# EDGAR Filing Document

**Accession Number:** 0000702340
**File Stem:** 0000940400-26-020266
**Filing Date:** 2026-5
**Character Count:** 79387
**Document Hash:** a7f106ea4aec3f4fc156d2058849d7c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020266.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000940400-26-020266

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03459
- **FILM NUMBER:** 261007357

**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

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

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

## Nport-Ex

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

#### Schedule of Investments — March 31, 2026 (Unaudited)<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 9.8%** | **ASSET BACKED SECURITIES — 9.8%** | **ASSET BACKED SECURITIES — 9.8%** |
| **Student Loan ABS — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Granite Edvance Corp.Series 2020-1 Class A1A,<br> 1.550%, 09/25/60 | $1601 | &nbsp;&nbsp;$1469033 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan TrustSeries 2019-EA Class B, 144A<br> 3.390%, 05/15/68@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2846897 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan TrustSeries 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;762566 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan TrustSeries 2021-EA Class A, 144A<br> 0.970%, 12/16/69@ | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;1216820 |
| &nbsp;&nbsp;&nbsp;Navient Student Loan TrustSeries 2018-EA Class A2, 144A<br> 4.000%, 12/15/59@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47845 |
| &nbsp;&nbsp;&nbsp;Navient Student Loan TrustSeries 2023-BA Class A1A, 144A<br> 6.480%, 03/15/72@ | &nbsp;&nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117143 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan TrustSeries 2004-4 Class B (90 Day Average SOFR + 0.562%),<br> 4.449%, 01/25/41• | &nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;2261693 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan TrustSeries 2021-CA Class B, 144A<br> 2.530%, 04/20/62@ | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;3106768 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan TrustSeries 2014-2 Class A3 (30 Day Average SOFR + 0.704%),<br> 4.366%, 03/25/55• | &nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp;2137664 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan TrustSeries 2014-A Class B, 144A<br> 4.000%, 09/15/42@ | &nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16145342 |
| **Other ABS — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Apex Credit CLO Ltd.Series 2024-1A Class B1 (3 M SOFR + 2.400%, Floor 2.400%), 144A<br> 6.068%, 04/20/36@,• | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000006 |
| &nbsp;&nbsp;&nbsp;DB Master Finance LLCSeries 2025-1A Class A2II, 144A<br> 5.165%, 08/20/55@ | &nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965181 |
| &nbsp;&nbsp;&nbsp;First Eagle BSL CLO Ltd.Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A<br> 7.179%, 01/20/33@,• | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4010744 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer LLCSeries 2025-1A Class A2, 144A<br> 6.030%, 10/25/60@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2979554 |
| &nbsp;&nbsp;&nbsp;ICG US CLO Ltd.Series 2015-2RA Class BR (3 M SOFR + 1.750%, Floor 1.750%), 144A<br> 5.421%, 01/16/33@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1992798 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Other ABS — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Taco Bell Funding LLCSeries 2025-1A Class A2II, 144A<br> 5.049%, 08/25/55@ | $3000 | &nbsp;&nbsp;&nbsp;$2930763 |
| &nbsp;&nbsp;&nbsp;Trysail CLO Ltd.Series 2022-1A Class B (3 M SOFR + 1.850%, Floor 1.850%), 144A<br> 5.518%, 10/20/33@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379454 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $32,448,572)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $32,448,572)** | &nbsp;&nbsp;&nbsp;**32524796** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 11.9%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 11.9%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 11.9%** |
| BANK, Series 2021-BN37 Class AS,<br> 2.851%, 11/15/64• | &nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445685 |
| BANK5, Series 2024-5YR5 Class C,<br> 7.011%, 02/15/29• | &nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582267 |
| 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;4889693 |
| FREMF Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-K735 Class B, 144A<br> 4.018%, 05/25/26@,• | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5976962 |
| &nbsp;&nbsp;&nbsp;Series 2019-K736 Class B, 144A<br> 3.739%, 07/25/26@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493213 |
| &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;2944740 |
| &nbsp;&nbsp;&nbsp;Series 2017-K70 Class C, 144A<br> 3.812%, 12/25/49@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949571 |
| &nbsp;&nbsp;&nbsp;Series 2017-K63 Class B, 144A<br> 3.882%, 02/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487260 |
| &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;3436919 |
| &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;&nbsp;1977408 |
| &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;5095132 |
| &nbsp;&nbsp;&nbsp;Series 2019-K95 Class B, 144A<br> 3.916%, 08/25/52@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440952 |
| 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;2705636 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $40,772,679)** | **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $40,772,679)** | &nbsp;&nbsp;&nbsp;**39425438** |
| **CORPORATE BONDS — 26.5%** | **CORPORATE BONDS — 26.5%** | **CORPORATE BONDS — 26.5%** |
| **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;1612719 |
| **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;1987868 |

