# EDGAR Filing Document

**Accession Number:** 0000702340
**File Stem:** 0001193125-26-092803
**Filing Date:** 2026-3
**Character Count:** 1582897
**Document Hash:** 23337a399ae6efd5b652a91863257a63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-092803.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-092803

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03459
- **FILM NUMBER:** 26724570

**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 |  |

?xml version='1.0' encoding='ASCII'? Penn Series Fund, Inc.

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-03459

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

------

Eight Tower Bridge

161 Washington Street, Suite 1111

Conshohocken, PA 19428

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(215) 956-8129

#### Date of fiscal year end:

#### December 31, 2025

#### Date of reporting period:

#### January 1, 2025 to December 31, 2025

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

### Penn Series Funds, Inc.

#### Aggressive Allocation Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Aggressive Allocation Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Aggressive Allocation Fund | $35 | 0.33% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Aggressive Allocation Fund returned 12.50% for the twelve-month period ending December 31, 2025, compared to its broad-based benchmarks, the Russell 3000<sup>®</sup> Index's return of 17.15% and the Bloomberg U.S. Aggregate Bond Index's return of 7.30% for the same time period.

#### Top Contributors To Performance
From an asset allocation perspective, developed international stocks, large-cap growth stocks and emerging market stocks were the top contributors. Developed international and emerging market equities outperformed U.S. stocks, supported by a weaker dollar, easing monetary policy, expansionary fiscal measures and relatively lower valuations. A defining theme of the 2025 equity market was artificial intelligence (AI), with gains driven predominantly by a narrow group of mega-cap companies with significant exposure to AI infrastructure, research and monetization. This dynamic contributed to the outperformance of large-cap growth stocks.

From a manager selection perspective, the Penn Series Small Cap Growth, Quality Bond and Limited Maturity Bond Funds emerged as the top contributors.

#### Top Detractors From Performance
From an asset allocation perspective, REITs, mid-cap value stocks and large-cap value stocks were the top detractors. REITs continued to face pressure from elevated interest rates and structural weaknesses in the office real estate segment. Value stocks underperformed growth stocks, largely due to the AI-driven market dynamics discussed above.

From a manager selection perspective, the Penn Series International Equity, Large Core Growth and Large Cap Value Funds were the top detractors.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market indices.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234631.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Aggressive Allocation Fund** | 12.50% | 7.44% | 8.45% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$55675188 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$67940 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 27.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series International Equity Fund | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Growth Stock Fund | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Cap Value Fund | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Core Growth Fund | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Core Value Fund | 4.0% |

---

 **Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234636.jpg)

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Balanced Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Balanced Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Balanced Fund | $21 | 0.20% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Balanced Fund returned 13.37% for the twelve-month period ending December 31, 2025, compared to its broad-based benchmarks, the S&P 500<sup>®</sup> Index's return of 17.88% and the Bloomberg U.S. Aggregate Bond Index's return of 7.30% for the same time period.

#### Top Contributors To Performance
The Fund's fixed income allocation, the Penn Series Quality Bond Fund, was the top contributor to performance. Outperformance was driven primarily by an overweight in the mortgage-backed securities (MBS) and collateralized mortgage-backed securities (CMBS) sectors, along with an underweight to Treasuries.

#### Top Detractors From Performance
There were no significant detractors from performance.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market indices.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234595.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Balanced Fund** | 13.37% | 8.25% | 9.58% |
| **S&P 500<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$80253347 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 59.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 39.9% |

---

 **Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234600.jpg)

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Conservative Allocation Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Conservative Allocation Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Conservative Allocation Fund | $36 | 0.35% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Conservative Allocation Fund returned 8.49% for the twelve-month period ending December 31, 2025, compared to its broad-based benchmarks, the Russell 3000<sup>®</sup> Index's return of 17.15% and the Bloomberg U.S. Aggregate Bond Index's return of 7.30% for the same time period.

#### Top Contributors To Performance
From an asset allocation perspective, developed international stocks, large-cap growth stocks and high-yield bonds were the top contributors. Both developed international and emerging market equities outperformed U.S. stocks, supported by a weaker dollar, easing monetary policy, expansionary fiscal measures and relatively lower valuations. A defining theme of the 2025 equity market was artificial intelligence (AI), with gains driven predominantly by a narrow group of mega-cap companies with significant exposure to AI infrastructure, research and monetization. This dynamic contributed to the outperformance of large-cap growth stocks. High-yield bonds exceeded the performance of the U.S. Aggregate Bond Index, supported by spread tightening and their higher income profile.

From a manager selection perspective, the Penn Series Quality Bond, Limited Maturity Bond and High Yield Bond Funds emerged as the top contributors.

#### Top Detractors From Performance
From an asset allocation perspective, REITs, short-duration bonds and large-cap value stocks were the top detractors. REITs continued to face pressure from elevated interest rates and structural weaknesses in the office real estate segment. Declining interest rates weighed on the performance of short-duration bonds. Value stocks underperformed growth stocks, largely reflecting the AI-driven market dynamics discussed above.

From a manager selection perspective, the Penn Series Flexibly Managed, Mid Core Value and Large Core Value Funds were the top detractors.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market indices.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234775.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Conservative Allocation Fund** | 8.49% | 3.34% | 4.39% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$40896036 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$50661 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 61.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Limited Maturity Bond Fund | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series High Yield Bond Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Core Value Fund | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Mid Core Value Fund | 0.9% |

---

 **Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234780.jpg)

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Developed International Index Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Developed International Index Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Developed International Index Fund | $106 | 0.92% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Developed International Index Fund returned 30.60% for the twelve-months ended December 31, 2025. During the same period, the MSCI EAFE Index, the Fund's broad-based benchmark, returned 31.22%.

#### Top Contributors To Performance
On an individual security level, the top contributors to the Fund's performance during the reporting period were ASML, Banco Santander and HSBC. On a sector level, the top contributors to the Fund's performance during the reporting period were financials and industrials.

#### Top Detractors From Performance
On an individual security level, the top detractors from the Fund's performance during the reporting period were Novo Nordisk, CSL Limited and Recruit Holdings. On a sector level, the top detractors from the Fund's performance during the reporting period were energy and real estate.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234955.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Developed International Index Fund** | 30.60% | 8.01% | 7.49% |
| **MSCI EAFE Index (reflects no deductions for fees, expenses or taxes, except that it is net of withholding taxes on foreign dividends)** | 31.22% | 8.92% | 8.18% |

---

**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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$94728319 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;706 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of waivers)** | &nbsp;&nbsp;&nbsp;&nbsp;$240331 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 1.0% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234960.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g58880chartimages_11234965.jpg)

*<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Emerging Markets Equity Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Emerging Markets Equity Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Emerging Markets Equity Fund | $160 | 1.40% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Emerging Markets Equity Fund returned 28.31% for the twelve-months ended December 31, 2025. During the same period, the MSCI Emerging Markets Index, the Fund's broad-based benchmark, returned 33.57%.

#### Top Contributors To Performance
SK Hynix Inc. continued to benefit from a strong capex cycle as the company reported record quarterly profits on strong high bandwidth memory sales. Management gave bullish guidance, indicating that memory capacity will likely be tight through 2027. As artificial intelligence capex remains robust, Taiwan Semiconductor Manufacturing Company Limited rallied as it continues to benefit from its position as the leading global foundry. The company beat both top line and margin expectations and delivered record net profit. Tencent Holdings Limited growth was strong across its key segments, with strong gaming revenue in both domestic and international games. Ad growth also accelerated, driven by high ad impressions.

#### Top Detractors From Performance
TAV Havalimanlari Holdings A.S., a manager of airport terminals and concessions in Turkey, declined due to a weak lira and political uncertainty. COSMAX Inc., the leading Korean cosmetics company, reported somewhat disappointing sales growth in China, which is one-quarter of its revenues. Given better opportunities elsewhere, we sold our position in COSMAX to fund other purchases. Bharat Electronics Limited is a leading defense electronics contractor in India. The stock has meaningfully outperformed year-to-date, and the company announced strong earnings in July, with historically high profit margins. The shares gave up some of their strong year-to-date gains following the report.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234919.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Equity Fund** | 28.31% | (1.92)% | 3.44% |
| **MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes, except that it is net of withholding taxes on foreign dividends)** | 33.57% | 4.20% | 8.42% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$65899212 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$568130 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;101% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eurobank S.A. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eicher Motors Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | 2.8% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234924.jpg)

 **Country Allocation**![Graphical Representation - Allocation 2 Chart](g58880chartimages_11234929.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Flexibly Managed Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Flexibly Managed Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Flexibly Managed Fund | $92 | 0.87% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Flexibly Managed Fund returned 11.96% for the twelve-months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.88%.

#### Top Contributors To Performance
The consumer staples sector contributed to relative performance due to an underweight allocation. In addition, the industrials and business services sectors also aided relative performance as a result of an underweight allocation.

#### Top Detractors From Performance
The health care sector detracted from relative performance due to unfavorable stock selection, including Becton, Dickinson and Company. In addition, the information technology sector weighed on relative performance owing to unfavorable stock selection, although the effect was partially offset by an overweight allocation.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234091.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Flexibly Managed Fund** | 11.96% | 9.19% | 11.03% |
| **S&P 500<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.88% | 14.42% | 14.82% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5024911517 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;211 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$34892117 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;124% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes<br> 3.625%, 10/31/30 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes<br> 3.500%, 11/30/30 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes<br> 3.875%, 07/31/30 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | 2.1% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234096.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

 *<sup>2</sup> Includes non-equity investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### High Yield Bond Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series High Yield Bond Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| High Yield Bond Fund | $75 | 0.72% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series High Yield Bond Fund returned 8.87% for the twelve-months ended December 31, 2025. During the same period, the Bloomberg U.S. Aggregate Bond Index, the Fund's broad-based benchmark, returned 7.30%, while the Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index, the Fund's performance benchmark, returned 8.78%.

#### Top Contributors To Performance
The Fund delivered strong performance in a year marked by robust returns within the asset class. Throughout the period, the Fund strategically increased credit risk and extended portfolio duration to enhance income generation and capitalize on total return opportunities. Credit selection was a significant contributor to overall returns. Prime Healthcare Services, one of the nation's largest health systems, was the Fund's top contributor to performance. Other notable contributors included Nielsen, Lifepoint Health and Civitas Resources.

#### Top Detractors From Performance
Venture Global, the Fund's top detractor, lost a significant arbitration claim that affected the company's performance in 2025, leading investors to adopt a more cautious forward-looking view. We remain positive about the situation and have reaffirmed our confidence in the credit.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **High Yield Bond Fund** | 8.87% | 5.17% | 6.87% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index (reflects no deduction for fees, expenses or taxes)** | 8.78% | 4.11% | 6.15% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$122897622 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$566811 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;115% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;2.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;3.3 Years |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Asset Class Allocation**

---

| | |
|:---|:---|
| Corporate Bonds | 94.9% |
| Money Market Funds | 2.3% |
| Loan Agreements | 2.3% |
| Asset Backed Securities | 0.5% |

---

 **Bond Quality Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234024.jpg)

 *<sup>1</sup> Source: Independent Rating Agencies such as Moody's, S&P and Fitch.*

*Note: When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. "NR" is used to classify securities for which a rating is not available.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Index 500 Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Index 500 Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Index 500 Fund | $37 | 0.34% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Index 500 Fund returned 17.47% for the twelve-months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.88%.

#### Top Contributors To Performance
On an individual security level, the top contributors to the Fund's performance during the reporting period were NVIDIA Corp., Microsoft Corp. and Alphabet Inc. On a sector level, the top contributors to the Fund's performance during the reporting period were information technology and communication services.

#### Top Detractors From Performance
On an individual security level, the top detractors from the Fund's performance during the reporting period were UnitedHealth Group Inc., Salesforce Inc., and Fiserv Inc. On a sector level, the top detractors from the Fund's performance during the reporting period were energy and real estate.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234199.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Index 500 Fund** | 17.47% | 14.07% | 14.48% |
| **S&P 500<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.88% | 14.42% | 14.82% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$927643728 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;505 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1093210 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.6% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234204.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### International Equity Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series International Equity Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| International Equity Fund | $112 | 1.07% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series International Equity Fund returned 8.87% for the twelve-months ended December 31, 2025. During the same period, the MSCI ACWI ex-U.S. Index, the Fund's broad-based benchmark, returned 32.39%.

#### Top Contributors To Performance
Tencent Holdings Limited rallied strongly during 2025, benefiting from growth across both its domestic and international gaming segments, with games such as Clash Royale gaining in popularity. The company has also benefited from strong advertising growth. Shares of Rheinmetall AG rallied, benefiting from the European Union's commitment to higher defense spending in response to the Trump administration's second term. Galderma Group AG benefited from its atopic dermatitis product, as well as its injectable Botox equivalent, Dysport. The company has seen both strong sales growth and margin expansion.

#### Top Detractors From Performance
Shares of the chemical company IMCD N.V. declined after the CEO exited and revenues were weaker than expected. We exited the position in favor of opportunities with more attractive risk-reward profiles. Shares of Novo Nordisk A/S sold off as competition from Eli Lilly and other compounders increased. We exited the position as the company's growth became less predictable. SLB shares declined with the broader energy sector, but we exited our position in favor of companies with more attractive risk-reward profiles.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234127.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **International Equity Fund** | 8.87% | 3.09% | 6.49% |
| **MSCI ACWI ex-U.S. Index (reflects no deductions for fees, expenses or taxes, except that it is net of withholding taxes on foreign dividends)** | 32.39% | 7.91% | 8.41% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215532682 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1818794 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;216% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Galderma Group AG | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prudential PLC | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Games Workshop Group PLC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran S.A. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | 3.4% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234132.jpg)

 **Country Allocation**![Graphical Representation - Allocation 2 Chart](g58880chartimages_11234137.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Large Cap Growth Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Large Cap Growth Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Large Cap Growth Fund | $87 | 0.83% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Large Cap Growth Fund returned 9.80% for the twelve-months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.37%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's performance benchmark, returned 18.56%.

#### Top Contributors To Performance
An underweight position within the consumer discretionary sector was a primary contributor to relative performance, led by the Fund's underweight position in Amazon. Stocks in other sectors that benefited relative returns included an overweight position in Amphenol, holdings in Taiwan Semiconductor Manufacturing, and an underweight position in Apple.

#### Top Detractors From Performance
A combination of stock selection and an underweight position within the information technology sector was a primary detractor from relative performance. Within this sector, holdings in Accenture and not owning Broadcom weakened relative results. An underweight position in NVIDIA also dampened relative results. Stock selection and an overweight position within the financials sector also hurt relative performance, led by an overweight position in Fiserv. Stock selection within both the health care and industrials sectors further detracted from relative results.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234307.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Large Cap Growth Fund** | 9.80% | 9.93% | 14.12% |
| **Russell 1000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)** | 18.56% | 15.32% | 18.13% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$71700704 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$375783 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 13.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aon PLC, Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 2.6% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234312.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Large Cap Value Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Large Cap Value Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Large Cap Value Fund | $98 | 0.93% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Large Cap Value Fund returned 10.00% for the twelve-months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.37%, while the Russell 1000<sup>®</sup> Value Index, the Fund's performance benchmark, returned 15.91%.

#### Top Contributors To Performance
Philip Morris International contributed to performance following its consistent growth in its smokeless business. RTX contributed as well, benefiting from the commercial aerospace cycle and experiencing tailwinds from Europe's rearmament, as the EU increases defense spending as a percentage of GDP. UnitedHealth Group contributed due to hopes for improved Medicare Advantage reimbursement rates under the current administration.

#### Top Detractors From Performance
An underweight position in Alphabet Inc. detracted from performance as shares rose on improved sentiment around the company's fundamentals and long-term competitive positioning in artificial intelligence (AI), supported by momentum from Gemini and post-regulatory normalization. Fiserv detracted as well in the wake of continued management missteps which included sweeping personnel changes. The company also missed 3Q25 earnings and slashed guidance. Accenture detracted and experienced a noticeable decline in overall bookings. The company's substantial involvement with the U.S. government was another noteworthy factor in the stock's underperformance.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11233947.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Large Cap Value Fund** | 10.00% | 11.11% | 9.71% |
| **Russell 1000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes)** | 15.91% | 11.33% | 10.53% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$160759974 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1076840 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 2.1% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11233952.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Large Core Growth Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Large Core Growth Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Large Core Growth Fund | $89 | 0.85% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Large Core Growth Fund returned 8.65% for the twelve-months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.37%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's performance benchmark, returned 18.56%.

#### Top Contributors To Performance
Top contributors to performance were Taiwan Semiconductor Manufacturing Company (TSMC) and underweight positions in Apple and VeriSign. TSMC, the largest semiconductor maker in the world, benefited from advancements in semiconductors and growth in data centers. The company has unique expertise and is at the forefront of manufacturing advanced chips. Apple is an underweight position due to less attractive growth prospects. VeriSign, the registrar for .com and .net domains, recovered in 2025 after a period of concern over slowing domain registrations and unfavorable industry dynamics, and we exited the stock.

#### Top Detractors From Performance
The largest detractors from performance were UnitedHealth Group, Salesforce and Equinix. UnitedHealth Group, the largest U.S. health insurer, faced a tumultuous year that included headline pressure and fundamental missteps that weighed on margins. The stock recovered some losses later in the year as investors determined many issues were transitory and the former CEO returned. Salesforce was pressured as application software companies were put in the artificial intelligence (AI) disruption bucket by the market. Our research still supports the thesis that customers favor AI solutions from Salesforce over creating them in-house, which would present many challenges. Equinix, a datacenter REIT with unique assets, was down as investors realized the return on recent capital expenditures will be longer duration than expected when compared to history. We sold the stock, but continue to follow it closely.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234415.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Large Core Growth Fund** | 8.65% | (4.17)% | 9.51% |
| **Russell 1000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)** | 18.56% | 15.32% | 18.13% |

---

**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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$136011734 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$775999 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 3.0% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234420.jpg)

*<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Large Core Value Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Large Core Value Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Large Core Value Fund | $95 | 0.90% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Large Core Value Fund returned 12.18% for the twelve-months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.37%, while the Russell 1000<sup>®</sup> Value Index, the Fund's performance benchmark, returned 15.91%.

#### Top Contributors To Performance
Stock selection within financials was the largest contributor for the year, particularly within capital markets and insurance companies. Information technology stock selection was positive, as were results within energy and real estate. Underweights to consumer staples and real estate were additive, and an overweight to utilities was also positive.

#### Top Detractors From Performance
In 2025, and over the last three years in totality, we have seen macro factors create meaningful pressure on the Fund's returns. Large size, strong momentum, high volatility, and high beta stocks have outperformed, making for a top-heavy market and creating headwinds for our quality-value strategy. Earnings quality has also underperformed. Against this backdrop, the Fund underperformed for the year. Overall stock selection was the primary driver of relative underperformance, while sector allocation was also negative. Selection results within industrials were the top detractor, attributable largely to a professional staffing company that underperformed and impacted performance for much of the year. Stock selection within health care, consumer staples, and communication services, along with underweights to information technology and communication services, also contributed to underperformance.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234451.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Large Core Value Fund** | 12.18% | 10.30% | 9.86% |
| **Russell 1000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes)** | 15.91% | 11.33% | 10.53% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$129660991 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$805186 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.4% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234456.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Large Growth Stock Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Large Growth Stock Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Large Growth Stock Fund | $99 | 0.92% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Large Growth Stock Fund returned 15.28% for the twelve-months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.37%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's performance benchmark, returned 18.56%.

#### Top Contributors To Performance
An underweight allocation to the consumer staples sector contributed to relative performance during the period. In addition, the industrials and business services sectors further aided relative returns, driven by favorable stock selection, including the position in GE Aerospace.

#### Top Detractors From Performance
The consumer discretionary sector detracted from relative performance, primarily due to unfavorable stock selection, including the position in Chipotle Mexican Grill. The health care sector also weighed on relative performance, largely due to stock selection, including the position in UnitedHealth Group.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Large Growth Stock Fund** | 15.28% | 9.08% | 13.87% |
| **Russell 1000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)** | 18.56% | 15.32% | 18.13% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$376680617 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2468310 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.7% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234060.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

 *<sup>2</sup> Includes non-equity investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Limited Maturity Bond Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Limited Maturity Bond Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Limited Maturity Bond Fund | $76 | 0.74% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Limited Maturity Bond Fund returned 6.16% for the twelve-months ended December 31, 2025. During the same period, the Bloomberg U.S. Aggregate Bond Index, the Fund's broad-based benchmark, returned 7.30%, while the Bloomberg U.S. Government/Credit 1-3 Year Bond Index, the Fund's performance benchmark, returned 5.35%.

#### Top Contributors To Performance
Performance over the past year was led by securitized overweights. An overweight to agency mortgage-backed securities (agency MBS) and commercial mortgage-backed securities (CMBS) contributed to performance, as carry and tighter spreads outpaced the benchmark's minimal exposure.

Spread tightening in investment-grade and high-yield corporate bonds contributed to excess returns versus the benchmark. Strong investor demand for attractive all-in yields across most sectors contributed to spread tightening throughout the year.

#### Top Detractors From Performance
An underweight in agency and Treasury securities modestly detracted from performance.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234559.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Limited Maturity Bond Fund** | 6.16% | 2.84% | 2.84% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg U.S. Government/Credit 1-3 Year Bond Index (reflects no deduction for fees, expenses or taxes)** | 5.35% | 1.97% | 2.09% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$69799561 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of waivers)** | &nbsp;&nbsp;&nbsp;&nbsp;$309825 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;7.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;1.8 Years |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Asset Class Allocation**

---

| | |
|:---|:---|
| Asset Backed Securities | 31.8% |
| Corporate Bonds | 30.9% |
| Residential Mortgage Backed Securities | 28.2% |
| Commercial Mortgage Backed Securities | 7.5% |
| Money Market Funds | 1.6% |

---

 **Bond Quality Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234564.jpg)

 *<sup>1</sup> Source: Independent Rating Agencies such as Moody's, S&P and Fitch.*

*Note: When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. "NR" is used to classify securities for which a rating is not available.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Mid Cap Growth Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Mid Cap Growth Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Mid Cap Growth Fund | $96 | 0.96% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Mid Cap Growth Fund returned 0.85% for the twelve-months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.37%, while the Russell Midcap<sup>®</sup> Growth Index, the Fund's performance benchmark, returned 8.66%.

#### Top Contributors To Performance
Coherent Corp., the largest contributor to the Fund's relative performance, specializes in the development, manufacturing, and marketing of materials, opto-electronic components, and lasers for various markets across industrial, communications, electronics, and instrumentation. Howmet Aerospace Inc., another top contributor, specializes in the development and manufacturing of lightweight metal products for the aerospace and defense industries. IDEXX Laboratories, Inc. also contributed to relative performance. The company engages in the development, manufacture, and distribution of products and services for the animal veterinary, livestock and poultry, dairy, and water testing markets.

#### Top Detractors From Performance
Floor & Decor Holdings, Inc., a top detractor from relative performance, engages in the retailing of hard surface flooring and related accessories. Trex Company, Inc., another top detractor, offers wood-alternative decking and railing. Its products include deck framing and drainage, outdoor lighting, furniture, pergolas and outdoor kitchens, fencing, collections, and accessory hardware. Pool Corporation also detracted from performance. The company engages in the wholesale distribution of swimming pool supplies, equipment, and related leisure products.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234235.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Mid Cap Growth Fund** | 0.85% | (0.01)% | 10.83% |
| **Russell 1000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.37% | 13.59% | 14.59% |
| **Russell Midcap<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)** | 8.66% | 6.65% | 12.49% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$118899874 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$863026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc., Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 2.2% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234240.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Mid Cap Value Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Mid Cap Value Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Mid Cap Value Fund | $86 | 0.83% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Mid Cap Value Fund returned 6.80% for the twelve-months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.37%, while the Russell Midcap<sup>®</sup> Value Index, the Fund's performance benchmark, returned 11.05%.

#### Top Contributors To Performance
Relative contributors to performance included BWX Technologies, the sole supplier of nuclear power systems to the U.S. Navy. The company has received increased attention from investors due to both the outlook for increased military spending and its potential role in the development of small-scale nuclear facilities to power data centers. Longtime holding Casey's General Stores, another positive contributor, owns and operates gas stations and convenience stores mostly in smaller communities, where it has established a strong competitive footprint. The company has delivered very strong earnings growth, aided by its expanding store footprint.

#### Top Detractors From Performance
Relative performance was hindered by our position in Bath & Body Works. The specialty retailer reported disappointing revenue growth and reduced guidance, reflecting both cautious spending and operational issues that need to be addressed. We significantly reduced our holdings given our concerns over poor execution by management. Westlake Corporation was another relative detractor from performance. This low-cost supplier of petrochemicals, polyvinyl chloride (PVC) pipe, and other residential building products missed its first-quarter earnings targets as higher raw-material costs pressured margins.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234271.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Mid Cap Value Fund** | 6.80% | 8.69% | 6.16% |
| **Russell 1000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.37% | 13.59% | 14.59% |
| **Russell Midcap<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes)** | 11.05% | 9.83% | 9.78% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$84605575 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of waivers)** | &nbsp;&nbsp;&nbsp;&nbsp;$458726 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 2.0% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234276.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Mid Core Value Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Mid Core Value Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Mid Core Value Fund | $109 | 1.04% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Mid Core Value Fund returned 8.68% for the twelve-months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.37%, while the Russell Midcap<sup>®</sup> Value Index, the Fund's performance benchmark, returned 11.05%.

#### Top Contributors To Performance
Stock selection in the industrials sector supported relative performance due in part to the Fund's positions in Oshkosh and Cummins. Additionally, stock selection in specialized REITs supported relative performance in the real estate sector.

Among individual holdings, Teradyne was a relative contributor. This semiconductor test company delivered strong earnings with sales and profit hitting the top end of the guidance range. Teradyne benefits from robust artificial intelligence testing demand across all its segments.

#### Top Detractors From Performance
Stock selection in the information technology sector weighed on relative performance. The portfolio was underweight to the sector, which has continued to benefit from ample artificial intelligence-related capital expenditures. Stock selection in the materials sector also weighed on relative performance.

Graphic Packaging Holding was a notable individual detractor. Shares of this consumer goods packaging company slumped due to weak volumes, and as a result, the company cut its guidance.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234343.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Mid Core Value Fund** | 8.68% | 8.65% | 8.96% |
| **Russell 1000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.37% | 13.59% | 14.59% |
| **Russell Midcap<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes)** | 11.05% | 9.83% | 9.78% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$65600820 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$498651 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 1.6% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234348.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Moderate Allocation Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Moderate Allocation Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Moderate Allocation Fund | $32 | 0.30% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Moderate Allocation Fund returned 11.17% for the twelve-month period ending December 31, 2025, compared to its broad-based benchmarks, the Russell 3000<sup>®</sup> Index's return of 17.15% and the Bloomberg U.S. Aggregate Bond Index's return of 7.30% for the same time period.

#### Top Contributors To Performance
From an asset allocation perspective, developed international stocks, large-cap growth stocks and emerging market stocks were the top contributors. Developed international and emerging market equities outperformed U.S. stocks, supported by a weaker dollar, easing monetary policy, expansionary fiscal measures and relatively lower valuations. A defining theme of the 2025 equity market was artificial intelligence (AI), with gains driven predominantly by a narrow group of mega-cap companies with significant exposure to AI infrastructure, research and monetization. This dynamic contributed to the outperformance of large-cap growth stocks.

From a manager selection perspective, the Penn Series Quality Bond, Limited Maturity Bond and High Yield Bond Funds emerged as the top contributors.

#### Top Detractors From Performance
From an asset allocation perspective, REITs, large-cap value stocks and mid-cap value stocks were the top detractors. REITs continued to face pressure from elevated interest rates and structural weaknesses in the office real estate segment. Value stocks underperformed growth stocks, largely due to the AI-driven market dynamics discussed above.

From a manager selection perspective, the Penn Series International Equity, Mid Cap Growth and Large Cap Value Funds were the top detractors.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market indices.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234703.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Moderate Allocation Fund** | 11.17% | 5.59% | 6.97% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$186228412 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$229819 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 29.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 20.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series High Yield Bond Fund | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Mid Core Value Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Growth Stock Fund | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series International Equity Fund | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Limited Maturity Bond Fund | 3.0% |

---

 **Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234708.jpg)

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Moderately Aggressive Allocation Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Moderately Aggressive Allocation Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Moderately Aggressive Allocation Fund | $32 | 0.30% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Moderately Aggressive Allocation Fund returned 12.00% for the twelve-month period ending December 31, 2025, compared to its broad-based benchmarks, the Russell 3000<sup>®</sup> Index's return of 17.15% and the Bloomberg U.S. Aggregate Bond Index's return of 7.30% for the same time period.

#### Top Contributors To Performance
From an asset allocation perspective, developed international stocks, large-cap growth stocks and emerging market stocks were the top contributors. Developed international and emerging market equities outperformed U.S. stocks, supported by a weaker dollar, easing monetary policy, expansionary fiscal measures and relatively lower valuations. A defining theme of the 2025 equity market was artificial intelligence (AI), with gains driven predominantly by a narrow group of mega-cap companies with significant exposure to AI infrastructure, research and monetization. This dynamic contributed to the outperformance of large-cap growth stocks.

From a manager selection perspective, the Penn Series Quality Bond, Small Cap Growth and Limited Maturity Bond Funds emerged as the top contributors.

#### Top Detractors From Performance
From an asset allocation perspective, REITs, large-cap value stocks and mid-cap value stocks were the top detractors. REITs continued to face pressure from elevated interest rates and structural weaknesses in the office real estate segment. Value stocks underperformed growth stocks, largely due to the AI-driven market dynamics discussed above.

From a manager selection perspective, the Penn Series International Equity, Large Core Growth and Large Cap Value Funds were the top detractors.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market indices.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234667.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Moderately Aggressive Allocation Fund** | 12.00% | 7.02% | 8.10% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$189395950 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$231843 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 24.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Cap Value Fund | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series International Equity Fund | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Growth Stock Fund | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Core Value Fund | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Mid Core Value Fund | 3.9% |

---

 **Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234672.jpg)

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Moderately Conservative Allocation Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Moderately Conservative Allocation Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Moderately Conservative Allocation Fund | $34 | 0.32% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Moderately Conservative Allocation Fund returned 9.52% for the twelve-month period ending December 31, 2025, compared to its broad-based benchmarks, the Russell 3000<sup>®</sup> Index's return of 17.15% and the Bloomberg U.S. Aggregate Bond Index's return of 7.30% for the same time period.

#### Top Contributors To Performance
From an asset allocation perspective, developed international stocks, large-cap growth stocks and high-yield bonds were the top contributors. Both developed international and emerging market equities outperformed U.S. stocks, supported by a weaker dollar, easing monetary policy, expansionary fiscal measures and relatively lower valuations. A defining theme of the 2025 equity market was artificial intelligence (AI), with gains driven predominantly by a narrow group of mega-cap companies with significant exposure to AI infrastructure, research and monetization. This dynamic contributed to the outperformance of large-cap growth stocks. High-yield bonds outperformed the U.S. Aggregate Bond Index, supported by spread tightening and their higher income profile.

From a manager selection perspective, the Penn Series Quality Bond, Limited Maturity Bond and High Yield Bond Funds emerged as the top contributors.

#### Top Detractors From Performance
From an asset allocation perspective, REITs, large-cap value stocks and mid-cap value stocks were the top detractors. REITs continued to face pressure from elevated interest rates and structural weaknesses in the office real estate segment. Value stocks underperformed growth stocks, largely due to the AI-driven market dynamics discussed above.

From a manager selection perspective, the Penn Series International Equity, Large Cap Value and Flexibly Managed Funds were the top detractors.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market indices.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234739.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Moderately Conservative Allocation Fund** | 9.52% | 4.64% | 5.76% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$71364189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$86842 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 45.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Limited Maturity Bond Fund | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series High Yield Bond Fund | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series International Equity Fund | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Cap Value Fund | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Core Value Fund | 2.0% |

---

 **Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234744.jpg)

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Money Market Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Money Market Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Money Market Fund | $59 | 0.58% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$113088626 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$412042 |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills<br> 3.855%, 01/02/26 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee Valley Authority<br> 3.646%, 01/21/26 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage<br> 3.643%, 01/23/26 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills<br> 3.556%, 03/05/26 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Discount Notes<br> 3.633%, 03/09/26 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Banks<br> 3.653%, 03/11/26 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Banks<br> 3.640%, 02/04/26 | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Banks<br> 3.690%, 02/20/26 | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Discount Notes<br> 3.705%, 01/26/26 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage<br> 3.598%, 02/09/26 | 4.4% |

---

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Quality Bond Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Quality Bond Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Quality Bond Fund | $71 | 0.68% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Quality Bond Fund returned 7.56% for the twelve-months ended December 31, 2025. During the same period, the Bloomberg U.S. Aggregate Bond Index, the Fund's broad-based benchmark, returned 7.30%.

#### Top Contributors To Performance
Following significant volatility early in 2025 surrounding the implementation of tariffs, fixed income markets quickly rebounded. The Federal Reserve resumed interest-rate cuts in September as inflation signals eased and the labor market appeared to soften. The portfolio's overweight in spread products contributed to excess returns versus the benchmark. Overweights in residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) were the principal drivers. We maintained duration consistent with the benchmark, along with curve positioning that benefited from the steepening of the Treasury curve.

#### Top Detractors From Performance
Investment-grade (IG) and high-yield corporate exposures provided essentially flat excess returns relative to the index, lagging the other sectors in the portfolio, particularly the strong performance of structured products.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234523.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Quality Bond Fund** | 7.56% | 0.17% | 2.67% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)** | 7.30% | (0.36)% | 2.01% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$347257344 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1578746 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;11.4 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Asset Class Allocation**

---

| | |
|:---|:---|
| Residential Mortgage Backed Securities | 40.8% |
| Corporate Bonds | 24.5% |
| Commercial Mortgage Backed Securities | 12.5% |
| U.S. Treasury Obligations | 11.6% |
| Asset Backed Securities | 9.7% |
| Municipal Bonds | 0.8% |
| Money Market Funds | 0.1% |

---

 **Bond Quality Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234528.jpg)

 *<sup>1</sup> Source: Independent Rating Agencies such as Moody's, S&P and Fitch.*

*Note: When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. "NR" is used to classify securities for which a rating is not available.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Real Estate Securities Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Real Estate Securities Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Real Estate Securities Fund | $98 | 0.97% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Real Estate Securities Fund returned 2.30% for the twelve-months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.15%, while the FTSE NAREIT All Equity REITs Index, the Fund's performance benchmark, returned 2.27%.

#### Top Contributors To Performance
Stock selection and an overweight in the health care sector aided relative performance, led by an overweight in Welltower, which rallied on strong senior housing operating fundamentals. Not owning Alexandria Real Estate Equities was also beneficial, as the stock declined significantly after the company's earnings fell short of expectations. An underweight in the apartment sector aided performance as well. While supply is broadly turning more supportive, the magnitude and duration of challenges within the Sunbelt region remain to be seen. Stock selection in offices further aided performance, and the timing of an allocation to Kilroy Realty was beneficial.

#### Top Detractors From Performance
An underweight and stock selection in industrial REITs detracted from performance, as the sector outperformed amid optimism about a rebound in demand. An overweight in cold-storage operator Americold Realty Trust also hindered performance. The company has been contending with weakening occupancy trends, with supply not expected to peak until next year. An overweight in single-family homes for rent also hindered performance, as the sector lagged amid a step-down in interest rates during the year. An underweight in regional malls detracted, as the sector benefited from signs of resilient consumer spending.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234379.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Real Estate Securities Fund** | 2.30% | 5.33% | 6.08% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **FTSE NAREIT All Equity REITs Index (reflects no deduction for fees, expenses or taxes)** | 2.27% | 4.85% | 5.77% |

---

**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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$93983988 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$688429 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 11.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | 3.3% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234384.jpg)

*<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Small Cap Growth Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Small Cap Growth Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Small Cap Growth Fund | $103 | 0.99% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Small Cap Growth Fund returned 8.66% for the twelve-months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.15%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's performance benchmark, returned 13.01%.

#### Top Contributors To Performance
Praxis Precision Medicines, a clinical-stage biopharmaceutical company, was a top contributor to performance. The company has gained increased attention from investors after reporting positive late-stage trial results for several products. Avidity Biosciences, another contributor, is developing next-generation therapies that target genetic drivers of diseases. We originally invested in Avidity because of our confidence in its differentiated pipeline and proprietary technology. Our conviction paid off when global pharmaceutical company Novartis announced its acquisition of Avidity, leading to a jump in the stock price.

#### Top Detractors From Performance
Relative performance was hindered by our investment in Shift4 Payments, a provider of payment processing technology solutions to the hospitality and live education sectors. The company reported slower-than-expected growth in payment volumes, which pressured its earnings growth. BellRing Brands, another detractor, is a leading supplier of branded ready-to-drink protein shakes. The stock declined after the company reported slightly slower-than-expected sales growth that it attributed to inventory clearing by retailers.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234163.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Growth Fund** | 8.66% | 3.68% | 10.14% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Russell 2000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)** | 13.01% | 3.18% | 9.57% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$93966199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$651531 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial PLC, ADR | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CECO Environmental Corp. | 1.5% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234168.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Small Cap Index Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Small Cap Index Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Small Cap Index Fund | $75 | 0.71% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Small Cap Index Fund returned 12.01% for the twelve-months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.15%, while the Russell 2000<sup>®</sup> Index, the Fund's performance benchmark, returned 12.81%.

#### Top Contributors To Performance
On an individual security level, the top contributors to the Fund's performance during the reporting period were EchoStar Corp., Credo Technology Group Holding Ltd and Bloom Energy Corp. On a sector level, the top contributors to the Fund's performance during the reporting period were health care and industrials.

#### Top Detractors From Performance
On an individual security level, the top detractors from the Fund's performance during the reporting period were SPS Commerce Inc., Vaxcyte Inc. and Six Flags Entertainment Corp. On a sector level, the top detractors from the Fund's performance during the reporting period were energy and consumer staples.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234883.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Index Fund** | 12.01% | 5.41% | 8.91% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Russell 2000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes)** | 12.81% | 6.09% | 9.62% |

---

**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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$80515157 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$236998 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., Class A | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc., Class A | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Co. | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. | 0.4% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234888.jpg)

*<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### Small Cap Value Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series Small Cap Value Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| Small Cap Value Fund | $102 | 0.97% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series Small Cap Value Fund returned 10.78% for the twelve-months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.15%, while the Russell 2000<sup>®</sup> Value Index, the Fund's performance benchmark, returned 12.59%.

#### Top Contributors To Performance
Precious metals mining company Coeur Mining was the top contributor to performance. It benefited from rising precious-metal prices, strong operational execution and reduced inflationary pressure. ESCO Technologies, Inc., an aerospace and industrials specialty component provider, was another top contributor. Its shares rose on robust revenue growth across the company's Navy, commercial aerospace and utility end markets. ESCO also benefited from rising electricity demand, which drove increased capital expenditures. We view ESCO favorably due to its attractive valuation, experienced management team and exposure to defense and utility spending growth.

#### Top Detractors From Performance
ASGN, Inc., a professional staffing and IT consulting firm, was the top detractor from performance. The stock faced headwinds due to weaker defense bookings and ongoing IT spending pressures on the commercial side. We continue to like ASGN given its conservative balance sheet, strong cash flow generation and exposure to areas outside of traditional temporary staffing. Perella Weinberg Partners, a global investment bank, was another detractor. The stock declined due to disappointing earnings results consequent to a slowdown in M&A activity. We view the company as well-positioned for superior growth compared to its peers, given its more developed platforms, record M&A pipeline and attractive valuation.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11233983.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Value Fund** | 10.78% | 7.53% | 8.12% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Russell 2000<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes)** | 12.59% | 8.88% | 9.27% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$143166479 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;186 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$968844 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corp. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renasant Corp. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc. | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | 1.1% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11233988.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### SMID Cap Growth Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series SMID Cap Growth Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| SMID Cap Growth Fund | $106 | 1.05% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series SMID Cap Growth Fund returned 2.00% for the twelve-months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.15%, while the Russell 2500<sup>®</sup> Growth Index, the Fund's performance benchmark, returned 10.31%.

#### Top Contributors To Performance
High-speed connectivity solutions provider Credo Technology Group Holding Ltd. (Credo) was the top contributor to performance. The stock rallied due to robust demand for Credo's active electrical cable product, and for its digital signal processors and retimers, which gained solid traction. We believe its valuation remains attractive and see several catalysts for the stock. Coherent Corp., a manufacturer of optical materials and semiconductors, was another contributor. Its share price appreciated given accelerating demand for high-speed optical connectivity products for artificial intelligence data centers and communications infrastructure, record revenues and investor optimism surrounding new product launches.

#### Top Detractors From Performance
Monday.com Ltd., a cloud-based platform that allows users to create their own applications and project management software, was the top detractor from performance. The stock declined due to increased customer acquisition costs in the small and midsize business segment and bearish sentiment around software, and we sold our position. Rocket Lab Corp., a company that builds, launches, and operates rockets and spacecraft, was another top detractor. Although Rocket Lab's shares appreciated, it was a detractor for the portfolio due to our entry timing. We ultimately exited our position in Rocket Lab in favor of other names in the portfolio with better risk-reward profiles.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234811.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **SMID Cap Growth Fund** | 2.00% | 0.10% | 10.46% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Russell 2500<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)** | 10.31% | 2.98% | 10.55% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$67061711 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$501524 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;129% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 1.7% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234816.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

### Penn Series Funds, Inc.

#### SMID Cap Value Fund
![TSR - Fund Logo 2](g58880images_30353.jpg)

#### annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about the Penn Series SMID Cap Value Fund ("Fund") for the period of January 01, 2025 to December 31, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

#### This report describes changes to the Fund that occurred during the reporting period.

### Fund Expenses
Based on a hypothetical $10,000 investment

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| SMID Cap Value Fund | $116 | 1.15% |

---

### Management's Discussion of Fund Performance

#### Summary of results
The Penn Series SMID Cap Value Fund returned 2.60% for the twelve-months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based benchmark, returned 17.15%, while the Russell 2500<sup>®</sup> Value Index, the Fund's performance benchmark, returned 12.73%.

#### Top Contributors To Performance
Top contributors to performance were Lumentum Holdings, Globus Medical and Invesco. Lumentum outperformed on strong June quarter results and raised guidance, driven by robust artificial intelligence (AI)-related demand for data centers. Globus Medical benefited from the successful integration of recent acquisitions, which drove margin improvements and expanded its product portfolio in spine and pain management. Shares of Invesco rose after the company started a process to convert its flagship QQQ trust from a unit investment trust to an open-ended mutual fund.

#### Top Detractors From Performance
Top detractors from performance were Bath & Body Works, Graphic Packaging and Integer Holdings Group. Bath & Body Works reported weaker-than-expected quarterly results and lowered its full-year outlook. Investors reacted negatively to near-term margin pressures and uncertainty around execution. Broader concerns about slowing consumer demand and promotional intensity in the retail sector further weighed on sentiment. Graphic Packaging's performance was largely attributed to a downward revision in earnings guidance and ongoing margin pressures, driven by weaker volumes and increased competition in the packaging sector. Integer Holdings Group also detracted, largely driven by a downward revision to its full-year guidance, which stemmed from weaker-than-expected adoption of several new products and reduced customer forecasts.

### Fund Performance
The following graph shows the change in value of an assumed $10,000 investment in the Fund over the most recent 10 years, as well as the Fund's appropriate broad-based securities market index and an additional index with characteristics relevant to the Fund for the same period.

#### Growth of $10,000
For the period December 31, 2015 through December 31, 2025

![Fund Performance - Growth of 10K](g58880chartimages_11234847.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return (as of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **SMID Cap Value Fund** | 2.60% | 8.36% | 8.11% |
| **Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% |
| **Russell 2500<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes)** | 12.73% | 10.02% | 9.72% |

---

 **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.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$43343233 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$374056 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.

 **Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hanover Insurance Group, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | 1.5% |

---

 **Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g58880chartimages_11234852.jpg)

 *<sup>1</sup> Sector allocation is presented as a percentage of total investments before short-term investments.*

### Material Fund Changes
There were no material changes during the reporting period.

### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

### Availability of Additional Information
You can find additional information about the Fund's such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

![TSR - QR Code](g58880images_30352.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

------

#### Item 2. Code of Ethics.
(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 (the "Code of Ethics").

(b) There have been no 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 definition enumerated in Item 2(b) of Form N-CSR.

(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 Item 2(b) of Form N-CSR.

(e) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
3(a)(1) The Registrant's Board of Directors has determined that Ms. Rebecca C. Matthias, who serves on the Registrant's audit committee, qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR.

3(a)(2) 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> 

(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 $596,565 for 2025 and $579,165 for 2024.

<u>Audit-Related Fees</u> 

(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 2025 and $0 for 2024.

------

<u>Tax Fees</u> 

(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 2025 and $0 for 2024.

<u>All Other Fees</u> 

(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 2025 and $0 for 2024.

---

| | |
|:---|:---|
| (e)(1) | Audit Committee's Pre-Approval Policies and Procedures. 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, LLC ("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.

(f) Not applicable.

(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 2025 and $0 for 2024.

------

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
(a) Not applicable.

(b) Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 of this Form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
The annual financial statements, and the Financial Highlights are attached herewith.

------

![](g58880imgadcf220a1.gif)

## Penn Series Funds, Inc.
■ 2025 Annual Financials and Other Information

Available through Penn Mutual Variable Products

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

### **Table of Contents**

### Financial Statements (Form N-CSR Item 7)

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_e76429f5-a68b-4d92-81d9-c0f16be2361d_1)<br>**  | &nbsp;&nbsp;2 |
| **[Statements of Assets and Liabilities](#xx_660ff86b-25e2-4f5c-b0a9-38f04e25eb78_1)<br>**  | &nbsp;&nbsp;105 |
| **[Statements of Operations](#xx_660ff86b-25e2-4f5c-b0a9-38f04e25eb78_9)<br>**  | &nbsp;&nbsp;113 |
| **[Statements of Changes in Net Assets](#xx_660ff86b-25e2-4f5c-b0a9-38f04e25eb78_16)<br>**  | &nbsp;&nbsp;120 |
| **[Financial Highlights](#xx_67d64df8-055d-40be-8cb0-9c62af6727ae_1)<br>**  | &nbsp;&nbsp;128 |
| **[Notes to Financial Statements](#xx_cbced4de-6d3e-4a54-8853-bfa420ce1121_1)<br>**  | &nbsp;&nbsp;157 |
| **[Report of Independent Registered Public Accounting Firm](#xx_8a2ae30a-98ca-4b19-ae68-6771df11ae49_1)<br>**  | &nbsp;&nbsp;179 |
| **[Tax Information](#xx_9f40a457-618d-4bf2-853a-b2d55007977d_1)<br>**  | 180 |
| **[Disclosure of Portfolio Holdings](#xx_9f40a457-618d-4bf2-853a-b2d55007977d_2)<br>**  | &nbsp;&nbsp;181 |
| **[Voting Proxies on Fund Portfolio Securities](#xx_9f40a457-618d-4bf2-853a-b2d55007977d_2)<br>**  | &nbsp;&nbsp;181 |
| **[Fund Management](#xx_bb5fb4b9-5cb8-4943-9927-94a57a1f18e3_1)<br>**  | &nbsp;&nbsp;182 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Money Market Fund

---

| | |
|:---|:---|
| **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 100.0%** | **SHORT-TERM INVESTMENTS — 100.0%** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 18.3%** | **MONEY MARKET FUNDS — 18.3%** | **MONEY MARKET FUNDS — 18.3%** |
| Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 3.666%)<br> **(Cost $20,739,648)** | 20739648 | &nbsp;&nbsp;$**20739648** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** |  |
| **U.S. TREASURY OBLIGATIONS — 17.6%** | **U.S. TREASURY OBLIGATIONS — 17.6%** | **U.S. TREASURY OBLIGATIONS — 17.6%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.855%, 01/02/26 | $10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998934 |
| &nbsp;&nbsp;&nbsp;3.556%, 03/05/26 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938209 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $19,937,143)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $19,937,143)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19937143** |
| **AGENCY OBLIGATIONS — 64.1%** | **AGENCY OBLIGATIONS — 64.1%** | **AGENCY OBLIGATIONS — 64.1%** |
| Federal Farm Credit Banks |  |  |
| &nbsp;&nbsp;&nbsp;3.640%, 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7474358 |
| &nbsp;&nbsp;&nbsp;3.662%, 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;2769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752248 |
| Federal Home Loan Banks |  |  |
| &nbsp;&nbsp;&nbsp;3.690%, 02/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7461875 |
| &nbsp;&nbsp;&nbsp;3.653%, 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7944494 |
| &nbsp;&nbsp;&nbsp;3.597%, 03/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959894 |
| Federal National Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;3.643%, 01/23/26 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9977847 |
| &nbsp;&nbsp;&nbsp;3.598%, 02/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980608 |
| Freddie Mac Discount Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.705%, 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982087 |
| &nbsp;&nbsp;&nbsp;3.633%, 03/09/26 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9933000 |
| Tennessee Valley Authority<br> 3.646%, 01/21/26 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979833 |
| **TOTAL AGENCY OBLIGATIONS<br> (Cost $72,446,244)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**72446244** |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $113,123,035)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**113123035** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $113,123,035)** |  | &nbsp;&nbsp;**$113123035** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(34409)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$113088626** |

---

------

† See Security Valuation Note.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Money Market Funds | $20739648 | $20739648 | $— | $— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19937143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19937143 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72446244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;72446244 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | $113123035 | $20739648 | $92383387 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Limited Maturity Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 31.6%** | **ASSET BACKED SECURITIES — 31.6%** | **ASSET BACKED SECURITIES — 31.6%** |
| Cologix Data Centers US Issuer LLC, Series 2021-1A Class A2, 144A<br> 3.300%, 12/26/51@ | $1500 | &nbsp;&nbsp;$1474258 |
| Domino's Pizza Master Issuer LLC, Series 2021-1A Class A2I, 144A<br> 2.662%, 04/25/51@ | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664478 |
| ECMC Group Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-2A Class A (30 Day Average SOFR + 0.914%, Floor 0.800%), 144A<br> 4.789%, 09/25/68@,• | &nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051028 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A Class A1A, 144A<br> 2.720%, 07/25/69@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893004 |
| First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A<br> 7.396%, 01/20/33@,• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503806 |
| Flexential Issuer, Series 2021-1A Class A2, 144A<br> 3.250%, 11/27/51@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675793 |
| Navient Private Education Refi Loan Trust, Series 2020-EA Class A, 144A<br> 1.690%, 05/15/69@ | &nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314251 |
| Nelnet Student Loan Trust, Series 2004-4 Class B (90 Day Average SOFR + 0.562%),<br> 4.875%, 01/25/41• | &nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259217 |
| SLM Student Loan Trust, Series 2014-2 Class A3 (30 Day Average SOFR + 0.704%),<br> 4.579%, 03/25/55• | &nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520570 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-A Class B, 144A<br> 3.500%, 06/17/41@ | &nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470808 |
| &nbsp;&nbsp;&nbsp;Series 2014-A Class B, 144A<br> 4.000%, 09/15/42@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731359 |
| &nbsp;&nbsp;&nbsp;Series 2015-A Class C, 144A<br> 4.500%, 10/15/48@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999589 |
| &nbsp;&nbsp;&nbsp;Series 2021-C Class B, 144A<br> 2.300%, 01/15/53@ | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274215 |
| &nbsp;&nbsp;&nbsp;Series 2020-PTB Class A2A, 144A<br> 1.600%, 09/15/54@ | &nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511158 |
| TRINITAS CLO IV Ltd., Series 2016-4A Class A2L2 (3 M SOFR + 1.662%, Floor 1.400%), 144A<br> 5.546%, 10/18/31@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740802 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $22,164,965)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $22,164,965)** | &nbsp;&nbsp;&nbsp;**22084336** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 7.4%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 7.4%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 7.4%** |
| BX Trust, Series 2025-VOLT Class A (1 M SOFR + 1.700%, Floor 1.700%), 144A<br> 5.450%, 12/15/44@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001244 |
| FREMF Mortgage Trust, Series 2018-K82 Class C, 144A<br> 4.133%, 09/25/28@,• | &nbsp;&nbsp;&nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209775 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| SWCH Commercial Mortgage Trust, Series 2025-DATA Class A (1 M SOFR + 1.443%, Floor 1.443%), 144A<br> 5.193%, 02/15/42@,• | $2000 | &nbsp;&nbsp;$1981378 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $5,197,982)** | **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $5,197,982)** | &nbsp;&nbsp;&nbsp;**5192397** |
| **CORPORATE BONDS — 30.8%** | **CORPORATE BONDS — 30.8%** | **CORPORATE BONDS — 30.8%** |
| **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** |
| Cargill, Inc., 144A<br> 4.125%, 10/23/30@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996786 |
| **Airlines — 2.5%** | **Airlines — 2.5%** | **Airlines — 2.5%** |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 144A<br> 4.750%, 10/20/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;1080632 |
| United Airlines Pass Through Trust, Series 2020-1 Class B<br> 4.875%, 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1765724 |
| **Auto Manufacturers — 2.9%** | **Auto Manufacturers — 2.9%** | **Auto Manufacturers — 2.9%** |
| Ford Motor Credit Co. LLC<br> 5.125%, 11/05/26 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1005506 |
| General Motors Financial Co., Inc.<br> 5.350%, 01/07/30 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1033403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2038909 |
| **Banks — 5.8%** | **Banks — 5.8%** | **Banks — 5.8%** |
| First Maryland Capital II (3 M SOFR + 1.112%)<br> 4.965%, 02/01/27• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1487638 |
| State Street Corp. (3 M SOFR + 0.822%)<br> 4.673%, 05/15/28• | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1292050 |
| Wells Fargo & Co. (3 M SOFR + 1.262%)<br> 5.166%, 04/15/27• | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1244263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4023951 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| W.R. Grace Holdings LLC, 144A<br> 4.875%, 06/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989165 |
| **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
| Amphenol Corp.<br> 4.750%, 03/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500923 |
| **Hand & Machine Tools — 2.7%** | **Hand & Machine Tools — 2.7%** | **Hand & Machine Tools — 2.7%** |
| Regal Rexnord Corp.<br> 6.050%, 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;1878066 |
| **Lodging — 1.1%** | **Lodging — 1.1%** | **Lodging — 1.1%** |
| Las Vegas Sands Corp.<br> 5.625%, 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769163 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Limited Maturity Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| CCO Holdings LLC/CCO Holdings Capital Corp., 144A<br> 5.125%, 05/01/27@ | $1500 | &nbsp;&nbsp;$1497938 |
| **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** |
| Helmerich & Payne, Inc.<br> 4.650%, 12/01/27 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007893 |
| Repsol E&P Capital Markets US LLC, 144A<br> 4.805%, 09/16/28@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017616 |
| **Real Estate Investment Trusts — 3.6%** | **Real Estate Investment Trusts — 3.6%** | **Real Estate Investment Trusts — 3.6%** |
| SBA Tower Trust, 144A<br> 1.884%, 07/15/50@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497211 |
| **Software — 3.6%** | **Software — 3.6%** | **Software — 3.6%** |
| Concentrix Corp.<br> 6.650%, 08/02/26 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009730 |
| Open Text Corp., 144A<br> 3.875%, 02/15/28@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481687 |
| **TOTAL CORPORATE BONDS<br> (Cost $21,271,228)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**21457139** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — 28.1%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 28.1%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 28.1%** |
| **Collateralized Mortgage Obligations — 26.1%** | **Collateralized Mortgage Obligations — 26.1%** | **Collateralized Mortgage Obligations — 26.1%** |
| Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A<br> 2.774%, 12/25/59@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246637 |
| Bunker Hill Loan Depositary Trust, Series 2019-2 Class A3, 144A<br> 3.185%, 07/25/49@,(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563448 |
| Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A<br> 3.500%, 06/25/44@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441843 |
| Flagstar Mortgage Trust, Series 2020-2 Class A4, 144A<br> 3.000%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928054 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ7 Class A8, 144A<br> 2.500%, 01/25/52@,• | &nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp;2960903 |
| JP Morgan Mortgage Trust, Series 2019-9 Class A3, 144A<br> 3.500%, 05/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877641 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2 Class A5, 144A<br> 4.000%, 05/27/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167291 |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM8 Class A1, 144A<br> 7.045%, 09/25/63@,(1) | &nbsp;&nbsp;&nbsp;&nbsp;1812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830469 |
| PRKCM Trust, Series 2023-AFC3 Class A2, 144A<br> 6.987%, 09/25/58@,(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899429 |
| Sequoia Mortgage Trust, Series 2021-5 Class A5, 144A<br> 2.000%, 07/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638513 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-4 Class A1, 144A<br> 2.750%, 06/25/57@,• | $1319 | &nbsp;&nbsp;$1296120 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A2, 144A<br> 2.500%, 10/25/60@ | &nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846809 |
| Verus Securitization Trust, Series 2023-8 Class A2, 144A<br> 6.664%, 12/25/68@,(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905191 |
| 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;2780631 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2020-2 Class A1, 144A<br> 3.000%, 12/25/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18214634 |
| **Fannie Mae REMICS — 2.0%** | **Fannie Mae REMICS — 2.0%** | **Fannie Mae REMICS — 2.0%** |
| Series 2012-152 Class TA<br> 2.500%, 09/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365182 |
| **TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES<br> (Cost $21,267,123)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19579816** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 1.6%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $1,141,678)** | 1141678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1141678** |
| **TOTAL INVESTMENTS — 99.5%<br> (Cost $71,042,976)** |  | &nbsp;&nbsp;**$69455366** |
| **Other Assets & Liabilities — 0.5%** | **Other Assets & Liabilities — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**344195** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$69799561** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $50,254,992, which represents 72.0% of the Fund's net assets. |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Limited Maturity Bond Fund
• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

(1) Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at December 31, 2025.

