# EDGAR Filing Document

**Accession Number:** 0000702340
**File Stem:** 0001193125-25-197970
**Filing Date:** 2025-9
**Character Count:** 1497350
**Document Hash:** c962935834317c934bb951f262992d19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-197970.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001193125-25-197970

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03459
- **FILM NUMBER:** 251299000

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Balanced Fund (Series ID: S000022081)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-03459

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

------

Eight Tower Bridge

161 Washington Street, Suite 1111

Conshohocken, PA 19428

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

#### Date of fiscal year end:

#### December 31, 2025

#### Date of reporting period:

#### January 1, 2025 to June 30, 2025
 **Item 1. Report to Stockholders.**

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

### Penn Series Funds, Inc.

#### Aggressive Allocation Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Aggressive Allocation Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Aggressive Allocation Fund | $17 | 0.33% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$57188973 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$33692 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 27.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series International Equity Fund | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Cap Value Fund | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Growth Stock Fund | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Mid Core Value Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Core Growth Fund | 4.0% |

---

**Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337234.jpg)

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Balanced Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Balanced Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

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

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$79267531 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 60.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 39.3% |

---

**Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337198.jpg)

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Conservative Allocation Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Conservative Allocation Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Conservative Allocation Fund | $18 | 0.35% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$42238424 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$25677 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 58.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Limited Maturity Bond Fund | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series High Yield Bond Fund | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Mid Core Value Fund | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Core Value Fund | 1.0% |

---

**Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337378.jpg)

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Developed International Index Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Developed International Index Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Developed International Index Fund | $51 | 0.94% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$83512259 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;705 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of waivers)** | &nbsp;&nbsp;&nbsp;&nbsp;$112309 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 1.1% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337558.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g24548chartimages_10337563.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Emerging Markets Equity Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Emerging Markets Equity Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Emerging Markets Equity Fund | $72 | 1.36% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$67655860 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$288379 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings S.A. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance Ltd. | 3.0% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337522.jpg)

**Country Allocation**![Graphical Representation - Allocation 2 Chart](g24548chartimages_10337527.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Flexibly Managed Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Flexibly Managed Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Flexibly Managed Fund | $44 | 0.87% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5127362114 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$17206136 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes<br>4.000%, 02/28/30 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes<br>4.000%, 05/31/30 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes<br>3.875%, 04/30/30 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes<br>4.000%, 03/31/30 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc. | 2.2% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336694.jpg)

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

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### High Yield Bond Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series High Yield Bond Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| High Yield Bond Fund | $37 | 0.73% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$123125498 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$280000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;81% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;2.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;3.0 Years |

---

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

**Asset Class Allocation**

---

| | |
|:---|:---|
| Corporate Bonds | 93.2% |
| Loan Agreements | 5.0% |
| Money Market Funds | 1.3% |
| Asset Backed Securities | 0.5% |

---

**Bond Quality Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336622.jpg)

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

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Index 500 Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Index 500 Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Index 500 Fund | $17 | 0.34% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$875446317 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;506 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$518924 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 1.6% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336802.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### International Equity Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series International Equity Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| International Equity Fund | $58 | 1.07% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$243226109 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$918017 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;118% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galderma Group AG | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Games Workshop Group PLC | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 3.2% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336730.jpg)

**Country Allocation**![Graphical Representation - Allocation 2 Chart](g24548chartimages_10336735.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Large Cap Growth Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Cap Growth Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Large Cap Growth Fund | $43 | 0.86% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$71178973 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$180359 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 15.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aon PLC, Class A | 2.3% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336910.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Large Cap Value Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Cap Value Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Large Cap Value Fund | $47 | 0.93% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$162003664 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$533446 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 2.2% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336550.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Large Core Growth Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Core Growth Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Large Core Growth Fund | $43 | 0.85% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$135892773 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$374767 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 13.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2.7% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337018.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Large Core Value Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Core Value Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Large Core Value Fund | $46 | 0.91% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$125580967 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$392318 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.2% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337054.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Large Growth Stock Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Growth Stock Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Large Growth Stock Fund | $47 | 0.92% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$369276717 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1167898 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 13.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2.4% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336658.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Limited Maturity Bond Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Limited Maturity Bond Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Limited Maturity Bond Fund | $37 | 0.74% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$70572588 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of waivers)** | &nbsp;&nbsp;&nbsp;&nbsp;$147735 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;5.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;1.7 Years |

---

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

**Asset Class Allocation**

---

| | |
|:---|:---|
| Corporate Bonds | 34.7% |
| Residential Mortgage Backed Securities | 28.2% |
| Asset Backed Securities | 27.1% |
| Commercial Mortgage Backed Securities | 5.0% |
| U.S. Treasury Obligations | 2.8% |
| Money Market Funds | 2.2% |

---

**Bond Quality Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337162.jpg)

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

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Mid Cap Growth Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Mid Cap Growth Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Mid Cap Growth Fund | $49 | 0.97% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$128328520 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$427194 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 2.0% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336838.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Mid Cap Value Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Mid Cap Value Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Mid Cap Value Fund | $41 | 0.83% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$85446139 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid (net of waivers)** | &nbsp;&nbsp;&nbsp;&nbsp;$225922 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hartford Insurance Group, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 2.0% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336874.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Mid Core Value Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Mid Core Value Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Mid Core Value Fund | $53 | 1.05% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$73295856 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$248410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 1.6% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336946.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Moderate Allocation Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Moderate Allocation Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Moderate Allocation Fund | $15 | 0.30% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$193471534 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$114800 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 29.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 20.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Mid Core Value Fund | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series International Equity Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series High Yield Bond Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Cap Value Fund | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Limited Maturity Bond Fund | 2.9% |

---

**Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337306.jpg)

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Moderately Aggressive Allocation Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Moderately Aggressive Allocation Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Moderately Aggressive Allocation Fund | $15 | 0.30% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$194584251 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$114792 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 24.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series International Equity Fund | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Cap Value Fund | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Mid Core Value Fund | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Core Value Fund | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Growth Stock Fund | 3.1% |

---

**Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337270.jpg)

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Moderately Conservative Allocation Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Moderately Conservative Allocation Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Moderately Conservative Allocation Fund | $16 | 0.32% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$72150304 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$43348 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Quality Bond Fund | 44.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Index 500 Fund | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Flexibly Managed Fund | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Limited Maturity Bond Fund | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series High Yield Bond Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series International Equity Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Real Estate Securities Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Large Cap Value Fund | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Developed International Index Fund | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Series Mid Core Value Fund | 3.0% |

---

**Asset Allocation Target**

![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337342.jpg)

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Money Market Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Money Market Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Money Market Fund | $29 | 0.58% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$126925595 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$213096 |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage<br>4.246%, 07/16/25 | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage<br>0.450%, 08/21/25 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Banks<br>4.249%, 07/09/25 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee Valley Authority<br>4.215%, 07/09/25 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Discount Notes<br>4.229%, 07/11/25 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Banks<br>4.257%, 07/14/25 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills<br>4.248%, 07/31/25 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Banks<br>4.265%, 08/07/25 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills<br>4.321%, 08/14/25 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills<br>4.413%, 08/19/25 | 3.9% |

---

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Quality Bond Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Quality Bond Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Quality Bond Fund | $34 | 0.68% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$350310194 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;124 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$787888 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;9.9 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

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

**Asset Class Allocation**

---

| | |
|:---|:---|
| Residential Mortgage Backed Securities | 45.0% |
| Corporate Bonds | 24.4% |
| Commercial Mortgage Backed Securities | 12.6% |
| U.S. Treasury Obligations | 7.8% |
| Asset Backed Securities | 7.8% |
| Money Market Funds | 1.6% |
| Municipal Bonds | 0.8% |

---

**Bond Quality Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337126.jpg)

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

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Real Estate Securities Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Real Estate Securities Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Real Estate Securities Fund | $49 | 0.98% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$99609857 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$347359 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | 3.8% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336982.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Small Cap Growth Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Small Cap Growth Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Small Cap Growth Fund | $50 | 1.00% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$93980888 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$321828 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Descartes Systems Group, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 1.6% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336766.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Small Cap Index Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Small Cap Index Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Small Cap Index Fund | $35 | 0.72% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76273571 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$115078 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Ensign Group, Inc. | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines Corp. | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | 0.3% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337486.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### Small Cap Value Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Small Cap Value Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Small Cap Value Fund | $49 | 0.99% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$138593512 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;180 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$468647 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corp. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renasant Corp. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | 1.1% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10336586.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### SMID Cap Growth Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series SMID Cap Growth Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| SMID Cap Growth Fund | $51 | 1.05% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$69643719 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$250441 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Toast, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 1.8% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337414.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

### Penn Series Funds, Inc.

#### SMID Cap Value Fund
![TSR - Fund Logo 2](g24548images_28608.jpg)

#### semi-annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series SMID Cap Value Fund ("Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| SMID Cap Value Fund | $57 | 1.17% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$47674027 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$188598 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

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

**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hanover Insurance Group, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 1.4% |

---

**Sector Allocation <sup>1</sup>**![Graphical Representation - Allocation 1 Chart](g24548chartimages_10337450.jpg)

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

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

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

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

![TSR - QR Code](g24548images_28607.jpg)

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

------

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The full Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this Form.

(b) Not applicable.

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

------

![](g24548imgbcc78fe51.gif)

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

Available through Penn Mutual Variable Products

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

### **Table of Contents**

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

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_fbae416d-5524-46f5-b691-5807142646f4_1)<br>**  | &nbsp;&nbsp;2 |
| **[Statements of Assets and Liabilities](#xx_9e1ac250-5b23-411c-a4e2-5c1509e07983_1)<br>**  | &nbsp;&nbsp;106 |
| **[Statements of Operations](#xx_9e1ac250-5b23-411c-a4e2-5c1509e07983_9)<br>**  | &nbsp;&nbsp;114 |
| **[Statements of Changes in Net Assets](#xx_9e1ac250-5b23-411c-a4e2-5c1509e07983_16)<br>**  | &nbsp;&nbsp;121 |
| **[Financial Highlights](#xx_6a7830fd-846a-48d8-bad3-e982e3ac9191_1)<br>**  | &nbsp;&nbsp;129 |
| **[Notes to Financial Statements](#xx_a0ba42a6-ec44-4692-8b92-fac560f0f3d4_1)<br>**  | &nbsp;&nbsp;158 |
| **[Disclosure of Portfolio Holdings](#xx_4d9a234e-23d8-49a9-b9e9-d0f2916162ea_1)<br>**  | &nbsp;&nbsp;180 |
| **[Voting Proxies on Fund Portfolio Securities](#xx_4d9a234e-23d8-49a9-b9e9-d0f2916162ea_1)<br>**  | &nbsp;&nbsp;180 |
| **[Board Consideration and Approval of Investment Advisory and Sub-Advisory Agreements (Form N-CSRS Item 11)](#xx_8366b911-adb1-4b4e-8fa8-2b2032515d1e_1)<br>**  | &nbsp;&nbsp;181 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Money Market Fund

---

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

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 13.1%** | **MONEY MARKET FUNDS — 13.1%** | **MONEY MARKET FUNDS — 13.1%** |
| Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 4.213%)<br> **(Cost $16,642,276)** | 16642276 | &nbsp;&nbsp;$**16642276** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** |  |
| **U.S. TREASURY OBLIGATIONS — 20.4%** | **U.S. TREASURY OBLIGATIONS — 20.4%** | **U.S. TREASURY OBLIGATIONS — 20.4%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.248%, 07/31/25 | $5000 | &nbsp;&nbsp;&nbsp;&nbsp;4982472 |
| &nbsp;&nbsp;&nbsp;4.274%, 08/12/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3980327 |
| &nbsp;&nbsp;&nbsp;4.321%, 08/14/25 | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4973881 |
| &nbsp;&nbsp;&nbsp;4.413%, 08/19/25 | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4970175 |
| &nbsp;&nbsp;&nbsp;4.275%, 08/28/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3972724 |
| &nbsp;&nbsp;&nbsp;4.275%, 09/02/25 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977871 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $25,857,450)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $25,857,450)** | **25857450** |
| **AGENCY OBLIGATIONS — 66.5%** | **AGENCY OBLIGATIONS — 66.5%** | **AGENCY OBLIGATIONS — 66.5%** |
| Federal Farm Credit Banks |  |  |
| &nbsp;&nbsp;&nbsp;4.249%, 07/09/25 | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4995333 |
| &nbsp;&nbsp;&nbsp;4.257%, 07/14/25 | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4992362 |
| &nbsp;&nbsp;&nbsp;4.265%, 08/07/25 | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4978262 |
| &nbsp;&nbsp;&nbsp;4.262%, 08/14/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3979320 |
| &nbsp;&nbsp;&nbsp;4.260%, 08/18/25 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2983080 |
| Federal Home Loan Banks |  |  |
| &nbsp;&nbsp;&nbsp;4.254%, 07/03/25 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1999530 |
| &nbsp;&nbsp;&nbsp;4.248%, 07/07/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997190 |
| &nbsp;&nbsp;&nbsp;4.259%, 08/07/25 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2986988 |
| &nbsp;&nbsp;&nbsp;4.240%, 08/08/25 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2986653 |
| &nbsp;&nbsp;&nbsp;4.262%, 08/29/25 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2979227 |
| &nbsp;&nbsp;&nbsp;4.253%, 09/02/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3970460 |
| Federal National Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;4.246%, 07/16/25 | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7985937 |
| &nbsp;&nbsp;&nbsp;4.232%, 07/18/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3992067 |
| &nbsp;&nbsp;&nbsp;4.296%, 07/22/25 | &nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;3742272 |
| &nbsp;&nbsp;&nbsp;0.450%, 08/21/25 | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5967682 |
| Freddie Mac Discount Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.231%, 07/01/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| &nbsp;&nbsp;&nbsp;4.229%, 07/11/25 | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4994160 |
| &nbsp;&nbsp;&nbsp;4.231%, 08/15/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3979000 |
| &nbsp;&nbsp;&nbsp;4.267%, 09/18/25 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3963002 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| Tennessee Valley Authority<br> 4.215%, 07/09/25 | $5000 | &nbsp;&nbsp;$4995328 |
| **TOTAL AGENCY OBLIGATIONS<br> (Cost $84,467,853)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84467853** |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $126,967,579)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**126967579** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $126,967,579)** |  | &nbsp;&nbsp;**$126967579** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(41984)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$126925595** |

---

------

† See Security Valuation Note.

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Money Market Funds | $16642276 | $16642276 | $— | $— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;25857450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25857450 | &nbsp;&nbsp;&nbsp;— |
| Agency Obligations | &nbsp;&nbsp;&nbsp;84467853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;84467853 | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $126967579 | $16642276 | $110325303 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Limited Maturity Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 26.7%** | **ASSET BACKED SECURITIES — 26.7%** | **ASSET BACKED SECURITIES — 26.7%** |
| ECMC Group Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-2A Class A (30 Day Average SOFR + 0.914%, Floor 0.800%), 144A<br> 5.220%, 09/25/68@,• | $2143 | &nbsp;&nbsp;$2119428 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A Class A1A, 144A<br> 2.720%, 07/25/69@ | &nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940970 |
| First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A<br> 7.781%, 01/20/33@,• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504042 |
| Navient Private Education Refi Loan Trust, Series 2020-EA Class A, 144A<br> 1.690%, 05/15/69@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909485 |
| Nelnet Student Loan Trust, Series 2004-4 Class B (90 Day Average SOFR + 0.562%),<br> 4.925%, 01/25/41• | &nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251243 |
| Neuberger Berman CLO XV, Series 2013-15A Class BR2 (3 M SOFR + 1.612%, Floor 1.350%), 144A<br> 5.868%, 10/15/29@,• | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500178 |
| SLM Student Loan Trust, Series 2014-2 Class A3 (30 Day Average SOFR + 0.704%),<br> 5.010%, 03/25/55• | &nbsp;&nbsp;&nbsp;2658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635460 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-A Class B, 144A<br> 3.500%, 06/17/41@ | &nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014174 |
| &nbsp;&nbsp;&nbsp;Series 2014-A Class B, 144A<br> 4.000%, 09/15/42@ | &nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894900 |
| &nbsp;&nbsp;&nbsp;Series 2015-A Class C, 144A<br> 4.500%, 10/15/48@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987981 |
| &nbsp;&nbsp;&nbsp;Series 2021-C Class B, 144A<br> 2.300%, 01/15/53@ | &nbsp;&nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791320 |
| &nbsp;&nbsp;&nbsp;Series 2020-PTB Class A2A, 144A<br> 1.600%, 09/15/54@ | &nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733776 |
| TRINITAS CLO IV Ltd., Series 2016-4A Class A2L2 (3 M SOFR + 1.662%, Floor 1.400%), 144A<br> 5.931%, 10/18/31@,• | &nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550715 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $19,038,796)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $19,038,796)** | &nbsp;&nbsp;&nbsp;**18833672** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 4.9%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 4.9%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 4.9%** |
| BSPRT Issuer Ltd., Series 2021-FL6 Class B (1 M SOFR + 1.714%, Floor 1.600%), 144A<br> 6.026%, 03/15/36@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460652 |
| FHLMC Multifamily Structured Pass Through Certificates, Series KC02 Class X3,<br> 3.297%, 08/25/25• | &nbsp;&nbsp;&nbsp;8214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| SWCH Commercial Mortgage Trust, Series 2025-DATA Class A (1 M SOFR + 1.443%, Floor 1.443%), 144A<br> 5.755%, 02/15/42@,• | $1000 | &nbsp;&nbsp;$992602 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $3,511,197)** | **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $3,511,197)** | &nbsp;&nbsp;&nbsp;**3454111** |
| **CORPORATE BONDS — 34.2%** | **CORPORATE BONDS — 34.2%** | **CORPORATE BONDS — 34.2%** |
| **Airlines — 2.9%** | **Airlines — 2.9%** | **Airlines — 2.9%** |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 144A<br> 4.750%, 10/20/28@ | &nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;1076359 |
| United Airlines Pass Through Trust, Series 2020-1 Class B<br> 4.875%, 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2068755 |
| **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** |
| Ford Motor Credit Co. LLC<br> 5.125%, 11/05/26 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1496188 |
| **Banks — 5.7%** | **Banks — 5.7%** | **Banks — 5.7%** |
| First Maryland Capital II (3 M SOFR + 1.112%)<br> 5.388%, 02/01/27• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1470057 |
| State Street Corp. (3 M SOFR + 0.822%)<br> 5.148%, 05/15/28• | &nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;1266454 |
| Wells Fargo & Co. (3 M SOFR + 1.262%)<br> 5.518%, 04/15/27• | &nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1237708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3974219 |
| **Chemicals — 3.6%** | **Chemicals — 3.6%** | **Chemicals — 3.6%** |
| NOVA Chemicals Corp., 144A<br> 8.500%, 11/15/28@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1056179 |
| W.R. Grace Holdings LLC, 144A<br> 4.875%, 06/15/27@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1490568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2546747 |
| **Electronics — 2.1%** | **Electronics — 2.1%** | **Electronics — 2.1%** |
| Amphenol Corp.<br> 4.750%, 03/30/26 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1503232 |
| **Hand & Machine Tools — 2.7%** | **Hand & Machine Tools — 2.7%** | **Hand & Machine Tools — 2.7%** |
| Regal Rexnord Corp.<br> 6.050%, 02/15/26 | &nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;1885770 |
| **Healthcare Services — 0.7%** | **Healthcare Services — 0.7%** | **Healthcare Services — 0.7%** |
| IQVIA, Inc., 144A<br> 5.000%, 10/15/26@ | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499485 |
| **Lodging — 1.1%** | **Lodging — 1.1%** | **Lodging — 1.1%** |
| Las Vegas Sands Corp.<br> 5.625%, 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764922 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Limited Maturity Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** |
| CCO Holdings LLC/CCO Holdings Capital Corp., 144A<br> 5.125%, 05/01/27@ | $1500 | &nbsp;&nbsp;$1495672 |
| **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** |
| Helmerich & Payne, Inc., 144A<br> 4.650%, 12/01/27@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990605 |
| **Packaging and Containers — 1.4%** | **Packaging and Containers — 1.4%** | **Packaging and Containers — 1.4%** |
| Mauser Packaging Solutions Holding Co., 144A<br> 7.875%, 08/15/26@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998278 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 144A<br> 6.000%, 03/01/27@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999561 |
| **Real Estate Investment Trusts — 3.5%** | **Real Estate Investment Trusts — 3.5%** | **Real Estate Investment Trusts — 3.5%** |
| SBA Tower Trust, 144A<br> 1.884%, 07/15/50@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459109 |
| **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** |
| Concentrix Corp.<br> 6.650%, 08/02/26 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017987 |
| Open Text Corp., 144A<br> 3.875%, 02/15/28@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471406 |
| **TOTAL CORPORATE BONDS<br> (Cost $24,015,546)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24153949** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — 27.9%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 27.9%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 27.9%** |
| **Collateralized Mortgage Obligations — 25.9%** | **Collateralized Mortgage Obligations — 25.9%** | **Collateralized Mortgage Obligations — 25.9%** |
| Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A<br> 2.774%, 12/25/59@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286110 |
| Bunker Hill Loan Depositary Trust, Series 2019-2 Class A3, 144A<br> 3.185%, 07/25/49@,(1) | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783181 |
| Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A<br> 3.500%, 06/25/44@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462126 |
| CSMC Trust, Series 2020-SPT1 Class A2, 144A<br> 3.229%, 04/25/65@,(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69239 |
| Flagstar Mortgage Trust, Series 2020-2 Class A4, 144A<br> 3.000%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968264 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ7 Class A8, 144A<br> 2.500%, 01/25/52@,• | &nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065986 |
| JP Morgan Mortgage Trust, Series 2019-9 Class A3, 144A<br> 3.500%, 05/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916071 |
| OBX Trust, Series 2019-INV2 Class A5, 144A<br> 4.000%, 05/27/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180825 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** |
| PRKCM Trust, Series 2023-AFC3 Class A2, 144A<br> 6.987%, 09/25/58@,(1) | $1072 | &nbsp;&nbsp;$1082165 |
| Sequoia Mortgage Trust, Series 2021-5 Class A5, 144A<br> 2.000%, 07/25/51@,• | &nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691986 |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-4 Class A1, 144A<br> 2.750%, 06/25/57@,• | &nbsp;&nbsp;&nbsp;&nbsp;1637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594668 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A2, 144A<br> 2.500%, 10/25/60@ | &nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817477 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV3 Class A1, 144A<br> 3.692%, 11/25/59@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620882 |
| &nbsp;&nbsp;&nbsp;Series 2023-8 Class A2, 144A<br> 6.664%, 12/25/68@,(1) | &nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117201 |
| Vista Point Securitization Trust, Series 2020-1 Class M1, 144A<br> 4.151%, 03/25/65@,• | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757307 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2020-2 Class A1, 144A<br> 3.000%, 12/25/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18265958 |
| **Fannie Mae REMICS — 2.0%** | **Fannie Mae REMICS — 2.0%** | **Fannie Mae REMICS — 2.0%** |
| Series 2012-152 Class TA<br> 2.500%, 09/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390908 |
| **TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES<br> (Cost $21,621,519)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19656866** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 4.9%** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 2.1%** | **MONEY MARKET FUNDS — 2.1%** | **MONEY MARKET FUNDS — 2.1%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $1,490,630)** | 1490630 | &nbsp;&nbsp;**1490630** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** |  |
| **U.S. TREASURY OBLIGATIONS — 2.8%** | **U.S. TREASURY OBLIGATIONS — 2.8%** | **U.S. TREASURY OBLIGATIONS — 2.8%** |
| U.S. Treasury Bills<br> 4.207%, 11/13/25<br> **(Cost $1,969,090)** | $2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1968974** |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $3,459,720)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3459604** |
| **TOTAL INVESTMENTS — 98.6%<br> (Cost $71,646,778)** |  | &nbsp;&nbsp;**$69558202** |
| **Other Assets & Liabilities — 1.4%** | **Other Assets & Liabilities — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1014386** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$70572588** |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Limited Maturity Bond Fund

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $48,185,416, which represents 68.3% of the Fund's net assets. |
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| (1) | Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at June 30, 2025. |

---

---

| |
|:---|
| CLO— Collateralized Loan Obligation. |
| FHLMC— Federal Home Loan Mortgage Corporation. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| REMICS— Real Estate Mortgage Investment Conduits. |
| SOFR— Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;88% |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Total | 100% |

---

---

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

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Asset Backed Securities | $18833672 | $— | $18833672 | $— |
| Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454111 | &nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;24153949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24153949 | &nbsp;&nbsp;&nbsp;— |
| Residential Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;19656866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19656866 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3459604 | &nbsp;&nbsp;&nbsp;1490630 | &nbsp;&nbsp;&nbsp;&nbsp;1968974 | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $69558202 | $1490630 | $68067572 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Quality Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 7.6%** | **ASSET BACKED SECURITIES — 7.6%** | **ASSET BACKED SECURITIES — 7.6%** |
| First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A<br> 7.781%, 01/20/33@,• | $4000 | &nbsp;&nbsp;$4010780 |
| Granite Edvance Corp., Series 2020-1 Class A1A,<br> 1.550%, 09/25/60 | &nbsp;&nbsp;&nbsp;&nbsp;1821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656779 |
| ICG US CLO Ltd., Series 2015-2RA Class BR (3 M SOFR + 1.750%, Floor 1.750%), 144A<br> 6.011%, 01/16/33@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979422 |
| Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-EA Class B, 144A<br> 3.390%, 05/15/68@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830326 |
| &nbsp;&nbsp;&nbsp;Series 2019-FA Class B, 144A<br> 3.120%, 08/15/68@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752801 |
| &nbsp;&nbsp;&nbsp;Series 2021-EA Class A, 144A<br> 0.970%, 12/16/69@ | &nbsp;&nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429902 |
| Navient Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-EA Class A2, 144A<br> 4.000%, 12/15/59@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661843 |
| &nbsp;&nbsp;&nbsp;Series 2023-BA Class A1A, 144A<br> 6.480%, 03/15/72@ | &nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623328 |
| Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-4 Class B (90 Day Average SOFR + 0.562%),<br> 4.925%, 01/25/41• | &nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251243 |
| &nbsp;&nbsp;&nbsp;Series 2021-CA Class B, 144A<br> 2.530%, 04/20/62@ | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050986 |
| SLM Student Loan Trust, Series 2014-2 Class A3 (30 Day Average SOFR + 0.704%),<br> 5.010%, 03/25/55• | &nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306028 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-A Class B, 144A<br> 4.000%, 09/15/42@ | &nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610821 |
| &nbsp;&nbsp;&nbsp;Series 2015-C Class B, 144A<br> 3.500%, 09/15/43@ | &nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034276 |
| Trysail CLO Ltd., Series 2022-1A Class B (3 M SOFR + 1.850%, Floor 1.850%), 144A<br> 6.122%, 10/20/33@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500580 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $26,579,346)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $26,579,346)** | &nbsp;&nbsp;&nbsp;**26699115** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.4%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.4%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 12.4%** |
| BANK5, Series 2024-5YR5 Class C,<br> 7.245%, 02/15/29• | &nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623178 |
| Benchmark Mortgage Trust, Series 2019-B9 Class A5,<br> 4.016%, 03/15/52 | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4866206 |
| FREMF Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-K735 Class B, 144A<br> 4.161%, 05/25/26@,• | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935169 |
| &nbsp;&nbsp;&nbsp;Series 2019-K736 Class B, 144A<br> 3.862%, 07/25/26@,• | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477855 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| &nbsp;&nbsp;&nbsp;Series 2016-K52 Class B, 144A<br> 4.066%, 01/25/49@,• | $5065 | &nbsp;&nbsp;$5032533 |
| &nbsp;&nbsp;&nbsp;Series 2016-K53 Class C, 144A<br> 4.187%, 03/25/49@,• | &nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491410 |
| &nbsp;&nbsp;&nbsp;Series 2017-K70 Class C, 144A<br> 3.942%, 12/25/49@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912658 |
| &nbsp;&nbsp;&nbsp;Series 2017-K63 Class B, 144A<br> 4.011%, 02/25/50@,• | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476863 |
| &nbsp;&nbsp;&nbsp;Series 2018-K85 Class C, 144A<br> 4.464%, 12/25/50@,• | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394232 |
| &nbsp;&nbsp;&nbsp;Series 2018-K83 Class B, 144A<br> 4.422%, 11/25/51@,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958327 |
| &nbsp;&nbsp;&nbsp;Series 2019-K102 Class B, 144A<br> 3.650%, 12/25/51@,• | &nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009174 |
| &nbsp;&nbsp;&nbsp;Series 2019-K95 Class B, 144A<br> 4.057%, 08/25/52@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400522 |
| 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;2683448 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $45,095,263)** | **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br> (Cost $45,095,263)** | &nbsp;&nbsp;&nbsp;**43261575** |
| **CORPORATE BONDS — 24.0%** | **CORPORATE BONDS — 24.0%** | **CORPORATE BONDS — 24.0%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| The Boeing Co.<br> 3.500%, 03/01/39 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561890 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| VF Corp.<br> 2.800%, 04/23/27 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910253 |
| **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;1963236 |
| **Banks — 4.3%** | **Banks — 4.3%** | **Banks — 4.3%** |
| Allfirst Preferred Capital Trust (3 M SOFR + 1.762%)<br> 6.018%, 07/15/29• | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412570 |
| JPMorgan Chase & Co., Series B (3 M SOFR + 0.762%)<br> 5.038%, 02/01/27• | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142728 |
| State Street Corp. (3 M SOFR + 0.822%)<br> 5.148%, 05/15/28• | &nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716872 |
| The PNC Financial Services Group, Inc. (SOFRRATE + 1.841%)<br> 5.582%, 06/12/29• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588644 |
| US Bancorp (UST Yield Curve CMT 5 Yr + 0.950%)<br> 2.491%, 11/03/36• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14981967 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Constellation Brands, Inc.<br> 4.500%, 05/09/47 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663758 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Quality Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Beverages — (continued)** | **Beverages — (continued)** | **Beverages — (continued)** |
| Keurig Dr Pepper, Inc.<br> 2.250%, 03/15/31 | $2000 | &nbsp;&nbsp;$1765109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3428867 |
| **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;2981658 |
| **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;2020929 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br> 3.000%, 10/29/28 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2857499 |
| **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |
| 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;1798851 |
| Dominion Energy, Inc., Series A (UST Yield Curve CMT 5 Yr + 2.386%)<br> 6.875%, 02/01/55• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157318 |
| Duke Energy Carolinas LLC<br> 2.850%, 03/15/32 | &nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp;2061791 |
| Northern States Power Co.<br> 3.600%, 09/15/47 | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;2993121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10011081 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Warnermedia Holdings, Inc.<br> 5.141%, 03/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419197 |
| **Food — 2.2%** | **Food — 2.2%** | **Food — 2.2%** |
| Kraft Heinz Foods Co.<br> 4.625%, 10/01/39 | &nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp;&nbsp;2193950 |
| Mars, Inc., 144A<br> 5.700%, 05/01/55@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1997815 |
| The Hershey Co.<br> 1.700%, 06/01/30 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886214 |
| The J.M. Smucker Co.<br> 4.250%, 03/15/35 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2787058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7865037 |
| **Gas — 0.7%** | **Gas — 0.7%** | **Gas — 0.7%** |
| The Brooklyn Union Gas Co., 144A<br> 3.407%, 03/10/26@ | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2474225 |
| **Healthcare Products — 0.5%** | **Healthcare Products — 0.5%** | **Healthcare Products — 0.5%** |
| Revvity, Inc.<br> 2.250%, 09/15/31 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1712055 |
| **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;1787843 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Household Products & Wares — 0.8%** | **Household Products & Wares — 0.8%** | **Household Products & Wares — 0.8%** |
| Church & Dwight Co., Inc.<br> 2.300%, 12/15/31 | $3000 | &nbsp;&nbsp;$2617480 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| Arthur J Gallagher & Co.<br> 5.000%, 02/15/32 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026588 |
| New York Life Global Funding, 144A<br> 4.550%, 01/28/33@ | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962797 |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| Ares Capital Corp.<br> 2.875%, 06/15/28 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884463 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Becton Dickinson & Co.<br> 3.700%, 06/06/27 | &nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933395 |
| Bristol-Myers Squibb Co.<br> 3.400%, 07/26/29 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453044 |
| Merck & Co., Inc.<br> 3.900%, 03/07/39 | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323780 |
| **Pipelines — 1.2%** | **Pipelines — 1.2%** | **Pipelines — 1.2%** |
| Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%)<br> 6.500%µ,• | &nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198403 |
| Western Midstream Operating LP<br> 5.450%, 11/15/34 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4159280 |
| **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** |
| SBA Tower Trust, 144A<br> 1.884%, 07/15/50@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475466 |
| **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;&nbsp;1390539 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| NXP BV/NXP Funding LLC/NXP USA, Inc.<br> 3.150%, 05/01/27 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956534 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Roper Technologies, Inc.<br> 1.400%, 09/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705413 |
| **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;1831239 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| BNSF Railway Co. Pass Through Trust, Series 2015-1, 144A<br> 3.442%, 06/16/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801447 |
| **TOTAL CORPORATE BONDS<br> (Cost $87,368,294)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**84084175** |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Quality Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **MUNICIPAL BONDS — 0.8%** | **MUNICIPAL BONDS — 0.8%** | **MUNICIPAL BONDS — 0.8%** |
| University of Virginia<br> 5.000%, 09/01/40<br> **(Cost $2,760,873)** | $2800 | &nbsp;&nbsp;$**2693448** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — 44.2%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 44.2%** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — 44.2%** |
| **Collateralized Mortgage Obligations — 27.9%** | **Collateralized Mortgage Obligations — 27.9%** | **Collateralized Mortgage Obligations — 27.9%** |
| Agate Bay Mortgage Trust, Series 2015-6 Class B1, 144A<br> 3.566%, 09/25/45@,• | &nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877934 |
| CIM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2 Class B1A, 144A<br> 4.737%, 05/25/49@,• | &nbsp;&nbsp;&nbsp;&nbsp;4413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210683 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A13, 144A<br> 3.000%, 04/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040188 |
| CSMC Trust, Series 2013-IVR2 Class A2, 144A<br> 3.000%, 04/25/43@,• | &nbsp;&nbsp;&nbsp;3349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013599 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, 08/01/42 | &nbsp;&nbsp;&nbsp;4585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952275 |
| &nbsp;&nbsp;&nbsp;5.500%, 12/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;3811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812422 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 12/01/44 | &nbsp;&nbsp;&nbsp;3942 | &nbsp;&nbsp;&nbsp;&nbsp;3940898 |
| &nbsp;&nbsp;&nbsp;5.500%, 08/01/53 | &nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971336 |
| 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;2134735 |
| Ginnie Mae, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-37 Class BY,<br> 3.500%, 03/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp;4657992 |
| &nbsp;&nbsp;&nbsp;3.500%, 11/20/52 | &nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531485 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A<br> 2.500%, 10/25/50@,• | &nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559554 |
| GS Mortgage-Backed Securities Trust, Series 2020-PJ1 Class B1, 144A<br> 3.594%, 05/25/50@,• | &nbsp;&nbsp;&nbsp;4932 | &nbsp;&nbsp;&nbsp;&nbsp;4379440 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B1A, 144A<br> 2.940%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;4464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726107 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A3, 144A<br> 3.500%, 08/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;2598497 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A15, 144A<br> 3.000%, 11/25/50@,• | &nbsp;&nbsp;&nbsp;4064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526887 |
| &nbsp;&nbsp;&nbsp;Series 2020-8 Class A3, 144A<br> 3.000%, 03/25/51@,• | &nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290387 |
| &nbsp;&nbsp;&nbsp;Series 2021-1 Class A3, 144A<br> 2.500%, 06/25/51@,• | &nbsp;&nbsp;&nbsp;4440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619952 |
| &nbsp;&nbsp;&nbsp;Series 2021-1 Class A15, 144A<br> 2.500%, 06/25/51@,• | &nbsp;&nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;&nbsp;2690819 |
| &nbsp;&nbsp;&nbsp;Series 2021-7 Class A15, 144A<br> 2.500%, 11/25/51@,• | &nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp;3540640 |
| &nbsp;&nbsp;&nbsp;Series 2022-1 Class A3, 144A<br> 2.500%, 07/25/52@,• | &nbsp;&nbsp;&nbsp;3963 | &nbsp;&nbsp;&nbsp;&nbsp;3228085 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** | **Collateralized Mortgage Obligations — (continued)** |
| JP Morgan Seasoned Mortgage Trust Series, Series 2024-1 Class A3, 144A<br> 4.446%, 01/25/63@,• | $3337 | &nbsp;&nbsp;$3195818 |
| MFA Trust, Series 2020-NQM1 Class B1, 144A<br> 4.978%, 08/25/49@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451787 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-3 Class A2,<br> 2.500%, 03/25/43• | &nbsp;&nbsp;&nbsp;6863 | &nbsp;&nbsp;&nbsp;&nbsp;5973848 |
| &nbsp;&nbsp;&nbsp;Series 2017-5 Class A1, 144A<br> 3.500%, 08/25/47@,• | &nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462914 |
| &nbsp;&nbsp;&nbsp;Series 2020-4 Class A20, 144A<br> 2.500%, 11/25/50@,• | &nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp;2082032 |
| &nbsp;&nbsp;&nbsp;Series 2021-5 Class A5, 144A<br> 2.000%, 07/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;2591 | &nbsp;&nbsp;&nbsp;&nbsp;2255982 |
| Towd Point Mortgage Trust, Series 2021-1 Class A2, 144A<br> 2.750%, 11/25/61@,• | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2109860 |
| Vista Point Securitization Trust, Series 2020-1 Class M1, 144A<br> 4.151%, 03/25/65@,• | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2954258 |
| Wells Fargo Mortgage Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-3 Class A1, 144A<br> 3.000%, 06/25/50@,• | &nbsp;&nbsp;&nbsp;3898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331129 |
| &nbsp;&nbsp;&nbsp;Series 2022-2 Class A2, 144A<br> 2.500%, 12/25/51@,• | &nbsp;&nbsp;&nbsp;&nbsp;3916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190233 |
| WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A<br> 3.783%, 01/20/46@,• | &nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;97810981 |
| **Fannie Mae Pool — 6.6%** | **Fannie Mae Pool — 6.6%** | **Fannie Mae Pool — 6.6%** |
| 3.500%, 10/01/45 | &nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp;3695878 |
| 1.500%, 06/01/51 | &nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514947 |
| 2.000%, 11/01/51 | &nbsp;&nbsp;&nbsp;4027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197493 |
| 2.000%, 12/01/51 | &nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934749 |
| 3.000%, 03/01/52 | &nbsp;&nbsp;&nbsp;9084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871591 |
| 6.000%, 07/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23196846 |
| **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;4078 | &nbsp;&nbsp;&nbsp;&nbsp;3589348 |
| **Freddie Mac Pool — 5.1%** | **Freddie Mac Pool — 5.1%** | **Freddie Mac Pool — 5.1%** |
| 2.500%, 04/01/52 | &nbsp;&nbsp;&nbsp;9450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857939 |
| 4.000%, 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;6231 | &nbsp;&nbsp;&nbsp;&nbsp;5805097 |
| 4.000%, 01/01/53 | &nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp;4057244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17720280 |
| **Freddie Mac REMICS — 2.9%** | **Freddie Mac REMICS — 2.9%** | **Freddie Mac REMICS — 2.9%** |
| Series 5105 Class JM, 2.000%, 12/25/46 | &nbsp;&nbsp;&nbsp;3949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824571 |
| Series 5229 Class AL, 4.000%, 06/25/49 | &nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp;&nbsp;7246642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10071213 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Quality Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** | **RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)** |
| **Ginnie Mae — 0.7%** | **Ginnie Mae — 0.7%** | **Ginnie Mae — 0.7%** |
| Series 2015-76 Class QB<br> 3.000%, 05/20/45 | $2731 | &nbsp;&nbsp;$2432763 |
| **TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES<br> (Cost $163,296,074)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**154821431** |
| **U.S. TREASURY OBLIGATIONS — 7.2%** | **U.S. TREASURY OBLIGATIONS — 7.2%** | **U.S. TREASURY OBLIGATIONS — 7.2%** |
| 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;1407812 |
| &nbsp;&nbsp;&nbsp;2.500%, 02/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722715 |
| &nbsp;&nbsp;&nbsp;3.000%, 02/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525328 |
| &nbsp;&nbsp;&nbsp;3.000%, 08/15/48 | &nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp;10889484 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923578 |
| U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 02/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960410 |
| &nbsp;&nbsp;&nbsp;2.375%, 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465761 |
| U.S. Treasury Inflation Indexed Notes<br> 1.750%, 01/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449477 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $26,031,338)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $26,031,338)** | &nbsp;&nbsp;&nbsp;**25344565** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 1.9%** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 1.5%** | **MONEY MARKET FUNDS — 1.5%** | **MONEY MARKET FUNDS — 1.5%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $5,323,118)** | 5323118 | &nbsp;&nbsp;**5323118** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** |  |
| **U.S. TREASURY OBLIGATIONS — 0.4%** | **U.S. TREASURY OBLIGATIONS — 0.4%** | **U.S. TREASURY OBLIGATIONS — 0.4%** |
| U.S. Treasury Bills<br> 4.207%, 11/13/25<br> **(Cost $1,476,817)** | $1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1476731** |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $6,799,935)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6799849** |
| **TOTAL INVESTMENTS — 98.1%<br> (Cost $357,931,123)** |  | &nbsp;&nbsp;**$343704158** |
| **Other Assets & Liabilities — 1.9%** | **Other Assets & Liabilities — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6606036** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$350310194** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $133,882,803, which represents 38.2% of the Fund's net assets. |