---

------

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

#### Schedule of Investments — March 31, 2026 (Unaudited)<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Banks — 4.3%** | **Banks — 4.3%** | **Banks — 4.3%** |
| Allfirst Preferred Capital Trust (3 M SOFR + 1.762%)<br> 5.434%, 07/15/29• | $3500 | &nbsp;&nbsp;$3444085 |
| JPMorgan Chase & Co., Series B (3 M SOFR + 0.762%)<br> 4.425%, 02/01/27• | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171720 |
| State Street Corp. (3 M SOFR + 0.822%)<br> 4.474%, 05/15/28• | &nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;3803480 |
| 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;1536416 |
| US Bancorp (UST Yield Curve CMT 5 Yr + 0.950%)<br> 2.491%, 11/03/36• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2160985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14116686 |
| **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;1632067 |
| Keurig Dr Pepper, Inc.<br> 2.250%, 03/15/31 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1766445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398512 |
| **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;2961071 |
| **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;2015295 |
| **Electric — 3.7%** | **Electric — 3.7%** | **Electric — 3.7%** |
| 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;1824025 |
| 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;3085945 |
| Northern States Power Co.<br> 3.600%, 09/15/47 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;2962149 |
| NRG Energy, Inc., 144A<br> 5.407%, 10/15/35@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957863 |
| Pacific Gas and Electric Co.<br> 5.200%, 05/01/36 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2437994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12267976 |
| **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;&nbsp;&nbsp;2152786 |
| Mars, Inc., 144A<br> 5.700%, 05/01/55@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1954724 |
| The Hershey Co.<br> 1.700%, 06/01/30 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900178 |
| The J.M. Smucker Co.<br> 4.250%, 03/15/35 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2760987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7768675 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — 0.5%** | **Healthcare Products — 0.5%** | **Healthcare Products — 0.5%** |
| Revvity, Inc.<br> 2.250%, 09/15/31 | $2000 | &nbsp;&nbsp;$1747073 |
| **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;1809065 |
| **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 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2660929 |
| **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;2004902 |
| New York Life Global Funding, 144A<br> 4.550%, 01/28/33@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2956038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4960940 |
| **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |
| Airbnb, Inc.<br> 5.250%, 03/16/36 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3003735 |
| Meta Platforms, Inc.<br> 5.500%, 11/15/45 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2368625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5372360 |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| Ares Capital Corp.<br> 2.875%, 06/15/28 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1888340 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Anglo American Capital PLC, 144A<br> 5.250%, 03/19/36@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2935324 |
| **Oil & Gas — 1.5%** | **Oil & Gas — 1.5%** | **Oil & Gas — 1.5%** |
| Aker BP ASA, 144A<br> 5.250%, 10/30/35@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2432214 |
| Repsol E&P Capital Markets US LLC, 144A<br> 5.976%, 09/16/35@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2544746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4976960 |
| **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;&nbsp;&nbsp;1932132 |
| **Pipelines — 1.3%** | **Pipelines — 1.3%** | **Pipelines — 1.3%** |
| 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;2179738 |
| Western Midstream Operating LP<br> 5.450%, 11/15/34 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1981647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161385 |
| **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;1411022 |

