# EDGAR Filing Document

**Accession Number:** 0000702340
**File Stem:** 0000940400-25-009781
**Filing Date:** 2025-11
**Character Count:** 30512
**Document Hash:** ddf5c0aa691add4af836a88e6541b694
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009781.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009781

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03459
- **FILM NUMBER:** 251513137

**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

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

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

## Nport-Ex

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

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

#### International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 95.3%** | **COMMON STOCKS — 95.3%** | **COMMON STOCKS — 95.3%** |
| **Canada — 4.6%** | **Canada — 4.6%** | **Canada — 4.6%** |
| Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;$1748235 |
| Intact Financial Corp. | &nbsp;&nbsp;&nbsp;10882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117208 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;46571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6864011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10729454 |
| **China — 7.6%** | **China — 7.6%** | **China — 7.6%** |
| Nongfu Spring Co., Ltd., Class H@ | 974904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6737389 |
| Tencent Holdings Ltd. | 129649 | &nbsp;&nbsp;&nbsp;&nbsp;11047340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17784729 |
| **France — 13.2%** | **France — 13.2%** | **France — 13.2%** |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;&nbsp;14273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973874 |
| Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954937 |
| Legrand S.A. | &nbsp;&nbsp;&nbsp;44420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7380875 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;12667 | &nbsp;&nbsp;&nbsp;&nbsp;5503649 |
| Safran S.A. | &nbsp;&nbsp;&nbsp;24063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8539214 |
| Schneider Electric S.E. | &nbsp;&nbsp;&nbsp;&nbsp;15967 | &nbsp;&nbsp;&nbsp;&nbsp;4494265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30846814 |
| **Germany — 7.2%** | **Germany — 7.2%** | **Germany — 7.2%** |
| CTS Eventim AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;11626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141376 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;10473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804577 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8741483 |
| SAP S.E. | &nbsp;&nbsp;&nbsp;&nbsp;15772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4223225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16910661 |
| **Hong Kong — 3.5%** | **Hong Kong — 3.5%** | **Hong Kong — 3.5%** |
| Prudential PLC | &nbsp;&nbsp;590213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8262818 |
| **India — 0.5%** | **India — 0.5%** | **India — 0.5%** |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;76548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160104 |
| **Ireland — 2.5%** | **Ireland — 2.5%** | **Ireland — 2.5%** |
| Experian PLC | &nbsp;&nbsp;&nbsp;116215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837151 |
| **Italy — 4.6%** | **Italy — 4.6%** | **Italy — 4.6%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;12835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221392 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;451124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10799619 |
| **Japan — 9.1%** | **Japan — 9.1%** | **Japan — 9.1%** |
| Capcom Co., Ltd. | &nbsp;&nbsp;119924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256058 |
| Fujikura Ltd. | &nbsp;&nbsp;&nbsp;59733 | &nbsp;&nbsp;&nbsp;&nbsp;5842898 |
| MonotaRO Co., Ltd. | 109482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589543 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;138925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333615 |
| Obic Co., Ltd. | &nbsp;&nbsp;150815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5256416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21278530 |
| **Netherlands — 4.4%** | **Netherlands — 4.4%** | **Netherlands — 4.4%** |
| Universal Music Group N.V. | &nbsp;&nbsp;149145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309912 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;43527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5941431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10251343 |
| **Sweden — 3.1%** | **Sweden — 3.1%** | **Sweden — 3.1%** |
| Beijer Ref AB | &nbsp;&nbsp;335175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239363 |
| Lifco AB, Class B | &nbsp;&nbsp;&nbsp;56637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7157074 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Switzerland — 5.0%** | **Switzerland — 5.0%** | **Switzerland — 5.0%** |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3439956 |
| Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;45825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11541830 |
| **Taiwan — 4.5%** | **Taiwan — 4.5%** | **Taiwan — 4.5%** |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;37293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10415562 |
| **United Kingdom — 15.4%** | **United Kingdom — 15.4%** | **United Kingdom — 15.4%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447772 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;60904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506330 |
| Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;20766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069867 |
| Halma PLC | &nbsp;&nbsp;&nbsp;125441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839375 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;31410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602197 |
| National Grid PLC | &nbsp;&nbsp;270750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890318 |
| NatWest Group PLC | &nbsp;&nbsp;894083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315224 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;68522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35944985 |
| **United States — 8.2%** | **United States — 8.2%** | **United States — 8.2%** |
| Flutter Entertainment PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;24248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6324705 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267213 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904965 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19211518 |
| **Uruguay — 1.9%** | **Uruguay — 1.9%** | **Uruguay — 1.9%** |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356056 |
| **TOTAL COMMON STOCKS<br> (Cost $213,602,386)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**222488248** |
| **SHORT-TERM INVESTMENTS — 2.3%** | **SHORT-TERM INVESTMENTS — 2.3%** | **SHORT-TERM INVESTMENTS — 2.3%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.027%)<br> **(Cost $5,367,771)** | 5367771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5367771** |
| **TOTAL INVESTMENTS — 97.6%<br> (Cost $218,970,157)** |  | &nbsp;&nbsp;**$227856019** |
| **Other Assets & Liabilities — 2.4%** | **Other Assets & Liabilities — 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5607835** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$233463854** |

---

------

---

| | |
|:---|:---|
| † | 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 September 30, 2025, the aggregate value of Rule 144A securities was $6,737,389, which represents 2.9% of the Fund's net assets. |
| \* | Non-income producing security. |

---

---

| |
|:---|
| AB— Aktiebolag. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| KGaA— Kommanditgesellschaft auf Aktien. |

---

------

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

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

#### International Equity Fund<br>

---

| |
|:---|
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 9/30/2025††** | **Country Weightings as of 9/30/2025††** |
| United Kingdom | &nbsp;&nbsp;&nbsp;16% |
| France | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| Total | 100% |