---

---

| | |
|:---|:---|
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| µ | Perpetual security with no stated maturity date. |

---

---

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

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Asset Backed Securities | $26699115 | $— | $26699115 | $— |
| Commercial Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;43261575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;43261575 | &nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;84084175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84084175 | &nbsp;&nbsp;&nbsp;— |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;2693448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2693448 | &nbsp;&nbsp;&nbsp;— |
| Residential Mortgage Backed Securities | &nbsp;&nbsp;&nbsp;154821431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;154821431 | &nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;25344565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25344565 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;6799849 | &nbsp;&nbsp;&nbsp;5323118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476731 | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $343704158 | $5323118 | $338381040 | $— |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Futures Contracts | $150746 | $150746 | $— | $— |
| Total Assets—Other Financial Instruments | $150746 | $150746 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Quality Bond Fund
Futures contracts held by the Fund at June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration<br> Date** | **Numbers<br> of<br> Contracts** | **Units per<br> Contract** | **Closing<br> Price** | **Notional<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| Long | U.S. Treasury 10 Year Note | 09/19/25 | 71 | 1000 | $112 | $7960875 | $150746 | $— |
|  |  |  |  |  |  |  | $150746 | $— |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### High Yield Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 0.5%** | **ASSET BACKED SECURITIES — 0.5%** | **ASSET BACKED SECURITIES — 0.5%** |
| Frontier Issuer LLC, Series 2023-1 Class A2, 144A<br> 6.600%, 08/20/53@<br> **(Cost $578,231)** | $600 | &nbsp;&nbsp;$**609444** |

---

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** |  |
| **CORPORATE BONDS — 90.3%** | **CORPORATE BONDS — 90.3%** | **CORPORATE BONDS — 90.3%** |
| **Advertising — 0.8%** | **Advertising — 0.8%** | **Advertising — 0.8%** |
| Stagwell Global LLC, 144A<br> 5.625%, 08/15/29@ | $1050 | &nbsp;&nbsp;1004227 |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| Bombardier, Inc., 144A<br> 6.750%, 06/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;1036221 |
| **Airlines — 1.2%** | **Airlines — 1.2%** | **Airlines — 1.2%** |
| American Airlines Pass Through Trust, Series 2021-1 Class B<br> 3.950%, 01/11/32 | &nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;1095680 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A<br> 5.500%, 04/20/26@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;349202 |
|  |  | &nbsp;&nbsp;1444882 |
| **Auto Parts & Equipment — 2.1%** | **Auto Parts & Equipment — 2.1%** | **Auto Parts & Equipment — 2.1%** |
| Clarios Global LP/Clarios US Finance Co., 144A<br> 6.750%, 02/15/30@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;1556265 |
| The Goodyear Tire & Rubber Co.<br> 6.625%, 07/15/30 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;1018174 |
|  |  | &nbsp;&nbsp;2574439 |
| **Banks — 0.9%** | **Banks — 0.9%** | **Banks — 0.9%** |
| Freedom Mortgage Corp., 144A<br> 12.250%, 10/01/30@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1165411 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| Builders FirstSource, Inc., 144A<br> 6.750%, 05/15/35@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;1546193 |
| **Chemicals — 4.8%** | **Chemicals — 4.8%** | **Chemicals — 4.8%** |
| Methanex US Operations, Inc., 144A<br> 6.250%, 03/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;1493499 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Chemicals — (continued)** | **Chemicals — (continued)** | **Chemicals — (continued)** |
| NOVA Chemicals Corp., 144A<br> 8.500%, 11/15/28@ | $1775 | &nbsp;&nbsp;$1874718 |
| Olin Corp., 144A<br> 6.625%, 04/01/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982941 |
| WR Grace Holdings LLC, 144A<br> 7.375%, 03/01/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1535235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5886393 |
| **Commercial Services — 7.4%** | **Commercial Services — 7.4%** | **Commercial Services — 7.4%** |
| Albion Financing 1 Sarl/Aggreko Holdings, Inc., 144A<br> 7.000%, 05/21/30@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020239 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.500%, 07/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;1015090 |
| &nbsp;&nbsp;&nbsp;144A, 7.250%, 06/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1047726 |
| Neptune Bidco US, Inc., 144A<br> 9.290%, 04/15/29@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451821 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1810991 |
| &nbsp;&nbsp;&nbsp;4.000%, 05/15/31 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1403514 |
| Williams Scotsman, Inc., 144A<br> 4.625%, 08/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9075515 |
| **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** |
| EZCORP, Inc., 144A<br> 7.375%, 04/01/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051372 |
| Jefferson Capital Holdings LLC, 144A<br> 8.250%, 05/15/30@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1035863 |
| PennyMac Financial Services, Inc., 144A<br> 6.875%, 05/15/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1019890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107125 |
| **Electric — 7.3%** | **Electric — 7.3%** | **Electric — 7.3%** |
| Lightning Power LLC, 144A<br> 7.250%, 08/15/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1051632 |
| NRG Energy, Inc., 144A<br> 6.250%, 11/01/34@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1530696 |
| Talen Energy Supply LLC, 144A<br> 8.625%, 06/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1392437 |
| Vistra Corp. (UST Yield Curve CMT 5 Yr + 6.930%), 144A<br> 8.000%@,µ,• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2048496 |
| Vistra Operations Co. LLC, 144A<br> 6.875%, 04/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1568209 |
| Vistra Operations Co., LLC, 144A<br> 5.000%, 07/31/27@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1398759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8990229 |
| **Electrical Components & Equipment — 1.0%** | **Electrical Components & Equipment — 1.0%** | **Electrical Components & Equipment — 1.0%** |
| WESCO Distribution, Inc., 144A<br> 7.250%, 06/15/28@ | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215123 |
| **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** |
| Arcosa, Inc., 144A<br> 6.875%, 08/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1556798 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### High Yield Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Entertainment — 3.7%** | **Entertainment — 3.7%** | **Entertainment — 3.7%** |
| Light & Wonder International, Inc., 144A<br> 7.000%, 05/15/28@ | $1400 | &nbsp;&nbsp;$1404663 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 144A<br> 8.250%, 04/15/30@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548312 |
| Voyager Parent LLC, 144A<br> 9.250%, 07/01/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512716 |
| **Environmental Control — 1.2%** | **Environmental Control — 1.2%** | **Environmental Control — 1.2%** |
| Clean Harbors, Inc., 144A<br> 6.375%, 02/01/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536477 |
| **Healthcare Products — 2.9%** | **Healthcare Products — 2.9%** | **Healthcare Products — 2.9%** |
| Avantor Funding, Inc., 144A<br> 4.625%, 07/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;1080084 |
| Insulet Corp., 144A<br> 6.500%, 04/01/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039032 |
| Medline Borrower LP, 144A<br> 5.250%, 10/01/29@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607250 |
| **Healthcare Services — 8.2%** | **Healthcare Services — 8.2%** | **Healthcare Services — 8.2%** |
| DaVita, Inc., 144A<br> 6.750%, 07/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034545 |
| Encompass Health Corp.<br> 4.750%, 02/01/30 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971718 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 8.375%, 02/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598771 |
| &nbsp;&nbsp;&nbsp;144A, 10.000%, 06/01/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026916 |
| Prime Healthcare Services, Inc., 144A<br> 9.375%, 09/01/29@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477560 |
| Surgery Center Holdings, Inc., 144A<br> 7.250%, 04/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529118 |
| Tenet Healthcare Corp.<br> 5.125%, 11/01/27 | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10036803 |
| **Home Furnishings — 1.6%** | **Home Furnishings — 1.6%** | **Home Furnishings — 1.6%** |
| Whirlpool Corp.<br> 6.500%, 06/15/33 | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2005465 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| Acrisure LLC/Acrisure Finance, Inc., 144A<br> 6.750%, 07/01/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014021 |
| **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** |
| Go Daddy Operating Co., LLC/GD Finance Co., Inc., 144A<br> 5.250%, 12/01/27@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397664 |
| **Leisure Time — 1.2%** | **Leisure Time — 1.2%** | **Leisure Time — 1.2%** |
| Royal Caribbean Cruises Ltd., 144A<br> 5.625%, 09/30/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511694 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Lodging — 1.2%** | **Lodging — 1.2%** | **Lodging — 1.2%** |
| Boyd Gaming Corp., 144A<br> 4.750%, 06/15/31@ | $1500 | &nbsp;&nbsp;$1437669 |
| **Media — 4.9%** | **Media — 4.9%** | **Media — 4.9%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.125%, 05/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670167 |
| &nbsp;&nbsp;&nbsp;144A, 4.250%, 01/15/34@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780450 |
| Gray Media, Inc., 144A<br> 10.500%, 07/15/29@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073695 |
| Sirius XM Radio LLC, 144A<br> 5.500%, 07/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6066552 |
| **Mining — 5.0%** | **Mining — 5.0%** | **Mining — 5.0%** |
| Alumina Pty Ltd., 144A<br> 6.375%, 09/15/32@ | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032424 |
| Capstone Copper Corp., 144A<br> 6.750%, 03/31/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535961 |
| First Quantum Minerals Ltd., 144A<br> 8.000%, 03/01/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538464 |
| FMG Resources August 2006 Pty Ltd., 144A<br> 5.875%, 04/15/30@ | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169782 |
| **Oil & Gas — 11.9%** | **Oil & Gas — 11.9%** | **Oil & Gas — 11.9%** |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A<br> 6.625%, 10/15/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526442 |
| Chord Energy Corp., 144A<br> 6.750%, 03/15/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527801 |
| Civitas Resources, Inc., 144A<br> 9.625%, 06/15/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538051 |
| Comstock Resources, Inc., 144A<br> 6.750%, 03/01/29@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502541 |
| Crescent Energy Finance LLC, 144A<br> 7.375%, 01/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956184 |
| Expand Energy Corp., 144A<br> 5.875%, 02/01/29@ | &nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857581 |
| Gulfport Energy Operating Corp., 144A<br> 6.750%, 09/01/29@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024137 |
| Occidental Petroleum Corp.<br> 8.500%, 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577925 |
| Permian Resources Operating LLC, 144A<br> 6.250%, 02/01/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513803 |
| Sunoco LP, 144A<br> 7.250%, 05/01/32@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14599659 |
| **Packaging and Containers — 3.7%** | **Packaging and Containers — 3.7%** | **Packaging and Containers — 3.7%** |
| Crown Americas LLC, 144A<br> 5.875%, 06/01/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509907 |
| Graham Packaging Co., Inc., 144A<br> 7.125%, 08/15/28@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497416 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### High Yield Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Packaging and Containers — (continued)** | **Packaging and Containers — (continued)** | **Packaging and Containers — (continued)** |
| Trivium Packaging Finance BV, 144A<br> 8.250%, 07/15/30@ | $1500 | &nbsp;&nbsp;$1586201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593524 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| Elanco Animal Health, Inc.<br> 6.650%, 08/28/28 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092450 |
| Jazz Securities DAC, 144A<br> 4.375%, 01/15/29@ | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444727 |
| **Pipelines — 2.9%** | **Pipelines — 2.9%** | **Pipelines — 2.9%** |
| Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%)<br> 6.500%µ,• | &nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987115 |
| Rockies Express Pipeline LLC, 144A<br> 6.750%, 03/15/33@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552011 |
| **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** |
| MPT Operating Partnership LP/MPT Finance Corp., 144A<br> 8.500%, 02/15/32@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045778 |
| RHP Hotel Properties LP/RHP Finance Corp., 144A<br> 6.500%, 06/15/33@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074524 |
| **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** |
| Bath & Body Works, Inc.<br> 6.875%, 11/01/35 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547952 |
| The Gap, Inc., 144A<br> 3.875%, 10/01/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892203 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Open Text Corp., 144A<br> 6.900%, 12/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698780 |
| **Telecommunications — 2.0%** | **Telecommunications — 2.0%** | **Telecommunications — 2.0%** |
| Level 3 Financing, Inc., 144A<br> 4.000%, 04/15/31@ | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855000 |
| Windstream Services LLC/Windstream Escrow Finance Corp., 144A<br> 8.250%, 10/01/31@ | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425267 |
| **TOTAL CORPORATE BONDS<br> (Cost $108,262,290)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**111179344** |
| **LOAN AGREEMENTS‡ — 4.9%** | **LOAN AGREEMENTS‡ — 4.9%** | **LOAN AGREEMENTS‡ — 4.9%** |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
| Albion Financing 3 SARL<br> 0.000%, 08/16/29× | &nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993138 |
| VT Topco, Inc. (1 M SOFR + 3.000%)<br> 7.327%, 08/09/30• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993138 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Leisure Time — 1.2%** | **Leisure Time — 1.2%** | **Leisure Time — 1.2%** |
| MajorDrive Holdings IV LLC<br> 0.000%, 06/01/28× | $1492 | &nbsp;&nbsp;$1461145 |
| **Packaging and Containers — 0.0%** | **Packaging and Containers — 0.0%** | **Packaging and Containers — 0.0%** |
| Clydesdale Acquisition Holdings, Inc. (1 M SOFR + 3.250%)<br> 7.577%, 04/01/32• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 |
| **Retail — 1.2%** | **Retail — 1.2%** | **Retail — 1.2%** |
| EG America LLC (3 M SOFR + 4.250%)<br> 8.583%, 02/07/28• | &nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;1493529 |
| **Telecommunications — 1.7%** | **Telecommunications — 1.7%** | **Telecommunications — 1.7%** |
| Level 3 Financing, Inc. (1 M SOFR + 4.250%)<br> 8.577%, 03/27/32• | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2020420 |
| **TOTAL LOAN AGREEMENTS<br> (Cost $5,821,392)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5969901** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 1.2%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $1,502,088)** | 1502088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1502088** |
| **TOTAL INVESTMENTS — 96.9%<br> (Cost $116,188,226)** |  | &nbsp;&nbsp;**$119260777** |
| **Other Assets & Liabilities — 3.1%** | **Other Assets & Liabilities — 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3864721** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$123125498** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $94,879,629, which represents 77.1% of the Fund's net assets. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| \* | Non-income producing security. |
| µ | Perpetual security with no stated maturity date. |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### High Yield Bond Fund

---

| | |
|:---|:---|
| • | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate ("SOFR") or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2025. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the "1933 Act"), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
| × | This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |

---

---

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

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;88% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Asset Backed Securities | $609444 | $— | $609444 | $— |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;111179344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;111179344 | &nbsp;&nbsp;&nbsp;— |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;5969901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5969901 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1502088 | &nbsp;&nbsp;&nbsp;1502088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $119260777 | $1502088 | $117758689 | $— |

---

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** |
| Domino's Pizza Master Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A Class A23, 144A<br> 4.118%, 07/25/47@ | $2751 | &nbsp;&nbsp;$2713684 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A Class A2, 144A<br> 3.668%, 10/25/49@ | &nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp;2025457 |
| **TOTAL ASSET BACKED SECURITIES<br> (Cost $4,857,688)** | **TOTAL ASSET BACKED SECURITIES<br> (Cost $4,857,688)** | &nbsp;&nbsp;&nbsp;**4739141** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** |  |
| **COMMON STOCKS — 60.2%** | **COMMON STOCKS — 60.2%** | **COMMON STOCKS — 60.2%** |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;2081972 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16403 | &nbsp;&nbsp;&nbsp;&nbsp;7596885 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;8749650 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;206772 | &nbsp;&nbsp;30192848 |
|  |  | &nbsp;&nbsp;&nbsp;48621355 |
| **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** |
| Aurora Innovation, Inc.\* | 10359138 | &nbsp;&nbsp;54281883 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61274 | &nbsp;&nbsp;&nbsp;&nbsp;8631056 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Keurig Dr Pepper, Inc.†† | &nbsp;&nbsp;&nbsp;&nbsp;136800 | &nbsp;&nbsp;&nbsp;&nbsp;4522608 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | &nbsp;&nbsp;&nbsp;&nbsp;7948808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12471416 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| Alnylam Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47207 | &nbsp;&nbsp;&nbsp;&nbsp;15393731 |
| Biogen, Inc.\*,†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114737 |
| BioNTech S.E., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72409 | &nbsp;&nbsp;&nbsp;&nbsp;7709386 |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;189560 | &nbsp;&nbsp;&nbsp;&nbsp;6263062 |
|  |  | &nbsp;&nbsp;30480916 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97200 | &nbsp;&nbsp;&nbsp;25351704 |
| **Computers — 1.3%** | **Computers — 1.3%** | **Computers — 1.3%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331430 | &nbsp;&nbsp;67999493 |
| **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;1889001 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26300 | &nbsp;&nbsp;&nbsp;&nbsp;7248806 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30358 | &nbsp;&nbsp;&nbsp;&nbsp;5569782 |
| Mastercard, Inc., Class A†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37553 | &nbsp;&nbsp;&nbsp;&nbsp;21102533 |
| Visa, Inc., Class A†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85456 | &nbsp;&nbsp;&nbsp;&nbsp;30341153 |
|  |  | &nbsp;&nbsp;&nbsp;66151275 |
| **Electric — 3.7%** | **Electric — 3.7%** | **Electric — 3.7%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 | &nbsp;&nbsp;&nbsp;&nbsp;1566173 |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701157 | &nbsp;&nbsp;&nbsp;&nbsp;67339118 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38200 | &nbsp;&nbsp;&nbsp;&nbsp;3963632 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;2308579 | &nbsp;&nbsp;&nbsp;84817193 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;175900 | &nbsp;&nbsp;&nbsp;23299714 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;2596000 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109400 | &nbsp;&nbsp;&nbsp;&nbsp;4750148 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35600 | &nbsp;&nbsp;$3709520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;192041498 |
| **Electronics — 2.0%** | **Electronics — 2.0%** | **Electronics — 2.0%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;786235 | &nbsp;&nbsp;&nbsp;&nbsp;77640706 |
| Fortive Corp.†† | &nbsp;&nbsp;&nbsp;&nbsp;362064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18874396 |
| Ralliant Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5721820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;102236922 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222746 | &nbsp;&nbsp;&nbsp;&nbsp;22486209 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30632201 |
| **Gas — 1.6%** | **Gas — 1.6%** | **Gas — 1.6%** |
| NiSource, Inc. | &nbsp;&nbsp;2008211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81011232 |
| **Healthcare Products — 5.0%** | **Healthcare Products — 5.0%** | **Healthcare Products — 5.0%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;406508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55289153 |
| Avantor, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;548873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7387831 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;334251 | &nbsp;&nbsp;&nbsp;&nbsp;66027943 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244211 |
| Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;253502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16518190 |
| Revvity, Inc. | &nbsp;&nbsp;1109953 | &nbsp;&nbsp;&nbsp;&nbsp;107354654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;256821982 |
| **Healthcare Services — 1.1%** | **Healthcare Services — 1.1%** | **Healthcare Services — 1.1%** |
| The Cigna Group. | &nbsp;&nbsp;&nbsp;&nbsp;68400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22611672 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33376110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55987782 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494104 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498240 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;114739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35167503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44159847 |
| **Internet — 7.6%** | **Internet — 7.6%** | **Internet — 7.6%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;435565 | &nbsp;&nbsp;&nbsp;&nbsp;76759620 |
| Amazon.com, Inc.\*,†† | &nbsp;&nbsp;&nbsp;&nbsp;988230 | &nbsp;&nbsp;&nbsp;&nbsp;216807779 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;127622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94196522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;387763921 |
| **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30236781 |
| **Machinery — Diversified — 0.6%** | **Machinery — Diversified — 0.6%** | **Machinery — Diversified — 0.6%** |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28218233 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524809 |
| **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** |
| Canadian Natural Resources Ltd. | 2349688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73780203 |
| **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11656936 |
| Ascendis Pharma A/S, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995000 |
| Becton Dickinson & Co.†† | &nbsp;&nbsp;&nbsp;&nbsp;807393 | &nbsp;&nbsp;&nbsp;&nbsp;139073444 |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6918072 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8755620 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;$37807205 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;33400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101850 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63845656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277153783 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7165395 |
| **Retail — 2.1%** | **Retail — 2.1%** | **Retail — 2.1%** |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29002340 |
| Starbucks Corp.†† | &nbsp;&nbsp;&nbsp;&nbsp;521118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47750043 |
| Yum! Brands, Inc.†† | &nbsp;&nbsp;218946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32443418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109195801 |
| **Semiconductors — 5.9%** | **Semiconductors — 5.9%** | **Semiconductors — 5.9%** |
| Advanced Micro Devices, Inc.\*,†† | &nbsp;&nbsp;634603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90050166 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19303422 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;13309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10665700 |
| NVIDIA Corp.†† | 1152452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182075891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302095179 |
| **Software — 15.4%** | **Software — 15.4%** | **Software — 15.4%** |
| ANSYS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828879 |
| Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;160576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49709512 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54533138 |
| Microsoft Corp.†† | &nbsp;&nbsp;682784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339623590 |
| PTC, Inc.\* | &nbsp;&nbsp;664592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114535785 |
| Roper Technologies, Inc.†† | &nbsp;&nbsp;242738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137593608 |
| Salesforce, Inc.†† | &nbsp;&nbsp;100803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27487970 |
| Workday, Inc., Class A\* | &nbsp;&nbsp;268056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64333440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788645922 |
| **TOTAL COMMON STOCKS<br> (Cost $2,618,690,899)** | **TOTAL COMMON STOCKS<br> (Cost $2,618,690,899)** | &nbsp;&nbsp;&nbsp;**3088660589** |
| **REAL ESTATE INVESTMENT TRUSTS — 0.2%** | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |
| **Diversified — 0.2%** | **Diversified — 0.2%** | **Diversified — 0.2%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6055948 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710472 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $8,356,192)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9766420** |
| **PREFERRED STOCKS — 0.5%** | **PREFERRED STOCKS — 0.5%** | **PREFERRED STOCKS — 0.5%** |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| Waymo LLC, Series A-2, CONV(1),\*,# | &nbsp;&nbsp;245568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26017930 |
| **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
| CMS Energy Corp., 2078 | &nbsp;&nbsp;&nbsp;&nbsp;39004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859258 |
| **TOTAL PREFERRED STOCKS<br> (Cost $22,061,337)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26877188** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — 7.4%** | **CORPORATE BONDS — 7.4%** | **CORPORATE BONDS — 7.4%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/28 | $2796 | &nbsp;&nbsp;$2710037 |
| &nbsp;&nbsp;&nbsp;4.875%, 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521946 |
| &nbsp;&nbsp;&nbsp;3.625%, 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3633809 |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171978 |
| &nbsp;&nbsp;&nbsp;144A, 6.375%, 03/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;9870 | &nbsp;&nbsp;&nbsp;&nbsp;10115654 |
| &nbsp;&nbsp;&nbsp;144A, 7.125%, 12/01/31@ | &nbsp;&nbsp;&nbsp;&nbsp;6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171404 |
| &nbsp;&nbsp;&nbsp;144A, 6.625%, 03/01/32@ | &nbsp;&nbsp;&nbsp;&nbsp;11451 | &nbsp;&nbsp;&nbsp;&nbsp;11859034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32318070 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Korn Ferry, 144A<br> 4.625%, 12/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;3386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362317 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475248 |
| &nbsp;&nbsp;&nbsp;3.375%, 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;2557 | &nbsp;&nbsp;&nbsp;&nbsp;2349739 |
| &nbsp;&nbsp;&nbsp;5.750%, 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp;2846825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9034129 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 07/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2064 | &nbsp;&nbsp;&nbsp;&nbsp;1979056 |
| &nbsp;&nbsp;&nbsp;5.950%, 08/04/33 | &nbsp;&nbsp;&nbsp;&nbsp;2469 | &nbsp;&nbsp;&nbsp;&nbsp;2530288 |
| Crowdstrike Holdings, Inc.<br> 3.000%, 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5049585 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 7.000%, 07/01/25@ | &nbsp;&nbsp;&nbsp;&nbsp;1844 | &nbsp;&nbsp;&nbsp;&nbsp;1844000 |
| &nbsp;&nbsp;&nbsp;144A, 5.500%, 04/15/27@ | &nbsp;&nbsp;&nbsp;10244 | &nbsp;&nbsp;&nbsp;&nbsp;10222252 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 04/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;8262 | &nbsp;&nbsp;&nbsp;&nbsp;8252239 |
| &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp;5560370 |
| &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;2749 | &nbsp;&nbsp;&nbsp;&nbsp;2692277 |
| Vail Resorts, Inc., 144A<br> 6.500%, 05/15/32@ | &nbsp;&nbsp;&nbsp;&nbsp;3481 | &nbsp;&nbsp;&nbsp;&nbsp;3596166 |
| VAIL RESORTS, Inc., 144A<br> 5.625%, 07/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33728135 |
| **Healthcare Products — 0.3%** | **Healthcare Products — 0.3%** | **Healthcare Products — 0.3%** |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.625%, 07/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;11785 | &nbsp;&nbsp;&nbsp;&nbsp;11571623 |
| &nbsp;&nbsp;&nbsp;144A, 3.875%, 11/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729614 |
| Hologic, Inc., 144A<br> 3.250%, 02/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17487431 |
| **Healthcare Services — 0.2%** | **Healthcare Services — 0.2%** | **Healthcare Services — 0.2%** |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.000%, 05/15/27@ | &nbsp;&nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;&nbsp;4356330 |
| &nbsp;&nbsp;&nbsp;144A, 6.500%, 05/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;2589 | &nbsp;&nbsp;&nbsp;&nbsp;2668627 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
| **Healthcare Services — (continued)** | **Healthcare Services — (continued)** | **Healthcare Services — (continued)** |
| Surgery Center Holdings, Inc., 144A<br> 7.250%, 04/15/32@ | $2233 | &nbsp;&nbsp;$2276347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301304 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| AmWINS Group, Inc., 144A<br> 6.375%, 02/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339551 |
| AssuredPartners, Inc., 144A<br> 7.500%, 02/15/32@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567612 |
| BroadStreet Partners, Inc., 144A<br> 5.875%, 04/15/29@ | &nbsp;&nbsp;&nbsp;&nbsp;7653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7559900 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.625%, 12/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;4462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462477 |
| &nbsp;&nbsp;&nbsp;144A, 7.250%, 06/15/30@ | &nbsp;&nbsp;&nbsp;45014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47022533 |
| &nbsp;&nbsp;&nbsp;144A, 7.375%, 01/31/32@ | &nbsp;&nbsp;&nbsp;26096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27304987 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.375%, 02/01/30@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214766 |
| &nbsp;&nbsp;&nbsp;144A, 5.875%, 08/01/32@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154420 |
| USI, Inc., 144A<br> 7.500%, 01/15/32@ | &nbsp;&nbsp;&nbsp;&nbsp;11814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12462057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;109088303 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Life Time, Inc., 144A<br> 6.000%, 11/15/31@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121609 |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.750%, 05/01/28@ | &nbsp;&nbsp;&nbsp;&nbsp;10025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10045872 |
| &nbsp;&nbsp;&nbsp;144A, 5.875%, 04/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;3928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012595 |
| &nbsp;&nbsp;&nbsp;144A, 3.750%, 05/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;8034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700149 |
| &nbsp;&nbsp;&nbsp;4.875%, 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184228 |
| &nbsp;&nbsp;&nbsp;144A, 4.000%, 05/01/31@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079165 |
| &nbsp;&nbsp;&nbsp;144A, 3.625%, 02/15/32@ | &nbsp;&nbsp;&nbsp;&nbsp;9028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177644 |
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.<br> 4.875%, 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;3206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47402040 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 5.500%, 05/01/26@ | &nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739342 |
| &nbsp;&nbsp;&nbsp;144A, 5.125%, 05/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;26233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26157310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27896652 |
| **Packaging and Containers — 0.1%** | **Packaging and Containers — 0.1%** | **Packaging and Containers — 0.1%** |
| Ball Corp.<br> 6.000%, 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5508910 |
| **Real Estate Investment Trusts — 0.5%** | **Real Estate Investment Trusts — 0.5%** | **Real Estate Investment Trusts — 0.5%** |
| Crown Castle, Inc.<br> 4.900%, 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534037 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;8504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367797 |
| &nbsp;&nbsp;&nbsp;3.125%, 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;9983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9429374 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Real Estate Investment Trusts — (continued)** | **Real Estate Investment Trusts — (continued)** | **Real Estate Investment Trusts — (continued)** |
| SBA Tower Trust, 144A<br> 6.599%, 11/15/52@ | $256 | &nbsp;&nbsp;$263060 |
| VICI Properties LP<br> 5.750%, 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23238561 |
| **Retail — 0.9%** | **Retail — 0.9%** | **Retail — 0.9%** |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A<br> 4.750%, 06/01/27@ | &nbsp;&nbsp;&nbsp;&nbsp;8757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8732129 |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 4.750%, 01/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071291 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573670 |
| &nbsp;&nbsp;&nbsp;4.625%, 01/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;8583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8262633 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;7196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200648 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382042 |
| &nbsp;&nbsp;&nbsp;5.350%, 11/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;7809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7461699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43684112 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A, 8.000%, 06/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247275 |
| &nbsp;&nbsp;&nbsp;Series jun, 144A, 8.000%, 06/15/30@ | &nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170948 |
| Ellucian Holdings, Inc., 144A<br> 6.500%, 12/01/29@ | &nbsp;&nbsp;&nbsp;&nbsp;2824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888088 |
| Fair Isaac Corp., 144A<br> 6.000%, 05/15/33@ | &nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070406 |
| PTC, Inc., 144A<br> 4.000%, 02/15/28@ | &nbsp;&nbsp;&nbsp;&nbsp;3162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062769 |
| Workday, Inc.<br> 3.800%, 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;2337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12635408 |
| **TOTAL CORPORATE BONDS<br> (Cost $370,302,760)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**381128058** |
| **LOAN AGREEMENTS‡ — 9.5%** | **LOAN AGREEMENTS‡ — 9.5%** | **LOAN AGREEMENTS‡ — 9.5%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.750%), 7.046%, 08/24/28• | &nbsp;&nbsp;&nbsp;&nbsp;8308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8334947 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.750%), 7.046%, 03/22/30• | &nbsp;&nbsp;&nbsp;12835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12877946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21212893 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| Varsity Brands, Inc. (3 M SOFR + 3.500%)<br> 7.830%, 08/26/31• | &nbsp;&nbsp;&nbsp;&nbsp;14114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100361 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Mister Car Wash Holdings, Inc. (1 M SOFR + 2.500%)<br> 6.827%, 03/21/31• | &nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487401 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** |
| **Commercial Services — (continued)** | **Commercial Services — (continued)** | **Commercial Services — (continued)** |
| TransUnion Intermediate Holdings, Inc. (1 M SOFR + 1.850%)<br> 6.177%, 11/16/26• | $1012 | &nbsp;&nbsp;$1012642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500043 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
| Cpi Holdco B LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 05/17/31× | &nbsp;&nbsp;&nbsp;&nbsp;2598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588907 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 2.250%), 6.577%, 05/19/31• | &nbsp;&nbsp;&nbsp;&nbsp;10794 | &nbsp;&nbsp;&nbsp;&nbsp;10780508 |
| Mariner Wealth Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 08/18/28× | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193824 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.500%), 6.796%, 12/18/30• | &nbsp;&nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20928299 |
| **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** |
| Filtration Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.500%), 5.429%, 10/21/28• | &nbsp;&nbsp;&nbsp;&nbsp;6874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8087102 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.000%), 7.327%, 10/21/28• | &nbsp;&nbsp;&nbsp;&nbsp;31835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31944749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40031851 |
| **Healthcare Products — 0.0%** | **Healthcare Products — 0.0%** | **Healthcare Products — 0.0%** |
| Avantor Funding, Inc. (1 M SOFR + 2.100%)<br> 6.427%, 11/08/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70529 |
| **Healthcare Services — 0.4%** | **Healthcare Services — 0.4%** | **Healthcare Services — 0.4%** |
| ADMI Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.489%), 7.816%, 12/23/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549538 |
| &nbsp;&nbsp;&nbsp;(1 M SOFR + 3.864%), 8.191%, 12/23/27• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680955 |
| Loire US Holdco 1, Inc. (1 M SOFR + 4.000%)<br> 8.327%, 01/31/30(1),• | &nbsp;&nbsp;&nbsp;&nbsp;19818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19867222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22097715 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| AmWINS Group, Inc. (1 M SOFR + 2.250%)<br> 6.577%, 01/30/32• | &nbsp;&nbsp;&nbsp;&nbsp;33799 | &nbsp;&nbsp;&nbsp;&nbsp;33804875 |
| Broadstreet Partners, Inc. (1 M SOFR + 3.000%)<br> 7.327%, 06/13/31• | &nbsp;&nbsp;&nbsp;&nbsp;32398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32429625 |
| HUB International Ltd. (3 M SOFR + 2.497%)<br> 6.769%, 06/20/30• | &nbsp;&nbsp;&nbsp;66896 | &nbsp;&nbsp;&nbsp;&nbsp;67080954 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.250%), 6.546%, 11/22/29• | &nbsp;&nbsp;&nbsp;&nbsp;13182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13155221 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.250%), 6.546%, 09/27/30• | &nbsp;&nbsp;&nbsp;&nbsp;13324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13278715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;159749390 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| Four Seasons Hotels Ltd. (1 M SOFR + 1.750%)<br> 6.077%, 11/30/29• | $743 | &nbsp;&nbsp;$746424 |
| Hilton Worldwide Finance LLC (1 M SOFR + 1.750%)<br> 6.069%, 11/08/30• | &nbsp;&nbsp;&nbsp;&nbsp;19717 | &nbsp;&nbsp;&nbsp;&nbsp;19775615 |
| Wyndham Hotels & Resorts, Inc. (1 M SOFR + 1.750%)<br> 6.077%, 05/24/30• | &nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;2900824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23422863 |
| **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |
| SBA Senior Finance II LLC (1 M SOFR + 1.750%)<br> 6.080%, 01/25/31• | &nbsp;&nbsp;&nbsp;13058 | &nbsp;&nbsp;&nbsp;&nbsp;13069085 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| IRB Holding Corp. (1 M SOFR + 2.500%)<br> 6.827%, 12/15/27• | &nbsp;&nbsp;&nbsp;&nbsp;7775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7772519 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| Icon Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 3.000%), 7.205%, 11/13/31• | &nbsp;&nbsp;&nbsp;11906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11915125 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 5.000%), 9.205%, 11/12/32• | &nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4711372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16626497 |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 2.500%), 6.796%, 02/24/31• | &nbsp;&nbsp;&nbsp;53484 | &nbsp;&nbsp;&nbsp;&nbsp;53684507 |
| &nbsp;&nbsp;&nbsp;(3 M SOFR + 4.500%), 8.796%, 02/23/32• | &nbsp;&nbsp;&nbsp;&nbsp;7839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021376 |
| Ascend Learning LLC<br> 0.000%, 12/11/28× | &nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047661 |
| AthenaHealth Group, Inc. (1 M SOFR + 2.750%)<br> 7.077%, 02/15/29• | &nbsp;&nbsp;&nbsp;&nbsp;7536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524356 |
| Azalea TopCo, Inc. (1 M SOFR + 3.250%)<br> 7.577%, 04/30/31• | &nbsp;&nbsp;&nbsp;&nbsp;9926 | &nbsp;&nbsp;&nbsp;&nbsp;9938400 |
| Ccc Intelligent Solutions, Inc. (1 M SOFR + 2.000%)<br> 6.327%, 01/23/32• | &nbsp;&nbsp;&nbsp;&nbsp;4495 | &nbsp;&nbsp;&nbsp;&nbsp;4494480 |
| Ellucian Holdings, Inc. (1 M SOFR + 3.000%)<br> 7.327%, 10/09/29• | &nbsp;&nbsp;&nbsp;&nbsp;8496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8511679 |
| Epicor Software Corp. (1 M SOFR + 2.750%)<br> 7.077%, 05/30/31• | &nbsp;&nbsp;&nbsp;13003 | &nbsp;&nbsp;&nbsp;&nbsp;13029373 |
| Informatica LLC (1 M SOFR + 2.250%)<br> 6.577%, 10/27/28• | &nbsp;&nbsp;&nbsp;&nbsp;4425 | &nbsp;&nbsp;&nbsp;&nbsp;4440428 |
| Quartz AcquireCo LLC (3 M SOFR + 2.250%)<br> 6.546%, 06/28/30• | &nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200603 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Flexibly Managed Fund