---

| |
|:---|
| CLO— Collateralized Loan Obligation. |
| FREMF— Freddie Mac Multifamily Securities. |
| LLC— Limited Liability Company. |
| M— Month. |
| REMICS— Real Estate Mortgage Investment Conduits. |
| SOFR— Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United States | &nbsp;&nbsp;&nbsp;95% |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $22084336 | $— | $22084336 | $— |
| Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192397 | &nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;21457139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21457139 | &nbsp;&nbsp;&nbsp;— |
| Residential Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;19579816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19579816 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141678 | &nbsp;&nbsp;&nbsp;1141678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $69455366 | $1141678 | $68313688 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Quality Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 9.6%** | **ASSET BACKED SECURITIES — 9.6%** | **ASSET BACKED SECURITIES — 9.6%** |
| Apex Credit CLO Ltd., Series 2024-1A Class B1 (3 M SOFR + 2.400%, Floor 2.400%), 144A<br> 6.284%, 04/20/36@,• | $1000 | &nbsp;&nbsp;$1001432 |
| DB Master Finance LLC, Series 2025-1A Class A2II, 144A<br> 5.165%, 08/20/55@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2004878 |
| First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A<br> 7.396%, 01/20/33@,• | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010148 |
| Flexential Issuer LLC, Series 2025-1A Class A2, 144A<br> 6.030%, 10/25/60@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987126 |
| Granite Edvance Corp., Series 2020-1 Class A1A,<br> 1.550%, 09/25/60 | &nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537390 |
| ICG US CLO Ltd., Series 2015-2RA Class BR (3 M SOFR + 1.750%, Floor 1.750%), 144A<br> 5.644%, 01/16/33@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001862 |
| Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-EA Class B, 144A<br> 3.390%, 05/15/68@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2860957 |
| &nbsp;&nbsp;&nbsp;Series 2019-FA Class B, 144A<br> 3.120%, 08/15/68@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765499 |
| &nbsp;&nbsp;&nbsp;Series 2021-EA Class A, 144A<br> 0.970%, 12/16/69@ | &nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295143 |
| Navient Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-EA Class A2, 144A<br> 4.000%, 12/15/59@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248360 |
| &nbsp;&nbsp;&nbsp;Series 2023-BA Class A1A, 144A<br> 6.480%, 03/15/72@ | &nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295413 |
| Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-4 Class B (90 Day Average SOFR + 0.562%),<br> 4.875%, 01/25/41• | &nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259217 |
| &nbsp;&nbsp;&nbsp;Series 2021-CA Class B, 144A<br> 2.530%, 04/20/62@ | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;3079044 |
| SLM Student Loan Trust, Series 2014-2 Class A3 (30 Day Average SOFR + 0.704%),<br> 4.579%, 03/25/55• | &nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp;2205499 |
| SMB Private Education Loan Trust, Series 2014-A Class B, 144A<br> 4.000%, 09/15/42@ | &nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316447 |
| Taco Bell Funding LLC, Series 2025-1A Class A2II, 144A<br> 5.049%, 08/25/55@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992834 |
| Trysail CLO Ltd., Series 2022-1A Class B (3 M SOFR + 1.850%, Floor 1.850%), 144A<br> 5.734%, 10/20/33@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498542 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $33,127,255)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $33,127,255)** | &nbsp;&nbsp;&nbsp;**33359791** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.4%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.4%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.4%** |
| BANK, Series 2021-BN37 Class AS,<br> 2.851%, 11/15/64• | $1650 | &nbsp;&nbsp;$1449394 |
| BANK5, Series 2024-5YR5 Class C,<br> 7.011%, 02/15/29• | &nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617483 |
| 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;4923910 |
| FREMF Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-K735 Class B, 144A<br> 4.020%, 05/25/26@,• | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969926 |
| &nbsp;&nbsp;&nbsp;Series 2019-K736 Class B, 144A<br> 3.741%, 07/25/26@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490638 |
| &nbsp;&nbsp;&nbsp;Series 2018-K82 Class C, 144A<br> 4.133%, 09/25/28@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965134 |
| &nbsp;&nbsp;&nbsp;Series 2016-K53 Class C, 144A<br> 4.277%, 03/25/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526447 |
| &nbsp;&nbsp;&nbsp;Series 2017-K70 Class C, 144A<br> 3.811%, 12/25/49@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962026 |
| &nbsp;&nbsp;&nbsp;Series 2017-K63 Class B, 144A<br> 3.880%, 02/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488189 |
| &nbsp;&nbsp;&nbsp;Series 2018-K85 Class C, 144A<br> 4.320%, 12/25/50@,• | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461930 |
| &nbsp;&nbsp;&nbsp;Series 2018-K83 Class B, 144A<br> 4.281%, 11/25/51@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992868 |
| &nbsp;&nbsp;&nbsp;Series 2019-K102 Class B, 144A<br> 3.531%, 12/25/51@,• | &nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5133249 |
| &nbsp;&nbsp;&nbsp;Series 2019-K95 Class B, 144A<br> 3.915%, 08/25/52@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460569 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C51 Class A3,<br> 3.055%, 06/15/52 | &nbsp;&nbsp;&nbsp;2829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725204 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $44,457,895)** | **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $44,457,895)** | &nbsp;&nbsp;&nbsp;**43166967** |
| **CORPORATE BONDS — 24.4%** | **CORPORATE BONDS — 24.4%** | **CORPORATE BONDS — 24.4%** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| The Boeing Co.<br> 3.500%, 03/01/39 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636241 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| Ford Motor Credit Co. LLC<br> 5.303%, 09/06/29 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015190 |
| **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** |
| Allfirst Preferred Capital Trust (3 M SOFR + 1.762%)<br> 5.666%, 07/15/29• | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439522 |
| JPMorgan Chase & Co., Series B (3 M SOFR + 0.762%)<br> 4.615%, 02/01/27• | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176661 |
| State Street Corp. (3 M SOFR + 0.822%)<br> 4.673%, 05/15/28• | &nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791993 |
| The PNC Financial Services Group, Inc. (SOFRRATE + 1.841%)<br> 5.582%, 06/12/29• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556306 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Quality Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| US Bancorp (UST Yield Curve CMT 5 Yr + 0.950%)<br> 2.491%, 11/03/36• | $2500 | &nbsp;&nbsp;$2184478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14148960 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Constellation Brands, Inc.<br> 4.500%, 05/09/47 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678234 |
| Keurig Dr Pepper, Inc.<br> 2.250%, 03/15/31 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3463955 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| Amgen, Inc.<br> 5.600%, 03/02/43 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027401 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| The Sherwin-Williams Co.<br> 4.800%, 09/01/31 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2049557 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br> 3.000%, 10/29/28 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2909487 |
| **Electric — 3.5%** | **Electric — 3.5%** | **Electric — 3.5%** |
| CMS Energy Corp. (UST Yield Curve CMT 5 Yr + 2.900%)<br> 3.750%, 12/01/50• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843952 |
| Dominion Energy, Inc., Series A (UST Yield Curve CMT 5 Yr + 2.386%)<br> 6.875%, 02/01/55• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120989 |
| Duke Energy Carolinas LLC<br> 2.850%, 03/15/32 | &nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107524 |
| Northern States Power Co.<br> 3.600%, 09/15/47 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016263 |
| NRG Energy, Inc., 144A<br> 5.407%, 10/15/35@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1998473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12087201 |
| **Food — 2.3%** | **Food — 2.3%** | **Food — 2.3%** |
| Kraft Heinz Foods Co.<br> 4.625%, 10/01/39 | &nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp;&nbsp;2233999 |
| Mars, Inc., 144A<br> 5.700%, 05/01/55@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2000561 |
| The Hershey Co.<br> 1.700%, 06/01/30 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903012 |
| The J.M. Smucker Co.<br> 4.250%, 03/15/35 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2830032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7967604 |
| **Healthcare Products — 0.5%** | **Healthcare Products — 0.5%** | **Healthcare Products — 0.5%** |
| Revvity, Inc.<br> 2.250%, 09/15/31 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763015 |
| **Healthcare Services — 0.5%** | **Healthcare Services — 0.5%** | **Healthcare Services — 0.5%** |
| Health Care Service Corp. A Mutual Legal Reserve Co., 144A<br> 2.200%, 06/01/30@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817108 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Household Products & Wares — 0.8%** | **Household Products & Wares — 0.8%** | **Household Products & Wares — 0.8%** |
| Church & Dwight Co., Inc.<br> 2.300%, 12/15/31 | $3000 | &nbsp;&nbsp;$2667917 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Arthur J Gallagher & Co.<br> 5.000%, 02/15/32 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2047068 |
| New York Life Global Funding, 144A<br> 4.550%, 01/28/33@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2995886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5042954 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| Meta Platforms, Inc.<br> 5.500%, 11/15/45 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2436674 |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| Ares Capital Corp.<br> 2.875%, 06/15/28 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1912099 |
| **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** |
| Aker BP ASA, 144A<br> 5.250%, 10/30/35@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2447070 |
| Repsol E&P Capital Markets US LLC, 144A<br> 5.976%, 09/16/35@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2554442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5001512 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| Merck & Co., Inc.<br> 3.900%, 03/07/39 | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;1973953 |
| **Pipelines — 1.2%** | **Pipelines — 1.2%** | **Pipelines — 1.2%** |
| Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%)<br> 6.500%µ,• | &nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;2194625 |
| Western Midstream Operating LP<br> 5.450%, 11/15/34 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2017572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212197 |
| **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** |
| SBA Tower Trust, 144A<br> 1.884%, 07/15/50@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1498327 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| AutoNation, Inc.<br> 1.950%, 08/01/28 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415081 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| NXP BV/NXP Funding LLC/NXP USA, Inc.<br> 3.150%, 05/01/27 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976911 |
| **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |
| T-Mobile USA, Inc.<br> 3.000%, 02/15/41 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;1868053 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Quality Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| BNSF Railway Co. Pass-Through Trust, Series 2015-1, 144A<br> 3.442%, 06/16/28@ | $1811 | &nbsp;&nbsp;$1777088 |
| **TOTAL CORPORATE BONDS<br> (Cost $86,867,727)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**84668485** |
| **MUNICIPAL BONDS — 0.8%** | **MUNICIPAL BONDS — 0.8%** | **MUNICIPAL BONDS — 0.8%** |
| University of Virginia<br> 5.000%, 09/01/40<br> **(Cost $2,761,750)** | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2738586** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — 40.6%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 40.6%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 40.6%** |
| **Collateralized Mortgage Obligations — 19.8%** | **Collateralized Mortgage Obligations — 19.8%** | **Collateralized Mortgage Obligations — 19.8%** |
| Agate Bay Mortgage Trust, Series 2015-6 Class B1, 144A<br> 3.557%, 09/25/45@,• | &nbsp;&nbsp;&nbsp;&nbsp;1742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701100 |
| CIM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2 Class B1A, 144A<br> 4.740%, 05/25/49@,• | &nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210800 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A13, 144A<br> 3.000%, 04/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986672 |
| CSMC Trust, Series 2013-IVR2 Class A2, 144A<br> 3.000%, 04/25/43@,• | &nbsp;&nbsp;&nbsp;3249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969642 |
| Freddie Mac 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;2176877 |
| Ginnie Mae, Series 2018-37 Class BY,<br> 3.500%, 03/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728529 |
| GS Mortgage-Backed Securities Trust, Series 2020-PJ1 Class B1, 144A<br> 3.613%, 05/25/50@,• | &nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353424 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B1A, 144A<br> 2.927%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697166 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A3, 144A<br> 3.500%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985091 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A15, 144A<br> 3.000%, 11/25/50@,• | &nbsp;&nbsp;&nbsp;3947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446950 |
| &nbsp;&nbsp;&nbsp;Series 2021-1 Class A3, 144A<br> 2.500%, 06/25/51@,• | &nbsp;&nbsp;&nbsp;4242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558855 |
| &nbsp;&nbsp;&nbsp;Series 2021-1 Class A15, 144A<br> 2.500%, 06/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634065 |
| &nbsp;&nbsp;&nbsp;Series 2021-7 Class A15, 144A<br> 2.500%, 11/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073446 |
| JP Morgan Seasoned Mortgage Trust Series, Series 2024-1 Class A3, 144A<br> 4.377%, 01/25/63@,• | &nbsp;&nbsp;&nbsp;&nbsp;3140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024228 |
| MFA Trust, Series 2020-NQM1 Class B1, 144A<br> 4.978%, 08/25/49@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475285 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-3 Class A2,<br> 2.500%, 03/25/43• | &nbsp;&nbsp;&nbsp;&nbsp;7230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6418976 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** |
| &nbsp;&nbsp;&nbsp;Series 2017-5 Class A1, 144A<br> 3.500%, 08/25/47@,• | $1480 | &nbsp;&nbsp;$1352455 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A20, 144A<br> 2.500%, 11/25/50@,• | &nbsp;&nbsp;&nbsp;2481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066455 |
| &nbsp;&nbsp;&nbsp;Series 2021-5 Class A5, 144A<br> 2.000%, 07/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184684 |
| 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;2159745 |
| Vista Point Securitization Trust, Series 2020-1 Class M1, 144A<br> 4.151%, 03/25/65@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979248 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A<br> 3.000%, 06/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;3741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286122 |
| WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A<br> 3.781%, 01/20/46@,• | &nbsp;&nbsp;&nbsp;&nbsp;1436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;68850265 |
| **Fannie Mae Pool — 8.6%** | **Fannie Mae Pool — 8.6%** | **Fannie Mae Pool — 8.6%** |
| 2.000%, 08/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;4371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821330 |
| 3.500%, 10/01/45 | &nbsp;&nbsp;&nbsp;3885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3657986 |
| 1.500%, 06/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;3233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501734 |
| 2.000%, 11/01/51 | &nbsp;&nbsp;&nbsp;3893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165643 |
| 2.000%, 12/01/51 | &nbsp;&nbsp;&nbsp;2352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911791 |
| 3.000%, 03/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;8712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7738942 |
| 6.000%, 07/01/53 | &nbsp;&nbsp;&nbsp;3464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565020 |
| 5.500%, 12/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29926529 |
| **Fannie Mae REMICS — 0.9%** | **Fannie Mae REMICS — 0.9%** | **Fannie Mae REMICS — 0.9%** |
| Series 2019-48 Class MA<br> 3.000%, 09/25/49 | &nbsp;&nbsp;&nbsp;3709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289090 |
| **Freddie Mac Pool — 6.9%** | **Freddie Mac Pool — 6.9%** | **Freddie Mac Pool — 6.9%** |
| 5.000%, 12/01/44 | &nbsp;&nbsp;&nbsp;3586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639234 |
| 2.500%, 04/01/52 | &nbsp;&nbsp;&nbsp;9074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731642 |
| 4.000%, 09/01/52 | &nbsp;&nbsp;&nbsp;5979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713976 |
| 4.000%, 01/01/53 | &nbsp;&nbsp;&nbsp;4199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010977 |
| 5.500%, 08/01/53 | &nbsp;&nbsp;&nbsp;2749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23893284 |
| **Freddie Mac REMICS — 3.0%** | **Freddie Mac REMICS — 3.0%** | **Freddie Mac REMICS — 3.0%** |
| Series 5105 Class JM, 2.000%, 12/25/46 | &nbsp;&nbsp;&nbsp;3949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891555 |
| Series 5229 Class AL, 4.000%, 06/25/49 | &nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7360578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10252133 |
| **Ginnie Mae — 1.4%** | **Ginnie Mae — 1.4%** | **Ginnie Mae — 1.4%** |
| Series 2015-76 Class QB, 3.000%, 05/20/45 | &nbsp;&nbsp;&nbsp;&nbsp;2731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472825 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Quality Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** |
| **Ginnie Mae — (continued)** | **Ginnie Mae — (continued)** | **Ginnie Mae — (continued)** |
| 3.500%, 11/20/52 | $2639 | &nbsp;&nbsp;$2373837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846662 |
| **TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES<br> (Cost $146,121,516)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**141057963** |
| **U.S. TREASURY OBLIGATIONS — 11.6%** | **U.S. TREASURY OBLIGATIONS — 11.6%** | **U.S. TREASURY OBLIGATIONS — 11.6%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 05/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423020 |
| &nbsp;&nbsp;&nbsp;2.500%, 02/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911230 |
| &nbsp;&nbsp;&nbsp;3.000%, 02/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531894 |
| &nbsp;&nbsp;&nbsp;3.000%, 08/15/48 | &nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9071844 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911568 |
| U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 02/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471994 |
| &nbsp;&nbsp;&nbsp;2.125%, 02/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955189 |
| &nbsp;&nbsp;&nbsp;2.375%, 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452776 |
| U.S. Treasury Inflation Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, 01/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265742 |
| &nbsp;&nbsp;&nbsp;2.125%, 01/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103238 |
| &nbsp;&nbsp;&nbsp;1.875%, 07/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;4158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153179 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360547 |
| &nbsp;&nbsp;&nbsp;3.750%, 11/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435000 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $40,825,490)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $40,825,490)** | &nbsp;&nbsp;&nbsp;&nbsp;**40047221** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 0.1%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $445,704)** | 445704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**445704** |
| **TOTAL INVESTMENTS — 99.5%<br> (Cost $354,607,337)** |  | &nbsp;&nbsp;**$345484717** |
| **Other Assets & Liabilities — 0.5%** | **Other Assets & Liabilities — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1772627** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$347257344** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $131,423,499, which represents 37.8% 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. |

---

---

| |
|:---|
| ASA— Allmennaksjeselskap. |
| CLO— Collateralized Loan Obligation. |
| CMT— Constant Maturity Treasury. |
| FREMF— Freddie Mac Multifamily Securities. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| REMICS— Real Estate Mortgage Investment Conduits. |
| SOFR— Secured Overnight Financing Rate. |
| UST— US Treasury. |
| Yr— Year. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $33359791 | $— | $33359791 | $— |
| Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;43166967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;43166967 | &nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;84668485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;84668485 | &nbsp;&nbsp;&nbsp;— |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738586 | &nbsp;&nbsp;&nbsp;— |
| Residential Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;141057963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;141057963 | &nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;40047221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40047221 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445704 | &nbsp;&nbsp;&nbsp;445704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $345484717 | $445704 | $345039013 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **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 | $(32260) | $(32260) | $— | $— |
| Total Liabilities—Other Financial Instruments | $(32260) | $(32260) | $— | $— |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Quality Bond Fund
<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 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, 2025 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 10 Year Note | 03/20/26 | 40 | 1000 | $112 | $4497500 | $— | $(32260) |
|  |  |  |  |  |  |  | $— | $(32260) |

---

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### High Yield Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 0.5%** | **ASSET BACKED SECURITIES — 0.5%** | **ASSET BACKED SECURITIES — 0.5%** |
| Frontier Issuer LLC, Series 2023-1 Class A2, 144A<br> 6.600%, 08/20/53@<br> **(Cost $578,603)** | $600 | &nbsp;&nbsp;$**605497** |

---

---

| | | |
|:---|:---|:---|
|  | **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 — 93.5%** | **CORPORATE BONDS — 93.5%** | **CORPORATE BONDS — 93.5%** |
| **Advertising — 1.7%** | **Advertising — 1.7%** | **Advertising — 1.7%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 7.125%, 02/15/31@ | $500 | &nbsp;&nbsp;&nbsp;&nbsp;523802 |
| &nbsp;&nbsp;&nbsp;144A, 7.500%, 03/15/33@ | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;528887 |
| Stagwell Global LLC, 144A<br> 5.625%, 08/15/29@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;1024042 |
|  |  | &nbsp;&nbsp;&nbsp;2076731 |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| Bombardier, Inc., 144A<br> 6.750%, 06/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1057111 |
| **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
| American Airlines Pass Through Trust, Series 2021-1 Class B<br> 3.950%, 01/11/32 | &nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;1056555 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A<br> 5.500%, 04/20/26@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175249 |
|  |  | &nbsp;&nbsp;&nbsp;1231804 |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
| The William Carter Co., 144A<br> 7.375%, 02/15/31@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;1033920 |
| **Auto Parts & Equipment — 3.8%** | **Auto Parts & Equipment — 3.8%** | **Auto Parts & Equipment — 3.8%** |
| Clarios Global LP/Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 6.750%, 02/15/30@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1565715 |
| &nbsp;&nbsp;&nbsp;144A, 6.750%, 09/15/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;1037700 |
| Forvia S.E., 144A<br> 6.750%, 09/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;1031060 |
| The Goodyear Tire & Rubber Co.<br> 6.625%, 07/15/30 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;1024015 |
|  |  | &nbsp;&nbsp;4658490 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Building Materials — 3.8%** | **Building Materials — 3.8%** | **Building Materials — 3.8%** |
| Builders FirstSource, Inc., 144A<br> 6.750%, 05/15/35@ | $1500 | &nbsp;&nbsp;$1568272 |
| CP Atlas Buyer, Inc., 144A<br> 9.750%, 07/15/30@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1035749 |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 6.250%, 08/01/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1021537 |
| &nbsp;&nbsp;&nbsp;144A, 5.875%, 03/15/34@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4628462 |
| **Chemicals — 6.5%** | **Chemicals — 6.5%** | **Chemicals — 6.5%** |
| Celanese US Holdings LLC<br> 7.375%, 02/15/34 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1016802 |
| Methanex US Operations, Inc., 144A<br> 6.250%, 03/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1544506 |
| NOVA Chemicals Corp., 144A<br> 8.500%, 11/15/28@ | &nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;1855800 |
| Olin Corp., 144A<br> 6.625%, 04/01/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992469 |
| Solstice Advanced Materials, Inc., 144A<br> 5.625%, 09/30/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1008794 |
| WR Grace Holdings LLC, 144A<br> 6.625%, 08/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7937525 |
| **Commercial Services — 7.5%** | **Commercial Services — 7.5%** | **Commercial Services — 7.5%** |
| Albion Financing 1 Sarl/Aggreko Holdings, Inc., 144A<br> 7.000%, 05/21/30@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043711 |
| Block, Inc., 144A<br> 6.000%, 08/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1026640 |
| Herc Holdings, Inc., 144A<br> 7.250%, 06/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1062506 |
| Neptune Bidco US, Inc., 144A<br> 9.290%, 04/15/29@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1502563 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 04/01/27 | &nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1808152 |
| &nbsp;&nbsp;&nbsp;4.000%, 05/15/31 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1433763 |
| Williams Scotsman, Inc., 144A<br> 4.625%, 08/15/28@ | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1345859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9223194 |
| **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** |
| EZCORP, Inc., 144A<br> 7.375%, 04/01/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1060951 |
| Freedom Mortgage Holdings LLC, 144A<br> 6.875%, 05/01/31@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000868 |
| Jefferson Capital Holdings LLC, 144A<br> 8.250%, 05/15/30@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1051309 |
| OneMain Finance Corp.<br> 6.750%, 09/15/33 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1014261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4127389 |
| **Electric — 6.2%** | **Electric — 6.2%** | **Electric — 6.2%** |
| Lightning Power LLC, 144A<br> 7.250%, 08/15/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1063481 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### High Yield Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** |
| NRG Energy, Inc., 144A<br> 6.250%, 11/01/34@ | $1500 | &nbsp;&nbsp;$1540352 |
| Talen Energy Supply LLC, 144A<br> 8.625%, 06/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376381 |
| Vistra Corp. (UST Yield Curve CMT 5 Yr + 6.930%), 144A<br> 8.000%@,µ,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2050284 |
| Vistra Operations Co. LLC, 144A<br> 6.875%, 04/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1580130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7610628 |
| **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** |
| Arcosa, Inc., 144A<br> 6.875%, 08/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581194 |
| **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** |
| Brightstar Lottery PLC/Brightstar Global Solutions Corp., , 144A<br> 5.750%, 01/15/33@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496440 |
| Light & Wonder International, Inc., 144A<br> 6.250%, 10/01/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518120 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 144A<br> 8.250%, 04/15/30@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1564308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3578868 |
| **Environmental Control — 1.2%** | **Environmental Control — 1.2%** | **Environmental Control — 1.2%** |
| Clean Harbors, Inc., 144A<br> 6.375%, 02/01/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1543475 |
| **Food — 2.4%** | **Food — 2.4%** | **Food — 2.4%** |
| Albertsons Cos. Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A<br> 5.750%, 03/31/34@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1004045 |
| Post Holdings, Inc., 144A<br> 6.500%, 03/15/36@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1001462 |
| Viking Baked Goods Acquisition Corp., 144A<br> 8.625%, 11/01/31@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3008279 |
| **Healthcare Products — 3.0%** | **Healthcare Products — 3.0%** | **Healthcare Products — 3.0%** |
| Avantor Funding, Inc., 144A<br> 4.625%, 07/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1094023 |
| Insulet Corp., 144A<br> 6.500%, 04/01/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1042380 |
| Medline Borrower LP, 144A<br> 5.250%, 10/01/29@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1508403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3644806 |
| **Healthcare Services — 4.1%** | **Healthcare Services — 4.1%** | **Healthcare Services — 4.1%** |
| Encompass Health Corp.<br> 4.750%, 02/01/30 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1993146 |
| Prime Healthcare Services, Inc., 144A<br> 9.375%, 09/01/29@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1575004 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Healthcare Services — (continued)** | **Healthcare Services — (continued)** | **Healthcare Services — (continued)** |
| Surgery Center Holdings, Inc., 144A<br> 7.250%, 04/15/32@ | $1500 | &nbsp;&nbsp;$1519017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5087167 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| K Hovnanian Enterprises, Inc., 144A<br> 8.375%, 10/01/33@ | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813035 |
| **Home Furnishings — 1.8%** | **Home Furnishings — 1.8%** | **Home Furnishings — 1.8%** |
| FXI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 14.000%, 11/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210807 |
| &nbsp;&nbsp;&nbsp;144A, 11.000%, 11/15/30@ | &nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980936 |
| Whirlpool Corp.<br> 6.500%, 06/15/33 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2161480 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Acrisure LLC/Acrisure Finance, Inc., 144A<br> 6.750%, 07/01/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1032539 |
| Asurion LLC and Asurion Co.-Issuer, Inc., 144A<br> 8.000%, 12/31/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1037496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2070035 |
| **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** |
| Commercial Metals Co., 144A<br> 6.000%, 12/15/35@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1026232 |
| **Lodging — 2.0%** | **Lodging — 2.0%** | **Lodging — 2.0%** |
| Boyd Gaming Corp., 144A<br> 4.750%, 06/15/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1465481 |
| Marriott Ownership Resorts, Inc., 144A<br> 6.500%, 10/01/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2425026 |
| **Media — 4.8%** | **Media — 4.8%** | **Media — 4.8%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.125%, 05/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1672697 |
| &nbsp;&nbsp;&nbsp;144A, 4.250%, 01/15/34@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1700549 |
| Gray Media, Inc., 144A<br> 10.500%, 07/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967798 |
| Sirius XM Radio LLC, 144A<br> 5.500%, 07/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1562682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5903726 |
| **Mining — 4.7%** | **Mining — 4.7%** | **Mining — 4.7%** |
| Alumina Pty Ltd., 144A<br> 6.375%, 09/15/32@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2076728 |
| Capstone Copper Corp., 144A<br> 6.750%, 03/31/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1556919 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 8.000%, 03/01/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1067952 |
| &nbsp;&nbsp;&nbsp;144A, 7.250%, 02/15/34@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1051305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5752904 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### High Yield Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Oil & Gas — 8.7%** | **Oil & Gas — 8.7%** | **Oil & Gas — 8.7%** |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A<br> 6.625%, 10/15/32@ | $1500 | &nbsp;&nbsp;$1550751 |
| Chord Energy Corp., 144A<br> 6.750%, 03/15/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551009 |
| Civitas Resources, Inc., 144A<br> 9.625%, 06/15/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618154 |
| Comstock Resources, Inc., 144A<br> 6.750%, 03/01/29@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503327 |
| Crescent Energy Finance LLC, 144A<br> 7.375%, 01/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948952 |
| Gulfport Energy Operating Corp., 144A<br> 6.750%, 09/01/29@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032002 |
| Permian Resources Operating LLC, 144A<br> 6.250%, 02/01/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538833 |
| Sunoco LP, 144A<br> 5.875%, 03/15/34@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10742936 |
| **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** |
| WBI Operating LLC, 144A<br> 6.250%, 10/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503015 |
| Weatherford International Ltd., 144A<br> 6.750%, 10/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526974 |
| **Packaging and Containers — 3.6%** | **Packaging and Containers — 3.6%** | **Packaging and Containers — 3.6%** |
| Crown Americas LLC, 144A<br> 5.875%, 06/01/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534311 |
| Graham Packaging Co., Inc., 144A<br> 7.125%, 08/15/28@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501193 |
| Trivium Packaging Finance BV, 144A<br> 8.250%, 07/15/30@ | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4482655 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Elanco Animal Health, Inc.<br> 6.650%, 08/28/28 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097195 |
| Jazz Securities DAC, 144A<br> 4.375%, 01/15/29@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380837 |
| Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 144A<br> 8.750%, 04/17/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383642 |
| **Pipelines — 3.9%** | **Pipelines — 3.9%** | **Pipelines — 3.9%** |
| Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%)<br> 6.500%µ,• | &nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983700 |
| Rockies Express Pipeline LLC, 144A<br> 6.750%, 03/15/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1582980 |
| Venture Global LNG, Inc. (UST Yield Curve CMT 5 Yr + 5.440%), 144A<br> 9.000%@,µ,• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751276 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
| MPT Operating Partnership LP/MPT Finance Corp., 144A<br> 8.500%, 02/15/32@ | $1000 | &nbsp;&nbsp;$1067933 |
| **Retail — 3.3%** | **Retail — 3.3%** | **Retail — 3.3%** |
| Bath & Body Works, Inc.<br> 6.875%, 11/01/35 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517502 |
| Macy's Retail Holdings LLC<br> 4.500%, 12/15/34 | &nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134391 |
| The Gap, Inc., 144A<br> 3.875%, 10/01/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038370 |
| **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |
| Amkor Technology, Inc., 144A<br> 5.875%, 10/01/33@ | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510314 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| 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;&nbsp;&nbsp;702213 |
| **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
| Windstream Services LLC/Windstream Escrow Finance Corp., 144A<br> 8.250%, 10/01/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574654 |
| **TOTAL CORPORATE BONDS<br> (Cost $111,715,798)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**114962448** |
| **LOAN AGREEMENTS‡ — 2.3%** | **LOAN AGREEMENTS‡ — 2.3%** | **LOAN AGREEMENTS‡ — 2.3%** |
| **Leisure Time — 1.1%** | **Leisure Time — 1.1%** | **Leisure Time — 1.1%** |
| MajorDrive Holdings IV LLC (3 M SOFR + 4.260%)<br> 7.934%, 06/01/28• | &nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343433 |
| **Retail — 1.2%** | **Retail — 1.2%** | **Retail — 1.2%** |
| EG America LLC (3 M SOFR + 3.500%)<br> 7.322%, 02/07/28• | &nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485632 |
| **TOTAL LOAN AGREEMENTS<br> (Cost $2,854,920)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2829065** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 2.3%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $2,765,989)** | 2765989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2765989** |
| **TOTAL INVESTMENTS — 98.6%<br> (Cost $117,939,535)** |  | &nbsp;&nbsp;**$121162999** |
| **Other Assets & Liabilities — 1.4%** | **Other Assets & Liabilities — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1734623** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$122897622** |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### High Yield Bond Fund

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $99,518,726, which represents 81.0% of the Fund's net assets. |
| (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. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate ("SOFR") or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at December 31, 2025. 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. |

---

---

| |
|:---|
| CMT— Constant Maturity Treasury. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| PLC— Public Limited Company. |
| S.E.— Societas Europaea. |
| SOFR— Secured Overnight Financing Rate. |
| UST— US Treasury. |
| Yr— Year. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United States | &nbsp;&nbsp;&nbsp;88% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $605497 | $— | $605497 | $— |
| 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;—<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;—<sup>(1)</sup> |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;114962448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;114962448 | &nbsp;&nbsp;&nbsp;— |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829065 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765989 | &nbsp;&nbsp;&nbsp;2765989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $121162999 | $2765989 | $118397010 | $— |

---

---

| | |
|:---|:---|
| <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 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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** |
| Domino's Pizza Master Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A Class A23, 144A<br> 4.118%, 07/25/47@ | $2751 | &nbsp;&nbsp;$2735822 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A Class A2, 144A<br> 3.668%, 10/25/49@ | &nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp;2048051 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $4,858,340)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $4,858,340)** | &nbsp;&nbsp;&nbsp;**4783873** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** |  |
| **COMMON STOCKS — 63.4%** | **COMMON STOCKS — 63.4%** | **COMMON STOCKS — 63.4%** |
| **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** |
| Aurora Innovation, Inc.\* | 12108267 | &nbsp;&nbsp;&nbsp;&nbsp;46495745 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;1144825 | &nbsp;&nbsp;&nbsp;32066548 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| Apogee Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92465 | &nbsp;&nbsp;&nbsp;&nbsp;6979258 |
| Arcellx, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;204458 | &nbsp;&nbsp;&nbsp;&nbsp;13330662 |
| BioNTech S.E., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;108196 | &nbsp;&nbsp;&nbsp;&nbsp;10300259 |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;260227 | &nbsp;&nbsp;&nbsp;&nbsp;16534824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47145003 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63460 | &nbsp;&nbsp;&nbsp;&nbsp;33163561 |
| **Computers — 4.0%** | **Computers — 4.0%** | **Computers — 4.0%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;730023 | &nbsp;&nbsp;198464053 |
| **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** |
| Mastercard, Inc., Class A†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115214 | &nbsp;&nbsp;&nbsp;&nbsp;65773369 |
| Visa, Inc., Class A†† | &nbsp;&nbsp;&nbsp;&nbsp;172996 | &nbsp;&nbsp;&nbsp;&nbsp;60671427 |
|  |  | &nbsp;&nbsp;126444796 |
| **Electric — 4.7%** | **Electric — 4.7%** | **Electric — 4.7%** |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;717482 | &nbsp;&nbsp;&nbsp;&nbsp;71647752 |
| CenterPoint Energy, Inc. | 2604600 | &nbsp;&nbsp;&nbsp;99860364 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;1837743 | &nbsp;&nbsp;&nbsp;&nbsp;64357760 |
|  |  | &nbsp;&nbsp;235865876 |
| **Electronics — 0.8%** | **Electronics — 0.8%** | **Electronics — 0.8%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;297874 | &nbsp;&nbsp;&nbsp;40254692 |
| **Gas — 2.0%** | **Gas — 2.0%** | **Gas — 2.0%** |
| NiSource, Inc. | &nbsp;&nbsp;2345012 | &nbsp;&nbsp;&nbsp;&nbsp;97927701 |
| **Healthcare Products — 5.3%** | **Healthcare Products — 5.3%** | **Healthcare Products — 5.3%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;804567 | &nbsp;&nbsp;100804199 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp;11331540 |
| Medline, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;322599 | &nbsp;&nbsp;&nbsp;&nbsp;13549158 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;1109953 | &nbsp;&nbsp;&nbsp;107387953 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59520 | &nbsp;&nbsp;&nbsp;34488864 |
|  |  | &nbsp;&nbsp;&nbsp;267561714 |
| **Healthcare Services — 1.2%** | **Healthcare Services — 1.2%** | **Healthcare Services — 1.2%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184255 | &nbsp;&nbsp;&nbsp;&nbsp;60824418 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;336408 | &nbsp;&nbsp;&nbsp;&nbsp;87059026 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;253665 | &nbsp;&nbsp;$13096724 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;180109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59183818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159339568 |
| **Internet — 9.2%** | **Internet — 9.2%** | **Internet — 9.2%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;614974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192486862 |
| Amazon.com, Inc.\*,†† | &nbsp;&nbsp;785829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181385050 |
| DoorDash, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;18090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097023 |
| Meta Platforms, Inc., Class A†† | &nbsp;&nbsp;&nbsp;128361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84729813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462698748 |
| **Machinery — Diversified — 1.0%** | **Machinery — Diversified — 1.0%** | **Machinery — Diversified — 1.0%** |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;651851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51639636 |
| **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** |
| Canadian Natural Resources Ltd. | 1551416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52515432 |
| **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** |
| Becton Dickinson & Co. | &nbsp;&nbsp;667440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129530081 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;203101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68597363 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;49644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53351414 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24197735 |
| Vaxcyte, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;153161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7066848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282743441 |
| **Private Equity — 1.1%** | **Private Equity — 1.1%** | **Private Equity — 1.1%** |
| KKR & Co., Inc. | &nbsp;&nbsp;426004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54306990 |
| **Retail — 2.7%** | **Retail — 2.7%** | **Retail — 2.7%** |
| Starbucks Corp.†† | &nbsp;&nbsp;&nbsp;891461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75069931 |
| Yum! Brands, Inc. | &nbsp;&nbsp;393866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59584048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134653979 |
| **Semiconductors — 8.3%** | **Semiconductors — 8.3%** | **Semiconductors — 8.3%** |
| Advanced Micro Devices, Inc.\*,†† | &nbsp;&nbsp;392086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83969138 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;242161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83811922 |
| NVIDIA Corp. | 1172777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218722910 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;92400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28079436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414583406 |
| **Software — 7.7%** | **Software — 7.7%** | **Software — 7.7%** |
| Microsoft Corp.†† | &nbsp;&nbsp;474637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229543946 |
| PTC, Inc.\* | &nbsp;&nbsp;527987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91980615 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18971886 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19220810 |
| Workday, Inc., Class A\* | &nbsp;&nbsp;128002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27492270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387209527 |
| **TOTAL COMMON STOCKS<br> (Cost $2,927,230,950)** | **TOTAL COMMON STOCKS<br> (Cost $2,927,230,950)** | &nbsp;&nbsp;&nbsp;**3185904834** |
| **PREFERRED STOCKS — 0.8%** | **PREFERRED STOCKS — 0.8%** | **PREFERRED STOCKS — 0.8%** |
| **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** |
| Waymo LLC, Series A-2, CONV(1),\*,# | &nbsp;&nbsp;245568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38102331 |
| **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
| CMS Energy Corp., 2078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49988 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **PREFERRED STOCKS — (continued)** | **PREFERRED STOCKS — (continued)** | **PREFERRED STOCKS — (continued)** |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| KKR & Co., Inc., Series D, CONV | 51950 | &nbsp;&nbsp;$2693088 |
| **TOTAL PREFERRED STOCKS<br> (Cost $23,713,433)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**40845407** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** |  |
| **CORPORATE BONDS — 7.6%** | **CORPORATE BONDS — 7.6%** | **CORPORATE BONDS — 7.6%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 6.750%, 08/15/28@ | $2152 | &nbsp;&nbsp;&nbsp;2189909 |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;3763 | &nbsp;&nbsp;&nbsp;&nbsp;3738052 |
| &nbsp;&nbsp;&nbsp;144A, 6.375%, 03/01/29@ | &nbsp;&nbsp;&nbsp;11499 | &nbsp;&nbsp;11858562 |
| &nbsp;&nbsp;&nbsp;144A, 7.125%, 12/01/31@ | &nbsp;&nbsp;&nbsp;&nbsp;6637 | &nbsp;&nbsp;&nbsp;6975593 |
| &nbsp;&nbsp;&nbsp;144A, 6.625%, 03/01/32@ | &nbsp;&nbsp;&nbsp;16679 | &nbsp;&nbsp;&nbsp;17354116 |
| &nbsp;&nbsp;&nbsp;144A, 6.375%, 05/31/33@ | &nbsp;&nbsp;&nbsp;13220 | &nbsp;&nbsp;13565016 |
| &nbsp;&nbsp;&nbsp;144A, 6.250%, 01/31/34@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913073 |
| &nbsp;&nbsp;&nbsp;144A, 6.750%, 01/31/34@ | &nbsp;&nbsp;&nbsp;&nbsp;8426 | &nbsp;&nbsp;&nbsp;&nbsp;8777231 |
|  |  | &nbsp;&nbsp;65371552 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Korn Ferry, 144A<br> 4.625%, 12/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;3386 | &nbsp;&nbsp;&nbsp;&nbsp;3383164 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478385 |
| &nbsp;&nbsp;&nbsp;3.375%, 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;2557 | &nbsp;&nbsp;&nbsp;2390983 |
| &nbsp;&nbsp;&nbsp;5.750%, 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp;2867991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9120523 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 07/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp;2195507 |
| &nbsp;&nbsp;&nbsp;5.950%, 08/04/33 | &nbsp;&nbsp;&nbsp;&nbsp;2469 | &nbsp;&nbsp;&nbsp;2576827 |
| Crowdstrike Holdings, Inc.<br> 3.000%, 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5321217 |
| **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
| CenterPoint Energy, Inc. (UST Yield Curve CMT 5 Yr + 2.223%)<br> 5.950%, 04/01/56• | &nbsp;&nbsp;&nbsp;&nbsp;6909 | &nbsp;&nbsp;&nbsp;6955933 |
| Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(UST Yield Curve CMT 5 Yr + 2.179%), 5.875%, 06/15/56• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331 | &nbsp;&nbsp;&nbsp;&nbsp;7333451 |
| &nbsp;&nbsp;&nbsp;(UST Yield Curve CMT 5 Yr + 2.013%), 6.100%, 06/15/56• | &nbsp;&nbsp;&nbsp;&nbsp;4972 | &nbsp;&nbsp;&nbsp;4973650 |
|  |  | &nbsp;&nbsp;19263034 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| Six Flags Entertainment Corp., 144A<br> 5.500%, 04/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;3893 | &nbsp;&nbsp;&nbsp;&nbsp;3868701 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 04/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;6007 | &nbsp;&nbsp;&nbsp;5983438 |
| &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;4649 | &nbsp;&nbsp;&nbsp;4556078 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Entertainment — (continued)** | **Entertainment — (continued)** | **Entertainment — (continued)** |
| Vail Resorts, Inc., 144A<br> 6.500%, 05/15/32@ | $3481 | &nbsp;&nbsp;$3613292 |
| VAIL RESORTS, Inc., 144A<br> 5.625%, 07/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19601793 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.035%)<br> 5.750%, 07/15/56• | &nbsp;&nbsp;&nbsp;&nbsp;12972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13070278 |
| **Healthcare Products — 0.1%** | **Healthcare Products — 0.1%** | **Healthcare Products — 0.1%** |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.625%, 07/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779813 |
| &nbsp;&nbsp;&nbsp;144A, 3.875%, 11/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323266 |
| Hologic, Inc., 144A<br> 3.250%, 02/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607415 |
| **Healthcare Services — 0.2%** | **Healthcare Services — 0.2%** | **Healthcare Services — 0.2%** |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.000%, 05/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369577 |
| &nbsp;&nbsp;&nbsp;144A, 6.500%, 05/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;2589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685595 |
| Surgery Center Holdings, Inc., 144A<br> 7.250%, 04/15/32@ | &nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9298254 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| AmWINS Group, Inc., 144A<br> 6.375%, 02/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369513 |
| Broadstreet Partners Group LLC, 144A<br> 5.875%, 04/15/29@ | &nbsp;&nbsp;&nbsp;10354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10338497 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.625%, 12/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6511906 |
| &nbsp;&nbsp;&nbsp;144A, 7.250%, 06/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;40112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42114596 |
| &nbsp;&nbsp;&nbsp;144A, 7.375%, 01/31/32@ | &nbsp;&nbsp;&nbsp;23409 | &nbsp;&nbsp;&nbsp;&nbsp;24564094 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.375%, 02/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099615 |
| &nbsp;&nbsp;&nbsp;144A, 5.875%, 08/01/32@ | &nbsp;&nbsp;&nbsp;&nbsp;5209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322389 |
| USI, Inc., 144A<br> 7.500%, 01/15/32@ | &nbsp;&nbsp;&nbsp;&nbsp;8714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;103456097 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Life Time, Inc., 144A<br> 6.000%, 11/15/31@ | &nbsp;&nbsp;&nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728329 |
| **Lodging — 1.0%** | **Lodging — 1.0%** | **Lodging — 1.0%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.875%, 04/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;3928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016753 |
| &nbsp;&nbsp;&nbsp;144A, 3.750%, 05/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;8034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7805763 |
| &nbsp;&nbsp;&nbsp;4.875%, 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7241340 |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 05/01/31@ | &nbsp;&nbsp;&nbsp;&nbsp;7522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7201410 |
| &nbsp;&nbsp;&nbsp;144A, 3.625%, 02/15/32@ | &nbsp;&nbsp;&nbsp;&nbsp;9652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8959648 |
| &nbsp;&nbsp;&nbsp;144A, 5.750%, 09/15/33@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264323 |
| &nbsp;&nbsp;&nbsp;144A, 5.500%, 03/31/34@ | &nbsp;&nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171863 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Lodging — (continued)** | **Lodging — (continued)** | **Lodging — (continued)** |
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.<br> 4.875%, 04/01/27 | $3472 | &nbsp;&nbsp;$3473569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49134669 |
| **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;8504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8440245 |
| &nbsp;&nbsp;&nbsp;3.125%, 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;7128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819136 |
| SBA Tower Trust, 144A<br> 6.599%, 11/15/52@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15521523 |
| **Retail — 0.8%** | **Retail — 0.8%** | **Retail — 0.8%** |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A<br> 4.750%, 06/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;8757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8742738 |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.750%, 01/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115612 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4687411 |
| &nbsp;&nbsp;&nbsp;4.625%, 01/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;8583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8411290 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;7196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7285994 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469979 |
| &nbsp;&nbsp;&nbsp;5.350%, 11/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5988958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42701982 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Capstone Borrower, Inc., 144A<br> 8.000%, 06/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392629 |
| Ellucian Holdings, Inc., 144A<br> 6.500%, 12/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;3541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610584 |
| Fair Isaac Corp., 144A<br> 6.000%, 05/15/33@ | &nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673425 |
| MSCI, Inc.<br> 5.250%, 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;6771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833428 |
| PTC, Inc., 144A<br> 4.000%, 02/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;3591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20047070 |
| **TOTAL CORPORATE BONDS<br> (Cost $368,985,884)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**380243736** |
| **LOAN AGREEMENTS‡ — 9.6%** | **LOAN AGREEMENTS‡ — 9.6%** | **LOAN AGREEMENTS‡ — 9.6%** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| TransDigm, Inc. (1 M SOFR + 2.250%)<br> 5.966%, 03/22/30• | &nbsp;&nbsp;&nbsp;23205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23267952 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| Varsity Brands, Inc. (3 M SOFR + 3.000%)<br> 6.672%, 08/26/31• | &nbsp;&nbsp;&nbsp;14078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14122320 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
| Mister Car Wash Holdings, Inc. (1 M SOFR + 2.500%)<br> 6.216%, 03/27/31• | $2331 | &nbsp;&nbsp;$2337104 |
| **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
| CPI Holdco B, LLC (1 M SOFR + 2.000%)<br> 5.916%, 05/17/31• | &nbsp;&nbsp;&nbsp;&nbsp;17116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17147247 |
| EP Wealth Advisors LLC (3 M SOFR + 3.000%)<br> 6.672%, 10/18/32• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519790 |
| Mariner LLC (3 M SOFR + 2.250%)<br> 5.936%, 12/31/30• | &nbsp;&nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26699759 |
| **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
| Filtration Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.500%), 5.401%, 10/21/28• | &nbsp;&nbsp;&nbsp;&nbsp;6874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8179299 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 2.750%), 6.466%, 10/23/28• | &nbsp;&nbsp;&nbsp;&nbsp;27231 | &nbsp;&nbsp;&nbsp;&nbsp;27355643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35534942 |
| **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** |
| Loire US Holdco 1, Inc. (1 M SOFR + 4.000%)<br> 7.716%, 01/28/30• | &nbsp;&nbsp;&nbsp;&nbsp;14523 | &nbsp;&nbsp;&nbsp;&nbsp;14501589 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| AmWINS Group, Inc. (1 M SOFR + 2.250%)<br> 5.966%, 01/30/32• | &nbsp;&nbsp;&nbsp;29528 | &nbsp;&nbsp;&nbsp;&nbsp;29602124 |
| Broadstreet Partners, Inc. (1 M SOFR + 2.750%)<br> 6.466%, 06/13/31• | &nbsp;&nbsp;&nbsp;32082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32174247 |
| HUB International Ltd. (3 M SOFR + 2.250%)<br> 6.120%, 06/20/30• | &nbsp;&nbsp;&nbsp;64178 | &nbsp;&nbsp;&nbsp;&nbsp;64482293 |
| Ryan Specialty Group LLC (1 M SOFR + 2.000%)<br> 5.716%, 09/15/31• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618269 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.250%), 5.922%, 11/21/29• | &nbsp;&nbsp;&nbsp;&nbsp;13114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13139142 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.250%), 5.922%, 09/27/30• | &nbsp;&nbsp;&nbsp;&nbsp;13257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;153291928 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| Hilton Worldwide Finance LLC (1 M SOFR + 1.750%)<br> 5.477%, 11/08/30• | &nbsp;&nbsp;&nbsp;&nbsp;19717 | &nbsp;&nbsp;&nbsp;&nbsp;19828260 |
| Wyndham Hotels & Resorts, Inc. (1 M SOFR + 1.750%)<br> 5.466%, 05/24/30• | &nbsp;&nbsp;&nbsp;&nbsp;2876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22709215 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** |
| **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** |
| SBA Senior Finance II LLC (1 M SOFR + 1.750%)<br> 5.470%, 01/25/31• | $9202 | &nbsp;&nbsp;$9235618 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| Icon Parent I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.750%), 6.445%, 11/13/31• | &nbsp;&nbsp;&nbsp;&nbsp;18249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18269247 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 5.000%), 8.841%, 11/12/32• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945547 |
| **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.500%), 6.172%, 02/24/31• | &nbsp;&nbsp;&nbsp;&nbsp;68191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68546547 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 4.500%), 8.172%, 02/23/32• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9451955 |
| Ascend Learning LLC (1 M SOFR + 3.000%)<br> 6.716%, 12/11/28• | &nbsp;&nbsp;&nbsp;&nbsp;14835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14869427 |
| Bending Spoons US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 03/07/31(1),× | &nbsp;&nbsp;&nbsp;&nbsp;12422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12018285 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 5.250%), 9.034%, 03/07/31• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934765 |
| CCC Intelligent Solutions, Inc. (1 M SOFR + 2.000%)<br> 5.716%, 01/23/32• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4486238 |
| Ellucian Holdings, Inc. (1 M SOFR + 2.750%)<br> 6.466%, 10/09/29• | &nbsp;&nbsp;&nbsp;&nbsp;11620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11678392 |
| Epicor Software Corp. (1 M SOFR + 2.500%)<br> 6.216%, 05/30/31• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9088918 |
| Quartz AcquireCo LLC (3 M SOFR + 2.250%)<br> 5.922%, 06/28/30(1),• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168433 |
| Storable, Inc. (1 M SOFR + 3.250%)<br> 6.966%, 04/17/31• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6135229 |
| UKG, Inc. (3 M SOFR + 2.500%)<br> 6.338%, 02/10/31• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15857264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156235453 |
| **TOTAL LOAN AGREEMENTS<br> (Cost $478,175,244)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**480881427** |
| **U.S. TREASURY OBLIGATIONS — 16.3%** | **U.S. TREASURY OBLIGATIONS — 16.3%** | **U.S. TREASURY OBLIGATIONS — 16.3%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 07/31/30 | &nbsp;&nbsp;&nbsp;158987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160297401 |
| &nbsp;&nbsp;&nbsp;3.625%, 08/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;80499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80281631 |
| &nbsp;&nbsp;&nbsp;3.625%, 09/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;80807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80567104 |
| &nbsp;&nbsp;&nbsp;3.625%, 10/31/30 | &nbsp;&nbsp;&nbsp;180420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179827997 |
| &nbsp;&nbsp;&nbsp;3.500%, 11/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;170071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168516446 |
| &nbsp;&nbsp;&nbsp;3.875%, 09/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63017911 |
| &nbsp;&nbsp;&nbsp;3.750%, 10/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;49880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49404581 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| &nbsp;&nbsp;&nbsp;3.750%, 11/30/32 | $39252 | &nbsp;&nbsp;$38859480 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $819,891,728)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $819,891,728)** | &nbsp;&nbsp;&nbsp;**820772551** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 2.4%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%) | &nbsp;&nbsp;&nbsp;12563267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12563267 |
| T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 3.780%) | 107006562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107006562 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $119,569,829)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119569829** |
| **TOTAL INVESTMENTS — 100.2%<br> (Cost $4,742,425,408)** |  | &nbsp;&nbsp;**$5033001657** |
| **Other Assets & Liabilities — (0.2)%** | **Other Assets & Liabilities — (0.2)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8090140)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$5024911517** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Contracts** |  |
| **WRITTEN OPTIONS — (0.3)%** | **WRITTEN OPTIONS — (0.3)%** | **WRITTEN OPTIONS — (0.3)%** |
| Call Options |  |  |
| **TOTAL WRITTEN OPTIONS** |  |  |
| **(See open written options schedule)** | **(See open written options schedule)** | **(See open written options schedule)** |
| &nbsp;&nbsp;&nbsp;**(Premiums $(10258647))** | 11946 | &nbsp;&nbsp;**$(14282633)** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $266,902,310, which represents 5.3% of the Fund's net assets. |
| \* | Non-income producing security. |
| †† | At December 31, 2025, all or a portion of this security is pledged as collateral for OTC derivatives. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| # | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At December 31, 2025, the aggregate value of restricted securities was $38,102,331 which represented 0.8% 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 | $21086237 | $38102331 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Flexibly Managed Fund

---

| | |
|:---|:---|
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate ("SOFR") or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at December 31, 2025. 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, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |

---

---

| |
|:---|
| ADR— American Depositary Receipt. |
| CMT— Constant Maturity Treasury. |
| CONV— Convertible Security. |
| LLC— Limited Liability Company. |
| M— Month. |
| MSCI— Morgan Stanley Capital International. |
| PLC— Public Limited Company. |
| S.E.— Societas Europaea. |
| SOFR— Secured Overnight Financing Rate. |
| UST— US Treasury. |
| Yr— Year. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $4783873 | $— | $4783873 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Common Stocks | $3185904834 | $3185904834 | $— | $— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38102331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;38102331 |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;2693088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;40845407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;38102331 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380243736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;380243736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480881427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;465694709 | &nbsp;&nbsp;&nbsp;15186718 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820772551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;820772551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119569829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119569829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $5033001657 | $3308217739 | $1671494869 | $53289049 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **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 | $(14282633) | $(14185063) | $(97570) | $— |
| Total Liabilities—Other Financial Instruments | $(14282633) | $(14185063) | $(97570) | $— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Other financial instruments are derivative instruments with the exception of an unfunded loan commitment 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 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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Flexibly Managed Fund
Open written options contracts held by the Fund at December 31, 2025 are as follows:

---

| |
|:---|
| **Open Written Options** |
| **Over-the-counter** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Call Options** |  |  |  |  |  |
| **Description** | **# of<br> Contracts** | **Notional** | **Exercise<br> Price** | **Expiration<br> Date** | **Value** |
| Abbott Laboratories,<sup>(1)</sup> | 493 | $6409000 | $130 | &nbsp;&nbsp;01/16/26 | $(18241) |
| Abbott Laboratories,<sup>(1)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;3612000 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(774) |
| Abbott Laboratories,<sup>(1)</sup> | 244 | &nbsp;&nbsp;&nbsp;&nbsp;3538000 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244) |
| Advanced Micro Devices, Inc.,<sup>(2)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;4515000 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;(1051350) |
| Advanced Micro Devices, Inc.,<sup>(2)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;4644000 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(905580) |
| Alphabet, Inc.,<sup>(6)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;5289000 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;(2805492) |
| Alphabet, Inc.,<sup>(6)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;5547000 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;(2572260) |
| Alphabet, Inc.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;3366000 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387585) |
| Alphabet, Inc.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;3465000 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343728) |
| Alphabet, Inc.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;3564000 | &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310464) |
| Amazon.com, Inc.,<sup>(3)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;6450000 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8514) |
| Amazon.com, Inc.,<sup>(3)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;6708000 | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2322) |
| Amphenol Corp.,<sup>(6)</sup> | &nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713500 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317221) |
| Amphenol Corp.,<sup>(6)</sup> | &nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;1788000 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230950) |
| Apple, Inc.,<sup>(2)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;6063000 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(970854) |
| Apple, Inc.,<sup>(2)</sup> | 258 | &nbsp;&nbsp;&nbsp;&nbsp;6321000 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724980) |
| Canadian Natural Resources Ltd.,<sup>(2)</sup> | 776 | &nbsp;&nbsp;&nbsp;&nbsp;2522000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155200) |
| Canadian Natural Resources Ltd.,<sup>(2)</sup> | 776 | &nbsp;&nbsp;&nbsp;&nbsp;2716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16296) |
| Danaher Corp.,<sup>(6)</sup> | 207 | &nbsp;&nbsp;&nbsp;&nbsp;4554000 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200790) |
| Danaher Corp.,<sup>(6)</sup> | 288 | &nbsp;&nbsp;&nbsp;&nbsp;9504000 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8640) |
| Eli Lilly & Co.,<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462900) |
| Eli Lilly & Co.,<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;1780000 | &nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385540) |
| Ingersoll Rand, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;3439000 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3620) |
| Ingersoll Rand, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;3620000 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77830) |
| Mastercard, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;6322000 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41420) |
| Mastercard, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;6025500 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24308) |
| Mastercard, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;6283000 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4017) |
| Mastercard, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;3348000 | &nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1026) |
| Mastercard, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;6528000 | &nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(816) |
| Mastercard, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;6834000 | &nbsp;&nbsp;&nbsp;670 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43860) |
| McKesson Corp.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;2706000 | &nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685479) |
| McKesson Corp.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;2720000 | &nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558000) |
| McKesson Corp.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;3876000 | &nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318750) |
| McKesson Corp.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;3978000 | &nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218790) |
| Meta Platforms, Inc.,<sup>(5)</sup> | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;7982500 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(927) |
| Meta Platforms, Inc.,<sup>(5)</sup> | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;8343000 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) |
| Microsoft Corp.,<sup>(5)</sup> | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;5819500 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |
| Microsoft Corp.,<sup>(5)</sup> | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;6077000 | &nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |
| NVIDIA Corp.,<sup>(4)</sup> | 284 | &nbsp;&nbsp;&nbsp;&nbsp;5396000 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110760) |
| NVIDIA Corp.,<sup>(4)</sup> | 284 | &nbsp;&nbsp;&nbsp;&nbsp;5680000 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31240) |
| Starbucks Corp.,<sup>(7)</sup> | &nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;4140000 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414) |
| Starbucks Corp.,<sup>(7)</sup> | 978 | &nbsp;&nbsp;&nbsp;10269000 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1956) |
| Starbucks Corp.,<sup>(7)</sup> | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;2937500 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) |
| Visa, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;5904000 | &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18532) |
| Visa, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;5735000 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2790) |
| Visa, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;5814000 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1224) |
| Visa, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;6942000 | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(712) |
| Visa, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;6200000 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775) |
| Visa, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;6043500 | &nbsp;&nbsp;&nbsp;&nbsp;395 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87975) |
| Willis Towers Watson PLC,<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20000) |
| Willis Towers Watson PLC,<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4000) |
| Workday, Inc.,<sup>(7)</sup> | 207 | &nbsp;&nbsp;&nbsp;&nbsp;5382000 | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4140) |
| Workday, Inc.,<sup>(7)</sup> | 207 | &nbsp;&nbsp;&nbsp;&nbsp;5589000 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3105) |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Flexibly Managed Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Call Options** |  |  |  |  |  |
| **Description** | **# of<br> Contracts** | **Notional** | **Exercise<br> Price** | **Expiration<br> Date** | **Value** |
| Yum! Brands, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;192 | $2784000 | $145 | &nbsp;&nbsp;01/16/26 | $(120960) |
| Yum! Brands, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;5616000 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12987) |
| Yum! Brands, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;1699500 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1545) |
| **Total Written Options** |  |  |  |  | $(14282633) |

---

(1) Counterparty - Bank of America

(2) Counterparty - Barclays

(3) Counterparty - Citigroup

(4) Counterparty - Goldman Sachs

(5) Counterparty - JP Morgan

(6) Counterparty - UBS Securities

(7) Counterparty - Wells Fargo

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 59.8%** | **AFFILIATED EQUITY FUNDS — 59.8%** | **AFFILIATED EQUITY FUNDS — 59.8%** |
| Penn Series Index 500 Fund\*<br> **(Cost $21,905,779)** | &nbsp;&nbsp;&nbsp;769073 | &nbsp;&nbsp;$**47990135** |
| **AFFILIATED FIXED INCOME FUNDS — 39.9%** | **AFFILIATED FIXED INCOME FUNDS — 39.9%** | **AFFILIATED FIXED INCOME FUNDS — 39.9%** |
| Penn Series Quality Bond Fund\*<br> **(Cost $30,064,369)** | 1826230 | &nbsp;&nbsp;&nbsp;&nbsp;**31977294** |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $331,638)** | 331638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**331638** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $52,301,786)** |  | &nbsp;&nbsp;**$80299067** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(45720)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$80253347** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $47990135 | $47990135 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;31977294 | &nbsp;&nbsp;&nbsp;31977294 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331638 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $80299067 | $80299067 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Growth Stock Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |
| **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| General Electric Co. | &nbsp;&nbsp;23603 | &nbsp;&nbsp;$7270432 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;13968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863720 |
| The Boeing Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;5928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287087 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13148714 |
| **Auto Manufacturers — 3.3%** | **Auto Manufacturers — 3.3%** | **Auto Manufacturers — 3.3%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383234 |
| Tesla, Inc.\* | &nbsp;&nbsp;26377 | &nbsp;&nbsp;&nbsp;&nbsp;11862264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12245498 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| Argenx S.E., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718902 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;4648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981861 |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2300706 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Adyen N.V.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730496 |
| **Computers — 11.0%** | **Computers — 11.0%** | **Computers — 11.0%** |
| Apple, Inc. | 144837 | &nbsp;&nbsp;&nbsp;&nbsp;39375387 |
| Crowdstrike Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;4434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41453869 |
| **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** |
| Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425415 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;14642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358825 |
| The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799180 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284336 |
| Visa, Inc., Class A | &nbsp;&nbsp;28546 | &nbsp;&nbsp;&nbsp;&nbsp;10011368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20879124 |
| **Electronics — 1.3%** | **Electronics — 1.3%** | **Electronics — 1.3%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;35448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790443 |
| **Healthcare Products — 3.3%** | **Healthcare Products — 3.3%** | **Healthcare Products — 3.3%** |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576343 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217308 |
| Medline, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;7879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330918 |
| Natera, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625852 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583021 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12606045 |
| **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035885 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811512 |
| **Internet — 24.6%** | **Internet — 24.6%** | **Internet — 24.6%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;81134 | &nbsp;&nbsp;&nbsp;&nbsp;25394942 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;10050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153690 |
| Amazon.com, Inc.\* | &nbsp;&nbsp;87547 | &nbsp;&nbsp;&nbsp;&nbsp;20207598 |
| AppLovin Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;5917 | &nbsp;&nbsp;&nbsp;&nbsp;3986993 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836878 |
| Coupang, Inc.\* | &nbsp;&nbsp;45347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069736 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Internet — (continued)** | **Internet — (continued)** | **Internet — (continued)** |
| DoorDash, Inc., Class A\* | &nbsp;&nbsp;&nbsp;13790 | &nbsp;&nbsp;$3123159 |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402085 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;25718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16976195 |
| Netflix, Inc.\* | &nbsp;&nbsp;69322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499631 |
| Sea Ltd., ADR\* | &nbsp;&nbsp;&nbsp;14041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791210 |
| Shopify, Inc., Class A\* | &nbsp;&nbsp;&nbsp;11993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930513 |
| Spotify Technology S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;5808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92745394 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967375 |
| **Machinery — Construction & Mining — 0.2%** | **Machinery — Construction & Mining — 0.2%** | **Machinery — Construction & Mining — 0.2%** |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666641 |
| **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |
| Fabrinet\* | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910560 |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687380 |
| **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;12522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13457143 |
| **Retail — 2.0%** | **Retail — 2.0%** | **Retail — 2.0%** |
| Carvana Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;9953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200365 |
| Chipotle Mexican Grill, Inc.\* | &nbsp;&nbsp;&nbsp;47534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758758 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767483 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358604 |
| **Semiconductors — 21.1%** | **Semiconductors — 21.1%** | **Semiconductors — 21.1%** |
| Advanced Micro Devices, Inc.\* | &nbsp;&nbsp;&nbsp;13857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967615 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865836 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;53320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18454052 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335204 |
| NVIDIA Corp. | 280715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52353348 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;8597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79588597 |
| **Software — 15.6%** | **Software — 15.6%** | **Software — 15.6%** |
| HubSpot, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625225 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675922 |
| Magic Leap, Inc., Class A(1),\*,# | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Microsoft Corp. | &nbsp;&nbsp;92869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44913306 |
| Oracle Corp. | &nbsp;&nbsp;14899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903964 |
| Palantir Technologies, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;7885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401559 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182058 |
| Samsara, Inc., Class A\* | &nbsp;&nbsp;26288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931910 |
| ServiceNow, Inc.\* | &nbsp;&nbsp;24746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790840 |
| Snowflake, Inc.\* | &nbsp;&nbsp;10964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58829847 |
| **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
| Arista Networks, Inc.\* | &nbsp;&nbsp;22079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893012 |
| T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;10178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959553 |
| **TOTAL COMMON STOCKS<br> (Cost $191,881,932)** | **TOTAL COMMON STOCKS<br> (Cost $191,881,932)** | &nbsp;&nbsp;&nbsp;**372981728** |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Growth Stock Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — 0.4%** | **REAL ESTATE INVESTMENT TRUSTS — 0.4%** | **REAL ESTATE INVESTMENT TRUSTS — 0.4%** |
| **Healthcare — 0.4%** | **Healthcare — 0.4%** | **Healthcare — 0.4%** |
| Welltower, Inc.<br> **(Cost $1,591,225)** | 8428 | &nbsp;&nbsp;$**1564321** |
| **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Waymo LLC, Series A-2, CONV(1),\*,#<br> **(Cost $320,886)** | &nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**579833** |
| **EXCHANGE TRADED FUNDS — 0.3%** | **EXCHANGE TRADED FUNDS — 0.3%** | **EXCHANGE TRADED FUNDS — 0.3%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| iShares Russell 1000 Growth ETF<br> **(Cost $1,293,059)** | 2706 | &nbsp;&nbsp;&nbsp;&nbsp;**1280750** |

---

**SHORT-TERM INVESTMENTS — 0.0%**

---

| | | |
|:---|:---|:---|
| T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 3.780%)<br> **(Cost $371)** | 371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**371** |
| **TOTAL INVESTMENTS — 99.9%<br> (Cost $195,087,473)** |  | &nbsp;&nbsp;**$376407003** |
| **Other Assets & Liabilities — 0.1%** | **Other Assets & Liabilities — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**273614** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$376680617** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| \* | Non-income producing security. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $730,496, which represents 0.2% of the Fund's net assets. |
| (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, 2025, the aggregate value of restricted securities was $579,833 which represented 0.2% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Date of<br> Acquisition** | **Cost** | **Value** |
| Magic Leap, Inc., Class A | 01/20/16 | $657500 | $0 |
| Waymo LLC, Series A-2 | 05/08/20 | &nbsp;&nbsp;&nbsp;320886 | &nbsp;&nbsp;&nbsp;579833 |
| &nbsp;&nbsp;&nbsp;**Total** |  | $978386 | $579833 |

---

ADR— American Depositary Receipt. <br> CONV— Convertible Security.