---

---

| | |
|:---|:---|
| †† | % of total investments as of September 30, 2025. |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;7.8% | &nbsp;&nbsp;&nbsp;$17280697 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904965 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954937 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221392 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14339339 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12243719 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973874 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;6.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15052484 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10590031 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503649 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714635 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10673987 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8468545 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;8.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17718038 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839375 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775993 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439956 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917711 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13827798 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;7.6 | &nbsp;&nbsp;&nbsp;&nbsp;16992939 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239363 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101874 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10415562 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227518 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069867 |
|  | 100.0% | $222488248 |

---

## 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 International Equity Fund

- **b. EDGAR series identifier (if any):** S000006735

- **c. LEI of Series:** 1M74GDLH06HJWJRYBR07

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $235309229.13

**Total Liabilities:** $7083702.46

**Net Assets:** $228225526.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018298 | -5.53%               | -0.13%               | 0.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4565790.80              | $-17559224.50                              |
| Month 2  | $1486799.97              | $-1777641.39                               |
| Month 3  | $904675.15               | $976897.97                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ICICI Bank Ltd                 | ICICI Bank Ltd                            | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     76548 | NS      | $1160103.92   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                            | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      3737 | NS      | $8741483.05   | 3.83%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC              | National Grid PLC                         | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    270750 | NS      | $3890317.64   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Intact Financial Corp          | Intact Financial Corp                     | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |     10882 | NS      | $2117208.55   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV       | Universal Music Group NV                  | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |    149145 | NS      | $4309911.80   | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Obic Co Ltd                    | Obic Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    150815 | NS      | $5256416.32   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners | Coca-Cola Europacific Partners PLC        | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     60904 | NS      | $5506330.64   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1864 | NS      | $4356056.16   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                   | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |      9669 | NS      | $3447772.02   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                     | Legrand SA                                | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     44420 | NS      | $7380875.33   | 3.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                              | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | IE        |    116215 | NS      | $5837150.80   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Capcom Co Ltd                  | Capcom Co Ltd                             | CUSIP: 000000000<br>LEI: 529900JJWQKXS3TC8744 | Long             | EC               | CORP              | JP        |    119924 | NS      | $3256057.76   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| MonotaRO Co Ltd                | MonotaRO Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    109482 | NS      | $1589542.48   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                       | RELX PLC                                  | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     68522 | NS      | $3273901.73   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Nongfu Spring Co Ltd           | Nongfu Spring Co Ltd                      | CUSIP: 000000000<br>LEI: 300300P08GGT4SKR9G93 | Long             | EC               | CORP              | CN        |    974904 | NS      | $6737388.98   | 2.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijer Ref AB                  | Beijer Ref AB                             | CUSIP: 000000000<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |    373846 | NS      | $5843857.00   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Lifco AB                       | Lifco AB                                  | CUSIP: 000000000<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |     56637 | NS      | $1917711.39   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC       | Games Workshop Group PLC                  | CUSIP: 000000000<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |     20766 | NS      | $4069866.90   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     37293 | NS      | $10415561.97  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Terna - Rete Elettrica Naziona | Terna - Rete Elettrica Nazionale          | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |    451124 | NS      | $4578227.12   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spru | Chocoladefabriken Lindt & Spruengli AG    | CUSIP: 000000000<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |       225 | NS      | $3439956.08   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| RB Global Inc                  | RB Global Inc                             | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |     43509 | NS      | $4714635.24   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC              | NatWest Group PLC                         | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    894083 | NS      | $6315223.78   | 2.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd  | Nomura Research Institute Ltd             | CUSIP: 000000000<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |    138925 | NS      | $5333615.42   | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Eventim AG & Co KGaA       | CTS Eventim AG & Co KGaA                  | CUSIP: 000000000<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |     11626 | NS      | $1141376.53   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International SCA       | Hermes International SCA                  | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |       795 | NS      | $1954936.56   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                 | Air Liquide SA                            | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     14273 | NS      | $2973874.16   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                      | Halma PLC                                 | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |    125441 | NS      | $5839375.25   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Dino Polska SA                 | Dino Polska SA                            | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |     36406 | NS      | $438824.66    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC      | Flutter Entertainment PLC                 | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | US        |     24248 | NS      | $6324704.85   | 2.77%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund    | BlackRock Liquidity FedFund               | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   5694519 | NS      | $5694518.60   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      7502 | NS      | $4267212.62   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                     | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     15967 | NS      | $4494265.37   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG              | Galderma Group AG                         | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |     45825 | NS      | $8101873.82   | 3.55%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC           | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     31410 | NS      | $3602196.75   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    129649 | NS      | $11047339.72  | 4.84%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                         | SAP SE                                    | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     15772 | NS      | $4223224.78   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                        | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     10473 | NS      | $2804576.59   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd                   | Fujikura Ltd                              | CUSIP: 000000000<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               | CORP              | JP        |     59733 | NS      | $5842897.91   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                 | Prudential PLC                            | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | HK        |    590213 | NS      | $8262817.78   | 3.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV              | Wolters Kluwer NV                         | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     43527 | NS      | $5941431.79   | 2.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                      | Safran SA                                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     24063 | NS      | $8539214.13   | 3.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     24075 | NS      | $3904965.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada           | Royal Bank of Canada                      | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     46571 | NS      | $6864010.58   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                     | Ferrari NV                                | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | IT        |     12835 | NS      | $6221392.51   | 2.73%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                     | L'Oreal SA                                | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     12667 | NS      | $5503648.39   | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |       644 | NS      | $1748235.34   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Steven Viola

**Name of Signer:** Steven Viola

**Title:** Treasurer