---

| | | |
|:---|:---|:---|
|  | **Par<br> (000)** | &nbsp;&nbsp;**Value†** |
| **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** | **LOAN AGREEMENTS‡ — (continued)** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Storable, Inc. (1 M SOFR + 3.250%)<br> 7.577%, 04/17/31• | $8545 | &nbsp;&nbsp;$8529141 |
| UKG, Inc. (1 M SOFR + 3.000%)<br> 7.311%, 02/10/31• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15946586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142368590 |
| **TOTAL LOAN AGREEMENTS<br> (Cost $482,908,624)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**484950635** |
| **U.S. TREASURY OBLIGATIONS — 14.3%** | **U.S. TREASURY OBLIGATIONS — 14.3%** | **U.S. TREASURY OBLIGATIONS — 14.3%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 02/28/30 | &nbsp;&nbsp;&nbsp;220089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222195320 |
| &nbsp;&nbsp;&nbsp;4.000%, 03/31/30 | &nbsp;&nbsp;&nbsp;128668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129839079 |
| &nbsp;&nbsp;&nbsp;3.875%, 04/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;169392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170027220 |
| &nbsp;&nbsp;&nbsp;4.000%, 05/31/30 | &nbsp;&nbsp;&nbsp;186069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187842470 |
| &nbsp;&nbsp;&nbsp;3.875%, 06/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;20960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21036963 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $724,246,153)** | **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $724,246,153)** | &nbsp;&nbsp;&nbsp;&nbsp;**730941052** |

---

---

| |
|:---|
| **Number of<br> Shares** |
| **SHORT-TERM INVESTMENTS — 8.3%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%) | &nbsp;&nbsp;13503619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13503619 |
| T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 4.410%) | 412019713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412019712 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $425,523,332)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**425523331** |
| **TOTAL INVESTMENTS — 100.5%<br> (Cost $4,656,946,985)** |  | &nbsp;&nbsp;**$5152586414** |
| **Other Assets & Liabilities — (0.5)%** | **Other Assets & Liabilities — (0.5)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(25224300)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$5127362114** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Contracts** |  |
| **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** |
| Call Options |  |  |
| **TOTAL WRITTEN OPTIONS** |  |  |
| **(See open written options schedule)** | **(See open written options schedule)** | **(See open written options schedule)** |
| &nbsp;&nbsp;&nbsp;**(Premiums $(8420787))** | 13318 | &nbsp;&nbsp;**$(11477194)** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $281,866,545, which represents 5.5% of the Fund's net assets. |
| \* | Non-income producing security. |

---

---

| | |
|:---|:---|
| †† | At June 30, 2025, all or a portion of this security is pledged as collateral for OTC derivatives. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| # | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $26,017,930 which represented 0.5% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Date of<br> Acquisition** | **Cost** | **Value** |
| Waymo LLC, Series A-2 | 05/08/20 | $21086237 | $26017930 |

---

---

| | |
|:---|:---|
| ‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate ("SOFR") or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2025. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the "1933 Act"), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
| • | 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. |
| × | This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |

---

---

| |
|:---|
| A/S— Aktieselskab. |
| ADR— American Depositary Receipt. |
| CONV— Convertible Security. |
| LLC— Limited Liability Company. |
| LP— Limited Partnership. |
| M— Month. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.E.— Societas Europaea. |
| SOFR— Secured Overnight Financing Rate. |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Flexibly Managed Fund
Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Asset Backed Securities | $4739141 | $— | $4739141 | $— |
| Common Stocks | &nbsp;&nbsp;&nbsp;3088660589 | &nbsp;&nbsp;&nbsp;3088660589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9766420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9766420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26017930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;26017930 |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26877188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26017930 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381128058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;381128058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484950635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;465083413 | &nbsp;&nbsp;&nbsp;19867222 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730941052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;730941052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425523331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425523331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | $5152586414 | $3524809598 | $1581891664 | $45885152 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input^** |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Written Options | $(11477194) | $(11477194) | $— | $— |
| Total Liabilities—Other Financial Instruments | $(11477194) | $(11477194) | $— | $— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Other financial instruments are derivative instruments with the exception of an unfunded loan commitment not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument and written options which are reported at their fair value at period end. |
| <sup>^</sup> | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |

---

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

Open written options contracts held by the Fund at June 30, 2025 are as follows:

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Call Options** |  |  |  |  |  |
| **Description** | **# of<br> Contracts** | **Notional** | **Exercise<br> Price** | **Expiration<br> Date** | **Value** |
| Abbott Laboratories,<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;493 | $6409000 | $130 | &nbsp;&nbsp;01/16/26 | $(601460) |
| Abbott Laboratories,<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;3538000 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129320) |
| AbbVie, Inc.,<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;6415500 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315840) |
| AbbVie, Inc.,<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;6279000 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152490) |
| Alliant Energy Corp.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;1748250 | &nbsp;&nbsp;&nbsp;&nbsp;68 | 07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10101) |
| American Electric Power Co., Inc.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;2409000 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68328) |
| American Electric Power Co., Inc.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;1874500 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19560) |
| American Tower Corp.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;5754000 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580332) |
| Aon PLC,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;2808000 | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63360) |
| Aon PLC,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;3526000 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2788) |
| Becton Dickinson & Co.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;2907000 | &nbsp;&nbsp;&nbsp;&nbsp;255 | 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1596) |
| Cardinal Health, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;5754000 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;(1286430) |
| Cboe Global Markets, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;1863000 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149850) |
| Cencora, Inc.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;4290000 | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;(806850) |
| Cencora, Inc.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;3429000 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519430) |
| CenterPoint Energy, Inc.,<sup>(1)</sup> | 1304 | &nbsp;&nbsp;&nbsp;4564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384680) |
| CME Group, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374000) |
| CME Group, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;4131000 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313650) |
| Danaher Corp.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;9504000 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24480) |
| DTE Energy Co.,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;5764500 | &nbsp;&nbsp;&nbsp;&nbsp;135 | 07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38430) |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Flexibly Managed Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Call Options** |  |  |  |  |  |
| **Description** | **# of<br> Contracts** | **Notional** | **Exercise<br> Price** | **Expiration<br> Date** | **Value** |
| Duke Energy Corp.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;219 | $2628000 | $120 | &nbsp;&nbsp;01/16/26 | $(122640) |
| Exelon Corp.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp;3699000 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147960) |
| Exelon Corp.,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;1278400 | &nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28560) |
| GE HealthCare Technologies, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;2915250 | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25415) |
| GE HealthCare Technologies, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;2740000 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20550) |
| Intercontinental Exchange, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;2722500 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;(409200) |
| Intercontinental Exchange, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;2497500 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152550) |
| Johnson & Johnson,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;5678000 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68470) |
| Keurig Dr Pepper, Inc.,<sup>(6)</sup> | 1368 | &nbsp;&nbsp;&nbsp;&nbsp;4788000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177840) |
| L3Harris Technologies, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;1909000 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236550) |
| Lockheed Martin Corp.,<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124150) |
| Lockheed Martin Corp.,<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;5148000 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134640) |
| Marsh & McLennan Cos., Inc.,<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39200) |
| Mastercard, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;6322000 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361880) |
| Mastercard, Inc.,<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;3348000 | &nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85320) |
| McKesson Corp.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;2706000 | &nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432550) |
| McKesson Corp.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;2720000 | &nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364400) |
| Northrop Grumman Corp.,<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;3445000 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154700) |
| Northrop Grumman Corp.,<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;6160000 | &nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156200) |
| PepsiCo, Inc.,<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;4368000 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51051) |
| PepsiCo, Inc.,<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;5428500 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43757) |
| RTX Corp.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;5642000 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582335) |
| SBA Communications Corp.,<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;3634000 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270180) |
| Starbucks Corp.,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;2937500 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24675) |
| Visa, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;5904000 | &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;(405080) |
| Visa, Inc.,<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;6942000 | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209150) |
| Waste Management, Inc.,<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;6302000 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358940) |
| Waste Management, Inc.,<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44116) |
| WEC Energy Group, Inc.,<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;2420000 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54780) |
| WEC Energy Group, Inc.,<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;1564000 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18360) |
| Willis Towers Watson PLC,<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;3528000 | &nbsp;&nbsp;&nbsp;360 | 07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2940) |
| Yum! Brands, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;2784000 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216960) |
| Yum! Brands, Inc.,<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;3968000 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109120) |
| **Total Written Options** |  |  |  |  | $(11477194) |

---

(1) Counterparty - Bank of America

(2) Counterparty - Barclays

(3) Counterparty - Citigroup

(4) Counterparty - Goldman Sachs

(5) Counterparty - JP Morgan

(6) Counterparty - UBS Securities

(7) Counterparty - Wells Fargo

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 60.3%** | **AFFILIATED EQUITY FUNDS — 60.3%** | **AFFILIATED EQUITY FUNDS — 60.3%** |
| Penn Series Index 500 Fund\*<br> **(Cost $23,100,739)** | &nbsp;&nbsp;&nbsp;848703 | &nbsp;&nbsp;$**47807421** |
| **AFFILIATED FIXED INCOME FUNDS — 39.3%** | **AFFILIATED FIXED INCOME FUNDS — 39.3%** | **AFFILIATED FIXED INCOME FUNDS — 39.3%** |
| Penn Series Quality Bond Fund\*<br> **(Cost $29,911,622)** | 1837290 | &nbsp;&nbsp;&nbsp;&nbsp;**31123702** |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $357,475)** | 357475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**357475** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $53,369,836)** |  | &nbsp;&nbsp;**$79288598** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(21067)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$79267531** |

---

------

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

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $47807421 | $47807421 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;31123702 | &nbsp;&nbsp;&nbsp;&nbsp;31123702 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357475 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $79288598 | $79288598 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Growth Stock Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 100.6%** | **COMMON STOCKS — 100.6%** | **COMMON STOCKS — 100.6%** |
| **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** |
| General Electric Co. | &nbsp;&nbsp;20234 | &nbsp;&nbsp;$5208029 |
| The Boeing Co.\* | &nbsp;&nbsp;&nbsp;17412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648337 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10787579 |
| **Auto Manufacturers — 2.7%** | **Auto Manufacturers — 2.7%** | **Auto Manufacturers — 2.7%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258514 |
| Tesla, Inc.\* | &nbsp;&nbsp;&nbsp;21278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10017683 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| Argenx S.E., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655778 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;5811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726405 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| Adyen N.V.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992643 |
| **Computers — 8.5%** | **Computers — 8.5%** | **Computers — 8.5%** |
| Apple, Inc. | 144837 | &nbsp;&nbsp;&nbsp;&nbsp;29716207 |
| Crowdstrike Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;3560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31529351 |
| **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** |
| Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504761 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;15105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8488104 |
| The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057544 |
| Visa, Inc., Class A | &nbsp;&nbsp;30823 | &nbsp;&nbsp;&nbsp;&nbsp;10943706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23994115 |
| **Electronics — 1.4%** | **Electronics — 1.4%** | **Electronics — 1.4%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;38539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805726 |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077935 |
| **Healthcare Products — 3.5%** | **Healthcare Products — 3.5%** | **Healthcare Products — 3.5%** |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932929 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;11360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6173138 |
| Natera, Inc.\* | &nbsp;&nbsp;&nbsp;11254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901251 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483369 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285849 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12776536 |
| **Healthcare Services — 0.9%** | **Healthcare Services — 0.9%** | **Healthcare Services — 0.9%** |
| The Cigna Group. | &nbsp;&nbsp;&nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271080 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334762 |
| **Internet — 25.1%** | **Internet — 25.1%** | **Internet — 25.1%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;70462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12417518 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;11666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069432 |
| Amazon.com, Inc.\* | 127093 | &nbsp;&nbsp;&nbsp;&nbsp;27882933 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622526 |
| Coupang, Inc.\* | &nbsp;&nbsp;89687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687023 |
| DoorDash, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;9901 | &nbsp;&nbsp;&nbsp;&nbsp;2440696 |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170333 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;27226 | &nbsp;&nbsp;&nbsp;&nbsp;20095238 |
| Netflix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9111 | &nbsp;&nbsp;&nbsp;&nbsp;12200813 |
| Shopify, Inc., Class A\* | &nbsp;&nbsp;&nbsp;31002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576081 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Internet — (continued)** | **Internet — (continued)** | **Internet — (continued)** |
| Spotify Technology S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;4441 | &nbsp;&nbsp;$3407757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92570350 |
| **Machinery — Diversified — 0.4%** | **Machinery — Diversified — 0.4%** | **Machinery — Diversified — 0.4%** |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601059 |
| **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880149 |
| **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;11466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8938091 |
| **Retail — 2.2%** | **Retail — 2.2%** | **Retail — 2.2%** |
| Carvana Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;9841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316023 |
| Chipotle Mexican Grill, Inc.\* | &nbsp;&nbsp;&nbsp;51238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877014 |
| Floor & Decor Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;11867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901417 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8243411 |
| **Semiconductors — 19.2%** | **Semiconductors — 19.2%** | **Semiconductors — 19.2%** |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573930 |
| Broadcom, Inc. | &nbsp;&nbsp;63885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17609900 |
| NVIDIA Corp. | 296915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46909601 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;20225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70674191 |
| **Software — 22.6%** | **Software — 22.6%** | **Software — 22.6%** |
| AppLovin Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;7605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662358 |
| Duolingo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431790 |
| Fiserv, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267386 |
| HubSpot, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962121 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770177 |
| Magic Leap, Inc., Class A(1),\*,# | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Microsoft Corp. | &nbsp;&nbsp;98969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49228170 |
| Monday.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273598 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615238 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562117 |
| Samsara, Inc., Class A\* | &nbsp;&nbsp;&nbsp;32202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280996 |
| ServiceNow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517321 |
| Snowflake, Inc., Class A\* | &nbsp;&nbsp;&nbsp;18106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051580 |
| Stripe, Inc., Class B(1),\*,# | &nbsp;&nbsp;&nbsp;&nbsp;8608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305584 |
| Synopsys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83487460 |
| **TOTAL COMMON STOCKS<br> (Cost $192,159,253)** | **TOTAL COMMON STOCKS<br> (Cost $192,159,253)** | &nbsp;&nbsp;&nbsp;**371287498** |
| **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Waymo LLC, Series A-2, CONV(1),\*,# | &nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395935 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| GM Cruise, Class F, CONV(1),\*,# | &nbsp;&nbsp;&nbsp;27200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27200 |
| **TOTAL PREFERRED STOCKS<br> (Cost $817,286)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**423135** |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Growth Stock Fund

---

| | |
|:---|:---|
| **Number ofShares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%) | 1081036 | &nbsp;&nbsp;$1081036 |
| T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 4.410%) | 1556779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556779 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $2,637,815)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2637815** |
| **TOTAL INVESTMENTS — 101.4%<br> (Cost $195,614,354)** |  | &nbsp;&nbsp;**$374348448** |
| **Other Assets & Liabilities — (1.4)%** | **Other Assets & Liabilities — (1.4)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5071731)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$369276717** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| \* | Non-income producing security. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $1,992,643, which represents 0.5% of the Fund's net assets. |
| (1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
| # | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $728,719 which represented 0.2% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Date of<br> Acquisition** | **Cost** | **Value** |
| GM Cruise, Class F | 05/07/19 | $496400 | $27200 |
| Magic Leap, Inc., Class A | 01/20/16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Stripe, Inc., Class B | 12/17/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135060 | &nbsp;&nbsp;&nbsp;305584 |
| Waymo LLC, Series A-2 | 05/08/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320886 | &nbsp;&nbsp;&nbsp;395935 |
| &nbsp;&nbsp;&nbsp;**Total** |  | $1609846 | $728719 |

---

---

| |
|:---|
| ADR— American Depositary Receipt. |
| CONV— Convertible Security. |
| LLC— Limited Liability Company. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

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

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;93% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Growth Stock Fund
Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $10787579 | $10787579 | $— | $— |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;10017683 | &nbsp;&nbsp;&nbsp;&nbsp;6759169 | &nbsp;&nbsp;&nbsp;3258514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;2655778 | &nbsp;&nbsp;&nbsp;&nbsp;2655778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2726405 | &nbsp;&nbsp;&nbsp;&nbsp;2726405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1992643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1992643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;31529351 | &nbsp;&nbsp;&nbsp;&nbsp;31529351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;23994115 | &nbsp;&nbsp;&nbsp;&nbsp;23994115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077935 | &nbsp;&nbsp;&nbsp;&nbsp;5077935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;12776536 | &nbsp;&nbsp;&nbsp;&nbsp;12776536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334762 | &nbsp;&nbsp;&nbsp;&nbsp;3334762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;92570350 | &nbsp;&nbsp;&nbsp;92570350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;8938091 | &nbsp;&nbsp;&nbsp;&nbsp;8938091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8243411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8243411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;70674191 | &nbsp;&nbsp;&nbsp;&nbsp;70674191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;83487460 | &nbsp;&nbsp;&nbsp;&nbsp;83181876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;305584 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;371287498 | &nbsp;&nbsp;&nbsp;&nbsp;365730757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251157 | &nbsp;&nbsp;&nbsp;&nbsp;305584 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;423135 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | $374348448 | $368368572 | $5251157 | $728719 |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |
| **Apparel — 1.9%** | **Apparel — 1.9%** | **Apparel — 1.9%** |
| LVMH Moet Hennessy Louis Vuitton S.E. | &nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;$675683 |
| NIKE, Inc., Class B | &nbsp;&nbsp;9897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1378766 |
| **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** |
| Aptiv PLC\* | &nbsp;&nbsp;6895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470377 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;8304 | &nbsp;&nbsp;&nbsp;&nbsp;1096460 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;2333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801059 |
| **Commercial Services — 3.6%** | **Commercial Services — 3.6%** | **Commercial Services — 3.6%** |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;1901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953523 |
| TransUnion | &nbsp;&nbsp;18571 | &nbsp;&nbsp;&nbsp;&nbsp;1634248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2587771 |
| **Computers — 8.1%** | **Computers — 8.1%** | **Computers — 8.1%** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;6921 | &nbsp;&nbsp;&nbsp;&nbsp;2068618 |
| Apple, Inc. | &nbsp;&nbsp;16192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322112 |
| Gartner, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5790908 |
| **Cosmetics & Personal Care — 2.2%** | **Cosmetics & Personal Care — 2.2%** | **Cosmetics & Personal Care — 2.2%** |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698645 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;11074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1593424 |
| **Distribution & Wholesale — 0.9%** | **Distribution & Wholesale — 0.9%** | **Distribution & Wholesale — 0.9%** |
| Pool Corp. | &nbsp;&nbsp;2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603072 |
| **Diversified Financial Services — 8.4%** | **Diversified Financial Services — 8.4%** | **Diversified Financial Services — 8.4%** |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp;13273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734632 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567226 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984519 |
| The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;9621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877820 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;7954 | &nbsp;&nbsp;&nbsp;&nbsp;2824068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5988265 |
| **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** |
| CMS Energy Corp. | 20707 | &nbsp;&nbsp;&nbsp;&nbsp;1434581 |
| **Electrical Components & Equipment — 3.2%** | **Electrical Components & Equipment — 3.2%** | **Electrical Components & Equipment — 3.2%** |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp;1618593 |
| Schneider Electric S.E. | &nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2275038 |
| **Electronics — 6.9%** | **Electronics — 6.9%** | **Electronics — 6.9%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;16123 | &nbsp;&nbsp;&nbsp;&nbsp;1592146 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;3853 | &nbsp;&nbsp;&nbsp;&nbsp;1573604 |
| Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742423 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;5817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4889326 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| McCormick & Co., Inc. | &nbsp;&nbsp;11377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862604 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — 7.4%** | **Healthcare Products — 7.4%** | **Healthcare Products — 7.4%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;11158 | &nbsp;&nbsp;$1316756 |
| Boston Scientific Corp.\* | &nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722010 |
| Danaher Corp. | &nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994811 |
| STERIS PLC | &nbsp;&nbsp;6520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566234 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314922 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284107 |
| **Healthcare Services — 0.7%** | **Healthcare Services — 0.7%** | **Healthcare Services — 0.7%** |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;3239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471113 |
| **Household Products & Wares — 2.2%** | **Household Products & Wares — 2.2%** | **Household Products & Wares — 2.2%** |
| Church & Dwight Co., Inc. | 15879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526131 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| Aon PLC, Class A | &nbsp;&nbsp;4494 | &nbsp;&nbsp;&nbsp;&nbsp;1603279 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;3714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415308 |
| **Internet — 4.0%** | **Internet — 4.0%** | **Internet — 4.0%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;9259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631714 |
| Tencent Holdings Ltd. | 19100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2862434 |
| **Lodging — 1.3%** | **Lodging — 1.3%** | **Lodging — 1.3%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895435 |
| **Machinery — Diversified — 1.8%** | **Machinery — Diversified — 1.8%** | **Machinery — Diversified — 1.8%** |
| Graco, Inc. | &nbsp;&nbsp;5588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480401 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;8010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273551 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| The Walt Disney Co. | &nbsp;&nbsp;&nbsp;7403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918046 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Becton Dickinson & Co. | &nbsp;&nbsp;6269 | &nbsp;&nbsp;&nbsp;&nbsp;1079835 |
| **Retail — 2.7%** | **Retail — 2.7%** | **Retail — 2.7%** |
| Ross Stores, Inc. | &nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846111 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312916 |
| The TJX Cos., Inc. | &nbsp;&nbsp;5864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883172 |
| **Semiconductors — 9.7%** | **Semiconductors — 9.7%** | **Semiconductors — 9.7%** |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472470 |
| NVIDIA Corp. | 28722 | &nbsp;&nbsp;&nbsp;&nbsp;4537789 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;6273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420772 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6925374 |
| **Software — 19.3%** | **Software — 19.3%** | **Software — 19.3%** |
| Fiserv, Inc.\* | &nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870843 |
| Microsoft Corp. | 21727 | &nbsp;&nbsp;&nbsp;&nbsp;10807227 |
| Salesforce, Inc. | &nbsp;&nbsp;6029 | &nbsp;&nbsp;&nbsp;&nbsp;1644048 |
| Veeva Systems, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13709739 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |
| Canadian Pacific Kansas City Ltd. | 7520 | &nbsp;&nbsp;$596110 |
| **TOTAL COMMON STOCKS<br> (Cost $49,182,431)** | **TOTAL COMMON STOCKS<br> (Cost $49,182,431)** | &nbsp;&nbsp;&nbsp;**69612006** |
| **REAL ESTATE INVESTMENT TRUSTS — 2.0%** | **REAL ESTATE INVESTMENT TRUSTS — 2.0%** | **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |
| **Diversified — 2.0%** | **Diversified — 2.0%** | **Diversified — 2.0%** |
| American Tower Corp.<br> **(Cost $1,339,312)** | 6435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1422264** |

---

**SHORT-TERM INVESTMENTS — 0.5%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $337,450)** | 337450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**337450** |
| **TOTAL INVESTMENTS — 100.3%<br> (Cost $50,859,193)** |  | &nbsp;&nbsp;**$71371720** |
| **Other Assets & Liabilities — (0.3)%** | **Other Assets & Liabilities — (0.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(192747)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$71178973** |

---

------

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

---

| |
|:---|
| ADR— American Depositary Receipt. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;82% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Apparel | $1378766 | $703083 | $675683 | $— |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1096460 | &nbsp;&nbsp;&nbsp;&nbsp;1096460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2587771 | &nbsp;&nbsp;&nbsp;&nbsp;2587771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;5790908 | &nbsp;&nbsp;&nbsp;&nbsp;5790908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1593424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894779 | &nbsp;&nbsp;&nbsp;&nbsp;698645 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5988265 | &nbsp;&nbsp;&nbsp;&nbsp;5988265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;1434581 | &nbsp;&nbsp;&nbsp;&nbsp;1434581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2275038 | &nbsp;&nbsp;&nbsp;&nbsp;1618593 | &nbsp;&nbsp;&nbsp;&nbsp;656445 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;4889326 | &nbsp;&nbsp;&nbsp;&nbsp;4889326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;5284107 | &nbsp;&nbsp;&nbsp;&nbsp;5284107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2415308 | &nbsp;&nbsp;&nbsp;&nbsp;2415308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;2862434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631714 | &nbsp;&nbsp;&nbsp;1230720 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1079835 | &nbsp;&nbsp;&nbsp;&nbsp;1079835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;6925374 | &nbsp;&nbsp;&nbsp;&nbsp;6925374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;13709739 | &nbsp;&nbsp;&nbsp;13709739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;69612006 | &nbsp;&nbsp;&nbsp;&nbsp;66350513 | &nbsp;&nbsp;&nbsp;&nbsp;3261493 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;1422264 | &nbsp;&nbsp;&nbsp;&nbsp;1422264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $71371720 | $68110227 | $3261493 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Core Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
| **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;$2107728 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;39233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775735 |
| **Commercial Services — 4.6%** | **Commercial Services — 4.6%** | **Commercial Services — 4.6%** |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467127 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705525 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6211193 |
| **Computers — 6.0%** | **Computers — 6.0%** | **Computers — 6.0%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;39611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126989 |
| **Diversified Financial Services — 11.5%** | **Diversified Financial Services — 11.5%** | **Diversified Financial Services — 11.5%** |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;27378 | &nbsp;&nbsp;&nbsp;&nbsp;5023042 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170157 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;18286 | &nbsp;&nbsp;&nbsp;&nbsp;6492444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15685643 |
| **Environmental Control — 2.6%** | **Environmental Control — 2.6%** | **Environmental Control — 2.6%** |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;18848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3519298 |
| **Healthcare Products — 6.1%** | **Healthcare Products — 6.1%** | **Healthcare Products — 6.1%** |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;16358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231359 |
| IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149377 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539355 |
| The Cooper Cos., Inc.\* | &nbsp;&nbsp;&nbsp;18760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8255052 |
| **Healthcare Services — 2.1%** | **Healthcare Services — 2.1%** | **Healthcare Services — 2.1%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9106 | &nbsp;&nbsp;&nbsp;&nbsp;2840799 |
| **Internet — 15.2%** | **Internet — 15.2%** | **Internet — 15.2%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;45577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032035 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337396 |
| Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;31861 | &nbsp;&nbsp;&nbsp;&nbsp;6989985 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495162 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278883 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20720417 |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| CoStar Group, Inc.\* | &nbsp;&nbsp;&nbsp;28530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293812 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809908 |
| **Semiconductors — 14.9%** | **Semiconductors — 14.9%** | **Semiconductors — 14.9%** |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232431 |
| NVIDIA Corp. | 104470 | &nbsp;&nbsp;&nbsp;&nbsp;16505215 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;11222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20279317 |
| **Software — 27.2%** | **Software — 27.2%** | **Software — 27.2%** |
| Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236953 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8454 | &nbsp;&nbsp;&nbsp;&nbsp;2054576 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947601 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;36257 | &nbsp;&nbsp;&nbsp;&nbsp;18034594 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| MSCI, Inc. | &nbsp;&nbsp;5473 | &nbsp;&nbsp;$3156498 |
| Salesforce, Inc. | 13485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677225 |
| Synopsys, Inc.\* | &nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586745 |
| Veeva Systems, Inc., Class A\* | &nbsp;&nbsp;7792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36938132 |
| **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |
| Motorola Solutions, Inc. | &nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284085 |
| **Transportation — 1.1%** | **Transportation — 1.1%** | **Transportation — 1.1%** |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;9319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512474 |
| **TOTAL COMMON STOCKS<br> (Cost $90,646,078)** | **TOTAL COMMON STOCKS<br> (Cost $90,646,078)** | &nbsp;&nbsp;&nbsp;**133360582** |
| **REAL ESTATE INVESTMENT TRUSTS — 2.2%** | **REAL ESTATE INVESTMENT TRUSTS — 2.2%** | **REAL ESTATE INVESTMENT TRUSTS — 2.2%** |
| **Diversified — 2.2%** | **Diversified — 2.2%** | **Diversified — 2.2%** |
| Equinix, Inc.<br> **(Cost $3,094,758)** | &nbsp;&nbsp;3703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2945625** |

---

**SHORT-TERM INVESTMENTS — 0.3%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $366,088)** | 366088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**366088** |
| **TOTAL INVESTMENTS — 100.6%<br> (Cost $94,106,924)** |  | &nbsp;&nbsp;**$136672295** |
| **Other Assets & Liabilities — (0.6)%** | **Other Assets & Liabilities — (0.6)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(779522)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$135892773** |

---

------

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

ADR— American Depositary Receipt. <br> N.V.— Naamloze Vennootschap.