---

| |
|:---|
| ETF— Exchange-Traded Fund. |
| LLC— Limited Liability Company. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United States | &nbsp;&nbsp;&nbsp;95% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Growth Stock Fund
Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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;Aerospace & Defense | $13148714 | $13148714 | $— | $— |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;12245498 | &nbsp;&nbsp;&nbsp;&nbsp;12245498 | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;1718902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718902 | &nbsp;&nbsp;&nbsp;&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;2300706 | &nbsp;&nbsp;&nbsp;&nbsp;2300706 | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;730496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;730496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;41453869 | &nbsp;&nbsp;&nbsp;&nbsp;41453869 | &nbsp;&nbsp;&nbsp;&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;20879124 | &nbsp;&nbsp;&nbsp;&nbsp;20879124 | &nbsp;&nbsp;&nbsp;&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;4790443 | &nbsp;&nbsp;&nbsp;&nbsp;4790443 | &nbsp;&nbsp;&nbsp;&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;12606045 | &nbsp;&nbsp;&nbsp;12606045 | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;1035885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035885 | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811512 | &nbsp;&nbsp;&nbsp;&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;92745394 | &nbsp;&nbsp;&nbsp;92745394 | &nbsp;&nbsp;&nbsp;&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;1967375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967375 | &nbsp;&nbsp;&nbsp;&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 — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666641 | &nbsp;&nbsp;&nbsp;&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;1687380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687380 | &nbsp;&nbsp;&nbsp;&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;13457143 | &nbsp;&nbsp;&nbsp;&nbsp;13457143 | &nbsp;&nbsp;&nbsp;&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;7358604 | &nbsp;&nbsp;&nbsp;&nbsp;7358604 | &nbsp;&nbsp;&nbsp;&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;79588597 | &nbsp;&nbsp;&nbsp;79588597 | &nbsp;&nbsp;&nbsp;&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;58829847 | &nbsp;&nbsp;&nbsp;58829847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;4959553 | &nbsp;&nbsp;&nbsp;&nbsp;4959553 | &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;372981728 | &nbsp;&nbsp;&nbsp;&nbsp;372251232 | &nbsp;&nbsp;&nbsp;&nbsp;730496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;579833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;579833 |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &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 | $376407003 | $375096674 | $730496 | $579833 |

---

---

| | |
|:---|:---|
| <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 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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| LVMH Moet Hennessy Louis Vuitton S.E. | &nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;$927095 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171219 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719995 |
| **Commercial Services — 4.9%** | **Commercial Services — 4.9%** | **Commercial Services — 4.9%** |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924639 |
| TransUnion | 21449 | &nbsp;&nbsp;&nbsp;&nbsp;1839252 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;3331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3509002 |
| **Computers — 9.1%** | **Computers — 9.1%** | **Computers — 9.1%** |
| Accenture PLC, Class A | &nbsp;&nbsp;8928 | &nbsp;&nbsp;&nbsp;&nbsp;2395382 |
| Apple, Inc. | 15245 | &nbsp;&nbsp;&nbsp;&nbsp;4144506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6539888 |
| **Cosmetics & Personal Care — 1.5%** | **Cosmetics & Personal Care — 1.5%** | **Cosmetics & Personal Care — 1.5%** |
| L'Oreal S.A. | &nbsp;&nbsp;2509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077154 |
| **Distribution & Wholesale — 0.6%** | **Distribution & Wholesale — 0.6%** | **Distribution & Wholesale — 0.6%** |
| Pool Corp. | &nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461160 |
| **Diversified Financial Services — 8.8%** | **Diversified Financial Services — 8.8%** | **Diversified Financial Services — 8.8%** |
| Brookfield Asset Management Ltd., Class A | 12640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662137 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535510 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp;&nbsp;1661832 |
| The Charles Schwab Corp. | &nbsp;&nbsp;7640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763312 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;7574 | &nbsp;&nbsp;&nbsp;&nbsp;2656277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6279068 |
| **Electric — 1.9%** | **Electric — 1.9%** | **Electric — 1.9%** |
| CMS Energy Corp. | 19722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379159 |
| **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp;1375644 |
| Schneider Electric S.E. | &nbsp;&nbsp;&nbsp;2329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2012801 |
| **Electronics — 7.9%** | **Electronics — 7.9%** | **Electronics — 7.9%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;18129 | &nbsp;&nbsp;&nbsp;&nbsp;2449953 |
| Hubbell, Inc. | &nbsp;&nbsp;3668 | &nbsp;&nbsp;&nbsp;&nbsp;1628995 |
| Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837908 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;3107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5623730 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166256 |
| **Healthcare Products — 7.5%** | **Healthcare Products — 7.5%** | **Healthcare Products — 7.5%** |
| Agilent Technologies, Inc. | 10627 | &nbsp;&nbsp;&nbsp;&nbsp;1446016 |
| Boston Scientific Corp.\* | &nbsp;&nbsp;6403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610526 |
| Danaher Corp. | &nbsp;&nbsp;4796 | &nbsp;&nbsp;&nbsp;&nbsp;1097900 |
| STERIS PLC | &nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp;1149460 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266063 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;$811230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381195 |
| **Healthcare Services — 0.1%** | **Healthcare Services — 0.1%** | **Healthcare Services — 0.1%** |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39360 |
| **Household Products & Wares — 1.8%** | **Household Products & Wares — 1.8%** | **Household Products & Wares — 1.8%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;15122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267980 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;5512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945074 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163617 |
| **Internet — 7.9%** | **Internet — 7.9%** | **Internet — 7.9%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;8882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780066 |
| Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;6389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474709 |
| Tencent Holdings Ltd. | 18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5659182 |
| **Lodging — 2.2%** | **Lodging — 2.2%** | **Lodging — 2.2%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;5572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600557 |
| **Machinery — Diversified — 1.5%** | **Machinery — Diversified — 1.5%** | **Machinery — Diversified — 1.5%** |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;5322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436244 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;7664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105695 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| The Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39706 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158598 |
| **Retail — 3.0%** | **Retail — 3.0%** | **Retail — 3.0%** |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;6316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137764 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126820 |
| The TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;5585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122496 |
| **Semiconductors — 14.1%** | **Semiconductors — 14.1%** | **Semiconductors — 14.1%** |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512839 |
| NVIDIA Corp. | &nbsp;&nbsp;37154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929221 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;8301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522591 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10124956 |
| **Software — 16.6%** | **Software — 16.6%** | **Software — 16.6%** |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871082 |
| Microsoft Corp. | 20456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892931 |
| Salesforce, Inc. | &nbsp;&nbsp;4090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083482 |
| Veeva Systems, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11924063 |
| **TOTAL COMMON STOCKS<br> (Cost $47,958,493)** | **TOTAL COMMON STOCKS<br> (Cost $47,958,493)** | &nbsp;&nbsp;&nbsp;**71453932** |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — 0.1%** | **REAL ESTATE INVESTMENT TRUSTS — 0.1%** | **REAL ESTATE INVESTMENT TRUSTS — 0.1%** |
| **Diversified — 0.1%** | **Diversified — 0.1%** | **Diversified — 0.1%** |
| American Tower Corp.<br> **(Cost $68,091)** | 346 | &nbsp;&nbsp;$**60747** |

---

**SHORT-TERM INVESTMENTS — 0.5%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $340,273)** | 340273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**340273** |
| **TOTAL INVESTMENTS — 100.2%<br> (Cost $48,366,857)** |  | &nbsp;&nbsp;**$71854952** |
| **Other Assets & Liabilities — (0.2)%** | **Other Assets & Liabilities — (0.2)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(154248)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$71700704** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| ADR— American Depositary Receipt. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United States | &nbsp;&nbsp;&nbsp;82% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $927095 | $— | $927095 | $— |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171219 | &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;&nbsp;&nbsp;&nbsp;719995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719995 | &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;3509002 | &nbsp;&nbsp;&nbsp;&nbsp;3509002 | &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;6539888 | &nbsp;&nbsp;&nbsp;&nbsp;6539888 | &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;&nbsp;&nbsp;1077154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1077154 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461160 | &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;6279068 | &nbsp;&nbsp;&nbsp;&nbsp;6279068 | &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;1379159 | &nbsp;&nbsp;&nbsp;&nbsp;1379159 | &nbsp;&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;2012801 | &nbsp;&nbsp;&nbsp;&nbsp;1375644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637157 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;5623730 | &nbsp;&nbsp;&nbsp;&nbsp;5623730 | &nbsp;&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;&nbsp;&nbsp;&nbsp;166256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166256 | &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;&nbsp;5381195 | &nbsp;&nbsp;&nbsp;&nbsp;5381195 | &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;&nbsp;&nbsp;&nbsp;&nbsp;39360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39360 | &nbsp;&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;1267980 | &nbsp;&nbsp;&nbsp;&nbsp;1267980 | &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;2163617 | &nbsp;&nbsp;&nbsp;&nbsp;2163617 | &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;5659182 | &nbsp;&nbsp;&nbsp;&nbsp;4254775 | &nbsp;&nbsp;&nbsp;1404407 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;1600557 | &nbsp;&nbsp;&nbsp;&nbsp;1600557 | &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;1105695 | &nbsp;&nbsp;&nbsp;&nbsp;1105695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39706 | &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;1158598 | &nbsp;&nbsp;&nbsp;&nbsp;1158598 | &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;2122496 | &nbsp;&nbsp;&nbsp;&nbsp;2122496 | &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;10124956 | &nbsp;&nbsp;&nbsp;10124956 | &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;11924063 | &nbsp;&nbsp;&nbsp;11924063 | &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;71453932 | &nbsp;&nbsp;&nbsp;&nbsp;67408119 | &nbsp;&nbsp;&nbsp;&nbsp;4045813 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60747 | &nbsp;&nbsp;&nbsp;&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;340273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $71854952 | $67809139 | $4045813 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Core Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2242 | &nbsp;&nbsp;$828553 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;17816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245516 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;11467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407460 |
| **Building Materials — 1.7%** | **Building Materials — 1.7%** | **Building Materials — 1.7%** |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;8112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313705 |
| **Commercial Services — 5.8%** | **Commercial Services — 5.8%** | **Commercial Services — 5.8%** |
| Equifax, Inc. | &nbsp;&nbsp;10322 | &nbsp;&nbsp;&nbsp;&nbsp;2239668 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;6360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323672 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;10401 | &nbsp;&nbsp;&nbsp;&nbsp;2326600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7889940 |
| **Computers — 7.8%** | **Computers — 7.8%** | **Computers — 7.8%** |
| Apple, Inc. | &nbsp;&nbsp;38912 | &nbsp;&nbsp;&nbsp;&nbsp;10578616 |
| **Diversified Financial Services — 11.1%** | **Diversified Financial Services — 11.1%** | **Diversified Financial Services — 11.1%** |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;26036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216790 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7526 | &nbsp;&nbsp;&nbsp;&nbsp;4296443 |
| Visa, Inc., Class A | &nbsp;&nbsp;18828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15116401 |
| **Environmental Control — 1.9%** | **Environmental Control — 1.9%** | **Environmental Control — 1.9%** |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;14710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579546 |
| **Healthcare Products — 6.1%** | **Healthcare Products — 6.1%** | **Healthcare Products — 6.1%** |
| Danaher Corp. | &nbsp;&nbsp;17626 | &nbsp;&nbsp;&nbsp;&nbsp;4034944 |
| IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520839 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;4905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333779 |
| **Healthcare Services — 1.0%** | **Healthcare Services — 1.0%** | **Healthcare Services — 1.0%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377879 |
| **Internet — 14.8%** | **Internet — 14.8%** | **Internet — 14.8%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;24924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7801212 |
| Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;31117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182426 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527716 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253511 |
| Netflix, Inc.\* | &nbsp;&nbsp;14366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20111821 |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
| CoStar Group, Inc.\* | &nbsp;&nbsp;25050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684362 |
| **Semiconductors — 20.4%** | **Semiconductors — 20.4%** | **Semiconductors — 20.4%** |
| Advanced Micro Devices, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644535 |
| Broadcom, Inc. | &nbsp;&nbsp;10492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631281 |
| NVIDIA Corp. | 102561 | &nbsp;&nbsp;&nbsp;&nbsp;19127627 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;11006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27748056 |
| **Software — 24.4%** | **Software — 24.4%** | **Software — 24.4%** |
| Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514387 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775317 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6349 | &nbsp;&nbsp;&nbsp;&nbsp;4205705 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Microsoft Corp. | 35746 | &nbsp;&nbsp;$17287481 |
| MSCI, Inc. | &nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318432 |
| Salesforce, Inc. | &nbsp;&nbsp;11271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985801 |
| Synopsys, Inc.\* | &nbsp;&nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129710 |
| Veeva Systems, Inc., Class A\* | &nbsp;&nbsp;&nbsp;8919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33207821 |
| **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;1789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685759 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;2659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416931 |
| **TOTAL COMMON STOCKS<br> (Cost $89,061,659)** | **TOTAL COMMON STOCKS<br> (Cost $89,061,659)** | &nbsp;&nbsp;&nbsp;**135526145** |

---

**SHORT-TERM INVESTMENTS — 0.4%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $477,609)** | 477609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**477609** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $89,539,268)** |  | &nbsp;&nbsp;**$136003754** |
| **Other Assets & Liabilities — 0.0%** | **Other Assets & Liabilities — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7980** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$136011734** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

ADR— American Depositary Receipt. <br> N.V.— Naamloze Vennootschap.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $135526145 | $135526145 | $— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477609 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $136003754 | $136003754 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 97.7%** | **COMMON STOCKS — 97.7%** | **COMMON STOCKS — 97.7%** |
| **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1377 | &nbsp;&nbsp;$759099 |
| RTX Corp. | 31045 | &nbsp;&nbsp;&nbsp;&nbsp;5693653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6452752 |
| **Agriculture — 2.5%** | **Agriculture — 2.5%** | **Agriculture — 2.5%** |
| Philip Morris International, Inc. | 24672 | &nbsp;&nbsp;&nbsp;&nbsp;3957389 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| NIKE, Inc., Class B | 18081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151941 |
| **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** |
| PACCAR, Inc. | &nbsp;&nbsp;15816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732010 |
| **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;8407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823045 |
| BorgWarner, Inc. | 23463 | &nbsp;&nbsp;&nbsp;&nbsp;1057243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1880288 |
| **Banks — 9.4%** | **Banks — 9.4%** | **Banks — 9.4%** |
| Citigroup, Inc. | 33420 | &nbsp;&nbsp;&nbsp;&nbsp;3899780 |
| JPMorgan Chase & Co. | 24363 | &nbsp;&nbsp;&nbsp;&nbsp;7850246 |
| Wells Fargo & Co. | 36756 | &nbsp;&nbsp;&nbsp;&nbsp;3425659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15175685 |
| **Biotechnology — 4.4%** | **Biotechnology — 4.4%** | **Biotechnology — 4.4%** |
| Gilead Sciences, Inc. | 22194 | &nbsp;&nbsp;&nbsp;&nbsp;2724091 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp;3451803 |
| United Therapeutics Corp.\* | &nbsp;&nbsp;&nbsp;2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156241 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Owens Corning | &nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709509 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;13927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077114 |
| **Commercial Services — 1.6%** | **Commercial Services — 1.6%** | **Commercial Services — 1.6%** |
| S&P Global, Inc. | &nbsp;&nbsp;4948 | &nbsp;&nbsp;&nbsp;&nbsp;2585775 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| NetApp, Inc. | &nbsp;&nbsp;6970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746417 |
| **Distribution & Wholesale — 0.8%** | **Distribution & Wholesale — 0.8%** | **Distribution & Wholesale — 0.8%** |
| Pool Corp. | &nbsp;&nbsp;&nbsp;5570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274138 |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp;2700262 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;8730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102213 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| Generac Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;9747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329198 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| Allegion PLC | &nbsp;&nbsp;&nbsp;7783 | &nbsp;&nbsp;&nbsp;&nbsp;1239209 |
| nVent Electric PLC | &nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1916290 |
| **Environmental Control — 1.6%** | **Environmental Control — 1.6%** | **Environmental Control — 1.6%** |
| Veralto Corp. | 25643 | &nbsp;&nbsp;&nbsp;&nbsp;2558659 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| US Foods Holding Corp.\* | &nbsp;&nbsp;14140 | &nbsp;&nbsp;$1065025 |
| **Healthcare Products — 4.3%** | **Healthcare Products — 4.3%** | **Healthcare Products — 4.3%** |
| Agilent Technologies, Inc. | 22280 | &nbsp;&nbsp;&nbsp;&nbsp;3031640 |
| Align Technology, Inc.\* | &nbsp;&nbsp;&nbsp;4170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651146 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;18210 | &nbsp;&nbsp;&nbsp;&nbsp;1493584 |
| ResMed, Inc. | &nbsp;&nbsp;6890 | &nbsp;&nbsp;&nbsp;&nbsp;1659594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6835964 |
| **Healthcare Services — 5.2%** | **Healthcare Services — 5.2%** | **Healthcare Services — 5.2%** |
| Charles River Laboratories International, Inc.\* | 10730 | &nbsp;&nbsp;&nbsp;&nbsp;2140420 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516361 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;11552 | &nbsp;&nbsp;&nbsp;&nbsp;2004619 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;8280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8394711 |
| **Insurance — 6.1%** | **Insurance — 6.1%** | **Insurance — 6.1%** |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;14573 | &nbsp;&nbsp;&nbsp;&nbsp;1560623 |
| Berkshire Hathaway, Inc., Class B\* | &nbsp;&nbsp;12551 | &nbsp;&nbsp;&nbsp;&nbsp;6308760 |
| MetLife, Inc. | &nbsp;&nbsp;16753 | &nbsp;&nbsp;&nbsp;&nbsp;1322482 |
| MGIC Investment Corp. | &nbsp;&nbsp;21252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9812848 |
| **Internet — 3.8%** | **Internet — 3.8%** | **Internet — 3.8%** |
| Alphabet, Inc., Class C | &nbsp;&nbsp;13910 | &nbsp;&nbsp;&nbsp;&nbsp;4364958 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950530 |
| Uber Technologies, Inc.\* | 10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6173443 |
| **Iron & Steel — 1.1%** | **Iron & Steel — 1.1%** | **Iron & Steel — 1.1%** |
| Steel Dynamics, Inc. | 10625 | &nbsp;&nbsp;&nbsp;&nbsp;1800406 |
| **Machinery — Diversified — 2.2%** | **Machinery — Diversified — 2.2%** | **Machinery — Diversified — 2.2%** |
| Cactus, Inc., Class A | &nbsp;&nbsp;17590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803511 |
| Otis Worldwide Corp. | &nbsp;&nbsp;15510 | &nbsp;&nbsp;&nbsp;&nbsp;1354799 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;6825 | &nbsp;&nbsp;&nbsp;&nbsp;1456796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3615106 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| The Walt Disney Co. | &nbsp;&nbsp;27910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175321 |
| **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** |
| ITT, Inc. | &nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;1700398 |
| **Office & Business Equipment — 1.1%** | **Office & Business Equipment — 1.1%** | **Office & Business Equipment — 1.1%** |
| Zebra Technologies Corp., Class A\* | &nbsp;&nbsp;&nbsp;7414 | &nbsp;&nbsp;&nbsp;&nbsp;1800267 |
| **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** |
| APA Corp. | 46320 | &nbsp;&nbsp;&nbsp;&nbsp;1132987 |
| Chevron Corp. | &nbsp;&nbsp;22150 | &nbsp;&nbsp;&nbsp;&nbsp;3375882 |
| ConocoPhillips | 15748 | &nbsp;&nbsp;&nbsp;&nbsp;1474170 |
| EOG Resources, Inc. | &nbsp;&nbsp;20151 | &nbsp;&nbsp;&nbsp;&nbsp;2116057 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8887788 |
| **Pharmaceuticals — 6.6%** | **Pharmaceuticals — 6.6%** | **Pharmaceuticals — 6.6%** |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;7589 | &nbsp;&nbsp;&nbsp;&nbsp;2563185 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;38541 | &nbsp;&nbsp;$7976060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10539245 |
| **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** |
| Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648703 |
| **Retail — 11.7%** | **Retail — 11.7%** | **Retail — 11.7%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476288 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;9649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910212 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;8130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999665 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;13510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258072 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;14392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210367 |
| Ross Stores, Inc. | &nbsp;&nbsp;16692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006897 |
| Ulta Beauty, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123504 |
| Walmart, Inc. | &nbsp;&nbsp;36210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034156 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;11630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18778547 |
| **Semiconductors — 3.0%** | **Semiconductors — 3.0%** | **Semiconductors — 3.0%** |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;8249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506789 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;13001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762332 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530441 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586445 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585847 |
| **Telecommunications — 4.1%** | **Telecommunications — 4.1%** | **Telecommunications — 4.1%** |
| AT&T, Inc. | 101850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529954 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;53510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651829 |
| **Transportation — 2.5%** | **Transportation — 2.5%** | **Transportation — 2.5%** |
| CSX Corp. | &nbsp;&nbsp;39880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445650 |
| J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012706 |
| Landstar System, Inc. | &nbsp;&nbsp;10850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017501 |
| **TOTAL COMMON STOCKS<br> (Cost $128,508,640)** | **TOTAL COMMON STOCKS<br> (Cost $128,508,640)** | &nbsp;&nbsp;&nbsp;**157050900** |
| **REAL ESTATE INVESTMENT TRUSTS — 0.8%** | **REAL ESTATE INVESTMENT TRUSTS — 0.8%** | **REAL ESTATE INVESTMENT TRUSTS — 0.8%** |
| **Storage & Warehousing — 0.8%** | **Storage & Warehousing — 0.8%** | **Storage & Warehousing — 0.8%** |
| Public Storage<br> **(Cost $1,381,736)** | &nbsp;&nbsp;&nbsp;&nbsp;5007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1299316** |

---

---

| | |
|:---|:---|
| **Number ofShares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 1.7%** | **SHORT-TERM INVESTMENTS — 1.7%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $2,681,597)** | 2681597 | &nbsp;&nbsp;$**2681597** |
| **TOTAL INVESTMENTS — 100.2%<br> (Cost $132,571,973)** |  | &nbsp;&nbsp;**$161031813** |
| **Other Assets & Liabilities — (0.2)%** | **Other Assets & Liabilities — (0.2)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(271839)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$160759974** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

ADR— American Depositary Receipt. <br> PLC— Public Limited Company.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $157050900 | $157050900 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299316 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681597 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $161031813 | $161031813 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Banks — 9.2%** | **Banks — 9.2%** | **Banks — 9.2%** |
| Bank of America Corp. | &nbsp;&nbsp;86017 | &nbsp;&nbsp;$4730935 |
| Huntington Bancshares, Inc. | 118273 | &nbsp;&nbsp;&nbsp;&nbsp;2052037 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp;&nbsp;&nbsp;1787886 |
| Wells Fargo & Co. | &nbsp;&nbsp;35977 | &nbsp;&nbsp;&nbsp;&nbsp;3353056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11923914 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222613 |
| **Building Materials — 1.9%** | **Building Materials — 1.9%** | **Building Materials — 1.9%** |
| Johnson Controls International PLC | 20492 | &nbsp;&nbsp;&nbsp;&nbsp;2453917 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;5215 | &nbsp;&nbsp;&nbsp;&nbsp;2223624 |
| **Diversified Financial Services — 4.5%** | **Diversified Financial Services — 4.5%** | **Diversified Financial Services — 4.5%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;8630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166130 |
| The Charles Schwab Corp. | 36088 | &nbsp;&nbsp;&nbsp;&nbsp;3605552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5771682 |
| **Electric — 5.3%** | **Electric — 5.3%** | **Electric — 5.3%** |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642587 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114784 |
| Entergy Corp. | &nbsp;&nbsp;16255 | &nbsp;&nbsp;&nbsp;&nbsp;1502449 |
| NextEra Energy, Inc. | &nbsp;&nbsp;19985 | &nbsp;&nbsp;&nbsp;&nbsp;1604396 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;6497 | &nbsp;&nbsp;&nbsp;&nbsp;1034582 |
| Sempra | &nbsp;&nbsp;10985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6868664 |
| **Electrical Components & Equipment — 1.7%** | **Electrical Components & Equipment — 1.7%** | **Electrical Components & Equipment — 1.7%** |
| Emerson Electric Co. | &nbsp;&nbsp;16942 | &nbsp;&nbsp;&nbsp;&nbsp;2248542 |
| **Electronics — 1.6%** | **Electronics — 1.6%** | **Electronics — 1.6%** |
| Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp;2038306 |
| **Food — 3.7%** | **Food — 3.7%** | **Food — 3.7%** |
| The Hershey Co. | &nbsp;&nbsp;10338 | &nbsp;&nbsp;&nbsp;&nbsp;1881309 |
| The J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;9792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957756 |
| US Foods Holding Corp.\* | 25869 | &nbsp;&nbsp;&nbsp;&nbsp;1948453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4787518 |
| **Healthcare Products — 4.2%** | **Healthcare Products — 4.2%** | **Healthcare Products — 4.2%** |
| Abbott Laboratories | &nbsp;&nbsp;26932 | &nbsp;&nbsp;&nbsp;&nbsp;3374310 |
| Boston Scientific Corp.\* | &nbsp;&nbsp;21997 | &nbsp;&nbsp;&nbsp;&nbsp;2097414 |
| Medline, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5500242 |
| **Healthcare Services — 1.1%** | **Healthcare Services — 1.1%** | **Healthcare Services — 1.1%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;4276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411550 |
| **Home Builders — 1.1%** | **Home Builders — 1.1%** | **Home Builders — 1.1%** |
| Meritage Homes Corp. | &nbsp;&nbsp;21933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443191 |
| **Household Products & Wares — 0.8%** | **Household Products & Wares — 0.8%** | **Household Products & Wares — 0.8%** |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;5893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071819 |
| **Insurance — 9.6%** | **Insurance — 9.6%** | **Insurance — 9.6%** |
| American International Group, Inc. | 39026 | &nbsp;&nbsp;&nbsp;&nbsp;3338674 |
| Prudential PLC, ADR | 69827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173016 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;15314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115787 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;39722 | &nbsp;&nbsp;&nbsp;&nbsp;2050847 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| The Travelers Cos., Inc. | &nbsp;&nbsp;5869 | &nbsp;&nbsp;$1702362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12380686 |
| **Internet — 9.2%** | **Internet — 9.2%** | **Internet — 9.2%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;10461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274293 |
| Amazon.com, Inc.\* | 21240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902617 |
| eBay, Inc. | &nbsp;&nbsp;9850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857935 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4376 | &nbsp;&nbsp;&nbsp;&nbsp;2888554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11923399 |
| **Iron & Steel — 1.2%** | **Iron & Steel — 1.2%** | **Iron & Steel — 1.2%** |
| Steel Dynamics, Inc. | &nbsp;&nbsp;8909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509630 |
| **Machinery — Diversified — 1.4%** | **Machinery — Diversified — 1.4%** | **Machinery — Diversified — 1.4%** |
| Ingersoll Rand, Inc. | 10755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852011 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;4617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837510 |
| **Media — 2.4%** | **Media — 2.4%** | **Media — 2.4%** |
| The Walt Disney Co. | 27542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133453 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Alcoa Corp. | &nbsp;&nbsp;22214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180452 |
| **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** |
| 3M Co. | &nbsp;&nbsp;14375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301438 |
| **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** |
| EQT Corp. | 28238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513557 |
| Exxon Mobil Corp. | 34833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5705360 |
| **Packaging and Containers — 1.5%** | **Packaging and Containers — 1.5%** | **Packaging and Containers — 1.5%** |
| Ball Corp. | &nbsp;&nbsp;37531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988017 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| AbbVie, Inc. | &nbsp;&nbsp;8596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964100 |
| Bristol-Myers Squibb Co. | 43223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331449 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;9331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5469575 |
| **Pipelines — 1.6%** | **Pipelines — 1.6%** | **Pipelines — 1.6%** |
| The Williams Cos., Inc. | 34201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055822 |
| **Retail — 5.4%** | **Retail — 5.4%** | **Retail — 5.4%** |
| BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;18911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702558 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;8533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057818 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;7378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254938 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;5430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6993474 |
| **Semiconductors — 7.6%** | **Semiconductors — 7.6%** | **Semiconductors — 7.6%** |
| Advanced Micro Devices, Inc.\* | &nbsp;&nbsp;&nbsp;6401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370838 |
| Intel Corp.\* | &nbsp;&nbsp;&nbsp;73113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697870 |
| Microchip Technology, Inc. | 23049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468682 |
| Micron Technology, Inc. | &nbsp;&nbsp;12677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618143 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;13914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9908976 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Large Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Shipbuilding — 1.1%** | **Shipbuilding — 1.1%** | **Shipbuilding — 1.1%** |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;$1384085 |
| **Software — 1.8%** | **Software — 1.8%** | **Software — 1.8%** |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;8535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261007 |
| **Telecommunications — 2.4%** | **Telecommunications — 2.4%** | **Telecommunications — 2.4%** |
| Cisco Systems, Inc. | 40966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155611 |
| **Transportation — 4.4%** | **Transportation — 4.4%** | **Transportation — 4.4%** |
| CSX Corp. | 85806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110467 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;25572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646954 |
| **TOTAL COMMON STOCKS<br> (Cost $107,357,912)** | **TOTAL COMMON STOCKS<br> (Cost $107,357,912)** | &nbsp;&nbsp;&nbsp;**127801031** |
| **REAL ESTATE INVESTMENT TRUSTS — 1.4%** | **REAL ESTATE INVESTMENT TRUSTS — 1.4%** | **REAL ESTATE INVESTMENT TRUSTS — 1.4%** |
| **Industrial — 1.4%** | **Industrial — 1.4%** | **Industrial — 1.4%** |
| First Industrial Realty Trust, Inc.<br> **(Cost $1,601,245)** | &nbsp;&nbsp;31063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1778978** |

---

**SHORT-TERM INVESTMENTS — 0.7%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $935,373)** | 935373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**935373** |
| **TOTAL INVESTMENTS — 100.7%<br> (Cost $109,894,530)** |  | &nbsp;&nbsp;**$130515382** |
| **Other Assets & Liabilities — (0.7)%** | **Other Assets & Liabilities — (0.7)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(854391)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$129660991** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

ADR— American Depositary Receipt. <br> PLC— Public Limited Company.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $127801031 | $127801031 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778978 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935373 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $130515382 | $130515382 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;$407868 |
| The Trade Desk, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677802 |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;4026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355393 |
| General Electric Co. | &nbsp;&nbsp;17048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251295 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;6386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309258 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872196 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582085 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215118 |
| RTX Corp. | &nbsp;&nbsp;21295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905503 |
| The Boeing Co.\* | &nbsp;&nbsp;12055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617382 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19277168 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| Altria Group, Inc. | &nbsp;&nbsp;26450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525107 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;7599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436867 |
| Bunge Global S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196154 |
| Philip Morris International, Inc. | &nbsp;&nbsp;24763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130113 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp;10362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719123 |
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;8404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347337 |
| United Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;5098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636519 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| Deckers Outdoor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;2426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251504 |
| NIKE, Inc., Class B | &nbsp;&nbsp;18810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198385 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217470 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093472 |
| **Auto Manufacturers — 2.6%** | **Auto Manufacturers — 2.6%** | **Auto Manufacturers — 2.6%** |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117375 |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;61912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812285 |
| General Motors Co. | &nbsp;&nbsp;15209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236796 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;8407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920651 |
| Tesla, Inc.\* | &nbsp;&nbsp;44663 | &nbsp;&nbsp;&nbsp;&nbsp;20085844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24172951 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Aptiv PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;3506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266772 |
| **Banks — 4.7%** | **Banks — 4.7%** | **Banks — 4.7%** |
| Bank of America Corp. | 108512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968160 |
| Citigroup, Inc. | &nbsp;&nbsp;29276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416216 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;6909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403555 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;9359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438095 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;22322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387287 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;43767 | &nbsp;&nbsp;&nbsp;&nbsp;14102603 |
| KeyCorp | &nbsp;&nbsp;12742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262995 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374753 |
| Morgan Stanley | &nbsp;&nbsp;19296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425619 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420287 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;12713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344522 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| State Street Corp. | &nbsp;&nbsp;4560 | &nbsp;&nbsp;$588286 |
| The Bank of New York Mellon Corp. | &nbsp;&nbsp;11190 | &nbsp;&nbsp;&nbsp;&nbsp;1299047 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;4816 | &nbsp;&nbsp;&nbsp;&nbsp;4233264 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;5647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178698 |
| Truist Financial Corp. | &nbsp;&nbsp;19701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969486 |
| US Bancorp | 23488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253320 |
| Wells Fargo & Co. | 50972 | &nbsp;&nbsp;&nbsp;&nbsp;4750590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43816783 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;2653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69137 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286267 |
| Keurig Dr Pepper, Inc. | 21564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604008 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101202 |
| Monster Beverage Corp.\* | &nbsp;&nbsp;11263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863534 |
| PepsiCo, Inc. | &nbsp;&nbsp;21776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125292 |
| The Coca-Cola Co. | 61628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9357853 |
| **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;8581 | &nbsp;&nbsp;&nbsp;&nbsp;2808647 |
| Biogen, Inc.\* | &nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416392 |
| Corteva, Inc. | 10794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723522 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;19773 | &nbsp;&nbsp;&nbsp;&nbsp;2426938 |
| Incyte Corp.\* | &nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261247 |
| Moderna, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152198 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp;1256604 |
| Vertex Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9892083 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Builders FirstSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165756 |
| Carrier Global Corp. | 12403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655375 |
| CRH PLC | &nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873600 |
| Johnson Controls International PLC | 10382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243244 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223367 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600244 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;2514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159538 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;3533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375044 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5896841 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;3518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869016 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261805 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;2556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197681 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;11212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262137 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;6713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269863 |
| Ecolab, Inc. | &nbsp;&nbsp;4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067931 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;4002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269695 |
| Linde PLC | &nbsp;&nbsp;&nbsp;7458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180017 |
| LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181643 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;3559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364655 |
| Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;3356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274017 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126473 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Chemicals — (continued)** | **Chemicals — (continued)** | **Chemicals — (continued)** |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;3697 | &nbsp;&nbsp;$1197939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8522872 |
| **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659134 |
| Block, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567194 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023853 |
| Corpay, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337343 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424413 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297371 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256180 |
| PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;15272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891579 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001970 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263548 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603543 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831981 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11586923 |
| **Computers — 8.6%** | **Computers — 8.6%** | **Computers — 8.6%** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;9925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662878 |
| Apple, Inc. | 234887 | &nbsp;&nbsp;&nbsp;&nbsp;63856380 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640262 |
| Crowdstrike Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909260 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;4822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606993 |
| EPAM Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178450 |
| Fortinet, Inc.\* | &nbsp;&nbsp;&nbsp;10404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826182 |
| Gartner, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289870 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;20814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499952 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314594 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;14943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426266 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367294 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320413 |
| Sandisk Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522236 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955603 |
| Super Micro Computer, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235858 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;79575997 |
| **Cosmetics & Personal Care — 0.8%** | **Cosmetics & Personal Care — 0.8%** | **Cosmetics & Personal Care — 0.8%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;12846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015091 |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;29227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504166 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415110 |
| The Procter & Gamble Co. | &nbsp;&nbsp;38002 | &nbsp;&nbsp;&nbsp;&nbsp;5446066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7380433 |
| **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** |
| Copart, Inc.\* | &nbsp;&nbsp;&nbsp;14220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556713 |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;18215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730968 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119179 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048616 |
| **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;8633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193778 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735020 |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064276 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** |
| Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;$533379 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;2445727 |
| Capital One Financial Corp. | &nbsp;&nbsp;10145 | &nbsp;&nbsp;&nbsp;&nbsp;2458742 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417915 |
| CME Group, Inc. | &nbsp;&nbsp;5802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584410 |
| Coinbase Global, Inc., Class A\* | &nbsp;&nbsp;&nbsp;3589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811616 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119976 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;7025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451778 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;9068 | &nbsp;&nbsp;&nbsp;&nbsp;1468653 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188225 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;13143 | &nbsp;&nbsp;&nbsp;&nbsp;7503076 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;7186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697976 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448367 |
| Synchrony Financial | &nbsp;&nbsp;5995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500163 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;3482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356487 |
| The Charles Schwab Corp. | &nbsp;&nbsp;27198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717352 |
| Visa, Inc., Class A | 27082 | &nbsp;&nbsp;&nbsp;&nbsp;9497928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37194844 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| Alliant Energy Corp. | &nbsp;&nbsp;4087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265696 |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;4253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424705 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;8463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975868 |
| CenterPoint Energy, Inc. | 10505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402762 |
| CMS Energy Corp. | &nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334825 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;5761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572182 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;5016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772002 |
| Dominion Energy, Inc. | 13665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800632 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428858 |
| Duke Energy Corp. | 12349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447426 |
| Edison International | &nbsp;&nbsp;6094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365762 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;7048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651447 |
| Evergy, Inc. | &nbsp;&nbsp;3668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265893 |
| Eversource Energy | &nbsp;&nbsp;5894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396843 |
| Exelon Corp. | 16030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698748 |
| FirstEnergy Corp. | &nbsp;&nbsp;8266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370069 |
| NextEra Energy, Inc. | 32745 | &nbsp;&nbsp;&nbsp;&nbsp;2628769 |
| NRG Energy, Inc. | &nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491415 |
| PG&E Corp. | 35079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563720 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171191 |
| PPL Corp. | &nbsp;&nbsp;11782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412606 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;7876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632443 |
| Sempra | 10390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917333 |
| The AES Corp. | &nbsp;&nbsp;11741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168366 |
| The Southern Co. | &nbsp;&nbsp;17472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523558 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;5091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821331 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542275 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;9344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19736873 |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728029 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;6203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975718 |
| Emerson Electric Co. | &nbsp;&nbsp;8970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190499 |
| Generac Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4009751 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| Allegion PLC | &nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;$217495 |
| Amphenol Corp., Class A | 19460 | &nbsp;&nbsp;&nbsp;&nbsp;2629824 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;5392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297692 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526193 |
| Honeywell International, Inc. | &nbsp;&nbsp;10031 | &nbsp;&nbsp;&nbsp;&nbsp;1956948 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349070 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389230 |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;2679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544346 |
| Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451718 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;4678 | &nbsp;&nbsp;&nbsp;&nbsp;1064292 |
| Trimble, Inc.\* | &nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8724773 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| First Solar, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447748 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419981 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431312 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1100185 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Live Nation Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362663 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634990 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Pentair PLC | &nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266911 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688137 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;3952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394331 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;5909 | &nbsp;&nbsp;&nbsp;&nbsp;1298266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2647645 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;5030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87069 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274861 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95677 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91697 |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;4033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274688 |
| Mondelez International, Inc., Class A | 20486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102761 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;7567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557612 |
| The Campbell's Company | &nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90578 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;2327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423467 |
| The J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162365 |
| The Kraft Heinz Co. | &nbsp;&nbsp;13645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330891 |
| The Kroger Co. | &nbsp;&nbsp;&nbsp;9645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602620 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;4485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4357197 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| International Paper Co. | &nbsp;&nbsp;&nbsp;8032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316380 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;2572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431144 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745221 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;$281193 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;2474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464962 |
| **Healthcare Products — 2.7%** | **Healthcare Products — 2.7%** | **Healthcare Products — 2.7%** |
| Abbott Laboratories | 28086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518895 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;4484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610138 |
| Align Technology, Inc.\* | &nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163801 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;8365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159855 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127853 |
| Boston Scientific Corp.\* | 23907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279532 |
| Danaher Corp. | &nbsp;&nbsp;10108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313923 |
| Edwards Lifesciences Corp.\* | &nbsp;&nbsp;&nbsp;9332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795553 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590298 |
| Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;3503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260938 |
| IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888284 |
| Insulet Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320623 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228818 |
| Medtronic PLC | &nbsp;&nbsp;20316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951555 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562191 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154607 |
| Solventum Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183044 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395998 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;5457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917972 |
| The Cooper Cos., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255879 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;6006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480177 |
| Waters Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358180 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310083 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25108568 |
| **Healthcare Services — 1.2%** | **Healthcare Services — 1.2%** | **Healthcare Services — 1.2%** |
| Centene Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;7451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306609 |
| Charles River Laboratories International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133851 |
| DaVita, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32606 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249711 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211035 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491513 |
| IQVIA Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605451 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333169 |
| Molina Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129634 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304024 |
| The Cigna Group. | &nbsp;&nbsp;&nbsp;4256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171379 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;14425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761837 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10925511 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631572 |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373575 |
| NVR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335467 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713149 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204251 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328273 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Household Products & Wares — (continued)** | **Household Products & Wares — (continued)** | **Household Products & Wares — (continued)** |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;$530682 |
| The Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232600 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822724 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736500 |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;3414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204732 |
| Arch Capital Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567463 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;4066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052240 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181842 |
| Berkshire Hathaway, Inc., Class B\* | &nbsp;&nbsp;29267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14711057 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349883 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817475 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405360 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103194 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226007 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179860 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282863 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333703 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701145 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282978 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614970 |
| The Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870900 |
| The Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611832 |
| The Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116885 |
| The Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043636 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333140 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31015687 |
| **Internet — 14.2%** | **Internet — 14.2%** | **Internet — 14.2%** |
| Airbnb, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;6827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926560 |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;86173 | &nbsp;&nbsp;&nbsp;&nbsp;26972149 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;70319 | &nbsp;&nbsp;&nbsp;&nbsp;22066102 |
| Amazon.com, Inc.\* | 154440 | &nbsp;&nbsp;&nbsp;&nbsp;35647841 |
| AppLovin Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;4355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934486 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757995 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263683 |
| DoorDash, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;6053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370883 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718314 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539139 |
| F5, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239434 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248109 |
| GoDaddy, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217885 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;12382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399815 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;35290 | &nbsp;&nbsp;&nbsp;&nbsp;23294576 |
| Netflix, Inc.\* | &nbsp;&nbsp;68350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6408496 |
| Palo Alto Networks, Inc.\* | &nbsp;&nbsp;&nbsp;10796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988623 |
| Robinhood Markets, Inc., Class A\* | &nbsp;&nbsp;&nbsp;12522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416238 |
| Uber Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;33169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710239 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;131450979 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601550 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Iron & Steel — (continued)** | **Iron & Steel — (continued)** | **Iron & Steel — (continued)** |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;$374654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976204 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| Carnival Corp.\* | &nbsp;&nbsp;17355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530021 |
| Norwegian Cruise Line Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;7409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165369 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;4027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1818601 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;3758 | &nbsp;&nbsp;&nbsp;&nbsp;1079485 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321545 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;1116864 |
| MGM Resorts International\* | &nbsp;&nbsp;&nbsp;&nbsp;3313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120891 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2797741 |
| **Machinery — Construction & Mining — 0.8%** | **Machinery — Construction & Mining — 0.8%** | **Machinery — Construction & Mining — 0.8%** |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;7454 | &nbsp;&nbsp;&nbsp;&nbsp;4270173 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp;2822769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7092942 |
| **Machinery — Diversified — 0.6%** | **Machinery — Diversified — 0.6%** | **Machinery — Diversified — 0.6%** |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp;1867401 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424452 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191463 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450762 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210136 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;6201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541657 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697214 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;2742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585280 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;3839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5491160 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Charter Communications, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295173 |
| Comcast Corp., Class A | 57042 | &nbsp;&nbsp;&nbsp;&nbsp;1704986 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171502 |
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239231 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158299 |
| News Corp., Class A | &nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155519 |
| News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52208 |
| Paramount Skydance Corp., Class B | &nbsp;&nbsp;&nbsp;4763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63824 |
| The Walt Disney Co. | 29096 | &nbsp;&nbsp;&nbsp;&nbsp;3310252 |
| Warner Bros Discovery, Inc.\* | 40259 | &nbsp;&nbsp;&nbsp;&nbsp;1160264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7311258 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 22708 | &nbsp;&nbsp;&nbsp;&nbsp;1153339 |
| Newmont Corp. | &nbsp;&nbsp;18187 | &nbsp;&nbsp;&nbsp;&nbsp;1815972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2969311 |
| **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;8456 | &nbsp;&nbsp;&nbsp;&nbsp;1353806 |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89820 |
| Axon Enterprise, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712184 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp;1044558 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2029 | &nbsp;&nbsp;$1783410 |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380494 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;2636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5594052 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Zebra Technologies Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173373 |
| **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
| APA Corp. | &nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145782 |
| Chevron Corp. | &nbsp;&nbsp;30125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591351 |
| ConocoPhillips | 19887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861622 |
| Coterra Energy, Inc. | &nbsp;&nbsp;12177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320499 |
| Devon Energy Corp. | &nbsp;&nbsp;10158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372087 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;2997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450539 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;7735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812252 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;9838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527317 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;3829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422568 |
| Exxon Mobil Corp. | 67574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131855 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789894 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;11497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472757 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;6454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832824 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261945 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20797963 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Baker Hughes Co. | 15675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713840 |
| Halliburton Co. | 13540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382640 |
| SLB Ltd. | 23638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003706 |
| **Packaging and Containers — 0.1%** | **Packaging and Containers — 0.1%** | **Packaging and Containers — 0.1%** |
| Amcor PLC | 34393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286838 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201180 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273048 |
| Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;7951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068531 |
| **Pharmaceuticals — 4.7%** | **Pharmaceuticals — 4.7%** | **Pharmaceuticals — 4.7%** |
| AbbVie, Inc. | 27929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6381497 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;4578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888453 |
| Bristol-Myers Squibb Co. | 32256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739889 |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775146 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;3098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046350 |
| CVS Health Corp. | 20236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605929 |
| Dexcom, Inc.\* | &nbsp;&nbsp;&nbsp;6291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417534 |
| Eli Lilly & Co. | 12655 | &nbsp;&nbsp;&nbsp;&nbsp;13600075 |
| Henry Schein, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105812 |
| Johnson & Johnson | 38544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976681 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624174 |
| Merck & Co., Inc. | 39932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203242 |
| Pfizer, Inc. | 90189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245706 |
| Viatris, Inc. | 19001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236562 |
| Zoetis, Inc. | &nbsp;&nbsp;6659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43684885 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| Kinder Morgan, Inc. | 29553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812412 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8794 | &nbsp;&nbsp;$646359 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612540 |
| The Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;19468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241532 |
| **Private Equity — 0.3%** | **Private Equity — 0.3%** | **Private Equity — 0.3%** |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804979 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196296 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CoStar Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454946 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CBRE Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754105 |
| **Retail — 4.2%** | **Retail — 4.2%** | **Retail — 4.2%** |
| AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902139 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208487 |
| Carvana Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675232 |
| Chipotle Mexican Grill, Inc.\* | &nbsp;&nbsp;&nbsp;21299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788063 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123476 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343933 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466687 |
| Dollar Tree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378379 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207576 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272602 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143671 |
| Lululemon Athletica, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361174 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469206 |
| O'Reilly Automotive, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;13502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231517 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937449 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520075 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704191 |
| The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;15843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451576 |
| The TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731647 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419034 |
| Ulta Beauty, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437422 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;71484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7964033 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347179 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38750380 |
| **Semiconductors — 14.2%** | **Semiconductors — 14.2%** | **Semiconductors — 14.2%** |
| Advanced Micro Devices, Inc.\* | &nbsp;&nbsp;&nbsp;25876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541604 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143565 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;12788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286388 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;74860 | &nbsp;&nbsp;&nbsp;&nbsp;25909046 |
| Intel Corp.\* | &nbsp;&nbsp;&nbsp;69607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568498 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592981 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;20431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497378 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541811 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;17906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110551 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688834 |
| NVIDIA Corp. | 386566 | &nbsp;&nbsp;&nbsp;&nbsp;72094559 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;4028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874318 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;6565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355495 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934021 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Semiconductors — (continued)** | **Semiconductors — (continued)** | **Semiconductors — (continued)** |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2102 | &nbsp;&nbsp;$133288 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488158 |
| Texas Instruments, Inc. | &nbsp;&nbsp;14423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;131262741 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217645 |
| **Software — 10.0%** | **Software — 10.0%** | **Software — 10.0%** |
| Adobe, Inc.\* | &nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365582 |
| Akamai Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203467 |
| Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;3402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007026 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418444 |
| Cadence Design Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361911 |
| Datadog, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;5119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696133 |
| Dayforce, Inc.\* | &nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176358 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750300 |
| Fair Isaac Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642436 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;8340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554276 |
| Fiserv, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542129 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991489 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216056 |
| Microsoft Corp. | 118355 | &nbsp;&nbsp;&nbsp;&nbsp;57238845 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707983 |
| Oracle Corp. | 26507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166479 |
| Palantir Technologies, Inc., Class A\* | &nbsp;&nbsp;36423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6474188 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;4952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555515 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123823 |
| PTC, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335877 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766959 |
| Salesforce, Inc. | &nbsp;&nbsp;15209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4029016 |
| ServiceNow, Inc.\* | &nbsp;&nbsp;16740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564401 |
| Synopsys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386144 |
| Take-Two Interactive Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762201 |
| Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309594 |
| Workday, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;93084831 |
| **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** |
| Arista Networks, Inc.\* | &nbsp;&nbsp;16450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155444 |
| AT&T, Inc. | 113710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824557 |
| Cisco Systems, Inc. | &nbsp;&nbsp;63512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892329 |
| Corning, Inc. | &nbsp;&nbsp;12420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087495 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010815 |
| T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564626 |
| Verizon Communications, Inc. | 67044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16265968 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173512 |
| **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300139 |
| CSX Corp. | 29803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080359 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319179 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997434 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Transportation — (continued)** | **Transportation — (continued)** | **Transportation — (continued)** |
| J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;$235346 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;3587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035639 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457856 |
| Union Pacific Corp. | &nbsp;&nbsp;9448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185511 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;11723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774267 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;2383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310982 |
| **TOTAL COMMON STOCKS<br> (Cost $374,515,868)** | **TOTAL COMMON STOCKS<br> (Cost $374,515,868)** | &nbsp;&nbsp;&nbsp;**911427193** |
| **REAL ESTATE INVESTMENT TRUSTS — 1.7%** | **REAL ESTATE INVESTMENT TRUSTS — 1.7%** | **REAL ESTATE INVESTMENT TRUSTS — 1.7%** |
| **Apartments — 0.2%** | **Apartments — 0.2%** | **Apartments — 0.2%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413749 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167102 |
| Equity Residential | &nbsp;&nbsp;&nbsp;5527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348422 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271362 |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;9176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255001 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259206 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1856354** |
| **Diversified — 0.5%** | **Diversified — 0.5%** | **Diversified — 0.5%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;7418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302378 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;6871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610626 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784070 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195209 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321094 |
| VICI Properties, Inc. | 16981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477506 |
| Weyerhaeuser Co. | &nbsp;&nbsp;11355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4959883** |
| **Healthcare — 0.3%** | **Healthcare — 0.3%** | **Healthcare — 0.3%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;2263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110751 |
| Healthpeak Properties, Inc. | 10998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176848 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556439 |
| Welltower, Inc. | 10752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2839717** |
| **Hotels & Resorts — 0.0%** | **Hotels & Resorts — 0.0%** | **Hotels & Resorts — 0.0%** |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;10148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179924 |
| **Industrial — 0.2%** | **Industrial — 0.2%** | **Industrial — 0.2%** |
| Prologis, Inc. | 14745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882347 |
| **Office Property — 0.0%** | **Office Property — 0.0%** | **Office Property — 0.0%** |
| BXP, Inc. | &nbsp;&nbsp;&nbsp;2288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154394 |
| **Regional Malls — 0.1%** | **Regional Malls — 0.1%** | **Regional Malls — 0.1%** |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;5217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965719 |
| **Single Tenant — 0.1%** | **Single Tenant — 0.1%** | **Single Tenant — 0.1%** |
| Realty Income Corp. | 14452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814659 |
| **Storage & Warehousing — 0.2%** | **Storage & Warehousing — 0.2%** | **Storage & Warehousing — 0.2%** |
| Extra Space Storage, Inc. | &nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443920 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;4743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393432 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** |
| **Storage & Warehousing — (continued)** | **Storage & Warehousing — (continued)** | **Storage & Warehousing — (continued)** |
| Public Storage | &nbsp;&nbsp;2506 | &nbsp;&nbsp;$650307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1487659** |
| **Strip Centers — 0.1%** | **Strip Centers — 0.1%** | **Strip Centers — 0.1%** |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102816 |
| Kimco Realty Corp. | 10604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214943 |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;2579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**495788** |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $12,350,137)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15636444** |

---

**SHORT-TERM INVESTMENTS — 0.2%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $1,301,767)** | 1301767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1301767** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $388,167,772)** |  | &nbsp;&nbsp;**$928365404** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(721676)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$927643728** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S&P— Standards & Poor's |
| S.A.— Societe Anonyme. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $911427193 | $911427193 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;15636444 | &nbsp;&nbsp;&nbsp;15636444 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301767 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $928365404 | $928365404 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **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 | $(20441) | $(20441) | $— | $— |
| Total Liabilities—Other Financial Instruments | $(20441) | $(20441) | $— | $— |

---

<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 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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Index 500 Fund
Futures contracts held by the Fund at December 31, 2025 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 | 03/20/26 | 8 | 50 | $6893 | $2757000 | $— | $(20441) |
|  |  |  |  |  |  |  | $— | $(20441) |

---

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 97.5%** | **COMMON STOCKS — 97.5%** | **COMMON STOCKS — 97.5%** |
| **Aerospace & Defense — 5.2%** | **Aerospace & Defense — 5.2%** | **Aerospace & Defense — 5.2%** |
| HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;9380 | &nbsp;&nbsp;$2367794 |
| Howmet Aerospace, Inc. | 12909 | &nbsp;&nbsp;&nbsp;&nbsp;2646603 |
| Kratos Defense & Security Solutions, Inc.\* | &nbsp;&nbsp;15329 | &nbsp;&nbsp;&nbsp;&nbsp;1163624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6178021 |
| **Apparel — 3.2%** | **Apparel — 3.2%** | **Apparel — 3.2%** |
| On Holding AG, Class A\* | &nbsp;&nbsp;42213 | &nbsp;&nbsp;&nbsp;&nbsp;1962060 |
| Tapestry, Inc. | &nbsp;&nbsp;14241 | &nbsp;&nbsp;&nbsp;&nbsp;1819573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3781633 |
| **Biotechnology — 4.7%** | **Biotechnology — 4.7%** | **Biotechnology — 4.7%** |
| Alnylam Pharmaceuticals, Inc.\* | &nbsp;&nbsp;6488 | &nbsp;&nbsp;&nbsp;&nbsp;2579953 |
| Insmed, Inc.\* | &nbsp;&nbsp;&nbsp;7359 | &nbsp;&nbsp;&nbsp;&nbsp;1280761 |
| Ionis Pharmaceuticals, Inc.\* | 22046 | &nbsp;&nbsp;&nbsp;&nbsp;1744059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5604773 |
| **Building Materials — 3.9%** | **Building Materials — 3.9%** | **Building Materials — 3.9%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313182 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;11696 | &nbsp;&nbsp;&nbsp;&nbsp;2339902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4653084 |
| **Commercial Services — 7.7%** | **Commercial Services — 7.7%** | **Commercial Services — 7.7%** |
| Corpay, Inc.\* | &nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;1655717 |
| Paylocity Holding Corp.\* | 10662 | &nbsp;&nbsp;&nbsp;&nbsp;1625955 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;5553 | &nbsp;&nbsp;&nbsp;&nbsp;2343699 |
| Rollins, Inc. | 34598 | &nbsp;&nbsp;&nbsp;&nbsp;2076572 |
| Toast, Inc., Class A\* | 40452 | &nbsp;&nbsp;&nbsp;&nbsp;1436450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9138393 |
| **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
| Zscaler, Inc.\* | &nbsp;&nbsp;&nbsp;4492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010341 |
| **Distribution & Wholesale — 4.5%** | **Distribution & Wholesale — 4.5%** | **Distribution & Wholesale — 4.5%** |
| Copart, Inc.\* | 32782 | &nbsp;&nbsp;&nbsp;&nbsp;1283415 |
| Fastenal Co. | 67830 | &nbsp;&nbsp;&nbsp;&nbsp;2722018 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp;1294725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5300158 |
| **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7106 | &nbsp;&nbsp;&nbsp;&nbsp;1237794 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;7976 | &nbsp;&nbsp;&nbsp;&nbsp;2848788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4086582 |
| **Electrical Components & Equipment — 3.0%** | **Electrical Components & Equipment — 3.0%** | **Electrical Components & Equipment — 3.0%** |
| Generac Holdings, Inc.\* | &nbsp;&nbsp;12721 | &nbsp;&nbsp;&nbsp;&nbsp;1734763 |
| Novanta, Inc.\* | &nbsp;&nbsp;15741 | &nbsp;&nbsp;&nbsp;&nbsp;1873021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3607784 |
| **Electronics — 2.3%** | **Electronics — 2.3%** | **Electronics — 2.3%** |
| Coherent Corp.\* | &nbsp;&nbsp;&nbsp;8779 | &nbsp;&nbsp;&nbsp;&nbsp;1620340 |
| Itron, Inc.\* | &nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp;1093427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2713767 |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| Construction Partners, Inc., Class A\* | &nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467091 |
| **Hand & Machine Tools — 2.0%** | **Hand & Machine Tools — 2.0%** | **Hand & Machine Tools — 2.0%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;9869 | &nbsp;&nbsp;&nbsp;&nbsp;2365007 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — 11.4%** | **Healthcare Products — 11.4%** | **Healthcare Products — 11.4%** |
| Align Technology, Inc.\* | 10630 | &nbsp;&nbsp;$1659875 |
| Bio-Techne Corp. | 40016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353341 |
| Edwards Lifesciences Corp.\* | &nbsp;&nbsp;25414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166543 |
| IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;6936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692412 |
| Insulet Corp.\* | &nbsp;&nbsp;&nbsp;9516 | &nbsp;&nbsp;&nbsp;&nbsp;2704828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13576999 |
| **Home Furnishings — 1.4%** | **Home Furnishings — 1.4%** | **Home Furnishings — 1.4%** |
| SharkNinja, Inc.\* | 15084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687900 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| Brown & Brown, Inc. | 18596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482101 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;3686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923770 |
| **Internet — 1.9%** | **Internet — 1.9%** | **Internet — 1.9%** |
| CDW Corp. | &nbsp;&nbsp;&nbsp;9081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236832 |
| Stubhub Holdings, Inc., Class A\* | 79269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2309342 |
| **Leisure Time — 5.8%** | **Leisure Time — 5.8%** | **Leisure Time — 5.8%** |
| Amer Sports, Inc.\* | &nbsp;&nbsp;30180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127223 |
| Planet Fitness, Inc., Class A\* | &nbsp;&nbsp;10611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150975 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;16572 | &nbsp;&nbsp;&nbsp;&nbsp;4622262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6900460 |
| **Lodging — 1.3%** | **Lodging — 1.3%** | **Lodging — 1.3%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487093 |
| **Machinery — Construction & Mining — 1.4%** | **Machinery — Construction & Mining — 1.4%** | **Machinery — Construction & Mining — 1.4%** |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;9436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630918 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Ascendis Pharma A/S, ADR\* | &nbsp;&nbsp;&nbsp;4577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975999 |
| **Real Estate — 2.7%** | **Real Estate — 2.7%** | **Real Estate — 2.7%** |
| CoStar Group, Inc.\* | 46936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155977 |
| **Retail — 8.3%** | **Retail — 8.3%** | **Retail — 8.3%** |
| Boot Barn Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;6758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192584 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;2892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598437 |
| Dutch Bros, Inc., Class A\* | 23593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444364 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;7970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774361 |
| Floor & Decor Holdings, Inc., Class A\* | &nbsp;&nbsp;32712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991834 |
| Tractor Supply Co. | 36822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9843048 |
| **Semiconductors — 4.6%** | **Semiconductors — 4.6%** | **Semiconductors — 4.6%** |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;12143 | &nbsp;&nbsp;&nbsp;&nbsp;2079853 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5492298 |
| **Software — 14.3%** | **Software — 14.3%** | **Software — 14.3%** |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;26541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012937 |
| Cloudflare, Inc., Class A\* | 16843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320597 |
| Datadog, Inc., Class A\* | &nbsp;&nbsp;21394 | &nbsp;&nbsp;&nbsp;&nbsp;2909370 |
| HubSpot, Inc.\* | &nbsp;&nbsp;&nbsp;4169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673020 |
| Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;9126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581627 |
| Snowflake, Inc.\* | &nbsp;&nbsp;&nbsp;9591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103882 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Tyler Technologies, Inc.\* | &nbsp;&nbsp;3302 | &nbsp;&nbsp;$1498943 |
| Veeva Systems, Inc., Class A\* | &nbsp;&nbsp;&nbsp;7010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564842 |
| Waystar Holding Corp.\* | 41365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17019922 |
| **TOTAL COMMON STOCKS<br> (Cost $98,445,611)** | **TOTAL COMMON STOCKS<br> (Cost $98,445,611)** | &nbsp;&nbsp;&nbsp;**115910360** |

---

**SHORT-TERM INVESTMENTS — 1.7%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $2,071,029)** | 2071029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2071029** |
| **TOTAL INVESTMENTS — 99.2%<br> (Cost $100,516,640)** |  | &nbsp;&nbsp;**$117981389** |
| **Other Assets & Liabilities — 0.8%** | **Other Assets & Liabilities — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**918485** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$118899874** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

A/S— Aktieselskab. <br> ADR— American Depositary Receipt. <br> AG— Aktiengesellschaft.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $115910360 | $115910360 | $— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071029 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $117981389 | $117981389 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 91.8%** | **COMMON STOCKS — 91.8%** | **COMMON STOCKS — 91.8%** |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;5310 | &nbsp;&nbsp;$1558857 |
| **Banks — 5.3%** | **Banks — 5.3%** | **Banks — 5.3%** |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;6139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777382 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;9037 | &nbsp;&nbsp;&nbsp;&nbsp;1886293 |
| Wintrust Financial Corp. | 12827 | &nbsp;&nbsp;&nbsp;&nbsp;1793471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4457146 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Keurig Dr Pepper, Inc. | 17948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502723 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp;&nbsp;7696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457373 |
| Corteva, Inc. | 18037 | &nbsp;&nbsp;&nbsp;&nbsp;1209020 |
| Revolution Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220312 |
| United Therapeutics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172721 |
| **Building Materials — 2.9%** | **Building Materials — 2.9%** | **Building Materials — 2.9%** |
| Carlisle Cos., Inc. | &nbsp;&nbsp;4039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291914 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2451307 |
| **Chemicals — 3.1%** | **Chemicals — 3.1%** | **Chemicals — 3.1%** |
| Qnity Electronics, Inc. | &nbsp;&nbsp;10718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875125 |
| Solstice Advanced Materials, Inc.\* | &nbsp;&nbsp;15719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763629 |
| Westlake Corp. | 13067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2604928 |
| **Commercial Services — 3.3%** | **Commercial Services — 3.3%** | **Commercial Services — 3.3%** |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;6010 | &nbsp;&nbsp;&nbsp;&nbsp;1089313 |
| TransUnion | 20326 | &nbsp;&nbsp;&nbsp;&nbsp;1742954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2832267 |
| **Distribution & Wholesale — 1.3%** | **Distribution & Wholesale — 1.3%** | **Distribution & Wholesale — 1.3%** |
| LKQ Corp. | 37047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118820 |
| **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** |
| Ally Financial, Inc. | 31938 | &nbsp;&nbsp;&nbsp;&nbsp;1446472 |
| Lazard, Inc. | 29165 | &nbsp;&nbsp;&nbsp;&nbsp;1416252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2862724 |
| **Electric — 6.4%** | **Electric — 6.4%** | **Electric — 6.4%** |
| Alliant Energy Corp. | 33423 | &nbsp;&nbsp;&nbsp;&nbsp;2172829 |
| Entergy Corp. | &nbsp;&nbsp;19811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831131 |
| PPL Corp. | 39091 | &nbsp;&nbsp;&nbsp;&nbsp;1368967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5372927 |
| **Electrical Components & Equipment — 3.3%** | **Electrical Components & Equipment — 3.3%** | **Electrical Components & Equipment — 3.3%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7119 | &nbsp;&nbsp;&nbsp;&nbsp;1461602 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;5362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2817759 |
| **Electronics — 3.3%** | **Electronics — 3.3%** | **Electronics — 3.3%** |
| Arrow Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261347 |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;4348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883470 |
| Vontier Corp. | 44433 | &nbsp;&nbsp;&nbsp;&nbsp;1652019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2796836 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| TopBuild Corp.\* | &nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857325 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Environmental Control — 1.4%** | **Environmental Control — 1.4%** | **Environmental Control — 1.4%** |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;6804 | &nbsp;&nbsp;$1193149 |
| **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317882 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;11907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816666 |
| **Hand & Machine Tools — 1.8%** | **Hand & Machine Tools — 1.8%** | **Hand & Machine Tools — 1.8%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;6486 | &nbsp;&nbsp;&nbsp;&nbsp;1554305 |
| **Healthcare Products — 2.5%** | **Healthcare Products — 2.5%** | **Healthcare Products — 2.5%** |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;&nbsp;9534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832413 |
| Hologic, Inc.\* | &nbsp;&nbsp;17542 | &nbsp;&nbsp;&nbsp;&nbsp;1306704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139117 |
| **Healthcare Services — 3.9%** | **Healthcare Services — 3.9%** | **Healthcare Services — 3.9%** |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;2474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633666 |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;8390 | &nbsp;&nbsp;&nbsp;&nbsp;1528826 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;4698 | &nbsp;&nbsp;&nbsp;&nbsp;1178634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3341126 |
| **Home Builders — 1.2%** | **Home Builders — 1.2%** | **Home Builders — 1.2%** |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;7344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993056 |
| **Insurance — 8.0%** | **Insurance — 8.0%** | **Insurance — 8.0%** |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;14813 | &nbsp;&nbsp;&nbsp;&nbsp;1586324 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;5559 | &nbsp;&nbsp;&nbsp;&nbsp;1886447 |
| Selective Insurance Group, Inc. | 20292 | &nbsp;&nbsp;&nbsp;&nbsp;1697831 |
| The Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;11351 | &nbsp;&nbsp;&nbsp;&nbsp;1564168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6734770 |
| **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** |
| CDW Corp. | &nbsp;&nbsp;&nbsp;6481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882712 |
| **Machinery — Construction & Mining — 0.9%** | **Machinery — Construction & Mining — 0.9%** | **Machinery — Construction & Mining — 0.9%** |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728521 |
| **Media — 1.9%** | **Media — 1.9%** | **Media — 1.9%** |
| Fox Corp., Class B | 25395 | &nbsp;&nbsp;&nbsp;&nbsp;1648897 |
| **Mining — 2.0%** | **Mining — 2.0%** | **Mining — 2.0%** |
| Freeport-McMoRan, Inc. | 33092 | &nbsp;&nbsp;&nbsp;&nbsp;1680743 |
| **Miscellaneous Manufacturing — 2.8%** | **Miscellaneous Manufacturing — 2.8%** | **Miscellaneous Manufacturing — 2.8%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;8823 | &nbsp;&nbsp;&nbsp;&nbsp;1412563 |
| Fabrinet\* | &nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2341334 |
| **Oil & Gas — 4.9%** | **Oil & Gas — 4.9%** | **Oil & Gas — 4.9%** |
| ConocoPhillips | &nbsp;&nbsp;15105 | &nbsp;&nbsp;&nbsp;&nbsp;1413979 |
| Expand Energy Corp. | &nbsp;&nbsp;17547 | &nbsp;&nbsp;&nbsp;&nbsp;1936487 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;4665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4109881 |
| **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** |
| Baker Hughes Co. | &nbsp;&nbsp;12931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588878 |
| **Packaging and Containers — 1.9%** | **Packaging and Containers — 1.9%** | **Packaging and Containers — 1.9%** |
| Ball Corp. | 30849 | &nbsp;&nbsp;&nbsp;&nbsp;1634072 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;5598 | &nbsp;&nbsp;$1150389 |
| **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** |
| CBRE Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;6305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013781 |
| **Retail — 8.1%** | **Retail — 8.1%** | **Retail — 8.1%** |
| AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041190 |
| Bath & Body Works, Inc. | 25735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516759 |
| Boot Barn Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;2798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493763 |
| Burlington Stores, Inc.\* | &nbsp;&nbsp;&nbsp;3282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948006 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080953 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;10551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887339 |
| O'Reilly Automotive, Inc.\* | &nbsp;&nbsp;&nbsp;9750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857308 |
| **Semiconductors — 1.2%** | **Semiconductors — 1.2%** | **Semiconductors — 1.2%** |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999350 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;5099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041879 |
| **Transportation — 4.5%** | **Transportation — 4.5%** | **Transportation — 4.5%** |
| Canadian Pacific Kansas City Ltd. | 14069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035901 |
| Kirby Corp.\* | 12895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420771 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;5287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759742 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793048 |
| **TOTAL COMMON STOCKS<br> (Cost $59,442,047)** | **TOTAL COMMON STOCKS<br> (Cost $59,442,047)** | &nbsp;&nbsp;&nbsp;**77649322** |
| **REAL ESTATE INVESTMENT TRUSTS — 6.2%** | **REAL ESTATE INVESTMENT TRUSTS — 6.2%** | **REAL ESTATE INVESTMENT TRUSTS — 6.2%** |
| **Diversified — 2.0%** | **Diversified — 2.0%** | **Diversified — 2.0%** |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;13372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692628 |
| **Industrial — 1.1%** | **Industrial — 1.1%** | **Industrial — 1.1%** |
| STAG lndustrial, Inc. | 25523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938225 |
| **Manufactured Homes — 0.9%** | **Manufactured Homes — 0.9%** | **Manufactured Homes — 0.9%** |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;12841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778293 |
| **Single Tenant — 2.2%** | **Single Tenant — 2.2%** | **Single Tenant — 2.2%** |
| Agree Realty Corp. | 25599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843896 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $4,320,040)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5253042** |

---

**SHORT-TERM INVESTMENTS — 2.2%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $1,891,792)** | 1891792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1891792** |
| **TOTAL INVESTMENTS — 100.2%<br> (Cost $65,653,879)** |  | &nbsp;&nbsp;**$84794156** |
| **Other Assets & Liabilities — (0.2)%** | **Other Assets & Liabilities — (0.2)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(188581)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$84605575** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

PLC— Public Limited Company.