---

------

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

#### Schedule of Investments — March 31, 2026 (Unaudited)<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| NXP BV/NXP Funding LLC/NXP USA, Inc.<br> 3.150%, 05/01/27 | $2000 | &nbsp;&nbsp;&nbsp;&nbsp;$1971895 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;1831808 |
| **Transportation — 1.3%** | **Transportation — 1.3%** | **Transportation — 1.3%** |
| BNSF Railway Co. Pass-Through Trust, Series 2015-1, 144A<br> 3.442%, 06/16/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780647 |
| Fedex Freight Holding Co., Inc., 144A<br> 5.250%, 03/15/36@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199558 |
| **TOTAL CORPORATE BONDS<br> (Cost $91,315,133)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**87987593** |
| **MUNICIPAL BONDS — 0.8%** | **MUNICIPAL BONDS — 0.8%** | **MUNICIPAL BONDS — 0.8%** |
| University of Virginia<br> 5.000%, 09/01/40<br> **(Cost $2,762,187)** | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2724007** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — 39.8%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 39.8%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 39.8%** |
| **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> 3.556%, 09/25/45@,• | &nbsp;&nbsp;&nbsp;&nbsp;1691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643835 |
| CIM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2 Class B1A, 144A<br> 4.747%, 05/25/49@,• | &nbsp;&nbsp;&nbsp;4206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107106 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A13, 144A<br> 3.000%, 04/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957414 |
| CSMC Trust, Series 2013-IVR2 Class A2, 144A<br> 3.000%, 04/25/43@,• | &nbsp;&nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889881 |
| Ellington Financial Mortgage Trust, Series 2020-1 Class A3, 144A<br> 3.999%, 05/25/65@,• | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371160 |
| 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;2154646 |
| Ginnie Mae, Series 2018-37 Class BY,<br> 3.500%, 03/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689954 |
| GS Mortgage-Backed Securities Trust, Series 2020-PJ1 Class B1, 144A<br> 3.602%, 05/25/50@,• | &nbsp;&nbsp;&nbsp;4782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265575 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B1A, 144A<br> 2.921%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620014 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A3, 144A<br> 3.500%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889339 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A15, 144A<br> 3.000%, 11/25/50@,• | &nbsp;&nbsp;&nbsp;3869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361897 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** |
| &nbsp;&nbsp;&nbsp;Series 2021-1 Class A3, 144A<br> 2.500%, 06/25/51@,• | $4173 | &nbsp;&nbsp;&nbsp;$3471010 |
| &nbsp;&nbsp;&nbsp;Series 2021-1 Class A15, 144A<br> 2.500%, 06/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp;2576806 |
| &nbsp;&nbsp;&nbsp;Series 2021-7 Class A15, 144A<br> 2.500%, 11/25/51@,• | &nbsp;&nbsp;&nbsp;4863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014223 |
| JP Morgan Seasoned Mortgage Trust Series, Series 2024-1 Class A3, 144A<br> 4.337%, 01/25/63@,• | &nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933691 |
| MFA Trust, Series 2020-NQM1 Class B1, 144A<br> 4.978%, 08/25/49@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453097 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-3 Class A2,<br> 2.500%, 03/25/43• | &nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291252 |
| &nbsp;&nbsp;&nbsp;Series 2017-5 Class A1, 144A<br> 3.500%, 08/25/47@,• | &nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292203 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A20, 144A<br> 2.500%, 11/25/50@,• | &nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016501 |
| &nbsp;&nbsp;&nbsp;Series 2021-5 Class A5, 144A<br> 2.000%, 07/25/51@,• | &nbsp;&nbsp;&nbsp;2384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097449 |
| 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;2144277 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A<br> 3.000%, 06/25/50@,• | &nbsp;&nbsp;&nbsp;3664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189816 |
| WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A<br> 3.778%, 01/20/46@,• | &nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;65744245 |
| **Fannie Mae Pool — 8.7%** | **Fannie Mae Pool — 8.7%** | **Fannie Mae Pool — 8.7%** |
| 2.000%, 08/01/42 | &nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732083 |
| 3.500%, 10/01/45 | &nbsp;&nbsp;&nbsp;3809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549955 |
| 1.500%, 06/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp;2470888 |
| 2.000%, 11/01/51 | &nbsp;&nbsp;&nbsp;3834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104122 |
| 2.000%, 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;2317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875320 |
| 3.000%, 03/01/52 | &nbsp;&nbsp;&nbsp;8539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7528280 |
| 6.000%, 07/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230231 |
| 5.500%, 12/01/54 | &nbsp;&nbsp;&nbsp;3307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28814241 |
| **Fannie Mae REMICS — 1.0%** | **Fannie Mae REMICS — 1.0%** | **Fannie Mae REMICS — 1.0%** |
| Series 2019-48 Class MA<br> 3.000%, 09/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;3671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217174 |
| **Freddie Mac Pool — 5.8%** | **Freddie Mac Pool — 5.8%** | **Freddie Mac Pool — 5.8%** |
| 5.000%, 12/01/44 | &nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384294 |
| 2.500%, 04/01/52 | &nbsp;&nbsp;&nbsp;8912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533746 |
| 4.000%, 09/01/52 | &nbsp;&nbsp;&nbsp;5873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5561899 |
| 5.500%, 08/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19111999 |
| **Freddie Mac REMICS — 3.1%** | **Freddie Mac REMICS — 3.1%** | **Freddie Mac REMICS — 3.1%** |
| Series 5105 Class JM, 2.000%, 12/25/46 | &nbsp;&nbsp;&nbsp;3949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875239 |