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;94% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Core Growth Fund
Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | $2107728 | $— | $2107728 | $— |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2775735 | &nbsp;&nbsp;&nbsp;&nbsp;2775735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6211193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6211193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;8126989 | &nbsp;&nbsp;&nbsp;&nbsp;8126989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;15685643 | &nbsp;&nbsp;&nbsp;15685643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;3519298 | &nbsp;&nbsp;&nbsp;&nbsp;3519298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;8255052 | &nbsp;&nbsp;&nbsp;&nbsp;8255052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;2840799 | &nbsp;&nbsp;&nbsp;&nbsp;2840799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;20720417 | &nbsp;&nbsp;&nbsp;20720417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2293812 | &nbsp;&nbsp;&nbsp;&nbsp;2293812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;20279317 | &nbsp;&nbsp;&nbsp;&nbsp;20279317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;36938132 | &nbsp;&nbsp;&nbsp;&nbsp;36938132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1284085 | &nbsp;&nbsp;&nbsp;&nbsp;1284085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;133360582 | &nbsp;&nbsp;&nbsp;&nbsp;131252854 | &nbsp;&nbsp;&nbsp;&nbsp;2107728 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;2945625 | &nbsp;&nbsp;&nbsp;&nbsp;2945625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $136672295 | $134564567 | $2107728 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 95.6%** | **COMMON STOCKS — 95.6%** | **COMMON STOCKS — 95.6%** |
| **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;$819298 |
| RTX Corp. | &nbsp;&nbsp;33725 | &nbsp;&nbsp;&nbsp;&nbsp;4924525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5743823 |
| **Agriculture — 3.7%** | **Agriculture — 3.7%** | **Agriculture — 3.7%** |
| Philip Morris International, Inc. | 32962 | &nbsp;&nbsp;&nbsp;&nbsp;6003369 |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;18161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290157 |
| **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** |
| PACCAR, Inc. | &nbsp;&nbsp;14636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391298 |
| **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;10387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986661 |
| BorgWarner, Inc. | &nbsp;&nbsp;23193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763163 |
| **Banks — 8.0%** | **Banks — 8.0%** | **Banks — 8.0%** |
| Citigroup, Inc. | 36590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114541 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;23423 | &nbsp;&nbsp;&nbsp;&nbsp;6790562 |
| Wells Fargo & Co. | 37946 | &nbsp;&nbsp;&nbsp;&nbsp;3040233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12945336 |
| **Biotechnology — 4.4%** | **Biotechnology — 4.4%** | **Biotechnology — 4.4%** |
| Gilead Sciences, Inc. | 26964 | &nbsp;&nbsp;&nbsp;&nbsp;2989499 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;5822 | &nbsp;&nbsp;&nbsp;&nbsp;3056550 |
| United Therapeutics Corp.\* | &nbsp;&nbsp;&nbsp;3892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7164415 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;15547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430324 |
| PPG Industries, Inc. | &nbsp;&nbsp;13224 | &nbsp;&nbsp;&nbsp;&nbsp;1504230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2934554 |
| **Commercial Services — 2.8%** | **Commercial Services — 2.8%** | **Commercial Services — 2.8%** |
| FTI Consulting, Inc.\* | &nbsp;&nbsp;&nbsp;4066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656659 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7218 | &nbsp;&nbsp;&nbsp;&nbsp;3805979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4462638 |
| **Computers — 2.1%** | **Computers — 2.1%** | **Computers — 2.1%** |
| Accenture PLC, Class A | &nbsp;&nbsp;11620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473102 |
| **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3860 | &nbsp;&nbsp;&nbsp;&nbsp;2169088 |
| **Electrical Components & Equipment — 1.7%** | **Electrical Components & Equipment — 1.7%** | **Electrical Components & Equipment — 1.7%** |
| Generac Holdings, Inc.\* | 19007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721992 |
| **Electronics — 1.3%** | **Electronics — 1.3%** | **Electronics — 1.3%** |
| Allegion PLC | &nbsp;&nbsp;&nbsp;7693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108715 |
| nVent Electric PLC | &nbsp;&nbsp;12610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2032398 |
| **Environmental Control — 1.6%** | **Environmental Control — 1.6%** | **Environmental Control — 1.6%** |
| Veralto Corp. | &nbsp;&nbsp;25253 | &nbsp;&nbsp;&nbsp;&nbsp;2549290 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;17280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165363 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — 2.2%** | **Healthcare Products — 2.2%** | **Healthcare Products — 2.2%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;13580 | &nbsp;&nbsp;$1602576 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;17440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291781 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3529037 |
| **Healthcare Services — 5.0%** | **Healthcare Services — 5.0%** | **Healthcare Services — 5.0%** |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;9079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531368 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;5028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926227 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;15182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8184737 |
| **Insurance — 7.9%** | **Insurance — 7.9%** | **Insurance — 7.9%** |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;31663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287253 |
| Berkshire Hathaway, Inc., Class B\* | &nbsp;&nbsp;12981 | &nbsp;&nbsp;&nbsp;&nbsp;6305780 |
| MetLife, Inc. | 29563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377456 |
| MGIC Investment Corp. | 28672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12768718 |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
| Uber Technologies, Inc.\* | &nbsp;&nbsp;16510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540383 |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| Blackstone Secured Lending Fund | 32544 | &nbsp;&nbsp;&nbsp;&nbsp;1000728 |
| **Iron & Steel — 0.9%** | **Iron & Steel — 0.9%** | **Iron & Steel — 0.9%** |
| Steel Dynamics, Inc. | &nbsp;&nbsp;11205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434352 |
| **Machinery — Diversified — 2.7%** | **Machinery — Diversified — 2.7%** | **Machinery — Diversified — 2.7%** |
| Cactus, Inc., Class A | &nbsp;&nbsp;12280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536882 |
| Otis Worldwide Corp. | &nbsp;&nbsp;15210 | &nbsp;&nbsp;&nbsp;&nbsp;1506094 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp;2383450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4426426 |
| **Media — 3.0%** | **Media — 3.0%** | **Media — 3.0%** |
| Comcast Corp., Class A | &nbsp;&nbsp;55015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963485 |
| The Walt Disney Co. | 23440 | &nbsp;&nbsp;&nbsp;&nbsp;2906795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4870280 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765470 |
| **Office & Business Equipment — 0.5%** | **Office & Business Equipment — 0.5%** | **Office & Business Equipment — 0.5%** |
| Zebra Technologies Corp., Class A\* | &nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824555 |
| **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** |
| Chevron Corp. | &nbsp;&nbsp;13160 | &nbsp;&nbsp;&nbsp;&nbsp;1884380 |
| ConocoPhillips | &nbsp;&nbsp;19228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725521 |
| EOG Resources, Inc. | 34081 | &nbsp;&nbsp;&nbsp;&nbsp;4076428 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;9792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854515 |
| **Pharmaceuticals — 6.4%** | **Pharmaceuticals — 6.4%** | **Pharmaceuticals — 6.4%** |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;9219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764317 |
| Johnson & Johnson | &nbsp;&nbsp;38161 | &nbsp;&nbsp;&nbsp;&nbsp;5829093 |
| Roche Holding AG, ADR | 43960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10385220 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324841 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Retail — 10.4%** | **Retail — 10.4%** | **Retail — 10.4%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;3791 | &nbsp;&nbsp;$1934433 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;11009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177690 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353407 |
| Lululemon Athletica, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516974 |
| MSC Industrial Direct Co., Inc., Class A | 12992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104580 |
| Ross Stores, Inc. | &nbsp;&nbsp;12622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610315 |
| Starbucks Corp. | 10608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972011 |
| Ulta Beauty, Inc.\* | &nbsp;&nbsp;&nbsp;4367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042970 |
| Walmart, Inc. | 52160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16812585 |
| **Semiconductors — 4.5%** | **Semiconductors — 4.5%** | **Semiconductors — 4.5%** |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;8617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838779 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 10659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414157 |
| Texas Instruments, Inc. | &nbsp;&nbsp;19561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314191 |
| **Software — 4.3%** | **Software — 4.3%** | **Software — 4.3%** |
| Electronic Arts, Inc. | 14406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300638 |
| Fiserv, Inc.\* | 19982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445097 |
| Nice Ltd., ADR\* | &nbsp;&nbsp;&nbsp;7660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7039585 |
| **Telecommunications — 2.0%** | **Telecommunications — 2.0%** | **Telecommunications — 2.0%** |
| AT&T, Inc. | 74450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154583 |
| Cisco Systems, Inc. | 15070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200140 |
| **Transportation — 2.4%** | **Transportation — 2.4%** | **Transportation — 2.4%** |
| CSX Corp. | &nbsp;&nbsp;55110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798239 |
| J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;11181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605592 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830622 |
| **TOTAL COMMON STOCKS<br> (Cost $130,454,337)** | **TOTAL COMMON STOCKS<br> (Cost $130,454,337)** | &nbsp;&nbsp;&nbsp;**154916371** |
| **REAL ESTATE INVESTMENT TRUSTS — 1.0%** | **REAL ESTATE INVESTMENT TRUSTS — 1.0%** | **REAL ESTATE INVESTMENT TRUSTS — 1.0%** |
| **Storage & Warehousing — 1.0%** | **Storage & Warehousing — 1.0%** | **Storage & Warehousing — 1.0%** |
| Public Storage<br> **(Cost $1,477,465)** | &nbsp;&nbsp;&nbsp;5457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1601193** |

---

**SHORT-TERM INVESTMENTS — 3.1%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $4,973,643)** | 4973643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4973643** |
| **TOTAL INVESTMENTS — 99.7%<br> (Cost $136,905,445)** |  | &nbsp;&nbsp;**$161491207** |
| **Other Assets & Liabilities — 0.3%** | **Other Assets & Liabilities — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**512457** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$162003664** |

---

------

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

ADR— American Depositary Receipt. <br> AG— Aktiengesellschaft. <br> PLC— Public Limited Company.

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $154916371 | $154916371 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601193 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;4973643 | &nbsp;&nbsp;&nbsp;&nbsp;4973643 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $161491207 | $161491207 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 95.6%** | **COMMON STOCKS — 95.6%** | **COMMON STOCKS — 95.6%** |
| **Banks — 7.9%** | **Banks — 7.9%** | **Banks — 7.9%** |
| Bank of America Corp. | 92480 | &nbsp;&nbsp;$4376153 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;1634902 |
| Wells Fargo & Co. | 48383 | &nbsp;&nbsp;&nbsp;&nbsp;3876446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9887501 |
| **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;12101 | &nbsp;&nbsp;&nbsp;&nbsp;1341638 |
| **Building Materials — 1.6%** | **Building Materials — 1.6%** | **Building Materials — 1.6%** |
| Johnson Controls International PLC | &nbsp;&nbsp;19258 | &nbsp;&nbsp;&nbsp;&nbsp;2034030 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp;2304143 |
| **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
| Robert Half, Inc. | 38922 | &nbsp;&nbsp;&nbsp;&nbsp;1597748 |
| **Distribution & Wholesale — 0.5%** | **Distribution & Wholesale — 0.5%** | **Distribution & Wholesale — 0.5%** |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560516 |
| **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888996 |
| Interactive Brokers Group, Inc., Class A | 22838 | &nbsp;&nbsp;&nbsp;&nbsp;1265454 |
| The Charles Schwab Corp. | &nbsp;&nbsp;37438 | &nbsp;&nbsp;&nbsp;&nbsp;3415843 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6326010 |
| **Electric — 5.6%** | **Electric — 5.6%** | **Electric — 5.6%** |
| CMS Energy Corp. | &nbsp;&nbsp;24135 | &nbsp;&nbsp;&nbsp;&nbsp;1672073 |
| Exelon Corp. | 19804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859890 |
| NextEra Energy, Inc. | 40065 | &nbsp;&nbsp;&nbsp;&nbsp;2781312 |
| Sempra | &nbsp;&nbsp;23043 | &nbsp;&nbsp;&nbsp;&nbsp;1745968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7059243 |
| **Electrical Components & Equipment — 1.9%** | **Electrical Components & Equipment — 1.9%** | **Electrical Components & Equipment — 1.9%** |
| Emerson Electric Co. | &nbsp;&nbsp;18190 | &nbsp;&nbsp;&nbsp;&nbsp;2425273 |
| **Electronics — 1.3%** | **Electronics — 1.3%** | **Electronics — 1.3%** |
| Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp;1618764 |
| **Food — 3.3%** | **Food — 3.3%** | **Food — 3.3%** |
| General Mills, Inc. | &nbsp;&nbsp;18467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956775 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;7965 | &nbsp;&nbsp;&nbsp;&nbsp;1321792 |
| US Foods Holding Corp.\* | 24346 | &nbsp;&nbsp;&nbsp;&nbsp;1874885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4153452 |
| **Healthcare Products — 4.2%** | **Healthcare Products — 4.2%** | **Healthcare Products — 4.2%** |
| Abbott Laboratories | &nbsp;&nbsp;21872 | &nbsp;&nbsp;&nbsp;&nbsp;2974811 |
| Boston Scientific Corp.\* | &nbsp;&nbsp;20718 | &nbsp;&nbsp;&nbsp;&nbsp;2225320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5200131 |
| **Home Builders — 1.2%** | **Home Builders — 1.2%** | **Home Builders — 1.2%** |
| Meritage Homes Corp. | &nbsp;&nbsp;22613 | &nbsp;&nbsp;&nbsp;&nbsp;1514393 |
| **Household Products & Wares — 1.3%** | **Household Products & Wares — 1.3%** | **Household Products & Wares — 1.3%** |
| The Clorox Co. | &nbsp;&nbsp;13282 | &nbsp;&nbsp;&nbsp;&nbsp;1594770 |
| **Insurance — 9.4%** | **Insurance — 9.4%** | **Insurance — 9.4%** |
| American International Group, Inc. | &nbsp;&nbsp;36725 | &nbsp;&nbsp;&nbsp;&nbsp;3143293 |
| Prudential PLC, ADR | 60002 | &nbsp;&nbsp;&nbsp;&nbsp;1501250 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;14413 | &nbsp;&nbsp;$2858963 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;31704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155555 |
| The Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;7856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11760855 |
| **Internet — 6.1%** | **Internet — 6.1%** | **Internet — 6.1%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9792 | &nbsp;&nbsp;&nbsp;&nbsp;1725644 |
| Amazon.com, Inc.\* | &nbsp;&nbsp;18320 | &nbsp;&nbsp;&nbsp;&nbsp;4019225 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2636 | &nbsp;&nbsp;&nbsp;&nbsp;1945605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7690474 |
| **Iron & Steel — 1.1%** | **Iron & Steel — 1.1%** | **Iron & Steel — 1.1%** |
| Steel Dynamics, Inc. | 10778 | &nbsp;&nbsp;&nbsp;&nbsp;1379692 |
| **Machinery — Diversified — 2.1%** | **Machinery — Diversified — 2.1%** | **Machinery — Diversified — 2.1%** |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;10119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841698 |
| The Toro Co. | &nbsp;&nbsp;12231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864487 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;4348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2616439 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| The Walt Disney Co. | &nbsp;&nbsp;19791 | &nbsp;&nbsp;&nbsp;&nbsp;2454282 |
| **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
| Alcoa Corp. | 48617 | &nbsp;&nbsp;&nbsp;&nbsp;1434688 |
| **Miscellaneous Manufacturing — 2.4%** | **Miscellaneous Manufacturing — 2.4%** | **Miscellaneous Manufacturing — 2.4%** |
| 3M Co. | 19678 | &nbsp;&nbsp;&nbsp;&nbsp;2995779 |
| **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** |
| EQT Corp. | 35579 | &nbsp;&nbsp;&nbsp;&nbsp;2074967 |
| Exxon Mobil Corp. | 24677 | &nbsp;&nbsp;&nbsp;&nbsp;2660180 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;5979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5563478 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| Baker Hughes Co. | 26687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023180 |
| **Packaging and Containers — 1.8%** | **Packaging and Containers — 1.8%** | **Packaging and Containers — 1.8%** |
| Ball Corp. | 40283 | &nbsp;&nbsp;&nbsp;&nbsp;2259473 |
| **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494612 |
| Bristol-Myers Squibb Co. | 21894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013474 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738642 |
| Neurocrine Biosciences, Inc.\* | 14067 | &nbsp;&nbsp;&nbsp;&nbsp;1768081 |
| Zoetis, Inc. | 10987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6728232 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| The Williams Cos., Inc. | &nbsp;&nbsp;28114 | &nbsp;&nbsp;&nbsp;&nbsp;1765840 |
| **Retail — 5.7%** | **Retail — 5.7%** | **Retail — 5.7%** |
| BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;14471 | &nbsp;&nbsp;&nbsp;&nbsp;1560408 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;4539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533365 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;8059 | &nbsp;&nbsp;&nbsp;&nbsp;1788050 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;7958 | &nbsp;&nbsp;&nbsp;&nbsp;2325089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7206912 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Large Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Semiconductors — 3.9%** | **Semiconductors — 3.9%** | **Semiconductors — 3.9%** |
| Intel Corp. | &nbsp;&nbsp;69012 | &nbsp;&nbsp;$1545869 |
| Micron Technology, Inc. | &nbsp;&nbsp;17506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157615 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;23647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942823 |
| **Shipbuilding — 1.3%** | **Shipbuilding — 1.3%** | **Shipbuilding — 1.3%** |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639755 |
| **Software — 2.3%** | **Software — 2.3%** | **Software — 2.3%** |
| Nice Ltd., ADR\* | &nbsp;&nbsp;&nbsp;6374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076632 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;6749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917017 |
| **Telecommunications — 2.1%** | **Telecommunications — 2.1%** | **Telecommunications — 2.1%** |
| Cisco Systems, Inc. | 38682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683757 |
| **Toys, Games & Hobbies — 0.9%** | **Toys, Games & Hobbies — 0.9%** | **Toys, Games & Hobbies — 0.9%** |
| Hasbro, Inc. | &nbsp;&nbsp;15366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134318 |
| **Transportation — 3.3%** | **Transportation — 3.3%** | **Transportation — 3.3%** |
| CSX Corp. | 80806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636700 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;15207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171694 |
| **TOTAL COMMON STOCKS<br> (Cost $106,631,416)** | **TOTAL COMMON STOCKS<br> (Cost $106,631,416)** | &nbsp;&nbsp;&nbsp;**119986300** |
| **REAL ESTATE INVESTMENT TRUSTS — 2.5%** | **REAL ESTATE INVESTMENT TRUSTS — 2.5%** | **REAL ESTATE INVESTMENT TRUSTS — 2.5%** |
| **Apartments — 0.7%** | **Apartments — 0.7%** | **Apartments — 0.7%** |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;5555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822196 |
| **Industrial — 1.3%** | **Industrial — 1.3%** | **Industrial — 1.3%** |
| First Industrial Realty Trust, Inc. | 35002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684646 |
| **Storage & Warehousing — 0.5%** | **Storage & Warehousing — 0.5%** | **Storage & Warehousing — 0.5%** |
| CubeSmart | 16060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682550 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $3,192,896)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3189392** |

---

**SHORT-TERM INVESTMENTS — 1.3%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $1,618,692)** | 1618692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1618692** |
| **TOTAL INVESTMENTS — 99.4%<br> (Cost $111,443,004)** |  | &nbsp;&nbsp;**$124794384** |
| **Other Assets & Liabilities — 0.6%** | **Other Assets & Liabilities — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**786583** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$125580967** |

---

------

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

ADR— American Depositary Receipt.

PLC— Public Limited Company.

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $119986300 | $119986300 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189392 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618692 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $124794384 | $124794384 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3279 | &nbsp;&nbsp;$235891 |
| The Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388206 |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228180 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;17760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571246 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257122 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782370 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611727 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134455 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257852 |
| The Boeing Co.\* | &nbsp;&nbsp;&nbsp;12592 | &nbsp;&nbsp;&nbsp;&nbsp;2638402 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17906194 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;28152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650552 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;8013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422926 |
| Bunge Global S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176777 |
| Philip Morris International, Inc. | &nbsp;&nbsp;25995 | &nbsp;&nbsp;&nbsp;&nbsp;4734469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6984724 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;10905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536308 |
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317912 |
| United Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296963 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| Deckers Outdoor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264477 |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;19601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392455 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182945 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143612 |
| **Auto Manufacturers — 2.0%** | **Auto Manufacturers — 2.0%** | **Auto Manufacturers — 2.0%** |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750303 |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;65118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706530 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;16056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790116 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825786 |
| Tesla, Inc.\* | &nbsp;&nbsp;&nbsp;46733 | &nbsp;&nbsp;&nbsp;&nbsp;14845205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17917940 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Aptiv PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;3506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239179 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| Bank of America Corp. | 109434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178417 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;31203 | &nbsp;&nbsp;&nbsp;&nbsp;2655999 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321081 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;11044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454240 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;24603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412346 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;46343 | &nbsp;&nbsp;&nbsp;&nbsp;13435299 |
| KeyCorp | &nbsp;&nbsp;&nbsp;16995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296053 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510776 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;20573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897913 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410926 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;15399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362184 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| State Street Corp. | &nbsp;&nbsp;&nbsp;4837 | &nbsp;&nbsp;$514367 |
| The Bank of New York Mellon Corp. | &nbsp;&nbsp;11982 | &nbsp;&nbsp;&nbsp;&nbsp;1091680 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626511 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;6569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224593 |
| Truist Financial Corp. | 21805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937397 |
| US Bancorp | 25880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171070 |
| Wells Fargo & Co. | 54347 | &nbsp;&nbsp;&nbsp;&nbsp;4354282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39855134 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82479 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;2582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420040 |
| Keurig Dr Pepper, Inc. | 22606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747354 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;2883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138644 |
| Monster Beverage Corp.\* | &nbsp;&nbsp;11670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731009 |
| PepsiCo, Inc. | 22807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011436 |
| The Coca-Cola Co. | 64691 | &nbsp;&nbsp;&nbsp;&nbsp;4576888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9707850 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| Amgen, Inc. | &nbsp;&nbsp;8980 | &nbsp;&nbsp;&nbsp;&nbsp;2507306 |
| Biogen, Inc.\* | &nbsp;&nbsp;&nbsp;2466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309705 |
| Corteva, Inc. | &nbsp;&nbsp;11358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846512 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;20715 | &nbsp;&nbsp;&nbsp;&nbsp;2296672 |
| Incyte Corp.\* | &nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180124 |
| Moderna, Inc.\* | &nbsp;&nbsp;&nbsp;5763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159001 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910350 |
| Vertex Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;4288 | &nbsp;&nbsp;&nbsp;&nbsp;1909018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9118688 |
| **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** |
| Builders FirstSource, Inc.\* | &nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206541 |
| Carrier Global Corp. | &nbsp;&nbsp;13315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974525 |
| Johnson Controls International PLC | 10952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156750 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305537 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552803 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231825 |
| Mohawk Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92050 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;3701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618854 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5711124 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3713 | &nbsp;&nbsp;&nbsp;&nbsp;1047289 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125152 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;2706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248952 |
| Dow, Inc. | &nbsp;&nbsp;11816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312888 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;7043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483079 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142974 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;4208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133803 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318104 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;7861 | &nbsp;&nbsp;&nbsp;&nbsp;3688224 |
| LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;4388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253890 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431226 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191520 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Chemicals — (continued)** | **Chemicals — (continued)** | **Chemicals — (continued)** |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;3872 | &nbsp;&nbsp;$1329490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9706591 |
| **Commercial Services — 1.5%** | **Commercial Services — 1.5%** | **Commercial Services — 1.5%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085401 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277045 |
| Corpay, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386570 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538971 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331366 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143384 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295105 |
| PayPal Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;16242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207106 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934614 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259701 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761418 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814425 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12753425 |
| **Computers — 7.6%** | **Computers — 7.6%** | **Computers — 7.6%** |
| Accenture PLC, Class A | &nbsp;&nbsp;10455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124895 |
| Apple, Inc. | 249183 | &nbsp;&nbsp;&nbsp;&nbsp;51124876 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645542 |
| Crowdstrike Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118730 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;5003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613368 |
| EPAM Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168863 |
| Fortinet, Inc.\* | &nbsp;&nbsp;&nbsp;10552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115558 |
| Gartner, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516593 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;21868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447201 |
| HP, Inc. | &nbsp;&nbsp;15780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385979 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;15521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575280 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342655 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358647 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;3558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513526 |
| Super Micro Computer, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413399 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;66830879 |
| **Cosmetics & Personal Care — 1.0%** | **Cosmetics & Personal Care — 1.0%** | **Cosmetics & Personal Care — 1.0%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;13556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232240 |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;31957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668860 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321665 |
| The Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;39155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8460940 |
| **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** | **Distribution & Wholesale — 0.3%** |
| Copart, Inc.\* | &nbsp;&nbsp;&nbsp;14729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722752 |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;19119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802998 |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158921 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186256 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630302 |
| **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;9228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943547 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850765 |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069700 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;$2539185 |
| Capital One Financial Corp. | 10639 | &nbsp;&nbsp;&nbsp;&nbsp;2263554 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412782 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;&nbsp;1649586 |
| Coinbase Global, Inc., Class A\* | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226715 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119775 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;9544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751038 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124094 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;13519 | &nbsp;&nbsp;&nbsp;&nbsp;7596867 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;6913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618160 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455969 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429405 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;3727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359655 |
| The Charles Schwab Corp. | 28524 | &nbsp;&nbsp;&nbsp;&nbsp;2602530 |
| Visa, Inc., Class A | 28574 | &nbsp;&nbsp;&nbsp;&nbsp;10145199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37158526 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
| Alliant Energy Corp. | &nbsp;&nbsp;4298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259900 |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;4529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434965 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;8838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917031 |
| CenterPoint Energy, Inc. | 10890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400099 |
| CMS Energy Corp. | &nbsp;&nbsp;4999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346331 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;6017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603806 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp;1676738 |
| Dominion Energy, Inc. | 14099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796876 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453013 |
| Duke Energy Corp. | &nbsp;&nbsp;12951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528218 |
| Edison International | &nbsp;&nbsp;&nbsp;6573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339167 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;7454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619576 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;3855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265725 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;6073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386364 |
| Exelon Corp. | 16642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722596 |
| FirstEnergy Corp. | &nbsp;&nbsp;8548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344142 |
| NextEra Energy, Inc. | 34380 | &nbsp;&nbsp;&nbsp;&nbsp;2386660 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524294 |
| PG&E Corp. | 36781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512727 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172677 |
| PPL Corp. | &nbsp;&nbsp;12170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412441 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;8359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703661 |
| Sempra | 10892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825287 |
| The AES Corp. | &nbsp;&nbsp;11741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123515 |
| The Southern Co. | &nbsp;&nbsp;18317 | &nbsp;&nbsp;&nbsp;&nbsp;1682050 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;5641 | &nbsp;&nbsp;&nbsp;&nbsp;1093282 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;5277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549863 |
| Xcel Energy, Inc. | &nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19727954 |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;3854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697420 |
| Eaton Corp. PLC | &nbsp;&nbsp;6504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321863 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;9416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255435 |
| Generac Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4420936 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;1451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209118 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Electronics — (continued)** | **Electronics — (continued)** | **Electronics — (continued)** |
| Amphenol Corp., Class A | 20122 | &nbsp;&nbsp;$1987048 |
| Fortive Corp. | &nbsp;&nbsp;5706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297454 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529523 |
| Honeywell International, Inc. | 10733 | &nbsp;&nbsp;&nbsp;&nbsp;2499501 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371653 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397814 |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467493 |
| Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406453 |
| Ralliant Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| TE Connectivity PLC | &nbsp;&nbsp;4942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833567 |
| Trimble, Inc.\* | &nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8302452 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| Enphase Energy, Inc.\* | &nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90521 |
| First Solar, Inc.\* | &nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384354 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267632 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Caesars Entertainment, Inc.\* | &nbsp;&nbsp;3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99308 |
| Live Nation Entertainment, Inc.\* | &nbsp;&nbsp;2643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399833 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699832 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Pentair PLC | &nbsp;&nbsp;&nbsp;2785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285908 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829349 |
| Veralto Corp. | &nbsp;&nbsp;4075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411371 |
| Waste Management, Inc. | &nbsp;&nbsp;6064 | &nbsp;&nbsp;&nbsp;&nbsp;1387565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2914193 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;7930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162327 |
| General Mills, Inc. | &nbsp;&nbsp;9254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479450 |
| Hormel Foods Corp. | &nbsp;&nbsp;4837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146319 |
| Kellanova | &nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357090 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126773 |
| McCormick & Co., Inc. | &nbsp;&nbsp;4247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322008 |
| Mondelez International, Inc., Class A | 21477 | &nbsp;&nbsp;&nbsp;&nbsp;1448409 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;8142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616675 |
| The Campbell's Company | &nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99613 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410228 |
| The J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173519 |
| The Kraft Heinz Co. | 14598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376920 |
| The Kroger Co. | 10230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733798 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5716886 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| International Paper Co. | &nbsp;&nbsp;&nbsp;8737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409154 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Atmos Energy Corp. | &nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409316 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;7851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726026 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;$275705 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454633 |
| **Healthcare Products — 2.9%** | **Healthcare Products — 2.9%** | **Healthcare Products — 2.9%** |
| Abbott Laboratories | 29056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951907 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564442 |
| Align Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218108 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;8365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253292 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;2630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135313 |
| Boston Scientific Corp.\* | 24708 | &nbsp;&nbsp;&nbsp;&nbsp;2653886 |
| Danaher Corp. | &nbsp;&nbsp;10637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101233 |
| Edwards Lifesciences Corp.\* | &nbsp;&nbsp;&nbsp;9895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773888 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;7557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559747 |
| Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;3689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240375 |
| IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711187 |
| Insulet Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366962 |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;5986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252852 |
| Medtronic PLC | &nbsp;&nbsp;21410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866310 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629778 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195278 |
| Solventum Corp.\* | &nbsp;&nbsp;&nbsp;2284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173219 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398765 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;5744 | &nbsp;&nbsp;&nbsp;&nbsp;2272499 |
| The Cooper Cos., Inc.\* | &nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233974 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;6304 | &nbsp;&nbsp;&nbsp;&nbsp;2556020 |
| Waters Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344502 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267155 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25028343 |
| **Healthcare Services — 1.3%** | **Healthcare Services — 1.3%** | **Healthcare Services — 1.3%** |
| Centene Corp.\* | &nbsp;&nbsp;&nbsp;8325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451881 |
| Charles River Laboratories International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128819 |
| DaVita, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105698 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;3773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467546 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108308 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495072 |
| IQVIA Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432585 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360426 |
| Molina Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275558 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;1882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338064 |
| The Cigna Group. | &nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474717 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;15150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726345 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11541821 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;4689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604506 |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434808 |
| NVR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369283 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;3414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768637 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231796 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;4079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392032 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Household Products & Wares — (continued)** | **Household Products & Wares — (continued)** | **Household Products & Wares — (continued)** |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5491 | &nbsp;&nbsp;$707900 |
| The Clorox Co. | &nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582194 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856968 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823804 |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;3613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288974 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567150 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;4251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360830 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174581 |
| Berkshire Hathaway, Inc., Class B\* | &nbsp;&nbsp;30581 | &nbsp;&nbsp;&nbsp;&nbsp;14855332 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440487 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793657 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;2646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394042 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142877 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240274 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173882 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269022 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793285 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757315 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279832 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;5894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633251 |
| The Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884154 |
| The Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592610 |
| The Progressive Corp. | &nbsp;&nbsp;&nbsp;9790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612559 |
| The Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011034 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373154 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32832462 |
| **Internet — 13.2%** | **Internet — 13.2%** | **Internet — 13.2%** |
| Airbnb, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;7223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955892 |
| Alphabet, Inc., Class A | &nbsp;&nbsp;97065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17105765 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;78288 | &nbsp;&nbsp;&nbsp;&nbsp;13887508 |
| Amazon.com, Inc.\* | 157622 | &nbsp;&nbsp;&nbsp;&nbsp;34580691 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143557 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400399 |
| DoorDash, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;5726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411516 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573267 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349674 |
| F5, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287551 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268275 |
| GoDaddy, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425842 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128842 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;36217 | &nbsp;&nbsp;&nbsp;&nbsp;26731405 |
| Netflix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517197 |
| Palo Alto Networks, Inc.\* | &nbsp;&nbsp;11004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251859 |
| Uber Technologies, Inc.\* | &nbsp;&nbsp;34924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258409 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;115669551 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504040 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799231 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| Carnival Corp.\* | &nbsp;&nbsp;17355 | &nbsp;&nbsp;$488023 |
| Norwegian Cruise Line Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;7409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150254 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4172 | &nbsp;&nbsp;&nbsp;&nbsp;1306420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1944697 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;3932 | &nbsp;&nbsp;&nbsp;&nbsp;1047249 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;5618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244439 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;3794 | &nbsp;&nbsp;&nbsp;&nbsp;1036559 |
| MGM Resorts International\* | &nbsp;&nbsp;&nbsp;3709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127552 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2601081 |
| **Machinery — Construction & Mining — 0.6%** | **Machinery — Construction & Mining — 0.6%** | **Machinery — Construction & Mining — 0.6%** |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;7855 | &nbsp;&nbsp;&nbsp;&nbsp;3049389 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;4558 | &nbsp;&nbsp;&nbsp;&nbsp;2411866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5461255 |
| **Machinery — Diversified — 0.7%** | **Machinery — Diversified — 0.7%** | **Machinery — Diversified — 0.7%** |
| Deere & Co. | &nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp;2140743 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423078 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217180 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;6692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556641 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198721 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658483 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624148 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;2864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599578 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;4012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5937564 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657367 |
| Comcast Corp., Class A | &nbsp;&nbsp;62197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219811 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283128 |
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207628 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111108 |
| News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190594 |
| News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60454 |
| Paramount Global, Class B | &nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125259 |
| The Walt Disney Co. | 30069 | &nbsp;&nbsp;&nbsp;&nbsp;3728857 |
| Warner Bros Discovery, Inc.\* | 37506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8014025 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Freeport-McMoRan, Inc. | 23828 | &nbsp;&nbsp;&nbsp;&nbsp;1032944 |
| Newmont Corp. | 18588 | &nbsp;&nbsp;&nbsp;&nbsp;1082937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115881 |
| **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;8922 | &nbsp;&nbsp;&nbsp;&nbsp;1358285 |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131009 |
| Axon Enterprise, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1022506 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp;1095317 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;1490535 |
| Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392942 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Miscellaneous Manufacturing — (continued)** | **Miscellaneous Manufacturing — (continued)** | **Miscellaneous Manufacturing — (continued)** |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;$243118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5733712 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Zebra Technologies Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261181 |
| **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** |
| APA Corp. | &nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109008 |
| Chevron Corp. | &nbsp;&nbsp;27124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883886 |
| ConocoPhillips | &nbsp;&nbsp;21083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891988 |
| Coterra Energy, Inc. | &nbsp;&nbsp;12747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323519 |
| Devon Energy Corp. | &nbsp;&nbsp;10971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348988 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;3085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423879 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090245 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;9989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582559 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413149 |
| Exxon Mobil Corp. | &nbsp;&nbsp;71979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759336 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;4594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636453 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852310 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;11834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497146 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;6727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802531 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335932 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;5240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20655290 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Baker Hughes Co. | &nbsp;&nbsp;16603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636559 |
| Halliburton Co. | 14694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299464 |
| Schlumberger N.V. | &nbsp;&nbsp;22715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703790 |
| **Packaging and Containers — 0.1%** | **Packaging and Containers — 0.1%** | **Packaging and Containers — 0.1%** |
| Amcor PLC | 38482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353650 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;4633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259865 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278717 |
| Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;8378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253743 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| AbbVie, Inc. | 29500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475790 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824733 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;33987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573258 |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;4039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678552 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857571 |
| CVS Health Corp. | &nbsp;&nbsp;21062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452857 |
| Dexcom, Inc.\* | &nbsp;&nbsp;&nbsp;6499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567298 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;13137 | &nbsp;&nbsp;&nbsp;&nbsp;10240686 |
| Henry Schein, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155889 |
| Johnson & Johnson | &nbsp;&nbsp;40183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6137953 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524915 |
| Merck & Co., Inc. | &nbsp;&nbsp;41936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319654 |
| Pfizer, Inc. | 94949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301564 |
| Viatris, Inc. | 20378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181975 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;7480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36459201 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| Kinder Morgan, Inc. | 32039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941947 |
| ONEOK, Inc. | &nbsp;&nbsp;10348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844707 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3607 | &nbsp;&nbsp;$627906 |
| The Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;20359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3693309 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818594 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11207 | &nbsp;&nbsp;&nbsp;&nbsp;1490867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309461 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CoStar Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568508 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CBRE Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685187 |
| **Retail — 4.5%** | **Retail — 4.5%** | **Retail — 4.5%** |
| AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039424 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220455 |
| CarMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178577 |
| Chipotle Mexican Grill, Inc.\* | &nbsp;&nbsp;&nbsp;22634 | &nbsp;&nbsp;&nbsp;&nbsp;1270899 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7335456 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423080 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416915 |
| Dollar Tree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317918 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259095 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280833 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9383 | &nbsp;&nbsp;&nbsp;&nbsp;2081806 |
| Lululemon Athletica, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442374 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11920 | &nbsp;&nbsp;&nbsp;&nbsp;3482666 |
| O'Reilly Automotive, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;14166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276782 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701945 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;18870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729058 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756350 |
| The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;16599 | &nbsp;&nbsp;&nbsp;&nbsp;6085857 |
| The TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;18686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307534 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;8855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467278 |
| Ulta Beauty, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352736 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136314 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;72005 | &nbsp;&nbsp;&nbsp;&nbsp;7040649 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337359 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39635139 |
| **Semiconductors — 12.7%** | **Semiconductors — 12.7%** | **Semiconductors — 12.7%** |
| Advanced Micro Devices, Inc.\* | &nbsp;&nbsp;&nbsp;27078 | &nbsp;&nbsp;&nbsp;&nbsp;3842368 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971758 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13509 | &nbsp;&nbsp;&nbsp;&nbsp;2473092 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;78426 | &nbsp;&nbsp;&nbsp;&nbsp;21618127 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618646 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977794 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076165 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625730 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;18664 | &nbsp;&nbsp;&nbsp;&nbsp;2300338 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587298 |
| NVIDIA Corp. | 406885 | &nbsp;&nbsp;&nbsp;&nbsp;64283761 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920280 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;6997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366713 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18253 | &nbsp;&nbsp;&nbsp;&nbsp;2906973 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Semiconductors — (continued)** | **Semiconductors — (continued)** | **Semiconductors — (continued)** |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;$186822 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247640 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;111146456 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154534 |
| **Software — 11.5%** | **Software — 11.5%** | **Software — 11.5%** |
| Adobe, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753812 |
| Akamai Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186000 |
| ANSYS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510674 |
| Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111047 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469291 |
| Cadence Design Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403007 |
| Dayforce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151602 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608617 |
| Fair Isaac Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749464 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713803 |
| Fiserv, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596344 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667205 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224492 |
| Microsoft Corp. | 124005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61681327 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741111 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;27163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5938647 |
| Palantir Technologies, Inc., Class A\* | &nbsp;&nbsp;&nbsp;35524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842632 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777338 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179798 |
| PTC, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344852 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007841 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;16024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369585 |
| ServiceNow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554073 |
| Synopsys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315024 |
| Take-Two Interactive Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674394 |
| Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417952 |
| Workday, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;3618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;100858252 |
| **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** |
| Arista Networks, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;17156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755230 |
| AT&T, Inc. | &nbsp;&nbsp;120170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477720 |
| Cisco Systems, Inc. | &nbsp;&nbsp;66257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4596911 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;12818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674099 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218697 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171822 |
| T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898217 |
| Verizon Communications, Inc. | &nbsp;&nbsp;70409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16839293 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167571 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189118 |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023701 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269287 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Transportation — (continued)** | **Transportation — (continued)** | **Transportation — (continued)** |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;3671 | &nbsp;&nbsp;$834455 |
| J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191132 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;3754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960911 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503455 |
| Union Pacific Corp. | &nbsp;&nbsp;9978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295738 |
| United Parcel Service, Inc., Class B | 12198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7499063 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454055 |
| **TOTAL COMMON STOCKS<br> (Cost $371,111,758)** | **TOTAL COMMON STOCKS<br> (Cost $371,111,758)** | &nbsp;&nbsp;&nbsp;**859208816** |
| **REAL ESTATE INVESTMENT TRUSTS — 1.9%** | **REAL ESTATE INVESTMENT TRUSTS — 1.9%** | **REAL ESTATE INVESTMENT TRUSTS — 1.9%** |
| **Apartments — 0.2%** | **Apartments — 0.2%** | **Apartments — 0.2%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480260 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200926 |
| Equity Residential | &nbsp;&nbsp;&nbsp;5727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386515 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307489 |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;9617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315438 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;1967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291136 |
| UDR, Inc. | &nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2187547** |
| **Diversified — 0.7%** | **Diversified — 0.7%** | **Diversified — 0.7%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;7762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715557 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;7292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749107 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;5279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920288 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;1627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294230 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423182 |
| VICI Properties, Inc. | &nbsp;&nbsp;17727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577900 |
| Weyerhaeuser Co. | &nbsp;&nbsp;12301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5996277** |
| **Healthcare — 0.3%** | **Healthcare — 0.3%** | **Healthcare — 0.3%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185788 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;11724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205287 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;7361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464847 |
| Welltower, Inc. | 10375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2450871** |
| **Hotels & Resorts — 0.0%** | **Hotels & Resorts — 0.0%** | **Hotels & Resorts — 0.0%** |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;11991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184182 |
| **Industrial — 0.2%** | **Industrial — 0.2%** | **Industrial — 0.2%** |
| Prologis, Inc. | 15395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618322 |
| **Office Property — 0.0%** | **Office Property — 0.0%** | **Office Property — 0.0%** |
| BXP, Inc. | &nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165369 |
| **Regional Malls — 0.1%** | **Regional Malls — 0.1%** | **Regional Malls — 0.1%** |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;5107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821001 |
| **Single Tenant — 0.1%** | **Single Tenant — 0.1%** | **Single Tenant — 0.1%** |
| Realty Income Corp. | 15082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868874 |
| **Storage & Warehousing — 0.2%** | **Storage & Warehousing — 0.2%** | **Storage & Warehousing — 0.2%** |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;3524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519578 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Index 500 Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** |
| **Storage & Warehousing — (continued)** | **Storage & Warehousing — (continued)** | **Storage & Warehousing — (continued)** |
| Iron Mountain, Inc. | 4880 | &nbsp;&nbsp;$500542 |
| Public Storage | 2638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1794162** |
| **Strip Centers — 0.1%** | **Strip Centers — 0.1%** | **Strip Centers — 0.1%** |
| Federal Realty Investment Trust | &nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118832 |
| Kimco Realty Corp. | 11176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234920 |
| Regency Centers Corp. | 2764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**550632** |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $12,761,787)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16637237** |