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United States | &nbsp;&nbsp;&nbsp;90% |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $77649322 | $77649322 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;5253042 | &nbsp;&nbsp;&nbsp;&nbsp;5253042 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1891792 | &nbsp;&nbsp;&nbsp;&nbsp;1891792 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $84794156 | $84794156 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Mid Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 87.1%** | **COMMON STOCKS — 87.1%** | **COMMON STOCKS — 87.1%** |
| **Advertising — 1.3%** | **Advertising — 1.3%** | **Advertising — 1.3%** |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;6290 | &nbsp;&nbsp;$507917 |
| Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833480 |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;3708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274021 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1236931 |
| **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
| Southwest Airlines Co. | &nbsp;&nbsp;15318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633093 |
| **Auto Manufacturers — 2.0%** | **Auto Manufacturers — 2.0%** | **Auto Manufacturers — 2.0%** |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778436 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;4741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1297623 |
| **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;6872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309652 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;9967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330368 |
| Gentex Corp. | &nbsp;&nbsp;15565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1002218 |
| **Banks — 9.0%** | **Banks — 9.0%** | **Banks — 9.0%** |
| Commerce Bancshares, Inc. | 22001 | &nbsp;&nbsp;&nbsp;&nbsp;1151532 |
| First Hawaiian, Inc. | 20054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507366 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;6884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940286 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;12674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875900 |
| The Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251451 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;17183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845575 |
| US Bancorp | &nbsp;&nbsp;19452 | &nbsp;&nbsp;&nbsp;&nbsp;1037959 |
| Westamerica BanCorp | &nbsp;&nbsp;6609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5926178 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;5514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454943 |
| Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;6241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989337 |
| **Building Materials — 2.3%** | **Building Materials — 2.3%** | **Building Materials — 2.3%** |
| Amrize Ltd.\* | &nbsp;&nbsp;&nbsp;6476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350222 |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228175 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;5724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363245 |
| Mohawk Industries, Inc.\* | &nbsp;&nbsp;&nbsp;5041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1492623 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Axalta Coating Systems Ltd.\* | &nbsp;&nbsp;12236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395345 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;4905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897912 |
| **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** |
| ABM Industries, Inc. | &nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295508 |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;5211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650790 |
| **Computers — 3.1%** | **Computers — 3.1%** | **Computers — 3.1%** |
| Amdocs Ltd. | &nbsp;&nbsp;&nbsp;9392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756150 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Computers — (continued)** | **Computers — (continued)** | **Computers — (continued)** |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;7775 | &nbsp;&nbsp;$645325 |
| HP, Inc. | 28529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2037101 |
| **Cosmetics & Personal Care — 2.3%** | **Cosmetics & Personal Care — 2.3%** | **Cosmetics & Personal Care — 2.3%** |
| Kenvue, Inc. | 59528 | &nbsp;&nbsp;&nbsp;&nbsp;1026858 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1476316 |
| **Distribution & Wholesale — 1.5%** | **Distribution & Wholesale — 1.5%** | **Distribution & Wholesale — 1.5%** |
| Bunzl PLC | 36206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011016 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130239 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;4798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621458 |
| **Electric — 6.5%** | **Electric — 6.5%** | **Electric — 6.5%** |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;4058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475638 |
| Evergy, Inc. | 13860 | &nbsp;&nbsp;&nbsp;&nbsp;1004711 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;9239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622062 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;12442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803007 |
| PPL Corp. | &nbsp;&nbsp;10091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353387 |
| Xcel Energy, Inc. | &nbsp;&nbsp;13292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4240552 |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162051 |
| **Electronics — 2.0%** | **Electronics — 2.0%** | **Electronics — 2.0%** |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;6199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342247 |
| Ralliant Corp. | &nbsp;&nbsp;&nbsp;7990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406771 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337494 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1293318 |
| **Food — 3.7%** | **Food — 3.7%** | **Food — 3.7%** |
| Conagra Brands, Inc. | 25092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434343 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;3555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165308 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;20170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827109 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;5480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294988 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527031 |
| The Magnum Ice Cream Co. N.V.\* | 10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2418395 |
| **Food Service — 0.6%** | **Food Service — 0.6%** | **Food Service — 0.6%** |
| Sodexo S.A. | &nbsp;&nbsp;&nbsp;7324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375253 |
| **Gas — 2.1%** | **Gas — 2.1%** | **Gas — 2.1%** |
| ONE Gas, Inc. | &nbsp;&nbsp;11007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850291 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;6719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1405952 |
| **Healthcare Products — 6.0%** | **Healthcare Products — 6.0%** | **Healthcare Products — 6.0%** |
| Envista Holdings Corp.\* | &nbsp;&nbsp;22516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488822 |
| GE HealthCare Technologies, Inc. | 10998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902056 |
| Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388987 |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;5202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499704 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Mid Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;18281 | &nbsp;&nbsp;$1643828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3923397 |
| **Healthcare Services — 4.6%** | **Healthcare Services — 4.6%** | **Healthcare Services — 4.6%** |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;3353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610984 |
| IQVIA Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371701 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;4099 | &nbsp;&nbsp;&nbsp;&nbsp;1028357 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;3077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533952 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3040117 |
| **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;4751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557102 |
| **Household Products & Wares — 2.0%** | **Household Products & Wares — 2.0%** | **Household Products & Wares — 2.0%** |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;9790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987713 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;4386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1342625 |
| **Insurance — 4.8%** | **Insurance — 4.8%** | **Insurance — 4.8%** |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422243 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp;1045988 |
| The Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369466 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269220 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;3261 | &nbsp;&nbsp;&nbsp;&nbsp;1071565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3178482 |
| **Internet — 1.4%** | **Internet — 1.4%** | **Internet — 1.4%** |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429984 |
| F5, Inc.\* | &nbsp;&nbsp;&nbsp;2009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942801 |
| **Iron & Steel — 1.0%** | **Iron & Steel — 1.0%** | **Iron & Steel — 1.0%** |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641580 |
| **Machinery — Construction & Mining — 0.9%** | **Machinery — Construction & Mining — 0.9%** | **Machinery — Construction & Mining — 0.9%** |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558174 |
| **Machinery — Diversified — 1.5%** | **Machinery — Diversified — 1.5%** | **Machinery — Diversified — 1.5%** |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197973 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294135 |
| The Toro Co. | &nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965609 |
| **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** |
| The Timken Co. | &nbsp;&nbsp;&nbsp;6971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586470 |
| **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475383 |
| **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;5616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525714 |
| Coterra Energy, Inc. | &nbsp;&nbsp;21081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554852 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1737808 |
| **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** |
| Baker Hughes Co. | 24662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123108 |
| **Packaging and Containers — 2.4%** | **Packaging and Containers — 2.4%** | **Packaging and Containers — 2.4%** |
| Graphic Packaging Holding Co. | 38628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581738 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Packaging and Containers — (continued)** | **Packaging and Containers — (continued)** | **Packaging and Containers — (continued)** |
| Packaging Corp. of America | &nbsp;&nbsp;4780 | &nbsp;&nbsp;$985779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567517 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;5304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029347 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240478 |
| Henry Schein, Inc.\* | 16768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537151 |
| **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
| ONEOK, Inc. | &nbsp;&nbsp;5206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382641 |
| **Retail — 1.3%** | **Retail — 1.3%** | **Retail — 1.3%** |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;9974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838813 |
| **Semiconductors — 1.8%** | **Semiconductors — 1.8%** | **Semiconductors — 1.8%** |
| Infineon Technologies AG | &nbsp;&nbsp;6957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303541 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287604 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161566 |
| **Transportation — 2.4%** | **Transportation — 2.4%** | **Transportation — 2.4%** |
| CSX Corp. | 26145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947756 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;2263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601130 |
| **TOTAL COMMON STOCKS<br> (Cost $55,498,407)** | **TOTAL COMMON STOCKS<br> (Cost $55,498,407)** | &nbsp;&nbsp;&nbsp;**57163071** |
| **REAL ESTATE INVESTMENT TRUSTS — 8.5%** | **REAL ESTATE INVESTMENT TRUSTS — 8.5%** | **REAL ESTATE INVESTMENT TRUSTS — 8.5%** |
| **Apartments — 1.7%** | **Apartments — 1.7%** | **Apartments — 1.7%** |
| Equity Residential | 14294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901094 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1111484** |
| **Diversified — 1.6%** | **Diversified — 1.6%** | **Diversified — 1.6%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;3917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687708 |
| VICI Properties, Inc. | 12655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1043566** |
| **Healthcare — 2.0%** | **Healthcare — 2.0%** | **Healthcare — 2.0%** |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194179 |
| Healthpeak Properties, Inc. | 37886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609207 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;6343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1294207** |
| **Single Tenant — 1.9%** | **Single Tenant — 1.9%** | **Single Tenant — 1.9%** |
| Agree Realty Corp. | &nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237771 |
| Realty Income Corp. | &nbsp;&nbsp;17837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1243243** |
| **Storage & Warehousing — 1.0%** | **Storage & Warehousing — 1.0%** | **Storage & Warehousing — 1.0%** |
| Public Storage | &nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647712 |
| **Strip Centers — 0.3%** | **Strip Centers — 0.3%** | **Strip Centers — 0.3%** |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229180 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $6,196,970)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5569392** |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Mid Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **PREFERRED STOCKS — 0.9%** | **PREFERRED STOCKS — 0.9%** | **PREFERRED STOCKS — 0.9%** |
| **Household Products & Wares — 0.9%** | **Household Products & Wares — 0.9%** | **Household Products & Wares — 0.9%** |
| Henkel AG & Co., KGaA<br> **(Cost $512,756)** | &nbsp;&nbsp;&nbsp;7077 | &nbsp;&nbsp;$**577376** |
| **MASTER LIMITED PARTNERSHIP — 1.5%** | **MASTER LIMITED PARTNERSHIP — 1.5%** | **MASTER LIMITED PARTNERSHIP — 1.5%** |
| **Pipelines — 1.5%** | **Pipelines — 1.5%** | **Pipelines — 1.5%** |
| Enterprise Products Partners LP<br> **(Cost $724,410)** | 30863 | &nbsp;&nbsp;&nbsp;&nbsp;**989468** |

---

**SHORT-TERM INVESTMENTS — 1.6%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $1,067,466)** | 1067466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1067466** |
| **TOTAL INVESTMENTS — 99.6%<br> (Cost $64,000,009)** |  | &nbsp;&nbsp;**$65366773** |
| **Other Assets & Liabilities — 0.4%** | **Other Assets & Liabilities — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**234047** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$65600820** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| AG— Aktiengesellschaft. |
| KGaA— Kommanditgesellschaft auf Aktien. |
| LP— Limited Partnership. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| S.A.— Societe Anonyme. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United States | &nbsp;&nbsp;&nbsp;87% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $833480 | $507917 | $325563 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **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;Aerospace & Defense | $1236931 | $1236931 | $— | $— |
| &nbsp;&nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1297623 | &nbsp;&nbsp;&nbsp;&nbsp;1297623 | &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;1002218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671850 | &nbsp;&nbsp;&nbsp;&nbsp;330368 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5926178 | &nbsp;&nbsp;&nbsp;&nbsp;5926178 | &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;989337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;989337 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1492623 | &nbsp;&nbsp;&nbsp;&nbsp;1492623 | &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;897912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897912 | &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;650790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295508 | &nbsp;&nbsp;&nbsp;&nbsp;355282 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;2037101 | &nbsp;&nbsp;&nbsp;&nbsp;2037101 | &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;1476316 | &nbsp;&nbsp;&nbsp;&nbsp;1476316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1011016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1011016 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;4240552 | &nbsp;&nbsp;&nbsp;4240552 | &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;&nbsp;&nbsp;&nbsp;162051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1293318 | &nbsp;&nbsp;&nbsp;&nbsp;1293318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;2418395 | &nbsp;&nbsp;&nbsp;&nbsp;1591286 | &nbsp;&nbsp;&nbsp;&nbsp;827109 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;375253 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;&nbsp;1405952 | &nbsp;&nbsp;&nbsp;&nbsp;1405952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;3923397 | &nbsp;&nbsp;&nbsp;&nbsp;3923397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;3040117 | &nbsp;&nbsp;&nbsp;&nbsp;3040117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557102 | &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;1342625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987713 | &nbsp;&nbsp;&nbsp;&nbsp;354912 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3178482 | &nbsp;&nbsp;&nbsp;&nbsp;3178482 | &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;942801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641580 | &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;&nbsp;&nbsp;&nbsp;558174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;965609 | &nbsp;&nbsp;&nbsp;&nbsp;965609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586470 | &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;475383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1737808 | &nbsp;&nbsp;&nbsp;&nbsp;1737808 | &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;1123108 | &nbsp;&nbsp;&nbsp;&nbsp;1123108 | &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;1567517 | &nbsp;&nbsp;&nbsp;&nbsp;1567517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2537151 | &nbsp;&nbsp;&nbsp;&nbsp;2537151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382641 | &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;838813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1161566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858025 | &nbsp;&nbsp;&nbsp;&nbsp;303541 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1601130 | &nbsp;&nbsp;&nbsp;&nbsp;1601130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;57163071 | &nbsp;&nbsp;&nbsp;52290690 | &nbsp;&nbsp;&nbsp;&nbsp;4872381 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;5569392 | &nbsp;&nbsp;&nbsp;5569392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;577376 | &nbsp;&nbsp;&nbsp;— |
| Master Limited Partnership | &nbsp;&nbsp;&nbsp;&nbsp;989468 | &nbsp;&nbsp;&nbsp;&nbsp;989468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;1067466 | &nbsp;&nbsp;&nbsp;1067466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $65366773 | $59917016 | $5449757 | $— |
| Other Financial Instruments |  |  |  |  |
| Forward Foreign Currency Contracts | $4918 | $— | $4918 | $— |
| Total Assets—Other Financial Instruments | $4918 | $— | $4918 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Mid Core Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **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 |  |  |  |  |
| Forward Foreign Currency Contracts | $(12952) | $— | $(12952) | $— |
| Total Liabilities—Other Financial Instruments | $(12952) | $— | $(12952) | $— |

---

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

Open forward foreign currency contracts held at December 31, 2025 are 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 | 03/27/26 | 84314 | 0.74200 | $113570 | $113623 | $52 | $— |
| Sell | Euro | Citibank N.A. | 03/27/26 | (790340) | 0.84750 | (933573) | (932604) | 969 |  |
| Sell | Pound Sterling | Citibank N.A. | 03/27/26 | (459602) | 0.74200 | (615186) | (619370) |  | (4184) |
| Sell | Euro | Goldman Sachs | 03/27/26 | (655332) | 0.84750 | (774343) | (773294) | 1050 |  |
| Sell | Pound Sterling | Goldman Sachs | 03/27/26 | (459603) | 0.74200 | (614943) | (619370) |  | (4427) |
| Buy | Pound Sterling | JPMorgan | 03/27/26 | 200019 | 0.74200 | 268044 | 269550 | 1506 |  |
| Sell | Pound Sterling | JPMorgan | 03/27/26 | (459603) | 0.74200 | (615030) | (619370) |  | (4341) |
| Sell | Euro | Morgan Stanley | 03/27/26 | (720653) | 0.84750 | (850722) | (850373) | 350 |  |
| Sell | Euro | UBS Securities | 03/27/26 | (655332) | 0.84750 | (774284) | (773293) | 991 |  |
|  | Total |  |  |  |  |  |  | $4918 | $(12952) |

---

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### SMID Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** |
| **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** |
| Karman Holdings, Inc.\* | &nbsp;&nbsp;6269 | &nbsp;&nbsp;$458703 |
| Loar Holdings, Inc.\* | &nbsp;&nbsp;18182 | &nbsp;&nbsp;&nbsp;&nbsp;1236376 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;3667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2588177 |
| **Apparel — 1.9%** | **Apparel — 1.9%** | **Apparel — 1.9%** |
| On Holding AG, Class A\* | &nbsp;&nbsp;11458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532568 |
| Tapestry, Inc. | &nbsp;&nbsp;5929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290116 |
| **Biotechnology — 8.4%** | **Biotechnology — 8.4%** | **Biotechnology — 8.4%** |
| Bridgebio Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;9933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759775 |
| CG oncology, Inc.\* | &nbsp;&nbsp;5290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219641 |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;&nbsp;6753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429086 |
| Insmed, Inc.\* | &nbsp;&nbsp;5898 | &nbsp;&nbsp;&nbsp;&nbsp;1026488 |
| Ionis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;13194 | &nbsp;&nbsp;&nbsp;&nbsp;1043777 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257135 |
| Revolution Medicines, Inc.\* | &nbsp;&nbsp;10471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834015 |
| Roivant Sciences Ltd.\* | 48418 | &nbsp;&nbsp;&nbsp;&nbsp;1050671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5620588 |
| **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832250 |
| **Commercial Services — 2.9%** | **Commercial Services — 2.9%** | **Commercial Services — 2.9%** |
| Affirm Holdings, Inc.\* | 12073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898593 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;2939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436089 |
| Toast, Inc., Class A\* | &nbsp;&nbsp;17252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1947301 |
| **Computers — 3.6%** | **Computers — 3.6%** | **Computers — 3.6%** |
| Netskope, Inc., Class A\* | 10376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181995 |
| Parsons Corp.\* | &nbsp;&nbsp;&nbsp;7537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465787 |
| Pure Storage, Inc., Class A\* | &nbsp;&nbsp;11218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751718 |
| Rubrik, Inc., Class A\* | &nbsp;&nbsp;&nbsp;7933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606716 |
| SailPoint, Inc.\* | 18857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2387693 |
| **Distribution & Wholesale — 2.4%** | **Distribution & Wholesale — 2.4%** | **Distribution & Wholesale — 2.4%** |
| VSE Corp. | &nbsp;&nbsp;4389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758288 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477121 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1609708 |
| **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** |
| Enova International, Inc.\* | &nbsp;&nbsp;3888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611194 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;5392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939232 |
| Jefferies Financial Group, Inc. | 21290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319341 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;2333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3662310 |
| **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
| Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;6011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715249 |
| **Electronics — 5.4%** | **Electronics — 5.4%** | **Electronics — 5.4%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745985 |
| Badger Meter, Inc. | &nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472302 |
| Coherent Corp.\* | &nbsp;&nbsp;6298 | &nbsp;&nbsp;&nbsp;&nbsp;1162422 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634633 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electronics — (continued)** | **Electronics — (continued)** | **Electronics — (continued)** |
| Mirion Technologies, Inc.\* | 26259 | &nbsp;&nbsp;$614986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3630328 |
| **Energy-Alternate Sources — 1.1%** | **Energy-Alternate Sources — 1.1%** | **Energy-Alternate Sources — 1.1%** |
| Nextpower, Inc., Class A\* | &nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742700 |
| **Engineering & Construction — 2.2%** | **Engineering & Construction — 2.2%** | **Engineering & Construction — 2.2%** |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602613 |
| Fluor Corp.\* | &nbsp;&nbsp;11075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438902 |
| MYR Group, Inc.\* | &nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473271 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| Sportradar Group AG, Class A\* | &nbsp;&nbsp;11039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262397 |
| **Healthcare Products — 10.3%** | **Healthcare Products — 10.3%** | **Healthcare Products — 10.3%** |
| Bio-Techne Corp. | &nbsp;&nbsp;13556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797228 |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;9280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810237 |
| Guardant Health, Inc.\* | &nbsp;&nbsp;8296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847354 |
| Merit Medical Systems, Inc.\* | 12994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145291 |
| Natera, Inc.\* | &nbsp;&nbsp;&nbsp;6166 | &nbsp;&nbsp;&nbsp;&nbsp;1412569 |
| Penumbra, Inc.\* | &nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;&nbsp;&nbsp;1188920 |
| Repligen Corp.\* | &nbsp;&nbsp;&nbsp;4286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6903903 |
| **Healthcare Services — 2.9%** | **Healthcare Services — 2.9%** | **Healthcare Services — 2.9%** |
| BrightSpring Health Services, Inc.\* | 15068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564297 |
| RadNet, Inc.\* | 10764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768011 |
| The Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;3482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1938872 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444468 |
| **Home Furnishings — 1.3%** | **Home Furnishings — 1.3%** | **Home Furnishings — 1.3%** |
| SharkNinja, Inc.\* | &nbsp;&nbsp;&nbsp;7638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854692 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| Equitable Holdings, Inc. | 16878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804237 |
| **Leisure Time — 3.6%** | **Leisure Time — 3.6%** | **Leisure Time — 3.6%** |
| Amer Sports, Inc.\* | &nbsp;&nbsp;19016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710248 |
| Life Time Group Holdings, Inc.\* | 22902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608735 |
| Planet Fitness, Inc., Class A\* | 10367 | &nbsp;&nbsp;&nbsp;&nbsp;1124508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2443491 |
| **Lodging — 1.3%** | **Lodging — 1.3%** | **Lodging — 1.3%** |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840718 |
| **Machinery — Diversified — 6.6%** | **Machinery — Diversified — 6.6%** | **Machinery — Diversified — 6.6%** |
| Crane Co. | &nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613230 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;3689 | &nbsp;&nbsp;&nbsp;&nbsp;1082832 |
| Esab Corp. | &nbsp;&nbsp;&nbsp;7636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853094 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;5218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928491 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;4032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4447061 |
| **Metal Fabricate/Hardware — 1.4%** | **Metal Fabricate/Hardware — 1.4%** | **Metal Fabricate/Hardware — 1.4%** |
| RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930492 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### SMID Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Coeur Mining, Inc.\* | &nbsp;&nbsp;9320 | &nbsp;&nbsp;$166176 |
| **Miscellaneous Manufacturing — 3.5%** | **Miscellaneous Manufacturing — 3.5%** | **Miscellaneous Manufacturing — 3.5%** |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;2174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465519 |
| Fabrinet\* | &nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036672 |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;7820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351365 |
| **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** |
| Archrock, Inc. | &nbsp;&nbsp;&nbsp;9243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240503 |
| Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;1367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303344 |
| **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
| Ascendis Pharma A/S, ADR\* | &nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458466 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708708 |
| Protagonist Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159395 |
| Rhythm Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634737 |
| **Retail — 7.6%** | **Retail — 7.6%** | **Retail — 7.6%** |
| Boot Barn Holdings, Inc.\* | &nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521998 |
| Brinker International, Inc.\* | &nbsp;&nbsp;4677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671244 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403478 |
| Cava Group, Inc.\* | 12975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761503 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;3397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672504 |
| Dutch Bros, Inc., Class A\* | &nbsp;&nbsp;13572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830878 |
| Ollie's Bargain Outlet Holdings, Inc.\* | &nbsp;&nbsp;4290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470227 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122158 |
| **Semiconductors — 6.8%** | **Semiconductors — 6.8%** | **Semiconductors — 6.8%** |
| Lattice Semiconductor Corp.\* | &nbsp;&nbsp;17271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270800 |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;7039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205640 |
| Onto Innovation, Inc.\* | &nbsp;&nbsp;&nbsp;5915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933742 |
| Teradyne, Inc. | &nbsp;&nbsp;5799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532636 |
| **Software — 5.5%** | **Software — 5.5%** | **Software — 5.5%** |
| Klaviyo, Inc., Class A\* | 18485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600208 |
| MongoDB, Inc.\* | &nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588825 |
| Procore Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;9212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670081 |
| Samsara, Inc., Class A\* | 12845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455355 |
| Twilio, Inc., Class A\* | &nbsp;&nbsp;&nbsp;6167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877194 |
| Waystar Holding Corp.\* | 15890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712061 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| Credo Technology Group Holding Ltd.\* | &nbsp;&nbsp;6687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962192 |
| **Transportation — 2.4%** | **Transportation — 2.4%** | **Transportation — 2.4%** |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589170 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;3031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578852 |
| **TOTAL COMMON STOCKS<br> (Cost $57,752,392)** | **TOTAL COMMON STOCKS<br> (Cost $57,752,392)** | &nbsp;&nbsp;&nbsp;**66733543** |

---

---

| | |
|:---|:---|
| **Number ofShares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $863,326)** | 863326 | &nbsp;&nbsp;$**863326** |
| **TOTAL INVESTMENTS — 100.8%<br> (Cost $58,615,718)** |  | &nbsp;&nbsp;**$67596869** |
| **Other Assets & Liabilities — (0.8)%** | **Other Assets & Liabilities — (0.8)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(535158)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$67061711** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

A/S— Aktieselskab. <br> ADR— American Depositary Receipt. <br> AG— Aktiengesellschaft.

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### SMID Cap Growth Fund
Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $66733543 | $66733543 | $— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863326 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $67596869 | $67596869 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### SMID Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 93.3%** | **COMMON STOCKS — 93.3%** | **COMMON STOCKS — 93.3%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7523 | &nbsp;&nbsp;$555950 |
| **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** |
| BorgWarner, Inc. | &nbsp;&nbsp;12622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568747 |
| **Banks — 9.7%** | **Banks — 9.7%** | **Banks — 9.7%** |
| First Bancorp | &nbsp;&nbsp;15309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317356 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701801 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;9751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246700 |
| Flagstar Bank NA | 25724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323865 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422110 |
| Texas Capital Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;4687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424361 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;5056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581642 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;4688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281983 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;6684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420691 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4212256 |
| **Building Materials — 1.7%** | **Building Materials — 1.7%** | **Building Materials — 1.7%** |
| Boise Cascade Co. | &nbsp;&nbsp;&nbsp;5304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390374 |
| Gibraltar Industries, Inc.\* | &nbsp;&nbsp;&nbsp;7283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750446 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;5659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588536 |
| **Commercial Services — 5.8%** | **Commercial Services — 5.8%** | **Commercial Services — 5.8%** |
| ADT, Inc. | 67560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545209 |
| First Advantage Corp.\* | &nbsp;&nbsp;30166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438312 |
| Laureate Education, Inc.\* | 19054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641548 |
| Robert Half, Inc. | &nbsp;&nbsp;15683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425951 |
| WillScot Holdings Corp. | 24383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2510152 |
| **Computers — 4.2%** | **Computers — 4.2%** | **Computers — 4.2%** |
| CACI International, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482193 |
| Crane NXT Co. | &nbsp;&nbsp;&nbsp;8281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389787 |
| Globant S.A.\* | &nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432880 |
| NCR Atleos Corp.\* | &nbsp;&nbsp;13958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1836799 |
| **Distribution & Wholesale — 1.1%** | **Distribution & Wholesale — 1.1%** | **Distribution & Wholesale — 1.1%** |
| Core & Main, Inc., Class A\* | &nbsp;&nbsp;&nbsp;8869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460922 |
| **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243219 |
| Invesco Ltd. | 24498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643562 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1403063 |
| **Electric — 1.6%** | **Electric — 1.6%** | **Electric — 1.6%** |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;5617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710888 |
| **Electronics — 2.4%** | **Electronics — 2.4%** | **Electronics — 2.4%** |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;9803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471328 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015311 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| Frontdoor, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68247 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Environmental Control — 0.9%** | **Environmental Control — 0.9%** | **Environmental Control — 0.9%** |
| Pentair PLC | &nbsp;&nbsp;&nbsp;3907 | &nbsp;&nbsp;$406875 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| Nomad Foods Ltd. | 24085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301303 |
| **Gas — 2.0%** | **Gas — 2.0%** | **Gas — 2.0%** |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415451 |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;5836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866282 |
| **Healthcare Products — 5.1%** | **Healthcare Products — 5.1%** | **Healthcare Products — 5.1%** |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;9782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575279 |
| Envista Holdings Corp.\* | 25643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556710 |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;&nbsp;7706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672811 |
| Integer Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2208087 |
| **Healthcare Services — 4.2%** | **Healthcare Services — 4.2%** | **Healthcare Services — 4.2%** |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;4635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491959 |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;3394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618455 |
| Tenet Healthcare Corp.\* | &nbsp;&nbsp;&nbsp;3592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1824216 |
| **Home Builders — 0.6%** | **Home Builders — 0.6%** | **Home Builders — 0.6%** |
| Taylor Morrison Home Corp.\* | &nbsp;&nbsp;&nbsp;4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255143 |
| **Household Products & Wares — 1.0%** | **Household Products & Wares — 1.0%** | **Household Products & Wares — 1.0%** |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419594 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;4327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591414 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1274426 |
| **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| Criteo S.A., ADR\* | &nbsp;&nbsp;10120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208573 |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| HA Sustainable Infrastructure Capital, Inc. | 18308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575420 |
| **Iron & Steel — 1.7%** | **Iron & Steel — 1.7%** | **Iron & Steel — 1.7%** |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742107 |
| **Leisure Time — 1.0%** | **Leisure Time — 1.0%** | **Leisure Time — 1.0%** |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;5952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441876 |
| **Machinery — Construction & Mining — 2.0%** | **Machinery — Construction & Mining — 2.0%** | **Machinery — Construction & Mining — 2.0%** |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591215 |
| Terex Corp. | &nbsp;&nbsp;&nbsp;5476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883524 |
| **Machinery — Diversified — 1.9%** | **Machinery — Diversified — 1.9%** | **Machinery — Diversified — 1.9%** |
| CNH Industrial N.V. | &nbsp;&nbsp;32912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303449 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;3678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819546 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394526 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### SMID Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Miscellaneous Manufacturing — 2.2%** | **Miscellaneous Manufacturing — 2.2%** | **Miscellaneous Manufacturing — 2.2%** |
| Avient Corp. | &nbsp;&nbsp;12527 | &nbsp;&nbsp;$391344 |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;3596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933153 |
| **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;5804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267448 |
| Magnolia Oil & Gas Corp., Class A | 18402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402820 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;9509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403562 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;14364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1382225 |
| **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** |
| TechnipFMC PLC | 16844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750569 |
| **Packaging and Containers — 2.3%** | **Packaging and Containers — 2.3%** | **Packaging and Containers — 2.3%** |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;35651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536904 |
| O-I Glass, Inc.\* | 31084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995704 |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745281 |
| **Retail — 5.2%** | **Retail — 5.2%** | **Retail — 5.2%** |
| AutoNation, Inc.\* | &nbsp;&nbsp;&nbsp;2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414612 |
| Bath & Body Works, Inc. | 18565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372785 |
| BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;7473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672794 |
| Dollar Tree, Inc.\* | &nbsp;&nbsp;&nbsp;5194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638914 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2237153 |
| **Savings & Loans — 0.9%** | **Savings & Loans — 0.9%** | **Savings & Loans — 0.9%** |
| WaFd, Inc. | &nbsp;&nbsp;12597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403482 |
| **Semiconductors — 2.9%** | **Semiconductors — 2.9%** | **Semiconductors — 2.9%** |
| FormFactor, Inc.\* | &nbsp;&nbsp;&nbsp;5428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302774 |
| IPG Photonics Corp.\* | &nbsp;&nbsp;&nbsp;5981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428239 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;&nbsp;9586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1250095 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| ACI Worldwide, Inc.\* | &nbsp;&nbsp;&nbsp;8735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417620 |
| Nice Ltd., ADR\* | &nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684395 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| Calix, Inc.\* | &nbsp;&nbsp;&nbsp;6356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336423 |
| **Toys, Games & Hobbies — 1.2%** | **Toys, Games & Hobbies — 1.2%** | **Toys, Games & Hobbies — 1.2%** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;6544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536608 |
| **Transportation — 7.8%** | **Transportation — 7.8%** | **Transportation — 7.8%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;6067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450111 |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;4082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656222 |
| GXO Logistics, Inc.\* | 10580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556931 |
| Kirby Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;5301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584064 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;11962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625374 |
| Star Bulk Carriers Corp. | 26449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3381052 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Trucking and Leasing — 1.2%** | **Trucking and Leasing — 1.2%** | **Trucking and Leasing — 1.2%** |
| GATX Corp. | &nbsp;&nbsp;&nbsp;3049 | &nbsp;&nbsp;$517110 |
| **TOTAL COMMON STOCKS<br> (Cost $38,319,951)** | **TOTAL COMMON STOCKS<br> (Cost $38,319,951)** | &nbsp;&nbsp;&nbsp;**40456065** |
| **REAL ESTATE INVESTMENT TRUSTS — 6.0%** | **REAL ESTATE INVESTMENT TRUSTS — 6.0%** | **REAL ESTATE INVESTMENT TRUSTS — 6.0%** |
| **Apartments — 1.1%** | **Apartments — 1.1%** | **Apartments — 1.1%** |
| Independence Realty Trust, Inc. | 26600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464968 |
| **Diversified — 0.6%** | **Diversified — 0.6%** | **Diversified — 0.6%** |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;14859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258101 |
| **Healthcare — 1.0%** | **Healthcare — 1.0%** | **Healthcare — 1.0%** |
| American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;8890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418363 |
| **Hotels & Resorts — 0.6%** | **Hotels & Resorts — 0.6%** | **Hotels & Resorts — 0.6%** |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;2703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255758 |
| **Industrial — 0.9%** | **Industrial — 0.9%** | **Industrial — 0.9%** |
| STAG lndustrial, Inc. | &nbsp;&nbsp;10877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399839 |
| **Office Property — 1.3%** | **Office Property — 1.3%** | **Office Property — 1.3%** |
| COPT Defense Properties | 19698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547604 |
| **Storage & Warehousing — 0.5%** | **Storage & Warehousing — 0.5%** | **Storage & Warehousing — 0.5%** |
| CubeSmart | &nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243338 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $2,585,098)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2587971** |

---

**SHORT-TERM INVESTMENTS — 0.7%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $309,646)** | 309646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**309646** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $41,214,695)** |  | &nbsp;&nbsp;**$43353682** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10449)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$43343233** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| ADR— American Depositary Receipt. |
| N.V.— Naamloze Vennootschap. |
| NA— National Association. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| S.A.— Societe Anonyme. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### SMID Cap Value Fund

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $40456065 | $40456065 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587971 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309646 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $43353682 | $43353682 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
| Loar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;8392 | &nbsp;&nbsp;$570656 |
| StandardAero, Inc.\* | &nbsp;&nbsp;21631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620377 |
| Voyager Technologies, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;9153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430293 |
| **Apparel — 1.7%** | **Apparel — 1.7%** | **Apparel — 1.7%** |
| Gildan Activewear, Inc. | &nbsp;&nbsp;18925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182056 |
| On Holding AG, Class A\* | &nbsp;&nbsp;&nbsp;8255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1565748 |
| **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;9942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598011 |
| **Biotechnology — 13.1%** | **Biotechnology — 13.1%** | **Biotechnology — 13.1%** |
| 89bio, Inc.\* | &nbsp;&nbsp;32354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 |
| Akero Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 |
| Arcellx, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275861 |
| Avidity Biosciences, Inc.\* | &nbsp;&nbsp;24414 | &nbsp;&nbsp;&nbsp;&nbsp;1760982 |
| Bridgebio Pharma, Inc.\* | &nbsp;&nbsp;18931 | &nbsp;&nbsp;&nbsp;&nbsp;1448032 |
| Crinetics Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;8579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399352 |
| Edgewise Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;5532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137276 |
| Ideaya Biosciences, Inc.\* | &nbsp;&nbsp;16217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560622 |
| Insmed, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477044 |
| Janux Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112180 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;7409 | &nbsp;&nbsp;&nbsp;&nbsp;1400820 |
| Metsera, Inc.\* | &nbsp;&nbsp;&nbsp;9038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44286 |
| Nuvalent, Inc., Class A\* | &nbsp;&nbsp;&nbsp;4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438874 |
| Olema Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;8809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220225 |
| Praxis Precision Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231424 |
| PTC Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;7604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577600 |
| Revolution Medicines, Inc.\* | &nbsp;&nbsp;11888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946879 |
| Soleno Therapeutics, Inc.\* | &nbsp;&nbsp;10412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482076 |
| Structure Therapeutics, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;7362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512027 |
| Tarsus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;4851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397200 |
| Travere Therapeutics, Inc.\* | &nbsp;&nbsp;13003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496845 |
| Xenon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;7499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12270427 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648356 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1960550 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Perimeter Solutions, Inc.\* | 20889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575074 |
| Sensient Technologies Corp. | &nbsp;&nbsp;15747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2054505 |
| **Commercial Services — 9.4%** | **Commercial Services — 9.4%** | **Commercial Services — 9.4%** |
| Bright Horizons Family Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;5525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560235 |
| CBIZ, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410108 |
| Colliers International Group, Inc. | &nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559814 |
| Euronet Worldwide, Inc.\* | 10688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813464 |
| Legence Corp., Class A\* | &nbsp;&nbsp;24235 | &nbsp;&nbsp;&nbsp;&nbsp;1043074 |
| Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;5838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890295 |
| Rentokil Initial PLC, ADR | 54845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615734 |
| Shift4 Payments, Inc., Class A\* | &nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925659 |
| Stride, Inc.\* | &nbsp;&nbsp;&nbsp;13122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852012 |
| UL Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp;7040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555174 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Commercial Services — (continued)** | **Commercial Services — (continued)** | **Commercial Services — (continued)** |
| WEX, Inc.\* | &nbsp;&nbsp;&nbsp;4246 | &nbsp;&nbsp;$632569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8858138 |
| **Computers — 0.9%** | **Computers — 0.9%** | **Computers — 0.9%** |
| CACI International, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877538 |
| **Cosmetics & Personal Care — 0.8%** | **Cosmetics & Personal Care — 0.8%** | **Cosmetics & Personal Care — 0.8%** |
| Oddity Tech Ltd., Class A\* | &nbsp;&nbsp;17804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715365 |
| **Distribution & Wholesale — 1.5%** | **Distribution & Wholesale — 1.5%** | **Distribution & Wholesale — 1.5%** |
| Core & Main, Inc., Class A\* | &nbsp;&nbsp;19837 | &nbsp;&nbsp;&nbsp;&nbsp;1030929 |
| SiteOne Landscape Supply, Inc.\* | &nbsp;&nbsp;&nbsp;2783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1377579 |
| **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;4837 | &nbsp;&nbsp;&nbsp;&nbsp;1214087 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;4392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589889 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;4445 | &nbsp;&nbsp;&nbsp;&nbsp;1587621 |
| Wealthfront Corp.\* | 28039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3772647 |
| **Electric — 1.3%** | **Electric — 1.3%** | **Electric — 1.3%** |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;7752 | &nbsp;&nbsp;&nbsp;&nbsp;1234429 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;6301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749756 |
| **Electronics — 5.7%** | **Electronics — 5.7%** | **Electronics — 5.7%** |
| Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;&nbsp;&nbsp;1339229 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437464 |
| Mirion Technologies, Inc.\* | 54372 | &nbsp;&nbsp;&nbsp;&nbsp;1273392 |
| Napco Security Technologies, Inc. | &nbsp;&nbsp;17092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712736 |
| OSI Systems, Inc.\* | &nbsp;&nbsp;&nbsp;6103 | &nbsp;&nbsp;&nbsp;&nbsp;1556631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5319452 |
| **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** |
| Sterling Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;3597 | &nbsp;&nbsp;&nbsp;&nbsp;1101509 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Atlanta Braves Holdings, Inc., Class C\* | &nbsp;&nbsp;13768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543148 |
| Inspired Entertainment, Inc.\* | 35977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336745 |
| Manchester United PLC, Class A\* | &nbsp;&nbsp;17797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163221 |
| **Environmental Control — 3.0%** | **Environmental Control — 3.0%** | **Environmental Control — 3.0%** |
| CECO Environmental Corp.\* | 24266 | &nbsp;&nbsp;&nbsp;&nbsp;1452320 |
| Clean Harbors, Inc.\* | &nbsp;&nbsp;&nbsp;3628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850694 |
| Montrose Environmental Group, Inc.\* | 20642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2815555 |
| **Food — 0.9%** | **Food — 0.9%** | **Food — 0.9%** |
| Premium Brands Holdings Corp. | &nbsp;&nbsp;10921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809278 |
| **Food Service — 1.0%** | **Food Service — 1.0%** | **Food Service — 1.0%** |
| Aramark | 26733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985378 |
| **Healthcare Products — 6.7%** | **Healthcare Products — 6.7%** | **Healthcare Products — 6.7%** |
| Glaukos Corp.\* | 18900 | &nbsp;&nbsp;&nbsp;&nbsp;2133999 |
| Globus Medical, Inc., Class A\* | 18388 | &nbsp;&nbsp;&nbsp;&nbsp;1605456 |
| ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;6558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935630 |
| Lantheus Holdings, Inc.\* | &nbsp;&nbsp;13246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881522 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| PROCEPT BioRobotics Corp.\* | &nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;$273104 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6281230 |
| **Healthcare Services — 1.0%** | **Healthcare Services — 1.0%** | **Healthcare Services — 1.0%** |
| HealthEquity, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613879 |
| Lumexa Imaging Holdings, Inc.\* | &nbsp;&nbsp;17724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941773 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| Dream Finders Homes, Inc., Class A\* | &nbsp;&nbsp;16654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284783 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Baldwin Insurance Group, Inc.\* | &nbsp;&nbsp;12042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289369 |
| Exzeo Group, Inc.\* | &nbsp;&nbsp;17383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421538 |
| Palomar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460610 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;8084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1688731 |
| **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| Ziff Davis, Inc.\* | &nbsp;&nbsp;13387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470553 |
| **Machinery — Diversified — 3.7%** | **Machinery — Diversified — 3.7%** | **Machinery — Diversified — 3.7%** |
| ATS Corp.\* | 20907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575931 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635492 |
| Gates Industrial Corp. PLC\* | &nbsp;&nbsp;34871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748680 |
| Kornit Digital Ltd.\* | &nbsp;&nbsp;21776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313139 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;25881 | &nbsp;&nbsp;&nbsp;&nbsp;1203208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3476450 |
| **Miscellaneous Manufacturing — 2.2%** | **Miscellaneous Manufacturing — 2.2%** | **Miscellaneous Manufacturing — 2.2%** |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758449 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;4822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406254 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;5230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2072160 |
| **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407755 |
| Magnolia Oil & Gas Corp., Class A | 48986 | &nbsp;&nbsp;&nbsp;&nbsp;1072304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1480059 |
| **Packaging and Containers — 1.7%** | **Packaging and Containers — 1.7%** | **Packaging and Containers — 1.7%** |
| Crown Holdings, Inc. | &nbsp;&nbsp;15858 | &nbsp;&nbsp;&nbsp;&nbsp;1632898 |
| **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** |
| Ascendis Pharma A/S, ADR\* | &nbsp;&nbsp;&nbsp;4305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917998 |
| BellRing Brands, Inc.\* | &nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261794 |
| Centessa Pharmaceuticals PLC, ADR\* | &nbsp;&nbsp;&nbsp;14191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354917 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841481 |
| Mirum Pharmaceuticals, Inc.\* | &nbsp;&nbsp;14105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114154 |
| Protagonist Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;6693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584567 |
| Vaxcyte, Inc.\* | &nbsp;&nbsp;10504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4559565 |
| **Retail — 1.8%** | **Retail — 1.8%** | **Retail — 1.8%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;2329 | &nbsp;&nbsp;&nbsp;&nbsp;1287262 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1730376 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Semiconductors — 3.4%** | **Semiconductors — 3.4%** | **Semiconductors — 3.4%** |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;5724 | &nbsp;&nbsp;$980407 |
| Nova Ltd.\* | &nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487659 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;13120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710448 |
| Tower Semiconductor Ltd.\* | &nbsp;&nbsp;9048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240930 |
| **Software — 13.2%** | **Software — 13.2%** | **Software — 13.2%** |
| Alkami Technology, Inc.\* | 27563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635878 |
| Asure Software, Inc.\* | 49189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463360 |
| Blackbaud, Inc.\* | &nbsp;&nbsp;11621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735842 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097773 |
| Bullish\* | &nbsp;&nbsp;&nbsp;5599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212034 |
| Clearwater Analytics Holdings, Inc., Class A\* | 30774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742269 |
| Consensus Cloud Solutions, Inc.\* | 20710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451892 |
| Dynatrace, Inc.\* | &nbsp;&nbsp;17001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736823 |
| Global-e Online Ltd.\* | 18597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731048 |
| HeartFlow, Inc.\* | &nbsp;&nbsp;17692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515722 |
| Kinaxis, Inc.\* | &nbsp;&nbsp;&nbsp;3727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469979 |
| PDF Solutions, Inc.\* | 25085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715675 |
| Procore Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;5812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422765 |
| SS&C Technologies Holdings, Inc. | 25082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192669 |
| The Descartes Systems Group, Inc.\* | &nbsp;&nbsp;15351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346701 |
| Vertex, Inc., Class A\* | 14562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290803 |
| Waystar Holding Corp.\* | 20683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12438601 |
| **Telecommunications — 2.1%** | **Telecommunications — 2.1%** | **Telecommunications — 2.1%** |
| AST SpaceMobile, Inc.\* | &nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853403 |
| Credo Technology Group Holding Ltd.\* | &nbsp;&nbsp;&nbsp;8078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015746 |
| **Transportation — 1.1%** | **Transportation — 1.1%** | **Transportation — 1.1%** |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;3064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000457 |
| **TOTAL COMMON STOCKS<br> (Cost $64,015,403)** | **TOTAL COMMON STOCKS<br> (Cost $64,015,403)** | &nbsp;&nbsp;&nbsp;**92973691** |
| **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 $372,223)** | &nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**819605** |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| OmniAb, Inc.\* | &nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 |
| OmniAb, Inc.\* | &nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 |
| **TOTAL RIGHTS<br> (Cost $8,726)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3517** |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Growth Fund

---

| | |
|:---|:---|
| **Number ofShares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $957,405)** | 957405 | &nbsp;&nbsp;$**957405** |
| **TOTAL INVESTMENTS — 100.8%<br> (Cost $65,353,757)** |  | &nbsp;&nbsp;**$94754218** |
| **Other Assets & Liabilities — (0.8)%** | **Other Assets & Liabilities — (0.8)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(788019)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$93966199** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

---

| |
|:---|
| A/S— Aktieselskab. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| PLC— Public Limited Company. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United States | &nbsp;&nbsp;&nbsp;87% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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;Aerospace & Defense | $1430293 | $1430293 | $— | $— |
| &nbsp;&nbsp;&nbsp;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1565748 | &nbsp;&nbsp;&nbsp;&nbsp;1565748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;12270427 | &nbsp;&nbsp;&nbsp;&nbsp;12211424 | &nbsp;&nbsp;&nbsp;59003 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1960550 | &nbsp;&nbsp;&nbsp;&nbsp;1960550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2054505 | &nbsp;&nbsp;&nbsp;&nbsp;2054505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;8858138 | &nbsp;&nbsp;&nbsp;&nbsp;8858138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1377579 | &nbsp;&nbsp;&nbsp;&nbsp;1377579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3772647 | &nbsp;&nbsp;&nbsp;&nbsp;3772647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;1234429 | &nbsp;&nbsp;&nbsp;&nbsp;1234429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;5319452 | &nbsp;&nbsp;&nbsp;&nbsp;5319452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101509 | &nbsp;&nbsp;&nbsp;&nbsp;1101509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;2815555 | &nbsp;&nbsp;&nbsp;&nbsp;2815555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;6281230 | &nbsp;&nbsp;&nbsp;&nbsp;6281230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1688731 | &nbsp;&nbsp;&nbsp;&nbsp;1688731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;3476450 | &nbsp;&nbsp;&nbsp;&nbsp;3476450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;2072160 | &nbsp;&nbsp;&nbsp;&nbsp;2072160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1480059 | &nbsp;&nbsp;&nbsp;&nbsp;1480059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;1632898 | &nbsp;&nbsp;&nbsp;&nbsp;1632898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;4559565 | &nbsp;&nbsp;&nbsp;&nbsp;4559565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;1730376 | &nbsp;&nbsp;&nbsp;&nbsp;1730376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3240930 | &nbsp;&nbsp;&nbsp;&nbsp;3240930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;12438601 | &nbsp;&nbsp;&nbsp;12438601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2015746 | &nbsp;&nbsp;&nbsp;&nbsp;2015746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1000457 | &nbsp;&nbsp;&nbsp;&nbsp;1000457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;92973691 | &nbsp;&nbsp;&nbsp;&nbsp;92914688 | &nbsp;&nbsp;&nbsp;&nbsp;59003 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $94754218 | $94691698 | $62520 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 93.6%** | **COMMON STOCKS — 93.6%** | **COMMON STOCKS — 93.6%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Mercury Systems, Inc.\* | &nbsp;&nbsp;&nbsp;11541 | &nbsp;&nbsp;$842608 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2038682 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;13659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486670 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| SkyWest, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781993 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| Capri Holdings Ltd.\* | &nbsp;&nbsp;32528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793683 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;8043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491347 |
| Steven Madden Ltd. | &nbsp;&nbsp;12648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811693 |
| **Auto Parts & Equipment — 2.1%** | **Auto Parts & Equipment — 2.1%** | **Auto Parts & Equipment — 2.1%** |
| Dana, Inc. | &nbsp;&nbsp;31472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747775 |
| Phinia, Inc. | &nbsp;&nbsp;22430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406136 |
| Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3010857 |
| **Banks — 18.5%** | **Banks — 18.5%** | **Banks — 18.5%** |
| Ameris Bancorp | &nbsp;&nbsp;22225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650651 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;51572 | &nbsp;&nbsp;&nbsp;&nbsp;1820492 |
| CoastalSouth Bancshares, Inc.\* | &nbsp;&nbsp;19865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461861 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;45181 | &nbsp;&nbsp;&nbsp;&nbsp;1262809 |
| Community Financial System, Inc. | &nbsp;&nbsp;18409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057413 |
| ConnectOne Bancorp, Inc. | 49587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300171 |
| FB Financial Corp. | &nbsp;&nbsp;23149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291714 |
| First Merchants Corp. | 28649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073764 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;41320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820146 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;23936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921536 |
| Northpointe Bancshares, Inc. | &nbsp;&nbsp;39061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655444 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;55016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072812 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;32188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210591 |
| Renasant Corp. | &nbsp;&nbsp;48787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718278 |
| Seacoast Banking Corp of Florida | 39807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250736 |
| SOUTHSTATE BANK CORP | &nbsp;&nbsp;10454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983826 |
| TriCo Bancshares | &nbsp;&nbsp;20319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962511 |
| UMB Financial Corp. | &nbsp;&nbsp;18624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142505 |
| Valley National Bancorp | 132461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547144 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;20127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210639 |
| WesBanco, Inc. | &nbsp;&nbsp;31478 | &nbsp;&nbsp;&nbsp;&nbsp;1046329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26461372 |
| **Biotechnology — 4.4%** | **Biotechnology — 4.4%** | **Biotechnology — 4.4%** |
| CG oncology, Inc.\* | &nbsp;&nbsp;&nbsp;8499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352878 |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;17052 | &nbsp;&nbsp;&nbsp;&nbsp;1083484 |
| Dianthus Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289212 |
| Dynavax Technologies Corp.\* | &nbsp;&nbsp;21833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335792 |
| Halozyme Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;8028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540284 |
| Ideaya Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;8767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303075 |
| Immunovant, Inc.\* | &nbsp;&nbsp;11687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297084 |
| Ionis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219372 |
| Krystal Biotech, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334308 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;3464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654939 |
| Mineralys Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250945 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| NeoGenomics, Inc.\* | 52858 | &nbsp;&nbsp;$621610 |
| Revolution Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;7498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597216 |
| Ultragenyx Pharmaceutical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174133 |
| Xenon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;7249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6379232 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377382 |
| Masterbrand, Inc.\* | &nbsp;&nbsp;50117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553292 |
| Modine Manufacturing Co.\* | &nbsp;&nbsp;&nbsp;3973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530435 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;7645 | &nbsp;&nbsp;&nbsp;&nbsp;1529459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2990568 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;7492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439556 |
| H.B. Fuller Co. | &nbsp;&nbsp;19371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151800 |
| Ingevity Corp.\* | &nbsp;&nbsp;&nbsp;7504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444087 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613913 |
| Rogers Corp.\* | &nbsp;&nbsp;&nbsp;5166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3122406 |
| **Coal — 0.4%** | **Coal — 0.4%** | **Coal — 0.4%** |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;5908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522917 |
| **Commercial Services — 1.5%** | **Commercial Services — 1.5%** | **Commercial Services — 1.5%** |
| Andersen Group, Inc., Class A\* | &nbsp;&nbsp;19189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497571 |
| BrightView Holdings, Inc.\* | 49450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626531 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766086 |
| Valvoline, Inc.\* | &nbsp;&nbsp;&nbsp;9909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178144 |
| **Computers — 0.7%** | **Computers — 0.7%** | **Computers — 0.7%** |
| ASGN, Inc.\* | 10294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495862 |
| V2X, Inc.\* | &nbsp;&nbsp;&nbsp;9601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1019597 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383218 |
| **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** |
| VSE Corp. | &nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398926 |
| **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;11015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815441 |
| Encore Capital Group, Inc.\* | &nbsp;&nbsp;12058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655352 |
| Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;4479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704099 |
| Jefferson Capital, Inc. | 38738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865407 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;11035 | &nbsp;&nbsp;&nbsp;&nbsp;1454854 |
| Perella Weinberg Partners | 78534 | &nbsp;&nbsp;&nbsp;&nbsp;1358638 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;3771 | &nbsp;&nbsp;&nbsp;&nbsp;1281046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7134837 |
| **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** |
| Black Hills Corp. | &nbsp;&nbsp;17249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197425 |
| IDACORP, Inc. | 10586 | &nbsp;&nbsp;&nbsp;&nbsp;1339764 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487067 |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;9783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3600279 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Electrical Components & Equipment — 1.3%** | **Electrical Components & Equipment — 1.3%** | **Electrical Components & Equipment — 1.3%** |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;6720 | &nbsp;&nbsp;$783216 |
| Graham Corp.\* | &nbsp;&nbsp;&nbsp;2386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153253 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1800191 |
| **Electronics — 3.5%** | **Electronics — 3.5%** | **Electronics — 3.5%** |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;12461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646851 |
| Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;3096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525175 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;3722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727242 |
| Knowles Corp.\* | &nbsp;&nbsp;26217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561830 |
| Mirion Technologies, Inc.\* | &nbsp;&nbsp;27803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651146 |
| Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;7692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154338 |
| TTM Technologies, Inc.\* | &nbsp;&nbsp;10625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4999707 |
| **Engineering & Construction — 3.3%** | **Engineering & Construction — 3.3%** | **Engineering & Construction — 3.3%** |
| Arcosa, Inc. | &nbsp;&nbsp;15230 | &nbsp;&nbsp;&nbsp;&nbsp;1619254 |
| Centuri Holdings, Inc.\* | &nbsp;&nbsp;49118 | &nbsp;&nbsp;&nbsp;&nbsp;1240230 |
| Fluor Corp.\* | &nbsp;&nbsp;&nbsp;8826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349774 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;9258 | &nbsp;&nbsp;&nbsp;&nbsp;1067910 |
| MYR Group, Inc.\* | &nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4704991 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598597 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;4921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903453 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| Utz Brands, Inc. | 40569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421106 |
| **Gas — 3.4%** | **Gas — 3.4%** | **Gas — 3.4%** |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663224 |
| MDU Resources Group, Inc. | 26691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521008 |
| ONE Gas, Inc. | 15906 | &nbsp;&nbsp;&nbsp;&nbsp;1228739 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;15204 | &nbsp;&nbsp;&nbsp;&nbsp;1216624 |
| Spire, Inc. | &nbsp;&nbsp;14354 | &nbsp;&nbsp;&nbsp;&nbsp;1187076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4816671 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102590 |
| **Healthcare Products — 1.7%** | **Healthcare Products — 1.7%** | **Healthcare Products — 1.7%** |
| 10X Genomics, Inc., Class A\* | &nbsp;&nbsp;18325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298881 |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;&nbsp;7598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663381 |
| LivaNova PLC\* | &nbsp;&nbsp;14218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874834 |
| Merit Medical Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2378716 |
| **Healthcare Services — 1.5%** | **Healthcare Services — 1.5%** | **Healthcare Services — 1.5%** |
| Charles River Laboratories International, Inc.\* | &nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654294 |
| Fortrea Holdings, Inc.\* | 20499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353608 |
| Lumexa Imaging Holdings, Inc.\* | &nbsp;&nbsp;40144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742664 |
| RadNet, Inc.\* | &nbsp;&nbsp;&nbsp;5459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2140066 |
| **Home Builders — 2.8%** | **Home Builders — 2.8%** | **Home Builders — 2.8%** |
| Forestar Group, Inc.\* | 22542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555210 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540569 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Home Builders — (continued)** | **Home Builders — (continued)** | **Home Builders — (continued)** |
| Meritage Homes Corp. | &nbsp;&nbsp;21183 | &nbsp;&nbsp;$1393841 |
| Taylor Morrison Home Corp.\* | 25862 | &nbsp;&nbsp;&nbsp;&nbsp;1522496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4012116 |
| **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** |
| Alliance Laundry Holdings, Inc.\* | 30896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628734 |
| **Housewares — 0.3%** | **Housewares — 0.3%** | **Housewares — 0.3%** |
| Central Garden & Pet Co., Class A\* | &nbsp;&nbsp;13602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397042 |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| Abacus Global Management, Inc. | 80238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686035 |
| CNO Financial Group, Inc. | 24243 | &nbsp;&nbsp;&nbsp;&nbsp;1029600 |
| Exzeo Group, Inc.\* | &nbsp;&nbsp;36518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885561 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693343 |
| NMI Holdings, Inc.\* | &nbsp;&nbsp;21629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882247 |
| Skyward Specialty Insurance Group, Inc.\* | &nbsp;&nbsp;16401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838255 |
| Slide Insurance Holdings, Inc.\* | 37608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5747645 |
| **Iron & Steel — 1.4%** | **Iron & Steel — 1.4%** | **Iron & Steel — 1.4%** |
| Commercial Metals Co. | 28940 | &nbsp;&nbsp;&nbsp;&nbsp;2003227 |
| **Leisure Time — 1.3%** | **Leisure Time — 1.3%** | **Leisure Time — 1.3%** |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;9888 | &nbsp;&nbsp;&nbsp;&nbsp;1072156 |
| Polaris, Inc. | &nbsp;&nbsp;11772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1816735 |
| **Machinery — Construction & Mining — 0.6%** | **Machinery — Construction & Mining — 0.6%** | **Machinery — Construction & Mining — 0.6%** |
| Terex Corp. | &nbsp;&nbsp;17592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939061 |
| **Machinery — Diversified — 2.1%** | **Machinery — Diversified — 2.1%** | **Machinery — Diversified — 2.1%** |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;5706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957866 |
| Esab Corp. | &nbsp;&nbsp;&nbsp;3918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437719 |
| Gates Industrial Corp. PLC\* | &nbsp;&nbsp;53752 | &nbsp;&nbsp;&nbsp;&nbsp;1154055 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3061043 |
| **Metal Fabricate/Hardware — 1.3%** | **Metal Fabricate/Hardware — 1.3%** | **Metal Fabricate/Hardware — 1.3%** |
| Helios Technologies, Inc. | &nbsp;&nbsp;13725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734150 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;5064 | &nbsp;&nbsp;&nbsp;&nbsp;1100306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1834456 |
| **Mining — 1.7%** | **Mining — 1.7%** | **Mining — 1.7%** |
| Centrus Energy Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225524 |
| Coeur Mining, Inc.\* | 51690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921633 |
| Constellium S.E.\* | 42550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802068 |
| SSR Mining, Inc.\* | &nbsp;&nbsp;21219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2414345 |
| **Miscellaneous Manufacturing — 1.0%** | **Miscellaneous Manufacturing — 1.0%** | **Miscellaneous Manufacturing — 1.0%** |
| Avient Corp. | &nbsp;&nbsp;33018 | &nbsp;&nbsp;&nbsp;&nbsp;1031482 |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1432722 |
| **Oil & Gas — 4.5%** | **Oil & Gas — 4.5%** | **Oil & Gas — 4.5%** |
| California Resources Corp. | &nbsp;&nbsp;20361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910340 |
| CNX Resources Corp.\* | &nbsp;&nbsp;31843 | &nbsp;&nbsp;&nbsp;&nbsp;1170867 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;12605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373864 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Oil & Gas — (continued)** | **Oil & Gas — (continued)** | **Oil & Gas — (continued)** |
| Magnolia Oil & Gas Corp., Class A | 52063 | &nbsp;&nbsp;$1139659 |
| Murphy Oil Corp. | &nbsp;&nbsp;18682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583813 |
| Noble Corp. PLC | &nbsp;&nbsp;34274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967898 |
| Seadrill Ltd.\* | &nbsp;&nbsp;23751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821785 |
| Talos Energy, Inc.\* | &nbsp;&nbsp;45213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6466473 |
| **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** |
| DNOW, Inc.\* | &nbsp;&nbsp;31676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419707 |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp;16426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1034039 |
| **Packaging and Containers — 1.1%** | **Packaging and Containers — 1.1%** | **Packaging and Containers — 1.1%** |
| Greif, Inc., Class A | &nbsp;&nbsp;11293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764536 |
| TriMas Corp. | &nbsp;&nbsp;23176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1586125 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Alkermes PLC\* | &nbsp;&nbsp;15674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438558 |
| Protagonist Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;3534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308660 |
| Supernus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;8434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1166388 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;12136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437503 |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| Cushman & Wakefield Ltd.\* | &nbsp;&nbsp;77223 | &nbsp;&nbsp;&nbsp;&nbsp;1250240 |
| Newmark Group, Inc., Class A | 65002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2377375 |
| **Retail — 2.8%** | **Retail — 2.8%** | **Retail — 2.8%** |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;12572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628097 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357905 |
| American Eagle Outfitters, Inc. | 28388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748592 |
| Black Rock Coffee Bar, Inc., Class A\* | &nbsp;&nbsp;11979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266533 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431450 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;15655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583462 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;5633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466863 |
| Urban Outfitters, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4065113 |
| **Savings & Loans — 0.9%** | **Savings & Loans — 0.9%** | **Savings & Loans — 0.9%** |
| Banc of California, Inc. | &nbsp;&nbsp;67533 | &nbsp;&nbsp;&nbsp;&nbsp;1302712 |
| **Semiconductors — 2.6%** | **Semiconductors — 2.6%** | **Semiconductors — 2.6%** |
| Axcelis Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461152 |
| Cohu, Inc.\* | &nbsp;&nbsp;23307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542354 |
| FormFactor, Inc.\* | &nbsp;&nbsp;13198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736184 |
| Onto Innovation, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551089 |
| Semtech Corp.\* | &nbsp;&nbsp;&nbsp;8206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604700 |
| Silicon Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456012 |
| Ultra Clean Holdings, Inc.\* | &nbsp;&nbsp;16714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3774857 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Digi International, Inc.\* | &nbsp;&nbsp;&nbsp;8480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367099 |
| **Transportation — 1.8%** | **Transportation — 1.8%** | **Transportation — 1.8%** |
| DHT Holdings, Inc. | 44968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549059 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Transportation — (continued)** | **Transportation — (continued)** | **Transportation — (continued)** |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;12723 | &nbsp;&nbsp;$665158 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705283 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;13009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580748 |
| **TOTAL COMMON STOCKS<br> (Cost $118,316,873)** | **TOTAL COMMON STOCKS<br> (Cost $118,316,873)** | &nbsp;&nbsp;&nbsp;**134034440** |
| **REAL ESTATE INVESTMENT TRUSTS — 6.2%** | **REAL ESTATE INVESTMENT TRUSTS — 6.2%** | **REAL ESTATE INVESTMENT TRUSTS — 6.2%** |
| **Apartments — 0.8%** | **Apartments — 0.8%** | **Apartments — 0.8%** |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;64049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119577 |
| **Diversified — 0.9%** | **Diversified — 0.9%** | **Diversified — 0.9%** |
| InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;30765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867880 |
| UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;28347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1318881** |
| **Hotels & Resorts — 0.3%** | **Hotels & Resorts — 0.3%** | **Hotels & Resorts — 0.3%** |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416328 |
| **Industrial — 1.0%** | **Industrial — 1.0%** | **Industrial — 1.0%** |
| Terreno Realty Corp. | &nbsp;&nbsp;24780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454834 |
| **Mortgage Banks — 0.8%** | **Mortgage Banks — 0.8%** | **Mortgage Banks — 0.8%** |
| Ladder Capital Corp. | 103999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142949 |
| **Office Property — 0.8%** | **Office Property — 0.8%** | **Office Property — 0.8%** |
| COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;37714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048449 |
| **Single Tenant — 1.2%** | **Single Tenant — 1.2%** | **Single Tenant — 1.2%** |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;33372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989813 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;31047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1705757** |
| **Storage & Warehousing — 0.4%** | **Storage & Warehousing — 0.4%** | **Storage & Warehousing — 0.4%** |
| Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;19486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602897 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $9,396,579)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8809672** |

---

**SHORT-TERM INVESTMENTS — 0.5%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $757,868)** | 757868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**757868** |
| **TOTAL INVESTMENTS — 100.3%<br> (Cost $128,471,320)** |  | &nbsp;&nbsp;**$143601980** |
| **Other Assets & Liabilities — (0.3)%** | **Other Assets & Liabilities — (0.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(435501)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$143166479** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

PLC— Public Limited Company.

