | $2038073.76   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferson Capital Inc          | Jefferson Capital Inc                 | CUSIP: 47248R103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40873 | NS      | $705467.98    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                     | Rambus Inc                            | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      2929 | NS      | $305201.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                   | Knowles Corp                          | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     55290 | NS      | $1288809.90   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                    | IDACORP Inc                           | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     11321 | NS      | $1496070.15   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC        | Cushman & Wakefield PLC               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81483 | NS      | $1297209.36   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Abacus Global Management Inc   | Abacus Global Management Inc          | CUSIP: 00258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95057 | NS      | $544676.61    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                  | M/I Homes Inc                         | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      7831 | NS      | $1131109.64   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc             | UMH Properties Inc                    | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     29908 | NS      | $444133.80    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties Inc      | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      4639 | NS      | $415608.01    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Northpointe Bancshares Inc     | Northpointe Bancshares Inc            | CUSIP: 66661N886<br>LEI: 549300EYMKMD4WKEKP72 | Long             | EC               | CORP              | US        |     41214 | NS      | $703935.12    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc               | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     25577 | NS      | $1011570.35   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc      | Xenon Pharmaceuticals Inc             | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      6276 | NS      | $251981.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc         | Banc of California Inc                | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |     71259 | NS      | $1179336.45   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties        | COPT Defense Properties               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     39792 | NS      | $1156355.52   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                   | HB Fuller Co                          | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     15519 | NS      | $919966.32    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp        | Valley National Bancorp               | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    146536 | NS      | $1553281.60   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Seadrill Ltd                   | Seadrill Ltd                          | CUSIP: 000000000<br>LEI: 213800EQ6L456U2JCO89 | Long             | EC               | CORP              | BM        |     12070 | NS      | $364634.70    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      9606 | NS      | $589808.40    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co                          | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     31478 | NS      | $786005.66    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                  | Valvoline Inc                         | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     25394 | NS      | $911898.54    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                 | MGE Energy Inc                        | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6550 | NS      | $551379.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                   | Semtech Corp                          | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      6798 | NS      | $485717.10    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc            | Scorpio Tankers Inc                   | CUSIP: 000000000<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MC        |     10924 | NS      | $612290.20    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In | Four Corners Property Trust Inc       | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     32759 | NS      | $799319.60    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightView Holdings Inc        | BrightView Holdings Inc               | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |     52175 | NS      | $699145.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries Inc                | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      9248 | NS      | $956520.64    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp                   | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     21375 | NS      | $1548191.25   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc  | Ultragenyx Pharmaceutical Inc         | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |      7985 | NS      | $240188.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc       | Silicon Laboratories Inc              | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |      4160 | NS      | $545500.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc              | Newmark Group Inc                     | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78934 | NS      | $1472119.10   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                       | Dana Inc                              | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     14706 | NS      | $294708.24    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I | Prestige Consumer Healthcare Inc      | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10682 | NS      | $666556.80    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd             | Capri Holdings Ltd                    | CUSIP: 000000000<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | GB        |     27983 | NS      | $557421.36    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp             | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     26101 | NS      | $1722927.01   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PagerDuty Inc                  | PagerDuty Inc                         | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |     21665 | NS      | $357905.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                 | Ameris Bancorp                        | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     28847 | NS      | $2114773.57   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                    | Kemper Corp                           | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     10484 | NS      | $540450.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Syndax Pharmaceuticals Inc     | Syndax Pharmaceuticals Inc            | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |     21726 | NS      | $334254.51    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc   | Madrigal Pharmaceuticals Inc          | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       915 | NS      | $419673.90    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc          | Commvault Systems Inc                 | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1958 | NS      | $369631.24    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                    | Rogers Corp                           | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |      4047 | NS      | $325621.62    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc      | Merit Medical Systems Inc             | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      6480 | NS      | $539330.40    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc            | Churchill Downs Inc                   | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |      5550 | NS      | $538405.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc | Advanced Energy Industries Inc        | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      3720 | NS      | $632920.80    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies Inc              | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      8612 | NS      | $840875.68    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                    | ONE Gas Inc                           | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     16972 | NS      | $1373713.68   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc      | Ionis Pharmaceuticals Inc             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      5799 | NS      | $379370.58    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mineralys Therapeutics Inc     | Mineralys Therapeutics Inc            | CUSIP: 603170101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10144 | NS      | $384660.48    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp             | CNX Resources Corp                    | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     33598 | NS      | $1079167.76   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp    | Grocery Outlet Holding Corp           | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20484 | NS      | $328768.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy Inc              | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     86975 | NS      | $450530.