---

**SHORT-TERM INVESTMENTS — 0.2%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $2,105,907)** | 2105907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2105907** |
| **TOTAL INVESTMENTS — 100.3%<br> (Cost $385,979,452)** |  | &nbsp;&nbsp;**$877951960** |
| **Other Assets & Liabilities — (0.3)%** | **Other Assets & Liabilities — (0.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2505643)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$875446317** |

---

------

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

---

| |
|:---|
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S&P— Standards & Poor's |
| S.A.— Societe Anonyme. |

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $859208816 | $859208816 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16637237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16637237 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105907 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $877951960 | $877951960 | $— | $— |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Futures Contracts | $68966 | $68966 | $— | $— |
| Total Assets—Other Financial Instruments | $68966 | $68966 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Index 500 Fund
Futures contracts held by the Fund at June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration<br> Date** | **Numbers<br> of<br> Contracts** | **Units per<br> Contract** | **Closing<br> Price** | **Notional<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| Long | E-mini S&P 500 Index | 09/19/25 | 8 | 50 | $6254 | $2501500 | $68966 | $— |
|  |  |  |  |  |  |  | $68966 | $— |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** |
| **Advertising — 1.5%** | **Advertising — 1.5%** | **Advertising — 1.5%** |
| The Trade Desk, Inc., Class A\* | &nbsp;&nbsp;26598 | &nbsp;&nbsp;$1914790 |
| **Aerospace & Defense — 5.0%** | **Aerospace & Defense — 5.0%** | **Aerospace & Defense — 5.0%** |
| HEICO Corp., Class A | &nbsp;&nbsp;10569 | &nbsp;&nbsp;&nbsp;&nbsp;2734729 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;15918 | &nbsp;&nbsp;&nbsp;&nbsp;2962817 |
| Kratos Defense & Security Solutions, Inc.\* | &nbsp;&nbsp;14795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6384774 |
| **Apparel — 3.1%** | **Apparel — 3.1%** | **Apparel — 3.1%** |
| On Holding AG, Class A\* | &nbsp;&nbsp;43651 | &nbsp;&nbsp;&nbsp;&nbsp;2272035 |
| Tapestry, Inc. | &nbsp;&nbsp;18750 | &nbsp;&nbsp;&nbsp;&nbsp;1646437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3918472 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| Alnylam Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112737 |
| Ionis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;26493 | &nbsp;&nbsp;&nbsp;&nbsp;1046739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3159476 |
| **Building Materials — 3.2%** | **Building Materials — 3.2%** | **Building Materials — 3.2%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4059 | &nbsp;&nbsp;&nbsp;&nbsp;2228229 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202390 |
| Trex Co., Inc.\* | &nbsp;&nbsp;31688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4153812 |
| **Commercial Services — 7.3%** | **Commercial Services — 7.3%** | **Commercial Services — 7.3%** |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;12508 | &nbsp;&nbsp;&nbsp;&nbsp;1302458 |
| Corpay, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7427 | &nbsp;&nbsp;&nbsp;&nbsp;2464427 |
| Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;8923 | &nbsp;&nbsp;&nbsp;&nbsp;1616758 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391313 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;37921 | &nbsp;&nbsp;&nbsp;&nbsp;2139503 |
| Toast, Inc., Class A\* | &nbsp;&nbsp;34079 | &nbsp;&nbsp;&nbsp;&nbsp;1509359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9423818 |
| **Computers — 1.3%** | **Computers — 1.3%** | **Computers — 1.3%** |
| CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;4074 | &nbsp;&nbsp;&nbsp;&nbsp;1657629 |
| **Distribution & Wholesale — 5.5%** | **Distribution & Wholesale — 5.5%** | **Distribution & Wholesale — 5.5%** |
| Copart, Inc.\* | &nbsp;&nbsp;&nbsp;29152 | &nbsp;&nbsp;&nbsp;&nbsp;1430489 |
| Fastenal Co. | &nbsp;&nbsp;77464 | &nbsp;&nbsp;&nbsp;&nbsp;3253488 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7917 | &nbsp;&nbsp;&nbsp;&nbsp;2307647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6991624 |
| **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** |
| Blue Owl Capital, Inc. | 101676 | &nbsp;&nbsp;&nbsp;&nbsp;1953196 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;2630040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4583236 |
| **Electrical Components & Equipment — 3.2%** | **Electrical Components & Equipment — 3.2%** | **Electrical Components & Equipment — 3.2%** |
| Generac Holdings, Inc.\* | &nbsp;&nbsp;15079 | &nbsp;&nbsp;&nbsp;&nbsp;2159463 |
| Novanta, Inc.\* | &nbsp;&nbsp;15002 | &nbsp;&nbsp;&nbsp;&nbsp;1934208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4093671 |
| **Electronics — 2.7%** | **Electronics — 2.7%** | **Electronics — 2.7%** |
| Coherent Corp.\* | &nbsp;&nbsp;22992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051116 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;11172 | &nbsp;&nbsp;&nbsp;&nbsp;1470571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3521687 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207002 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Hand & Machine Tools — 1.7%** | **Hand & Machine Tools — 1.7%** | **Hand & Machine Tools — 1.7%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;10501 | &nbsp;&nbsp;$2177067 |
| **Healthcare Products — 10.9%** | **Healthcare Products — 10.9%** | **Healthcare Products — 10.9%** |
| Align Technology, Inc.\* | &nbsp;&nbsp;&nbsp;9819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859031 |
| Bio-Techne Corp. | &nbsp;&nbsp;33719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734842 |
| Edwards Lifesciences Corp.\* | &nbsp;&nbsp;18673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460415 |
| IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;8427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4519737 |
| Inspire Medical Systems, Inc.\* | &nbsp;&nbsp;&nbsp;8728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132633 |
| Insulet Corp.\* | 10592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14034453 |
| **Home Furnishings — 1.7%** | **Home Furnishings — 1.7%** | **Home Furnishings — 1.7%** |
| SharkNinja, Inc.\* | 21590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137194 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Brown & Brown, Inc. | &nbsp;&nbsp;17064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891886 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;4099 | &nbsp;&nbsp;&nbsp;&nbsp;1983506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3875392 |
| **Internet — 4.2%** | **Internet — 4.2%** | **Internet — 4.2%** |
| CDW Corp. | &nbsp;&nbsp;&nbsp;8626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540517 |
| Expedia Group, Inc. | &nbsp;&nbsp;11436 | &nbsp;&nbsp;&nbsp;&nbsp;1929025 |
| Pinterest, Inc., Class A\* | 54955 | &nbsp;&nbsp;&nbsp;&nbsp;1970686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5440228 |
| **Leisure Time — 3.1%** | **Leisure Time — 3.1%** | **Leisure Time — 3.1%** |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;12671 | &nbsp;&nbsp;&nbsp;&nbsp;3967797 |
| **Machinery — Construction & Mining — 1.3%** | **Machinery — Construction & Mining — 1.3%** | **Machinery — Construction & Mining — 1.3%** |
| BWX Technologies, Inc. | &nbsp;&nbsp;11574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667350 |
| **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** |
| CoStar Group, Inc.\* | &nbsp;&nbsp;54117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351007 |
| **Retail — 7.0%** | **Retail — 7.0%** | **Retail — 7.0%** |
| Boot Barn Holdings, Inc.\* | &nbsp;&nbsp;11668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773536 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp;1498663 |
| Dutch Bros, Inc., Class A\* | 18022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232164 |
| Floor & Decor Holdings, Inc., Class A\* | 32049 | &nbsp;&nbsp;&nbsp;&nbsp;2434442 |
| Tractor Supply Co. | 38905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8991822 |
| **Semiconductors — 3.8%** | **Semiconductors — 3.8%** | **Semiconductors — 3.8%** |
| Lattice Semiconductor Corp.\* | &nbsp;&nbsp;14217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696491 |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;11225 | &nbsp;&nbsp;&nbsp;&nbsp;1608430 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;3561 | &nbsp;&nbsp;&nbsp;&nbsp;2604444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4909365 |
| **Software — 18.4%** | **Software — 18.4%** | **Software — 18.4%** |
| Appfolio, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256532 |
| AppLovin Corp., Class A\* | &nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419224 |
| Bentley Systems, Inc., Class B | 25552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379041 |
| Clearwater Analytics Holdings, Inc., Class A\* | 49501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085557 |
| Cloudflare, Inc., Class A\* | 16943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317948 |
| Datadog, Inc., Class A\* | &nbsp;&nbsp;22821 | &nbsp;&nbsp;&nbsp;&nbsp;3065545 |
| HubSpot, Inc.\* | &nbsp;&nbsp;&nbsp;4144 | &nbsp;&nbsp;&nbsp;&nbsp;2306675 |
| Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;3378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667054 |
| Monday.com Ltd.\* | &nbsp;&nbsp;&nbsp;5027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580891 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Snowflake, Inc., Class A\* | &nbsp;&nbsp;11519 | &nbsp;&nbsp;$2577607 |
| Tyler Technologies, Inc.\* | &nbsp;&nbsp;3305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959336 |
| Veeva Systems, Inc., Class A\* | &nbsp;&nbsp;8665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495347 |
| Waystar Holding Corp.\* | 36751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23612770 |
| **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;9797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590053 |
| **TOTAL COMMON STOCKS<br> (Cost $103,922,696)** | **TOTAL COMMON STOCKS<br> (Cost $103,922,696)** | &nbsp;&nbsp;&nbsp;**126764489** |

---

**SHORT-TERM INVESTMENTS — 1.3%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $1,756,311)** | 1756311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1756311** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $105,679,007)** |  | &nbsp;&nbsp;**$128520800** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(192280)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$128328520** |

---

------

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

AG— Aktiengesellschaft.

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $126764489 | $126764489 | $— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756311 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $128520800 | $128520800 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 90.8%** | **COMMON STOCKS — 90.8%** | **COMMON STOCKS — 90.8%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;6439 | &nbsp;&nbsp;$1615159 |
| **Banks — 4.9%** | **Banks — 4.9%** | **Banks — 4.9%** |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;6924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890011 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;9037 | &nbsp;&nbsp;&nbsp;&nbsp;1684678 |
| Wintrust Financial Corp. | &nbsp;&nbsp;12827 | &nbsp;&nbsp;&nbsp;&nbsp;1590291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4164980 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;12726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420722 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| Corteva, Inc. | &nbsp;&nbsp;18037 | &nbsp;&nbsp;&nbsp;&nbsp;1344298 |
| **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp;1022163 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;8297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629991 |
| **Commercial Services — 3.2%** | **Commercial Services — 3.2%** | **Commercial Services — 3.2%** |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;4581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023121 |
| TransUnion | &nbsp;&nbsp;19521 | &nbsp;&nbsp;&nbsp;&nbsp;1717848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2740969 |
| **Distribution & Wholesale — 1.7%** | **Distribution & Wholesale — 1.7%** | **Distribution & Wholesale — 1.7%** |
| LKQ Corp. | 40027 | &nbsp;&nbsp;&nbsp;&nbsp;1481399 |
| **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** |
| Ally Financial, Inc. | 43687 | &nbsp;&nbsp;&nbsp;&nbsp;1701608 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;9474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518133 |
| Lazard, Inc. | 29709 | &nbsp;&nbsp;&nbsp;&nbsp;1425438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3645179 |
| **Electric — 4.7%** | **Electric — 4.7%** | **Electric — 4.7%** |
| Alliant Energy Corp. | &nbsp;&nbsp;33423 | &nbsp;&nbsp;&nbsp;&nbsp;2021089 |
| Entergy Corp. | &nbsp;&nbsp;19811 | &nbsp;&nbsp;&nbsp;&nbsp;1646690 |
| PPL Corp. | &nbsp;&nbsp;11349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4052397 |
| **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7119 | &nbsp;&nbsp;&nbsp;&nbsp;1288254 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;5039 | &nbsp;&nbsp;&nbsp;&nbsp;1142493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2430747 |
| **Electronics — 3.3%** | **Electronics — 3.3%** | **Electronics — 3.3%** |
| Arrow Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;4744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604528 |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;3516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576132 |
| Vontier Corp. | 44433 | &nbsp;&nbsp;&nbsp;&nbsp;1639577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2820237 |
| **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** |
| TopBuild Corp.\* | &nbsp;&nbsp;&nbsp;2876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931076 |
| **Environmental Control — 1.5%** | **Environmental Control — 1.5%** | **Environmental Control — 1.5%** |
| Waste Connections, Inc. | &nbsp;&nbsp;6804 | &nbsp;&nbsp;&nbsp;&nbsp;1270443 |
| **Food — 1.8%** | **Food — 1.8%** | **Food — 1.8%** |
| Lamb Weston Holdings, Inc. | 22506 | &nbsp;&nbsp;&nbsp;&nbsp;1166936 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1547957 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Hand & Machine Tools — 1.6%** | **Hand & Machine Tools — 1.6%** | **Hand & Machine Tools — 1.6%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;6486 | &nbsp;&nbsp;$1344677 |
| **Healthcare Products — 2.2%** | **Healthcare Products — 2.2%** | **Healthcare Products — 2.2%** |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;16719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986755 |
| Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;7853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511702 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1846058 |
| **Healthcare Services — 2.8%** | **Healthcare Services — 2.8%** | **Healthcare Services — 2.8%** |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309267 |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;6182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899172 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;4698 | &nbsp;&nbsp;&nbsp;&nbsp;1233272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2441711 |
| **Home Builders — 1.2%** | **Home Builders — 1.2%** | **Home Builders — 1.2%** |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;8885 | &nbsp;&nbsp;&nbsp;&nbsp;1014045 |
| **Insurance — 7.9%** | **Insurance — 7.9%** | **Insurance — 7.9%** |
| Axis Capital Holdings Ltd. | 16549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718117 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;4916 | &nbsp;&nbsp;&nbsp;&nbsp;1670703 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;16727 | &nbsp;&nbsp;&nbsp;&nbsp;1449395 |
| The Hartford Insurance Group, Inc. | &nbsp;&nbsp;14883 | &nbsp;&nbsp;&nbsp;&nbsp;1888206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6726421 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| CDW Corp. | &nbsp;&nbsp;&nbsp;3403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607742 |
| **Machinery — Construction & Mining — 2.2%** | **Machinery — Construction & Mining — 2.2%** | **Machinery — Construction & Mining — 2.2%** |
| BWX Technologies, Inc. | &nbsp;&nbsp;12928 | &nbsp;&nbsp;&nbsp;&nbsp;1862408 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| Fox Corp., Class B | &nbsp;&nbsp;23572 | &nbsp;&nbsp;&nbsp;&nbsp;1217022 |
| **Mining — 2.4%** | **Mining — 2.4%** | **Mining — 2.4%** |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;47523 | &nbsp;&nbsp;&nbsp;&nbsp;2060122 |
| **Miscellaneous Manufacturing — 4.3%** | **Miscellaneous Manufacturing — 4.3%** | **Miscellaneous Manufacturing — 4.3%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;8823 | &nbsp;&nbsp;&nbsp;&nbsp;1343214 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp;1548863 |
| Fabrinet\* | &nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3713350 |
| **Oil & Gas — 5.0%** | **Oil & Gas — 5.0%** | **Oil & Gas — 5.0%** |
| ConocoPhillips | &nbsp;&nbsp;15105 | &nbsp;&nbsp;&nbsp;&nbsp;1355523 |
| Expand Energy Corp. | &nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp;2081532 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4245188 |
| **Oil & Gas Services — 0.6%** | **Oil & Gas Services — 0.6%** | **Oil & Gas Services — 0.6%** |
| Baker Hughes Co. | &nbsp;&nbsp;12931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495775 |
| **Packaging and Containers — 2.9%** | **Packaging and Containers — 2.9%** | **Packaging and Containers — 2.9%** |
| Ball Corp. | 27030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516113 |
| Graphic Packaging Holding Co. | 46858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2503411 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774648 |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
| CBRE Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;8217 | &nbsp;&nbsp;&nbsp;&nbsp;1151366 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Retail — 9.4%** | **Retail — 9.4%** | **Retail — 9.4%** |
| AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;$1195338 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;47148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412554 |
| Boot Barn Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479104 |
| Burlington Stores, Inc.\* | &nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626500 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323259 |
| MSC Industrial Direct Co., Inc., Class A | 10063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855556 |
| O'Reilly Automotive, Inc.\* | &nbsp;&nbsp;&nbsp;9750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878767 |
| Target Corp. | &nbsp;&nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8018098 |
| **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** |
| Teradyne, Inc. | 10085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906843 |
| **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;5099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814310 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;12529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019986 |
| Nice Ltd., ADR\* | &nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612633 |
| **Transportation — 4.6%** | **Transportation — 4.6%** | **Transportation — 4.6%** |
| Canadian Pacific Kansas City Ltd. | 14069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115250 |
| Kirby Corp.\* | 14398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632877 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;4196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583328 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3960536 |
| **TOTAL COMMON STOCKS<br> (Cost $61,883,168)** | **TOTAL COMMON STOCKS<br> (Cost $61,883,168)** | &nbsp;&nbsp;&nbsp;**77619771** |
| **REAL ESTATE INVESTMENT TRUSTS — 6.2%** | **REAL ESTATE INVESTMENT TRUSTS — 6.2%** | **REAL ESTATE INVESTMENT TRUSTS — 6.2%** |
| **Diversified — 1.8%** | **Diversified — 1.8%** | **Diversified — 1.8%** |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;12763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548918 |
| **Industrial — 1.2%** | **Industrial — 1.2%** | **Industrial — 1.2%** |
| STAG lndustrial, Inc. | 28268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025563 |
| **Manufactured Homes — 1.0%** | **Manufactured Homes — 1.0%** | **Manufactured Homes — 1.0%** |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;13937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859495 |
| **Single Tenant — 2.2%** | **Single Tenant — 2.2%** | **Single Tenant — 2.2%** |
| Agree Realty Corp. | 24993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825988 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $4,364,840)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5259964** |

---

**SHORT-TERM INVESTMENTS — 2.2%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $1,864,565)** | 1864565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1864565** |
| **TOTAL INVESTMENTS — 99.2%<br> (Cost $68,112,573)** |  | &nbsp;&nbsp;**$84744300** |
| **Other Assets & Liabilities — 0.8%** | **Other Assets & Liabilities — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**701839** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$85446139** |

---

------

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

ADR— American Depositary Receipt. <br> PLC— Public Limited Company.

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;90% |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $77619771 | $77619771 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;5259964 | &nbsp;&nbsp;&nbsp;5259964 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1864565 | &nbsp;&nbsp;&nbsp;&nbsp;1864565 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $84744300 | $84744300 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Mid Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 86.2%** | **COMMON STOCKS — 86.2%** | **COMMON STOCKS — 86.2%** |
| **Advertising — 1.4%** | **Advertising — 1.4%** | **Advertising — 1.4%** |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7181 | &nbsp;&nbsp;$516601 |
| The Interpublic Group of Cos., Inc. | &nbsp;&nbsp;21757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1049212 |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;8043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454349 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp;1033963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1488312 |
| **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
| Southwest Airlines Co. | &nbsp;&nbsp;21841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708522 |
| **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797462 |
| **Auto Parts & Equipment — 1.6%** | **Auto Parts & Equipment — 1.6%** | **Auto Parts & Equipment — 1.6%** |
| BorgWarner, Inc. | &nbsp;&nbsp;13593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455094 |
| Cie Generale des Etablissements Michelin SCA | 10666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396713 |
| Gentex Corp. | &nbsp;&nbsp;15013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181943 |
| **Banks — 10.9%** | **Banks — 10.9%** | **Banks — 10.9%** |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;18312 | &nbsp;&nbsp;&nbsp;&nbsp;1138457 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;7479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186676 |
| Northern Trust Corp. | &nbsp;&nbsp;10105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281213 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;8992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631598 |
| The Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;5388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490901 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;5363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999771 |
| Truist Financial Corp. | 33308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431911 |
| US Bancorp | &nbsp;&nbsp;31777 | &nbsp;&nbsp;&nbsp;&nbsp;1437909 |
| Westamerica BanCorp | &nbsp;&nbsp;8269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7998986 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;5835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509062 |
| Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;6381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145575 |
| **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** |
| Eagle Materials, Inc. | &nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539432 |
| Mohawk Industries, Inc.\* | &nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1083027 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;5383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377691 |
| PPG Industries, Inc. | &nbsp;&nbsp;4449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883765 |
| **Commercial Services — 1.1%** | **Commercial Services — 1.1%** | **Commercial Services — 1.1%** |
| ABM Industries, Inc. | 10029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473469 |
| Ashtead Group PLC | &nbsp;&nbsp;5688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838218 |
| **Computers — 2.9%** | **Computers — 2.9%** | **Computers — 2.9%** |
| Amdocs Ltd. | &nbsp;&nbsp;&nbsp;8572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782109 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;7906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616905 |
| HP, Inc. | &nbsp;&nbsp;30217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138122 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Cosmetics & Personal Care — 2.7%** | **Cosmetics & Personal Care — 2.7%** | **Cosmetics & Personal Care — 2.7%** |
| Kenvue, Inc. | 58518 | &nbsp;&nbsp;$1224782 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;9563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1997472 |
| **Distribution & Wholesale — 1.4%** | **Distribution & Wholesale — 1.4%** | **Distribution & Wholesale — 1.4%** |
| Bunzl PLC | 32382 | &nbsp;&nbsp;&nbsp;&nbsp;1031901 |
| **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391247 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;6044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974493 |
| **Electric — 6.0%** | **Electric — 6.0%** | **Electric — 6.0%** |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183608 |
| Evergy, Inc. | &nbsp;&nbsp;14910 | &nbsp;&nbsp;&nbsp;&nbsp;1027746 |
| Eversource Energy | 15979 | &nbsp;&nbsp;&nbsp;&nbsp;1016584 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;18787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963773 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;5441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184396 |
| Xcel Energy, Inc. | 14828 | &nbsp;&nbsp;&nbsp;&nbsp;1009787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4385894 |
| **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433322 |
| Legrand S.A. | &nbsp;&nbsp;&nbsp;2699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795065 |
| **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;3047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158840 |
| Ralliant Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49250 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;3394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780556 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| Vinci S.A. | &nbsp;&nbsp;&nbsp;2429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358206 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108262 |
| **Food — 2.9%** | **Food — 2.9%** | **Food — 2.9%** |
| Conagra Brands, Inc. | &nbsp;&nbsp;33543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686625 |
| General Mills, Inc. | 10464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542140 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;13057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545344 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;5327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2133362 |
| **Food Service — 0.5%** | **Food Service — 0.5%** | **Food Service — 0.5%** |
| Sodexo S.A. | &nbsp;&nbsp;&nbsp;6339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390143 |
| **Gas — 1.9%** | **Gas — 1.9%** | **Gas — 1.9%** |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;9316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669448 |
| Spire, Inc. | &nbsp;&nbsp;10323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1422924 |
| **Healthcare Products — 6.3%** | **Healthcare Products — 6.3%** | **Healthcare Products — 6.3%** |
| Envista Holdings Corp.\* | 25406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496433 |
| GE HealthCare Technologies, Inc. | 10360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767365 |
| Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;9091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592370 |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;8233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717671 |
| QIAGEN N.V. | &nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131540 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Mid Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;21251 | &nbsp;&nbsp;$1938304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4643683 |
| **Healthcare Services — 5.2%** | **Healthcare Services — 5.2%** | **Healthcare Services — 5.2%** |
| Centene Corp.\* | 10269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557401 |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;2387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347189 |
| IQVIA Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608928 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;4776 | &nbsp;&nbsp;&nbsp;&nbsp;1253748 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583797 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3773324 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254475 |
| **Household Products & Wares — 2.3%** | **Household Products & Wares — 2.3%** | **Household Products & Wares — 2.3%** |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7821 | &nbsp;&nbsp;&nbsp;&nbsp;1008283 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;10401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1716872 |
| **Insurance — 4.4%** | **Insurance — 4.4%** | **Insurance — 4.4%** |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5194 | &nbsp;&nbsp;&nbsp;&nbsp;1030282 |
| The Allstate Corp. | &nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416309 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414653 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;4361 | &nbsp;&nbsp;&nbsp;&nbsp;1336646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3197890 |
| **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| F5, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364368 |
| **Iron & Steel — 1.0%** | **Iron & Steel — 1.0%** | **Iron & Steel — 1.0%** |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712239 |
| **Machinery — Construction & Mining — 1.6%** | **Machinery — Construction & Mining — 1.6%** | **Machinery — Construction & Mining — 1.6%** |
| Oshkosh Corp. | &nbsp;&nbsp;10203 | &nbsp;&nbsp;&nbsp;&nbsp;1158449 |
| **Machinery — Diversified — 1.1%** | **Machinery — Diversified — 1.1%** | **Machinery — Diversified — 1.1%** |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193674 |
| Gates Industrial Corp. PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;7573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174406 |
| The Toro Co. | &nbsp;&nbsp;&nbsp;5870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782972 |
| **Metal Fabricate/Hardware — 0.8%** | **Metal Fabricate/Hardware — 0.8%** | **Metal Fabricate/Hardware — 0.8%** |
| The Timken Co. | &nbsp;&nbsp;&nbsp;7798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565745 |
| **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;6578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431319 |
| **Oil & Gas — 2.1%** | **Oil & Gas — 2.1%** | **Oil & Gas — 2.1%** |
| Coterra Energy, Inc. | &nbsp;&nbsp;24133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612496 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435970 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;11028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511752 |
| **Oil & Gas Services — 1.4%** | **Oil & Gas Services — 1.4%** | **Oil & Gas Services — 1.4%** |
| Baker Hughes Co. | 27069 | &nbsp;&nbsp;&nbsp;&nbsp;1037825 |
| **Packaging and Containers — 2.5%** | **Packaging and Containers — 2.5%** | **Packaging and Containers — 2.5%** |
| Graphic Packaging Holding Co. | 46796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985992 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Packaging and Containers — (continued)** | **Packaging and Containers — (continued)** | **Packaging and Containers — (continued)** |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;4482 | &nbsp;&nbsp;$844633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830625 |
| **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** |
| Becton Dickinson & Co. | &nbsp;&nbsp;5998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033156 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281559 |
| Henry Schein, Inc.\* | 20401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805008 |
| **Retail — 1.6%** | **Retail — 1.6%** | **Retail — 1.6%** |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;13675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162648 |
| **Semiconductors — 1.7%** | **Semiconductors — 1.7%** | **Semiconductors — 1.7%** |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146144 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407047 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;7891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262750 |
| **Transportation — 3.1%** | **Transportation — 3.1%** | **Transportation — 3.1%** |
| CSX Corp. | 34829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136470 |
| Norfolk Southern Corp. | &nbsp;&nbsp;4409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265042 |
| **TOTAL COMMON STOCKS<br> (Cost $63,122,794)** | **TOTAL COMMON STOCKS<br> (Cost $63,122,794)** | &nbsp;&nbsp;&nbsp;**63168408** |
| **REAL ESTATE INVESTMENT TRUSTS — 9.0%** | **REAL ESTATE INVESTMENT TRUSTS — 9.0%** | **REAL ESTATE INVESTMENT TRUSTS — 9.0%** |
| **Apartments — 1.7%** | **Apartments — 1.7%** | **Apartments — 1.7%** |
| Equity Residential | 14676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990483 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1248377** |
| **Diversified — 2.4%** | **Diversified — 2.4%** | **Diversified — 2.4%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;3252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718757 |
| VICI Properties, Inc. | &nbsp;&nbsp;33151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1799480** |
| **Healthcare — 1.6%** | **Healthcare — 1.6%** | **Healthcare — 1.6%** |
| Healthpeak Properties, Inc. | 34817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609646 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;8825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1166945** |
| **Single Tenant — 1.9%** | **Single Tenant — 1.9%** | **Single Tenant — 1.9%** |
| Agree Realty Corp. | &nbsp;&nbsp;&nbsp;3533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258121 |
| Realty Income Corp. | 19776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139295 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1397416** |
| **Storage & Warehousing — 1.1%** | **Storage & Warehousing — 1.1%** | **Storage & Warehousing — 1.1%** |
| Public Storage | &nbsp;&nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814827 |
| **Strip Centers — 0.3%** | **Strip Centers — 0.3%** | **Strip Centers — 0.3%** |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;2829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201510 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $6,950,448)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6628555** |
| **PREFERRED STOCKS — 0.7%** | **PREFERRED STOCKS — 0.7%** | **PREFERRED STOCKS — 0.7%** |
| **Household Products & Wares — 0.7%** | **Household Products & Wares — 0.7%** | **Household Products & Wares — 0.7%** |
| Henkel AG & Co., KGaA<br> **(Cost $498,561)** | &nbsp;&nbsp;&nbsp;6930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**544584** |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Mid Core Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **MASTER LIMITED PARTNERSHIP — 2.1%** | **MASTER LIMITED PARTNERSHIP — 2.1%** | **MASTER LIMITED PARTNERSHIP — 2.1%** |
| **Pipelines — 2.1%** | **Pipelines — 2.1%** | **Pipelines — 2.1%** |
| Enterprise Products Partners LP<br> **(Cost $1,085,264)** | 49157 | &nbsp;&nbsp;$**1524359** |