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Value Fund
REIT— Real Estate Investment Trust. <br> S.E.— Societas Europaea.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $134034440 | $134034440 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8809672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8809672 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757868 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $143601980 | $143601980 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 93.9%** | **COMMON STOCKS — 93.9%** | **COMMON STOCKS — 93.9%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Advantage Solutions, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;$2288 |
| Boston Omaha Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 |
| National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6613 |
| Nexxen International Ltd.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7848 |
| Stagwell, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13203 |
| TechTarget, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43471 |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| AAR Corp.\* | &nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88503 |
| AeroVironment, Inc.\* | &nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250356 |
| AerSale Corp.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110 |
| AIRO Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 |
| Amprius Technologies, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19725 |
| Archer Aviation, Inc., Class A\* | 17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132352 |
| Astronics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43121 |
| Ducommun, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38052 |
| Eve Holding, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985 |
| Firefly Aerospace, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13422 |
| Intuitive Machines, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48690 |
| Joby Aviation, Inc.\* | 13100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172920 |
| Kratos Defense & Security Solutions, Inc.\* | &nbsp;&nbsp;4622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350856 |
| Mercury Systems, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102214 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193866 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 |
| Red Cat Holdings, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18239 |
| Redwire Corp.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360 |
| Voyager Technologies, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1519066 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276 |
| Dole PLC | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28481 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32637 |
| Ispire Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 |
| Limoneira Co. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575 |
| Tejon Ranch Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125 |
| The Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49555 |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54200 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34551 |
| Vital Farms, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253580 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| Allegiant Travel Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36155 |
| Frontier Group Holdings, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775 |
| JetBlue Airways Corp.\* | &nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35945 |
| SkyWest, Inc.\* | &nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108543 |
| Sun Country Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;209686 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| Capri Holdings Ltd.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78080 |
| Carter's, Inc. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32430 |
| Ermenegildo Zegna N.V. | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19475 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91635 |
| Lakeland Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Apparel — (continued)** | **Apparel — (continued)** | **Apparel — (continued)** |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;$13954 |
| Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 |
| Steven Madden Ltd. | &nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82156 |
| Torrid Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 |
| Weyco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6118 |
| Wolverine World Wide, Inc. | 2282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;374175 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Blue Bird Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41924 |
| Faraday Future Intelligent Electric, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 |
| Hyliion Holdings Corp.\* | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7176 |
| REV Group, Inc. | &nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82337 |
| Wabash National Corp. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;146811 |
| **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** |
| Adient PLC\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;46008 |
| Aeva Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13014 |
| American Axle & Manufacturing Holdings, Inc.\* | &nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21897 |
| Cooper-Standard Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16415 |
| Dana, Inc. | &nbsp;&nbsp;3196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75937 |
| Dorman Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96951 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19590 |
| Fox Factory Holding Corp.\* | &nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21507 |
| Garrett Motion, Inc. | 4400 | &nbsp;&nbsp;&nbsp;&nbsp;76692 |
| Gentherm, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31569 |
| Holley, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021 |
| indie Semiconductor, Inc., Class A\* | 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19415 |
| Methode Electronics, Inc. | 1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7038 |
| Microvast Holdings, Inc.\* | 6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17360 |
| Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12818 |
| Motorcar Parts of America, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702 |
| Phinia, Inc. | &nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp;65636 |
| Solid Power, Inc.\* | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19125 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22110 |
| Strattec Security Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614 |
| The Goodyear Tire & Rubber Co.\* | &nbsp;&nbsp;7195 | &nbsp;&nbsp;&nbsp;&nbsp;63028 |
| Titan International, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10179 |
| Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69138 |
| XPEL, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;29946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;773710 |
| **Banks — 9.0%** | **Banks — 9.0%** | **Banks — 9.0%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;30495 |
| ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9670 |
| Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13512 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19218 |
| Amerant Bancorp, Inc. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19510 |
| Ameris Bancorp | &nbsp;&nbsp;1812 | &nbsp;&nbsp;&nbsp;&nbsp;134577 |
| Ames National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 |
| Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14915 |
| Associated Banc-Corp. | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;121072 |
| Atlantic Union Bankshares Corp. | 4037 | &nbsp;&nbsp;&nbsp;&nbsp;142506 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55130 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;28628 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| Bank of Hawaii Corp. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;$75207 |
| Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;12485 |
| Bank7 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098 |
| BankUnited, Inc. | 2100 | &nbsp;&nbsp;&nbsp;&nbsp;93597 |
| Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9164 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;56394 |
| Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12327 |
| BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880 |
| Blue Foundry Bancorp\* | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7458 |
| Blue Ridge Bankshares, Inc. | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9394 |
| Bridgewater Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12271 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;25049 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;20912 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;22883 |
| C&F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7259 |
| Cadence Bank | &nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp;218527 |
| California BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10773 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;19044 |
| Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8451 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11877 |
| Carter Bankshares, Inc.\* | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11796 |
| Cathay General Bancorp | 1850 | &nbsp;&nbsp;&nbsp;&nbsp;89521 |
| CB Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;24928 |
| Chain Bridge Bancorp, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 |
| Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 |
| ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8856 |
| Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181 |
| Citizens Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5816 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;45296 |
| Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666 |
| CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp;19470 |
| Coastal Financial Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41367 |
| Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910 |
| Community Financial System, Inc. | &nbsp;&nbsp;1437 | &nbsp;&nbsp;&nbsp;&nbsp;82541 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;27289 |
| Community West Bancshares | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp;37049 |
| Customers Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;64346 |
| CVB Financial Corp. | 3692 | &nbsp;&nbsp;&nbsp;&nbsp;68671 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp;33370 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;18700 |
| Eagle Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 |
| Eastern Bankshares, Inc. | 6219 | &nbsp;&nbsp;&nbsp;&nbsp;114616 |
| ECB Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217 |
| Enterprise Financial Services Corp. | 1080 | &nbsp;&nbsp;&nbsp;&nbsp;58320 |
| Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;20226 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;20414 |
| Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9888 |
| Farmers National Banc Corp. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;14652 |
| FB Financial Corp. | &nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62831 |
| Fidelity D&D Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353 |
| Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 |
| Finwise Bancorp\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382 |
| First Bancorp | &nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;57088 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| First Bancorp | 4300 | &nbsp;&nbsp;$89139 |
| First Bank | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230 |
| First Busey Corp. | &nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57429 |
| First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10860 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp;49248 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14369 |
| First Community Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 |
| First Financial Bancorp | 2582 | &nbsp;&nbsp;&nbsp;&nbsp;64602 |
| First Financial Bankshares, Inc. | 3804 | &nbsp;&nbsp;&nbsp;&nbsp;113625 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16918 |
| First Foundation, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11088 |
| First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261 |
| First Interstate BancSystem, Inc., Class A | 2487 | &nbsp;&nbsp;&nbsp;&nbsp;86050 |
| First Merchants Corp. | &nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61092 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 |
| First National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572 |
| First United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488 |
| Firstsun Capital Bancorp\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15054 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17890 |
| Flagstar Bank NA | 8266 | &nbsp;&nbsp;&nbsp;&nbsp;104069 |
| Franklin Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 |
| Fulton Financial Corp. | &nbsp;&nbsp;5103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98641 |
| FVCBankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 |
| German American Bancorp, Inc. | &nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;40669 |
| Glacier Bancorp, Inc. | 3629 | &nbsp;&nbsp;&nbsp;&nbsp;159857 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16683 |
| Hancock Whitney Corp. | 2378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151431 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21975 |
| Hanover Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622 |
| Hawthorn Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6976 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10340 |
| Heritage Commerce Corp. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22819 |
| Heritage Financial Corp. | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24359 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42153 |
| Home BancShares, Inc. | &nbsp;&nbsp;5335 | &nbsp;&nbsp;&nbsp;&nbsp;148206 |
| Hope Bancorp, Inc. | 3567 | &nbsp;&nbsp;&nbsp;&nbsp;39094 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22896 |
| Independent Bank Corp. | &nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98439 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19518 |
| International Bancshares Corp. | &nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101321 |
| Investar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344 |
| John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7996 |
| Kearny Financial Corp. | &nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10707 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39428 |
| Landmark Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 |
| LCNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556 |
| LINKBANCORP, Inc. | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7434 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30915 |
| MainStreet Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 |
| Mechanics Bancorp, Class A | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19019 |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24050 |
| Merchants Bancorp | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27248 |
| Meridian Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15924 |
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15272 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$15510 |
| Middlefield Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454 |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12702 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19674 |
| MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10332 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41811 |
| National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6706 |
| NB Bancorp, Inc. | &nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24557 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp;60993 |
| NewtekOne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10215 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;48520 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;20786 |
| Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783 |
| Northpointe Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6712 |
| Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14902 |
| Norwood Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8415 |
| Oak Valley Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 |
| OFG Bancorp | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;49586 |
| Ohio Valley Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 |
| Old National Bancorp | 9668 | &nbsp;&nbsp;&nbsp;&nbsp;215693 |
| Old Second Bancorp, Inc. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300 |
| OP Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5648 |
| Orange County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33849 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17710 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;62698 |
| Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7512 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;42600 |
| Patriot National Bancorp, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458 |
| PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8660 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14928 |
| Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;29760 |
| Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14613 |
| Pioneer Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 |
| Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8938 |
| Ponce Financial Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9810 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27951 |
| Primis Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 |
| Princeton Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33320 |
| RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8256 |
| Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7143 |
| Renasant Corp. | 2635 | &nbsp;&nbsp;&nbsp;&nbsp;92805 |
| Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12901 |
| Rhinebeck Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404 |
| Richmond Mutual BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212 |
| S&T Bancorp, Inc. | 1089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42852 |
| SB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 |
| Seacoast Banking Corp of Florida | 2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72140 |
| ServisFirst Bancshares, Inc. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;100506 |
| Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15293 |
| Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13464 |
| Simmons First National Corp., Class A | 3896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73440 |
| SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14796 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15520 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| Southern First Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$10304 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23431 |
| SR Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34158 |
| Sterling Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49817 |
| Texas Capital Bancshares, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;108648 |
| The Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75082 |
| The Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55699 |
| The First Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8831 |
| Third Coast Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11403 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25962 |
| Towne Bank | &nbsp;&nbsp;2077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69309 |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42538 |
| Triumph Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37578 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18599 |
| Trustmark Corp. | &nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63488 |
| UMB Financial Corp. | &nbsp;&nbsp;1969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226514 |
| United Bankshares, Inc. | &nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152064 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108365 |
| United Security Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035 |
| Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10344 |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25766 |
| Valley National Bancorp | 13483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157481 |
| Virginia National Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56541 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13889 |
| WesBanco, Inc. | &nbsp;&nbsp;2634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87554 |
| West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10607 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32190 |
| Western New England Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7263221 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| BRC, Inc., Class A\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 |
| National Beverage Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21813 |
| The Vita Coco Co., Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63612 |
| Westrock Coffee Co.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477 |
| Zevia PBC, Class A\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104404 |
| **Biotechnology — 8.7%** | **Biotechnology — 8.7%** | **Biotechnology — 8.7%** |
| 4D Molecular Therapeutics, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 |
| Aardvark Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 |
| Abeona Therapeutics, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 |
| Absci Corp.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10121 |
| ACADIA Pharmaceuticals, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90814 |
| ADC Therapeutics S.A.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178 |
| ADMA Biologics, Inc.\* | &nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118560 |
| Akero Therapeutics, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |
| Aldeyra Therapeutics, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9324 |
| Allogene Therapeutics, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836 |
| Alpha Teknova, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 |
| Altimmune, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7581 |
| Alumis, Inc.\* | &nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10804 |
| Amicus Therapeutics, Inc.\* | 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113920 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| AnaptysBio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$24240 |
| Anavex Life Sciences Corp.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 |
| ANI Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39470 |
| Annexon, Inc.\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15060 |
| Apogee Therapeutics, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83028 |
| Arbutus Biopharma Corp.\* | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23088 |
| Arcellx, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60636 |
| Arcturus Therapeutics Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 |
| Arcus Biosciences, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52426 |
| Arcutis Biotherapeutics, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90024 |
| Ardelyx, Inc.\* | 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39061 |
| ArriVent Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12072 |
| Arrowhead Pharmaceuticals, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;245643 |
| ARS Pharmaceuticals, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16310 |
| Astria Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13024 |
| Atea Pharmaceuticals, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9996 |
| Aura Biosciences, Inc.\* | 1096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5973 |
| Aurinia Pharmaceuticals, Inc.\* | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54230 |
| Avidity Biosciences, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;230816 |
| Axsome Therapeutics, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;200904 |
| Beam Therapeutics, Inc.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72072 |
| Benitec Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735 |
| Bicara Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10098 |
| BioAge Labs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938 |
| BioCryst Pharmaceuticals, Inc.\* | &nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47580 |
| Biohaven Ltd.\* | &nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30043 |
| Bridgebio Pharma, Inc.\* | 4355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333114 |
| Bright Minds Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7804 |
| Capricor Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25974 |
| Cardiff Oncology, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496 |
| Cartesian Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 |
| Celcuity, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89766 |
| Celldex Therapeutics, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51604 |
| CG oncology, Inc.\* | &nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62903 |
| Chinook Therapeutics, Inc.\* | 2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Cogent Biosciences, Inc.\* | &nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp;133378 |
| Compass Therapeutics, Inc.\* | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19332 |
| Crinetics Pharmaceuticals, Inc.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116375 |
| CRISPR Therapeutics AG\* | &nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp;122290 |
| Cullinan Therapeutics, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14490 |
| Cytek Biosciences, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14645 |
| Cytokinetics, Inc.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;209682 |
| Day One Biopharmaceuticals, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15844 |
| Denali Therapeutics, Inc.\* | &nbsp;&nbsp;3727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61533 |
| Design Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 |
| DiaMedica Therapeutics, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7960 |
| Dianthus Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28847 |
| Disc Medicine, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55587 |
| Dynavax Technologies Corp.\* | 2820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43372 |
| Dyne Therapeutics, Inc.\* | 3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68421 |
| Edgewise Therapeutics, Inc.\* | &nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42657 |
| Editas Medicine, Inc.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125 |
| Eledon Pharmaceuticals, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 |
| Emergent BioSolutions, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21012 |
| Entrada Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224 |
| Erasca, Inc.\* | 4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16368 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Esperion Therapeutics, Inc.\* | &nbsp;&nbsp;5200 | &nbsp;&nbsp;$19240 |
| Evolus, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9975 |
| EyePoint, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31059 |
| Fate Therapeutics, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849 |
| Forafric Global PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 |
| Geron Corp.\* | 17040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22493 |
| Gossamer Bio, Inc.\* | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15810 |
| Greenwich Lifesciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202 |
| Humacyte, Inc.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 |
| Ideaya Biosciences, Inc.\* | &nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71664 |
| ImmunityBio, Inc.\* | &nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14256 |
| Immunome, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;55848 |
| Immunovant, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;48298 |
| Inhibrx Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 |
| Inmune Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 |
| Innoviva, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33983 |
| Intellia Therapeutics, Inc.\* | &nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23886 |
| Iovance Biotherapeutics, Inc.\* | &nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21567 |
| Jade Biosciences, Inc. | &nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15553 |
| Janux Therapeutics, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16560 |
| Keros Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15066 |
| Kodiak Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25164 |
| Korro Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 |
| Krystal Biotech, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp;173318 |
| Kura Oncology, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23897 |
| Kymera Therapeutics, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;116715 |
| Larimar Therapeutics, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715 |
| LB Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11130 |
| LENZ Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7760 |
| Lexeo Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16881 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;102098 |
| Liquidia Corp.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;62082 |
| MapLight Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782 |
| Maravai LifeSciences Holdings, Inc., Class A\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9425 |
| Maze Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18851 |
| MBX Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25232 |
| MeiraGTx Holdings PLC\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8745 |
| Merrimack Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Mind Medicine MindMed, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34814 |
| Mineralys Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39919 |
| Monopar Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530 |
| Monte Rosa Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17248 |
| Myriad Genetics, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17220 |
| NeoGenomics, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43512 |
| Niagen Bioscience, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8904 |
| Nkarta, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 |
| Novavax, Inc.\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27552 |
| Nurix Therapeutics, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53116 |
| Nuvalent, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp;&nbsp;&nbsp;132376 |
| Nuvation Bio, Inc.\* | &nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55552 |
| Olema Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;42500 |
| Omeros Corp.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25762 |
| Organogenesis Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8806 |
| Oruka Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33341 |
| Palvella Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20934 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Perspective Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;$4400 |
| Phathom Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;19908 |
| Praxis Precision Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;176844 |
| Precigen, Inc.\* | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13794 |
| Prime Medicine, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205 |
| Protalix BioTherapeutics, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 |
| Protara Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396 |
| Prothena Corp. PLC\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10505 |
| PTC Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;159516 |
| Puma Biotechnology, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 |
| Rapport Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24272 |
| Recursion Pharmaceuticals, Inc., Class A\* | 10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42127 |
| REGENXBIO, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20160 |
| Relay Therapeutics, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;25380 |
| Replimune Group, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17496 |
| Rezolute, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192 |
| Rigel Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22657 |
| Rocket Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7722 |
| Sana Biotechnology, Inc.\* | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14245 |
| Savara, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;18090 |
| Scholar Rock Holding Corp.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;101315 |
| Septerna, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16728 |
| Sionna Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16456 |
| Soleno Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;55560 |
| Solid Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460 |
| Stoke Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;38088 |
| Syndax Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48323 |
| Tango Therapeutics, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20378 |
| Tarsus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;90068 |
| Taysha Gene Therapies, Inc.\* | &nbsp;&nbsp;5586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30723 |
| Tectonic Therapeutic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344 |
| Terns Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;96960 |
| TG Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;122221 |
| Theravance Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16839 |
| Third Harmonic Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Tobira Therapeutic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812 |
| Travere Therapeutics, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;84062 |
| TriSalus Life Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188 |
| Tvardi Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
| Tyra Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18403 |
| Upstream Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24435 |
| UroGen Pharma Ltd.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23420 |
| Vera Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;70896 |
| Veracyte, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;92620 |
| Verastem, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8492 |
| Vericel Corp.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50414 |
| Vir Biotechnology, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13869 |
| Viridian Therapeutics, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;68464 |
| WaVe Life Sciences Ltd.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;49300 |
| Xencor, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;29089 |
| Xenon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93181 |
| XOMA Royalty Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977 |
| Zenas Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14524 |
| Zevra Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12544 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Zymeworks, Inc.\* | 1400 | &nbsp;&nbsp;$36862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7003385 |
| **Building Materials — 1.4%** | **Building Materials — 1.4%** | **Building Materials — 1.4%** |
| AirJoule Technologies Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152 |
| American Woodmark Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18488 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23412 |
| Aspen Aerogels, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5377 |
| Boise Cascade Co. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73600 |
| Gibraltar Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41530 |
| Griffon Corp. | 1056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77774 |
| JELD-WEN Holding, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6642 |
| Knife River Corp.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112560 |
| LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12824 |
| Masterbrand, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40848 |
| Modine Manufacturing Co.\* | &nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185712 |
| NWPX Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18747 |
| Smith-Midland Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274682 |
| Tecnoglass, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35224 |
| Titan America S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13184 |
| UFP Industries, Inc. | &nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1088427 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13840 |
| American Vanguard Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130509 |
| Cabot Corp. | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99420 |
| Calumet, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37753 |
| Codexis, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260 |
| Ecovyst, Inc.\* | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33082 |
| H.B. Fuller Co. | 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88001 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77281 |
| Ingevity Corp.\* | &nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60719 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49445 |
| Intrepid Potash, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10260 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16790 |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 |
| Mativ Holdings, Inc. | &nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20108 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56561 |
| Oil-Dri Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14682 |
| Orion S.A. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976 |
| Perimeter Solutions, Inc.\* | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107367 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51766 |
| Rayonier Advanced Materials, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11191 |
| Rogers Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43679 |
| Sensient Technologies Corp. | &nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108794 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27279 |
| The Chemours Co. | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49518 |
| Trinseo PLC | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
| Tronox Holdings PLC | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1139870 |
| **Coal — 0.6%** | **Coal — 0.6%** | **Coal — 0.6%** |
| Alpha Metallurgical Resources, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63562 |
| Core Natural Resources, Inc. | &nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120905 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Coal — (continued)** | **Coal — (continued)** | **Coal — (continued)** |
| Hallador Energy Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$13328 |
| NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 |
| Peabody Energy Corp. | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;103950 |
| Ramaco Resources, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13158 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19015 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;123438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;462260 |
| **Commercial Services — 3.8%** | **Commercial Services — 3.8%** | **Commercial Services — 3.8%** |
| ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74067 |
| Acacia Research Corp.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 |
| Adtalem Global Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;101814 |
| AirSculpt Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 |
| Alarm.com Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66326 |
| Alight, Inc., Class A | 12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24180 |
| Alta Equipment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 |
| American Public Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15120 |
| AMN Healthcare Services, Inc.\* | &nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19054 |
| Arlo Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39634 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26071 |
| BrightView Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22996 |
| Cadiz, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976 |
| Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16920 |
| Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16525 |
| CBIZ, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66644 |
| Chaince Digital Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976 |
| Cimpress PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30631 |
| CompoSecure, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30848 |
| CoreCivic, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57330 |
| Coursera, Inc.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27968 |
| CPI Card Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34921 |
| Cross Country Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8780 |
| Custom Truck One Source, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640 |
| Deluxe Corp. | &nbsp;&nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29185 |
| Distribution Solutions Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 |
| Driven Brands Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25194 |
| Emerald Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 |
| Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11851 |
| European Wax Center, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 |
| EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53497 |
| First Advantage Corp.\* | &nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34552 |
| Flywire Corp.\* | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46728 |
| Forrester Research, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045 |
| Franklin Covey Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 |
| Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98874 |
| Green Dot Corp., Class A\* | &nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21008 |
| Healthcare Services Group, Inc.\* | &nbsp;&nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35946 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;135768 |
| Hertz Global Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15934 |
| HireQuest, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102 |
| Huron Consulting Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79884 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45636 |
| Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6936 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39223 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36756 |
| Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Commercial Services — (continued)** | **Commercial Services — (continued)** | **Commercial Services — (continued)** |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;$18119 |
| KinderCare Learning Cos., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98370 |
| Laureate Education, Inc.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121212 |
| Legalzoom.com, Inc.\* | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31776 |
| Legence Corp., Class A\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43040 |
| Lifecore Biomedical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7362 |
| Lincoln Educational Services Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16905 |
| MarketWise, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
| Marqeta, Inc., Class A\* | 10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50350 |
| Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21027 |
| Mister Car Wash, Inc.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15012 |
| Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14769 |
| National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9141 |
| NPK International, Inc.\* | &nbsp;&nbsp;&nbsp;2412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28751 |
| Payoneer Global, Inc.\* | &nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44398 |
| Paysafe Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419 |
| Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52794 |
| Priority Technology Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 |
| PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31466 |
| Progyny, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53928 |
| Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6897 |
| RCM Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 |
| Remitly Global, Inc.\* | &nbsp;&nbsp;&nbsp;4881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67358 |
| Repay Holdings Corp.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855 |
| Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6159 |
| Sezzle, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25834 |
| SoundThinking, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409 |
| Spire Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 |
| StoneCo Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;7134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105512 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48040 |
| Stride, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78890 |
| Target Hospitality Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8811 |
| The Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130971 |
| The GEO Group, Inc.\* | &nbsp;&nbsp;&nbsp;3952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63706 |
| The Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16018 |
| TIC Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;5062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51177 |
| Transcat, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11346 |
| TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48605 |
| TrueBlue, Inc.\* | &nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 |
| Udemy, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16965 |
| Universal Technical Institute, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36582 |
| Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27271 |
| USCB Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7368 |
| Verra Mobility Corp.\* | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100845 |
| Vestis Corp. | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24012 |
| Willdan Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3091458 |
| **Computers — 1.9%** | **Computers — 1.9%** | **Computers — 1.9%** |
| 3D Systems Corp.\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7080 |
| ASGN, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55492 |
| Cantaloupe, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16992 |
| Conduent, Inc.\* | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9024 |
| Corsair Gaming, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910 |
| Cricut, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 |
| CSP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Computers — (continued)** | **Computers — (continued)** | **Computers — (continued)** |
| Diebold Nixdorf, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$47523 |
| D-Wave Quantum, Inc.\* | 9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243195 |
| Grid Dynamics Holdings, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15351 |
| Insight Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66643 |
| Maximus, Inc. | &nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130689 |
| Mitek Systems, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15825 |
| NCR Atleos Corp.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80031 |
| NCR Voyix Corp.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 |
| NetScout Systems, Inc.\* | 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55879 |
| NextNav, Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39936 |
| OneSpan, Inc. | &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12904 |
| PAR Technology Corp.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43536 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;4318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45641 |
| Qualys, Inc.\* | &nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137817 |
| Rapid7, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27360 |
| Rigetti Computing, Inc.\* | 8805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195031 |
| Rimini Street, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984 |
| Telos Corp.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7140 |
| Tenable Holdings, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82355 |
| TTEC Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 |
| Unisys Corp.\* | &nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414 |
| V2X, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32730 |
| Varonis Systems, Inc.\* | &nbsp;&nbsp;3139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102959 |
| Vuzix Corp.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1550472 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13640 |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46656 |
| Olaplex Holdings, Inc.\* | &nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6834 |
| Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp;1372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84639 |
| Solesence, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 |
| The Beauty Health Co.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 |
| The Honest Co., Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6192 |
| Waldencast PLC, Class A\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164989 |
| **Distribution & Wholesale — 0.7%** | **Distribution & Wholesale — 0.7%** | **Distribution & Wholesale — 0.7%** |
| EVI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928 |
| G-III Apparel Group Ltd. | &nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32088 |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13499 |
| Gold.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20430 |
| Hudson Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165 |
| OPENLANE, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86362 |
| Resideo Technologies, Inc.\* | 3482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122288 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94341 |
| Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12658 |
| ScanSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22694 |
| ThredUp, Inc., Class A\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17892 |
| Titan Machinery, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10874 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560839 |
| **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34122 |
| AlTi Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** |
| Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;$73332 |
| Atlanticus Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6695 |
| Bakkt Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008 |
| Better Home & Finance Holding Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 |
| BGC Group, Inc., Class A | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;92872 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;96239 |
| Brookfield Business Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17940 |
| Burford Capital Ltd. | &nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;49060 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51291 |
| Columbia Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12432 |
| Dave, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;56459 |
| Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13560 |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31712 |
| Encore Capital Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;32447 |
| Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;96364 |
| Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41259 |
| Finance Of America Cos., Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842 |
| First Western Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043 |
| Forge Global Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12744 |
| GBank Financial Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10167 |
| GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13584 |
| International Money Express, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10752 |
| Jefferson Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 |
| LendingClub Corp.\* | &nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp;59850 |
| LendingTree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;14706 |
| loanDepot, Inc., Class A\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347 |
| Marex Group PLC | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;57540 |
| Medallion Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116 |
| Miami International Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;31066 |
| Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;144354 |
| Navient Corp. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;27300 |
| Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;44409 |
| NerdWallet, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;10840 |
| Onity Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9158 |
| Oportun Financial Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819 |
| OppFi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7322 |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47236 |
| Paysign, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;109163 |
| Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28718 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;160343 |
| PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp;111690 |
| PRA Group, Inc.\* | &nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;22077 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;3819 | &nbsp;&nbsp;&nbsp;&nbsp;137446 |
| Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11625 |
| Resolute Holdings Management, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;14450 |
| Security National Financial Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 |
| Siebert Financial Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 |
| Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557 |
| StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;1927 | &nbsp;&nbsp;&nbsp;&nbsp;123656 |
| StoneX Group, Inc.\* | &nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;130328 |
| SWK Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Upstart Holdings, Inc.\* | 2400 | &nbsp;&nbsp;$104952 |
| Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75708 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26267 |
| Webull Corp.\* | 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58275 |
| Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163 |
| WisdomTree, Inc. | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42665 |
| World Acceptance Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2447389 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| Ameresco, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26361 |
| Avista Corp. | &nbsp;&nbsp;2339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90145 |
| Black Hills Corp. | 2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142172 |
| Genie Energy Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9646 |
| Hawaiian Electric Industries, Inc.\* | &nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62730 |
| MGE Energy, Inc. | &nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81714 |
| Northwestern Energy Group, Inc. | 1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108427 |
| Oklo, Inc.\* | &nbsp;&nbsp;3021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216787 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187799 |
| Otter Tail Corp. | &nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88244 |
| Portland General Electric Co. | &nbsp;&nbsp;3156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151456 |
| TXNM Energy, Inc. | 2702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159094 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1347003 |
| **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |
| American Superconductor Corp.\* | &nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35371 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83172 |
| Belden, Inc. | &nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122960 |
| Energizer Holdings, Inc. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37791 |
| EnerSys | &nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150125 |
| Graham Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19269 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18717 |
| nLight, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45012 |
| Novanta, Inc.\* | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122560 |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718178 |
| **Electronics — 2.7%** | **Electronics — 2.7%** | **Electronics — 2.7%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207905 |
| Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 |
| Applied Optoelectronics, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55776 |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59329 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120483 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147028 |
| Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009 |
| Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49362 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45026 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36997 |
| Enovix Corp.\* | 4635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33882 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143026 |
| Evolv Technologies Holdings, Inc.\* | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30072 |
| Itron, Inc.\* | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116075 |
| Kimball Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20392 |
| Knowles Corp.\* | &nbsp;&nbsp;2352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50403 |
| Kopin Corp.\* | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11466 |
| KULR Technology Group, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electronics — (continued)** | **Electronics — (continued)** | **Electronics — (continued)** |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;$6751 |
| MicroVision, Inc.\* | &nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217 |
| Mirion Technologies, Inc.\* | &nbsp;&nbsp;6439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150801 |
| M-Tron Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322 |
| Napco Security Technologies, Inc. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41700 |
| Neonode, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
| NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933 |
| OSI Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113502 |
| Plexus Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112014 |
| Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207997 |
| SKYX Platforms Corp.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 |
| Standard BioTools, Inc.\* | &nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112 |
| TTM Technologies, Inc.\* | &nbsp;&nbsp;2783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192027 |
| Turtle Beach Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7015 |
| Vicor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68171 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2138545 |
| **Energy-Alternate Sources — 1.0%** | **Energy-Alternate Sources — 1.0%** | **Energy-Alternate Sources — 1.0%** |
| Array Technologies, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39646 |
| ASP Isotopes, Inc.\* | &nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11834 |
| Eos Energy Enterprises, Inc.\* | &nbsp;&nbsp;8325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95404 |
| Fluence Energy, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37582 |
| FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552 |
| Gevo, Inc.\* | &nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 |
| Green Plains, Inc.\* | &nbsp;&nbsp;&nbsp;1967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19277 |
| Montauk Renewables, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 |
| Nextpower, Inc., Class A\* | &nbsp;&nbsp;4057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353405 |
| OPAL Fuels, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 |
| Plug Power, Inc.\* | 31700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62449 |
| REX American Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24305 |
| Shoals Technologies Group, Inc., Class A\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37400 |
| SunPower, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611 |
| Sunrun, Inc.\* | &nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108560 |
| T1 Energy, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835356 |
| **Engineering & Construction — 2.5%** | **Engineering & Construction — 2.5%** | **Engineering & Construction — 2.5%** |
| 908 Devices, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138216 |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115615 |
| Bowman Consulting Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13208 |
| Centuri Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50045 |
| Concrete Pumping Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 |
| Construction Partners, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144480 |
| Dycom Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;256804 |
| Energy Services of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95855 |
| Fluor Corp.\* | &nbsp;&nbsp;4404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174531 |
| Frontdoor, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115380 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139458 |
| Great Lakes Dredge & Dock Corp.\* | &nbsp;&nbsp;&nbsp;1951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25597 |
| IES Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99589 |
| Latham Group, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9525 |
| Limbach Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23355 |
| Mistras Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Engineering & Construction — (continued)** | **Engineering & Construction — (continued)** | **Engineering & Construction — (continued)** |
| MYR Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;$92862 |
| Orion Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10934 |
| Primoris Services Corp. | &nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184969 |
| Southland Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 |
| Sterling Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248353 |
| TSS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242 |
| Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2039519 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| Accel Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18256 |
| AMC Entertainment Holdings, Inc., Class A\* | 13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20748 |
| Atlanta Braves Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8498 |
| Atlanta Braves Holdings, Inc., Class C\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51285 |
| Bally's Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956 |
| Brightstar Lottery PLC | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43344 |
| Cinemark Holdings, Inc. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67396 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16314 |
| IMAX Corp.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48048 |
| Inspired Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552 |
| Lionsgate Studios Corp.\* | &nbsp;&nbsp;&nbsp;5628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51384 |
| Madison Square Garden Entertainment Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61273 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40787 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36844 |
| Pursuit Attractions and Hospitality, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22599 |
| RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86730 |
| Rush Street Interactive, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46632 |
| Six Flags Entertainment Corp.\* | &nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42829 |
| Starz Entertainment Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376 |
| Super Group SGHC Ltd. | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54970 |
| United Parks & Resorts, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29040 |
| Webtoon Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775447 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| Arq, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 |
| Casella Waste Systems, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166498 |
| CECO Environmental Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47880 |
| Energy Recovery, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18886 |
| Enviri Corp.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35840 |
| Montrose Environmental Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19864 |
| Perma-Fix Environmental Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295 |
| Pure Cycle Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396 |
| PureCycle Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334712 |
| **Food — 0.9%** | **Food — 0.9%** | **Food — 0.9%** |
| B&G Foods, Inc. | &nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770 |
| Beyond Meat, Inc.\* | 10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8692 |
| Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11984 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99144 |
| Grocery Outlet Holding Corp.\* | &nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26826 |
| HF Foods Group, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Food — (continued)** | **Food — (continued)** | **Food — (continued)** |
| Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;$27694 |
| J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41932 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14120 |
| Lifeway Foods, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 |
| Mama's Creations, Inc.\* | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12141 |
| Mission Produce, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16240 |
| Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9357 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 |
| Seneca Foods Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12280 |
| SunOpta, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10260 |
| The Chefs' Warehouse, Inc.\* | 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65446 |
| The Hain Celestial Group, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 |
| The Marzetti Company | &nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93884 |
| The Simply Good Foods Co.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54216 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18315 |
| TreeHouse Foods, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30667 |
| United Natural Foods, Inc.\* | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57239 |
| Utz Brands, Inc. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21798 |
| Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9486 |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;692993 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Magnera Corp.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16654 |
| Sylvamo Corp. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;64804 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| Brookfield Infrastructure Corp., Class A | 3387 | &nbsp;&nbsp;&nbsp;&nbsp;153770 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp;84088 |
| New Jersey Resources Corp. | 2864 | &nbsp;&nbsp;&nbsp;&nbsp;132088 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53751 |
| ONE Gas, Inc. | 1690 | &nbsp;&nbsp;&nbsp;&nbsp;130553 |
| RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;142035 |
| Spire, Inc. | 1656 | &nbsp;&nbsp;&nbsp;&nbsp;136951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;839626 |
| **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32672 |
| Enerpac Tool Group Corp. | 1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57590 |
| Franklin Electric Co., Inc. | 1070 | &nbsp;&nbsp;&nbsp;&nbsp;102217 |
| Kennametal, Inc. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59661 |
| Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;260258 |
| **Healthcare Products — 3.7%** | **Healthcare Products — 3.7%** | **Healthcare Products — 3.7%** |
| 10X Genomics, Inc., Class A\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52192 |
| Accuray, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 |
| Adaptive Biotechnologies Corp.\* | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68208 |
| Alphatec Holdings, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67328 |
| AngioDynamics, Inc.\* | &nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14869 |
| Anteris Technologies Global Corp.\* | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992 |
| Artivion, Inc.\* | 1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50125 |
| AtriCure, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55384 |
| Avanos Medical, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12353 |
| Avita Medical, Inc.\* | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| Axogen, Inc.\* | 1200 | &nbsp;&nbsp;$39276 |
| Azenta, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39912 |
| Beta Bionics, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33517 |
| BioLife Solutions, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;26598 |
| Bioventus, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6696 |
| Butterfly Network, Inc.\* | 6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23180 |
| CareDx, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;28260 |
| Castle Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27230 |
| Ceribell, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17544 |
| Cerus Corp.\* | 6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12772 |
| ClearPoint Neuro, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10944 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34957 |
| CVRx, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840 |
| Delcath Systems, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 |
| Electromed, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824 |
| Embecta Corp. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21384 |
| Enovis Corp.\* | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;45288 |
| Glaukos Corp.\* | &nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;171059 |
| GRAIL, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77031 |
| Guardant Health, Inc.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;337062 |
| Haemonetics Corp.\* | &nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;107561 |
| ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;99869 |
| Inogen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048 |
| Integer Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;73489 |
| Integra LifeSciences Holdings Corp.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;26082 |
| iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19456 |
| iRhythm Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;164487 |
| Kestra Medical Technologies Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;10608 |
| KORU Medical Systems, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8715 |
| Lantheus Holdings, Inc.\* | &nbsp;&nbsp;1832 | &nbsp;&nbsp;&nbsp;&nbsp;121920 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;48660 |
| LENSAR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 |
| LivaNova PLC\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;92295 |
| Lucid Diagnostics, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 |
| MaxCyte, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 |
| Merit Medical Systems, Inc.\* | &nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;138820 |
| MiMedx Group, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;25049 |
| Myomo, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 |
| Neogen Corp.\* | 6338 | &nbsp;&nbsp;&nbsp;&nbsp;44303 |
| NeuroPace, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6176 |
| Novocure Ltd.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34911 |
| OmniAb, Inc.\* | 2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586 |
| Omnicell, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;58890 |
| OraSure Technologies, Inc.\* | &nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 |
| Orthofix Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14963 |
| OrthoPediatrics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 |
| Outset Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226 |
| Pacific Biosciences of California, Inc.\* | 8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15147 |
| PROCEPT BioRobotics Corp.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47190 |
| Pulmonx Corp.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873 |
| Pulse Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 |
| Quanterix Corp.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7632 |
| Quantum-Si, Inc.\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 |
| QuidelOrtho Corp.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;54264 |
| RxSight, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11462 |
| Sanara Medtech, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| SANUWAVE Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$5968 |
| Semler Scientific, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4587 |
| SI-BONE, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21692 |
| STAAR Surgical Co.\* | &nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32719 |
| Stereotaxis, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290 |
| Tactile Systems Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 |
| Tandem Diabetes Care, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41762 |
| TransMedics Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113256 |
| Treace Medical Concepts, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920 |
| Twist Bioscience Corp.\* | &nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50371 |
| UFP Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43962 |
| Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 |
| Varex Imaging Corp.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2947684 |
| **Healthcare Services — 2.4%** | **Healthcare Services — 2.4%** | **Healthcare Services — 2.4%** |
| Addus HomeCare Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53695 |
| agilon health, Inc.\* | &nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405 |
| Ardent Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064 |
| Astrana Health, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29772 |
| Aveanna Healthcare Holdings, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11438 |
| BrightSpring Health Services, Inc.\* | &nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112575 |
| Brookdale Senior Living, Inc.\* | 6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69056 |
| Clover Health Investments Corp.\* | 11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27025 |
| Community Health Systems, Inc.\* | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12792 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;3343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65790 |
| CorVel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56640 |
| DocGo, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 |
| Enhabit, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11064 |
| Fortrea Holdings, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43125 |
| Fulgent Genetics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13135 |
| GeneDx Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68802 |
| Ginkgo Bioworks Holdings, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9972 |
| HealthEquity, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219864 |
| Innovage Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633 |
| LifeStance Health Group, Inc.\* | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28864 |
| Nano-X Imaging Ltd.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51546 |
| Neuronetics, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794 |
| OPKO Health, Inc.\* | 10717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13503 |
| Option Care Health, Inc.\* | &nbsp;&nbsp;4402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140248 |
| Oscar Health, Inc., Class A\* | &nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78115 |
| PACS Group, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49907 |
| Pediatrix Medical Group, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51336 |
| Personalis, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12736 |
| Privia Health Group, Inc.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75872 |
| RadNet, Inc.\* | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135565 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47520 |
| Sonida Senior Living, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261 |
| Strata Critical Medical, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8658 |
| Surgery Partners, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35535 |
| Teladoc Health, Inc.\* | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400 |
| The Ensign Group, Inc. | &nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278546 |
| The Joint Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 |
| The Oncology Institute, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 |
| The Pennant Group, Inc.\* | &nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29276 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28268 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Viemed Healthcare, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;$9659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1955684 |
| **Home Builders — 1.6%** | **Home Builders — 1.6%** | **Home Builders — 1.6%** |
| Beazer Homes USA, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12649 |
| Cavco Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131144 |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41545 |
| Champion Homes, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135200 |
| Dream Finders Homes, Inc., Class A\* | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390 |
| Forestar Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13793 |
| Green Brick Partners, Inc.\* | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56394 |
| Hovnanian Enterprises, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14241 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163416 |
| KB Home | &nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96743 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83846 |
| LGI Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24315 |
| M/I Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94171 |
| Meritage Homes Corp. | &nbsp;&nbsp;1919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126270 |
| Taylor Morrison Home Corp.\* | 2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157772 |
| Tri Pointe Homes, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72381 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1272577 |
| **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** |
| Alliance Laundry Holdings, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24420 |
| Arhaus, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15694 |
| Daktronics, Inc.\* | 1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20838 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775 |
| Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949 |
| Hamilton Beach Brands Holding Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935 |
| Leggett & Platt, Inc. | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 |
| MillerKnoll, Inc. | 1928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35244 |
| Sleep Number Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6531 |
| Sonos, Inc.\* | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59704 |
| The Lovesac Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 |
| Traeger, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 |
| Xperi, Inc.\* | &nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236142 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| ACCO Brands Corp. | 2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10791 |
| Acme United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 |
| Helen of Troy Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14152 |
| Quanex Building Products Corp. | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20378 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32908 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159051 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Central Garden & Pet Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9645 |
| Central Garden & Pet Co., Class A\* | &nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49285 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| Abacus Global Management, Inc. | &nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970 |
| American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8841 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| American Integrity Insurance Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;$4103 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19512 |
| Aspen Insurance Holdings Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14766 |
| Ategrity Specialty Holdings LLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 |
| Baldwin Insurance Group, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48060 |
| Bowhead Specialty Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14270 |
| Citizens, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7728 |
| CNO Financial Group, Inc. | 2597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110295 |
| Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 |
| Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652 |
| eHealth, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29442 |
| Essent Group Ltd. | &nbsp;&nbsp;2573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167271 |
| F&G Annuities & Life, Inc. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30850 |
| Fidelis Insurance Holdings Ltd. | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29355 |
| Genworth Financial, Inc.\* | 11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100233 |
| GoHealth, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
| Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51555 |
| Greenlight Capital Re Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10614 |
| Hamilton Insurance Group Ltd., Class B\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36270 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53673 |
| Heritage Insurance Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14630 |
| Hippo Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16003 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54492 |
| Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9736 |
| Jackson Financial, Inc., Class A | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202635 |
| James River Group Holdings, Inc. | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8268 |
| Kingstone Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732 |
| Kingsway Financial Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725 |
| Lemonade, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113888 |
| MBIA, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8592 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65842 |
| NMI Holdings, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89738 |
| Octave Specialty Group, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8558 |
| Palomar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94332 |
| ProAssurance Corp.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36240 |
| Root, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18924 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29762 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;1627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136131 |
| Selectquote, Inc.\* | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063 |
| SiriusPoint Ltd.\* | 2883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63109 |
| Skyward Specialty Insurance Group, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51110 |
| Slide Insurance Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56770 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12789 |
| Trupanion, Inc.\* | &nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38454 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21083 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1972612 |
| **Internet — 1.5%** | **Internet — 1.5%** | **Internet — 1.5%** |
| 1-800-Flowers.com, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682 |
| Angi, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16809 |
| AudioEye, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Internet — (continued)** | **Internet — (continued)** | **Internet — (continued)** |
| Backblaze, Inc., Class A\* | 1500 | &nbsp;&nbsp;$6990 |
| BARK, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 |
| Bed Bath & Beyond, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8190 |
| Bumble, Inc., Class A\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7140 |
| Cargurus, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88205 |
| Cars.com, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17080 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28438 |
| Crexendo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 |
| Entravision Communications Corp., Class A | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 |
| ePlus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66301 |
| Eventbrite, Inc., Class A\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 |
| EverQuote, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 |
| Figs, Inc., Class A\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27264 |
| fuboTV, Inc., Class A\* | 9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23940 |
| Gaia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 |
| Gambling.com Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 |
| Getty Images Holdings, Inc.\* | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824 |
| Grindr, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13540 |
| Groupon, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12327 |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16149 |
| Hims & Hers Health, Inc.\* | 5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185079 |
| Lands' End, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 |
| LifeMD, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410 |
| Liquidity Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19247 |
| Magnite, Inc.\* | 3906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63394 |
| MediaAlpha, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10969 |
| Nerdy, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872 |
| Newsmax, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10049 |
| Nextdoor Holdings, Inc.\* | 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340 |
| Open Lending Corp.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 |
| OptimizeRx Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 |
| Q2 Holdings, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122672 |
| QuinStreet, Inc.\* | &nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24645 |
| Revolve Group, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36228 |
| Rumble, Inc.\* | 2950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18644 |
| Serve Robotics, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15570 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11460 |
| Sprinklr, Inc., Class A\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24118 |
| Stitch Fix, Inc., Class A\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13650 |
| The Arena Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |
| The RealReal, Inc.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41028 |
| Travelzoo\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 |
| TripAdvisor, Inc.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48048 |
| TrueCar, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198 |
| Tucows, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 |
| Upwork, Inc.\* | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67388 |
| Vivid Seats, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| Yelp, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48624 |
| Ziff Davis, Inc.\* | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41828 |
| ZipRecruiter, Inc., Class A\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1245259 |
| **Investment Companies — 1.2%** | **Investment Companies — 1.2%** | **Investment Companies — 1.2%** |
| Bit Digital, Inc.\* | 8330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15744 |
| Bitdeer Technologies Group, Class A\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28025 |
| Cannae Holdings, Inc. | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18876 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Investment Companies — (continued)** | **Investment Companies — (continued)** | **Investment Companies — (continued)** |
| Cipher Mining, Inc.\* | &nbsp;&nbsp;9000 | &nbsp;&nbsp;$132840 |
| Cleanspark, Inc.\* | &nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78936 |
| Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10080 |
| Core Scientific, Inc.\* | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;116480 |
| FTAI Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12447 |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;106862 |
| Hut 8 Corp.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;124038 |
| MARA Holdings, Inc.\* | 10520 | &nbsp;&nbsp;&nbsp;&nbsp;94470 |
| Riot Platforms, Inc.\* | &nbsp;&nbsp;9876 | &nbsp;&nbsp;&nbsp;&nbsp;125129 |
| Terawulf, Inc.\* | &nbsp;&nbsp;&nbsp;7946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;955226 |
| **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp;213613 |
| Friedman Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217711 |
| **Leisure Time — 0.8%** | **Leisure Time — 0.8%** | **Leisure Time — 0.8%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63856 |
| American Outdoor Brands, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092 |
| Clarus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022 |
| Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396 |
| Global Business Travel Group I\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22950 |
| Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131 |
| Life Time Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;3928 | &nbsp;&nbsp;&nbsp;&nbsp;104406 |
| Lindblad Expeditions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15862 |
| Livewire Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 |
| Malibu Boats, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16926 |
| Marine Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 |
| MasterCraft Boat Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9455 |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58072 |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;98888 |
| Peloton Interactive, Inc., Class A\* | 10600 | &nbsp;&nbsp;&nbsp;&nbsp;65296 |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94875 |
| Sabre Corp.\* | &nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12784 |
| Topgolf Callaway Brands Corp.\* | &nbsp;&nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42549 |
| Xponential Fitness, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;635001 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hilton Grand Vacations, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76836 |
| The Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;88205 |
| **Machinery — Construction & Mining — 0.9%** | **Machinery — Construction & Mining — 0.9%** | **Machinery — Construction & Mining — 0.9%** |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30237 |
| Bloom Energy Corp., Class A\* | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;521340 |
| Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10220 |
| Lightbridge Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584 |
| NANO Nuclear Energy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22041 |
| Net Power, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 |
| NuScale Power Corp.\* | &nbsp;&nbsp;&nbsp;3599 | &nbsp;&nbsp;&nbsp;&nbsp;50998 |
| Terex Corp. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;96084 |
| The Manitowoc Co., Inc.\* | &nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;752618 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Machinery — Diversified — 1.8%** | **Machinery — Diversified — 1.8%** | **Machinery — Diversified — 1.8%** |
| Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;$11840 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48347 |
| Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42182 |
| Cactus, Inc., Class A | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86792 |
| Chart Industries, Inc.\* | &nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265624 |
| Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15266 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127392 |
| DXP Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43038 |
| Eastman Kodak Co.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13536 |
| Gencor Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184 |
| Ichor Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16587 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90351 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33829 |
| Mueller Water Products, Inc., Class A | 4392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104618 |
| Palladyne AI Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834 |
| Power Solutions International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11428 |
| Pro-Dex, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848 |
| Richtech Robotics, Inc., Class B\* | &nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13699 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39503 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26310 |
| Thermon Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33444 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207291 |
| Zurn Elkay Water Solutions Corp. | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1439201 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| AMC Networks, Inc., Class A\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14106 |
| CuriosityStream, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180 |
| Gray Media, Inc. | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11132 |
| iHeartMedia, Inc., Class A\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12064 |
| Liberty Latin America Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173 |
| Liberty Latin America Ltd., Class C\* | 3552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26498 |
| Optimum Communications, Inc., Class A\* | 8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13530 |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16474 |
| Sinclair, Inc. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 |
| Sphere Entertainment Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70074 |
| TEGNA, Inc. | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87345 |
| The E.W. Scripps Co., Class A\* | 2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8894 |
| Thryv Holdings, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 |
| USA TODAY Co., Inc.\* | 4253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322243 |
| **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** |
| Ascent Industries Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
| Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51297 |
| Hillman Solutions Corp.\* | 5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49362 |
| Janus International Group, Inc.\* | 3790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24787 |
| L.B. Foster Co., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8085 |
| Mayville Engineering Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488 |
| Metallus, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18876 |
| Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162 |
| Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 |
| Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6282 |
| Proto Labs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35362 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17612 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Metal Fabricate/Hardware — (continued)** | **Metal Fabricate/Hardware — (continued)** | **Metal Fabricate/Hardware — (continued)** |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;$69747 |
| The Eastern Co. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938 |
| Tredegar Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45588 |
| Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34066 |
| Xometry, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468101 |
| **Mining — 2.1%** | **Mining — 2.1%** | **Mining — 2.1%** |
| American Battery Technology Co.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 |
| Caledonia Mining Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10468 |
| Centrus Energy Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108514 |
| Century Aluminum Co.\* | &nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56968 |
| Coeur Mining, Inc.\* | 17928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319656 |
| Compass Minerals International, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19640 |
| Constellium S.E.\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75400 |
| Contango ORE, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 |
| Critical Metals Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 |
| Dakota Gold Corp.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9656 |
| Encore Energy Corp.\* | &nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13144 |
| Energy Fuels, Inc.\* | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87240 |
| Ferroglobe PLC | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17632 |
| Hecla Mining Co. | &nbsp;&nbsp;17591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337571 |
| Idaho Strategic Resources, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16120 |
| Ivanhoe Electric, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46342 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43876 |
| Lifezone Metals Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 |
| NioCorp Developments Ltd.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9540 |
| Novagold Resources, Inc.\* | &nbsp;&nbsp;8649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80609 |
| Perpetua Resources Corp.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53262 |
| SSR Mining, Inc.\* | &nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127136 |
| U.S. Antimony Corp.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550 |
| United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38915 |
| Uranium Energy Corp.\* | 13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154176 |
| US Gold Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7764 |
| USA Rare Earth, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28560 |
| Vox Royalty Corp. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1703108 |
| **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** |
| Avient Corp. | &nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82942 |
| Byrna Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395 |
| Core Molding Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128050 |
| Fabrinet\* | &nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453914 |
| Federal Signal Corp. | &nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174721 |
| Hillenbrand, Inc. | &nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61664 |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;1441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217116 |
| LSB Industries, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12750 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72603 |
| Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17316 |
| NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 |
| Outdoor Holding Co.\* | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156 |
| Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11374 |
| Sight Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7137 |
| Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13680 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;$58168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1343143 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| Banco Latinoamericano de Comercio Exterior S.A., Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36126 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9006 |
| **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** |
| CompX International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327 |
| HNI Corp. | &nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72485 |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44532 |
| Virco Mfg. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121900 |
| **Oil & Gas — 2.1%** | **Oil & Gas — 2.1%** | **Oil & Gas — 2.1%** |
| BKV Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13575 |
| Borr Drilling Ltd. | &nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24583 |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92952 |
| CNX Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;3531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129835 |
| Cobalt International Energy, Inc.(1),\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Comstock Resources, Inc.\* | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50996 |
| Crescent Energy Co., Class A | &nbsp;&nbsp;&nbsp;6822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57237 |
| CVR Energy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22896 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49918 |
| Diversified Energy Co. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24616 |
| Empire Petroleum Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
| Epsilon Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 |
| Evolution Petroleum Corp. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248 |
| Granite Ridge Resources, Inc. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8930 |
| Gulfport Energy Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93595 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78153 |
| HighPeak Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 |
| Infinity Natural Resources, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419 |
| Kolibri Global Energy, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 |
| Kosmos Energy Ltd.\* | 14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12885 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;5007 | &nbsp;&nbsp;&nbsp;&nbsp;109603 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118750 |
| Nabors Industries Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23186 |
| NextNRG, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 |
| Noble Corp. PLC | &nbsp;&nbsp;&nbsp;3487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98473 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57969 |
| Par Pacific Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49828 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;9281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56707 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64193 |
| Prairie Operating Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10560 |
| Sable Offshore Corp.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18942 |
| SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14430 |
| Seadrill Ltd.\* | &nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61173 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59840 |
| Talos Energy, Inc.\* | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36366 |
| Transocean Ltd.\* | 24300 | &nbsp;&nbsp;&nbsp;&nbsp;100359 |
| VAALCO Energy, Inc. | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13104 |
| Valaris Ltd.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90720 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Oil & Gas — (continued)** | **Oil & Gas — (continued)** | **Oil & Gas — (continued)** |
| Vitesse Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$15408 |
| W&T Offshore, Inc. | &nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1687847 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| Archrock, Inc. | 4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119692 |
| Atlas Energy Solutions, Inc. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19782 |
| Bristow Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28051 |
| Core Laboratories, Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19236 |
| DMC Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 |
| DNOW, Inc.\* | &nbsp;&nbsp;5377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71245 |
| Expro Group Holdings N.V.\* | &nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36259 |
| Flotek Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8615 |
| Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11244 |
| Forum Energy Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11085 |
| Helix Energy Solutions Group, Inc.\* | &nbsp;&nbsp;4101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25713 |
| Innovex International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19683 |
| Kodiak Gas Services, Inc. | 2245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83963 |
| Liberty Energy, Inc. | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83070 |
| Mammoth Energy Services, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 |
| Matrix Service Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020 |
| National Energy Services Reunited Corp.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25056 |
| Natural Gas Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9994 |
| Oceaneering International, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64881 |
| Oil States International, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13540 |
| ProFrac Holding Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501 |
| ProPetro Holding Corp.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19020 |
| Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8388 |
| RPC, Inc. | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15232 |
| SEACOR Marine Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5418 |
| Select Water Solutions, Inc. | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26300 |
| Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55164 |
| TETRA Technologies, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29984 |
| Tidewater, Inc.\* | &nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893421 |
| **Packaging and Containers — 0.2%** | **Packaging and Containers — 0.2%** | **Packaging and Containers — 0.2%** |
| Ardagh Metal Packaging S.A. | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16810 |
| Clearwater Paper Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317 |
| Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49963 |
| Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7469 |
| Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514 |
| O-I Glass, Inc.\* | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66420 |
| Ranpak Holdings Corp.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492 |
| TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191713 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Aclaris Therapeutics, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632 |
| Actuate Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 |
| AdaptHealth Corp.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28884 |
| Agios Pharmaceuticals, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43552 |
| Akebia Therapeutics, Inc.\* | 7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12397 |
| Alector, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184 |
| Alimera Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Alkermes PLC\* | 4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128708 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| Amneal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;4337 | &nbsp;&nbsp;$54646 |
| Amphastar Pharmaceuticals, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26780 |
| Amylyx Pharmaceuticals, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22952 |
| Anika Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844 |
| Aquestive Therapeutics, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18088 |
| Arvinas, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23720 |
| aTyr Pharma, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193 |
| Avadel Pharmaceuticals PLC\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53875 |
| Biote Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 |
| Candel Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520 |
| Catalyst Pharmaceuticals, Inc.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77022 |
| Cidara Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;110445 |
| Coherus Oncology, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834 |
| Collegium Pharmaceutical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41670 |
| CorMedix, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19771 |
| Corvus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13090 |
| Enanta Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11039 |
| Enliven Therapeutics, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400 |
| Eton Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13528 |
| Fennec Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5390 |
| FitLife Brands, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 |
| Foghorn Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 |
| Fulcrum Therapeutics, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15834 |
| Guardian Pharmacy Services, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18505 |
| Gyre Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 |
| Harmony Biosciences Holdings, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48646 |
| Harrow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100 |
| Herbalife Ltd.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36092 |
| Heron Therapeutics, Inc.\* | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 |
| Indivior PLC\* | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;121992 |
| Inhibikase Therapeutics, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715 |
| Ironwood Pharmaceuticals, Inc.\* | &nbsp;&nbsp;4361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14696 |
| Journey Medical Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855 |
| KalVista Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14535 |
| Lifevantage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;308058 |
| MannKind Corp.\* | 8401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47634 |
| MediWound Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692 |
| Mirum Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89338 |
| Nature's Sunshine Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790 |
| Neurogene, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180 |
| Nuvectis Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775 |
| Ocular Therapeutix, Inc.\* | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60700 |
| ORIC Pharmaceuticals, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12270 |
| Owens & Minor, Inc.\* | 2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373 |
| Pacira BioSciences, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33644 |
| Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22416 |
| Protagonist Therapeutics, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;139744 |
| Rhythm Pharmaceuticals, Inc.\* | 1480 | &nbsp;&nbsp;&nbsp;&nbsp;158419 |
| SELLAS Life Sciences Group, Inc.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 |
| SIGA Technologies, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6721 |
| Spyre Therapeutics, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62244 |
| Supernus Pharmaceuticals, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74550 |
| Tonix Pharmaceuticals Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 |
| Trevi Therapeutics, Inc.\* | &nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29735 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| TuHURA Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;$832 |
| USANA Health Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6831 |
| Vanda Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17120 |
| Vaxcyte, Inc.\* | &nbsp;&nbsp;3207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147971 |
| Voyager Therapeutics, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 |
| Xeris Biopharma Holdings, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2395147 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19635 |
| Golar LNG Ltd. | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104188 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46865 |
| New Fortress Energy, Inc.\* | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156 |
| NextDecade Corp.\* | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21607 |
| Summit Midstream Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206455 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| P10, Inc., Class A | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12753 |
| Patria Investments Ltd., Class A | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38177 |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| Anywhere Real Estate, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39648 |
| Compass, Inc., Class A\* | 13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140581 |
| Cushman & Wakefield Ltd.\* | &nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101997 |
| Douglas Elliman, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925 |
| eXp World Holdings, Inc. | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21720 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;3581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34628 |
| Legacy Housing Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16374 |
| Maui Land & Pineapple Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082 |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72821 |
| Mobile Infrastructure Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 |
| Newmark Group, Inc., Class A | &nbsp;&nbsp;4025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69794 |
| RE/MAX Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 |
| Seaport Entertainment Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931 |
| Sky Harbour Group Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485 |
| Stratus Properties, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836 |
| The Real Brokerage, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12410 |
| The RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
| The St. Joe Co. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65307 |
| Transcontinental Realty Investors, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620339 |
| **Retail — 3.2%** | **Retail — 3.2%** | **Retail — 3.2%** |
| Abercrombie & Fitch Co., Class A\* | &nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162121 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;1801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89978 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66810 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118665 |
| America's Car-Mart, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799 |
| Arko Corp. | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10896 |
| Asbury Automotive Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133007 |
| Barnes & Noble Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595 |
| Bassett Furniture Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028 |
| Biglari Holdings, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 |
| BJ's Restaurants, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24428 |
| Black Rock Coffee Bar, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11125 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Retail — (continued)** | **Retail — (continued)** | **Retail — (continued)** |
| Bloomin' Brands, Inc. | 2400 | &nbsp;&nbsp;$14808 |
| BlueLinx Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15419 |
| Boot Barn Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154235 |
| Brinker International, Inc.\* | &nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180548 |
| Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24508 |
| Caleres, Inc. | &nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12827 |
| Camping World Holdings, Inc., Class A | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16541 |
| Citi Trends, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156 |
| Clean Energy Fuels Corp.\* | 4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9240 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16104 |
| Dave & Buster's Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14589 |
| Denny's Corp.\* | &nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9032 |
| Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 |
| Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15138 |
| El Pollo Loco Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276 |
| Envela Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 |
| EVgo, Inc.\* | &nbsp;&nbsp;3291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 |
| First Watch Restaurant Group, Inc.\* | &nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18141 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180099 |
| Genesco, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7307 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128609 |
| Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10512 |
| J Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744 |
| Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635 |
| Kohl's Corp. | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63271 |
| Krispy Kreme, Inc. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7638 |
| Kura Sushi USA, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10466 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43308 |
| MarineMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12115 |
| Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9485 |
| National Vision Holdings, Inc.\* | 2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53835 |
| Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12506 |
| OneWater Marine, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4328 |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35026 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15306 |
| Petco Health & Wellness Co., Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058 |
| Portillo's, Inc., Class A\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89672 |
| Sally Beauty Holdings, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41354 |
| Savers Value Village, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7472 |
| Shake Shack, Inc., Class A\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89287 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92328 |
| Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26847 |
| Sweetgreen, Inc., Class A\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20956 |
| The Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45354 |
| The Cheesecake Factory, Inc. | &nbsp;&nbsp;1264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63807 |
| Urban Outfitters, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127942 |
| Victoria's Secret & Co.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102923 |
| Warby Parker, Inc., Class A\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61012 |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36850 |
| Zumiez, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2610200 |
| **Savings & Loans — 0.9%** | **Savings & Loans — 0.9%** | **Savings & Loans — 0.9%** |
| Axos Financial, Inc.\* | &nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133031 |
| Banc of California, Inc. | 3684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71064 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Savings & Loans — (continued)** | **Savings & Loans — (continued)** | **Savings & Loans — (continued)** |
| BankFinancial Corp. | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$4800 |
| Beacon Financial Corp. | 2270 | &nbsp;&nbsp;&nbsp;&nbsp;59860 |
| BV Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5442 |
| Capitol Federal Financial, Inc. | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25197 |
| CF Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 |
| Citizens Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5346 |
| Eagle Bancorp Montana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970 |
| Finward Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3519 |
| First Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 |
| First Savings Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6372 |
| Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12712 |
| FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8234 |
| Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446 |
| Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11560 |
| HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21470 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12493 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp;49584 |
| OceanFirst Financial Corp. | 1560 | &nbsp;&nbsp;&nbsp;&nbsp;28002 |
| Provident Financial Services, Inc. | 3730 | &nbsp;&nbsp;&nbsp;&nbsp;73668 |
| Riverview Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17736 |
| The Hingham Institution For Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12778 |
| Timberland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7160 |
| WaFd, Inc. | &nbsp;&nbsp;2162 | &nbsp;&nbsp;&nbsp;&nbsp;69249 |
| Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6620 |
| WSFS Financial Corp. | &nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;86948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;755190 |
| **Semiconductors — 2.4%** | **Semiconductors — 2.4%** | **Semiconductors — 2.4%** |
| ACM Research, Inc., Class A\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55230 |
| Aehr Test Systems\* | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18171 |
| Aeluma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151 |
| Alpha & Omega Semiconductor Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13867 |
| Ambarella, Inc.\* | &nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;80049 |
| Ambiq Micro, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 |
| Arteris, Inc.\* | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 |
| Atomera, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 |
| Axcelis Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72226 |
| Blaize Holdings, Inc.\* | 2428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4735 |
| CEVA, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14440 |
| Cohu, Inc.\* | &nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp;30809 |
| Diodes, Inc.\* | 1299 | &nbsp;&nbsp;&nbsp;&nbsp;64093 |
| FormFactor, Inc.\* | &nbsp;&nbsp;2129 | &nbsp;&nbsp;&nbsp;&nbsp;118756 |
| Impinj, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;129289 |
| Kulicke & Soffa Industries, Inc. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;63784 |
| MaxLinear, Inc.\* | 2443 | &nbsp;&nbsp;&nbsp;&nbsp;42582 |
| Navitas Semiconductor Corp.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26418 |
| Ouster, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;32460 |
| Penguin Solutions, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31296 |
| Photronics, Inc.\* | 1494 | &nbsp;&nbsp;&nbsp;&nbsp;47808 |
| Power Integrations, Inc. | &nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;58534 |
| Rambus, Inc.\* | 2974 | &nbsp;&nbsp;&nbsp;&nbsp;273281 |
| Richardson Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 |
| Semtech Corp.\* | 2409 | &nbsp;&nbsp;&nbsp;&nbsp;177519 |
| Silicon Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;119721 |
| SiTime Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp;212974 |
| SkyWater Technology, Inc.\* | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;10896 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Semiconductors — (continued)** | **Semiconductors — (continued)** | **Semiconductors — (continued)** |
| Synaptics, Inc.\* | &nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;$78831 |
| Ultra Clean Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30269 |
| Veeco Instruments, Inc.\* | &nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44413 |
| Vishay Precision Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1894534 |
| **Software — 5.0%** | **Software — 5.0%** | **Software — 5.0%** |
| 8X8, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7289 |
| ACI Worldwide, Inc.\* | &nbsp;&nbsp;&nbsp;2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135159 |
| ACV Auctions, Inc., Class A\* | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40902 |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54389 |
| Agilysys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80336 |
| Airship AI Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Alignment Healthcare, Inc.\* | &nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92924 |
| Alkami Technology, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43833 |
| Amplitude, Inc., Class A\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31266 |
| Appian Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41618 |
| Asana, Inc., Class A\* | &nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33274 |
| Asure Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594 |
| AvePoint, Inc.\* | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54171 |
| Bandwidth, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11418 |
| BigBear.ai Holdings, Inc.\* | 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 |
| Blackbaud, Inc.\* | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66486 |
| BlackLine, Inc.\* | &nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79618 |
| Blend Labs, Inc., Class A\* | &nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17632 |
| Box, Inc., Class A\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119640 |
| Braze, Inc., Class A\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78867 |
| C3.ai, Inc., Class A\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45832 |
| Cerence, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10690 |
| Claritev Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550 |
| Clear Secure, Inc., Class A | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84192 |
| Clearwater Analytics Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;7767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187340 |
| Climb Global Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279 |
| Commerce.com, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8652 |
| Commvault Systems, Inc.\* | &nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148677 |
| Consensus Cloud Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10190 |
| CS Disco, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59895 |
| Daily Journal Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19980 |
| Definitive Healthcare Corp.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879 |
| Digi International, Inc.\* | &nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45757 |
| Digimarc Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 |
| Digital Turbine, Inc\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 |
| DigitalOcean Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92583 |
| Domo, Inc., Class B\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9273 |
| Donnelley Financial Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32683 |
| eGain Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 |
| EverCommerce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7266 |
| Evolent Health, Inc., Class A\* | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 |
| Expensify, Inc., Class A\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171 |
| Fastly, Inc., Class A\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40720 |
| Five9, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42105 |
| Freshworks, Inc., Class A\* | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68600 |
| Genius Sports Ltd.\* | &nbsp;&nbsp;6035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66506 |
| GigaCloud Technology, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27496 |
| Health Catalyst, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| HeartFlow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$14575 |
| I3 Verticals, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15114 |
| IBEX Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11454 |
| Ibotta, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 |
| Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 |
| Innodata, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45855 |
| Intapp, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73312 |
| IonQ, Inc.\* | &nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421778 |
| Jamf Holding Corp.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24719 |
| Kaltura, Inc.\* | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5412 |
| Life360, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30851 |
| LiveRamp Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54834 |
| McGraw Hill, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9966 |
| N-able, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12716 |
| Navan, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17080 |
| Nutex Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16462 |
| Omada Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619 |
| ON24, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368 |
| Pagaya Technologies Ltd., Class A\* | &nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29051 |
| PagerDuty, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32775 |
| PDF Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22824 |
| Phreesia, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27072 |
| Planet Labs PBC\* | &nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128180 |
| Playstudios, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 |
| Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110 |
| Porch Group, Inc.\* | &nbsp;&nbsp;&nbsp;2242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20469 |
| Progress Software Corp.\* | &nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52669 |
| PubMatic, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9757 |
| Quantum Computing, Inc.\* | &nbsp;&nbsp;&nbsp;5554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56984 |
| Rackspace Technology, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748 |
| Red Violet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17085 |
| ReposiTrak, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 |
| Rezolve AI PLC\* | &nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509 |
| Schrodinger, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28608 |
| SEMrush Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15457 |
| Silvaco Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 |
| Simulations Plus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9115 |
| Skillsoft Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 |
| SoundHound AI, Inc., Class A\* | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103688 |
| Sprout Social, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15981 |
| SPS Commerce, Inc.\* | &nbsp;&nbsp;&nbsp;1039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92606 |
| Synchronoss Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424 |
| Talkspace, Inc.\* | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616 |
| Teads Holding Co.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 |
| TruBridge, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6621 |
| Vertex, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35946 |
| Via Transportation, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8703 |
| Viant Technology, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816 |
| VTEX, Class A\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768 |
| Waystar Holding Corp.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101525 |
| Weave Communications, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13662 |
| WM Technology, Inc.\* | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 |
| Workiva, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120750 |
| Yext, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23374 |
| Zeta Global Holdings Corp., Class A\* | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4062977 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Telecommunications — 3.3%** | **Telecommunications — 3.3%** | **Telecommunications — 3.3%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;$37149 |
| ADTRAN Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17423 |
| Anterix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549 |
| Applied Digital Corp.\* | &nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161832 |
| ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514 |
| Aviat Networks, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552 |
| BK Technologies Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7459 |
| BlackSky Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16406 |
| Calix, Inc.\* | &nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89611 |
| Clearfield, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11660 |
| CommScope Holding Co., Inc.\* | &nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106967 |
| Credo Technology Group Holding Ltd.\* | &nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604338 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71715 |
| EchoStar Corp., Class A\* | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402190 |
| Extreme Networks, Inc.\* | &nbsp;&nbsp;&nbsp;3747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62388 |
| Frequency Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10768 |
| Globalstar, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85029 |
| Gogo, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854 |
| Harmonic, Inc.\* | &nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29373 |
| IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25605 |
| Inseego Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135 |
| InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221274 |
| Lumen Technologies, Inc.\* | 26200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203574 |
| NETGEAR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20335 |
| Ooma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8211 |
| Powerfleet, Inc.\* | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17024 |
| Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14676 |
| Ribbon Communications, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9052 |
| Satellogic, Inc., Class A\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17548 |
| Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276 |
| Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114800 |
| Uniti Group, Inc.\* | &nbsp;&nbsp;&nbsp;4401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30851 |
| Viasat, Inc.\* | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113718 |
| Viavi Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2664641 |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83333 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Funko, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 |
| JAKKS Pacific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 |
| **Transportation — 1.0%** | **Transportation — 1.0%** | **Transportation — 1.0%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47778 |
| Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9531 |
| Costamare Bulkers Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623 |
| Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17369 |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8816 |
| CryoPort, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 |
| DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43956 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27553 |
| FLEX LNG Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19960 |
| Forward Air Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16587 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Transportation — (continued)** | **Transportation — (continued)** | **Transportation — (continued)** |
| Heartland Express, Inc. | &nbsp;&nbsp;1167 | &nbsp;&nbsp;$10538 |
| Himalaya Shipping Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935 |
| Hub Group, Inc., Class A | 1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71841 |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54910 |
| Marten Transport Ltd. | 1626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18504 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104770 |
| Navigator Holdings Ltd. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17320 |
| Nordic American Tankers Ltd. | 5267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18119 |
| PAMT CORP\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 |
| Pangaea Logistics Solutions Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440 |
| Proficient Auto Logistics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4820 |
| Radiant Logistics, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330 |
| RXO, Inc.\* | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59408 |
| Safe Bulkers, Inc. | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8194 |
| Scorpio Tankers, Inc. | 1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63029 |
| SFL Corp. Ltd. | 3284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25648 |
| Teekay Corp., Ltd. | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11739 |
| Teekay Tankers Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37394 |
| Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44175 |
| World Kinect Corp. | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834186 |
| **Trucking and Leasing — 0.3%** | **Trucking and Leasing — 0.3%** | **Trucking and Leasing — 0.3%** |
| GATX Corp. | &nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173161 |
| The Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39589 |
| Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226314 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
| American States Water Co. | &nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76901 |
| California Water Service Group | 1666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72188 |
| Consolidated Water Co., Ltd. | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14116 |
| Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45659 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26773 |
| The York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252502 |
| **TOTAL COMMON STOCKS<br> (Cost $65,766,684)** | **TOTAL COMMON STOCKS<br> (Cost $65,766,684)** | &nbsp;&nbsp;&nbsp;**75598637** |
| **REAL ESTATE INVESTMENT TRUSTS — 5.8%** | **REAL ESTATE INVESTMENT TRUSTS — 5.8%** | **REAL ESTATE INVESTMENT TRUSTS — 5.8%** |
| **Apartments — 0.3%** | **Apartments — 0.3%** | **Apartments — 0.3%** |
| Apartment Investment and Management Co., Class A | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24354 |
| BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410 |
| Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30758 |
| Elme Communities | 2464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42874 |
| Independence Realty Trust, Inc. | 6792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118724 |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**242190** |
| **Diversified — 0.8%** | **Diversified — 0.8%** | **Diversified — 0.8%** |
| Alexander & Baldwin, Inc. | 1956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40372 |
| American Assets Trust, Inc. | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30288 |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13902 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** |
| **Diversified — (continued)** | **Diversified — (continued)** | **Diversified — (continued)** |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;5375 | &nbsp;&nbsp;$93364 |
| Claros Mortgage Trust, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874 |
| Clipper Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292 |
| Farmland Partners, Inc. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13566 |
| FrontView REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7380 |
| Gladstone Commercial Corp. | &nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13359 |
| Gladstone Land Corp. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10065 |
| Global Net Lease, Inc. | 5882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50585 |
| InvenTrust Properties Corp. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59241 |
| NexPoint Diversified Real Estate Trust | &nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709 |
| One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10348 |
| Outfront Media, Inc. | 3985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96038 |
| Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11298 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;2147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85408 |
| Safehold, Inc. | &nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19645 |
| UMH Properties, Inc. | &nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34493 |
| Veris Residential, Inc. | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**635987** |
| **Healthcare — 1.0%** | **Healthcare — 1.0%** | **Healthcare — 1.0%** |
| American Healthcare REIT, Inc. | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221182 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224011 |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11494 |
| Diversified Healthcare Trust | 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32495 |
| Global Medical REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12146 |
| LTC Properties, Inc. | &nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45279 |
| National Health Investors, Inc. | &nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95997 |
| Sabra Health Care REIT, Inc. | 6693 | &nbsp;&nbsp;&nbsp;&nbsp;126766 |
| Sila Realty Trust, Inc. | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34965 |
| Strawberry Fields REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930 |
| Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**824733** |
| **Hotels & Resorts — 0.6%** | **Hotels & Resorts — 0.6%** | **Hotels & Resorts — 0.6%** |
| Apple Hospitality REIT, Inc. | 6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77025 |
| Braemar Hotels & Resorts, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 |
| Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 |
| DiamondRock Hospitality Co. | 6023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53966 |
| Pebblebrook Hotel Trust | 3493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39541 |
| RLJ Lodging Trust | 4280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31886 |
| Ryman Hospitality Properties, Inc. | 1698 | &nbsp;&nbsp;&nbsp;&nbsp;160665 |
| Service Properties Trust | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440 |
| Summit Hotel Properties, Inc. | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16558 |
| Sunstone Hotel Investors, Inc. | 5347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47802 |
| Xenia Hotels & Resorts, Inc. | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**477313** |
| **Industrial — 0.4%** | **Industrial — 0.4%** | **Industrial — 0.4%** |
| Industrial Logistics Properties Trust | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202 |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35804 |
| LXP Industrial Trust | &nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80469 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24068 |
| Terreno Realty Corp. | 2875 | &nbsp;&nbsp;&nbsp;&nbsp;168791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**316334** |
| **Mortgage Banks — 0.8%** | **Mortgage Banks — 0.8%** | **Mortgage Banks — 0.8%** |
| ACRES Commercial Realty Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268 |
| Adamas Trust, Inc. | 2275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16608 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Mortgage Banks — (continued)** | **Mortgage Banks — (continued)** | **Mortgage Banks — (continued)** |
| Advanced Flower Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$1710 |
| Angel Oak Mortgage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 |
| Apollo Commercial Real Estate Finance, Inc. | 4056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39262 |
| Arbor Realty Trust, Inc. | 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41904 |
| Ares Commercial Real Estate Corp. | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7648 |
| ARMOUR Residential REIT, Inc. | 2996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52999 |
| Blackstone Mortgage Trust, Inc., Class A | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82259 |
| BrightSpire Capital, Inc. | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21840 |
| Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356 |
| Chimera Investment Corp. | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28589 |
| Dynex Capital, Inc. | &nbsp;&nbsp;3742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52426 |
| Ellington Financial, Inc. | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33950 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;2312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23189 |
| Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13557 |
| KKR Real Estate Finance Trust, Inc. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14796 |
| Ladder Capital Corp. | 3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33805 |
| Lument Finance Trust, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 |
| MFA Financial, Inc. | &nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29559 |
| Nexpoint Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 |
| Orchid Island Capital, Inc. | &nbsp;&nbsp;3816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27475 |
| PennyMac Mortgage Investment Trust | 2592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32530 |
| Ready Capital Corp. | 4654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10146 |
| Redwood Trust, Inc. | &nbsp;&nbsp;3677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20334 |
| Rithm Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145 |
| Seven Hills Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675 |
| Sunrise Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
| TPG Mortgage Investment Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| TPG RE Finance Trust, Inc. | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17220 |
| Two Harbors Investment Corp. | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**667361** |
| **Office Property — 0.5%** | **Office Property — 0.5%** | **Office Property — 0.5%** |
| Brandywine Realty Trust | 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16060 |
| City Office REIT, Inc. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9786 |
| COPT Defense Properties | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86180 |
| Douglas Emmett, Inc. | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52752 |
| Easterly Government Properties, Inc. | 1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22885 |
| Empire State Realty Trust, Inc., Class A | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25428 |
| Franklin Street Properties Corp. | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 |
| Hudson Pacific Properties, Inc.\* | &nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14696 |
| JBG SMITH Properties | &nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27131 |
| NET Lease Office Properties | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12895 |
| Peakstone Realty Trust | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15785 |
| Piedmont Realty Trust, Inc. | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28356 |
| SL Green Realty Corp. | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**407194** |
| **Regional Malls — 0.3%** | **Regional Malls — 0.3%** | **Regional Malls — 0.3%** |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 |
| Tanger, Inc. | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;106784 |
| The Macerich Co. | 7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**258196** |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** |
| **Single Tenant — 0.4%** | **Single Tenant — 0.4%** | **Single Tenant — 0.4%** |
| Alpine Income Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$3344 |
| Essential Properties Realty Trust, Inc. | 5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166096 |
| Four Corners Property Trust, Inc. | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64568 |
| Getty Realty Corp. | 1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40206 |
| Modiv Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**278531** |
| **Storage & Warehousing — 0.0%** | **Storage & Warehousing — 0.0%** | **Storage & Warehousing — 0.0%** |
| Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24752 |
| **Strip Centers — 0.7%** | **Strip Centers — 0.7%** | **Strip Centers — 0.7%** |
| Acadia Realty Trust | 3720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76409 |
| Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15038 |
| CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10291 |
| Curbline Properties Corp. | 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63827 |
| Kite Realty Group Trust | 5949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142598 |
| NETSTREIT Corp. | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100 |
| Phillips Edison & Co., Inc. | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124495 |
| Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11067 |
| SITE Centers Corp. | &nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9790 |
| Urban Edge Properties | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71003 |
| Whitestone REIT | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**588064** |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $5,306,678)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4720655** |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| Aduro Biotech\* | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| OmniAb, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| OmniAb, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Resolute Forest Products, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 |
| **TOTAL RIGHTS<br> (Cost $699)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2331** |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Pulse Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| **TOTAL WARRANTS<br> (Cost $0)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**223** |