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ideaya Biosciences Inc         | Ideaya Biosciences Inc                | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |      9247 | NS      | $251610.87    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc            | Glacier Bancorp Inc                   | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     40152 | NS      | $1954197.84   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp           | First Merchants Corp                  | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |     28626 | NS      | $1079200.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp       | Fox Factory Holding Corp              | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |     14148 | NS      | $343654.92    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining Inc                        | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     22387 | NS      | $546690.54    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                       | Saia Inc                              | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      2283 | NS      | $683438.88    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackLine Inc                  | BlackLine Inc                         | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |      5548 | NS      | $294598.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corp PLC                        | CUSIP: 000000000<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | US        |     31048 | NS      | $878037.44    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc             | Globus Medical Inc                    | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      8015 | NS      | $459019.05    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust Inc | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     35211 | NS      | $1047879.36   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT In | Smartstop Self Storage REIT Inc       | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |     20559 | NS      | $773840.76    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                      | Spire Inc                             | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     13150 | NS      | $1071988.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc          | Delek US Holdings Inc                 | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |     17237 | NS      | $556237.99    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In | Installed Building Products Inc       | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      2203 | NS      | $543391.98    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co        | Central Garden & Pet Co               | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     14349 | NS      | $423725.97    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp              | FB Financial Corp                     | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     22583 | NS      | $1258776.42   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse Inc                        | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      2104 | NS      | $544957.04    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc        | Mirion Technologies Inc               | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |     14239 | NS      | $331199.14    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                  | MYR Group Inc                         | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |      3655 | NS      | $760349.65    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc               | NMI Holdings Inc                      | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     19164 | NS      | $734747.76    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc           | Red Rock Resorts Inc                  | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10576 | NS      | $645770.56    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp                   | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      3901 | NS      | $464179.99    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc         | Digi International Inc                | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      8945 | NS      | $326134.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc          | ESCO Technologies Inc                 | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      5848 | NS      | $1234571.28   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp            | Terreno Realty Corp                   | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24357 | NS      | $1382259.75   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc         | ConnectOne Bancorp Inc                | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     52322 | NS      | $1298108.82   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc       | Granite Construction Inc              | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      8280 | NS      | $907902.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                        | V2X Inc                               | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10128 | NS      | $588335.52    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc         | Cousins Properties Inc                | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     37953 | NS      | $1098359.82   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp                    | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     19722 | NS      | $2334098.70   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                       | Cohu Inc                              | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     23247 | NS      | $472611.51    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                       | VSE Corp                              | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      2439 | NS      | $405459.36    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc       | Ultra Clean Holdings Inc              | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     17632 | NS      | $480472.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp     | Standex International Corp            | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      6176 | NS      | $1308694.40   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc            | Walker & Dunlop Inc                   | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14592 | NS      | $1220183.04   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                   | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |      6210 | NS      | $356888.70    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc | Community Financial System Inc        | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |     19420 | NS      | $1138788.80   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I | First Watch Restaurant Group Inc      | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24518 | NS      | $383461.52    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                     | Phinia Inc                            | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     20892 | NS      | $1200872.16   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                    | SkyWest Inc                           | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      8217 | NS      | $826794.54    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co               | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      2905 | NS      | $412974.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I | Miami International Holdings Inc      | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |      5300 | NS      | $213378.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                 | MRC Global Inc                        | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |     34983 | NS      | $504454.86    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc               | Cytokinetics Inc                      | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     15080 | NS      | $828796.80    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                  | Renasant Corp                         | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     47582 | NS      | $1755299.98   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                | Masterbrand Inc                       | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |     52880 | NS      | $696429.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund    | BlackRock Liquidity FedFund           | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   1006265 | NS      | $1006264.64   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp   | Topgolf Callaway Brands Corp          | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |     37265 | NS      | $354017.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadre Holdings Inc             | Cadre Holdings Inc                    | CUSIP: 12763L105<br>LEI: 2549006IKQEWJ8M7CB97 | Long             | EC               | CORP              | US        |     11197 | NS      | $408802.47    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc         | Energizer Holdings Inc                | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |     11410 | NS      | $283994.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Penn Series Funds Inc

**Signature:** Steven Viola

**Name of Signer:** Steven Viola

**Title:** Treasurer