---

**SHORT-TERM INVESTMENTS — 1.2%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $858,120)** | 858120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**858120** |
| **TOTAL INVESTMENTS — 99.2%<br> (Cost $72,515,187)** |  | &nbsp;&nbsp;**$72724026** |
| **Other Assets & Liabilities — 0.8%** | **Other Assets & Liabilities — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**571830** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$73295856** |

---

------

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

---

| |
|:---|
| AG— Aktiengesellschaft. |
| KGaA— Kommanditgesellschaft auf Aktien. |
| LP— Limited Partnership. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;86% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising | $1049212 | $1049212 | $— | $— |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;1488312 | &nbsp;&nbsp;&nbsp;&nbsp;1488312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1181943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785230 | &nbsp;&nbsp;&nbsp;&nbsp;396713 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;7998986 | &nbsp;&nbsp;&nbsp;7998986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1145575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1145575 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1083027 | &nbsp;&nbsp;&nbsp;&nbsp;1083027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| &nbsp;&nbsp;&nbsp;Chemicals | $883765 | $506074 | $377691 | $— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473469 | &nbsp;&nbsp;&nbsp;&nbsp;364749 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;2138122 | &nbsp;&nbsp;&nbsp;&nbsp;2138122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1997472 | &nbsp;&nbsp;&nbsp;&nbsp;1997472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1031901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1031901 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;4385894 | &nbsp;&nbsp;&nbsp;4385894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433322 | &nbsp;&nbsp;&nbsp;&nbsp;361743 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;358206 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;2133362 | &nbsp;&nbsp;&nbsp;&nbsp;1588018 | &nbsp;&nbsp;&nbsp;&nbsp;545344 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;390143 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;&nbsp;1422924 | &nbsp;&nbsp;&nbsp;&nbsp;1422924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;4643683 | &nbsp;&nbsp;&nbsp;&nbsp;4643683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;3773324 | &nbsp;&nbsp;&nbsp;&nbsp;3773324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;1716872 | &nbsp;&nbsp;&nbsp;&nbsp;1008283 | &nbsp;&nbsp;&nbsp;&nbsp;708589 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3197890 | &nbsp;&nbsp;&nbsp;&nbsp;3197890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1158449 | &nbsp;&nbsp;&nbsp;&nbsp;1158449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1511752 | &nbsp;&nbsp;&nbsp;&nbsp;1511752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1037825 | &nbsp;&nbsp;&nbsp;&nbsp;1037825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;1830625 | &nbsp;&nbsp;&nbsp;&nbsp;1830625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;2805008 | &nbsp;&nbsp;&nbsp;2805008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;1162648 | &nbsp;&nbsp;&nbsp;&nbsp;1162648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1262750 | &nbsp;&nbsp;&nbsp;&nbsp;1262750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2265042 | &nbsp;&nbsp;&nbsp;&nbsp;2265042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;63168408 | &nbsp;&nbsp;&nbsp;&nbsp;57487754 | &nbsp;&nbsp;&nbsp;&nbsp;5680654 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;6628555 | &nbsp;&nbsp;&nbsp;&nbsp;6628555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;544584 | &nbsp;&nbsp;&nbsp;— |
| Master Limited Partnership | &nbsp;&nbsp;&nbsp;&nbsp;1524359 | &nbsp;&nbsp;&nbsp;&nbsp;1524359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $72724026 | $66498788 | $6225238 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Other Financial Instruments<sup>(1)</sup> |  |  |  |  |
| Forward Foreign Currency Contracts | $(116577) | $— | $(116577) | $— |
| Total Liabilities—Other Financial Instruments | $(116577) | $— | $(116577) | $— |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

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

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

Open forward foreign currency contracts held at June 30, 2025 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** |
|  | **Currency** | **Counterparty** | **Settlement<br> Date** | **Foreign<br> Currency<br> Contract** | **Forward<br> Rate** | **U.S.<br> Contract<br> Amount** | **U.S.<br> Contract<br> Value** | **Unrealized<br> Foreign<br> Exchange<br> Gain** | **Unrealized<br> Foreign<br> Exchange<br> Loss** |
| Sell | Pound Sterling | Bank of America | 09/26/25 | (460071) | 0.72810 | $(617470) | $(631876) | $— | $(14406) |
| Sell | Pound Sterling | Citibank N.A. | 09/26/25 | (418890) | 0.72810 | (561099) | (575317) |  | (14218) |
| Sell | Euro | Goldman Sachs & Co. | 09/26/25 | (743242) | 0.84403 | (862242) | (880583) |  | (18342) |
| Sell | Pound Sterling | Goldman Sachs & Co. | 09/26/25 | (418890) | 0.72810 | (561219) | (575317) |  | (14098) |
| Sell | Euro | JPMorgan Chase | 09/26/25 | (743242) | 0.84403 | (862561) | (880584) |  | (18023) |
| Sell | Euro | Morgan Stanley | 09/26/25 | (743242) | 0.84403 | (861502) | (880584) |  | (19082) |
| Sell | Euro | UBS AG | 09/26/25 | (743242) | 0.84403 | (862175) | (880584) |  | (18408) |
|  | Total |  |  |  |  |  |  | $— | $(116577) |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### SMID Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** |
| **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** |
| Karman Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;9863 | &nbsp;&nbsp;$496799 |
| Loar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;16511 | &nbsp;&nbsp;&nbsp;&nbsp;1422753 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;5437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2903486 |
| **Apparel — 3.7%** | **Apparel — 3.7%** | **Apparel — 3.7%** |
| Birkenstock Holding PLC\* | 25466 | &nbsp;&nbsp;&nbsp;&nbsp;1252418 |
| Deckers Outdoor Corp.\* | &nbsp;&nbsp;&nbsp;5329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549260 |
| On Holding AG, Class A\* | &nbsp;&nbsp;14324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2547242 |
| **Biotechnology — 5.4%** | **Biotechnology — 5.4%** | **Biotechnology — 5.4%** |
| Bridgebio Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;11151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481500 |
| Caris Life Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;3386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90474 |
| Exelixis, Inc.\* | &nbsp;&nbsp;15061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663814 |
| Insmed, Inc.\* | 10704 | &nbsp;&nbsp;&nbsp;&nbsp;1077250 |
| Ionis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;14813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585262 |
| Revolution Medicines, Inc.\* | &nbsp;&nbsp;11756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432503 |
| Roivant Sciences Ltd.\* | 40588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3788230 |
| **Building Materials — 2.7%** | **Building Materials — 2.7%** | **Building Materials — 2.7%** |
| AAON, Inc. | &nbsp;&nbsp;10536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777030 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;6418 | &nbsp;&nbsp;&nbsp;&nbsp;1076170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1853200 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;7926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870592 |
| **Commercial Services — 2.4%** | **Commercial Services — 2.4%** | **Commercial Services — 2.4%** |
| Toast, Inc., Class A\* | &nbsp;&nbsp;38138 | &nbsp;&nbsp;&nbsp;&nbsp;1689132 |
| **Computers — 5.6%** | **Computers — 5.6%** | **Computers — 5.6%** |
| CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770224 |
| Parsons Corp.\* | &nbsp;&nbsp;13325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956335 |
| Rubrik, Inc., Class A\* | &nbsp;&nbsp;10638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953058 |
| SailPoint, Inc.\* | 20918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478186 |
| Varonis Systems, Inc.\* | &nbsp;&nbsp;14707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3904183 |
| **Distribution & Wholesale — 1.3%** | **Distribution & Wholesale — 1.3%** | **Distribution & Wholesale — 1.3%** |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537893 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906441 |
| **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;5697 | &nbsp;&nbsp;&nbsp;&nbsp;1025175 |
| Jefferies Financial Group, Inc. | 18459 | &nbsp;&nbsp;&nbsp;&nbsp;1009523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2034698 |
| **Electrical Components & Equipment — 1.5%** | **Electrical Components & Equipment — 1.5%** | **Electrical Components & Equipment — 1.5%** |
| Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;8304 | &nbsp;&nbsp;&nbsp;&nbsp;1070635 |
| **Electronics — 2.8%** | **Electronics — 2.8%** | **Electronics — 2.8%** |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913664 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp;1006322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1919986 |
| **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762753 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Environmental Control — 1.7%** | **Environmental Control — 1.7%** | **Environmental Control — 1.7%** |
| Casella Waste Systems, Inc., Class A\* | 10041 | &nbsp;&nbsp;$1158531 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| Sprouts Farmers Market, Inc.\* | &nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860244 |
| **Hand & Machine Tools — 1.2%** | **Hand & Machine Tools — 1.2%** | **Hand & Machine Tools — 1.2%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840475 |
| **Healthcare Products — 7.7%** | **Healthcare Products — 7.7%** | **Healthcare Products — 7.7%** |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;9339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480492 |
| Bruker Corp. | 14807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610048 |
| Glaukos Corp.\* | &nbsp;&nbsp;&nbsp;4105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424005 |
| Globus Medical, Inc., Class A\* | 14782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872434 |
| Merit Medical Systems, Inc.\* | &nbsp;&nbsp;11275 | &nbsp;&nbsp;&nbsp;&nbsp;1053987 |
| Natera, Inc.\* | &nbsp;&nbsp;8803 | &nbsp;&nbsp;&nbsp;&nbsp;1487179 |
| Penumbra, Inc.\* | &nbsp;&nbsp;&nbsp;1607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5340549 |
| **Healthcare Services — 3.3%** | **Healthcare Services — 3.3%** | **Healthcare Services — 3.3%** |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;6129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751599 |
| RadNet, Inc.\* | 12267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698115 |
| The Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;5461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2292128 |
| **Home Furnishings — 1.9%** | **Home Furnishings — 1.9%** | **Home Furnishings — 1.9%** |
| SharkNinja, Inc.\* | 13266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313201 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| Equitable Holdings, Inc. | 18971 | &nbsp;&nbsp;&nbsp;&nbsp;1064273 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;2642 | &nbsp;&nbsp;&nbsp;&nbsp;1278464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2342737 |
| **Leisure Time — 2.4%** | **Leisure Time — 2.4%** | **Leisure Time — 2.4%** |
| Amer Sports, Inc.\* | 23081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894619 |
| Viking Holdings Ltd.\* | 14209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651817 |
| **Machinery — Diversified — 5.2%** | **Machinery — Diversified — 5.2%** | **Machinery — Diversified — 5.2%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;5788 | &nbsp;&nbsp;&nbsp;&nbsp;1345421 |
| Crane Co. | &nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644866 |
| Esab Corp. | &nbsp;&nbsp;&nbsp;5623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677853 |
| Nordson Corp. | &nbsp;&nbsp;4367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3604294 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| Liberty Media Corp.-Liberty Formula One, Class C\* | &nbsp;&nbsp;&nbsp;7389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772151 |
| **Metal Fabricate/Hardware — 1.5%** | **Metal Fabricate/Hardware — 1.5%** | **Metal Fabricate/Hardware — 1.5%** |
| RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;2747 | &nbsp;&nbsp;&nbsp;&nbsp;1057046 |
| **Miscellaneous Manufacturing — 2.1%** | **Miscellaneous Manufacturing — 2.1%** | **Miscellaneous Manufacturing — 2.1%** |
| Fabrinet\* | &nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780312 |
| Federal Signal Corp. | &nbsp;&nbsp;6623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1485132 |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;1794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209790 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Ascendis Pharma A/S, ADR\* | &nbsp;&nbsp;&nbsp;2387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411996 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### SMID Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| Jazz Pharmaceuticals PLC\* | &nbsp;&nbsp;&nbsp;4042 | &nbsp;&nbsp;$428937 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413709 |
| Neurocrine Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;6786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107574 |
| **Retail — 11.1%** | **Retail — 11.1%** | **Retail — 11.1%** |
| BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640510 |
| Brinker International, Inc.\* | &nbsp;&nbsp;&nbsp;5843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053668 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826637 |
| Cava Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422161 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692731 |
| Dutch Bros, Inc., Class A\* | &nbsp;&nbsp;&nbsp;8719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596118 |
| Ollie's Bargain Outlet Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;6088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802277 |
| Shake Shack, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;9251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300691 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7727811 |
| **Semiconductors — 4.4%** | **Semiconductors — 4.4%** | **Semiconductors — 4.4%** |
| Astera Labs, Inc.\* | 10749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971925 |
| Lattice Semiconductor Corp.\* | &nbsp;&nbsp;19391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949965 |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055457 |
| **Software — 11.1%** | **Software — 11.1%** | **Software — 11.1%** |
| Chime Financial, Inc., Class A\* | &nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187941 |
| Dynatrace, Inc.\* | 20454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129265 |
| Guidewire Software, Inc.\* | &nbsp;&nbsp;&nbsp;5832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373144 |
| Klaviyo, Inc., Class A\* | 29408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987521 |
| Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;5368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060019 |
| Monday.com Ltd.\* | &nbsp;&nbsp;&nbsp;3460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088101 |
| Nutanix, Inc., Class A\* | &nbsp;&nbsp;&nbsp;9724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743303 |
| ServiceTitan, Inc., Class A\* | &nbsp;&nbsp;&nbsp;4447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476630 |
| Waystar Holding Corp.\* | &nbsp;&nbsp;17645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7767075 |
| **Telecommunications — 2.0%** | **Telecommunications — 2.0%** | **Telecommunications — 2.0%** |
| Credo Technology Group Holding Ltd.\* | &nbsp;&nbsp;14927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382091 |
| **TOTAL COMMON STOCKS<br> (Cost $60,508,038)** | **TOTAL COMMON STOCKS<br> (Cost $60,508,038)** | &nbsp;&nbsp;&nbsp;**69218681** |

---

**SHORT-TERM INVESTMENTS — 1.3%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $888,513)** | 888513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**888513** |
| **TOTAL INVESTMENTS — 100.7%<br> (Cost $61,396,551)** |  | &nbsp;&nbsp;**$70107194** |
| **Other Assets & Liabilities — (0.7)%** | **Other Assets & Liabilities — (0.7)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(463475)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$69643719** |

---

------

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

---

| |
|:---|
| A/S— Aktieselskab. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| PLC— Public Limited Company. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;90% |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### SMID Cap Growth Fund
Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $69218681 | $69218681 | $— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888513 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $70107194 | $70107194 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### SMID Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 91.3%** | **COMMON STOCKS — 91.3%** | **COMMON STOCKS — 91.3%** |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;8519 | &nbsp;&nbsp;$481238 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| Crocs, Inc.\* | &nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626822 |
| **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** |
| BorgWarner, Inc. | &nbsp;&nbsp;18192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609068 |
| **Banks — 9.7%** | **Banks — 9.7%** | **Banks — 9.7%** |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383788 |
| First Bancorp | 20443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425828 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594767 |
| First Hawaiian, Inc. | &nbsp;&nbsp;17548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437998 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;7475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470065 |
| Texas Capital Bancshares, Inc.\* | &nbsp;&nbsp;4960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393824 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;5871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617394 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;4743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334287 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390936 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;4476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4603822 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| Avient Corp. | &nbsp;&nbsp;14627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472598 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1153057 |
| **Commercial Services — 6.0%** | **Commercial Services — 6.0%** | **Commercial Services — 6.0%** |
| ADT, Inc. | 75527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639714 |
| First Advantage Corp.\* | 24375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404869 |
| GXO Logistics, Inc.\* | &nbsp;&nbsp;12922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629301 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;3879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510826 |
| Laureate Education, Inc.\* | &nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47181 |
| Robert Half, Inc. | &nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154758 |
| WillScot Holdings Corp. | &nbsp;&nbsp;17773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2873629 |
| **Computers — 5.8%** | **Computers — 5.8%** | **Computers — 5.8%** |
| CACI International, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671194 |
| Crane NXT Co. | &nbsp;&nbsp;&nbsp;8490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457611 |
| Globant S.A.\* | &nbsp;&nbsp;&nbsp;5278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479453 |
| Lumentum Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505624 |
| NCR Atleos Corp.\* | 22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2758660 |
| **Distribution & Wholesale — 1.2%** | **Distribution & Wholesale — 1.2%** | **Distribution & Wholesale — 1.2%** |
| Core & Main, Inc., Class A\* | &nbsp;&nbsp;&nbsp;9162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552927 |
| **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;2801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653221 |
| Invesco Ltd. | &nbsp;&nbsp;41653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656868 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;5242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1854104 |
| **Electric — 3.3%** | **Electric — 3.3%** | **Electric — 3.3%** |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;6536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754581 |
| TXNM Energy, Inc. | &nbsp;&nbsp;14713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1583217 |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;2961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342884 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electronics — 2.1%** | **Electronics — 2.1%** | **Electronics — 2.1%** |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;8210 | &nbsp;&nbsp;$435787 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;4203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1006134 |
| **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** |
| Fluor Corp.\* | 10675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547307 |
| MasTec, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741938 |
| **Environmental Control — 1.5%** | **Environmental Control — 1.5%** | **Environmental Control — 1.5%** |
| Pentair PLC | &nbsp;&nbsp;6959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714411 |
| **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** |
| Nomad Foods Ltd. | &nbsp;&nbsp;36183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614749 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485702 |
| **Healthcare Products — 2.5%** | **Healthcare Products — 2.5%** | **Healthcare Products — 2.5%** |
| Envista Holdings Corp.\* | 29401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574495 |
| Integer Holdings Corp.\* | &nbsp;&nbsp;&nbsp;5210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1215169 |
| **Healthcare Services — 4.5%** | **Healthcare Services — 4.5%** | **Healthcare Services — 4.5%** |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;6975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855344 |
| ICON PLC\* | &nbsp;&nbsp;&nbsp;3956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575400 |
| Tenet Healthcare Corp.\* | &nbsp;&nbsp;&nbsp;4136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2158680 |
| **Home Furnishings — 0.9%** | **Home Furnishings — 0.9%** | **Home Furnishings — 0.9%** |
| MillerKnoll, Inc. | 22939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445475 |
| **Household Products & Wares — 1.1%** | **Household Products & Wares — 1.1%** | **Household Products & Wares — 1.1%** |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;2226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507728 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| American Financial Group, Inc. | &nbsp;&nbsp;4989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629662 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;4335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1366048 |
| **Internet — 1.8%** | **Internet — 1.8%** | **Internet — 1.8%** |
| Criteo S.A., ADR\* | &nbsp;&nbsp;16103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385828 |
| F5, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861155 |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| HA Sustainable Infrastructure Capital, Inc. | 19484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523340 |
| **Leisure Time — 1.0%** | **Leisure Time — 1.0%** | **Leisure Time — 1.0%** |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;8722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481803 |
| **Machinery — Diversified — 2.4%** | **Machinery — Diversified — 2.4%** | **Machinery — Diversified — 2.4%** |
| CNH Industrial N.V. | 39287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509160 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1164524 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;4288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741610 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### SMID Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| Cameco Corp. | &nbsp;&nbsp;4278 | &nbsp;&nbsp;$317556 |
| **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575203 |
| **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** |
| HF Sinclair Corp. | &nbsp;&nbsp;4996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205236 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;21371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480420 |
| Matador Resources Co. | &nbsp;&nbsp;11022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525970 |
| Northern Oil & Gas, Inc. | 13838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603933 |
| **Packaging and Containers — 2.3%** | **Packaging and Containers — 2.3%** | **Packaging and Containers — 2.3%** |
| Graphic Packaging Holding Co. | 29010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611241 |
| O-I Glass, Inc.\* | 32638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092325 |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |
| Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp;&nbsp;3055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781408 |
| **Retail — 7.5%** | **Retail — 7.5%** | **Retail — 7.5%** |
| AutoNation, Inc.\* | &nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559001 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;22138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663255 |
| BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;8675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935425 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;4718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288175 |
| Dollar Tree, Inc.\* | &nbsp;&nbsp;&nbsp;6410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634846 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570691 |
| **Savings & Loans — 0.6%** | **Savings & Loans — 0.6%** | **Savings & Loans — 0.6%** |
| Flagstar Financial, Inc. | 26316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278950 |
| **Semiconductors — 2.7%** | **Semiconductors — 2.7%** | **Semiconductors — 2.7%** |
| FormFactor, Inc.\* | &nbsp;&nbsp;9838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338526 |
| IPG Photonics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;7110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488101 |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;&nbsp;9161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306755 |
| **Software — 2.6%** | **Software — 2.6%** | **Software — 2.6%** |
| ACI Worldwide, Inc.\* | &nbsp;&nbsp;10217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469062 |
| Commvault Systems, Inc.\* | &nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312051 |
| Nice Ltd., ADR\* | &nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228725 |
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
| Calix, Inc.\* | &nbsp;&nbsp;&nbsp;6341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337278 |
| **Transportation — 4.1%** | **Transportation — 4.1%** | **Transportation — 4.1%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;7029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541303 |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;5497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527437 |
| Kirby Corp.\* | &nbsp;&nbsp;4643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526563 |
| Star Bulk Carriers Corp. | &nbsp;&nbsp;21123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959675 |
| **TOTAL COMMON STOCKS<br> (Cost $41,205,327)** | **TOTAL COMMON STOCKS<br> (Cost $41,205,327)** | &nbsp;&nbsp;&nbsp;**43520393** |
| **REAL ESTATE INVESTMENT TRUSTS — 7.2%** | **REAL ESTATE INVESTMENT TRUSTS — 7.2%** | **REAL ESTATE INVESTMENT TRUSTS — 7.2%** |
| **Apartments — 1.2%** | **Apartments — 1.2%** | **Apartments — 1.2%** |
| Independence Realty Trust, Inc. | 33430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591377 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Diversified — 0.6%** | **Diversified — 0.6%** | **Diversified — 0.6%** |
| Broadstone Net Lease, Inc. | 16099 | &nbsp;&nbsp;$258389 |
| **Healthcare — 1.3%** | **Healthcare — 1.3%** | **Healthcare — 1.3%** |
| American Healthcare REIT, Inc. | 16570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608782 |
| **Hotels & Resorts — 0.7%** | **Hotels & Resorts — 0.7%** | **Hotels & Resorts — 0.7%** |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351561 |
| **Industrial — 1.5%** | **Industrial — 1.5%** | **Industrial — 1.5%** |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173461 |
| STAG lndustrial, Inc. | &nbsp;&nbsp;14537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**700863** |
| **Office Property — 1.3%** | **Office Property — 1.3%** | **Office Property — 1.3%** |
| COPT Defense Properties | 22928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632354 |
| **Storage & Warehousing — 0.6%** | **Storage & Warehousing — 0.6%** | **Storage & Warehousing — 0.6%** |
| CubeSmart | &nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286875 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $3,498,619)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3430201** |

---

**SHORT-TERM INVESTMENTS — 0.3%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $161,919)** | 161919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**161919** |
| **TOTAL INVESTMENTS — 98.8%<br> (Cost $44,865,865)** |  | &nbsp;&nbsp;**$47112513** |
| **Other Assets & Liabilities — 1.2%** | **Other Assets & Liabilities — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**561514** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$47674027** |

---

------

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

---

| |
|:---|
| ADR— American Depositary Receipt. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| S.A.— Societe Anonyme. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;90% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### SMID Cap Value Fund
Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $43520393 | $43520393 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;3430201 | &nbsp;&nbsp;&nbsp;&nbsp;3430201 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161919 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $47112513 | $47112513 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| Loar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9080 | &nbsp;&nbsp;$782424 |
| StandardAero, Inc.\* | &nbsp;&nbsp;&nbsp;23402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740673 |
| Voyager Technologies, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;9153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1882352 |
| **Apparel — 1.7%** | **Apparel — 1.7%** | **Apparel — 1.7%** |
| Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;20573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013015 |
| On Holding AG, Class A\* | &nbsp;&nbsp;&nbsp;12087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642143 |
| **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;10758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758224 |
| **Biotechnology — 8.2%** | **Biotechnology — 8.2%** | **Biotechnology — 8.2%** |
| 89bio, Inc.\* | &nbsp;&nbsp;&nbsp;33717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331101 |
| Akero Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330245 |
| Arcellx, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301527 |
| Avidity Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;19170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544428 |
| Biohaven Ltd.\* | &nbsp;&nbsp;&nbsp;13499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190471 |
| Bridgebio Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;16856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727842 |
| Caris Life Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;19790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528789 |
| Crinetics Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203822 |
| Disc Medicine, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167513 |
| Edgewise Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78476 |
| Ideaya Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;14273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300018 |
| Insmed, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916126 |
| Janux Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203211 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911032 |
| NeoGenomics, Inc.\* | &nbsp;&nbsp;32490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237502 |
| Revolution Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;12860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473119 |
| Soleno Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596597 |
| Structure Therapeutics, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;7967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165236 |
| Travere Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;14068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208206 |
| Xenon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7669261 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7093 | &nbsp;&nbsp;&nbsp;&nbsp;1189354 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;18801 | &nbsp;&nbsp;&nbsp;&nbsp;1852274 |
| **Commercial Services — 11.2%** | **Commercial Services — 11.2%** | **Commercial Services — 11.2%** |
| Alight, Inc., Class A | 103486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585731 |
| CBIZ, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455072 |
| Colliers International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538086 |
| Euronet Worldwide, Inc.\* | &nbsp;&nbsp;&nbsp;11564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172358 |
| Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;6316 | &nbsp;&nbsp;&nbsp;&nbsp;1144396 |
| Rentokil Initial PLC, ADR | &nbsp;&nbsp;&nbsp;61055 | &nbsp;&nbsp;&nbsp;&nbsp;1465320 |
| Shift4 Payments, Inc., Class A\* | &nbsp;&nbsp;&nbsp;15904 | &nbsp;&nbsp;&nbsp;&nbsp;1576245 |
| Stride, Inc.\* | &nbsp;&nbsp;&nbsp;16332 | &nbsp;&nbsp;&nbsp;&nbsp;2371243 |
| UL Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554902 |
| WEX, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10527149 |
| **Computers — 0.9%** | **Computers — 0.9%** | **Computers — 0.9%** |
| CACI International, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848049 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Cosmetics & Personal Care — 1.3%** | **Cosmetics & Personal Care — 1.3%** | **Cosmetics & Personal Care — 1.3%** |
| Oddity Tech Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;16717 | &nbsp;&nbsp;$1261632 |
| **Distribution & Wholesale — 1.5%** | **Distribution & Wholesale — 1.5%** | **Distribution & Wholesale — 1.5%** |
| Core & Main, Inc., Class A\* | &nbsp;&nbsp;23898 | &nbsp;&nbsp;&nbsp;&nbsp;1442244 |
| **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5783 | &nbsp;&nbsp;&nbsp;&nbsp;1348654 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542756 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp;1851227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3742637 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8388 | &nbsp;&nbsp;&nbsp;&nbsp;1346945 |
| **Electrical Components & Equipment — 1.2%** | **Electrical Components & Equipment — 1.2%** | **Electrical Components & Equipment — 1.2%** |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;5277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452608 |
| Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1100224 |
| **Electronics — 6.8%** | **Electronics — 6.8%** | **Electronics — 6.8%** |
| Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;8543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834566 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671050 |
| Mirion Technologies, Inc.\* | 103004 | &nbsp;&nbsp;&nbsp;&nbsp;2217676 |
| Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;18493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549057 |
| OSI Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9285 | &nbsp;&nbsp;&nbsp;&nbsp;2087825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6360174 |
| **Engineering & Construction — 0.9%** | **Engineering & Construction — 0.9%** | **Engineering & Construction — 0.9%** |
| Sterling Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897309 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Atlanta Braves Holdings, Inc., Class C\* | &nbsp;&nbsp;&nbsp;14897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696732 |
| Manchester United PLC, Class A\* | &nbsp;&nbsp;&nbsp;19254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1039646 |
| **Environmental Control — 2.3%** | **Environmental Control — 2.3%** | **Environmental Control — 2.3%** |
| CECO Environmental Corp.\* | &nbsp;&nbsp;&nbsp;26833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759642 |
| Clean Harbors, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906688 |
| Montrose Environmental Group, Inc.\* | &nbsp;&nbsp;&nbsp;22333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2155199 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| Premium Brands Holdings Corp. | &nbsp;&nbsp;&nbsp;12756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760817 |
| **Food Service — 1.3%** | **Food Service — 1.3%** | **Food Service — 1.3%** |
| Aramark | &nbsp;&nbsp;28922 | &nbsp;&nbsp;&nbsp;&nbsp;1210964 |
| **Hand & Machine Tools — 0.6%** | **Hand & Machine Tools — 0.6%** | **Hand & Machine Tools — 0.6%** |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539447 |
| **Healthcare Products — 5.4%** | **Healthcare Products — 5.4%** | **Healthcare Products — 5.4%** |
| Beta Bionics, Inc.\* | &nbsp;&nbsp;&nbsp;10150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147784 |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327458 |
| Glaukos Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;9578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989312 |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;&nbsp;19895 | &nbsp;&nbsp;&nbsp;&nbsp;1174203 |
| ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991521 |
| Lantheus Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;12062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987395 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5079856 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Healthcare Services — 0.8%** | **Healthcare Services — 0.8%** | **Healthcare Services — 0.8%** |
| HealthEquity, Inc.\* | &nbsp;&nbsp;&nbsp;7252 | &nbsp;&nbsp;$759719 |
| **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** |
| Dream Finders Homes, Inc., Class A\* | &nbsp;&nbsp;18018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452792 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;3754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786185 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| Baldwin Insurance Group, Inc.\* | &nbsp;&nbsp;13030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557814 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;8747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1189523 |
| **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| Ziff Davis, Inc.\* | 14484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438431 |
| **Machinery — Diversified — 4.3%** | **Machinery — Diversified — 4.3%** | **Machinery — Diversified — 4.3%** |
| ATS Corp.\* | 25700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819645 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671182 |
| Gates Industrial Corp. PLC\* | &nbsp;&nbsp;37725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868807 |
| Kornit Digital Ltd.\* | 23560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469080 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;33222 | &nbsp;&nbsp;&nbsp;&nbsp;1214928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4043642 |
| **Miscellaneous Manufacturing — 2.9%** | **Miscellaneous Manufacturing — 2.9%** | **Miscellaneous Manufacturing — 2.9%** |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818120 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;4057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777118 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;7293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2738999 |
| **Oil & Gas — 2.0%** | **Oil & Gas — 2.0%** | **Oil & Gas — 2.0%** |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353120 |
| Magnolia Oil & Gas Corp., Class A | 52997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191373 |
| Weatherford International PLC | &nbsp;&nbsp;&nbsp;5977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1845196 |
| **Packaging and Containers — 2.1%** | **Packaging and Containers — 2.1%** | **Packaging and Containers — 2.1%** |
| Crown Holdings, Inc. | &nbsp;&nbsp;19517 | &nbsp;&nbsp;&nbsp;&nbsp;2009861 |
| **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** |
| Ascendis Pharma A/S, ADR\* | &nbsp;&nbsp;&nbsp;4655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803453 |
| Avadel Pharmaceuticals PLC\* | 49591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438880 |
| BellRing Brands, Inc.\* | 10598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613942 |
| Centessa Pharmaceuticals PLC, ADR\* | &nbsp;&nbsp;15354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201752 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;2617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792009 |
| Mirum Pharmaceuticals, Inc.\* | &nbsp;&nbsp;15013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764012 |
| Vaxcyte, Inc.\* | &nbsp;&nbsp;11365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369476 |
| Verona Pharma PLC, ADR\* | &nbsp;&nbsp;&nbsp;8369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4775064 |
| **Retail — 2.7%** | **Retail — 2.7%** | **Retail — 2.7%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;2894 | &nbsp;&nbsp;&nbsp;&nbsp;1476722 |
| Portillo's, Inc., Class A\* | 34499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402603 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2555499 |
| **Semiconductors — 2.3%** | **Semiconductors — 2.3%** | **Semiconductors — 2.3%** |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420912 |
| MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531892 |
| Nova Ltd.\* | &nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441421 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Semiconductors — (continued)** | **Semiconductors — (continued)** | **Semiconductors — (continued)** |
| ON Semiconductor Corp.\* | &nbsp;&nbsp;14195 | &nbsp;&nbsp;$743960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138185 |
| **Software — 15.6%** | **Software — 15.6%** | **Software — 15.6%** |
| Alkami Technology, Inc.\* | &nbsp;&nbsp;19937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600901 |
| Asure Software, Inc.\* | &nbsp;&nbsp;53215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519379 |
| Blackbaud, Inc.\* | &nbsp;&nbsp;14305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918524 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;5468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328888 |
| Clearwater Analytics Holdings, Inc., Class A\* | 22674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497241 |
| Consensus Cloud Solutions, Inc.\* | 22406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516682 |
| Doximity, Inc., Class A\* | &nbsp;&nbsp;&nbsp;12311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755157 |
| Dynatrace, Inc.\* | 22964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267843 |
| Inspired Entertainment, Inc.\* | 38922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317993 |
| Kinaxis, Inc.\* | &nbsp;&nbsp;&nbsp;4034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599938 |
| Nice Ltd., ADR\* | &nbsp;&nbsp;&nbsp;2996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506054 |
| PagerDuty, Inc.\* | &nbsp;&nbsp;25612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391351 |
| PDF Solutions, Inc.\* | &nbsp;&nbsp;23119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494284 |
| Procore Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;6290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430362 |
| Simulations Plus, Inc. | &nbsp;&nbsp;23312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406794 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;28831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387207 |
| The Descartes Systems Group, Inc.\* | 16609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687184 |
| Vertex, Inc., Class A\* | &nbsp;&nbsp;15756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556738 |
| Waystar Holding Corp.\* | &nbsp;&nbsp;11839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14666380 |
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
| AST SpaceMobile, Inc.\* | &nbsp;&nbsp;12714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594125 |
| **Transportation — 1.0%** | **Transportation — 1.0%** | **Transportation — 1.0%** |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907729 |
| **TOTAL COMMON STOCKS<br> (Cost $65,386,924)** | **TOTAL COMMON STOCKS<br> (Cost $65,386,924)** | &nbsp;&nbsp;&nbsp;**92754438** |
| **REAL ESTATE INVESTMENT TRUSTS — 0.9%** | **REAL ESTATE INVESTMENT TRUSTS — 0.9%** | **REAL ESTATE INVESTMENT TRUSTS — 0.9%** |
| **Diversified — 0.9%** | **Diversified — 0.9%** | **Diversified — 0.9%** |
| Lamar Advertising Co., Class A<br> **(Cost $399,730)** | &nbsp;&nbsp;&nbsp;7007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**850369** |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| OmniAb, Inc.\* | &nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 |
| OmniAb, Inc.\* | &nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 |
| **TOTAL RIGHTS<br> (Cost $8,726)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4277** |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Growth Fund