---

**SHORT-TERM INVESTMENTS — 0.3%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $226,960)** | 226959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**226959** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $71,301,021)** |  | &nbsp;&nbsp;**$80548805** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(33648)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$80515157** |

---

------

† 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.

---

| |
|:---|
| AG— Aktiengesellschaft. |
| CVR— Contingent Valued Rights. |
| LLC— Limited Liability Company. |
| N.V.— Naamloze Vennootschap. |
| NA— National Association. |
| 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% | $43471 |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519066 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253580 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209686 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374175 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146811 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773710 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;9.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263221 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104404 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;9.3% | &nbsp;&nbsp;&nbsp;&nbsp;7003385 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;1088427 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139870 |
| Coal | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462260 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.1% | &nbsp;&nbsp;&nbsp;&nbsp;3091458 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550472 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164989 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560839 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;2447389 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347003 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718178 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138545 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835356 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;&nbsp;2039519 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775447 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334712 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692993 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64804 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839626 |
| Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260258 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;3.9% | &nbsp;&nbsp;&nbsp;&nbsp;2947684 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;1955684 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272577 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236142 |
| Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159051 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49285 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972612 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245259 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955226 |
| Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217711 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635001 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | $88205 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752618 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439201 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322243 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468101 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703108 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343143 |
| Multi-National | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36126 |
| Office & Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9006 |
| Office Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121900 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;&nbsp;1687847 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893421 |
| Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191713 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395147 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206455 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38177 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620339 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.5% | &nbsp;&nbsp;&nbsp;&nbsp;2610200 |
| Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755190 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;&nbsp;&nbsp;1894534 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;5.4% | &nbsp;&nbsp;&nbsp;&nbsp;4062977 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.5% | &nbsp;&nbsp;&nbsp;&nbsp;2664641 |
| Textiles | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83333 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834186 |
| Trucking and Leasing | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226314 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252502 |
|  | 100.0% | $75598637 |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $43471 | $43471 | $— | $— |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;1519066 | &nbsp;&nbsp;&nbsp;&nbsp;1519066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7263221 | &nbsp;&nbsp;&nbsp;&nbsp;7263221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;7003385 | &nbsp;&nbsp;&nbsp;7000255 | &nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1088427 | &nbsp;&nbsp;&nbsp;&nbsp;1088427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1139870 | &nbsp;&nbsp;&nbsp;&nbsp;1139870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Coal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3091458 | &nbsp;&nbsp;&nbsp;&nbsp;3091458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;1550472 | &nbsp;&nbsp;&nbsp;&nbsp;1550472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2447389 | &nbsp;&nbsp;&nbsp;&nbsp;2447389 | &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> 12/31/2025** | **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;Electric | $1347003 | $1347003 | $— | $— |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;2138545 | &nbsp;&nbsp;&nbsp;&nbsp;2138545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;2039519 | &nbsp;&nbsp;&nbsp;&nbsp;2039519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;2947684 | &nbsp;&nbsp;&nbsp;2947684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;1955684 | &nbsp;&nbsp;&nbsp;&nbsp;1955684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1272577 | &nbsp;&nbsp;&nbsp;&nbsp;1272577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Housewares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1972612 | &nbsp;&nbsp;&nbsp;&nbsp;1972612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;1245259 | &nbsp;&nbsp;&nbsp;&nbsp;1245259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1439201 | &nbsp;&nbsp;&nbsp;&nbsp;1439201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mining | &nbsp;&nbsp;&nbsp;&nbsp;1703108 | &nbsp;&nbsp;&nbsp;&nbsp;1703108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1343143 | &nbsp;&nbsp;&nbsp;&nbsp;1343143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Multi-National | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Office & Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Office Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1687847 | &nbsp;&nbsp;&nbsp;&nbsp;1687847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2395147 | &nbsp;&nbsp;&nbsp;&nbsp;2395111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;2610200 | &nbsp;&nbsp;&nbsp;2610200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1894534 | &nbsp;&nbsp;&nbsp;&nbsp;1894534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;4062977 | &nbsp;&nbsp;&nbsp;4062977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;2664641 | &nbsp;&nbsp;&nbsp;2664641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Textiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Trucking and Leasing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Water | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;75598637 | &nbsp;&nbsp;&nbsp;&nbsp;75595471 | &nbsp;&nbsp;&nbsp;&nbsp;3166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;4720655 | &nbsp;&nbsp;&nbsp;4720655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Small Cap Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Rights | $2331 | $— | $2331 | $— |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | $80548805 | $80543101 | $5704 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **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 | $(11570) | $(11570) | $— | $— |
| Total Liabilities—Other Financial Instruments | $(11570) | $(11570) | $— | $— |

---

---

| | |
|:---|:---|
| <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 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, 2025 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 | 03/20/26 | 2 | 50 | $2498 | $249800 | $— | $(11570) |
|  |  |  |  |  |  |  | $— | $(11570) |

---

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** |
| **Australia — 6.2%** | **Australia — 6.2%** | **Australia — 6.2%** |
| ANZ Group Holdings Ltd. | 13608 | &nbsp;&nbsp;$329009 |
| APA Group | &nbsp;&nbsp;&nbsp;5667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33861 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99690 |
| ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27120 |
| BHP Group Ltd. | 22990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693818 |
| Brambles Ltd. | &nbsp;&nbsp;&nbsp;6322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96539 |
| CAR Group Ltd. | &nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33569 |
| Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48961 |
| Coles Group Ltd. | &nbsp;&nbsp;&nbsp;6237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89147 |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;7572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808228 |
| Computershare Ltd. | &nbsp;&nbsp;&nbsp;2288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51854 |
| CSL Ltd. | &nbsp;&nbsp;&nbsp;2208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254100 |
| Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;9441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79009 |
| Fortescue Ltd. | &nbsp;&nbsp;&nbsp;7822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114377 |
| Goodman Group | &nbsp;&nbsp;&nbsp;9341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192221 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53805 |
| Lynas Rare Earths Ltd.\* | &nbsp;&nbsp;&nbsp;4367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35816 |
| Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223100 |
| Medibank Pvt. Ltd. | &nbsp;&nbsp;11857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37840 |
| National Australia Bank Ltd. | 13900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390823 |
| Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110161 |
| Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61970 |
| Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37450 |
| Qantas Airways Ltd. | &nbsp;&nbsp;&nbsp;3289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22723 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92875 |
| REA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27429 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;1699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165747 |
| Santos Ltd. | &nbsp;&nbsp;&nbsp;14114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57969 |
| Scentre Group | 24448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68342 |
| SGH Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27006 |
| Sigma Healthcare Ltd. | 24657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48269 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31785 |
| South32 Ltd. | 18388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43526 |
| South32 Ltd. | &nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 |
| Stockland | &nbsp;&nbsp;11537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43987 |
| Suncorp Group Ltd. | &nbsp;&nbsp;4660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54704 |
| Telstra Group Ltd. | 18709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60703 |
| The Lottery Corp. Ltd. | &nbsp;&nbsp;&nbsp;9935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34136 |
| Transurban Group | 14288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135216 |
| Vicinity Ltd. | &nbsp;&nbsp;16147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27490 |
| Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40653 |
| Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278093 |
| Westpac Banking Corp. | &nbsp;&nbsp;15519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398241 |
| WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43646 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135921 |
| Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5858402 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168952 |
| OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34891 |
| Raiffeisen Bank International AG | &nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28784 |
| Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254846 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Ageas S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;$49603 |
| Anheuser-Busch InBev S.A./N.V. | &nbsp;&nbsp;4495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288494 |
| D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14950 |
| Elia Group S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27795 |
| Financiere de Tubize S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24404 |
| Groupe Bruxelles Lambert N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32191 |
| KBC Group N.V. | &nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137269 |
| Lotus Bakeries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18409 |
| Sofina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20243 |
| Syensqo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24510 |
| UCB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799193 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta PLC | &nbsp;&nbsp;&nbsp;1838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80735 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30257 |
| **Denmark — 1.9%** | **Denmark — 1.9%** | **Denmark — 1.9%** |
| A.P. Moller - Maersk A/S, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27525 |
| A.P. Moller - Maersk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43596 |
| Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54186 |
| Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46983 |
| Danske Bank A/S | &nbsp;&nbsp;&nbsp;3061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152855 |
| Demant A/S\* | &nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16948 |
| DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234478 |
| Genmab A/S\* | &nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82456 |
| Novo Nordisk A/S, Class B | 14575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739222 |
| Novonesis Novozymes, Class B | &nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98850 |
| Orsted A/S@,\* | &nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45471 |
| Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38594 |
| ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14054 |
| Tryg A/S | &nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42104 |
| Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;4641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1762848 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Elisa OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27033 |
| Fortum OYJ | &nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40497 |
| Kesko OYJ, Class B | &nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27732 |
| Kone OYJ, Class B | &nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105414 |
| Metso OYJ | &nbsp;&nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54459 |
| Neste OYJ | &nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45608 |
| Nokia OYJ | 24265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156438 |
| Nordea Bank Abp | &nbsp;&nbsp;13107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246575 |
| Nordea Bank Abp | &nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19360 |
| Orion OYJ, Class B | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34469 |
| Sampo OYJ, Class A | 10284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124424 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30402 |
| UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67157 |
| Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;2189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1057069 |
| **France — 10.1%** | **France — 10.1%** | **France — 10.1%** |
| Accor S.A. | &nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49780 |
| Aeroports de Paris S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18661 |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;2622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492815 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **France — (continued)** | **France — (continued)** | **France — (continued)** |
| Airbus S.E. | &nbsp;&nbsp;2691 | &nbsp;&nbsp;$624915 |
| Alstom S.A.\* | &nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48531 |
| Amundi S.A.@ | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23968 |
| AXA S.A. | &nbsp;&nbsp;7873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377755 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22256 |
| BNP Paribas S.A. | 4559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431313 |
| Bollore S.E. | &nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17905 |
| Bouygues S.A. | &nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47359 |
| Bureau Veritas S.A. | &nbsp;&nbsp;1613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51314 |
| Capgemini S.E. | &nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117728 |
| Carrefour S.A. | 2798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46686 |
| Cie de Saint-Gobain S.A. | 2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208265 |
| Cie Generale des Etablissements Michelin SCA | 3094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102554 |
| Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15467 |
| Credit Agricole S.A. | 4661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95960 |
| Danone S.A. | 2946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265727 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28534 |
| Dassault Systemes S.E. | 2943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82222 |
| Edenred SE | &nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22813 |
| Eiffage S.A. | &nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41981 |
| Engie S.A. | 8329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218797 |
| EssilorLuxottica S.A. | &nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431610 |
| FDJ UNITED | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12872 |
| Gecina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19469 |
| Getlink S.E. | &nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24957 |
| Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357530 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21767 |
| Kering S.A. | &nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119508 |
| Klepierre S.A. | &nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36163 |
| Legrand S.A. | &nbsp;&nbsp;1199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178247 |
| L'Oreal S.A. | 1089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467525 |
| LVMH Moet Hennessy Louis Vuitton S.E. | &nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852475 |
| Orange S.A. | &nbsp;&nbsp;8541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142520 |
| Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75694 |
| Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103225 |
| Renault S.A. | &nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38122 |
| Rexel S.A. | 1004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39379 |
| Safran S.A. | &nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568105 |
| Sanofi SA | 5008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484550 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31685 |
| Schneider Electric S.E. | &nbsp;&nbsp;2481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678740 |
| Societe Generale S.A. | &nbsp;&nbsp;3218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259062 |
| Sodexo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21007 |
| Thales S.A. | &nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106288 |
| TotalEnergies S.E. | 8994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586391 |
| Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58397 |
| Veolia Environnement S.A. | &nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101296 |
| Vinci S.A. | 2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9588819 |
| **Germany — 9.1%** | **Germany — 9.1%** | **Germany — 9.1%** |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154945 |
| Allianz S.E. | &nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807773 |
| BASF S.E. | 4070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214158 |
| Bayer AG | 4486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194584 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Germany — (continued)** | **Germany — (continued)** | **Germany — (continued)** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;$132074 |
| Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47331 |
| Brenntag S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30937 |
| Commerzbank AG | &nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141892 |
| Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40078 |
| CTS Eventim AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25449 |
| Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86668 |
| Delivery Hero S.E.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23012 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;8410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324114 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225501 |
| Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28892 |
| Deutsche Post AG | &nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238386 |
| Deutsche Telekom AG | 16670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542626 |
| E.ON S.E. | &nbsp;&nbsp;10255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194178 |
| Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18041 |
| Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49819 |
| Fresenius S.E. & Co., KGaA | &nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105875 |
| GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47105 |
| Hannover Rueck S.E. | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82152 |
| Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158665 |
| Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35770 |
| Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26894 |
| HOCHTIEF AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29753 |
| Infineon Technologies AG | &nbsp;&nbsp;&nbsp;5946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259430 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34059 |
| LEG Immobilien S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228070 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85634 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102803 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390245 |
| Nemetschek S.E. | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25966 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17758 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381299 |
| RWE AG | &nbsp;&nbsp;&nbsp;2897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153503 |
| SAP S.E. | &nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146811 |
| Scout24 S.E.@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33045 |
| Siemens AG | &nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962623 |
| Siemens Energy AG\* | &nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492693 |
| Siemens Healthineers AG@ | &nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82453 |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46749 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38125 |
| Vonovia S.E. | &nbsp;&nbsp;&nbsp;3146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90540 |
| Zalando S.E.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8629820 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| AIA Group Ltd. | 47600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489951 |
| BOC Hong Kong Holdings Ltd. | 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81200 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;9034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45684 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp;11628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79053 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18526 |
| CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62614 |
| Futu Holdings Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41053 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44377 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63128 |
| Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;5891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21333 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Hong Kong — (continued)** | **Hong Kong — (continued)** | **Hong Kong — (continued)** |
| HKT Trust & HKT Ltd. | 16240 | &nbsp;&nbsp;$24048 |
| Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;50112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45175 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286930 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33344 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47772 |
| Link REIT | 10862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48499 |
| MTR Corp. Ltd. | &nbsp;&nbsp;6396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24496 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42518 |
| Prudential PLC | &nbsp;&nbsp;11714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180197 |
| Sino Land Co., Ltd. | &nbsp;&nbsp;17633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23202 |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21470 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81106 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12092 |
| Techtronic Industries Co., Ltd. | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80522 |
| The Wharf Holdings Ltd. | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11173 |
| WH Group Ltd.@ | 36872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41076 |
| Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1972663 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| AerCap Holdings N.V. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115008 |
| AIB Group PLC | &nbsp;&nbsp;9304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99463 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;4433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84783 |
| DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26041 |
| Experian PLC | &nbsp;&nbsp;&nbsp;4190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188913 |
| Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69359 |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57733 |
| Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;3872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774797 |
| **Israel — 1.1%** | **Israel — 1.1%** | **Israel — 1.1%** |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19841 |
| Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129754 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp;6820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150297 |
| Check Point Software Technologies Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69028 |
| CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107054 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74636 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18556 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp;&nbsp;5734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60893 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47580 |
| Monday.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25085 |
| Nice Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30181 |
| Nova Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46801 |
| Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44875 |
| Teva Pharmaceutical Industries Ltd.\* | &nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150172 |
| Teva Pharmaceutical Industries Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15605 |
| Wix.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1018928 |
| **Italy — 3.1%** | **Italy — 3.1%** | **Italy — 3.1%** |
| Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22411 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;9142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97337 |
| Banco BPM SpA | &nbsp;&nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76137 |
| BPER Banca SpA | &nbsp;&nbsp;&nbsp;6823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92196 |
| Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23274 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Italy — (continued)** | **Italy — (continued)** | **Italy — (continued)** |
| Davide Campari-Milano N.V. | &nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;$17927 |
| Enel SpA | &nbsp;&nbsp;36911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383776 |
| Eni SpA | &nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177240 |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213678 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;2856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73998 |
| Generali | &nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163059 |
| Infrastrutture Wireless Italiane SpA@ | &nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9819 |
| Intesa Sanpaolo SpA | 64589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446317 |
| Leonardo SpA | &nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106736 |
| Moncler SpA | &nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69673 |
| Nexi SpA@ | &nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311 |
| Poste Italiane SpA@ | &nbsp;&nbsp;&nbsp;&nbsp;2159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54199 |
| Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128986 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29236 |
| Snam SpA | &nbsp;&nbsp;&nbsp;9461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62867 |
| Telecom Italia SpA\* | 55848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33551 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;5972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63534 |
| UniCredit SpA | &nbsp;&nbsp;&nbsp;6353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526198 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2923702 |
| **Japan — 21.7%** | **Japan — 21.7%** | **Japan — 21.7%** |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442568 |
| Aeon Co., Ltd. | 10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161131 |
| AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29847 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39346 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80332 |
| ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15193 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74421 |
| Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54221 |
| Asics Corp. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76821 |
| Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110469 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71863 |
| Bridgestone Corp. | &nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116996 |
| Canon, Inc. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118354 |
| Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39489 |
| Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99720 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49301 |
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162631 |
| Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30985 |
| Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47214 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133800 |
| Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174123 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153470 |
| Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26659 |
| Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86369 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55212 |
| Denso Corp. | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110497 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121865 |
| East Japan Railway Co. | &nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115970 |
| Ebara Corp. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51853 |
| Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35629 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp;12590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89076 |
| FANUC Corp. | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167338 |
| Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326329 |
| Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45501 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp;4800 | &nbsp;&nbsp;$101848 |
| Fujikura Ltd. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;133075 |
| Fujitsu Ltd. | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;219863 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25151 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;28020 |
| Hitachi Ltd. | 20700 | &nbsp;&nbsp;&nbsp;&nbsp;649185 |
| Honda Motor Co., Ltd. | 16900 | &nbsp;&nbsp;&nbsp;&nbsp;165868 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;242671 |
| Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25165 |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24834 |
| IHI Corp. | &nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84387 |
| Inpex Corp. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;82002 |
| Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39018 |
| ITOCHU Corp. | 27000 | &nbsp;&nbsp;&nbsp;&nbsp;341194 |
| Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9273 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50166 |
| Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;115432 |
| Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81246 |
| Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24059 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;197683 |
| JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35697 |
| JX Advanced Metals Corp. | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33753 |
| Kajima Corp. | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74575 |
| Kao Corp. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87805 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46422 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19488 |
| KDDI Corp. | 13400 | &nbsp;&nbsp;&nbsp;&nbsp;231923 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;296615 |
| Kikkoman Corp. | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27242 |
| Kioxia Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;59900 |
| Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55385 |
| Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14442 |
| Komatsu Ltd. | &nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;139623 |
| Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67904 |
| Kubota Corp. | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;60934 |
| Kyocera Corp. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84112 |
| Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16095 |
| Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76217 |
| LY Corp. | &nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32730 |
| M3, Inc. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25560 |
| Makita Corp. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30309 |
| Marubeni Corp. | &nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;178240 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24239 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32195 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32780 |
| Mitsubishi Corp. | 14600 | &nbsp;&nbsp;&nbsp;&nbsp;333941 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp;253665 |
| Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;111758 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32624 |
| Mitsubishi Heavy Industries Ltd. | 14500 | &nbsp;&nbsp;&nbsp;&nbsp;353980 |
| Mitsubishi UFJ Financial Group, Inc. | 51900 | &nbsp;&nbsp;&nbsp;&nbsp;823709 |
| Mitsui & Co., Ltd. | &nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;332610 |
| Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp;137508 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45097 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp;11308 | &nbsp;&nbsp;&nbsp;&nbsp;412681 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17516 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;5870 | &nbsp;&nbsp;$137810 |
| Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;157076 |
| NEC Corp. | &nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;199629 |
| Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43968 |
| NIDEC Corp. | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48881 |
| Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp;&nbsp;&nbsp;332104 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;30989 |
| Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28122 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23899 |
| Nippon Steel Corp. | &nbsp;&nbsp;22485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92010 |
| Nippon Yusen K.K. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58305 |
| Nissan Motor Co., Ltd.\* | &nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27086 |
| Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33163 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76191 |
| Nomura Holdings, Inc. | &nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;114960 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62029 |
| NTT, Inc. | 137100 | &nbsp;&nbsp;&nbsp;&nbsp;138401 |
| Obayashi Corp. | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58598 |
| Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42877 |
| Olympus Corp. | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63396 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16810 |
| Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;86950 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;155011 |
| Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52120 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;20606 |
| Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113118 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47655 |
| Panasonic Holdings Corp. | &nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;130937 |
| Rakuten Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46137 |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;359626 |
| Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112314 |
| Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp;82804 |
| Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38846 |
| Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25032 |
| SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52151 |
| SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38962 |
| Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67515 |
| Seibu Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27477 |
| Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;26908 |
| Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58014 |
| Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;137923 |
| SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10982 |
| Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26622 |
| Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41828 |
| Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;239171 |
| Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59729 |
| Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29106 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;85808 |
| SoftBank Corp. | 131200 | &nbsp;&nbsp;&nbsp;&nbsp;180132 |
| SoftBank Group Corp. | &nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp;482517 |
| Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;4075 | &nbsp;&nbsp;&nbsp;&nbsp;138315 |
| Sony Financial Group, Inc.\* | 26200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27766 |
| Sony Group Corp. | &nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp;713097 |
| Subaru Corp. | &nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55981 |
| Sumitomo Corp. | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;173063 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;124860 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;$44048 |
| Sumitomo Mitsui Financial Group, Inc. | 16600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533879 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84903 |
| Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65275 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18044 |
| Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107679 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22586 |
| T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48475 |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66340 |
| Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;7295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226621 |
| TDK Corp. | &nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125915 |
| Terumo Corp. | &nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82851 |
| The Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27901 |
| The Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64389 |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30236 |
| Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25472 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306819 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445455 |
| Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55502 |
| Tokyo Metro Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15269 |
| Tokyu Corp. | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26879 |
| TOPPAN Holdings, Inc. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29727 |
| Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41075 |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90693 |
| Toyota Motor Corp. | 42840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920079 |
| Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107901 |
| Trend Micro, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24919 |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20211 |
| Unicharm Corp. | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29140 |
| West Japan Railway Co. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33873 |
| Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30407 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35278 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37202 |
| Zensho Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22921 |
| ZOZO, Inc. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20512202 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal S.A. | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92757 |
| CVC Capital Partners PLC@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15358 |
| Eurofins Scientific S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35979 |
| Tenaris S.A. | &nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 |
| **Macao — 0.0%** | **Macao — 0.0%** | **Macao — 0.0%** |
| Sands China Ltd. | &nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28251 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Fresnillo PLC | &nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47221 |
| **Netherlands — 5.1%** | **Netherlands — 5.1%** | **Netherlands — 5.1%** |
| ABN AMRO Bank N.V.@ | &nbsp;&nbsp;&nbsp;2697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94230 |
| Adyen N.V.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185446 |
| Aegon Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44566 |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49889 |
| Argenx S.E.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236192 |
| ASM International N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130160 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Netherlands — (continued)** | **Netherlands — (continued)** | **Netherlands — (continued)** |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;$1888893 |
| ASR Nederland N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52723 |
| BE Semiconductor Industries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53936 |
| Euronext N.V.@ | &nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52126 |
| EXOR N.V. | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38225 |
| Ferrovial S.E. | &nbsp;&nbsp;&nbsp;2351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152323 |
| Heineken Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45181 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103381 |
| IMCD N.V. | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24324 |
| ING Groep N.V. | &nbsp;&nbsp;13714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385476 |
| JDE Peet's N.V. | &nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25879 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168210 |
| Koninklijke KPN N.V. | 18067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84422 |
| Koninklijke Philips N.V. | &nbsp;&nbsp;&nbsp;3199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87106 |
| Nebius Group N.V., Class A\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83705 |
| NN Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90414 |
| Prosus N.V.\* | &nbsp;&nbsp;5939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367737 |
| QIAGEN N.V. | &nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46796 |
| Randstad N.V. | &nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17958 |
| Stellantis N.V. | &nbsp;&nbsp;&nbsp;4149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45512 |
| Stellantis N.V. | &nbsp;&nbsp;4370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47855 |
| The Magnum Ice Cream Co. N.V.\* | &nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17330 |
| The Magnum Ice Cream Co. N.V.\* | &nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440 |
| Universal Music Group N.V. | &nbsp;&nbsp;4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121694 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4867956 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp;&nbsp;8144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39058 |
| Contact Energy Ltd. | &nbsp;&nbsp;&nbsp;3273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17412 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53709 |
| Infratil Ltd. | &nbsp;&nbsp;&nbsp;4147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26463 |
| Meridian Energy Ltd. | &nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16779 |
| Xero Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212282 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| Aker BP ASA | &nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38729 |
| DNB Bank ASA | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105871 |
| Equinor ASA | &nbsp;&nbsp;3566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84093 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25435 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 |
| Mowi ASA | &nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52945 |
| Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;6136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47365 |
| Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34654 |
| Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21025 |
| Telenor ASA | &nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37365 |
| Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529837 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| InPost S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16184 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Banco Comercial Portugues S.A., Class R | 33071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34812 |
| EDP S.A. | &nbsp;&nbsp;13321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61354 |
| Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30738 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Portugal — (continued)** | **Portugal — (continued)** | **Portugal — (continued)** |
| Jeronimo Martins SGPS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp;$29603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156507 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp;17290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38013 |
| CapitaLand Integrated Commercial Trust | 26406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49011 |
| CapitaLand Investment Ltd. | &nbsp;&nbsp;10407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21902 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;9632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421927 |
| Grab Holdings Ltd., Class A\* | &nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49401 |
| Keppel Ltd. | &nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52258 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;15391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236455 |
| Sea Ltd., ADR\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216869 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17296 |
| Singapore Airlines Ltd. | &nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34258 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48707 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43778 |
| Singapore Telecommunications Ltd. | 34200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000 |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156250 |
| Wilmar International Ltd. | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1526258 |
| **Spain — 3.6%** | **Spain — 3.6%** | **Spain — 3.6%** |
| Acciona S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22634 |
| ACS Actividades de Construccion y Servicios S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77626 |
| Aena SME S.A.@ | &nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91646 |
| Amadeus IT Group S.A. | &nbsp;&nbsp;&nbsp;2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152759 |
| Banco Bilbao Vizcaya Argentaria S.A. | 26099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612210 |
| Banco de Sabadell S.A. | 20824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82064 |
| Banco Santander S.A. | 67348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792719 |
| Bankinter S.A. | &nbsp;&nbsp;&nbsp;2974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49295 |
| CaixaBank S.A. | &nbsp;&nbsp;17773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217295 |
| Cellnex Telecom S.A.@ | &nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70264 |
| EDP Renovaveis S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19757 |
| Endesa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48919 |
| Grifols S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14187 |
| Iberdrola S.A. | &nbsp;&nbsp;28741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622340 |
| Industria de Diseno Textil S.A. | &nbsp;&nbsp;&nbsp;4957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326987 |
| Mapfre S.A. | &nbsp;&nbsp;&nbsp;4641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23289 |
| Naturgy Energy Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35716 |
| Redeia Corp. S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32409 |
| Repsol S.A. | &nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91781 |
| Telefonica S.A. | &nbsp;&nbsp;17190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3454461 |
| **Sweden — 3.6%** | **Sweden — 3.6%** | **Sweden — 3.6%** |
| AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43601 |
| Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62877 |
| Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;4581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176968 |
| Atlas Copco AB, Class A | &nbsp;&nbsp;12246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218010 |
| Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107271 |
| Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;1983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31823 |
| Boliden AB\* | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70353 |
| Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;2862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64515 |
| Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;1799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36193 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Sweden — (continued)** | **Sweden — (continued)** | **Sweden — (continued)** |
| EQT AB | &nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;$89500 |
| Essity AB, Class B | &nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76680 |
| Evolution AB@ | &nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43050 |
| Fastighets AB Balder, Class B\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21406 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;2293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45961 |
| Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;8911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104960 |
| Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13310 |
| Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22982 |
| Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30484 |
| Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30146 |
| Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15767 |
| Investor AB, Class B | &nbsp;&nbsp;&nbsp;8285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295241 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18551 |
| Lifco AB, Class B | &nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40438 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;6781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25920 |
| Saab AB, Class B | &nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86392 |
| Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19656 |
| Sandvik AB | &nbsp;&nbsp;&nbsp;4587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148165 |
| Securitas AB, Class B | &nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34064 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;6941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146342 |
| Skanska AB, Class B | &nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40682 |
| SKF AB, Class B | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39703 |
| Spotify Technology S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;400690 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38751 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92257 |
| Swedbank AB, Class A | &nbsp;&nbsp;3899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135276 |
| Swedish Orphan Biovitrum AB\* | &nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31509 |
| Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38959 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;12188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118614 |
| Telia Co., AB | 10628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45424 |
| Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39777 |
| Volvo AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619 |
| Volvo AB, Class B | &nbsp;&nbsp;&nbsp;7001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3372691 |
| **Switzerland — 9.8%** | **Switzerland — 9.8%** | **Switzerland — 9.8%** |
| ABB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523468 |
| Alcon AG | &nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180649 |
| Avolta AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23179 |
| Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16435 |
| Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29428 |
| Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45922 |
| BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17393 |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146656 |
| Cie Financiere Richemont S.A., Class A | &nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525326 |
| Coca-Cola HBC AG\* | &nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53337 |
| DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65262 |
| EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20005 |
| Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144376 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121153 |
| Givaudan S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166163 |
| Glencore PLC\* | 45797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250357 |
| Helvetia Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91294 |
| Holcim AG\* | &nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226437 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Switzerland — (continued)** | **Switzerland — (continued)** | **Switzerland — (continued)** |
| Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;$70005 |
| Kuehne + Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49110 |
| Logitech International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67002 |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215750 |
| Nestle S.A. | &nbsp;&nbsp;11646 | &nbsp;&nbsp;&nbsp;&nbsp;1155972 |
| Novartis AG | &nbsp;&nbsp;&nbsp;8594 | &nbsp;&nbsp;&nbsp;&nbsp;1184219 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127606 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311181 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63343 |
| Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139186 |
| Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37153 |
| Schindler Holding AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65059 |
| SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87981 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141915 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57165 |
| STMicroelectronics N.V. | &nbsp;&nbsp;&nbsp;2909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76027 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56650 |
| Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150892 |
| Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53257 |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226895 |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82078 |
| The Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26913 |
| UBS Group AG | &nbsp;&nbsp;14374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663714 |
| VAT Group AG@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54731 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9312338 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| NMC Health PLC\* | &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 — 13.8%** | **United Kingdom — 13.8%** | **United Kingdom — 13.8%** |
| 3i Group PLC | &nbsp;&nbsp;&nbsp;4535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198855 |
| Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52660 |
| Anglo American PLC | &nbsp;&nbsp;&nbsp;5109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211321 |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132336 |
| Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40017 |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;7008 | &nbsp;&nbsp;&nbsp;&nbsp;1296896 |
| Auto Trader Group PLC@ | &nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29774 |
| Aviva PLC | 14048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129170 |
| BAE Systems PLC | &nbsp;&nbsp;13657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314317 |
| Barclays PLC | 63366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405614 |
| Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;5811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29852 |
| BP PLC | &nbsp;&nbsp;71367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416210 |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;9902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561351 |
| BT Group PLC | 26357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65298 |
| Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40071 |
| Centrica PLC | 22348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50955 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85007 |
| Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;7731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244957 |
| Diageo PLC | &nbsp;&nbsp;10147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218647 |
| Endeavour Mining PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48068 |
| Entain PLC | &nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30632 |
| GSK PLC | &nbsp;&nbsp;18430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451852 |
| Haleon PLC | 40642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205380 |
| Halma PLC | &nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83918 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13863 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **United Kingdom — (continued)** | **United Kingdom — (continued)** | **United Kingdom — (continued)** |
| HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;77811 | &nbsp;&nbsp;$1224429 |
| Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;3506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147218 |
| Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;6057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71868 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89798 |
| International Consolidated Airlines Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30444 |
| Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41427 |
| J. Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;8298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36352 |
| JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;12768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14472 |
| Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;8065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33950 |
| Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;3488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29165 |
| Legal & General Group PLC | &nbsp;&nbsp;&nbsp;25239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88831 |
| Lloyds Banking Group PLC | 268874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355643 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255974 |
| M&G PLC | &nbsp;&nbsp;&nbsp;10956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42179 |
| Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;9274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41270 |
| Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;5485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43260 |
| National Grid PLC | &nbsp;&nbsp;&nbsp;22534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345637 |
| NatWest Group PLC | &nbsp;&nbsp;&nbsp;36520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320364 |
| Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99230 |
| Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34315 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28957 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;3074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248746 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;5252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211586 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;3037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123699 |
| Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;11821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70530 |
| Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412582 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;38122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589584 |
| Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;2774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15164 |
| Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;5560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53866 |
| Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48403 |
| Shell PLC | &nbsp;&nbsp;&nbsp;26194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965308 |
| Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62948 |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44409 |
| Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32720 |
| SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;5520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161835 |
| Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216578 |
| Tesco PLC | &nbsp;&nbsp;&nbsp;29714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176704 |
| The Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65610 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330214 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;4813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314913 |
| United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51846 |
| Vodafone Group PLC | &nbsp;&nbsp;&nbsp;88505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117978 |
| Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24507 |
| Wise PLC, Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;2843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13105593 |
| **TOTAL COMMON STOCKS<br> (Cost $53,660,938)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**92072860** |
| **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28771 |
| Dr. Ing. h.c. F. Porsche AG@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28602 |
| Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61352 |
| Porsche Automobil Holding S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33172 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **PREFERRED STOCKS — (continued)** | **PREFERRED STOCKS — (continued)** | **PREFERRED STOCKS — (continued)** |
| **Germany — (continued)** | **Germany — (continued)** | **Germany — (continued)** |
| Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;$35420 |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106540 |
| **TOTAL PREFERRED STOCKS<br> (Cost $333,773)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**293857** |
| **SHORT-TERM INVESTMENTS — 2.3%** | **SHORT-TERM INVESTMENTS — 2.3%** | **SHORT-TERM INVESTMENTS — 2.3%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $2,153,757)** | 2153757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2153757** |
| **TOTAL INVESTMENTS — 99.8%<br> (Cost $56,148,468)** |  | &nbsp;&nbsp;**$94520474** |
| **Other Assets & Liabilities — 0.2%** | **Other Assets & Liabilities — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**207845** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$94728319** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| \* | Non-income producing security. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $1,017,823, which represents 1.1% of the Fund's net assets. |

---

---

| |
|:---|
| A/S— Aktieselskab. |
| AB— Aktiebolag. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| ASA— Allmennaksjeselskap. |
| K.K.— Kabushiki Kaisha |
| KGaA— Kommanditgesellschaft auf Aktien. |
| MSCI— Morgan Stanley Capital International. |
| N.V.— Naamloze Vennootschap. |
| OYJ— Julkinen Osakeyhtiö. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |
| SpA— Società per Azioni. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| Japan | &nbsp;&nbsp;&nbsp;22% |
| United Kingdom | &nbsp;&nbsp;&nbsp;14 |
| France | &nbsp;&nbsp;&nbsp;10 |
| Switzerland | &nbsp;&nbsp;&nbsp;10 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;&nbsp;24 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | $103225 |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228350 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925385 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274280 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561279 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338113 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625024 |
| Banks | &nbsp;&nbsp;&nbsp;16.5% | &nbsp;&nbsp;&nbsp;&nbsp;15142850 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115583 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628661 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499071 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770449 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;&nbsp;2042872 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905816 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;1588094 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656280 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621680 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802417 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642516 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052598 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125526 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231032 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479945 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015337 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265964 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80467 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264129 |
| Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258544 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514782 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461464 |
| Holding Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47772 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201143 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861792 |
| Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284516 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518018 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344373 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540800 |
| Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334841 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224994 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236713 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938813 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434566 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106183 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129340 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380811 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222422 |
| Office & Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118354 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904737 |
| Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30402 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;8.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7482351 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33861 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453221 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870652 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711079 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199556 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;4.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713566 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83557 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.0% | $1797944 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801594 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428999 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212612 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201545 |
|  | 100.0% | $92072860 |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $5858402 | $— | $5858402 | $— |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254846 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799193 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80735 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30257 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1762848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1762848 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;1057069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1057069 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;9588819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9588819 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;8629820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8629820 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;1972663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83571 | &nbsp;&nbsp;&nbsp;&nbsp;1889092 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774797 | &nbsp;&nbsp;&nbsp;&nbsp;115008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659789 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;1018928 | &nbsp;&nbsp;&nbsp;&nbsp;245342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773586 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;2923702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2923702 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;20512202 | &nbsp;&nbsp;&nbsp;&nbsp;153079 | &nbsp;&nbsp;&nbsp;20359123 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Macao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28251 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47221 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4867956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116475 | &nbsp;&nbsp;&nbsp;&nbsp;4751481 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173224 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529837 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16184 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156507 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1526258 | &nbsp;&nbsp;&nbsp;&nbsp;266270 | &nbsp;&nbsp;&nbsp;&nbsp;1259988 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;3454461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48919 | &nbsp;&nbsp;&nbsp;&nbsp;3405542 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;3372691 | &nbsp;&nbsp;&nbsp;&nbsp;400690 | &nbsp;&nbsp;&nbsp;&nbsp;2972001 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;9312338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87981 | &nbsp;&nbsp;&nbsp;&nbsp;9224357 | &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;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;13105593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36352 | &nbsp;&nbsp;&nbsp;13069241 | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | $92072860 | $1592745 | $90480115 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Germany | $293857 | $— | $293857 | $— |
| Total Preferred Stocks | $293857 | $— | $293857 | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153757 | &nbsp;&nbsp;&nbsp;2153757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $94520474 | $3746502 | $90773972 | $— |
| Other Financial Instruments<sup>(2)</sup> |  |  |  |  |
| Futures Contracts | $62084 | $62084 | $— | $— |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;— |
| Total Assets—Other Financial Instruments | $62147 | $62084 | $63 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **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 | $(42692) | $(42692) | $— | $— |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(288) | &nbsp;&nbsp;&nbsp;— |
| Total Liabilities—Other Financial Instruments | $(42980) | $(42692) | $(288) | $— |

---

<sup>(1)</sup> Value is less than $1.

<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.

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Developed International Index Fund
Open forward foreign currency contracts held at December 31, 2025 are 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** |
| Sell | Swiss Franc | Hong Kong & Shanghai Bank | 03/17/26 | (195000) | 0.78567 | $(247909) | $(248197) | $— | $(288) |
| Sell | Euro | UBS Securities | 03/17/26 | (250000) | 0.84786 | (294922) | (294859) | 63 |  |
|  | Total |  |  |  |  |  |  | $63 | $(288) |

---

Futures contracts held by the Fund at December 31, 2025 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 | 03/20/26 | 50 | 50 | $2902 | $7255250 | $62084 | $— |
|  |  |  |  |  |  |  | $62084 | $— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | MSCI EAFE Index | 03/20/26 | (29) | 50 | $2902 | $(4208045) | $— | $(42692) |
|  |  |  |  |  |  |  | $— | $(42692) |
|  |  |  |  |  |  |  | $62084 | $(42692) |

---

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 97.1%** | **COMMON STOCKS — 97.1%** | **COMMON STOCKS — 97.1%** |
| **Canada — 7.1%** | **Canada — 7.1%** | **Canada — 7.1%** |
| Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;$2794963 |
| Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609123 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;52803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9001766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15405852 |
| **China — 3.4%** | **China — 3.4%** | **China — 3.4%** |
| Nongfu Spring Co., Ltd., Class H@ | &nbsp;&nbsp;176641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066367 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;80761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7264252 |
| **France — 8.1%** | **France — 8.1%** | **France — 8.1%** |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;&nbsp;13864 | &nbsp;&nbsp;&nbsp;&nbsp;2605794 |
| Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp;4799350 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719289 |
| Safran S.A. | &nbsp;&nbsp;&nbsp;&nbsp;21027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17448496 |
| **Germany — 8.5%** | **Germany — 8.5%** | **Germany — 8.5%** |
| CTS Eventim AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;11293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033788 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;7252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905981 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;2003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654263 |
| SAP S.E. | &nbsp;&nbsp;&nbsp;&nbsp;13328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238284 |
| Siemens Energy AG\* | &nbsp;&nbsp;&nbsp;60876 | &nbsp;&nbsp;&nbsp;&nbsp;8540207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18372523 |
| **Hong Kong — 3.7%** | **Hong Kong — 3.7%** | **Hong Kong — 3.7%** |
| Prudential PLC | &nbsp;&nbsp;518162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7970926 |
| **India — 2.8%** | **India — 2.8%** | **India — 2.8%** |
| Bharti Airtel Ltd. | 260376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111411 |
| **Ireland — 2.0%** | **Ireland — 2.0%** | **Ireland — 2.0%** |
| Experian PLC | &nbsp;&nbsp;&nbsp;96955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371370 |
| **Italy — 5.5%** | **Italy — 5.5%** | **Italy — 5.5%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;10614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944314 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;744471 | &nbsp;&nbsp;&nbsp;&nbsp;7920206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11864520 |
| **Japan — 11.7%** | **Japan — 11.7%** | **Japan — 11.7%** |
| Capcom Co., Ltd. | &nbsp;&nbsp;104218 | &nbsp;&nbsp;&nbsp;&nbsp;2420884 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13019 | &nbsp;&nbsp;&nbsp;&nbsp;3966398 |
| Fujikura Ltd. | &nbsp;&nbsp;&nbsp;60274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684111 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763942 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;106349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693418 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;151193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5753593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25282346 |
| **Netherlands — 0.8%** | **Netherlands — 0.8%** | **Netherlands — 0.8%** |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;62463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628400 |
| **Singapore — 2.9%** | **Singapore — 2.9%** | **Singapore — 2.9%** |
| Singapore Technologies Engineering Ltd. | 939608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6139488 |
| **Sweden — 2.7%** | **Sweden — 2.7%** | **Sweden — 2.7%** |
| Beijer Ref AB | &nbsp;&nbsp;167549 | &nbsp;&nbsp;&nbsp;&nbsp;2688800 |
| Lifco AB, Class B | &nbsp;&nbsp;&nbsp;79900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716912 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Switzerland — 6.2%** | **Switzerland — 6.2%** | **Switzerland — 6.2%** |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;$3024658 |
| Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;51236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10433333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13457991 |
| **Taiwan — 4.7%** | **Taiwan — 4.7%** | **Taiwan — 4.7%** |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087628 |
| **United Kingdom — 21.2%** | **United Kingdom — 21.2%** | **United Kingdom — 21.2%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590492 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;66001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986291 |
| Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663184 |
| Halma PLC | &nbsp;&nbsp;&nbsp;148899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7067472 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;23090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777462 |
| National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;466181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150509 |
| NatWest Group PLC | 1051557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9224554 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;81026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45724244 |
| **United States — 5.1%** | **United States — 5.1%** | **United States — 5.1%** |
| Liberty Media Corp.-Liberty Formula One, Class C\* | &nbsp;&nbsp;&nbsp;&nbsp;32873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238319 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401874 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170306 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11072508 |
| **Uruguay — 0.7%** | **Uruguay — 0.7%** | **Uruguay — 0.7%** |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428110 |
| **TOTAL COMMON STOCKS<br> (Cost $204,079,816)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**209346977** |
| **SHORT-TERM INVESTMENTS — 1.7%** | **SHORT-TERM INVESTMENTS — 1.7%** | **SHORT-TERM INVESTMENTS — 1.7%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $3,570,146)** | 3570146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3570146** |
| **TOTAL INVESTMENTS — 98.8%<br> (Cost $207,649,962)** |  | &nbsp;&nbsp;**$212917123** |
| **Other Assets & Liabilities — 1.2%** | **Other Assets & Liabilities — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2615559** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$215532682** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $1,066,367, which represents 0.5% of the Fund's net assets. |
| \* | Non-income producing security. |

---

---

| |
|:---|
| AB— Aktiebolag. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| KGaA— Kommanditgesellschaft auf Aktien. |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### International Equity Fund

---

| |
|:---|
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| United Kingdom | &nbsp;&nbsp;&nbsp;21% |
| Japan | &nbsp;&nbsp;&nbsp;12 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other | &nbsp;&nbsp;&nbsp;30 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;8.2% | $17117814 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170306 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799350 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944314 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;8.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18226320 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;3.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052658 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605794 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7635650 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5753593 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719289 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262009 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8085317 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;7.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15070715 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684111 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;5.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11831414 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662188 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024658 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028112 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14170541 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;4.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319413 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;4.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540207 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688800 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238319 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;5.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10433333 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;6.7% | &nbsp;&nbsp;&nbsp;&nbsp;14054026 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;4.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8454131 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111411 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;3.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663184 |
|  | 100.0% | $209346977 |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $15405852 | $15405852 | $— | $— |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;7264252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7264252 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;17448496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17448496 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;18372523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18372523 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;7970926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7970926 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111411 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371370 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;11864520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11864520 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;25282346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25282346 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1628400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1628400 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;6139488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6139488 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716912 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;13457991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13457991 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;10087628 | &nbsp;&nbsp;&nbsp;10087628 | &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;45724244 | &nbsp;&nbsp;&nbsp;&nbsp;8576783 | &nbsp;&nbsp;&nbsp;&nbsp;37147461 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;11072508 | &nbsp;&nbsp;&nbsp;&nbsp;11072508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | $209346977 | $46570881 | $162776096 | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570146 | &nbsp;&nbsp;&nbsp;&nbsp;3570146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $212917123 | $50141027 | $162776096 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| **Brazil — 4.0%** | **Brazil — 4.0%** | **Brazil — 4.0%** |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;&nbsp;43839 | &nbsp;&nbsp;$1067151 |
| TOTVS S.A. | &nbsp;&nbsp;201622 | &nbsp;&nbsp;&nbsp;&nbsp;1548292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2615443 |
| **China — 16.2%** | **China — 16.2%** | **China — 16.2%** |
| Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;34974 | &nbsp;&nbsp;&nbsp;&nbsp;1839022 |
| Eastroc Beverage Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600194 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48175 | &nbsp;&nbsp;&nbsp;&nbsp;1326026 |
| Nongfu Spring Co., Ltd., Class H@ | &nbsp;&nbsp;278565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681675 |
| Shenzhen Inovance Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;55637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599619 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;60806 | &nbsp;&nbsp;&nbsp;&nbsp;4666468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10713004 |
| **Greece — 3.6%** | **Greece — 3.6%** | **Greece — 3.6%** |
| Eurobank S.A. | &nbsp;&nbsp;&nbsp;587146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360721 |
| **Hong Kong — 8.3%** | **Hong Kong — 8.3%** | **Hong Kong — 8.3%** |
| AIA Group Ltd. | &nbsp;&nbsp;268449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763170 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575132 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5477809 |
| **India — 14.1%** | **India — 14.1%** | **India — 14.1%** |
| Bajaj Finance Ltd. | &nbsp;&nbsp;&nbsp;141550 | &nbsp;&nbsp;&nbsp;&nbsp;1556624 |
| Bharat Electronics Ltd. | &nbsp;&nbsp;416067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851998 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;86744 | &nbsp;&nbsp;&nbsp;&nbsp;2036010 |
| Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25301 | &nbsp;&nbsp;&nbsp;&nbsp;2059568 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788934 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419185 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251340 |
| Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9307697 |
| **Indonesia — 1.0%** | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| Bank Central Asia Tbk PT | 1313227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634153 |
| **Mexico — 1.5%** | **Mexico — 1.5%** | **Mexico — 1.5%** |
| Arca Continental S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;89611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967893 |
| **Poland — 0.3%** | **Poland — 0.3%** | **Poland — 0.3%** |
| Dino Polska S.A.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;16721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191978 |
| **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** |
| Riyad Bank | &nbsp;&nbsp;&nbsp;89656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648903 |
| **Singapore — 2.5%** | **Singapore — 2.5%** | **Singapore — 2.5%** |
| Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643325 |
| **South Africa — 5.6%** | **South Africa — 5.6%** | **South Africa — 5.6%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767188 |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503808 |
| Naspers Ltd., Class N | &nbsp;&nbsp;&nbsp;20869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3662781 |
| **South Korea — 12.9%** | **South Korea — 12.9%** | **South Korea — 12.9%** |
| KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119618 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **South Korea — (continued)** | **South Korea — (continued)** | **South Korea — (continued)** |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;32198 | &nbsp;&nbsp;$2698672 |
| Samsung Fire & Marine Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271351 |
| SK hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482604 |
| **Switzerland — 1.1%** | **Switzerland — 1.1%** | **Switzerland — 1.1%** |
| Coca-Cola HBC AG\* | &nbsp;&nbsp;&nbsp;14096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729237 |
| **Taiwan — 18.4%** | **Taiwan — 18.4%** | **Taiwan — 18.4%** |
| Accton Technology Corp. | &nbsp;&nbsp;&nbsp;40417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525216 |
| ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708962 |
| Elite Material Co., Ltd. | &nbsp;&nbsp;&nbsp;32855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721337 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;10553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479161 |
| President Chain Store Corp. | &nbsp;&nbsp;&nbsp;23321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164199 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 133062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12139842 |
| **United Arab Emirates — 3.8%** | **United Arab Emirates — 3.8%** | **United Arab Emirates — 3.8%** |
| Abu Dhabi Commercial Bank PJSC | 314846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225866 |
| Emaar Properties PJSC | 335436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506072 |
| **United States — 2.9%** | **United States — 2.9%** | **United States — 2.9%** |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930948 |
| **Uruguay — 1.7%** | **Uruguay — 1.7%** | **Uruguay — 1.7%** |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154171 |
| **TOTAL COMMON STOCKS<br> (Cost $53,142,391)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65166581** |
| **PREFERRED STOCKS — 0.9%** | **PREFERRED STOCKS — 0.9%** | **PREFERRED STOCKS — 0.9%** |
| **Brazil — 0.9%** | **Brazil — 0.9%** | **Brazil — 0.9%** |
| Itau Unibanco Holding S.A.<br> **(Cost $525,252)** | &nbsp;&nbsp;78786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564034 |
| **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $536,362)** | 536362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**536362** |
| **TOTAL INVESTMENTS — 100.6%<br> (Cost $54,204,005)** |  | &nbsp;&nbsp;**$66266977** |
| **Other Assets & Liabilities — (0.6)%** | **Other Assets & Liabilities — (0.6)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(367765)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$65899212** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $1,873,653, which represents 2.8% of the Fund's net assets. |
| \* | Non-income producing security. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Emerging Markets Equity Fund

---

| |
|:---|
| AG— Aktiengesellschaft. |
| PJSC— Private Joint Stock 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 12/31/2025††** | **Country Weightings as of 12/31/2025††** |
| Taiwan | &nbsp;&nbsp;&nbsp;18% |
| China | &nbsp;&nbsp;&nbsp;16 |
| India | &nbsp;&nbsp;&nbsp;14 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;&nbsp;20 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of December 31, 2025. |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | $1851998 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;1839022 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;8.7% | &nbsp;&nbsp;&nbsp;&nbsp;5658577 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;6.1% | &nbsp;&nbsp;&nbsp;&nbsp;3978999 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;8.6% | &nbsp;&nbsp;&nbsp;&nbsp;5582937 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251340 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599619 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191978 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419185 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.2% | &nbsp;&nbsp;&nbsp;&nbsp;4034521 |
| Internet | &nbsp;&nbsp;&nbsp;16.0% | &nbsp;&nbsp;&nbsp;10430881 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;2059568 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721337 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;1280206 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.5% | &nbsp;&nbsp;&nbsp;&nbsp;2942993 |
| Semiconductors | &nbsp;&nbsp;&nbsp;22.7% | &nbsp;&nbsp;&nbsp;14820725 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;4.4% | &nbsp;&nbsp;&nbsp;&nbsp;2874318 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;5.5% | &nbsp;&nbsp;&nbsp;&nbsp;3561226 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067151 |
|  | 100.0% | $65166581 |

---

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $2615443 | $2615443 | $— | $— |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;10713004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10713004 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp;2360721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2360721 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;5477809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5477809 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;9307697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9307697 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634153 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191978 | &nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 12/31/2025** | **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;Saudi Arabia | $648903 | $— | $648903 | $— |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1643325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1643325 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;3662781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3662781 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;8482604 | &nbsp;&nbsp;&nbsp;&nbsp;1271351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211253 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729237 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;12139842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12139842 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;2506072 | &nbsp;&nbsp;&nbsp;1225866 | &nbsp;&nbsp;&nbsp;&nbsp;1280206 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1930948 | &nbsp;&nbsp;&nbsp;1930948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154171 | &nbsp;&nbsp;&nbsp;&nbsp;1154171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | $65166581 | $9165672 | $56000909 | $— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Preferred Stocks | $564034 | $564034 | $— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $66266977 | $10266068 | $56000909 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Real Estate Securities Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 2.2%** | **COMMON STOCKS — 2.2%** | **COMMON STOCKS — 2.2%** |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| Caesars Entertainment, Inc.\* | &nbsp;&nbsp;40273 | &nbsp;&nbsp;$941985 |
| **Healthcare Services — 0.8%** | **Healthcare Services — 0.8%** | **Healthcare Services — 0.8%** |
| PACS Group, Inc.\* | &nbsp;&nbsp;19587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751945 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380256 |
| **TOTAL COMMON STOCKS<br> (Cost $2,522,083)** | **TOTAL COMMON STOCKS<br> (Cost $2,522,083)** | &nbsp;&nbsp;&nbsp;&nbsp;**2074186** |
| **REAL ESTATE INVESTMENT TRUSTS — 95.5%** | **REAL ESTATE INVESTMENT TRUSTS — 95.5%** | **REAL ESTATE INVESTMENT TRUSTS — 95.5%** |
| **Apartments — 10.2%** | **Apartments — 10.2%** | **Apartments — 10.2%** |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;37174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193285 |
| Equity Residential | &nbsp;&nbsp;18366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157793 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;11240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941283 |
| Invitation Homes, Inc. | 94567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628017 |
| UDR, Inc. | &nbsp;&nbsp;44795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9563459** |
| **Diversified — 31.0%** | **Diversified — 31.0%** | **Diversified — 31.0%** |
| American Tower Corp. | &nbsp;&nbsp;24022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217542 |
| Crown Castle, Inc. | &nbsp;&nbsp;55544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936195 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;47307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318866 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;5988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4587766 |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;15990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714593 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473662 |
| Outfront Media, Inc. | &nbsp;&nbsp;27477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662196 |
| SBA Communications Corp. | &nbsp;&nbsp;20413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948487 |
| Weyerhaeuser Co. | &nbsp;&nbsp;95730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**29127151** |
| **Healthcare — 16.1%** | **Healthcare — 16.1%** | **Healthcare — 16.1%** |
| CareTrust REIT, Inc. | &nbsp;&nbsp;32361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170174 |
| Healthcare Realty Trust, Inc. | 111948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897519 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;24271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076176 |
| Welltower, Inc. | 59248 | &nbsp;&nbsp;&nbsp;&nbsp;10997021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**15140890** |
| **Hotels & Resorts — 2.7%** | **Hotels & Resorts — 2.7%** | **Hotels & Resorts — 2.7%** |
| Host Hotels & Resorts, Inc. | 143815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549840 |
| **Industrial — 7.0%** | **Industrial — 7.0%** | **Industrial — 7.0%** |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;22501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289363 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;9682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724752 |
| Prologis, Inc. | &nbsp;&nbsp;35434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6537619** |
| **Manufactured Homes — 3.5%** | **Manufactured Homes — 3.5%** | **Manufactured Homes — 3.5%** |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;12047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730169 |
| Sun Communities, Inc. | &nbsp;&nbsp;20729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3298699** |
| **Office Property — 4.1%** | **Office Property — 4.1%** | **Office Property — 4.1%** |
| BXP, Inc. | &nbsp;&nbsp;25512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721550 |
| Highwoods Properties, Inc. | &nbsp;&nbsp;42413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095103 |
| Hudson Pacific Properties, Inc.\* | &nbsp;&nbsp;13802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149476 |
| Kilroy Realty Corp. | &nbsp;&nbsp;10337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386294 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Office Property — (continued)** | **Office Property — (continued)** | **Office Property — (continued)** |
| SL Green Realty Corp. | &nbsp;&nbsp;11606 | &nbsp;&nbsp;$532367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3884790** |
| **Regional Malls — 1.9%** | **Regional Malls — 1.9%** | **Regional Malls — 1.9%** |
| Simon Property Group, Inc. | &nbsp;&nbsp;9449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749104 |
| **Single Tenant — 5.3%** | **Single Tenant — 5.3%** | **Single Tenant — 5.3%** |
| Agree Realty Corp. | 43345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122141 |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;13205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391660 |
| Realty Income Corp. | 25392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4945148** |
| **Storage & Warehousing — 10.0%** | **Storage & Warehousing — 10.0%** | **Storage & Warehousing — 10.0%** |
| Extra Space Storage, Inc. | 33675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385158 |
| Iron Mountain, Inc. | 42285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507541 |
| Public Storage | &nbsp;&nbsp;&nbsp;5938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9433610** |
| **Strip Centers — 3.7%** | **Strip Centers — 3.7%** | **Strip Centers — 3.7%** |
| Kimco Realty Corp. | 99329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013399 |
| Kite Realty Group Trust | 62953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3522382** |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $87,898,827)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**89752692** |
| **WARRANTS — 0.3%** | **WARRANTS — 0.3%** | **WARRANTS — 0.3%** |
| Hudson Pacific Properties, Inc. Expiration Date 06/13/27\*<br> **(Cost $376,985)** | 24259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**261027** |

---

**SHORT-TERM INVESTMENTS — 1.1%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $1,050,949)** | 1050949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1050949** |
| **TOTAL INVESTMENTS — 99.1%<br> (Cost $91,848,844)** |  | &nbsp;&nbsp;**$93138854** |
| **Other Assets & Liabilities — 0.9%** | **Other Assets & Liabilities — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**845134** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$93983988** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

REIT— Real Estate Investment Trust.