---

------

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

#### Schedule of Investments — March 31, 2026 (Unaudited)<br>

#### Quality Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** |
| **Freddie Mac REMICS — (continued)** | **Freddie Mac REMICS — (continued)** | **Freddie Mac REMICS — (continued)** |
| Series 5229 Class AL, 4.000%, 06/25/49 | &nbsp;&nbsp;$8018 | &nbsp;&nbsp;&nbsp;$7292844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10168083 |
| **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;2730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445566 |
| 3.500%, 11/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724590 |
| **TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES<br> (Cost $138,012,758)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**131780332** |
| **U.S. TREASURY OBLIGATIONS — 10.8%** | **U.S. TREASURY OBLIGATIONS — 10.8%** | **U.S. TREASURY OBLIGATIONS — 10.8%** |
| 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;1404293 |
| &nbsp;&nbsp;&nbsp;2.500%, 02/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864824 |
| &nbsp;&nbsp;&nbsp;3.000%, 02/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515158 |
| &nbsp;&nbsp;&nbsp;3.000%, 08/15/48 | &nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8972242 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890405 |
| U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 02/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443614 |
| &nbsp;&nbsp;&nbsp;2.125%, 02/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937188 |
| &nbsp;&nbsp;&nbsp;2.375%, 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401945 |
| U.S. Treasury Inflation Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, 01/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265016 |
| &nbsp;&nbsp;&nbsp;2.125%, 01/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096385 |
| &nbsp;&nbsp;&nbsp;1.875%, 07/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109573 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338965 |
| &nbsp;&nbsp;&nbsp;3.750%, 11/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;5640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522353 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $36,955,103)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $36,955,103)** | &nbsp;&nbsp;&nbsp;&nbsp;**35761961** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 0.3%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.546%)<br> **(Cost $924,373)** | 924373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**924373** |
| **TOTAL INVESTMENTS — 99.9%<br> (Cost $343,190,805)** |  | &nbsp;&nbsp;**$331128500** |
| **Other Assets & Liabilities — 0.1%** | **Other Assets & Liabilities — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188109** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$331316609** |

---

------

† See Security Valuation Note in the most recent semi-annual or annual report.

---

| | |
|:---|:---|
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of Rule 144A securities was $127,856,488, which represents 38.6% 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. |

---

---

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

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Conshohocken

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19428

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

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

- **a. Name of Series:** Penn Series Quality Bond Fund

- **b. EDGAR series identifier (if any):** S000006730

- **c. LEI of Series:** 6EJYQY10X26QDQ79NP61

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $332947728.99

**Total Liabilities:** $323958.02

**Net Assets:** $332623770.97

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 94.46680000 | **1-Year:** 13199.15836000 | **5-Year:** 82133.68942000 | **10-Year:** 63628.72107000 | **30-Year:** 1997.24291000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 68.88133000 | **1-Year:** 642.73917000 | **5-Year:** 1149.76261000 | **10-Year:** 2356.96722000 | **30-Year:** 337.63346000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018293 | 0.34%                | 1.65%                | -1.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-96223.48               | $300100.71                                 |
| Month 2  | $136463.99               | $4661089.16                                |
| Month 3  | $66225.25                | $-7900866.05                               |