---

| | |
|:---|:---|
| **Number ofShares** | &nbsp;&nbsp;**Value†** |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $815,585)** | 815585 | &nbsp;&nbsp;$**815585** |
| **TOTAL INVESTMENTS — 100.5%<br> (Cost $66,610,965)** |  | &nbsp;&nbsp;**$94424669** |
| **Other Assets & Liabilities — (0.5)%** | **Other Assets & Liabilities — (0.5)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(443781)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$93980888** |

---

------

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

---

| |
|:---|
| A/S— Aktieselskab. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| PLC— Public Limited Company. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United States | &nbsp;&nbsp;&nbsp;86% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |

---

---

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

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $92754438 | $92754438 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $94424669 | $94420392 | $4277 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 89.2%** | **COMMON STOCKS — 89.2%** | **COMMON STOCKS — 89.2%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| Mercury Systems, Inc.\* | &nbsp;&nbsp;&nbsp;17238 | &nbsp;&nbsp;$928439 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1751490 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| Crocs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418388 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994570 |
| **Auto Parts & Equipment — 2.0%** | **Auto Parts & Equipment — 2.0%** | **Auto Parts & Equipment — 2.0%** |
| Adient PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;21311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414712 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;34517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591967 |
| Phinia, Inc. | &nbsp;&nbsp;19945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887353 |
| The Goodyear Tire & Rubber Co.\* | &nbsp;&nbsp;60325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625570 |
| Visteon Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;2236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2728221 |
| **Banks — 17.9%** | **Banks — 17.9%** | **Banks — 17.9%** |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;40258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733903 |
| Ameris Bancorp | &nbsp;&nbsp;32825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123778 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;54723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711735 |
| Cadence Bank | &nbsp;&nbsp;52064 | &nbsp;&nbsp;&nbsp;&nbsp;1665007 |
| Community Financial System, Inc. | &nbsp;&nbsp;19926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133192 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;53897 | &nbsp;&nbsp;&nbsp;&nbsp;1248255 |
| FB Financial Corp. | &nbsp;&nbsp;&nbsp;21516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974675 |
| First Merchants Corp. | &nbsp;&nbsp;29507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130118 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;41186 | &nbsp;&nbsp;&nbsp;&nbsp;1774293 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;33225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955883 |
| Northpointe Bancshares, Inc. | &nbsp;&nbsp;42794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586706 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;58606 | &nbsp;&nbsp;&nbsp;&nbsp;1039670 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;34044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216733 |
| Renasant Corp. | &nbsp;&nbsp;49038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761935 |
| Seacoast Banking Corp of Florida | &nbsp;&nbsp;28099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776094 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;14221 | &nbsp;&nbsp;&nbsp;&nbsp;1308759 |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;22160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897258 |
| UMB Financial Corp. | &nbsp;&nbsp;19392 | &nbsp;&nbsp;&nbsp;&nbsp;2039263 |
| Valley National Bancorp | 147398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316264 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24875181 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| Bridgebio Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199103 |
| CG oncology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239876 |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;&nbsp;12778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422185 |
| Dynavax Technologies Corp.\* | &nbsp;&nbsp;23722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235322 |
| Immunovant, Inc.\* | &nbsp;&nbsp;12695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203120 |
| Ionis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275543 |
| NeoGenomics, Inc.\* | &nbsp;&nbsp;67308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492021 |
| Revolution Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299544 |
| Syndax Pharmaceuticals, Inc.\* | &nbsp;&nbsp;22372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209514 |
| Ultragenyx Pharmaceutical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298916 |
| Xenon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3077373 |
| **Building Materials — 1.7%** | **Building Materials — 1.7%** | **Building Materials — 1.7%** |
| Knife River Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525272 |
| Masterbrand, Inc.\* | &nbsp;&nbsp;35687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390059 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Building Materials — (continued)** | **Building Materials — (continued)** | **Building Materials — (continued)** |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;8529 | &nbsp;&nbsp;$1430142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2345473 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Avient Corp. | 27930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902418 |
| Element Solutions, Inc. | &nbsp;&nbsp;19837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449308 |
| H.B. Fuller Co. | &nbsp;&nbsp;19636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181106 |
| Rogers Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2684515 |
| **Commercial Services — 2.7%** | **Commercial Services — 2.7%** | **Commercial Services — 2.7%** |
| AMN Healthcare Services, Inc.\* | &nbsp;&nbsp;11207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231649 |
| BrightView Holdings, Inc.\* | 53893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897318 |
| CBIZ, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415273 |
| Korn Ferry | &nbsp;&nbsp;17027 | &nbsp;&nbsp;&nbsp;&nbsp;1248590 |
| Valvoline, Inc.\* | 24066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3704209 |
| **Computers — 1.4%** | **Computers — 1.4%** | **Computers — 1.4%** |
| ASGN, Inc.\* | 18500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923705 |
| CACI International, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525800 |
| Tenable Holdings, Inc.\* | 12806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1882092 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
| Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp;10939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873479 |
| **Distribution & Wholesale — 0.7%** | **Distribution & Wholesale — 0.7%** | **Distribution & Wholesale — 0.7%** |
| MRC Global, Inc.\* | 36033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494012 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934891 |
| **Diversified Financial Services — 5.1%** | **Diversified Financial Services — 5.1%** | **Diversified Financial Services — 5.1%** |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;12262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700405 |
| Encore Capital Group, Inc.\* | &nbsp;&nbsp;19565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757361 |
| Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732798 |
| Jefferson Capital, Inc.\* | &nbsp;&nbsp;41910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773240 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;16251 | &nbsp;&nbsp;&nbsp;&nbsp;1619250 |
| Perella Weinberg Partners | 70841 | &nbsp;&nbsp;&nbsp;&nbsp;1375732 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;4103 | &nbsp;&nbsp;&nbsp;&nbsp;1140388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7099174 |
| **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;11619 | &nbsp;&nbsp;&nbsp;&nbsp;1341414 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;6744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596439 |
| TXNM Energy, Inc. | &nbsp;&nbsp;41570 | &nbsp;&nbsp;&nbsp;&nbsp;2341222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4279075 |
| **Electrical Components & Equipment — 0.6%** | **Electrical Components & Equipment — 0.6%** | **Electrical Components & Equipment — 0.6%** |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551324 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788204 |
| **Electronics — 4.3%** | **Electronics — 4.3%** | **Electronics — 4.3%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;5256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696420 |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp;7644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539284 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;5379 | &nbsp;&nbsp;&nbsp;&nbsp;1032069 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;4596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604972 |
| Knowles Corp.\* | 73648 | &nbsp;&nbsp;&nbsp;&nbsp;1297678 |
| Sanmina Corp.\* | &nbsp;&nbsp;10621 | &nbsp;&nbsp;&nbsp;&nbsp;1039052 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Electronics — (continued)** | **Electronics — (continued)** | **Electronics — (continued)** |
| TTM Technologies, Inc.\* | &nbsp;&nbsp;17399 | &nbsp;&nbsp;$710227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5919702 |
| **Engineering & Construction — 2.4%** | **Engineering & Construction — 2.4%** | **Engineering & Construction — 2.4%** |
| Arcosa, Inc. | 14022 | &nbsp;&nbsp;&nbsp;&nbsp;1215848 |
| Fluor Corp.\* | 18087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927320 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;5526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516736 |
| MYR Group, Inc.\* | &nbsp;&nbsp;&nbsp;3918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3370825 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417837 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;10871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983455 |
| **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
| Grocery Outlet Holding Corp.\* | 27369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339923 |
| The Marzetti Company | &nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567722 |
| Utz Brands, Inc. | 43991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1459732 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618051 |
| ONE Gas, Inc. | &nbsp;&nbsp;11668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1456513 |
| **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** |
| Cadre Holdings, Inc. | &nbsp;&nbsp;11495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366116 |
| **Healthcare Products — 1.5%** | **Healthcare Products — 1.5%** | **Healthcare Products — 1.5%** |
| Enovis Corp.\* | 10750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337120 |
| Globus Medical, Inc., Class A\* | &nbsp;&nbsp;&nbsp;8254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487151 |
| LivaNova PLC\* | 15445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695334 |
| Merit Medical Systems, Inc.\* | &nbsp;&nbsp;6666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2142743 |
| **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** |
| Surgery Partners, Inc.\* | 17099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380111 |
| **Home Builders — 3.9%** | **Home Builders — 3.9%** | **Home Builders — 3.9%** |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418343 |
| LCI Industries | &nbsp;&nbsp;&nbsp;6130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558995 |
| M/I Homes, Inc.\* | 10452 | &nbsp;&nbsp;&nbsp;&nbsp;1171878 |
| Meritage Homes Corp. | &nbsp;&nbsp;19321 | &nbsp;&nbsp;&nbsp;&nbsp;1293927 |
| Taylor Morrison Home Corp.\* | 24029 | &nbsp;&nbsp;&nbsp;&nbsp;1475861 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;5254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5385612 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| Abacus Global Management, Inc.\* | 111154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571332 |
| Aspen Insurance Holdings Ltd., Class A\* | &nbsp;&nbsp;21177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666440 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;26197 | &nbsp;&nbsp;&nbsp;&nbsp;1010680 |
| HCI Group, Inc. | &nbsp;&nbsp;4606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701033 |
| Kemper Corp. | 10795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696709 |
| NMI Holdings, Inc.\* | 19706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831396 |
| Skyward Specialty Insurance Group, Inc.\* | 12208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705500 |
| Slide Insurance Holdings, Inc.\* | 32869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711943 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;$428922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6323955 |
| **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** |
| Commercial Metals Co. | &nbsp;&nbsp;22219 | &nbsp;&nbsp;&nbsp;&nbsp;1086731 |
| **Machinery — Construction & Mining — 0.7%** | **Machinery — Construction & Mining — 0.7%** | **Machinery — Construction & Mining — 0.7%** |
| Terex Corp. | 20650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964148 |
| **Machinery — Diversified — 2.0%** | **Machinery — Diversified — 2.0%** | **Machinery — Diversified — 2.0%** |
| Esab Corp. | &nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759465 |
| Gates Industrial Corp. PLC\* | 68992 | &nbsp;&nbsp;&nbsp;&nbsp;1588886 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;11620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2775037 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| TEGNA, Inc. | &nbsp;&nbsp;29771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498962 |
| **Metal Fabricate/Hardware — 1.3%** | **Metal Fabricate/Hardware — 1.3%** | **Metal Fabricate/Hardware — 1.3%** |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;11691 | &nbsp;&nbsp;&nbsp;&nbsp;1104566 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;4851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1863650 |
| **Mining — 1.0%** | **Mining — 1.0%** | **Mining — 1.0%** |
| Coeur Mining, Inc.\* | 90428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801192 |
| Constellium S.E.\* | 40548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1340480 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;6071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646076 |
| **Oil & Gas — 4.9%** | **Oil & Gas — 4.9%** | **Oil & Gas — 4.9%** |
| California Resources Corp. | &nbsp;&nbsp;15790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721129 |
| CNX Resources Corp.\* | &nbsp;&nbsp;25343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853552 |
| Crescent Energy Co., Class A | &nbsp;&nbsp;82172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706679 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;17749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375924 |
| Gulfport Energy Corp.\* | &nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783557 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;35941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807954 |
| Matador Resources Co. | &nbsp;&nbsp;17199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820736 |
| Noble Corp. PLC | &nbsp;&nbsp;31990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849335 |
| Patterson-UTI Energy, Inc. | 89565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531120 |
| Seadrill Ltd.\* | &nbsp;&nbsp;12430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6776274 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp;23037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789478 |
| Liberty Energy, Inc. | 29945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1133247 |
| **Packaging and Containers — 1.6%** | **Packaging and Containers — 1.6%** | **Packaging and Containers — 1.6%** |
| Greif, Inc., Class A | &nbsp;&nbsp;12003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780075 |
| O-I Glass, Inc.\* | &nbsp;&nbsp;51223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755027 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;12788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2227956 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Alkermes PLC\* | &nbsp;&nbsp;16839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481764 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308087 |
| Protagonist Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;3834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1001756 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;13185 | &nbsp;&nbsp;$580799 |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |
| Cushman & Wakefield PLC\* | &nbsp;&nbsp;83300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922131 |
| Newmark Group, Inc., Class A | 102724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170228 |
| **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |
| Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;13021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471751 |
| **Retail — 4.1%** | **Retail — 4.1%** | **Retail — 4.1%** |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;13658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612015 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459833 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334586 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;21447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797185 |
| Ollie's Bargain Outlet Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661667 |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840395 |
| The Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309039 |
| Urban Outfitters, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480940 |
| Victoria's Secret & Co.\* | &nbsp;&nbsp;10920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697899 |
| **Savings & Loans — 1.3%** | **Savings & Loans — 1.3%** | **Savings & Loans — 1.3%** |
| Banc of California, Inc. | &nbsp;&nbsp;73349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030554 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;36069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791249 |
| **Semiconductors — 2.5%** | **Semiconductors — 2.5%** | **Semiconductors — 2.5%** |
| Axcelis Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640591 |
| Cohu, Inc.\* | &nbsp;&nbsp;23939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460586 |
| Qorvo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567623 |
| Rambus, Inc.\* | &nbsp;&nbsp;&nbsp;10562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676179 |
| Semtech Corp.\* | &nbsp;&nbsp;13686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617786 |
| Silicon Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478673 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| BlackLine, Inc.\* | &nbsp;&nbsp;10829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613138 |
| Commvault Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552800 |
| Digi International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;11131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553965 |
| **Transportation — 1.3%** | **Transportation — 1.3%** | **Transportation — 1.3%** |
| DHT Holdings, Inc. | &nbsp;&nbsp;48821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527755 |
| RXO, Inc.\* | &nbsp;&nbsp;&nbsp;17480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274786 |
| Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561679 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803298 |
| **TOTAL COMMON STOCKS<br> (Cost $118,599,945)** | **TOTAL COMMON STOCKS<br> (Cost $118,599,945)** | &nbsp;&nbsp;&nbsp;**123668890** |
| **REAL ESTATE INVESTMENT TRUSTS — 8.6%** | **REAL ESTATE INVESTMENT TRUSTS — 8.6%** | **REAL ESTATE INVESTMENT TRUSTS — 8.6%** |
| **Apartments — 1.1%** | **Apartments — 1.1%** | **Apartments — 1.1%** |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;83457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476354 |
| **Diversified — 1.0%** | **Diversified — 1.0%** | **Diversified — 1.0%** |
| InvenTrust Properties Corp. | &nbsp;&nbsp;33529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918695 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Diversified — (continued)** | **Diversified — (continued)** | **Diversified — (continued)** |
| UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;27215 | &nbsp;&nbsp;$456940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1375635** |
| **Hotels & Resorts — 0.4%** | **Hotels & Resorts — 0.4%** | **Hotels & Resorts — 0.4%** |
| Pebblebrook Hotel Trust | &nbsp;&nbsp;60246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601858 |
| **Industrial — 1.7%** | **Industrial — 1.7%** | **Industrial — 1.7%** |
| STAG lndustrial, Inc. | &nbsp;&nbsp;&nbsp;27164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985510 |
| Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;25120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2393988** |
| **Mortgage Banks — 1.2%** | **Mortgage Banks — 1.2%** | **Mortgage Banks — 1.2%** |
| Ladder Capital Corp. | &nbsp;&nbsp;89488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961996 |
| Redwood Trust, Inc. | 103520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1573799** |
| **Office Property — 1.2%** | **Office Property — 1.2%** | **Office Property — 1.2%** |
| Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;27728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832672 |
| Highwoods Properties, Inc. | &nbsp;&nbsp;25303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1619342** |
| **Regional Malls — 0.5%** | **Regional Malls — 0.5%** | **Regional Malls — 0.5%** |
| Tanger, Inc. | &nbsp;&nbsp;23969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732972 |
| **Single Tenant — 1.5%** | **Single Tenant — 1.5%** | **Single Tenant — 1.5%** |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;36149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153515 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;33734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2061297** |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $12,687,740)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11835245** |

---

**SHORT-TERM INVESTMENTS — 1.8%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $2,581,586)** | 2581586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2581586** |
| **TOTAL INVESTMENTS — 99.6%<br> (Cost $133,869,271)** |  | &nbsp;&nbsp;**$138085721** |
| **Other Assets & Liabilities — 0.4%** | **Other Assets & Liabilities — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**507791** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$138593512** |