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Real Estate Securities Fund
Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $2074186 | $2074186 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;89752692 | &nbsp;&nbsp;&nbsp;89752692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;261027 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1050949 | &nbsp;&nbsp;&nbsp;&nbsp;1050949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $93138854 | $92877827 | $261027 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Aggressive Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 77.3%** | **AFFILIATED EQUITY FUNDS — 77.3%** | **AFFILIATED EQUITY FUNDS — 77.3%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;41681 | &nbsp;&nbsp;$4987946 |
| Penn Series Index 500 Fund\* | 248654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15516002 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;11349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556770 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;58387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276073 |
| Penn Series Large Core Growth Fund\* | &nbsp;&nbsp;&nbsp;55569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247221 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;58594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217216 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;&nbsp;30472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359594 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;27749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087483 |
| Penn Series Mid Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;31141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095857 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;52341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168999 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;80255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743114 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;41435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623444 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;20723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090835 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;25277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086668 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $31,079,850)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**43057222** |
| **AFFILIATED FIXED INCOME FUNDS — 7.0%** | **AFFILIATED FIXED INCOME FUNDS — 7.0%** | **AFFILIATED FIXED INCOME FUNDS — 7.0%** |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;36082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553138 |
| Penn Series Quality Bond Fund\* | 189805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323477 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $3,456,690)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3876615** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.0%** |
| Penn Series Developed International Index Fund\* | 165949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888179 |
| Penn Series Emerging Markets Equity Fund\* | &nbsp;&nbsp;&nbsp;41665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564561 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;85509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885554 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $7,026,802)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8338294** |
| **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $431,559)** | 431559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**431559** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $41,994,901)** |  | &nbsp;&nbsp;**$55703690** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(28502)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$55675188** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $43057222 | $43057222 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;3876615 | &nbsp;&nbsp;&nbsp;&nbsp;3876615 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;8338294 | &nbsp;&nbsp;&nbsp;&nbsp;8338294 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431559 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $55703690 | $55703690 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Moderately Aggressive Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 69.6%** | **AFFILIATED EQUITY FUNDS — 69.6%** | **AFFILIATED EQUITY FUNDS — 69.6%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;142208 | &nbsp;&nbsp;$17018016 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;757498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47267870 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;38722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899708 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;199190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11176527 |
| Penn Series Large Core Growth Fund\* | &nbsp;&nbsp;&nbsp;142209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750942 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;199918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7564918 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;69320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642579 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;94676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710341 |
| Penn Series Mid Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869353 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;178554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7399281 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;273778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9357744 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;141371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538903 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;35353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860974 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;86237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707312 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $90,170,479)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**131764468** |
| **AFFILIATED FIXED INCOME FUNDS — 17.0%** | **AFFILIATED FIXED INCOME FUNDS — 17.0%** | **AFFILIATED FIXED INCOME FUNDS — 17.0%** |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;246199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774229 |
| Penn Series Quality Bond Fund\* | 1618879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28346573 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $29,000,796)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32120802** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 13.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 13.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 13.0%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;566191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13265868 |
| Penn Series Emerging Markets Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;142161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926277 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;208395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9469456 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $19,774,218)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24661601** |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $1,134,488)** | 1134488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1134488** |
| **TOTAL INVESTMENTS — 100.2%<br> (Cost $140,079,981)** |  | &nbsp;&nbsp;**$189681359** |
| **Other Assets & Liabilities — (0.2)%** | **Other Assets & Liabilities — (0.2)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(285409)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$189395950** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $131764468 | $131764468 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;32120802 | &nbsp;&nbsp;&nbsp;&nbsp;32120802 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;24661601 | &nbsp;&nbsp;&nbsp;&nbsp;24661601 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134488 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $189681359 | $189681359 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Moderate Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 53.6%** | **AFFILIATED EQUITY FUNDS — 53.6%** | **AFFILIATED EQUITY FUNDS — 53.6%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;139623 | &nbsp;&nbsp;$16708720 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;624727 | &nbsp;&nbsp;&nbsp;&nbsp;38982932 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;38017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865116 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;97792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5487133 |
| Penn Series Large Core Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;46538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881995 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713639 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627309 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;92958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643035 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;175328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265578 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;215063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350839 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;92539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625690 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827183 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;42337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820060 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $67,869,270)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**99799229** |
| **AFFILIATED FIXED INCOME FUNDS — 36.9%** | **AFFILIATED FIXED INCOME FUNDS — 36.9%** | **AFFILIATED FIXED INCOME FUNDS — 36.9%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;360939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7438962 |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;362593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558556 |
| Penn Series Quality Bond Fund\* | 3178939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55663219 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $62,190,282)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**68660737** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.0%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;397074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303442 |
| Penn Series Emerging Markets Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;139572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891205 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;122763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5578355 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $12,561,037)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16773002** |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $1,199,649)** | 1199649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1199649** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $143,820,238)** |  | &nbsp;&nbsp;**$186432617** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(204205)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$186228412** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $99799229 | $99799229 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;68660737 | &nbsp;&nbsp;&nbsp;68660737 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;16773002 | &nbsp;&nbsp;&nbsp;&nbsp;16773002 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199649 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $186432617 | $186432617 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Moderately Conservative Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 35.5%** | **AFFILIATED EQUITY FUNDS — 35.5%** | **AFFILIATED EQUITY FUNDS — 35.5%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;47265 | &nbsp;&nbsp;$5656190 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;158612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9897366 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;14478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710309 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089607 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414288 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383409 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;81902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799398 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690344 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693101 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $18,660,732)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25334012** |
| **AFFILIATED FIXED INCOME FUNDS — 56.4%** | **AFFILIATED FIXED INCOME FUNDS — 56.4%** | **AFFILIATED FIXED INCOME FUNDS — 56.4%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;171819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541199 |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;276168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233650 |
| Penn Series Quality Bond Fund\* | 1856283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32503513 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $36,690,052)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**40278362** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 7.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 7.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 7.0%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;120976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834462 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;46752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124428 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $4,001,765)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4958890** |
| **SHORT-TERM INVESTMENTS — 1.1%** | **SHORT-TERM INVESTMENTS — 1.1%** | **SHORT-TERM INVESTMENTS — 1.1%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $809,726)** | 809726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**809726** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $60,162,275)** |  | &nbsp;&nbsp;**$71380990** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16801)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$71364189** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $25334012 | $25334012 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;40278362 | &nbsp;&nbsp;&nbsp;40278362 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;4958890 | &nbsp;&nbsp;&nbsp;&nbsp;4958890 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809726 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $71380990 | $71380990 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — December 31, 2025

#### Conservative Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 20.5%** | **AFFILIATED EQUITY FUNDS — 20.5%** | **AFFILIATED EQUITY FUNDS — 20.5%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;26695 | &nbsp;&nbsp;$3194605 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;57594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593889 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;10556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399423 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390578 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790423 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $6,575,480)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8368918** |
| **AFFILIATED FIXED INCOME FUNDS — 75.1%** | **AFFILIATED FIXED INCOME FUNDS — 75.1%** | **AFFILIATED FIXED INCOME FUNDS — 75.1%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;97036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999918 |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;233946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586387 |
| Penn Series Quality Bond Fund\* | 1435802 | &nbsp;&nbsp;&nbsp;&nbsp;25140890 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $28,330,604)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**30727195** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.0%** |
| Penn Series Developed International Index Fund\*<br> **(Cost $585,046)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**800460** |
| **SHORT-TERM INVESTMENTS — 2.5%** | **SHORT-TERM INVESTMENTS — 2.5%** | **SHORT-TERM INVESTMENTS — 2.5%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.652%)<br> **(Cost $1,037,860)** | 1037860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1037860** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $36,528,990)** |  | &nbsp;&nbsp;**$40934433** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(38397)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$40896036** |

---

------

† See Security Valuation Note. <br> \* Non-income producing security.

Summary of inputs used to value the Fund's investments as of 12/31/2025 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> 12/31/2025** | **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 | $8368918 | $8368918 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;30727195 | &nbsp;&nbsp;&nbsp;30727195 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800460 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1037860 | &nbsp;&nbsp;&nbsp;&nbsp;1037860 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $40934433 | $40934433 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$113123035 | &nbsp;&nbsp;$69455366 | &nbsp;&nbsp;$345484717 | &nbsp;&nbsp;$121162999 |
| &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;74980 | &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;62550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036526 |
| &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;1488750 |
| &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;40264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&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;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113188242 | &nbsp;&nbsp;&nbsp;&nbsp;69880285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347661100 | &nbsp;&nbsp;&nbsp;&nbsp;124690990 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash 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;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488750 |
| &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;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183668 |
| &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;8125 | &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;32464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48130 |
| &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;9991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9355 |
| &nbsp;&nbsp;&nbsp;Accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16353 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28064 |
| &nbsp;&nbsp;&nbsp;Transaction fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10945 |
| &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;99616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793368 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$113088626** | &nbsp;&nbsp;**$69799561** | &nbsp;&nbsp;**$347257344** | &nbsp;&nbsp;**$122897622** |
| Investments at cost<br>| &nbsp;&nbsp;$113123035 | &nbsp;&nbsp;$71042976 | &nbsp;&nbsp;$354607337 | &nbsp;&nbsp;$117939535 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$113089590 | &nbsp;&nbsp;$78969172 | &nbsp;&nbsp;$400618441 | &nbsp;&nbsp;$125493005 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9169611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53361097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2595383) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$113088626** | &nbsp;&nbsp;**$69799561** | &nbsp;&nbsp;**$347257344** | &nbsp;&nbsp;**$122897622** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 500 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113068321 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19829377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964261 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553659 |  |  |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$1.00** | &nbsp;&nbsp;**$15.33** | &nbsp;&nbsp;**$17.51** | &nbsp;&nbsp;**$20.61** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$79967429 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;5033001657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376407003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71854952 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418395 | &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;2493953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15376877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19241 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12459 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9831731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274345 | &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;362960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65052 | &nbsp;&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;&nbsp;111523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;5063030487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80338781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377207830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71888741 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14282633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;16032716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2643528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108030 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32518 |
| &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;385706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 |
| &nbsp;&nbsp;&nbsp;Accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272691 | &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;39319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10423 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16593 |
| &nbsp;&nbsp;&nbsp;Transaction fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4147 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38118970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188037 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$5024911517** | &nbsp;&nbsp;**$80253347** | &nbsp;&nbsp;**$376680617** | &nbsp;&nbsp;**$71700704** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$51970148 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;$4742425408 | &nbsp;&nbsp;$331638 | &nbsp;&nbsp;$195087473 | &nbsp;&nbsp;$48366857 |
| Written options, premiums received<br>| &nbsp;&nbsp;$(10258647) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Foreign currency at cost<br>| &nbsp;&nbsp;$2314588 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$1 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$4772186566 | &nbsp;&nbsp;$52256069 | &nbsp;&nbsp;$195995802 | &nbsp;&nbsp;$48310380 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252724951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27997278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180684815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23390324 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$5024911517** | &nbsp;&nbsp;**$80253347** | &nbsp;&nbsp;**$376680617** | &nbsp;&nbsp;**$71700704** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41988199 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416555 |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979801 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461498 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$119.67** | &nbsp;&nbsp;**$40.54** | &nbsp;&nbsp;**$110.25** | &nbsp;&nbsp;**$49.06** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$136003754 | &nbsp;&nbsp;$161031813 | &nbsp;&nbsp;$130515382 | &nbsp;&nbsp;$928365404 |
| &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;&nbsp;&nbsp;179211 |
| &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;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;28619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478096 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136158325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161265899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130614182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929043016 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838002 |
| &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;20700 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98800 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69813 |
| &nbsp;&nbsp;&nbsp;Accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69195 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4147 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209438 |
| &nbsp;&nbsp;&nbsp;Transaction fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399288 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$136011734** | &nbsp;&nbsp;**$160759974** | &nbsp;&nbsp;**$129660991** | &nbsp;&nbsp;**$927643728** |
| Investments at cost<br>| &nbsp;&nbsp;$89539268 | &nbsp;&nbsp;$132571973 | &nbsp;&nbsp;$109894530 | &nbsp;&nbsp;$388167772 |
| Foreign currency at cost<br>| &nbsp;&nbsp;$1 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$146441108 | &nbsp;&nbsp;$132665546 | &nbsp;&nbsp;$109631502 | &nbsp;&nbsp;$393244511 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(10429374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28094428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20029489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534399217 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$136011734** | &nbsp;&nbsp;**$160759974** | &nbsp;&nbsp;**$129660991** | &nbsp;&nbsp;**$927643728** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865073 |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363495 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14867236 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$40.44** | &nbsp;&nbsp;**$56.11** | &nbsp;&nbsp;**$37.84** | &nbsp;&nbsp;**$62.40** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$117981389 | &nbsp;&nbsp;$84794156 | &nbsp;&nbsp;$65366773 | &nbsp;&nbsp;$67596869 |
| &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;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;12 | &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;33428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7209 |
| &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;21089 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71787 | &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;1022152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;&nbsp;4918 | &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;&nbsp;2757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119039726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84851369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65716679 | &nbsp;&nbsp;&nbsp;&nbsp;67605547 |
| **LIABILITIES:** |  |  |  |  |
| &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;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454432 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42783 |
| &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;9360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112 |
| &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;12952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9759 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057 | &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;&nbsp;&nbsp;&nbsp;&nbsp;1863 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15336 |
| &nbsp;&nbsp;&nbsp;Transaction fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7233 |
| &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;139852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543836 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$118899874** | &nbsp;&nbsp;**$84605575** | &nbsp;&nbsp;**$65600820** | &nbsp;&nbsp;**$67061711** |
| Investments at cost<br>| &nbsp;&nbsp;$100516640 | &nbsp;&nbsp;$65653879 | &nbsp;&nbsp;$64000009 | &nbsp;&nbsp;$58615718 |
| Foreign currency at cost<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12 | &nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$101575905 | &nbsp;&nbsp;$65566748 | &nbsp;&nbsp;$64948674 | &nbsp;&nbsp;$58278290 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17323969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19038827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8783421 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$118899874** | &nbsp;&nbsp;**$84605575** | &nbsp;&nbsp;**$65600820** | &nbsp;&nbsp;**$67061711** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274035 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$39.19** | &nbsp;&nbsp;**$35.19** | &nbsp;&nbsp;**$41.44** | &nbsp;&nbsp;**$52.64** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$43353682 | &nbsp;&nbsp;$94754218 | &nbsp;&nbsp;$143601980 | &nbsp;&nbsp;$80548805 |
| &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 |
| &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;19075 |
| &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;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;59528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76539 |
| &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;7278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48641 |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;43443696 | &nbsp;&nbsp;&nbsp;&nbsp;94782862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143860144 | &nbsp;&nbsp;&nbsp;&nbsp;80696868 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42951 |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34154 |
| &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;1970 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20993 |
| &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;3341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6158 |
| &nbsp;&nbsp;&nbsp;Accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11542 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11065 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18475 |
| &nbsp;&nbsp;&nbsp;Transaction fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18977 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181711 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$43343233** | &nbsp;&nbsp;**$93966199** | &nbsp;&nbsp;**$143166479** | &nbsp;&nbsp;**$80515157** |
| Investments at cost<br>| &nbsp;&nbsp;$41214695 | &nbsp;&nbsp;$65353757 | &nbsp;&nbsp;$128471320 | &nbsp;&nbsp;$71301021 |
| Foreign currency at cost<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$41518151 | &nbsp;&nbsp;$64624341 | &nbsp;&nbsp;$128642678 | &nbsp;&nbsp;$71928497 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29341858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14523801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8586660 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$43343233** | &nbsp;&nbsp;**$93966199** | &nbsp;&nbsp;**$143166479** | &nbsp;&nbsp;**$80515157** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 500 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008329 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475278 |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251478 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054902 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$42.99** | &nbsp;&nbsp;**$75.08** | &nbsp;&nbsp;**$57.84** | &nbsp;&nbsp;**$39.18** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$94520474 | &nbsp;&nbsp;$212917123 | &nbsp;&nbsp;$66266977 | &nbsp;&nbsp;$93138854 |
| &nbsp;&nbsp;&nbsp;Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;139964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458 | &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;68371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309686 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4352 | &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;79052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629269 | &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;1942131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649257 |
| &nbsp;&nbsp;&nbsp;Futures variation margin receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;95359868 | &nbsp;&nbsp;&nbsp;&nbsp;215809522 | &nbsp;&nbsp;&nbsp;&nbsp;66958393 | &nbsp;&nbsp;&nbsp;&nbsp;94099850 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949 |
| &nbsp;&nbsp;&nbsp;Futures variation margin payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;23093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55662 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212 |
| &nbsp;&nbsp;&nbsp;Deferred capital gains tax (See Note 2)<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;164971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13327 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21635 |
| &nbsp;&nbsp;&nbsp;Transaction fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115862 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$94728319** | &nbsp;&nbsp;**$215532682** | &nbsp;&nbsp;**$65899212** | &nbsp;&nbsp;**$93983988** |
| Investments at cost<br>| &nbsp;&nbsp;$56148468 | &nbsp;&nbsp;$207649962 | &nbsp;&nbsp;$54204005 | &nbsp;&nbsp;$91848844 |
| Foreign currency at cost<br>| &nbsp;&nbsp;$140178 | &nbsp;&nbsp;$14437 | &nbsp;&nbsp;$6167 | &nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$58186716 | &nbsp;&nbsp;$211979153 | &nbsp;&nbsp;$71313347 | &nbsp;&nbsp;$93409717 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36541603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5414135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574271 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$94728319** | &nbsp;&nbsp;**$215532682** | &nbsp;&nbsp;**$65899212** | &nbsp;&nbsp;**$93983988** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743383 |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043416 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749357 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$23.43** | &nbsp;&nbsp;**$45.44** | &nbsp;&nbsp;**$13.55** | &nbsp;&nbsp;**$34.18** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$55272131 | &nbsp;&nbsp;$188546871 | &nbsp;&nbsp;$185232968 | &nbsp;&nbsp;$70571264 |
| &nbsp;&nbsp;&nbsp;Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809726 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46093 |
| &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &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;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55713388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189704831 | &nbsp;&nbsp;&nbsp;&nbsp;186455047 | &nbsp;&nbsp;&nbsp;&nbsp;71428857 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24170 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7311 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 |
| &nbsp;&nbsp;&nbsp;Accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16278 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64668 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$55675188** | &nbsp;&nbsp;**$189395950** | &nbsp;&nbsp;**$186228412** | &nbsp;&nbsp;**$71364189** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;$41563342 | &nbsp;&nbsp;$138945493 | &nbsp;&nbsp;$142620589 | &nbsp;&nbsp;$59352549 |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;$431559 | &nbsp;&nbsp;$1134488 | &nbsp;&nbsp;$1199649 | &nbsp;&nbsp;$809726 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$42116578 | &nbsp;&nbsp;$140068648 | &nbsp;&nbsp;$143732927 | &nbsp;&nbsp;$60242778 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13558610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49327302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42495485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11121411 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$55675188** | &nbsp;&nbsp;**$189395950** | &nbsp;&nbsp;**$186228412** | &nbsp;&nbsp;**$71364189** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5588202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6610816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995655 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$33.48** | &nbsp;&nbsp;**$33.89** | &nbsp;&nbsp;**$28.17** | &nbsp;&nbsp;**$23.82** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Conservative<br> Allocation<br> Fund** |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers at value<br>| &nbsp;&nbsp;$39896573 |
| &nbsp;&nbsp;&nbsp;Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037860 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 |
| &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;431 |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40938017 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16559 |
| &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;4225 |
| &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;3125 |
| &nbsp;&nbsp;&nbsp;Accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9376 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274 |
| &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;&nbsp;&nbsp;41981 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$40896036** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;$35491130 |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;$1037860 |
| **COMPONENTS OF NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$36652699 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4243337 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$40896036** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090310 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$19.56** |

---

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations

#### For The Year Ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$822559 | &nbsp;&nbsp;$42282 | &nbsp;&nbsp;$59148 | &nbsp;&nbsp;$200705 |
| &nbsp;&nbsp;&nbsp;Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17094495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8112255 |
| &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;5254076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17153643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8306656 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566811 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110898 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36966 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81663 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16434 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13485 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690 |
| &nbsp;&nbsp;&nbsp;Recaptured advisory fee (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;11962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;36652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892428 |
| &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;(16296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;722141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892428 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**4531935** | &nbsp;&nbsp;&nbsp;&nbsp;**2902454** | &nbsp;&nbsp;&nbsp;&nbsp;**14780249** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7414228** |
| **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;198745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1578476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496104 |
| &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;136956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438478 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;335701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1139998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496104 |
| 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;1050099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11515637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507925 |
| &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;(81368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278081 | &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;(395) |
| &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;&nbsp;&nbsp;968731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11793718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507530 |
| **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;&nbsp;&nbsp;**1304432** | &nbsp;&nbsp;&nbsp;&nbsp;**10653720** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3003634** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$4531935** | &nbsp;&nbsp;**$4206886** | &nbsp;&nbsp;**$25433969** | &nbsp;&nbsp;**$10417862** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations

#### For The Year Ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$41018792 | &nbsp;&nbsp;$13718 | &nbsp;&nbsp;$1614229 | &nbsp;&nbsp;$732428 |
| &nbsp;&nbsp;&nbsp;Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91378407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(570986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131826213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717256 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34892117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375783 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63812 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21271 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49632 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44309501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588021 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87516712** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(141921)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1739271)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**129235** |
| **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;7126016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;667623735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53383799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410375 |
| &nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(12544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 |
| &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;5728 | &nbsp;&nbsp;&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;669183859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53386160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411959 |
| 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;2895815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(175214422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144152 |
| &nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6148782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;272845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(181090359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145587 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**488093500** | &nbsp;&nbsp;&nbsp;&nbsp;**10021831** | &nbsp;&nbsp;&nbsp;&nbsp;**54131969** | &nbsp;&nbsp;&nbsp;&nbsp;**6557546** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$575610212** | &nbsp;&nbsp;**$9879910** | &nbsp;&nbsp;**$52392698** | &nbsp;&nbsp;**$6686781** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations

#### For The Year Ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$900655 | &nbsp;&nbsp;$2948345 | &nbsp;&nbsp;$2499426 | &nbsp;&nbsp;$11023311 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11021074 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093210 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786157 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262052 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314702 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37524 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62308 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11866 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92113 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46826 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932673 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(250946)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1433915** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1362148** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8088401** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9543096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66876863 |
| &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;315282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9543096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67192145 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358245 | &nbsp;&nbsp;&nbsp;&nbsp;10095994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67652058 |
| &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;83863 |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6581550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358245 | &nbsp;&nbsp;&nbsp;&nbsp;10096443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67735921 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**11590921** | &nbsp;&nbsp;&nbsp;&nbsp;**13901341** | &nbsp;&nbsp;&nbsp;&nbsp;**13212549** | &nbsp;&nbsp;&nbsp;&nbsp;**134928066** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$11339975** | &nbsp;&nbsp;**$15335256** | &nbsp;&nbsp;**$14574697** | &nbsp;&nbsp;**$143016467** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations

#### For The Year Ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$553740 | &nbsp;&nbsp;$1528153 | &nbsp;&nbsp;$1928558 | &nbsp;&nbsp;$281582 |
| &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;(3857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36879) | &nbsp;&nbsp;&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;553740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281582 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501524 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61832 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20611 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48091 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4872 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4976 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8434 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746 |
| &nbsp;&nbsp;&nbsp;Recaptured advisory fee (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;5257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;82604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721760 |
| &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;(1202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;1224189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721760 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(670449)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**817369** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1126100** | &nbsp;&nbsp;&nbsp;&nbsp;**(440178)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1536603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530358 | &nbsp;&nbsp;&nbsp;&nbsp;1742048 |
| &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;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60969) | &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;(361730) | &nbsp;&nbsp;&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;1536603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107659 | &nbsp;&nbsp;&nbsp;&nbsp;1742048 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100710) |
| &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;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746 | &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;(77316) | &nbsp;&nbsp;&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;446424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100710) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1983027** | &nbsp;&nbsp;&nbsp;&nbsp;**4728831** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5115504** | &nbsp;&nbsp;&nbsp;&nbsp;**1641338** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$1312578** | &nbsp;&nbsp;**$5546200** | &nbsp;&nbsp;**$6241604** | &nbsp;&nbsp;**$1201160** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations

#### For The Year Ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$783131 | &nbsp;&nbsp;$540488 | &nbsp;&nbsp;$2379908 | &nbsp;&nbsp;$973920 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971664 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236998 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71099 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55300 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32662 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16791 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562863 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**240826** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(405093)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1010523** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**408801** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1815981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11562944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805416 |
| &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;(24321) |
| &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;(616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1815981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9933907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11562944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781093 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(913888) | &nbsp;&nbsp;&nbsp;&nbsp;(1964243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967208 | &nbsp;&nbsp;&nbsp;&nbsp;3482550 |
| &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;29442 |
| &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;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;(913888) | &nbsp;&nbsp;&nbsp;&nbsp;(1963871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511992 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**902093** | &nbsp;&nbsp;&nbsp;&nbsp;**7970036** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13530152** | &nbsp;&nbsp;&nbsp;&nbsp;**8293085** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$1142919** | &nbsp;&nbsp;**$7564943** | &nbsp;&nbsp;**$14540675** | &nbsp;&nbsp;**$8701886** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations

#### For The Year Ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$2585861 | &nbsp;&nbsp;$5263679 | &nbsp;&nbsp;$1455603 | &nbsp;&nbsp;$2856562 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152203) | &nbsp;&nbsp;&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;2324744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303400 | &nbsp;&nbsp;&nbsp;&nbsp;2856562 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688429 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88512 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29504 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68739 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7189 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10162 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6091 |
| &nbsp;&nbsp;&nbsp;Recaptured advisory fee (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;184165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950780 |
| &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;(9983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;765060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950780 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1559684** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2105258** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**343592** | &nbsp;&nbsp;&nbsp;&nbsp;**1905782** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24501818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075183 |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;40130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1543433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193815) | &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;(49218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&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;4515321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22958385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5263302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075183 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15877215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4896481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11535074 | &nbsp;&nbsp;&nbsp;&nbsp;(2657329) |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;69947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &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;(10517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;16052830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4829018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11537594 | &nbsp;&nbsp;&nbsp;&nbsp;(2657329) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**20568151** | &nbsp;&nbsp;&nbsp;&nbsp;**18129367** | &nbsp;&nbsp;&nbsp;&nbsp;**16800896** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**417854** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$22127835** | &nbsp;&nbsp;**$20234625** | &nbsp;&nbsp;**$17144488** | &nbsp;&nbsp;**$2323636** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations

#### For The Year Ended December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$16634 | &nbsp;&nbsp;$42083 | &nbsp;&nbsp;$44192 | &nbsp;&nbsp;$33285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33285 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86842 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65132 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21710 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19152 | &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;2446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 | &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;13486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231514 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(170113)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(534040)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(528223)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(198229)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16295051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13518806 | &nbsp;&nbsp;&nbsp;&nbsp;3559434 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197431 | &nbsp;&nbsp;&nbsp;&nbsp;3207706 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**6832034** | &nbsp;&nbsp;&nbsp;&nbsp;**22345365** | &nbsp;&nbsp;&nbsp;&nbsp;**20716237** | &nbsp;&nbsp;&nbsp;&nbsp;**6767140** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$6661921** | &nbsp;&nbsp;**$21811325** | &nbsp;&nbsp;**$20188014** | &nbsp;&nbsp;**$6568911** |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Conservative<br> Allocation<br> Fund** |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$41728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41728 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50661 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37995 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12665 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &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;1842 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147964 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(106236)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1483339 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;2031032 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**3514371** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$3408135** |

---

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$4531935 | &nbsp;&nbsp;$6724591 | &nbsp;&nbsp;$2902454 | &nbsp;&nbsp;$6235901 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1581389) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521062 |
| &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;**4531935** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6724591** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4206886** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8175574** |
| **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4531927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6724518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**(4531927)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6724518)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;62462511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235216815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8683828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18787945 |
| &nbsp;&nbsp;&nbsp;Shares issued in lieu of cash distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;&nbsp;&nbsp;(94174185) | &nbsp;&nbsp;&nbsp;&nbsp;(251644442) | &nbsp;&nbsp;&nbsp;&nbsp;(16975756) | &nbsp;&nbsp;&nbsp;&nbsp;(138986038) |
| &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;**(27180582)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9703109)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8291928)** | &nbsp;&nbsp;&nbsp;&nbsp;**(120198093)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(27180574)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9703036)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4085042)** | &nbsp;&nbsp;&nbsp;&nbsp;**(112022519)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;140269200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149972236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73884603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185907122 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$113088626 | &nbsp;&nbsp;$140269200 | &nbsp;&nbsp;$69799561 | &nbsp;&nbsp;$73884603 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62462510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235216815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346488 |
| &nbsp;&nbsp;&nbsp;Shares issued in lieu of cash distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;&nbsp;&nbsp;(94174185) | &nbsp;&nbsp;&nbsp;&nbsp;(251644442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1141990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9828679) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27180583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9703109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8482191) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$14780249 | &nbsp;&nbsp;$14477736 | &nbsp;&nbsp;$7414228 | &nbsp;&nbsp;$7983641 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1139998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1287348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905084 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11793718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4545816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**25433969** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8644572** | &nbsp;&nbsp;&nbsp;&nbsp;**10417862** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9845743** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28452563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72004918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8142172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331575 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(69744922) | &nbsp;&nbsp;&nbsp;&nbsp;(110790973) | &nbsp;&nbsp;&nbsp;&nbsp;(21534103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21310719) |
| &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;**(41292359)** | &nbsp;&nbsp;&nbsp;&nbsp;**(38786055)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13391931)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13979144)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(15858390)** | &nbsp;&nbsp;&nbsp;&nbsp;**(30141483)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2974069)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4133401)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363115734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393257217 | &nbsp;&nbsp;&nbsp;&nbsp;125871691 | &nbsp;&nbsp;&nbsp;&nbsp;130005092 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$347257344 | &nbsp;&nbsp;$363115734 | &nbsp;&nbsp;$122897622 | &nbsp;&nbsp;$125871691 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404454 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4138107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6879777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1096197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1161485) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2469705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2439521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757031) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Flexibly Managed Fund** | &nbsp;&nbsp;**Flexibly Managed Fund** | &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp;**Balanced Fund** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$87516712 | &nbsp;&nbsp;$108304058 | &nbsp;&nbsp;$(141921) | &nbsp;&nbsp;$(143062) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669183859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573288684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8627520 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181090359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66651048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677465 |
| &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;**575610212** | &nbsp;&nbsp;&nbsp;&nbsp;**614941694** | &nbsp;&nbsp;&nbsp;&nbsp;**9879910** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11161923** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12104203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48985729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274530 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(718282914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634127489) | &nbsp;&nbsp;&nbsp;&nbsp;(11027967) | &nbsp;&nbsp;&nbsp;&nbsp;(11641754) |
| &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;**(706178711)** | &nbsp;&nbsp;&nbsp;&nbsp;**(585141760)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8831329)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8367224)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(130568499)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29799934** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1048581** | &nbsp;&nbsp;&nbsp;&nbsp;**2794699** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;5155480016 | &nbsp;&nbsp;&nbsp;&nbsp;5125680082 | &nbsp;&nbsp;&nbsp;&nbsp;79204766 | &nbsp;&nbsp;&nbsp;&nbsp;76410067 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$5024911517 | &nbsp;&nbsp;$5155480016 | &nbsp;&nbsp;$80253347 | &nbsp;&nbsp;$79204766 |
| **(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;107404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97110 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6353117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6167485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343937) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6245713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5698932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246827) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(1739271) | &nbsp;&nbsp;$(1566517) | &nbsp;&nbsp;$129235 | &nbsp;&nbsp;$85716 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53386160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27085031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157440 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61980948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182748 |
| &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;**52392698** | &nbsp;&nbsp;&nbsp;&nbsp;**87499462** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6686781** | &nbsp;&nbsp;&nbsp;&nbsp;**10425904** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22037862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16103806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264549 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(60788461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52736135) | &nbsp;&nbsp;&nbsp;&nbsp;(10407718) | &nbsp;&nbsp;&nbsp;&nbsp;(13769167) |
| &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;**(38750599)** | &nbsp;&nbsp;&nbsp;&nbsp;**(36632329)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5532484)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7504618)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13642099** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50867133** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1154297** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2921286** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363038518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312171385 | &nbsp;&nbsp;&nbsp;&nbsp;70546407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67625121 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$376680617 | &nbsp;&nbsp;$363038518 | &nbsp;&nbsp;$71700704 | &nbsp;&nbsp;$70546407 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150597 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328640) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178043) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(250946) | &nbsp;&nbsp;$(274870) | &nbsp;&nbsp;$1433915 | &nbsp;&nbsp;$1638881 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9543096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17451854 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21857040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297059 |
| &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;**11339975** | &nbsp;&nbsp;&nbsp;&nbsp;**26472489** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15335256** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20387794** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7616204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619839 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17681240) | &nbsp;&nbsp;&nbsp;&nbsp;(16622061) | &nbsp;&nbsp;&nbsp;&nbsp;(24504082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25709332) |
| &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;**(10065036)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8561522)** | &nbsp;&nbsp;&nbsp;&nbsp;**(19207182)** | &nbsp;&nbsp;&nbsp;&nbsp;**(22089493)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1274939** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17910967** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3871926)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1701699)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134736795 | &nbsp;&nbsp;&nbsp;&nbsp;116825828 | &nbsp;&nbsp;&nbsp;&nbsp;164631900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166333599 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$136011734 | &nbsp;&nbsp;$134736795 | &nbsp;&nbsp;$160759974 | &nbsp;&nbsp;$164631900 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73375 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516148) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442773) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$1362148 | &nbsp;&nbsp;$1338521 | &nbsp;&nbsp;$8088401 | &nbsp;&nbsp;$8358617 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14845133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67192145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58330539 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10096443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1121819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67735921 | &nbsp;&nbsp;&nbsp;&nbsp;108486223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**14574697** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15061835** | &nbsp;&nbsp;&nbsp;&nbsp;**143016467** | &nbsp;&nbsp;&nbsp;&nbsp;**175175379** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43340245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57962112 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17817845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27322974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111155410) | &nbsp;&nbsp;&nbsp;&nbsp;(109368113) |
| &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;**(11311235)** | &nbsp;&nbsp;&nbsp;&nbsp;**(24547787)** | &nbsp;&nbsp;&nbsp;&nbsp;**(67815165)** | &nbsp;&nbsp;&nbsp;&nbsp;**(51406001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3263462** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9485952)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75201302** | &nbsp;&nbsp;&nbsp;&nbsp;**123769378** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;126397529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135883481 | &nbsp;&nbsp;&nbsp;&nbsp;852442426 | &nbsp;&nbsp;&nbsp;&nbsp;728673048 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$129660991 | &nbsp;&nbsp;$126397529 | &nbsp;&nbsp;$927643728 | &nbsp;&nbsp;$852442426 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178499 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(833317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1960196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2223546) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1179381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1045047) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(670449) | &nbsp;&nbsp;$(650979) | &nbsp;&nbsp;$817369 | &nbsp;&nbsp;$857805 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19573439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10603831 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15483153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176923 |
| &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;**1312578** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3439307** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5546200** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11638559** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560339 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(22499948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23153599) | &nbsp;&nbsp;&nbsp;&nbsp;(12291327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16641734) |
| &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;**(16899006)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17125970)** | &nbsp;&nbsp;&nbsp;&nbsp;**(9408810)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14081395)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(15586428)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13686663)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3862610)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2442836)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134486302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148172965 | &nbsp;&nbsp;&nbsp;&nbsp;88468185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90911021 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$118899874 | &nbsp;&nbsp;$134486302 | &nbsp;&nbsp;$84605575 | &nbsp;&nbsp;$88468185 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81134 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522036) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440902) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$1126100 | &nbsp;&nbsp;$1203888 | &nbsp;&nbsp;$(440178) | &nbsp;&nbsp;$(422665) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742048 | &nbsp;&nbsp;&nbsp;&nbsp;10259951 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100710) | &nbsp;&nbsp;&nbsp;&nbsp;(1399949) |
| &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;**6241604** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6592311** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1201160** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8437337** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561339 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(19716400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15178495) | &nbsp;&nbsp;&nbsp;&nbsp;(12679826) | &nbsp;&nbsp;&nbsp;&nbsp;(15132393) |
| &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;**(16816367)** | &nbsp;&nbsp;&nbsp;&nbsp;**(11609453)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8198656)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6571054)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(10574763)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5017142)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6997496)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1866283** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76175583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81192725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74059207 | &nbsp;&nbsp;&nbsp;&nbsp;72192924 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$65600820 | &nbsp;&nbsp;$76175583 | &nbsp;&nbsp;$67061711 | &nbsp;&nbsp;$74059207 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165729 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299991) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134262) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$240826 | &nbsp;&nbsp;$199892 | &nbsp;&nbsp;$(405093) | &nbsp;&nbsp;$(459259) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9933907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120075 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(913888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1963871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782105 |
| &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;**1142919** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4564351** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7564943** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12442921** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991923 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(11071088) | &nbsp;&nbsp;&nbsp;&nbsp;(10033440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17796325) | &nbsp;&nbsp;&nbsp;&nbsp;(17360043) |
| &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;**(8279717)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5242029)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14604628)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14368120)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(7136798)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(677678)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7039685)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1925199)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;50480031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51157709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101005884 | &nbsp;&nbsp;&nbsp;&nbsp;102931083 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$43343233 | &nbsp;&nbsp;$50480031 | &nbsp;&nbsp;$93966199 | &nbsp;&nbsp;$101005884 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44967 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264610) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219643) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$1010523 | &nbsp;&nbsp;$958930 | &nbsp;&nbsp;$408801 | &nbsp;&nbsp;$459594 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11562944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11741536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132288 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1174654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**14540675** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11525812** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8701886** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8708124** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4687957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241047 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23162114) | &nbsp;&nbsp;&nbsp;&nbsp;(26348434) | &nbsp;&nbsp;&nbsp;&nbsp;(17424465) | &nbsp;&nbsp;&nbsp;&nbsp;(14817387) |
| &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;**(19178955)** | &nbsp;&nbsp;&nbsp;&nbsp;**(21660477)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13040174)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8576340)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(4638280)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10134665)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4338288)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**131784** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;147804759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157939424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84853445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84721661 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$143166479 | &nbsp;&nbsp;$147804759 | &nbsp;&nbsp;$80515157 | &nbsp;&nbsp;$84853445 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189576 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446437) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256861) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$1559684 | &nbsp;&nbsp;$1610372 | &nbsp;&nbsp;$2105258 | &nbsp;&nbsp;$734287 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22958385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32665705 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16052830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3554546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4829018) | &nbsp;&nbsp;&nbsp;&nbsp;(18600897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**22127835** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2578449** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20234625** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14799095** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11221588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7198810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13807928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8982110 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(17337883) | &nbsp;&nbsp;&nbsp;&nbsp;(19347768) | &nbsp;&nbsp;&nbsp;&nbsp;(50008785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43347989) |
| &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;**(6116295)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12148958)** | &nbsp;&nbsp;&nbsp;&nbsp;**(36200857)** | &nbsp;&nbsp;&nbsp;&nbsp;**(34365879)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**16011540** | &nbsp;&nbsp;&nbsp;&nbsp;**(9570509)** | &nbsp;&nbsp;&nbsp;&nbsp;**(15966232)** | &nbsp;&nbsp;&nbsp;&nbsp;**(19566784)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;78716779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88287288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231498914 | &nbsp;&nbsp;&nbsp;&nbsp;251065698 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$94728319 | &nbsp;&nbsp;$78716779 | &nbsp;&nbsp;$215532682 | &nbsp;&nbsp;$231498914 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216983 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1101102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033328) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(802313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(816345) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$343592 | &nbsp;&nbsp;$443569 | &nbsp;&nbsp;$1905782 | &nbsp;&nbsp;$2116993 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5263302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1859318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106926 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11537594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1295348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2657329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120434 |
| &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;**17144488** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2711097)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2323636** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7344353** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8757583 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24232185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18341850) | &nbsp;&nbsp;&nbsp;&nbsp;(18107447) | &nbsp;&nbsp;&nbsp;&nbsp;(26533622) |
| &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;**(22596051)** | &nbsp;&nbsp;&nbsp;&nbsp;**(11040420)** | &nbsp;&nbsp;&nbsp;&nbsp;**(11352783)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17776039)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5451563)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13751517)** | &nbsp;&nbsp;&nbsp;&nbsp;**(9029147)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10431686)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71350775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85102292 | &nbsp;&nbsp;&nbsp;&nbsp;103013135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113444821 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$65899212 | &nbsp;&nbsp;$71350775 | &nbsp;&nbsp;$93983988 | &nbsp;&nbsp;$103013135 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271287 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2029782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1678318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800348) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1893893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1002419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529061) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(170113) | &nbsp;&nbsp;$(183207) | &nbsp;&nbsp;$(534040) | &nbsp;&nbsp;$(561743) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16295051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17290075 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683803 |
| &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;**6661921** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6896518** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21811325** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21412135** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379200 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(11440845) | &nbsp;&nbsp;&nbsp;&nbsp;(11012452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32985919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31524083) |
| &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;**(8169310)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10082171)** | &nbsp;&nbsp;&nbsp;&nbsp;**(30434297)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28144883)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(1507389)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3185653)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8622972)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6732748)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57182577 | &nbsp;&nbsp;&nbsp;&nbsp;60368230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198018922 | &nbsp;&nbsp;&nbsp;&nbsp;204751670 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$55675188 | &nbsp;&nbsp;$57182577 | &nbsp;&nbsp;$189395950 | &nbsp;&nbsp;$198018922 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116910 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1035420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1086789) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(954962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969879) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(528223) | &nbsp;&nbsp;$(575577) | &nbsp;&nbsp;$(198229) | &nbsp;&nbsp;$(216511) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13518806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17480336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285209 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597626 |
| &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;**20188014** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18542225** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6568911** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5666324** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5091076 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35108283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35997116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13997684) | &nbsp;&nbsp;&nbsp;&nbsp;(13947375) |
| &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;**(33083670)** | &nbsp;&nbsp;&nbsp;&nbsp;**(33234051)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10967498)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8856299)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(12895656)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14691826)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4398587)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3189975)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;199124068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213815894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75762776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78952751 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$186228412 | &nbsp;&nbsp;$199124068 | &nbsp;&nbsp;$71364189 | &nbsp;&nbsp;$75762776 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245654 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1321824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1464279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659371) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1245957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1351402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413717) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Conservative Allocation Fund** | &nbsp;&nbsp;**Conservative Allocation Fund** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/25** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(106236) | &nbsp;&nbsp;$(114212) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417382 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284888 |
| &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;**3408135** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2588058** |
| **Capital Share Transactions (1):** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059585 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(11083581) | &nbsp;&nbsp;&nbsp;&nbsp;(11303265) |
| &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;**(5365008)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6243680)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(1956873)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3655622)** |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;42852909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46508531 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$40896036 | &nbsp;&nbsp;$42852909 |
| **(1) Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285876 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636845) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350969) |

---

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MONEY MARKET FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> |
| Net realized and unrealized gain (loss) on investment transactions<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; (0.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Less distributions:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of period<br>| $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;&nbsp; 4.67% | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $113089 | &nbsp;&nbsp; $140269 | &nbsp;&nbsp; $149972 | &nbsp;&nbsp; $165323 | &nbsp;&nbsp; $162202 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp; 4.56% | &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LIMITED MATURITY BOND FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $14.44 | &nbsp;&nbsp;$13.67 | &nbsp;&nbsp;$12.78 | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$13.33 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 |
| Net asset value, end of period<br>| $15.33 | &nbsp;&nbsp; $14.44 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $13.38 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16% | &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | &nbsp;&nbsp;&nbsp;&nbsp; 6.96% | &nbsp;&nbsp;&nbsp;&nbsp; (4.49%) | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $69800 | &nbsp;&nbsp; $73885 | &nbsp;&nbsp; $185907 | &nbsp;&nbsp; $223724 | &nbsp;&nbsp; $259984 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09% | &nbsp;&nbsp;&nbsp;&nbsp; 4.07% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 73% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### QUALITY BOND FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $16.28 | &nbsp;&nbsp;$15.90 | &nbsp;&nbsp;$14.89 | &nbsp;&nbsp;$17.24 | &nbsp;&nbsp;$17.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.76) | &nbsp;&nbsp;&nbsp;&nbsp; (0.46) |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) |
| Net asset value, end of period<br>| $17.51 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $15.90 | &nbsp;&nbsp; $14.89 | &nbsp;&nbsp; $17.24 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56% | &nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp; 6.78% | &nbsp;&nbsp;&nbsp;&nbsp; (13.63%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.69%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $347257 | &nbsp;&nbsp; $363116 | &nbsp;&nbsp; $393257 | &nbsp;&nbsp; $354590 | &nbsp;&nbsp; $472066 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp;&nbsp; 3.99% | &nbsp;&nbsp;&nbsp;&nbsp; 2.64% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### HIGH YIELD BOND FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $18.93 | &nbsp;&nbsp;$17.55 | &nbsp;&nbsp;$15.78 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$16.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82 |
| Net asset value, end of period<br>| $20.61 | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp; $17.55 | &nbsp;&nbsp; $15.78 | &nbsp;&nbsp; $16.84 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.87% | &nbsp;&nbsp;&nbsp;&nbsp; 7.86% | &nbsp;&nbsp;&nbsp;&nbsp; 11.22% | &nbsp;&nbsp;&nbsp;&nbsp; (6.30%) | &nbsp;&nbsp;&nbsp;&nbsp; 5.12% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $122898 | &nbsp;&nbsp; $125872 | &nbsp;&nbsp; $130005 | &nbsp;&nbsp; $140603 | &nbsp;&nbsp; $169431 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% | &nbsp;&nbsp;&nbsp;&nbsp; 6.14% | &nbsp;&nbsp;&nbsp;&nbsp; 5.82% | &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | &nbsp;&nbsp;&nbsp;&nbsp; 4.15% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115% | &nbsp;&nbsp;&nbsp;&nbsp; 91% | &nbsp;&nbsp;&nbsp;&nbsp; 78% | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 94% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### FLEXIBLY MANAGED FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $106.88 | &nbsp;&nbsp;$95.04 | &nbsp;&nbsp;$80.16 | &nbsp;&nbsp;$91.22 | &nbsp;&nbsp;$77.12 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.42 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.10 |
| Net asset value, end of period<br>| $119.67 | &nbsp;&nbsp; $106.88 | &nbsp;&nbsp; $95.04 | &nbsp;&nbsp; $80.16 | &nbsp;&nbsp; $91.22 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.96% | &nbsp;&nbsp;&nbsp;&nbsp; 12.46% | &nbsp;&nbsp;&nbsp;&nbsp; 18.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.12%) | &nbsp;&nbsp;&nbsp;&nbsp; 18.29% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $5024912 | &nbsp;&nbsp;$5155480 | &nbsp;&nbsp;$5125680 | &nbsp;&nbsp;$4596816 | &nbsp;&nbsp;$5487665 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp; 85% | &nbsp;&nbsp;&nbsp;&nbsp; 69% | &nbsp;&nbsp;&nbsp;&nbsp; 87% | &nbsp;&nbsp;&nbsp;&nbsp; 51% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### BALANCED FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $35.76 | &nbsp;&nbsp;$31.04 | &nbsp;&nbsp;$26.34 | &nbsp;&nbsp;$31.57 | &nbsp;&nbsp;$27.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.17) | &nbsp;&nbsp;&nbsp;&nbsp; 4.36 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.23) | &nbsp;&nbsp;&nbsp;&nbsp; 4.30 |
| Net asset value, end of period<br>| $40.54 | &nbsp;&nbsp; $35.76 | &nbsp;&nbsp; $31.04 | &nbsp;&nbsp; $26.34 | &nbsp;&nbsp; $31.57 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.37% | &nbsp;&nbsp;&nbsp;&nbsp; 15.20% | &nbsp;&nbsp;&nbsp;&nbsp; 17.84% | &nbsp;&nbsp;&nbsp;&nbsp; (16.57%) | &nbsp;&nbsp;&nbsp;&nbsp; 15.77% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $80253 | &nbsp;&nbsp; $79205 | &nbsp;&nbsp; $76410 | &nbsp;&nbsp; $70323 | &nbsp;&nbsp; $92753 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp;&nbsp; 11% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE GROWTH STOCK FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $95.64 | &nbsp;&nbsp;$74.05 | &nbsp;&nbsp;$50.27 | &nbsp;&nbsp;$83.11 | &nbsp;&nbsp;$71.38 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;&nbsp; 21.98 | &nbsp;&nbsp;&nbsp;&nbsp; 24.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.21 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.59 | &nbsp;&nbsp;&nbsp;&nbsp; 23.78 | &nbsp;&nbsp;&nbsp;&nbsp; (32.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.73 |
| Net asset value, end of period<br>| $110.25 | &nbsp;&nbsp; $95.64 | &nbsp;&nbsp; $74.05 | &nbsp;&nbsp; $50.27 | &nbsp;&nbsp; $83.11 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.28% | &nbsp;&nbsp;&nbsp;&nbsp; 29.15% | &nbsp;&nbsp;&nbsp;&nbsp; 47.31% | &nbsp;&nbsp;&nbsp;&nbsp; (39.52%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.44% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $376681 | &nbsp;&nbsp; $363039 | &nbsp;&nbsp; $312171 | &nbsp;&nbsp; $235846 | &nbsp;&nbsp; $428687 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp;&nbsp; 24% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE CAP GROWTH FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $44.68 | &nbsp;&nbsp;$38.49 | &nbsp;&nbsp;$31.08 | &nbsp;&nbsp;$38.46 | &nbsp;&nbsp;$30.56 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90 |
| Net asset value, end of period<br>| $49.06 | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp; $38.49 | &nbsp;&nbsp; $31.08 | &nbsp;&nbsp; $38.46 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.80% | &nbsp;&nbsp;&nbsp;&nbsp; 16.08% | &nbsp;&nbsp;&nbsp;&nbsp; 23.84% | &nbsp;&nbsp;&nbsp;&nbsp; (19.19%) | &nbsp;&nbsp;&nbsp;&nbsp; 25.85% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $71701 | &nbsp;&nbsp; $70546 | &nbsp;&nbsp; $67625 | &nbsp;&nbsp; $62655 | &nbsp;&nbsp; $79016 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp;&nbsp; 16% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE CORE GROWTH FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $37.22 | &nbsp;&nbsp;$30.27 | &nbsp;&nbsp;$22.36 | &nbsp;&nbsp;$48.08 | &nbsp;&nbsp;$50.05 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.97) |
| Net asset value, end of period<br>| $40.44 | &nbsp;&nbsp; $37.22 | &nbsp;&nbsp; $30.27 | &nbsp;&nbsp; $22.36 | &nbsp;&nbsp; $48.08 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.65% | &nbsp;&nbsp;&nbsp;&nbsp; 22.96% | &nbsp;&nbsp;&nbsp;&nbsp; 35.38% | &nbsp;&nbsp;&nbsp;&nbsp; (53.49%) | &nbsp;&nbsp;&nbsp;&nbsp; (3.94%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $136012 | &nbsp;&nbsp; $134737 | &nbsp;&nbsp; $116826 | &nbsp;&nbsp; $93465 | &nbsp;&nbsp; $205479 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.67%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.72%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 109% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 68% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE CAP VALUE FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $51.01 | &nbsp;&nbsp;$45.32 | &nbsp;&nbsp;$40.58 | &nbsp;&nbsp;$42.38 | &nbsp;&nbsp;$33.14 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20 | &nbsp;&nbsp;&nbsp;&nbsp; (2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.93 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.24 |
| Net asset value, end of period<br>| $56.11 | &nbsp;&nbsp; $51.01 | &nbsp;&nbsp; $45.32 | &nbsp;&nbsp; $40.58 | &nbsp;&nbsp; $42.38 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% | &nbsp;&nbsp;&nbsp;&nbsp; 12.55% | &nbsp;&nbsp;&nbsp;&nbsp; 11.68% | &nbsp;&nbsp;&nbsp;&nbsp; (4.25%) | &nbsp;&nbsp;&nbsp;&nbsp; 27.88% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $160760 | &nbsp;&nbsp; $164632 | &nbsp;&nbsp; $166334 | &nbsp;&nbsp; $165481 | &nbsp;&nbsp; $202596 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp;&nbsp; 49% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE CORE VALUE FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $33.73 | &nbsp;&nbsp;$30.24 | &nbsp;&nbsp;$27.92 | &nbsp;&nbsp;$28.85 | &nbsp;&nbsp;$23.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67 |
| Net asset value, end of period<br>| $37.84 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $30.24 | &nbsp;&nbsp; $27.92 | &nbsp;&nbsp; $28.85 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18% | &nbsp;&nbsp;&nbsp;&nbsp; 11.54% | &nbsp;&nbsp;&nbsp;&nbsp; 8.31% | &nbsp;&nbsp;&nbsp;&nbsp; (3.22%) | &nbsp;&nbsp;&nbsp;&nbsp; 24.46% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $129661 | &nbsp;&nbsp; $126398 | &nbsp;&nbsp; $135883 | &nbsp;&nbsp; $161065 | &nbsp;&nbsp; $189136 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.22% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 57% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### INDEX 500 FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $53.12 | &nbsp;&nbsp;$42.63 | &nbsp;&nbsp;$33.87 | &nbsp;&nbsp;$41.45 | &nbsp;&nbsp;$32.31 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.27 | &nbsp;&nbsp;&nbsp;&nbsp; (8.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.76 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;&nbsp; 10.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.76 | &nbsp;&nbsp;&nbsp;&nbsp; (7.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.14 |
| Net asset value, end of period<br>| $62.40 | &nbsp;&nbsp; $53.12 | &nbsp;&nbsp; $42.63 | &nbsp;&nbsp; $33.87 | &nbsp;&nbsp; $41.45 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.47% | &nbsp;&nbsp;&nbsp;&nbsp; 24.61% | &nbsp;&nbsp;&nbsp;&nbsp; 25.87% | &nbsp;&nbsp;&nbsp;&nbsp; (18.29%) | &nbsp;&nbsp;&nbsp;&nbsp; 28.29% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $927644 | &nbsp;&nbsp; $852442 | &nbsp;&nbsp; $728673 | &nbsp;&nbsp; $622068 | &nbsp;&nbsp; $698722 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp;&nbsp; 4% | &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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MID CAP GROWTH FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $38.86 | &nbsp;&nbsp;$38.02 | &nbsp;&nbsp;$31.71 | &nbsp;&nbsp;$45.74 | &nbsp;&nbsp;$39.21 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53 |
| Net asset value, end of period<br>| $39.19 | &nbsp;&nbsp; $38.86 | &nbsp;&nbsp; $38.02 | &nbsp;&nbsp; $31.71 | &nbsp;&nbsp; $45.74 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.21% | &nbsp;&nbsp;&nbsp;&nbsp; 19.90% | &nbsp;&nbsp;&nbsp;&nbsp; (30.67%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.66% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $118900 | &nbsp;&nbsp; $134486 | &nbsp;&nbsp; $148173 | &nbsp;&nbsp; $134832 | &nbsp;&nbsp; $210047 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.46%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.42%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.50%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.64%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp; 39% | &nbsp;&nbsp;&nbsp;&nbsp; 30% | &nbsp;&nbsp;&nbsp;&nbsp; 29% | &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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MID CAP VALUE FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $32.95 | &nbsp;&nbsp;$29.08 | &nbsp;&nbsp;$26.11 | &nbsp;&nbsp;$27.67 | &nbsp;&nbsp;$23.20 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47 |
| Net asset value, end of period<br>| $35.19 | &nbsp;&nbsp; $32.95 | &nbsp;&nbsp; $29.08 | &nbsp;&nbsp; $26.11 | &nbsp;&nbsp; $27.67 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% | &nbsp;&nbsp;&nbsp;&nbsp; 13.31% | &nbsp;&nbsp;&nbsp;&nbsp; 11.38% | &nbsp;&nbsp;&nbsp;&nbsp; (5.64%) | &nbsp;&nbsp;&nbsp;&nbsp; 19.27% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $84606 | &nbsp;&nbsp; $88468 | &nbsp;&nbsp; $90911 | &nbsp;&nbsp; $88708 | &nbsp;&nbsp; $104076 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &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.