### Schedule of Portfolio Investments

| Name                                                          | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FREMF 2018-K83 MORTGAGE TRUST                                 | FREMF 2018-K83 B                        | CUSIP: 302958AN3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2000000 | PA      | $1977407.60   | 0.59%             | 2051-11-25      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| The J M Smucker Company                                       | SJM 4.25 03/15/35                       | CUSIP: 832696AM0<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2760986.67   | 0.83%             | 2035-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                              | FR SD8205                               | CUSIP: 3132DWDJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8911940 | PA      | $7533745.95   | 2.26%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2018-E              | NAVSL 2018-EA A2                        | CUSIP: 63890BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47856 | PA      | $47845.46     | 0.01%             | 2059-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                                                | AN 1.95 08/01/28                        | CUSIP: 05329WAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1411022.48   | 0.42%             | 2028-08-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2020-INV1                            | JPMMT 2020-INV1 B1A                     | CUSIP: 46591VBR9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4306571 | PA      | $3620014.43   | 1.09%             | 2050-08-25      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2017-5                                 | SEMT 2017-5 A1                          | CUSIP: 81746DAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1413706 | PA      | $1292202.50   | 0.39%             | 2047-08-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                      | G2 786483                               | CUSIP: 3622ACCU2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2519772 | PA      | $2279023.67   | 0.69%             | 2052-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREMF 2018-KF85 MORTGAGE TRUST                                | FREMF 2018-K85 C                        | CUSIP: 30308KAC5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   3500000 | PA      | $3436919.50   | 1.03%             | 2050-12-25      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2020-4                               | JPMMT 2020-4 A15                        | CUSIP: 46652FBM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3869184 | PA      | $3361897.16   | 1.01%             | 2050-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-1                               | JPMMT 2021-1 A15                        | CUSIP: 46592EBM7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3119914 | PA      | $2576805.90   | 0.77%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HIGHER ED LN CORP                               | NHHEL 2020-1 A1A                        | CUSIP: 644622AB8<br>LEI: 254900HSRKF2XFNCHT93 | Long             | ABS-O            | CORP              | US        |   1600918 | PA      | $1469033.15   | 0.44%             | 2060-09-25      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                     | MARS 5.7 05/01/55 144A                  | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1954723.58   | 0.59%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Allfirst Preferred Capital Trust                              | MTB F 07/15/29                          | CUSIP: 01852FAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3444084.88   | 1.04%             | 2029-07-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                      | GNR 2018-37 BY                          | CUSIP: 38380VVW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   5125000 | PA      | $4689954.13   | 1.41%             | 2048-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corporation                                        | CMS V3.75 12/01/50                      | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1824024.60   | 0.55%             | 2050-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2004-4                              | NSLT 2004-4 B                           | CUSIP: 64031QBL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2284939 | PA      | $2261692.93   | 0.68%             | 2041-01-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                         | FNR 2019-48 MA                          | CUSIP: 3136B5D36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   3670617 | PA      | $3217174.01   | 0.97%             | 2049-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                            | TMUS 3 02/15/41                         | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $1831807.70   | 0.55%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                     | BlackRock Liquidity Funds FEDFUND INSTL | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    924373 | NS      | $924372.60    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                              | MRK 3.9 03/07/39                        | CUSIP: 58933YAV7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1932132.36   | 0.58%             | 2039-03-07      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                     | KHC 4.625 10/01/39                      | CUSIP: 50077LAX4<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2152786.06   | 0.65%             | 2039-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FREMF 2019-K95 MORTGAGE TRUST                                 | FREMF 2019-K95 B                        | CUSIP: 30311MAS1<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2500000 | PA      | $2440952.00   | 0.73%             | 2052-08-25      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY VA                                                 | VA UNIHGR 5 09/01/2040                  | CUSIP: 915217SB0<br>LEI: 549300H2U5XHL1CLTN62 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2724007.16   | 0.82%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                    | STZ 4.5 05/09/47                        | CUSIP: 21036PAT5<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1632066.80   | 0.49%             | 2047-05-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-1                               | JPMMT 2021-1 A3                         | CUSIP: 46592EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4172885 | PA      | $3471010.28   | 1.04%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Northern States Power Company                                 | XEL 3.6 09/15/47                        | CUSIP: 665772CQ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $2962149.48   | 0.89%             | 2047-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                         | FN MA4564                               | CUSIP: 31418ECA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8539082 | PA      | $7528280.36   | 2.26%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                         | FN MA4492                               | CUSIP: 31418D7E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2316829 | PA      | $1875319.61   | 0.56%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fremf 2019-K102 Mortgage Trust                                | FREMF 2019-K102 B                       | CUSIP: 30312WAE9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   5320000 | PA      | $5095131.58   | 1.53%             | 2051-12-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                   | AKERBP 5.25 10/30/35 144A               | CUSIP: 00973RAQ6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   2500000 | PA      | $2432214.15   | 0.73%             | 2035-10-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST 2020-1                     | EFMT 2020-1 A3                          | CUSIP: 31574PAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1371159.58   | 0.41%             | 2065-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                      | GNR 2015-76 QB                          | CUSIP: 38379LN36<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2730568 | PA      | $2445566.33   | 0.74%             | 2045-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                              | NRG 5.407 10/15/35 144A                 | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1957863.40   | 0.59%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY DIVISION                              | FREMF 2017-K63 B                        | CUSIP: 30300HAG1<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1500000 | PA      | $1487259.60   | 0.45%             | 2050-02-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                                  | NYLIFE 4.55 01/28/33 144A               | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2956038.21   | 0.89%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Agate Bay Mortgage Trust 2015-6                               | ABMT 2015-6 B1                          | CUSIP: 00842DAS2<br>LEI: 549300LRONE82VI44B39 | Long             | ABS-O            | CORP              | US        |   1691318 | PA      | $1643834.96   | 0.49%             | 2045-09-25      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                  | T 3.75 11/30/32                         | CUSIP: 91282CPM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5640000 | PA      | $5522353.10   | 1.66%             | 2032-11-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                       | NXPI 3.15 05/01/27                      | CUSIP: 62954HAX6<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $1971894.82   | 0.59%             | 2027-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Airbnb Inc                                                    | ABNB 5.25 03/16/36                      | CUSIP: 009066AE1<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3003734.76   | 0.90%             | 2036-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                        | SEMT 2013-3 A2                          | CUSIP: 81745RAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7097350 | PA      | $6291252.34   | 1.89%             | 2043-03-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                         | FN MA4465                               | CUSIP: 31418D6B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3833690 | PA      | $3104122.13   | 0.93%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                  | TII 0.75 02/15/42                       | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3166724 | PA      | $2443614.23   | 0.73%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                         | DNKN 2025-1A A2II                       | CUSIP: 233046AW1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |   1995000 | PA      | $1965181.33   | 0.59%             | 2055-08-20      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust 2016-1                           | WIN 2016-1 B3                           | CUSIP: 97655JCD2<br>LEI: 5493007FSEV8PHXVE122 | Long             | ABS-O            | CORP              | US        |   1375191 | PA      | $1313098.84   | 0.39%             | 2046-01-20      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                | FDX 5.25 03/15/36 144A                  | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2418911.50   | 0.73%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREMF 2017-K70 MORTGAGE TRUST                                 | FREMF 2017-K70 C                        | CUSIP: 35708VAU6<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   3000000 | PA      | $2949571.20   | 0.89%             | 2049-12-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES              | FREMF 2019-K735 B                       | CUSIP: 30298FAJ3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   6000000 | PA      | $5976961.80   | 1.80%             | 2026-05-25      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                  | TII 2.125 01/15/35                      | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2061260 | PA      | $2096384.78   | 0.63%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                          | KDP 2.25 03/15/31 31*                   | CUSIP: 49271VAN0<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1766445.12   | 0.53%             | 2031-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                           | D V6.875 02/01/55 A                     | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3085944.90   | 0.93%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Revvity Inc                                                   | RVTY 2.25 09/15/31                      | CUSIP: 714046AN9<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1747073.24   | 0.53%             | 2031-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                                              | AJG 5 02/15/32                          | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004901.50   | 0.60%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                            | ET V6.5 PERP H                          | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2185000 | PA      | $2179738.08   | 0.66%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CIM TRUST 2020-INV1                                           | CIM 2020-INV1 A13                       | CUSIP: 12560AAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1113356 | PA      | $957414.40    | 0.29%             | 2050-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                         | FN MA5073                               | CUSIP: 31418ET75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3151633 | PA      | $3230231.12   | 0.97%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ICG US CLO 2015-2R LTD                                        | ICG 2015-2RA BR                         | CUSIP: 44933WAQ2<br>LEI: 25490037AMBNS8P47972 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1992798.00   | 0.60%             | 2033-01-18      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                  | T 2.5 02/15/45                          | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $3864824.21   | 1.16%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                  | TII 2.375 02/15/55                      | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2576875 | PA      | $2401945.18   | 0.72%             | 2055-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FIRST EAGLE BSL CLO 2019-1 LTD                                | FEIM 2019-1A B                          | CUSIP: 32010FAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $4010744.00   | 1.21%             | 2033-01-20      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                              | FR SD8244                               | CUSIP: 3132DWER0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5872745 | PA      | $5561898.96   | 1.67%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFA 2020-NQM1 TRUST                                           | MFRA 2020-NQM1 B1                       | CUSIP: 552754AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2453096.50   | 0.74%             | 2049-08-25      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| FREMF 2012-KF01 MORTGAGE TRUST                                | FREMF 2018-K82 C                        | CUSIP: 30297LAG7<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   3000000 | PA      | $2944740.30   | 0.89%             | 2028-09-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                              | PCG 5.2 05/01/36                        | CUSIP: 694308LA3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2437993.73   | 0.73%             | 2036-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                         | FN MA5553                               | CUSIP: 31418FE37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3306725 | PA      | $3323361.48   | 1.00%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST SERIES 2021-2 | SCRT 2021-2 MBU                         | CUSIP: 35563P2U2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   3100000 | PA      | $2154646.32   | 0.65%             | 2060-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2019-E              | NAVSL 2019-EA B                         | CUSIP: 63941MAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2846897.40   | 0.86%             | 2068-05-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| FLEXENTIAL ISSUER LLC 2021-1                                  | FLX 2025-1A A2                          | CUSIP: 33938MAK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2979553.80   | 0.90%             | 2060-10-25      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding Llc                                         | BELL 2025-1A A2II                       | CUSIP: 87342RAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2930763.00   | 0.88%             | 2055-08-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                  | T 3 02/15/48                            | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2050000 | PA      | $1515158.20   | 0.46%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                         | FN FS8254                               | CUSIP: 3140XQE45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4277067 | PA      | $3732083.37   | 1.12%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Repsol E&p Capital Markets US LLC                             | REPSEP 5.976 09/16/35 144A              | CUSIP: 76026AAC1<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2544745.63   | 0.77%             | 2035-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| BNSF RAILWAY COMPANY                                          | BNSF 3.442 06/16/28 144A                | CUSIP: 05581JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1811205 | PA      | $1780646.70   | 0.54%             | 2028-06-16      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                  | T 3 08/15/48                            | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12200000 | PA      | $8972242.22   | 2.70%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK37                                               | BANK 2021-BN37 AS                       | CUSIP: 06540LBN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1650000 | PA      | $1445684.79   | 0.43%             | 2064-11-18      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| TRYSAIL CLO 2022-1 LTD                                        | TRYSL 2022-1A B                         | CUSIP: 89856JAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1500408.00   | 0.45%             | 2033-10-20      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Commercial Mortgage Trust                       | CSMC 2013-IVR2 A2                       | CUSIP: 12646WAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3167359 | PA      | $2889880.65   | 0.87%             | 2043-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2020-INV1                            | JPMMT 2020-INV1 A3                      | CUSIP: 46591VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3197907 | PA      | $2889339.46   | 0.87%             | 2050-08-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2020-PJ1                  | GSMBS 2020-PJ1 B1                       | CUSIP: 36258FAR0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4781878 | PA      | $4265574.77   | 1.28%             | 2050-05-25      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2021-5                                 | SEMT 2021-5 A5                          | CUSIP: 81748XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2383929 | PA      | $2097449.10   | 0.63%             | 2051-07-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Church & Dwight Co Inc.                                       | CHD 2.3 12/15/31                        | CUSIP: 17136MAA0<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2660929.44   | 0.80%             | 2031-12-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                            | META 5.5 11/15/45                       | CUSIP: 30303M8X3<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2368625.23   | 0.71%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2021-E              | NAVSL 2021-EA A                         | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1359879 | PA      | $1216819.71   | 0.37%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                  | SHW 4.8 09/01/31                        | CUSIP: 824348BT2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2015294.60   | 0.61%             | 2031-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FREMF 2019-K736 MORTGAGE TRUST                                | FREMF 2019-K736 B                       | CUSIP: 30298MAA7<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1500000 | PA      | $1493212.65   | 0.45%             | 2026-07-25      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                  | TII 2.125 02/15/54                      | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1059780 | PA      | $937187.81    | 0.28%             | 2054-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES 2006-AR2 TRUST         | WFMBS 2020-3 A1                         | CUSIP: 95002TAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3664433 | PA      | $3189815.65   | 0.96%             | 2050-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                            | ARCC 2.875 06/15/28                     | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1888341.58   | 0.57%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Cim Trust 2019-Inv2                                           | CIM 2019-INV2 B1A                       | CUSIP: 12554TBA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4205881 | PA      | $4107106.20   | 1.23%             | 2049-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Apex Credit Clo 2024-I Ltd.                                   | APEXC 2024-1A B1                        | CUSIP: 03753AAE0<br>LEI: 2138006ZTCQQWC5OOL40 | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1000006.00   | 0.30%             | 2036-04-21      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                    | AMGN 5.6 03/02/43                       | CUSIP: 031162DS6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2961070.62   | 0.89%             | 2043-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                  | T 2.875 05/15/32                        | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2338964.85   | 0.70%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                              | FR SD8349                               | CUSIP: 3132DWH22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2612200 | PA      | $2632059.91   | 0.79%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2019-B9 MORTGAGE TRUST                              | BMARK 2019-B9 A5                        | CUSIP: 08160JAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4889693.00   | 1.47%             | 2052-03-15      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2020-4                                 | SEMT 2020-4 A20                         | CUSIP: 81748RAV9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2434622 | PA      | $2016500.91   | 0.61%             | 2050-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-F              | NAVSL 2019-FA B                         | CUSIP: 63935CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    855000 | PA      | $762565.61    | 0.23%             | 2068-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                            | AALLN 5.25 03/19/36 144A                | CUSIP: 034863BJ8<br>LEI: 549300S9XF92D1X8ME43 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $2935323.72   | 0.88%             | 2036-03-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SEASONED MORTGAGE TRUST 2024-1                      | JPSMT 2024-1 A3                         | CUSIP: 61777HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3056037 | PA      | $2933691.16   | 0.88%             | 2063-01-25      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                              | SMB 2014-A B                            | CUSIP: 784456AE5<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |   1186061 | PA      | $1178913.33   | 0.35%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-7                               | JPMMT 2021-7 A15                        | CUSIP: 46592NBP0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4862648 | PA      | $4014222.91   | 1.21%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                              | FR RB5324                               | CUSIP: 3133KY4H9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3408988 | PA      | $3384294.24   | 1.02%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust 2014-2                                 | SLMA 2014-2 A3                          | CUSIP: 78448GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2167508 | PA      | $2137663.58   | 0.64%             | 2055-03-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                 | F 5.303 09/06/29                        | CUSIP: 345397G23<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1987867.84   | 0.60%             | 2029-09-06      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                  | T 4.125 08/15/53                        | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2150000 | PA      | $1890404.29   | 0.57%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C51                | WFCM 2019-C51 A3                        | CUSIP: 95001VAT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2828772 | PA      | $2705636.51   | 0.81%             | 2052-06-17      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                    | BA 3.5 03/01/39                         | CUSIP: 097023CE3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1612719.52   | 0.48%             | 2039-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hershey Co. (The)                                             | HSY 1.7 06/01/30                        | CUSIP: 427866BE7<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $900178.41    | 0.27%             | 2030-06-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                | WES 5.45 11/15/34                       | CUSIP: 958667AG2<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1981647.04   | 0.60%             | 2034-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK5 2024-5YR5                                               | BANK5 2024-5YR5 C                       | CUSIP: 065931BS5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2550000 | PA      | $2582267.19   | 0.78%             | 2029-02-15      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| Health Care Service Corp A Mutual Legal Reserve Co.           | HCSERV 2.2 06/01/30 144A                | CUSIP: 42218SAF5<br>LEI: 549300TMJ1FKCKECR148 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1809064.68   | 0.54%             | 2030-06-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2021-1                              | TPMT 2021-1 A2                          | CUSIP: 89179YAW3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2144276.50   | 0.64%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST 2023-B                   | NAVSL 2023-BA A1A                       | CUSIP: 63942TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090673 | PA      | $1117143.11   | 0.34%             | 2072-03-15      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                  | T 3.25 05/15/42                         | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1404292.97   | 0.42%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                             | PNC V5.582 06/12/29                     | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1536415.94   | 0.46%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                              | FHR 5229 AL                             | CUSIP: 3137H7S53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   8018162 | PA      | $7292843.88   | 2.19%             | 2049-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                            | STT F 05/15/28                          | CUSIP: 857477AX1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   3830000 | PA      | $3803479.39   | 1.14%             | 2028-05-15      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                 | USB V2.491 11/03/36                     | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2160985.38   | 0.65%             | 2036-11-03      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                          | JPM F 02/01/27 b                        | CUSIP: 161480AB4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3171720.19   | 0.95%             | 2027-02-01      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                         | FN BM6852                               | CUSIP: 3140JBTJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3808768 | PA      | $3549955.15   | 1.07%             | 2045-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                  | TII 1.875 07/15/35                      | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1114234 | PA      | $1109573.24   | 0.33%             | 2035-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2021-C                              | NSLT 2021-CA B                          | CUSIP: 64035GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3106768.00   | 0.93%             | 2062-04-20      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                         | FN BR9265                               | CUSIP: 3140L8JK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3198299 | PA      | $2470888.17   | 0.74%             | 2051-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                  | TII 1.75 01/15/34                       | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1269732 | PA      | $1265015.72   | 0.38%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                              | FHR 5105 JM                             | CUSIP: 3137H07B8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3949000 | PA      | $2875238.86   | 0.86%             | 2046-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-21

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

**Signature:** Steven Viola

**Name of Signer:** Steven Viola

**Title:** Treasurer