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MID CORE VALUE FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $38.13 | &nbsp;&nbsp;$35.18 | &nbsp;&nbsp;$33.21 | &nbsp;&nbsp;$33.70 | &nbsp;&nbsp;$27.37 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33 |
| Net asset value, end of period<br>| $41.44 | &nbsp;&nbsp; $38.13 | &nbsp;&nbsp; $35.18 | &nbsp;&nbsp; $33.21 | &nbsp;&nbsp; $33.70 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.68% | &nbsp;&nbsp;&nbsp;&nbsp; 8.39% | &nbsp;&nbsp;&nbsp;&nbsp; 5.93% | &nbsp;&nbsp;&nbsp;&nbsp; (1.45%) | &nbsp;&nbsp;&nbsp;&nbsp; 23.13% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $65601 | &nbsp;&nbsp; $76176 | &nbsp;&nbsp; $81193 | &nbsp;&nbsp; $86950 | &nbsp;&nbsp; $94537 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp; 51% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMID CAP GROWTH FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $51.61 | &nbsp;&nbsp;$46.00 | &nbsp;&nbsp;$40.36 | &nbsp;&nbsp;$56.43 | &nbsp;&nbsp;$52.38 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.43) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05 |
| Net asset value, end of period<br>| $52.64 | &nbsp;&nbsp; $51.61 | &nbsp;&nbsp; $46.00 | &nbsp;&nbsp; $40.36 | &nbsp;&nbsp; $56.43 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 12.20% | &nbsp;&nbsp;&nbsp;&nbsp; 13.97% | &nbsp;&nbsp;&nbsp;&nbsp; (28.48%) | &nbsp;&nbsp;&nbsp;&nbsp; 7.73% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $67062 | &nbsp;&nbsp; $74059 | &nbsp;&nbsp; $72193 | &nbsp;&nbsp; $70381 | &nbsp;&nbsp; $103780 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.57%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.56%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp;&nbsp; 65% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMID CAP VALUE FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $41.90 | &nbsp;&nbsp;$38.25 | &nbsp;&nbsp;$32.79 | &nbsp;&nbsp;$39.02 | &nbsp;&nbsp;$28.78 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28 | &nbsp;&nbsp;&nbsp;&nbsp; (6.43) | &nbsp;&nbsp;&nbsp;&nbsp; 10.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.23) | &nbsp;&nbsp;&nbsp;&nbsp; 10.24 |
| Net asset value, end of period<br>| $42.99 | &nbsp;&nbsp; $41.90 | &nbsp;&nbsp; $38.25 | &nbsp;&nbsp; $32.79 | &nbsp;&nbsp; $39.02 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;&nbsp; 9.54% | &nbsp;&nbsp;&nbsp;&nbsp; 16.65% | &nbsp;&nbsp;&nbsp;&nbsp; (15.97%) | &nbsp;&nbsp;&nbsp;&nbsp; 35.58% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $43343 | &nbsp;&nbsp; $50480 | &nbsp;&nbsp; $51158 | &nbsp;&nbsp; $54653 | &nbsp;&nbsp; $71810 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 42% | &nbsp;&nbsp;&nbsp;&nbsp; 53% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMALL CAP GROWTH FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $69.10 | &nbsp;&nbsp;$61.22 | &nbsp;&nbsp;$51.60 | &nbsp;&nbsp;$68.11 | &nbsp;&nbsp;$62.66 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.85 | &nbsp;&nbsp;&nbsp;&nbsp; (16.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45 |
| Net asset value, end of period<br>| $75.08 | &nbsp;&nbsp; $69.10 | &nbsp;&nbsp; $61.22 | &nbsp;&nbsp; $51.60 | &nbsp;&nbsp; $68.11 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66% | &nbsp;&nbsp;&nbsp;&nbsp; 12.88% | &nbsp;&nbsp;&nbsp;&nbsp; 18.64% | &nbsp;&nbsp;&nbsp;&nbsp; (24.24%) | &nbsp;&nbsp;&nbsp;&nbsp; 8.70% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $93966 | &nbsp;&nbsp; $101006 | &nbsp;&nbsp; $102931 | &nbsp;&nbsp; $96426 | &nbsp;&nbsp; $140210 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.41%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.42%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; 13% | &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.

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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMALL CAP VALUE FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $52.21 | &nbsp;&nbsp;$48.42 | &nbsp;&nbsp;$43.46 | &nbsp;&nbsp;$50.97 | &nbsp;&nbsp;$40.24 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.63 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.73 |
| Net asset value, end of period<br>| $57.84 | &nbsp;&nbsp; $52.21 | &nbsp;&nbsp; $48.42 | &nbsp;&nbsp; $43.46 | &nbsp;&nbsp; $50.97 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.78% | &nbsp;&nbsp;&nbsp;&nbsp; 7.83% | &nbsp;&nbsp;&nbsp;&nbsp; 11.41% | &nbsp;&nbsp;&nbsp;&nbsp; (14.74%) | &nbsp;&nbsp;&nbsp;&nbsp; 26.67% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $143166 | &nbsp;&nbsp; $147805 | &nbsp;&nbsp; $157939 | &nbsp;&nbsp; $154683 | &nbsp;&nbsp; $199173 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 56% | &nbsp;&nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp;&nbsp; 67% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMALL CAP INDEX FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $34.98 | &nbsp;&nbsp;$31.58 | &nbsp;&nbsp;$27.17 | &nbsp;&nbsp;$34.42 | &nbsp;&nbsp;$30.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32 |
| Net asset value, end of period<br>| $39.18 | &nbsp;&nbsp; $34.98 | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp; $27.17 | &nbsp;&nbsp; $34.42 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01% | &nbsp;&nbsp;&nbsp;&nbsp; 10.77% | &nbsp;&nbsp;&nbsp;&nbsp; 16.23% | &nbsp;&nbsp;&nbsp;&nbsp; (21.06%) | &nbsp;&nbsp;&nbsp;&nbsp; 14.35% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $80515 | &nbsp;&nbsp; $84853 | &nbsp;&nbsp; $84722 | &nbsp;&nbsp; $80151 | &nbsp;&nbsp; $98827 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 31% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### DEVELOPED INTERNATIONAL INDEX FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $17.94 | &nbsp;&nbsp;$17.49 | &nbsp;&nbsp;$14.92 | &nbsp;&nbsp;$17.62 | &nbsp;&nbsp;$15.94 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68 |
| Net asset value, end of period<br>| $23.43 | &nbsp;&nbsp; $17.94 | &nbsp;&nbsp; $17.49 | &nbsp;&nbsp; $14.92 | &nbsp;&nbsp; $17.62 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.60% | &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp;&nbsp; 17.23% | &nbsp;&nbsp;&nbsp;&nbsp; (15.32%) | &nbsp;&nbsp;&nbsp;&nbsp; 10.54% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $94728 | &nbsp;&nbsp; $78717 | &nbsp;&nbsp; $88287 | &nbsp;&nbsp; $85483 | &nbsp;&nbsp; $114158 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp; 2.05% | &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.66% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &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.

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### INTERNATIONAL EQUITY FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $41.74 | &nbsp;&nbsp;$39.46 | &nbsp;&nbsp;$34.24 | &nbsp;&nbsp;$43.79 | &nbsp;&nbsp;$39.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp;&nbsp;&nbsp; (9.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22 | &nbsp;&nbsp;&nbsp;&nbsp; (9.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77 |
| Net asset value, end of period<br>| $45.44 | &nbsp;&nbsp; $41.74 | &nbsp;&nbsp; $39.46 | &nbsp;&nbsp; $34.24 | &nbsp;&nbsp; $43.79 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.87% | &nbsp;&nbsp;&nbsp;&nbsp; 5.78% | &nbsp;&nbsp;&nbsp;&nbsp; 15.25% | &nbsp;&nbsp;&nbsp;&nbsp; (21.81%) | &nbsp;&nbsp;&nbsp;&nbsp; 12.23% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $215533 | &nbsp;&nbsp; $231499 | &nbsp;&nbsp; $251066 | &nbsp;&nbsp; $258905 | &nbsp;&nbsp; $353005 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216% | &nbsp;&nbsp;&nbsp;&nbsp; 152% | &nbsp;&nbsp;&nbsp;&nbsp; 95% | &nbsp;&nbsp;&nbsp;&nbsp; 52% | &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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### EMERGING MARKETS EQUITY FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $10.56 | &nbsp;&nbsp;$10.97 | &nbsp;&nbsp;$10.79 | &nbsp;&nbsp;$14.08 | &nbsp;&nbsp;$14.93 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.86) |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.85) |
| Net asset value, end of period<br>| $13.55 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $14.08 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.31% | &nbsp;&nbsp;&nbsp;&nbsp; (3.74%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; (23.37%) | &nbsp;&nbsp;&nbsp;&nbsp; (5.69%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $65899 | &nbsp;&nbsp; $71351 | &nbsp;&nbsp; $85102 | &nbsp;&nbsp; $94075 | &nbsp;&nbsp; $130637 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.07% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp; 72% | &nbsp;&nbsp;&nbsp;&nbsp; 47% | &nbsp;&nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp;&nbsp; 68% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### REAL ESTATE SECURITIES FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $33.41 | &nbsp;&nbsp;$31.40 | &nbsp;&nbsp;$28.09 | &nbsp;&nbsp;$37.63 | &nbsp;&nbsp;$26.37 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.06) | &nbsp;&nbsp;&nbsp;&nbsp; 10.98 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31 | &nbsp;&nbsp;&nbsp;&nbsp; (9.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.26 |
| Net asset value, end of period<br>| $34.18 | &nbsp;&nbsp; $33.41 | &nbsp;&nbsp; $31.40 | &nbsp;&nbsp; $28.09 | &nbsp;&nbsp; $37.63 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | &nbsp;&nbsp;&nbsp;&nbsp; 11.78% | &nbsp;&nbsp;&nbsp;&nbsp; (25.35%) | &nbsp;&nbsp;&nbsp;&nbsp; 42.70% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $93984 | &nbsp;&nbsp; $103013 | &nbsp;&nbsp; $113445 | &nbsp;&nbsp; $99505 | &nbsp;&nbsp; $140061 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp;&nbsp; 34% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### AGGRESSIVE ALLOCATION FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $29.76 | &nbsp;&nbsp;$26.55 | &nbsp;&nbsp;$23.01 | &nbsp;&nbsp;$27.23 | &nbsp;&nbsp;$23.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54 | &nbsp;&nbsp;&nbsp;&nbsp; (4.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.84 |
| Net asset value, end of period<br>| $33.48 | &nbsp;&nbsp; $29.76 | &nbsp;&nbsp; $26.55 | &nbsp;&nbsp; $23.01 | &nbsp;&nbsp; $27.23 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50% | &nbsp;&nbsp;&nbsp;&nbsp; 12.09% | &nbsp;&nbsp;&nbsp;&nbsp; 15.38% | &nbsp;&nbsp;&nbsp;&nbsp; (15.50%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.42% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $55675 | &nbsp;&nbsp; $57183 | &nbsp;&nbsp; $60368 | &nbsp;&nbsp; $55617 | &nbsp;&nbsp; $70657 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; 18% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MODERATELY AGGRESSIVE ALLOCATION FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $30.26 | &nbsp;&nbsp;$27.25 | &nbsp;&nbsp;$23.81 | &nbsp;&nbsp;$27.84 | &nbsp;&nbsp;$24.14 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51 | &nbsp;&nbsp;&nbsp;&nbsp; (3.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.78 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44 | &nbsp;&nbsp;&nbsp;&nbsp; (4.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70 |
| Net asset value, end of period<br>| $33.89 | &nbsp;&nbsp; $30.26 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $23.81 | &nbsp;&nbsp; $27.84 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00% | &nbsp;&nbsp;&nbsp;&nbsp; 11.05% | &nbsp;&nbsp;&nbsp;&nbsp; 14.45% | &nbsp;&nbsp;&nbsp;&nbsp; (14.47%) | &nbsp;&nbsp;&nbsp;&nbsp; 15.33% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $189396 | &nbsp;&nbsp; $198019 | &nbsp;&nbsp; $204752 | &nbsp;&nbsp; $192855 | &nbsp;&nbsp; $246473 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 12% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MODERATE ALLOCATION FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $25.34 | &nbsp;&nbsp;$23.22 | &nbsp;&nbsp;$20.59 | &nbsp;&nbsp;$23.89 | &nbsp;&nbsp;$21.46 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43 |
| Net asset value, end of period<br>| $28.17 | &nbsp;&nbsp; $25.34 | &nbsp;&nbsp; $23.22 | &nbsp;&nbsp; $20.59 | &nbsp;&nbsp; $23.89 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17% | &nbsp;&nbsp;&nbsp;&nbsp; 9.13% | &nbsp;&nbsp;&nbsp;&nbsp; 12.77% | &nbsp;&nbsp;&nbsp;&nbsp; (13.81%) | &nbsp;&nbsp;&nbsp;&nbsp; 11.32% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $186228 | &nbsp;&nbsp; $199124 | &nbsp;&nbsp; $213816 | &nbsp;&nbsp; $220593 | &nbsp;&nbsp; $288061 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 12% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MODERATELY CONSERVATIVE ALLOCATION FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $21.75 | &nbsp;&nbsp;$20.26 | &nbsp;&nbsp;$18.30 | &nbsp;&nbsp;$20.62 | &nbsp;&nbsp;$18.99 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp;&nbsp; (2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.69 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63 |
| Net asset value, end of period<br>| $23.82 | &nbsp;&nbsp; $21.75 | &nbsp;&nbsp; $20.26 | &nbsp;&nbsp; $18.30 | &nbsp;&nbsp; $20.62 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52% | &nbsp;&nbsp;&nbsp;&nbsp; 7.35% | &nbsp;&nbsp;&nbsp;&nbsp; 10.71% | &nbsp;&nbsp;&nbsp;&nbsp; (11.25%) | &nbsp;&nbsp;&nbsp;&nbsp; 8.58% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $71364 | &nbsp;&nbsp; $75763 | &nbsp;&nbsp; $78953 | &nbsp;&nbsp; $81079 | &nbsp;&nbsp; $99775 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; 20% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### CONSERVATIVE ALLOCATION FUND 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,** |
|  | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Net asset value, beginning of period<br>| $18.03 | &nbsp;&nbsp;$17.05 | &nbsp;&nbsp;$15.64 | &nbsp;&nbsp;$17.35 | &nbsp;&nbsp;$16.60 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75 |
| Net asset value, end of period<br>| $19.56 | &nbsp;&nbsp; $18.03 | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $15.64 | &nbsp;&nbsp; $17.35 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.49% | &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | &nbsp;&nbsp;&nbsp;&nbsp; 9.02% | &nbsp;&nbsp;&nbsp;&nbsp; (9.86%) | &nbsp;&nbsp;&nbsp;&nbsp; 4.52% |
| **Ratios/Supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $40896 | &nbsp;&nbsp; $42853 | &nbsp;&nbsp; $46509 | &nbsp;&nbsp; $47950 | &nbsp;&nbsp; $59188 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 23% |

---

------

<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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

#### 1 — Organization
Penn Series Funds, Inc. ("Penn Series") was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940 ("1940 Act"), as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company ("Penn Mutual") and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual's employee benefit plans.

Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a "Fund" and collectively, the "Funds"). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.

***Fund of Funds ("FOFs") – Each Penn Series FOF seeks to achieve its investment objective by investing in other Penn Series Funds ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. Each of the following is a Penn Series FOFs: Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds.***

#### 2 — Significant Accounting Policies
The following significant accounting policies are followed by Penn Series in the preparation of its financial statements. The preparation of financial statements in accordance with the accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic No. 946.

#### Security Valuation:
In conjunction with and pursuant to the requirements of the 1940 Act and Rule 2a-5 (the "Rule"), the Board of the Penn Series Funds, Inc. ("Board") has designated Penn Mutual Asset Management LLC ("PMAM" or the "Adviser") as the Valuation Designee for the Funds. As Valuation Designee, PMAM has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. PMAM has adopted policies and procedures related to the Rule, and established a Valuation Committee for Registered Investment Companies to oversee valuation practices including fair valuation of all Fund investments.

***Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.***

***Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Securities valued according to these valuation methods are categorized as Level 1 in the fair value hierarchy described below. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing valuation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and***

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

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, 2025 consist of equities in the High Yield Bond Fund, Flexibly Managed Fund, Large Growth Stock Fund and Small Cap Index Fund, respectively which were not publicly trading. The unobservable inputs used in valuing these securities include new rounds of financing, negotiated transactions of significant size between

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

other investors in the company, relevant market valuations of peer companies and strategic events affecting the company. Significant increases (decreases) in the valuation indicated by the new rounds of financing, valuations observed through negotiated transactions between other investors in the company or changes in the market valuation of relevant peer companies would result in directionally similar changes to the fair value. Fair value determinations are reviewed and updated on a regular basis and as information becomes available, including actual purchase and sale transactions of the issue. For certain loan agreements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

***Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.***

The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of all securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

***Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the Fund is subject to nonperformance by the counterparty.***

***Security Transactions, Investment Income and Expenses — Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums on debt and fixed income securities are accreted and amortized using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. The cost of investment securities sold is determined by using the specific identification method for both financial reporting and income tax purposes. Expenses directly attributable to a Fund are directly charged. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds of the FOFs. Other expenses attributable to the Funds are allocated in accordance with methodologies, which are reviewed with the Board of Directors no less than annually.***

***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, 2025 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, 2025, 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.***

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

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, 2025, Emerging Markets Equity Fund had accrued capital gains taxes of $164,971, which is reflected in the Statement of Assets and Liabilities. For the year ended December 31, 2025, the International Equity Fund and Emerging Markets Equity Fund had realized capital gains tax expense of $6 and $16,760, respectively, which is reflected in the Net realized gain (loss) on Investments line item in the Statement of Operations.***

#### Segment Reporting
An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity's chief operating decision maker (the "CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds' President, Treasurer and Chief Compliance Officer act together as the Funds' CODM, which has determined that the Funds operates as a single segment. The CODM monitors the operating results of the Funds, as a whole, and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its Prospectuses, based on the defined investment strategies that are executed by the Portfolios' various portfolio management teams. The financial information, in the form of the Portfolios' holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the segment's performance versus the Portfolios' various benchmarks and to make resource allocation decisions for the Fund's single segment, which is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the Funds' Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statements of Operations.

#### 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:

---

| | | |
|:---|:---|:---|
| **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. |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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;0.69% of the first $250,000,000;<br> 0.65% of the next $250,000,000;<br> 0.62% over $500,000,000. |
| Large Cap Growth Fund | &nbsp;&nbsp;Massachusetts Financial Services<br> Company | &nbsp;&nbsp;0.53% |
| Large Core Growth Fund | &nbsp;&nbsp;Nomura Investments Fund<br> Advisers | &nbsp;&nbsp;0.58% |
| 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;0.64% of the first $150,000,000;<br> 0.62% 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;Nomura Investments Fund<br> Advisers | &nbsp;&nbsp;0.68% |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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;0.54% 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;0.68% |
| SMID Cap Growth Fund | &nbsp;&nbsp;Goldman Sachs Asset Management, LP | &nbsp;&nbsp;0.73% |
| SMID Cap Value Fund | &nbsp;&nbsp;AllianceBernstein, LP | &nbsp;&nbsp;0.80% |
| Small Cap Growth Fund | &nbsp;&nbsp;Janus Henderson Investors US LLC | &nbsp;&nbsp;0.75% of the first $25,000,000;<br> 0.70% of the next $25,000,000;<br> 0.65% over $50,000,000. |
| Small Cap Value Fund | &nbsp;&nbsp;Goldman Sachs Asset Management, LP | &nbsp;&nbsp;0.71% of the first $50,000,000;<br> 0.68% of the next $50,000,000;<br> 0.66% 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;0.81% of the first $200,000,000;<br> 0.61% over $200,000,000. |
| Emerging Markets Equity Fund | &nbsp;&nbsp;Vontobel Asset Management, Inc. | &nbsp;&nbsp;0.83% |
| 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. |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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. |

---

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.

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

#### Expenses and Limitations Thereon
Each Fund bears all expenses of its operations other than those incurred by PMAM and, if applicable its sub-adviser under its respective investment advisory agreement and those incurred by Penn Mutual under its administrative and corporate services agreement. PMAM and Penn Mutual have agreed to waive fees or reimburse expenses to the extent the Fund's total expense ratio (excluding nonrecurring account fees, fees on portfolio transactions, such as exchange fees, dividends and interest on securities sold short, acquired fund fees and expenses, service fees, interest, taxes, brokerage commissions, other capitalized expenses and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund's business, but including investment advisory and administrative and corporate services fees) exceeds the applicable expense limitation for the Fund. The expense limitations for the Funds are as follows:

---

| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| Money Market Fund | 0.64% |
| Limited Maturity Bond Fund | 0.74% |
| Quality Bond Fund | 0.73% |
| High Yield Bond Fund | 0.92% |
| Flexibly Managed Fund | 0.94% |
| Balanced Fund | 0.79% |
| Large Growth Stock Fund | 1.02% |
| Large Cap Growth Fund | 0.89% |
| Large Core Growth Fund | 0.90% |
| Large Cap Value Fund | 0.96% |
| Large Core Value Fund | 0.96% |
| Index 500 Fund | 0.42% |
| Mid Cap Growth Fund | 1.00% |
| Mid Cap Value Fund | 0.83% |
| Mid Core Value Fund | 1.11% |
| SMID Cap Growth Fund | 1.07% |

---

---

| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| SMID Cap Value Fund | 1.26% |
| Small Cap Growth Fund | 1.13% |
| Small Cap Value Fund | 1.02% |
| Small Cap Index Fund | 0.74% |
| Developed International Index Fund | 0.94% |
| International Equity Fund | 1.20% |
| Emerging Markets Equity Fund | 1.78% |
| Real Estate Securities Fund | 1.02% |
| Aggressive Allocation Fund\* | 0.40% |
| Moderately Aggressive Allocation Fund\* | 0.34% |
| Moderate Allocation Fund\* | 0.34% |
| Moderately Conservative Allocation Fund\* | 0.35% |
| Conservative Allocation Fund\* | 0.38% |

---

\* For FOFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds.

Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund's future yield.

If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM's election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.

As of December 31, 2025, the Mid Cap Value Fund and Developed International Index Fund had waived and/or reimbursed advisory fees that are subject to potential recapture by PMAM through the periods stated below. If not recaptured, the waived and/or reimbursed advisory fees will expire according to the table below:

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**December 31,<br> 2026** | &nbsp;&nbsp;**December 31,<br> 2027** | &nbsp;&nbsp;**December 31,<br> 2028** | &nbsp;&nbsp;**Total** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4334 | &nbsp;&nbsp;$4334 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;6041 | &nbsp;&nbsp;&nbsp;&nbsp;2564 | &nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp;9807 |

---

During the year ended December 31, 2025, previously waived advisory fees were recaptured by PMAM. The recaptured fees are shown as recaptured advisory fees on the statement of operations and are as follows:

---

| | |
|:---|:---|
| Limited Maturity Bond Fund | &nbsp;&nbsp;$11962 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;5257 |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;12541 |

---

Total fees of $405,000 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the year ended December 31, 2025. Directors who are also employees of PMAM or its affiliates and officers of the Company receive no compensation from the Company for their services.

#### 4 — Related Party Transactions
Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| SMID Cap Growth Fund | &nbsp;&nbsp;$1790 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;4310 |

---

Cross trades for the year ended December 31, 2025, 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, 2025, 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;**Net Realized Gain (Loss)** |
| &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;$662510 | &nbsp;&nbsp;$122563 |
| &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;43663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balanced Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 12/31/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 59.8%** | **Affiliated Equity Funds — 59.8%** | **Affiliated Equity Funds — 59.8%** |  |  |  |  |  |  |
| Penn Series Index 500 Fund<sup>\*</sup> | $47031032 | $2348687 | $9147239 | $6373164 | $1384491 | $47990135 | &nbsp;&nbsp;&nbsp;769073 | $— |
| **Affiliated Fixed Income Funds — 39.9%** | **Affiliated Fixed Income Funds — 39.9%** | **Affiliated Fixed Income Funds — 39.9%** |  |  |  |  |  |  |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32030177 | &nbsp;&nbsp;&nbsp;3405726 | &nbsp;&nbsp;&nbsp;&nbsp;5722785 | &nbsp;&nbsp;&nbsp;&nbsp;752852 | &nbsp;&nbsp;&nbsp;&nbsp;1511324 | &nbsp;&nbsp;&nbsp;&nbsp;31977294 | 1826230 | &nbsp;&nbsp;&nbsp;— |
|  | $79061209 | $5754413 | $14870024 | $7126016 | $2895815 | $79967429 |  | $— |

---

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggressive Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 12/31/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 77.3%** | **Affiliated Equity Funds — 77.3%** | **Affiliated Equity Funds — 77.3%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $5168560 | $359914 | $1111921 | $278508 | $292885 | $4987946 | &nbsp;&nbsp;&nbsp;41681 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;15361804 | &nbsp;&nbsp;&nbsp;&nbsp;1540716 | &nbsp;&nbsp;&nbsp;&nbsp;3878332 | &nbsp;&nbsp;&nbsp;1666506 | &nbsp;&nbsp;&nbsp;&nbsp;825308 | &nbsp;&nbsp;&nbsp;15516002 | 248654 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556770 | &nbsp;&nbsp;&nbsp;&nbsp;11349 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3398013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16196) | &nbsp;&nbsp;&nbsp;&nbsp;3276073 | &nbsp;&nbsp;&nbsp;58387 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2278688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121463 | &nbsp;&nbsp;&nbsp;&nbsp;2247221 | &nbsp;&nbsp;&nbsp;55569 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2262574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31893 | &nbsp;&nbsp;&nbsp;&nbsp;2217216 | &nbsp;&nbsp;58594 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567633 | &nbsp;&nbsp;&nbsp;&nbsp;2773732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190028 | &nbsp;&nbsp;&nbsp;&nbsp;300853 | &nbsp;&nbsp;&nbsp;&nbsp;3359594 | &nbsp;&nbsp;&nbsp;30472 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127683 | &nbsp;&nbsp;&nbsp;&nbsp;(108996) | &nbsp;&nbsp;&nbsp;&nbsp;1087483 | &nbsp;&nbsp;&nbsp;27749 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11778 | &nbsp;&nbsp;&nbsp;&nbsp;1095857 | &nbsp;&nbsp;&nbsp;&nbsp;31141 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2845635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278523 | &nbsp;&nbsp;&nbsp;&nbsp;1199594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477497 | &nbsp;&nbsp;&nbsp;&nbsp;(233062) | &nbsp;&nbsp;&nbsp;&nbsp;2168999 | &nbsp;&nbsp;&nbsp;52341 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2812516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81746) | &nbsp;&nbsp;&nbsp;&nbsp;2743114 | &nbsp;&nbsp;&nbsp;80255 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24746 | &nbsp;&nbsp;&nbsp;&nbsp;1069207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228344 | &nbsp;&nbsp;&nbsp;&nbsp;(305687) | &nbsp;&nbsp;&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 Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1668841 | &nbsp;&nbsp;&nbsp;&nbsp;268956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188014 | &nbsp;&nbsp;&nbsp;&nbsp;1623444 | &nbsp;&nbsp;&nbsp;41435 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111990 | &nbsp;&nbsp;&nbsp;&nbsp;202990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108734 | &nbsp;&nbsp;&nbsp;&nbsp;(75968) | &nbsp;&nbsp;&nbsp;&nbsp;1090835 | &nbsp;&nbsp;&nbsp;20723 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52339) | &nbsp;&nbsp;&nbsp;&nbsp;1086668 | &nbsp;&nbsp;&nbsp;25277 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 7.0%** | **Affiliated Fixed Income Funds — 7.0%** | **Affiliated Fixed Income Funds — 7.0%** |  |  |  |  |  |  |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553138 | &nbsp;&nbsp;&nbsp;36082 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3487334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79010 | &nbsp;&nbsp;&nbsp;&nbsp;166202 | &nbsp;&nbsp;&nbsp;&nbsp;3323477 | 189805 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 15.0%** | **Affiliated International Equity Funds — 15.0%** | **Affiliated International Equity Funds — 15.0%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2838500 | &nbsp;&nbsp;&nbsp;&nbsp;1219018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392197 | &nbsp;&nbsp;&nbsp;&nbsp;378685 | &nbsp;&nbsp;&nbsp;&nbsp;3888179 | 165949 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2248836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84635 | &nbsp;&nbsp;&nbsp;&nbsp;2130283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22116) | &nbsp;&nbsp;&nbsp;&nbsp;383489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564561 | &nbsp;&nbsp;&nbsp;41665 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5110558 | &nbsp;&nbsp;&nbsp;&nbsp;709945 | &nbsp;&nbsp;&nbsp;&nbsp;2381261 | &nbsp;&nbsp;&nbsp;&nbsp;704389 | &nbsp;&nbsp;&nbsp;&nbsp;(258077) | &nbsp;&nbsp;&nbsp;&nbsp;3885554 | &nbsp;&nbsp;85509 | &nbsp;&nbsp;&nbsp;— |
|  | $56776725 | $9894243 | $18230871 | $5249339 | $1582695 | $55272131 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Aggressive Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 12/31/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 69.6%** | **Affiliated Equity Funds — 69.6%** | **Affiliated Equity Funds — 69.6%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $17884778 | $327960 | $3147828 | $1989971 | $(36865) | $17018016 | &nbsp;&nbsp;&nbsp;142208 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47249700 | &nbsp;&nbsp;&nbsp;&nbsp;3224663 | &nbsp;&nbsp;&nbsp;&nbsp;10787442 | &nbsp;&nbsp;&nbsp;&nbsp;5202724 | &nbsp;&nbsp;&nbsp;2378225 | &nbsp;&nbsp;&nbsp;&nbsp;47267870 | &nbsp;&nbsp;&nbsp;757498 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899708 | &nbsp;&nbsp;&nbsp;&nbsp;38722 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11758019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554904 | &nbsp;&nbsp;&nbsp;&nbsp;2232978 | &nbsp;&nbsp;&nbsp;&nbsp;1036866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11176527 | &nbsp;&nbsp;&nbsp;199190 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942458 | &nbsp;&nbsp;&nbsp;&nbsp;2286166 | &nbsp;&nbsp;&nbsp;&nbsp;1082929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750942 | &nbsp;&nbsp;&nbsp;142209 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424111 | &nbsp;&nbsp;&nbsp;&nbsp;1572445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7564918 | &nbsp;&nbsp;&nbsp;199918 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964157 | &nbsp;&nbsp;&nbsp;&nbsp;5541946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351718 | &nbsp;&nbsp;&nbsp;&nbsp;645659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642579 | &nbsp;&nbsp;&nbsp;&nbsp;69320 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467830 | &nbsp;&nbsp;&nbsp;&nbsp;(401329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710341 | &nbsp;&nbsp;&nbsp;&nbsp;94676 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869353 | &nbsp;&nbsp;&nbsp;&nbsp;53122 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9846703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453338 | &nbsp;&nbsp;&nbsp;&nbsp;3738375 | &nbsp;&nbsp;&nbsp;&nbsp;1312355 | &nbsp;&nbsp;&nbsp;&nbsp;(474740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7399281 | &nbsp;&nbsp;&nbsp;178554 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732119 | &nbsp;&nbsp;&nbsp;&nbsp;1086387 | &nbsp;&nbsp;&nbsp;&nbsp;1672400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460147 | &nbsp;&nbsp;&nbsp;(248509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9357744 | &nbsp;&nbsp;&nbsp;273778 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253 | &nbsp;&nbsp;&nbsp;&nbsp;1819098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440726 | &nbsp;&nbsp;&nbsp;&nbsp;(571748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116765 | &nbsp;&nbsp;&nbsp;&nbsp;2843651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61777) | &nbsp;&nbsp;&nbsp;&nbsp;628077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538903 | &nbsp;&nbsp;&nbsp;&nbsp;141371 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192244 | &nbsp;&nbsp;&nbsp;&nbsp;(133681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860974 | &nbsp;&nbsp;&nbsp;&nbsp;35353 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282809 | &nbsp;&nbsp;&nbsp;&nbsp;(170081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707312 | &nbsp;&nbsp;&nbsp;&nbsp;86237 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 17.0%** | **Affiliated Fixed Income Funds — 17.0%** | **Affiliated Fixed Income Funds — 17.0%** |  |  |  |  |  |  |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774229 | &nbsp;&nbsp;&nbsp;246199 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30168461 | &nbsp;&nbsp;&nbsp;&nbsp;2310148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6232333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325086 | &nbsp;&nbsp;&nbsp;&nbsp;1775211 | &nbsp;&nbsp;&nbsp;&nbsp;28346573 | 1618879 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 13.0%** | **Affiliated International Equity Funds — 13.0%** | **Affiliated International Equity Funds — 13.0%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821875 | &nbsp;&nbsp;&nbsp;&nbsp;3731577 | &nbsp;&nbsp;&nbsp;&nbsp;2925228 | &nbsp;&nbsp;&nbsp;&nbsp;1067378 | &nbsp;&nbsp;&nbsp;1570266 | &nbsp;&nbsp;&nbsp;&nbsp;13265868 | &nbsp;&nbsp;&nbsp;566191 | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Aggressive Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 12/31/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | $5836188 | $41049 | $5000490 | $(95486) | $1145016 | $1926277 | &nbsp;&nbsp;&nbsp;&nbsp;142161 | $— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13754160 | &nbsp;&nbsp;&nbsp;&nbsp;1277684 | &nbsp;&nbsp;&nbsp;&nbsp;6742080 | &nbsp;&nbsp;&nbsp;&nbsp;2043919 | &nbsp;&nbsp;&nbsp;&nbsp;(864227) | &nbsp;&nbsp;&nbsp;&nbsp;9469456 | &nbsp;&nbsp;&nbsp;208395 | &nbsp;&nbsp;&nbsp;— |
|  | $196989883 | $23294061 | $54082438 | $16295051 | $6050314 | $188546871 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderate Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 12/31/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 53.6%** | **Affiliated Equity Funds — 53.6%** | **Affiliated Equity Funds — 53.6%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $17882666 | $227086 | $3346133 | $2151414 | $(206313) | $16708720 | &nbsp;&nbsp;&nbsp;139623 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39370411 | &nbsp;&nbsp;&nbsp;3289067 | &nbsp;&nbsp;&nbsp;&nbsp;9959590 | &nbsp;&nbsp;&nbsp;&nbsp;4199552 | &nbsp;&nbsp;&nbsp;2083492 | &nbsp;&nbsp;&nbsp;&nbsp;38982932 | &nbsp;&nbsp;&nbsp;624727 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865116 | &nbsp;&nbsp;&nbsp;&nbsp;38017 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5487133 | &nbsp;&nbsp;&nbsp;&nbsp;97792 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1963906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881995 | &nbsp;&nbsp;&nbsp;&nbsp;46538 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914035 | &nbsp;&nbsp;&nbsp;&nbsp;204204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713639 | &nbsp;&nbsp;&nbsp;&nbsp;98141 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963965 | &nbsp;&nbsp;&nbsp;&nbsp;3731501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627309 | &nbsp;&nbsp;&nbsp;&nbsp;51041 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454626 | &nbsp;&nbsp;&nbsp;&nbsp;(383130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643035 | &nbsp;&nbsp;&nbsp;&nbsp;92958 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9845349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374049 | &nbsp;&nbsp;&nbsp;&nbsp;3787329 | &nbsp;&nbsp;&nbsp;&nbsp;1579332 | &nbsp;&nbsp;&nbsp;&nbsp;(745823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265578 | &nbsp;&nbsp;&nbsp;175328 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350839 | &nbsp;&nbsp;&nbsp;215063 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142316) | &nbsp;&nbsp;&nbsp;&nbsp;464852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625690 | &nbsp;&nbsp;&nbsp;&nbsp;92539 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923636 | &nbsp;&nbsp;&nbsp;&nbsp;290954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827183 | &nbsp;&nbsp;&nbsp;&nbsp;34711 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820060 | &nbsp;&nbsp;&nbsp;&nbsp;42337 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 36.9%** | **Affiliated Fixed Income Funds — 36.9%** | **Affiliated Fixed Income Funds — 36.9%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331556 | &nbsp;&nbsp;&nbsp;&nbsp;1595648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7438962 | &nbsp;&nbsp;360939 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558556 | &nbsp;&nbsp;&nbsp;362593 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60330018 | &nbsp;&nbsp;&nbsp;3745865 | &nbsp;&nbsp;&nbsp;&nbsp;12576011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916708 | &nbsp;&nbsp;&nbsp;3246639 | &nbsp;&nbsp;&nbsp;&nbsp;55663219 | 3178939 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 9.0%** | **Affiliated International Equity Funds — 9.0%** | **Affiliated International Equity Funds — 9.0%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7856584 | &nbsp;&nbsp;&nbsp;1762346 | &nbsp;&nbsp;&nbsp;&nbsp;2405698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862940 | &nbsp;&nbsp;&nbsp;&nbsp;1227270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303442 | &nbsp;&nbsp;&nbsp;397074 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32847 | &nbsp;&nbsp;&nbsp;&nbsp;5020255 | &nbsp;&nbsp;&nbsp;&nbsp;(310020) | &nbsp;&nbsp;&nbsp;&nbsp;1353297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891205 | &nbsp;&nbsp;&nbsp;139572 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7858561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681810 | &nbsp;&nbsp;&nbsp;&nbsp;3644603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965679 | &nbsp;&nbsp;&nbsp;&nbsp;(283092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5578355 | &nbsp;&nbsp;&nbsp;122763 | &nbsp;&nbsp;&nbsp;— |
|  | $198076867 | $19126111 | $52686247 | $13518806 | $7197431 | $185232968 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Conservative Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 12/31/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 35.5%** | **Affiliated Equity Funds — 35.5%** | **Affiliated Equity Funds — 35.5%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $5979826 | $313027 | $1282793 | $654588 | $(8458) | $5656190 | &nbsp;&nbsp;&nbsp;&nbsp;47265 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9626941 | &nbsp;&nbsp;&nbsp;1485158 | &nbsp;&nbsp;&nbsp;&nbsp;2745937 | &nbsp;&nbsp;&nbsp;1079091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452113 | &nbsp;&nbsp;&nbsp;&nbsp;9897366 | &nbsp;&nbsp;&nbsp;&nbsp;158612 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710309 | &nbsp;&nbsp;&nbsp;&nbsp;14478 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211283 | &nbsp;&nbsp;&nbsp;&nbsp;158609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9346) | &nbsp;&nbsp;&nbsp;&nbsp;2089607 | &nbsp;&nbsp;&nbsp;&nbsp;37241 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87895 | &nbsp;&nbsp;&nbsp;&nbsp;1414288 | &nbsp;&nbsp;&nbsp;&nbsp;37376 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2222208 | &nbsp;&nbsp;&nbsp;&nbsp;168507 | &nbsp;&nbsp;&nbsp;&nbsp;1198423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541742 | &nbsp;&nbsp;&nbsp;&nbsp;(350625) | &nbsp;&nbsp;&nbsp;&nbsp;1383409 | &nbsp;&nbsp;&nbsp;&nbsp;33383 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2928355 | &nbsp;&nbsp;&nbsp;&nbsp;370956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22987 | &nbsp;&nbsp;&nbsp;&nbsp;2799398 | &nbsp;&nbsp;&nbsp;&nbsp;81902 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690344 | &nbsp;&nbsp;&nbsp;&nbsp;17620 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69776 | &nbsp;&nbsp;&nbsp;&nbsp;(49390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693101 | &nbsp;&nbsp;&nbsp;&nbsp;16122 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 56.4%** | **Affiliated Fixed Income Funds — 56.4%** | **Affiliated Fixed Income Funds — 56.4%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3790198 | &nbsp;&nbsp;&nbsp;&nbsp;201009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163100 | &nbsp;&nbsp;&nbsp;&nbsp;3541199 | &nbsp;&nbsp;&nbsp;&nbsp;171819 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5342889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247104 | &nbsp;&nbsp;&nbsp;&nbsp;1646412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88336 | &nbsp;&nbsp;&nbsp;&nbsp;4233650 | &nbsp;&nbsp;&nbsp;276168 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;34043749 | &nbsp;&nbsp;&nbsp;3142867 | &nbsp;&nbsp;&nbsp;&nbsp;7039365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42132 | &nbsp;&nbsp;&nbsp;&nbsp;2314130 | &nbsp;&nbsp;&nbsp;32503513 | 1856283 | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Conservative Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 12/31/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated International Equity Funds — 7.0%** | **Affiliated International Equity Funds — 7.0%** | **Affiliated International Equity Funds — 7.0%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | $2216647 | $746422 | $716368 | $294971 | $292790 | $2834462 | &nbsp;&nbsp;&nbsp;120976 | $— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2956267 | &nbsp;&nbsp;&nbsp;&nbsp;316220 | &nbsp;&nbsp;&nbsp;&nbsp;1402063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101821 | &nbsp;&nbsp;&nbsp;&nbsp;2124428 | &nbsp;&nbsp;&nbsp;&nbsp;46752 | &nbsp;&nbsp;&nbsp;— |
|  | $74979359 | $7575021 | $18750256 | $3559434 | $3207706 | $70571264 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Conservative Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 12/31/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 20.5%** | **Affiliated Equity Funds — 20.5%** | **Affiliated Equity Funds — 20.5%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $3366309 | $525233 | $1072516 | $400187 | $(24608) | $3194605 | &nbsp;&nbsp;&nbsp;&nbsp;26695 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335252 | &nbsp;&nbsp;&nbsp;&nbsp;1015751 | &nbsp;&nbsp;&nbsp;&nbsp;1309420 | &nbsp;&nbsp;&nbsp;&nbsp;498006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54300 | &nbsp;&nbsp;&nbsp;&nbsp;3593889 | &nbsp;&nbsp;&nbsp;&nbsp;57594 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399423 | &nbsp;&nbsp;&nbsp;&nbsp;10556 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833675 | &nbsp;&nbsp;&nbsp;&nbsp;146264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192918 | &nbsp;&nbsp;&nbsp;&nbsp;(118717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9425 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790423 | &nbsp;&nbsp;&nbsp;&nbsp;23125 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 75.1%** | **Affiliated Fixed Income Funds — 75.1%** | **Affiliated Fixed Income Funds — 75.1%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133515 | &nbsp;&nbsp;&nbsp;&nbsp;304085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59192 | &nbsp;&nbsp;&nbsp;&nbsp;1999918 | &nbsp;&nbsp;&nbsp;&nbsp;97036 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5156316 | &nbsp;&nbsp;&nbsp;&nbsp;646690 | &nbsp;&nbsp;&nbsp;&nbsp;2494466 | &nbsp;&nbsp;&nbsp;&nbsp;321002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43155) | &nbsp;&nbsp;&nbsp;&nbsp;3586387 | &nbsp;&nbsp;&nbsp;233946 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;25550904 | &nbsp;&nbsp;&nbsp;5166314 | &nbsp;&nbsp;&nbsp;&nbsp;7348254 | &nbsp;&nbsp;&nbsp;&nbsp;(176188) | &nbsp;&nbsp;&nbsp;1948114 | &nbsp;&nbsp;&nbsp;25140890 | 1435802 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 2.0%** | **Affiliated International Equity Funds — 2.0%** | **Affiliated International Equity Funds — 2.0%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79801 | &nbsp;&nbsp;&nbsp;&nbsp;143894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800460 | &nbsp;&nbsp;&nbsp;&nbsp;34164 | &nbsp;&nbsp;&nbsp;— |
|  | $42445942 | $8172568 | $14236308 | $1483339 | $2031032 | $39896573 |  | $— |

---

\* Non-income producing security.

#### 5 — Purchases and Sales of Securities
During the year ended December 31, 2025, 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;$2952419 | &nbsp;&nbsp;$21644930 | &nbsp;&nbsp;$24485537 |
| &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;&nbsp;49583911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62104259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53749758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64040698 |
| &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;&nbsp;&nbsp;137916518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146061932 |
| &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;2243272171 | &nbsp;&nbsp;&nbsp;&nbsp;2210312699 | &nbsp;&nbsp;&nbsp;&nbsp;3822208841 | &nbsp;&nbsp;&nbsp;&nbsp;4408573945 |
| &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;&nbsp;&nbsp;5754413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14870024 |
| &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;130463990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173259028 |
| &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;&nbsp;&nbsp;15235053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20059361 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;33212315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44355286 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100897302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117395200 |
| &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;76041727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85522494 |
| &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;31345819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91075265 |
| &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;62670824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81549755 |
| &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;31034490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40442855 |
| &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;&nbsp;&nbsp;48014226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63349795 |
| &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;88262286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96651416 |
| &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;&nbsp;&nbsp;29492645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37809946 |
| &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;&nbsp;&nbsp;28854131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43790896 |
| &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;&nbsp;&nbsp;119387834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137164740 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;11356919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23677609 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Developed International Index Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8683517 | &nbsp;&nbsp;$10984558 |
| &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;&nbsp;&nbsp;485285272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517554335 |
| &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;&nbsp;&nbsp;68404862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88373277 |
| &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;&nbsp;&nbsp;30763007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38483354 |
| &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;&nbsp;&nbsp;9894243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18230871 |
| &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;23294061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54082438 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19126111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52686247 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18750256 |
| &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;&nbsp;&nbsp;&nbsp;8172568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14236308 |

---

#### 6 — Federal Income Taxes
Each Fund has qualified and intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2025, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.

#### Reclassification of Capital Accounts:
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/ tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2025, primarily attributable to consent dividends, were reclassed between the following accounts:

---

| | | |
|:---|:---|:---|
|  | &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;&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;(2948534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948534 |
| &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;(14826337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14826337 |
| &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;(7414228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7414228 |
| &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;(756797122) | &nbsp;&nbsp;&nbsp;&nbsp;756797122 |
| &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;(6984095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984095 |
| &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;(51104228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51104228 |
| &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;(3483417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483417 |
| &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;250946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250946) |
| &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;(11221827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11221827 |
| &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;(4314468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314468 |
| &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;(75199282) | &nbsp;&nbsp;&nbsp;&nbsp;75199282 |
| &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;(903371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903371 |
| &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;(3909941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909941 |
| &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;(5255552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5255552 |
| &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;(567590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567590 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | &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;SMID Cap Value Fund | &nbsp;&nbsp;$(1971232) | &nbsp;&nbsp;$1971232 |
| &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;(9519413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519413 |
| &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;(12047025) | &nbsp;&nbsp;&nbsp;&nbsp;12047025 |
| &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;(5138365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138365 |
| &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;(6610902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6610902 |
| &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;(24498033) | &nbsp;&nbsp;&nbsp;&nbsp;24498033 |
| &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;(652896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652896 |
| &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;(4871919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871919 |
| &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;(5014291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014291 |
| &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;(15751143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15751143 |
| &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;(12981780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12981780 |
| &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;(3388568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388568 |
| &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;(1493969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493969 |

---

These reclassifications had no effect on net assets or net asset value per share.

#### Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Income and<br> Short-Term Capital Gains** | **Ordinary Income and<br> Short-Term Capital Gains** | **Long-Term Capital Gains** | **Long-Term Capital Gains** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | $4530842 | $6724790 | $— | $— | $4530842 | $6724790 |
| &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;2948534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597587 |
| &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;14826335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14945851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14826335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14945851 |
| &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;7414228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7414228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978769 |
| &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;261443533 | &nbsp;&nbsp;&nbsp;209082081 | &nbsp;&nbsp;&nbsp;495353592 | &nbsp;&nbsp;&nbsp;449485122 | &nbsp;&nbsp;&nbsp;756797125 | &nbsp;&nbsp;&nbsp;658567203 |
| &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;1660087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653368 | &nbsp;&nbsp;&nbsp;&nbsp;10579483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11784773 | &nbsp;&nbsp;&nbsp;&nbsp;12239570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438141 |
| &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;1640453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49463775 | &nbsp;&nbsp;&nbsp;&nbsp;26901322 | &nbsp;&nbsp;&nbsp;&nbsp;51104228 | &nbsp;&nbsp;&nbsp;&nbsp;26901322 |
| &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;145676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9274742 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16133043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11221827 | &nbsp;&nbsp;&nbsp;&nbsp;18748632 |
| &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;1344694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969774 | &nbsp;&nbsp;&nbsp;&nbsp;10979554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15469118 |
| &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;8439005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8658844 | &nbsp;&nbsp;&nbsp;&nbsp;66760277 | &nbsp;&nbsp;&nbsp;&nbsp;57285307 | &nbsp;&nbsp;&nbsp;&nbsp;75199282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65944151 |
| &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;698525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19617208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19617208 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | $817470 | $2124165 | $3092471 | $9338621 | $3909941 | $11462786 |
| &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;2637999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5255746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753402 |
| &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;1007768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;837318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475335 |
| &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;656903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9722140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11012082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9722140 | &nbsp;&nbsp;&nbsp;&nbsp;11668985 |
| &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;3520787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109707 | &nbsp;&nbsp;&nbsp;&nbsp;12047025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11883456 |
| &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;905605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5606511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872829 |
| &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;2463361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4147541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6610902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735728 |
| &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;10182494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14315539 | &nbsp;&nbsp;&nbsp;&nbsp;23383835 | &nbsp;&nbsp;&nbsp;&nbsp;24498033 | &nbsp;&nbsp;&nbsp;&nbsp;23383835 |
| &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;652896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289683 |
| &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;2230018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937689 |
| &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;969344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8993629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9236716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928945 |
| &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;3887765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042745 | &nbsp;&nbsp;&nbsp;&nbsp;25552619 | &nbsp;&nbsp;&nbsp;&nbsp;28624832 | &nbsp;&nbsp;&nbsp;&nbsp;29440384 | &nbsp;&nbsp;&nbsp;&nbsp;32667577 |
| &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;4989446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332742 | &nbsp;&nbsp;&nbsp;&nbsp;20724319 | &nbsp;&nbsp;&nbsp;&nbsp;25970730 | &nbsp;&nbsp;&nbsp;&nbsp;25713765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31303472 |
| &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;2318477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7532675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7821318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10141586 |
| &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;1497747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915820 |

---

Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.

#### Capital loss carryforwards:
At December 31, 2025, the following Funds had capital loss carryforwards available to offset future realized capital gains:

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | &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;Money Market Fund | $1334 | &nbsp;&nbsp;$— |
| &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;1261234 | &nbsp;&nbsp;&nbsp;&nbsp;6320766 |
| &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;11423501 | &nbsp;&nbsp;&nbsp;&nbsp;32810741 |
| &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;1432104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386573 |
| &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;14497565 | &nbsp;&nbsp;&nbsp;&nbsp;41496106 |
| &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;11432270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248114 |

---

During the year ended December 31, 2025, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | $342147 |
| &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;255619 |
| &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;5957274 |
| &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;788694 |
| &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;3883476 |

---

#### Tax cost of securities:
At December 31, 2025, 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, 2025 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;$113123035 | &nbsp;&nbsp;$— | &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;&nbsp;71042976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1952199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1587610) |
| &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;&nbsp;354611572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12903753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9126855) |
| &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;117939535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223464 |
| &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;4776440556 | &nbsp;&nbsp;&nbsp;&nbsp;361963659 | &nbsp;&nbsp;&nbsp;&nbsp;(105402558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256561101 |
| &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;52301786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27997281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27997281 |
| &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;195722317 | &nbsp;&nbsp;&nbsp;&nbsp;187212942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6528256) | &nbsp;&nbsp;&nbsp;&nbsp;180684686 |
| &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;48466056 | &nbsp;&nbsp;&nbsp;&nbsp;24078983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23388896 |
| &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;90439107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48315388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2750741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45564647 |
| &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;132937384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31932945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3838516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28094429 |
| &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;110486337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23045241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3016196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20029045 |
| &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;393966188 | &nbsp;&nbsp;&nbsp;&nbsp;553169230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18770014) | &nbsp;&nbsp;&nbsp;&nbsp;534399216 |
| &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;100657420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24119038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6795069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17323969 |
| &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;65755323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21765641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2726808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19038833 |
| &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;64715703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6186099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5535029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651070 |
| &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;58813449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10694427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1911007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8783420 |
| &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;41528601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5708964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3883883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825081 |
| &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;65412404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33695075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4353261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29341814 |
| &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;129078177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19370607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4846804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14523803 |
| &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;71962147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23995811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15409153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8586658 |
| &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;58027714 | &nbsp;&nbsp;&nbsp;&nbsp;40644655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4151895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36492760 |
| &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;209508396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15767828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12359101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408727 |
| &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;54835898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13013658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1582579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11431079 |
| &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;92564583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10702866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10128595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574271 |
| &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;42145080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13708789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13558610 |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;$140354058 | &nbsp;&nbsp;$49601378 | &nbsp;&nbsp;$(274077) | &nbsp;&nbsp;$49327301 |
| &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;143937133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42612379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42495484 |
| &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;60259577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11218715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11121413 |
| &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;36691096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4243337 |

---

The differences between book basis and tax basis appreciation are primarily due to wash sales, Passive Foreign Investment Companies, Partnership Investments, Trust Preferred Securities, real estate investment trust adjustments, and the treatment of certain corporate actions.

It is each Fund's policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

#### 7 — Derivative Financial Instruments
The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include purchase options, written options, forward foreign currency exchange contracts and futures contracts.

The notional or contractual amounts of these instruments represent the investment the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

***Futures Contracts—A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.***

To the extent permitted by the investment objective, restrictions and policies set forth in the Funds' Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn "market-like" returns with the Funds' excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the Funds' investment objectives.

Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of 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.

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

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, 2025. Open futures contracts held by the Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at December 31, 2025 are listed after the Fund's Schedule of Investments.

***Options—An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.***

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statements of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statements of Operations.

The Flexibly Managed Fund received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.

The total market value of written options held in the Flexibly Managed Fund as of December 31, 2025 can be found on the Schedule of Investments.

***Forward Foreign Currency Contracts—A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.***

The Mid Core Value Fund and Developed International Index Fund entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Fund hedged currencies in times of base currency weakness in order to reduce the volatility of returns for the local securities which the Fund owns.

Foreign forward currency contracts involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the portfolio manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between the Fund's portfolio holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position. These investments can also increase the volatility of the Fund's share price and expose the Fund to significant additional costs. The forward foreign currency contracts outstanding are listed after the Fund's Schedule of Investments.

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

The following is a summary of the location of derivatives on the Funds' Statements of Assets and Liabilities as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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** |
| Quality Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(32260) |
| 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;(14282633) | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20441) | &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;4918 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12952) | &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;(11570) | &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;62084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | &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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &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;Bank of America | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(43259) | &nbsp;&nbsp;$(43259) | &nbsp;&nbsp;$43259 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3939707) | &nbsp;&nbsp;&nbsp;&nbsp;(3939707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3939707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2035027) | &nbsp;&nbsp;&nbsp;&nbsp;(2035027) | &nbsp;&nbsp;&nbsp;&nbsp;2035027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Securities | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7177130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7177130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7177130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(14282633) | &nbsp;&nbsp;$(14282633) | &nbsp;&nbsp;$2305078 | &nbsp;&nbsp;$(11977555) |
| **Mid Core Value Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Securities | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$4918 | &nbsp;&nbsp;$(12952) | &nbsp;&nbsp;$(8034) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(8034) |
| **Developed International Index Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong & Shanghai Bank | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Securities | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$63 | &nbsp;&nbsp;$(288) | &nbsp;&nbsp;$(225) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(225) |

---

The following is a summary of the location of derivatives on the Funds' Statements of Operations as of December 31, 2025:

---

| | |
|:---|:---|
| **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;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &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;$136956 |
| 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;438478 |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;1572668 | &nbsp;&nbsp;&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 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;5728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315282 | &nbsp;&nbsp;&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;(361730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24321) | &nbsp;&nbsp;&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;501816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49218) | &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;(38) | &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;$(81368) |
| 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;278081 |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;(6148782) | &nbsp;&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;&nbsp;&nbsp;&nbsp;83863 | &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;(77316) | &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;29442 | &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;116185 | &nbsp;&nbsp;&nbsp;&nbsp;(10517) | &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, 2025. 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;$(455375) | &nbsp;&nbsp;$— | &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;13722703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(10033670) |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2749700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(5231831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;405448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(520214) | &nbsp;&nbsp;&nbsp;&nbsp;3287622 | &nbsp;&nbsp;&nbsp;&nbsp;(841609) | &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 Growth Stock Fund and Emerging Markets Equity Fund had derivative activity during the period but did not have open positions at any quarter-end.

#### 8 — Credit and Market Risk
The Funds may invest a portion of their assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, 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

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — December 31, 2025

------

High Yield Bond Fund may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.

The funds may invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Funds or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

#### 9 — Contractual Obligations
In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.

#### 10 — Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that no additional subsequent events require recognition or disclosure in the financial statements.

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders of the Funds and Board of Directors

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 (the Funds), including the schedules of investments, as of December 31, 2025, 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, 2025, 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, 2025, by correspondence with 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 a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Penn Series Funds, Inc. investment companies since 2004.

Philadelphia, Pennsylvania

February 24, 2026

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### December 31, 2025

------

#### Tax Information (unaudited)
Each Fund reports the following amounts distributed during the year ended December 31, 2025 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;$495353592 |
| &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;10579483 |
| &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;49463775 |
| &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;3337741 |
| &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;9787912 |
| &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;2969774 |
| &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;66760277 |
| &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;204846 |
| &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;3092471 |
| &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;2617747 |
| &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;1007768 |
| &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;1133914 |
| &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;9722140 |
| &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;8526238 |
| &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;4232761 |
| &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;4147541 |
| &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;14315539 |
| &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;2641901 |
| &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;8267372 |
| &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;25552619 |
| &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;20724319 |
| &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;5502841 |
| &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;2255762 |

---

Each Fund reports the following percentages of ordinary income dividend paid during the year ended December 31, 2025 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;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;10.45% |
| &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;26.30% |
| &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;87.02% |
| &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;100.00% |
| &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 Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;64.49% |
| &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;47.21% |
| &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;63.03% |
| &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;44.38% |
| &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;53.98% |
| &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;2.77% |
| &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;3.31% |
| &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;(13.12%) |
| &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;32.87% |
| &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;25.67% |
| &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;15.27% |
| &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;8.51% |
| &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;4.12% |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

------

#### Penn Series Funds, Inc.

#### December 31, 2025

------

#### 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, 2025 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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

Penn Series Funds Management (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| 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. | President and Chief Executive Officer (2022 – Present), President and Chief Operating Officer (2016 – 2021), Penn Mutual; Chairman (2022 – Present), Chairman and Chief Executive Officer (2014 – 2021), PMAM. | 29 | None. |

---

\* The address of each Director is: Penn Series Funds, Inc. Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, Pennsylvania 19428.

---

| | | |
|:---|:---|:---|
| **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. | President and Chief Operating Officer (2025-Present) Senior Managing Director and Chief Operating Officer (2022 – 2025), President and Chief Operating Officer (2019 – 2021), 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> 2017. | Chief Financial Officer (2023 - Present), Controller and Treasurer (2015 - 2022), PMAM. |

---

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

Penn Series Funds Management (Unaudited)

---

| | | |
|:---|:---|:---|
| **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> 2021;<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 (2019 – Present); Chief Compliance Officer, PMAM (2021 – Present); Chief Compliance Officer, HTK (2019 – Present). |

---

\* The address of each Officer is: Penn Series Funds, Inc. Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, Pennsylvania 19428.

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__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### About The Penn Mutual Life Insurance Company
For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit <u>www.pennmutual.com</u>.

![](g58880img6a56a6ed2.jpg)

#### THE PENN MUTUAL

#### LIFE INSURANCE COMPANY

------

[**Table of Contents**](#JOB_Penn__4631182e-583c-4ac1-92e7-829fd7ee24ee_TOC)

#### THE PENN MUTUAL

#### LIFE INSURANCE COMPANY
2026 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172, www.pennmutual.com

PM9250 02/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7 of this Form N-CSR under the heading "Investment Advisory and Other Corporate Services".

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

------

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive 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)).

(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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

------

#### Item 19. Exhibits.
(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d58880dex99codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d58880dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(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.](d58880dex99906cert.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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Funds, Inc.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Keith G. Huckerby |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keith G. Huckerby, President<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date <u>March 5, 2026</u>

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)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Keith G. Huckerby |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keith G. Huckerby, President<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date <u>March 5, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Steven Viola |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Viola, Treasurer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

Date <u>March 5, 2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Code of Ethics** | &nbsp;&nbsp;&nbsp;**Code of Ethics** | &nbsp;&nbsp;&nbsp;**Code of Ethics** |
| &nbsp;&nbsp;&nbsp;**Type:** Compliance Policy | **Policy Number:** PS – 154.0 | **Responsible Department:**<br> Ethics & Compliance |
| &nbsp;&nbsp;&nbsp;**Origination Date:** 01/01/2017 | **Amended Date:** 12/01/2022 | **Review Cycle:** Annually |
| &nbsp;&nbsp;&nbsp;**Approved By:** Chief Ethics & Compliance Officer, 12/20/2024 (Approved by Penn Series Board of Directors) | &nbsp;&nbsp;&nbsp;**Approved By:** Chief Ethics & Compliance Officer, 12/20/2024 (Approved by Penn Series Board of Directors) | &nbsp;&nbsp;&nbsp;**Approved By:** Chief Ethics & Compliance Officer, 12/20/2024 (Approved by Penn Series Board of Directors) |
| &nbsp;&nbsp;&nbsp;**Company:** Penn Series Funds, Inc. | &nbsp;&nbsp;&nbsp;**Company:** Penn Series Funds, Inc. | &nbsp;&nbsp;&nbsp;**Company:** Penn Series Funds, Inc. |

---

---

| |
|:---|
| **Description** |
| &nbsp;&nbsp;&nbsp; <br> **Background**<br>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).<br>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.<br><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).<br>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.<br>Definitions of underlined terms used throughout the Code are included in the definitions section below.<br>**About the Code of Ethics**<br>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><br>**General Principles**<br>The Funds have adopted the following principles to be followed by their <u>Access Persons:</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are required to comply with <u>Federal Securities</u> <u>Laws</u> and other regulatory rules and regulations related to your personal investment activities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are expected to maintain the highest ethical standards when making personal securities transactions.<br>&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<br>&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.<br>&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.<br>&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.<br>|

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Code of Ethics** | Page:<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; 2 of 8  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.<br>&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.<br>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:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ any device, scheme or artifice to defraud the Funds;<br>&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;<br>&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<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respective to the Funds;<br>&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;<br>&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;<br>&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;<br>&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;<br>&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<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in, or help others engage in, late trading in the Funds.<br>**ACCESS PERSONS (other than Independent Directors)**<br>***Access Person — Restrictions***<br>&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.<br>&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.<br>&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.<br>&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.<br>&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.<br>***Access Person – Preclearance Requirement***<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Code of Ethics** | Page:<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; 3 of 8  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.<br>***Access Person — Reporting Requirements***<br><u>Access Persons</u> (other than <u>Independent Directors</u>) must comply with the reporting requirements.<br>&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.<br>&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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.<br>&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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.<br>&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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.<br>***Access Person — Reporting Requirement Exceptions***<br>You are not required to detail or list the following transactions in your reports:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of securities effected pursuant to an <u>Automated Investment Plan</u>.<br>&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.<br>&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).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer sponsored retirement plans such as 401K plans, defined benefit plans and other defined contribution plans.<br>&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.<br>&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<br>The Funds' CCO shall appoint a <u>Code Administrator</u> to perform the duties described below:<br>&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.<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Code of Ethics** | Page:<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; 4 of 8  |

---

&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;• 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;• 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;• 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;• 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;• <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;• <u>Independent Directors</u> are not required to provide initial or annual holdings reports.

&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;• Purchases or sales of securities effected pursuant to an <u>Automated Investment Plan</u>.

&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;• 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;• 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;• 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;• Purchases or sales effected for any account over which you have no direct or indirect influence or control.

**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.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Code of Ethics** | Page:<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; 5 of 8  |

---

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.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Code of Ethics** | Page:<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; 6 of 8  |

---

**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.

**Key Definitions** 

<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.

<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.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Code of Ethics** | Page:<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; 7 of 8  |

---

<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.

**Roles and Responsibilities** 

All full, part-time and temporary employees.

**Regulations** 

17j-1 Investment Company Act

**Related Policies** 

All Applicable Policies.

**Related Procedures** 

Not Applicable.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Code of Ethics** | Page:<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; 8 of 8  |

---

**Applicability and Distribution** 

This policy is applicable to all employees.

This policy is not to be distributed to third parties without written approval from the policy approver.

## 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: <u>March 5, 2026</u> | /s/ Keith G. Huckerby |
| | Keith G. Huckerby, President<br> (principal executive officer)  |
| | Keith G. Huckerby, President<br> (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: <u>March 5, 2026</u> | /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: <u>March 5, 2026</u> | /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: <u>March 5, 2026</u> | /s/ Steven Viola |
|  | Steven Viola, Treasurer |
|  | (principal financial officer) |

---