---

------

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Value Fund
Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $123668890 | $123668890 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11835245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11835245 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581586 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $138085721 | $138085721 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 93.6%** | **COMMON STOCKS — 93.6%** | **COMMON STOCKS — 93.6%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Advantage Solutions, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;$3432 |
| Boston Omaha Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9828 |
| National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8236 |
| Nexxen International Ltd.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12492 |
| Stagwell, Inc.\* | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12150 |
| TechTarget, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53131 |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| AAR Corp.\* | &nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73536 |
| AeroVironment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235369 |
| AerSale Corp.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010 |
| Amprius Technologies, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12630 |
| Archer Aviation, Inc., Class A\* | 16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177940 |
| Astronics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26617 |
| Ducommun, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33052 |
| Eve Holding, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802 |
| Intuitive Machines, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36958 |
| Joby Aviation, Inc.\* | 13900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146645 |
| Kratos Defense & Security Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;4922 | &nbsp;&nbsp;&nbsp;&nbsp;228627 |
| Mercury Systems, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80790 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155815 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14498 |
| Red Cat Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16744 |
| Redwire Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17930 |
| Triumph Group, Inc.\* | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1324613 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6536 |
| Dole PLC | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32177 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29697 |
| Ispire Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 |
| Limoneira Co. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390 |
| Tejon Ranch Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12296 |
| The Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34251 |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37885 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38147 |
| Vital Farms, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;244799 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| Allegiant Travel Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23299 |
| Frontier Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 |
| JetBlue Airways Corp.\* | &nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41031 |
| SkyWest, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121607 |
| Spirit Aviation Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994 |
| Sun Country Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207387 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| Capri Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61950 |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33143 |
| Ermenegildo Zegna N.V. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16245 |
| Hanesbrands, Inc.\* | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47632 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105552 |
| Lakeland Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Apparel — (continued)** | **Apparel — (continued)** | **Apparel — (continued)** |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;$16422 |
| Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438 |
| Steven Madden Ltd. | 2073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49710 |
| Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 |
| Torrid Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 |
| Weyco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 |
| Wolverine World Wide, Inc. | 2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;397012 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Blue Bird Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42815 |
| Hyliion Holdings Corp.\* | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148 |
| REV Group, Inc. | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71385 |
| Wabash National Corp. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;134230 |
| **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** |
| Adient PLC\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;46704 |
| Aeva Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37034 |
| American Axle & Manufacturing Holdings, Inc.\* | &nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13937 |
| Cooper-Standard Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750 |
| Dana, Inc. | 3796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65101 |
| Dorman Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp;102920 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17682 |
| Fox Factory Holding Corp.\* | &nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32607 |
| Garrett Motion, Inc. | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;40989 |
| Gentherm, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27385 |
| Holley, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 |
| indie Semiconductor, Inc., Class A\* | 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19580 |
| Luminar Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 |
| Methode Electronics, Inc. | 1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10081 |
| Microvast Holdings, Inc.\* | 6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22506 |
| Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| Motorcar Parts of America, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 |
| Phinia, Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53388 |
| Solid Power, Inc.\* | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18432 |
| Strattec Security Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221 |
| The Goodyear Tire & Rubber Co.\* | 8395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87056 |
| The Shyft Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11286 |
| Titan International, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13351 |
| Visteon Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80425 |
| XPEL, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;783598 |
| **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36497 |
| ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568 |
| Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12984 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18720 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21876 |
| Ameris Bancorp | &nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp;123706 |
| Ames National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343 |
| Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550 |
| Associated Banc-Corp. | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119511 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;&nbsp;135661 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;$76644 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;35295 |
| Bank of Hawaii Corp. | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;81036 |
| Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;10963 |
| Bank7 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 |
| BankUnited, Inc. | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;78298 |
| Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7206 |
| Banner Corp. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;64150 |
| Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;11894 |
| BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5542 |
| BCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210 |
| Blue Foundry Bancorp\* | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742 |
| Blue Ridge Bankshares, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898 |
| Bridgewater Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11137 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;24012 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;19720 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;24057 |
| C&F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6173 |
| Cadence Bank | 5383 | &nbsp;&nbsp;&nbsp;&nbsp;172148 |
| California BanCorp\* | &nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;12246 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17815 |
| Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;10074 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;18455 |
| Carter Bankshares, Inc.\* | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;13872 |
| Cathay General Bancorp | 2050 | &nbsp;&nbsp;&nbsp;&nbsp;93337 |
| CB Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;22424 |
| Chain Bridge Bancorp, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 |
| Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847 |
| ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8610 |
| Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743 |
| Citizens Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;54477 |
| Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960 |
| CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13122 |
| Coastal Financial Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;38748 |
| Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8235 |
| Community Financial System, Inc. | &nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp;87409 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;25560 |
| Community West Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7804 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp;32725 |
| Customers Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;51691 |
| CVB Financial Corp. | 3892 | &nbsp;&nbsp;&nbsp;&nbsp;77023 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp;29877 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;17006 |
| Eagle Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6124 |
| Eastern Bankshares, Inc. | 5686 | &nbsp;&nbsp;&nbsp;&nbsp;86825 |
| ECB Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632 |
| Enterprise Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;12407 |
| Enterprise Financial Services Corp. | 1080 | &nbsp;&nbsp;&nbsp;&nbsp;59508 |
| Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;20400 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;18932 |
| Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112 |
| Farmers National Banc Corp. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;15169 |
| FB Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| FB Financial Corp. | 1086 | &nbsp;&nbsp;$49196 |
| Fidelity D&D Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 |
| Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11299 |
| Finwise Bancorp\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503 |
| First Bancorp | &nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53966 |
| First Bancorp | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;99984 |
| First Bank | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735 |
| First Busey Corp. | &nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55244 |
| First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10132 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;3121 | &nbsp;&nbsp;&nbsp;&nbsp;50654 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20603 |
| First Community Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314 |
| First Financial Bancorp | 2782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67491 |
| First Financial Bankshares, Inc. | 3904 | &nbsp;&nbsp;&nbsp;&nbsp;140466 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20592 |
| First Foundation, Inc. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9180 |
| First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8070 |
| First Interstate BancSystem, Inc., Class A | 2687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77439 |
| First Merchants Corp. | &nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;66259 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26243 |
| First National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841 |
| First United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202 |
| Firstsun Capital Bancorp\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14270 |
| Franklin Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463 |
| Fulton Financial Corp. | 5403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97470 |
| FVCBankcorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 |
| German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43824 |
| Glacier Bancorp, Inc. | 3399 | &nbsp;&nbsp;&nbsp;&nbsp;146429 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15929 |
| Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761 |
| Hancock Whitney Corp. | 2578 | &nbsp;&nbsp;&nbsp;&nbsp;147977 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp;20065 |
| Hanover Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578 |
| HarborOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13747 |
| Hawthorn Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5828 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10084 |
| Heritage Commerce Corp. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18867 |
| Heritage Financial Corp. | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24555 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43765 |
| Home BancShares, Inc. | &nbsp;&nbsp;5535 | &nbsp;&nbsp;&nbsp;&nbsp;157526 |
| HomeStreet, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842 |
| Hope Bancorp, Inc. | 3567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38274 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20763 |
| Independent Bank Corp. | &nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79235 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19446 |
| International Bancshares Corp. | &nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;108160 |
| Investar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864 |
| John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7412 |
| Kearny Financial Corp. | &nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9335 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42462 |
| Landmark Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288 |
| LCNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812 |
| LINKBANCORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6579 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32780 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| MainStreet Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$5670 |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;23205 |
| Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;26456 |
| Meridian Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17148 |
| Metropolitan Bank Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;21000 |
| Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;19740 |
| Middlefield Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011 |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10392 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17262 |
| MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9012 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41371 |
| National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 |
| NB Bancorp, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;19646 |
| NBT Bancorp, Inc. | 1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65192 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;49392 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17798 |
| Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974 |
| Northpointe Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484 |
| Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18652 |
| Norwood Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734 |
| Oak Valley Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 |
| OFG Bancorp | &nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;56068 |
| Ohio Valley Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 |
| Old National Bancorp | 9650 | &nbsp;&nbsp;&nbsp;&nbsp;205931 |
| Old Point Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 |
| Old Second Bancorp, Inc. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;24836 |
| OP Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196 |
| Orange County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5168 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32166 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;19098 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68911 |
| Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;55384 |
| Patriot National Bancorp, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 |
| PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8392 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15142 |
| Penns Woods Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072 |
| Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33319 |
| Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14811 |
| Pioneer Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 |
| Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8892 |
| Ponce Financial Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34618 |
| Primis Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425 |
| Princeton Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108 |
| Provident Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;33950 |
| RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10326 |
| Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870 |
| Renasant Corp. | &nbsp;&nbsp;2735 | &nbsp;&nbsp;&nbsp;&nbsp;98269 |
| Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13672 |
| Rhinebeck Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346 |
| Richmond Mutual BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;44665 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Banks — (continued)** | **Banks — (continued)** | **Banks — (continued)** |
| SB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$3820 |
| Seacoast Banking Corp of Florida | &nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68940 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116265 |
| Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13598 |
| Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12232 |
| Simmons First National Corp., Class A | &nbsp;&nbsp;3696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70076 |
| SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16890 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14416 |
| Southern First Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7606 |
| Southern States Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22691 |
| SR Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;1492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41746 |
| Sterling Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60578 |
| Texas Capital Bancshares, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111160 |
| The Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74745 |
| The Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57564 |
| The First Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8487 |
| Third Coast Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22457 |
| Towne Bank | &nbsp;&nbsp;2077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70992 |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40409 |
| Triumph Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33066 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15039 |
| Trustmark Corp. | &nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66722 |
| UMB Financial Corp. | &nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231878 |
| United Bankshares, Inc. | &nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155192 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;3571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106380 |
| United Security Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 |
| Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9416 |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23642 |
| USCB Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616 |
| Valley National Bancorp | 13983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124868 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40533 |
| Virginia National Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66251 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13292 |
| WesBanco, Inc. | &nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89639 |
| West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9383 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37444 |
| Western New England Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7210146 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| BRC, Inc., Class A\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11988 |
| National Beverage Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29576 |
| The Vita Coco Co., Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43320 |
| Westrock Coffee Co.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303 |
| Zevia PBC, Class A\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97409 |
| **Biotechnology — 6.7%** | **Biotechnology — 6.7%** | **Biotechnology — 6.7%** |
| 4D Molecular Therapeutics, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307 |
| 89bio, Inc.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37316 |
| Aardvark Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Abeona Therapeutics, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;$7952 |
| Absci Corp.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7453 |
| ACADIA Pharmaceuticals, Inc.\* | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81966 |
| ADC Therapeutics S.A.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968 |
| ADMA Biologics, Inc.\* | 6900 | &nbsp;&nbsp;&nbsp;&nbsp;125649 |
| Akero Therapeutics, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;117392 |
| Aldeyra Therapeutics, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6894 |
| Allogene Therapeutics, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164 |
| Alpha Teknova, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 |
| Altimmune, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8127 |
| Alumis, Inc.\* | &nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321 |
| Amicus Therapeutics, Inc.\* | 8700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49851 |
| AnaptysBio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15540 |
| Anavex Life Sciences Corp.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19362 |
| ANI Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32625 |
| Annexon, Inc.\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
| Apogee Therapeutics, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47773 |
| Arbutus Biopharma Corp.\* | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14832 |
| Arcellx, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72435 |
| Arcturus Therapeutics Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9107 |
| Arcus Biosciences, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14652 |
| Arcutis Biotherapeutics, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;43462 |
| Ardelyx, Inc.\* | 6700 | &nbsp;&nbsp;&nbsp;&nbsp;26264 |
| ArriVent Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19593 |
| Arrowhead Pharmaceuticals, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;55300 |
| ARS Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;24430 |
| Astria Therapeutics, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 |
| Atea Pharmaceuticals, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;10080 |
| Aura Biosciences, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10016 |
| Aurinia Pharmaceuticals, Inc.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;33880 |
| Avidity Biosciences, Inc.\* | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;96560 |
| Axsome Therapeutics, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;125268 |
| Beam Therapeutics, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47628 |
| Benitec Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 |
| Bicara Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574 |
| BioAge Labs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 |
| BioCryst Pharmaceuticals, Inc.\* | &nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;54656 |
| Biohaven Ltd.\* | &nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37547 |
| Blueprint Medicines Corp.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;243542 |
| Bridgebio Pharma, Inc.\* | 4655 | &nbsp;&nbsp;&nbsp;&nbsp;201003 |
| Bright Minds Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 |
| Candel Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048 |
| Capricor Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8937 |
| Cardiff Oncology, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 |
| Cargo Therapeutics, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532 |
| Cartesian Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 |
| Celcuity, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;10680 |
| Celldex Therapeutics, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;38665 |
| CG oncology, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;39000 |
| Chinook Therapeutics, Inc.\* | 2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Cogent Biosciences, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;20822 |
| Compass Therapeutics, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 |
| Crinetics Pharmaceuticals, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77652 |
| CRISPR Therapeutics AG\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;121600 |
| Cullinan Therapeutics, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12801 |
| Cytek Biosciences, Inc.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Cytokinetics, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;$112336 |
| Day One Biopharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11050 |
| Denali Therapeutics, Inc.\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;55960 |
| Design Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381 |
| DiaMedica Therapeutics, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 |
| Dianthus Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;14904 |
| Disc Medicine, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;37072 |
| Dynavax Technologies Corp.\* | &nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;31943 |
| Dyne Therapeutics, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;23800 |
| Edgewise Therapeutics, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30153 |
| Editas Medicine, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 |
| Eledon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 |
| Emergent BioSolutions, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;10846 |
| Entrada Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5376 |
| Erasca, Inc.\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5588 |
| Esperion Therapeutics, Inc.\* | &nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6497 |
| Evolus, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13815 |
| EyePoint Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;15997 |
| Fate Therapeutics, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 |
| Forafric Global PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 |
| Geron Corp.\* | 17040 | &nbsp;&nbsp;&nbsp;&nbsp;24026 |
| Gossamer Bio, Inc.\* | &nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7626 |
| GRAIL, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;46278 |
| Greenwich Lifesciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 |
| Guardant Health, Inc.\* | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;182140 |
| Humacyte, Inc.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6479 |
| Ideaya Biosciences, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;54652 |
| ImmunityBio, Inc.\* | &nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;19008 |
| Immunome, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;16740 |
| Immunovant, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;33600 |
| Inhibrx Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 |
| Inmune Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 |
| Innoviva, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34153 |
| Intellia Therapeutics, Inc.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;30016 |
| Iovance Biotherapeutics, Inc.\* | &nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;13588 |
| iTeos Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979 |
| Jade Biosciences, Inc. | &nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;10070 |
| Janux Therapeutics, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;27720 |
| Keros Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12015 |
| Kodiak Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 |
| Korro Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498 |
| Krystal Biotech, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;102133 |
| Kura Oncology, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13271 |
| Kymera Therapeutics, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;61096 |
| Larimar Therapeutics, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335 |
| LENZ Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11284 |
| Lexeo Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
| Ligand Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;70595 |
| Liquidia Corp.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;24920 |
| Maravai LifeSciences Holdings, Inc., Class A\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9158 |
| MBX Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 |
| MeiraGTx Holdings PLC\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172 |
| Merrimack Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Metsera, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;14225 |
| Mind Medicine MindMed, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;12980 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| Mineralys Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;$16236 |
| Monopar Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 |
| Monte Rosa Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961 |
| Myriad Genetics, Inc.\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;14868 |
| NeoGenomics, Inc.\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;29240 |
| Niagen Bioscience, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20174 |
| Nkarta, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154 |
| Novavax, Inc.\* | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29610 |
| Nurix Therapeutics, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;22780 |
| Nuvalent, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99190 |
| Nuvation Bio, Inc.\* | &nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090 |
| Olema Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964 |
| Omeros Corp.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 |
| Organogenesis Holdings, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 |
| Oruka Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;10089 |
| Palvella Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508 |
| Perspective Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5504 |
| Phathom Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11508 |
| Praxis Precision Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21025 |
| Precigen, Inc.\* | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686 |
| Prime Medicine, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 |
| Protalix BioTherapeutics, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848 |
| Protara Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636 |
| Prothena Corp. PLC\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8498 |
| PTC Therapeutics, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;112332 |
| Puma Biotechnology, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5488 |
| Rapport Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685 |
| Recursion Pharmaceuticals, Inc., Class A\* | 10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52118 |
| REGENXBIO, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11494 |
| Relay Therapeutics, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10380 |
| Replimune Group, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16722 |
| Rezolute, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9812 |
| Rigel Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908 |
| Rocket Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5390 |
| Sage Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16416 |
| Sana Biotechnology, Inc.\* | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12285 |
| Savara, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 |
| Scholar Rock Holding Corp.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;85008 |
| Septerna, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6342 |
| Soleno Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;100536 |
| Solid Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10227 |
| SpringWorks Therapeutics, Inc.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;103378 |
| Stoke Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13620 |
| Syndax Pharmaceuticals, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;24349 |
| Tango Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680 |
| Tarsus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44561 |
| Taysha Gene Therapies, Inc.\* | &nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13167 |
| Tectonic Therapeutic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948 |
| Terns Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968 |
| TG Therapeutics, Inc.\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;158356 |
| Theravance Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9927 |
| Third Harmonic Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 |
| Tobira Therapeutic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812 |
| Tourmaline Bio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12792 |
| Travere Therapeutics, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;38480 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Biotechnology — (continued)** | **Biotechnology — (continued)** | **Biotechnology — (continued)** |
| TriSalus Life Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$3270 |
| Tvardi Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333 |
| Tyra Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6699 |
| Upstream Bio, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12078 |
| UroGen Pharma Ltd.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 |
| Vera Therapeutics, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37696 |
| Veracyte, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62169 |
| Verastem, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565 |
| Vericel Corp.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63825 |
| Verve Therapeutics, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25829 |
| Vir Biotechnology, Inc.\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15120 |
| Viridian Therapeutics, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29358 |
| WaVe Life Sciences Ltd.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18850 |
| Xencor, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14934 |
| Xenon Pharmaceuticals, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71990 |
| XOMA Royalty Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560 |
| Zenas Biopharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814 |
| Zevra Therapeutics, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12334 |
| Zymeworks, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5103734 |
| **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** |
| AirJoule Technologies Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704 |
| American Woodmark Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25030 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26106 |
| Aspen Aerogels, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11248 |
| Boise Cascade Co. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95502 |
| Gibraltar Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53159 |
| Griffon Corp. | &nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83660 |
| JELD-WEN Holding, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10584 |
| Knife River Corp.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138788 |
| LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11907 |
| Masterbrand, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40441 |
| Modine Manufacturing Co.\* | &nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155334 |
| NWPX Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12303 |
| Smith-Midland Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356 |
| SPX Technologies, Inc.\* | &nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222847 |
| Tecnoglass, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54152 |
| Titan America S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9984 |
| UFP Industries, Inc. | 1849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1141822 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 |
| American Vanguard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 |
| Avient Corp. | 2655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85783 |
| Balchem Corp. | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163976 |
| Cabot Corp. | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 |
| Calumet, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33086 |
| Codexis, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880 |
| Ecovyst, Inc.\* | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27982 |
| H.B. Fuller Co. | 1580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95037 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84976 |
| Ingevity Corp.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47399 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62731 |
| Intrepid Potash, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13220 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19933 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Chemicals — (continued)** | **Chemicals — (continued)** | **Chemicals — (continued)** |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$3100 |
| Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11287 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51105 |
| Oil-Dri Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17697 |
| Orion S.A. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17833 |
| Perimeter Solutions, Inc.\* | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58464 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42201 |
| Rayonier Advanced Materials, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7315 |
| Rogers Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39513 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123938 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31438 |
| The Chemours Co. | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52670 |
| Trinseo PLC | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 |
| Tronox Holdings PLC | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16731 |
| Valhi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1260017 |
| **Coal — 0.4%** | **Coal — 0.4%** | **Coal — 0.4%** |
| Alpha Metallurgical Resources, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41505 |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109841 |
| Hallador Energy Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11081 |
| NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431 |
| Peabody Energy Corp. | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49654 |
| Ramaco Resources, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9198 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22686 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317141 |
| **Commercial Services — 4.7%** | **Commercial Services — 4.7%** | **Commercial Services — 4.7%** |
| ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86819 |
| Acacia Research Corp.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 |
| Acuren Corp.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35328 |
| Adtalem Global Education, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139953 |
| AirSculpt Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 |
| Alarm.com Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79198 |
| Alight, Inc., Class A | 12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70184 |
| Alta Equipment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4424 |
| American Public Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12184 |
| AMN Healthcare Services, Inc.\* | &nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24990 |
| Arlo Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48048 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30017 |
| BrightView Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30220 |
| Cadiz, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784 |
| Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18296 |
| Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17293 |
| CBIZ, Inc.\* | &nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110433 |
| Cimpress PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21620 |
| CompoSecure, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19726 |
| CoreCivic, Inc.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67424 |
| Coursera, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37668 |
| CPI Card Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32602 |
| Cross Country Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14146 |
| Custom Truck One Source, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410 |
| Deluxe Corp. | &nbsp;&nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20794 |
| Distribution Solutions Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395 |
| Driven Brands Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29852 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Commercial Services — (continued)** | **Commercial Services — (continued)** | **Commercial Services — (continued)** |
| Emerald Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$2910 |
| Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15564 |
| European Wax Center, Inc., Class A\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 |
| EVERTEC, Inc. | &nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp;69901 |
| First Advantage Corp.\* | &nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp;39499 |
| Flywire Corp.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;43290 |
| Forrester Research, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713 |
| Franklin Covey Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060 |
| Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;96509 |
| Green Dot Corp., Class A\* | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17679 |
| Healthcare Services Group, Inc.\* | &nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32765 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;26037 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;133665 |
| Hertz Global Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21173 |
| HireQuest, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
| Huron Consulting Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72621 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;45320 |
| Information Services Group, Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp;60902 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53556 |
| Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10703 |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24102 |
| KinderCare Learning Cos., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9090 |
| Korn Ferry | &nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;109262 |
| Laureate Education, Inc.\* | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;88844 |
| Legalzoom.com, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;32967 |
| Lifecore Biomedical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7308 |
| Lincoln Educational Services Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16135 |
| MarketWise, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 |
| Marqeta, Inc., Class A\* | 11600 | &nbsp;&nbsp;&nbsp;&nbsp;67628 |
| Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19248 |
| Medifast, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283 |
| Mercurity Fintech Holding, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 |
| Mister Car Wash, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16227 |
| Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;10989 |
| National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182 |
| Payoneer Global, Inc.\* | &nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54115 |
| Paysafe Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11573 |
| Perdoceo Education Corp. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;65380 |
| Performant Healthcare, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;10400 |
| Priority Technology Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668 |
| PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37186 |
| Progyny, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;46200 |
| Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6215 |
| RCM Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714 |
| Remitly Global, Inc.\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;82588 |
| Repay Holdings Corp.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13014 |
| Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6562 |
| Sezzle, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;74209 |
| SoundThinking, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 |
| Spire Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 |
| StoneCo Ltd., Class A\* | &nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp;117092 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;59506 |
| Stride, Inc.\* | &nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;181778 |
| Target Hospitality Corp.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7832 |
| The Brink's Co. | &nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;116970 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Commercial Services — (continued)** | **Commercial Services — (continued)** | **Commercial Services — (continued)** |
| The GEO Group, Inc.\* | &nbsp;&nbsp;4152 | &nbsp;&nbsp;$99440 |
| The Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20743 |
| Transcat, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25788 |
| TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67435 |
| TrueBlue, Inc.\* | &nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6972 |
| Udemy, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20387 |
| Universal Technical Institute, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47446 |
| Upbound Group, Inc. | &nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38980 |
| Verra Mobility Corp.\* | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124411 |
| Vestis Corp. | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20628 |
| Willdan Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25004 |
| ZipRecruiter, Inc., Class A\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3595810 |
| **Computers — 2.1%** | **Computers — 2.1%** | **Computers — 2.1%** |
| 3D Systems Corp.\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 |
| ASGN, Inc.\* | &nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62512 |
| Cantaloupe, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17584 |
| Conduent, Inc.\* | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12408 |
| Corsair Gaming, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14145 |
| Cricut, Inc., Class A | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11509 |
| CSP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 |
| Diebold Nixdorf, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38780 |
| D-Wave Quantum, Inc.\* | 8700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127368 |
| Grid Dynamics Holdings, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19635 |
| Insight Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108673 |
| Integral Ad Science Holding Corp.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19944 |
| Maximus, Inc. | &nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120323 |
| Mitek Systems, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14850 |
| NCR Atleos Corp.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62766 |
| NCR Voyix Corp.\* | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52785 |
| NetScout Systems, Inc.\* | 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51233 |
| NextNav, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41040 |
| OneSpan, Inc. | &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16773 |
| PAR Technology Corp.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83244 |
| PlayAGS, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12490 |
| Qualys, Inc.\* | &nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153728 |
| Rapid7, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41634 |
| Rigetti Computing, Inc.\* | 8524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101095 |
| Rimini Street, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6786 |
| Telos Corp.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6657 |
| Tenable Holdings, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118230 |
| TTEC Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 |
| Unisys Corp.\* | &nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10528 |
| V2X, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24275 |
| Varonis Systems, Inc.\* | &nbsp;&nbsp;3214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163110 |
| Vuzix Corp.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6424 |
| WNS Holdings Ltd.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1615703 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Edgewell Personal Care Co. | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35115 |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74847 |
| Olaplex Holdings, Inc.\* | &nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7140 |
| Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117539 |
| Solesence, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052 |
| The Beauty Health Co.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Cosmetics & Personal Care — (continued)** | **Cosmetics & Personal Care — (continued)** | **Cosmetics & Personal Care — (continued)** |
| The Honest Co., Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;$12216 |
| Waldencast PLC, Class A\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;257898 |
| **Distribution & Wholesale — 0.7%** | **Distribution & Wholesale — 0.7%** | **Distribution & Wholesale — 0.7%** |
| A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13308 |
| EVI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 |
| G-III Apparel Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24819 |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12479 |
| Hudson Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11368 |
| MRC Global, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;32904 |
| OPENLANE, Inc.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75795 |
| Resideo Technologies, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;94858 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92872 |
| Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11808 |
| ScanSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28472 |
| ThredUp, Inc., Class A\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20972 |
| Titan Machinery, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14323 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;79636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;517980 |
| **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29108 |
| AlTi Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735 |
| Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84227 |
| Atlanticus Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10950 |
| Bakkt Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 |
| Better Home & Finance Holding Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478 |
| BGC Group, Inc., Class A | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;106392 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;85680 |
| Brookfield Business Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;24960 |
| Burford Capital Ltd. | &nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84134 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61561 |
| Columbia Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11608 |
| Consumer Portfolio Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 |
| Dave, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80523 |
| Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15548 |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33435 |
| Encore Capital Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26981 |
| Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79514 |
| Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;58284 |
| Finance Of America Cos., Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664 |
| First Western Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768 |
| Forge Global Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445 |
| GBank Financial Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10623 |
| GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13872 |
| International Money Express, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7063 |
| LendingClub Corp.\* | &nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38015 |
| LendingTree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10268 |
| loanDepot, Inc., Class A\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810 |
| Marex Group PLC | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39470 |
| Medallion Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671 |
| Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;137104 |
| Navient Corp. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29610 |
| Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48327 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** |
| NerdWallet, Inc., Class A\* | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$8776 |
| Onity Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 |
| Oportun Financial Corp.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876 |
| OppFi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9793 |
| Pagseguro Digital Ltd., Class A | 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52056 |
| Paysign, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89676 |
| Perella Weinberg Partners | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31072 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144529 |
| PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119467 |
| PRA Group, Inc.\* | &nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18408 |
| Radian Group, Inc. | 4403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158596 |
| Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8763 |
| Resolute Holdings Management, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849 |
| Security National Financial Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 |
| Siebert Financial Corp.\* | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652 |
| Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 |
| StepStone Group, Inc., Class A | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105450 |
| StoneX Group, Inc.\* | &nbsp;&nbsp;1383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126047 |
| SWK Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 |
| Upstart Holdings, Inc.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161700 |
| Velocity Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708 |
| Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82771 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38820 |
| Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 |
| WisdomTree, Inc. | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44889 |
| World Acceptance Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2431646 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| ALLETE, Inc. | &nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112187 |
| Ameresco, Inc., Class A\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15190 |
| Avista Corp. | 2339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88765 |
| Black Hills Corp. | &nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120503 |
| Genie Energy Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18816 |
| Hawaiian Electric Industries, Inc.\* | &nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54213 |
| MGE Energy, Inc. | &nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100999 |
| Northwestern Energy Group, Inc. | 1780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91314 |
| Oklo, Inc.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173569 |
| Ormat Technologies, Inc. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150768 |
| Otter Tail Corp. | &nbsp;&nbsp;1192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91891 |
| Portland General Electric Co. | 3356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136354 |
| TXNM Energy, Inc. | 2810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158259 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1336973 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| American Superconductor Corp.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36690 |
| Belden, Inc. | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133749 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42336 |
| EnerSys | &nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96320 |
| Graham Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14853 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21991 |
| nLight, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27552 |
| Novanta, Inc.\* | &nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145691 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Electrical Components & Equipment — (continued)** | **Electrical Components & Equipment — (continued)** | **Electrical Components & Equipment — (continued)** |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;$65450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584632 |
| **Electronics — 3.0%** | **Electronics — 3.0%** | **Electronics — 3.0%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144823 |
| Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18155 |
| Applied Optoelectronics, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41104 |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73231 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91050 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218985 |
| Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8985 |
| Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29307 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43218 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36772 |
| Enovix Corp.\* | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51700 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154455 |
| Evolv Technologies Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25584 |
| FARO Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22838 |
| Itron, Inc.\* | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177700 |
| Kimball Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14096 |
| Knowles Corp.\* | &nbsp;&nbsp;&nbsp;2552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44966 |
| Kopin Corp.\* | &nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7497 |
| KULR Technology Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7843 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17525 |
| MicroVision, Inc.\* | &nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 |
| Mirion Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131333 |
| M-Tron Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 |
| Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32659 |
| Neonode, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650 |
| NEXTracker, Inc., Class A\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233791 |
| NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7361 |
| OSI Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111980 |
| Plexus Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108654 |
| Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149289 |
| SKYX Platforms Corp.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508 |
| Standard BioTools, Inc.\* | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12480 |
| TTM Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123644 |
| Turtle Beach Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6915 |
| Vicor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32750 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2260986 |
| **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** |
| Array Technologies, Inc.\* | &nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25370 |
| ASP Isotopes, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11776 |
| Complete Solaria, Inc.\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232 |
| Eos Energy Enterprises, Inc.\* | &nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34816 |
| Fluence Energy, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12749 |
| FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104 |
| Gevo, Inc.\* | &nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 |
| Green Plains, Inc.\* | &nbsp;&nbsp;&nbsp;1967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11861 |
| Montauk Renewables, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4662 |
| OPAL Fuels, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 |
| Plug Power, Inc.\* | 25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37399 |
| REX American Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23186 |
| Shoals Technologies Group, Inc., Class A\* | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Energy-Alternate Sources — (continued)** | **Energy-Alternate Sources — (continued)** | **Energy-Alternate Sources — (continued)** |
| Sunrun, Inc.\* | &nbsp;&nbsp;6600 | &nbsp;&nbsp;$53988 |
| T1 Energy, Inc.\* | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259087 |
| **Engineering & Construction — 2.4%** | **Engineering & Construction — 2.4%** | **Engineering & Construction — 2.4%** |
| 908 Devices, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704 |
| Arcosa, Inc. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121394 |
| Bowman Consulting Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 |
| Centuri Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11220 |
| Concrete Pumping Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 |
| Construction Partners, Inc., Class A\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148792 |
| Dycom Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215063 |
| Energy Services of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976 |
| Exponent, Inc. | &nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110571 |
| Fluor Corp.\* | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256350 |
| Frontdoor, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135562 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124649 |
| Great Lakes Dredge & Dock Corp.\* | &nbsp;&nbsp;&nbsp;1951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23783 |
| IES Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75835 |
| Latham Group, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570 |
| Limbach Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42030 |
| Mistras Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6408 |
| MYR Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92539 |
| NV5 Global, Inc.\* | &nbsp;&nbsp;&nbsp;1616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37313 |
| Orion Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9977 |
| Primoris Services Corp. | &nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123925 |
| Southland Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 |
| Sterling Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207657 |
| TSS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17298 |
| Tutor Perini Corp.\* | &nbsp;&nbsp;&nbsp;1297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1856955 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Accel Entertainment, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18832 |
| AMC Entertainment Holdings, Inc., Class A\* | 13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41230 |
| Atlanta Braves Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14763 |
| Atlanta Braves Holdings, Inc., Class C\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70155 |
| Bally's Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 |
| Cinemark Holdings, Inc. | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99594 |
| Everi Holdings, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32752 |
| Genius Sports Ltd.\* | &nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69680 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17658 |
| IMAX Corp.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36348 |
| International Game Technology PLC | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52173 |
| Lionsgate Studios Corp.\* | &nbsp;&nbsp;5628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32699 |
| Madison Square Garden Entertainment Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;1137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45446 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72310 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33279 |
| Pursuit Attractions and Hospitality, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19345 |
| RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7624 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78045 |
| Reservoir Media, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369 |
| Rush Street Interactive, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35760 |
| Six Flags Entertainment Corp. | &nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84961 |
| Starz Entertainment Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Entertainment — (continued)** | **Entertainment — (continued)** | **Entertainment — (continued)** |
| Super Group SGHC Ltd. | 4600 | &nbsp;&nbsp;$50462 |
| United Parks & Resorts, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42435 |
| Webtoon Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;975252 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Arq, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 |
| Casella Waste Systems, Inc., Class A\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;219222 |
| CECO Environmental Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22648 |
| Energy Recovery, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23004 |
| Enviri Corp.\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21700 |
| Montrose Environmental Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17512 |
| Perma-Fix Environmental Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 |
| Pure Cycle Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 |
| PureCycle Technologies, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;50690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;373982 |
| **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
| B&G Foods, Inc. | &nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9611 |
| Beyond Meat, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6282 |
| Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14651 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp;134102 |
| Grocery Outlet Holding Corp.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36018 |
| HF Foods Group, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134 |
| Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25606 |
| J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52622 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18972 |
| Lifeway Foods, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 |
| Mama's Creations, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960 |
| Mission Produce, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16408 |
| Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11058 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775 |
| Seneca Foods Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11259 |
| SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24636 |
| SunOpta, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15660 |
| The Chefs' Warehouse, Inc.\* | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 |
| The Hain Celestial Group, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104 |
| The Marzetti Company | &nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;106599 |
| The Simply Good Foods Co.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85293 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16725 |
| TreeHouse Foods, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25246 |
| United Natural Foods, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41958 |
| Utz Brands, Inc. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26355 |
| Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318 |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33780 |
| WK Kellogg Co. | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;856942 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Magnera Corp.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13288 |
| Sylvamo Corp. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63388 |
| **Gas — 1.1%** | **Gas — 1.1%** | **Gas — 1.1%** |
| Brookfield Infrastructure Corp., Class A | 3587 | &nbsp;&nbsp;&nbsp;&nbsp;149219 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81028 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Gas — (continued)** | **Gas — (continued)** | **Gas — (continued)** |
| New Jersey Resources Corp. | 2964 | &nbsp;&nbsp;$132847 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45678 |
| ONE Gas, Inc. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;129348 |
| RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6714 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;146920 |
| Spire, Inc. | &nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;819925 |
| **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** | **Hand & Machine Tools — 0.3%** |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25480 |
| Enerpac Tool Group Corp. | 1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65139 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;104996 |
| Kennametal, Inc. | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;52808 |
| Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;255731 |
| **Healthcare Products — 3.4%** | **Healthcare Products — 3.4%** | **Healthcare Products — 3.4%** |
| 10X Genomics, Inc., Class A\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37056 |
| Accuray, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795 |
| Adaptive Biotechnologies Corp.\* | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52425 |
| Alphatec Holdings, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35520 |
| AngioDynamics, Inc.\* | &nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11487 |
| Anteris Technologies Global Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 |
| Artivion, Inc.\* | &nbsp;&nbsp;1199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37289 |
| AtriCure, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45878 |
| Avanos Medical, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18360 |
| Avita Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761 |
| Axogen, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13020 |
| Azenta, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36936 |
| Beta Bionics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280 |
| BioLife Solutions, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23694 |
| Bioventus, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5958 |
| Butterfly Network, Inc.\* | 6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 |
| CareDx, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29310 |
| Castle Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14294 |
| Ceribell, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14984 |
| Cerus Corp.\* | 6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8742 |
| ClearPoint Neuro, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9552 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44841 |
| CVRx, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352 |
| Delcath Systems, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 |
| Electromed, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4398 |
| Embecta Corp. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17442 |
| Enovis Corp.\* | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53312 |
| Glaukos Corp.\* | &nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;177142 |
| Haemonetics Corp.\* | &nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp;112288 |
| ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92505 |
| Inogen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327 |
| Integer Holdings Corp.\* | &nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp;129979 |
| Integra LifeSciences Holdings Corp.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25767 |
| iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11958 |
| iRhythm Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;150881 |
| Kestra Medical Technologies Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 |
| KORU Medical Systems, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 |
| Lantheus Holdings, Inc.\* | 2006 | &nbsp;&nbsp;&nbsp;&nbsp;164211 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;49830 |
| LENSAR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Healthcare Products — (continued)** | **Healthcare Products — (continued)** | **Healthcare Products — (continued)** |
| LivaNova PLC\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;$72032 |
| Lucid Diagnostics, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105 |
| MaxCyte, Inc.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6758 |
| Merit Medical Systems, Inc.\* | &nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165927 |
| MiMedx Group, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22607 |
| Myomo, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808 |
| Neogen Corp.\* | &nbsp;&nbsp;&nbsp;6338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30296 |
| NeuroPace, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4456 |
| Novocure Ltd.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55180 |
| OmniAb, Inc.\* | &nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313 |
| Omnicell, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41160 |
| OraSure Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603 |
| Orthofix Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11005 |
| OrthoPediatrics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10740 |
| Pacific Biosciences of California, Inc.\* | &nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10044 |
| PROCEPT BioRobotics Corp.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92160 |
| Pulmonx Corp.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 |
| Pulse Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7756 |
| Quanterix Corp.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 |
| Quantum-Si, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880 |
| QuidelOrtho Corp.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60522 |
| RxSight, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 |
| Sanara Medtech, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 |
| SANUWAVE Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6572 |
| Semler Scientific, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11622 |
| SI-BONE, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20702 |
| STAAR Surgical Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23777 |
| Stereotaxis, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876 |
| Surmodics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14053 |
| Tactile Systems Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 |
| Tandem Diabetes Care, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35416 |
| TransMedics Group, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134010 |
| Treace Medical Concepts, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9408 |
| Twist Bioscience Corp.\* | &nbsp;&nbsp;&nbsp;1788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65781 |
| UFP Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60552 |
| Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5692 |
| Varex Imaging Corp.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11271 |
| Zimvie, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2558414 |
| **Healthcare Services — 2.4%** | **Healthcare Services — 2.4%** | **Healthcare Services — 2.4%** |
| Addus HomeCare Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69114 |
| agilon health, Inc.\* | &nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21390 |
| Ardent Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10928 |
| Astrana Health, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29856 |
| Aveanna Healthcare Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7322 |
| Blade Air Mobility, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7254 |
| BrightSpring Health Services, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61334 |
| Brookdale Senior Living, Inc.\* | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48720 |
| Clover Health Investments Corp.\* | 12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34596 |
| Community Health Systems, Inc.\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13940 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72880 |
| CorVel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86027 |
| DocGo, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809 |
| Enhabit, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11568 |
| Fortrea Holdings, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14326 |
| Fulgent Genetics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13916 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Healthcare Services — (continued)** | **Healthcare Services — (continued)** | **Healthcare Services — (continued)** |
| GeneDx Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$55386 |
| Ginkgo Bioworks Holdings, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 |
| HealthEquity, Inc.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272376 |
| Innovage Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 |
| LifeStance Health Group, Inc.\* | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21197 |
| Nano-X Imaging Ltd.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8789 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43446 |
| Neuronetics, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537 |
| OPKO Health, Inc.\* | &nbsp;&nbsp;8301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10957 |
| Oscar Health, Inc., Class A\* | 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117920 |
| PACS Group, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16796 |
| Pediatrix Medical Group, Inc.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37310 |
| Personalis, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10496 |
| Privia Health Group, Inc.\* | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 |
| RadNet, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113820 |
| Select Medical Holdings Corp. | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48576 |
| Sonida Senior Living, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 |
| Surgery Partners, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51129 |
| Teladoc Health, Inc.\* | 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45292 |
| The Ensign Group, Inc. | &nbsp;&nbsp;1663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256534 |
| The Joint Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 |
| The Oncology Institute, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305 |
| The Pennant Group, Inc.\* | 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31044 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36129 |
| Viemed Healthcare, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1805388 |
| **Home Builders — 1.6%** | **Home Builders — 1.6%** | **Home Builders — 1.6%** |
| Beazer Homes USA, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20670 |
| Cavco Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106001 |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45056 |
| Champion Homes, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100176 |
| Dream Finders Homes, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22617 |
| Forestar Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 |
| Green Brick Partners, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56592 |
| Hovnanian Enterprises, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15264 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133076 |
| KB Home | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111237 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63012 |
| LGI Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29160 |
| M/I Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93733 |
| Meritage Homes Corp. | 2078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139164 |
| Taylor Morrison Home Corp.\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184260 |
| Tri Pointe Homes, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86265 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1241321 |
| **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** |
| Arhaus, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14739 |
| Daktronics, Inc.\* | &nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15936 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20275 |
| Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603 |
| Hamilton Beach Brands Holding Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5367 |
| Leggett & Platt, Inc. | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36572 |
| MillerKnoll, Inc. | &nbsp;&nbsp;1928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37442 |
| Sleep Number Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Home Furnishings — (continued)** | **Home Furnishings — (continued)** | **Home Furnishings — (continued)** |
| Sonos, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;$36754 |
| The Lovesac Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280 |
| Traeger, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 |
| Xperi, Inc.\* | &nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11873 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;196253 |
| **Household Products & Wares — 0.3%** | **Household Products & Wares — 0.3%** | **Household Products & Wares — 0.3%** |
| ACCO Brands Corp. | &nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10357 |
| Acme United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145 |
| Central Garden & Pet Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10554 |
| Central Garden & Pet Co., Class A\* | &nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp;46998 |
| Helen of Troy Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18901 |
| Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25042 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;42400 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;256248 |
| **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |
| Ambac Financial Group, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650 |
| American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26588 |
| Baldwin Insurance Group, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85620 |
| Bowhead Specialty Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18765 |
| Citizens, Inc.\* | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5584 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;2993 | &nbsp;&nbsp;&nbsp;&nbsp;115470 |
| Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174 |
| Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669 |
| eHealth, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32177 |
| Enstar Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;117726 |
| Essent Group Ltd. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;182190 |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19188 |
| Fidelis Insurance Holdings Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24870 |
| Genworth Financial, Inc.\* | 12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96472 |
| GoHealth, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 |
| Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73857 |
| Greenlight Capital Re Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10461 |
| Hamilton Insurance Group Ltd., Class B\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28106 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;45660 |
| Heritage Insurance Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12470 |
| Hippo Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14859 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50704 |
| Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8241 |
| Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;186459 |
| James River Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618 |
| Kestrel Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 |
| Kingstone Cos., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6164 |
| Kingsway Financial Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770 |
| Lemonade, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74477 |
| MBIA, Inc.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53872 |
| NI Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548 |
| NMI Holdings, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97037 |
| Palomar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;123400 |
| ProAssurance Corp.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34245 |
| Root, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35832 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;$30327 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153804 |
| Selectquote, Inc.\* | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10234 |
| SiriusPoint Ltd.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63209 |
| Skyward Specialty Insurance Group, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63569 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52601 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16506 |
| Trupanion, Inc.\* | &nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62490 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19516 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2134627 |
| **Internet — 2.0%** | **Internet — 2.0%** | **Internet — 2.0%** |
| 1-800-Flowers.com, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 |
| Angi, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19838 |
| AudioEye, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 |
| Backblaze, Inc., Class A\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250 |
| BARK, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 |
| Beyond, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 |
| Bumble, Inc., Class A\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13180 |
| Cargurus, Inc.\* | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87022 |
| Cars.com, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21330 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63589 |
| Couchbase, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26818 |
| Crexendo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 |
| Entravision Communications Corp., Class A | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 |
| ePlus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54508 |
| Eventbrite, Inc., Class A\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7364 |
| EverQuote, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16926 |
| Figs, Inc., Class A\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15792 |
| fuboTV, Inc.\* | 9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36670 |
| Gaia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 |
| Gambling.com Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567 |
| Getty Images Holdings, Inc.\* | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5976 |
| Grindr, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22700 |
| Groupon, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23415 |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19369 |
| Hims & Hers Health, Inc.\* | 5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284145 |
| Lands' End, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355 |
| LifeMD, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13620 |
| Liquidity Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14980 |
| Magnite, Inc.\* | 4206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101449 |
| MediaAlpha, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275 |
| Nerdy, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 |
| Newsmax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539 |
| Nextdoor Holdings, Inc.\* | 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8964 |
| Open Lending Corp.\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6014 |
| OptimizeRx Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 |
| Q2 Holdings, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177821 |
| QuinStreet, Inc.\* | &nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27611 |
| Revolve Group, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24060 |
| Rumble, Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21552 |
| Serve Robotics, Inc.\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17160 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15168 |
| Sprinklr, Inc., Class A\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31302 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Internet — (continued)** | **Internet — (continued)** | **Internet — (continued)** |
| Stitch Fix, Inc., Class A\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;$9620 |
| The Arena Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 |
| The RealReal, Inc.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13891 |
| Travelzoo\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 |
| Triller Group, Inc.\* | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001 |
| TripAdvisor, Inc.\* | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45675 |
| TrueCar, Inc.\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370 |
| Tucows, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 |
| Upwork, Inc.\* | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49728 |
| Vivid Seats, Inc., Class A\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 |
| Yelp, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65113 |
| Ziff Davis, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1498151 |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| Bit Digital, Inc.\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8979 |
| Bitdeer Technologies Group, Class A\* | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32144 |
| Cannae Holdings, Inc. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33360 |
| Cipher Mining, Inc.\* | &nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38718 |
| Cleanspark, Inc.\* | &nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89343 |
| Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13188 |
| Core Scientific, Inc.\* | &nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141681 |
| FTAI Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16659 |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94010 |
| Hut 8 Corp.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53940 |
| MARA Holdings, Inc.\* | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163072 |
| NewtekOne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10152 |
| Riot Platforms, Inc.\* | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113000 |
| Terawulf, Inc.\* | &nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;842410 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;166294 |
| Friedman Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 |
| Radius Recycling, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;190389 |
| **Leisure Time — 0.7%** | **Leisure Time — 0.7%** | **Leisure Time — 0.7%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58256 |
| American Outdoor Brands, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180 |
| Clarus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 |
| Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592 |
| Global Business Travel Group I\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 |
| Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086 |
| Life Time Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;4128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125202 |
| Lindblad Expeditions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12837 |
| Livewire Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 |
| Malibu Boats, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18804 |
| Marine Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 |
| MasterCraft Boat Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9290 |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61170 |
| Peloton Interactive, Inc., Class A\* | &nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77728 |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65040 |
| Sabre Corp.\* | &nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37604 |
| Topgolf Callaway Brands Corp.\* | &nbsp;&nbsp;4046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32570 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Leisure Time — (continued)** | **Leisure Time — (continued)** | **Leisure Time — (continued)** |
| Xponential Fitness, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$5992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545281 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hilton Grand Vacations, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78907 |
| The Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91265 |
| **Machinery — Construction & Mining — 0.7%** | **Machinery — Construction & Mining — 0.7%** | **Machinery — Construction & Mining — 0.7%** |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78491 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 |
| Bloom Energy Corp., Class A\* | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143520 |
| Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13684 |
| Lightbridge Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 |
| NANO Nuclear Energy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24143 |
| Net Power, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 |
| NuScale Power Corp.\* | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150328 |
| Terex Corp. | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93380 |
| The Manitowoc Co., Inc.\* | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;554964 |
| **Machinery — Diversified — 1.9%** | **Machinery — Diversified — 1.9%** | **Machinery — Diversified — 1.9%** |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73157 |
| Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65361 |
| Cactus, Inc., Class A | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87440 |
| Chart Industries, Inc.\* | &nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224912 |
| Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13514 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150012 |
| DXP Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36988 |
| Eastman Kodak Co.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 |
| Gencor Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 |
| Ichor Holdings Ltd.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21604 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117456 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49911 |
| Mueller Water Products, Inc., Class A | 4592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110392 |
| Palladyne AI Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7794 |
| Power Solutions International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12936 |
| Pro-Dex, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364 |
| Richtech Robotics, Inc., Class B\* | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41529 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23905 |
| Thermon Group Holdings, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28080 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203597 |
| Zurn Elkay Water Solutions Corp. | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1457032 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Altice USA, Inc., Class A\* | 8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17548 |
| AMC Networks, Inc., Class A\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23902 |
| CuriosityStream, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6193 |
| Gannett Co., Inc.\* | &nbsp;&nbsp;4253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15226 |
| Gray Media, Inc. | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13590 |
| iHeartMedia, Inc., Class A\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104 |
| Liberty Latin America Ltd., Class A\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710 |
| Liberty Latin America Ltd., Class C\* | &nbsp;&nbsp;4252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26447 |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861 |
| Sinclair, Inc. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13820 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Media — (continued)** | **Media — (continued)** | **Media — (continued)** |
| Sphere Entertainment Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;$34987 |
| TEGNA, Inc. | &nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82124 |
| The E.W. Scripps Co., Class A\* | &nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6553 |
| Thryv Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12160 |
| WideOpenWest, Inc.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;293803 |
| **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82764 |
| Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32002 |
| Hillman Solutions Corp.\* | &nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;40698 |
| Janus International Group, Inc.\* | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34188 |
| L.B. Foster Co., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561 |
| Mayville Engineering Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6384 |
| Metallus, Inc.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16951 |
| Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10787 |
| Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 |
| Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358 |
| Proto Labs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27988 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19413 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;59462 |
| The Eastern Co. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 |
| Tredegar Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6697 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56258 |
| Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29353 |
| Xometry, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;40548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;483991 |
| **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
| American Battery Technology Co.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 |
| Caledonia Mining Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11592 |
| Centrus Energy Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73272 |
| Century Aluminum Co.\* | &nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26201 |
| Coeur Mining, Inc.\* | 18628 | &nbsp;&nbsp;&nbsp;&nbsp;165044 |
| Compass Minerals International, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;20090 |
| Constellium S.E.\* | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53200 |
| Contango ORE, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896 |
| Critical Metals Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
| Dakota Gold Corp.\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6273 |
| Encore Energy Corp.\* | &nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15158 |
| Energy Fuels, Inc.\* | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31050 |
| Ferroglobe PLC | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13946 |
| Hecla Mining Co. | &nbsp;&nbsp;17491 | &nbsp;&nbsp;&nbsp;&nbsp;104771 |
| Idaho Strategic Resources, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232 |
| Ivanhoe Electric, Inc.\* | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20861 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41229 |
| Lifezone Metals Ltd.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356 |
| MAC Copper Ltd.\* | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;26598 |
| NioCorp Developments Ltd.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194 |
| Novagold Resources, Inc.\* | &nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30675 |
| Perpetua Resources Corp.\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13354 |
| Piedmont Lithium, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 |
| SSR Mining, Inc.\* | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;76440 |
| U.S. Antimony Corp.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540 |
| United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32435 |
| Uranium Energy Corp.\* | 12500 | &nbsp;&nbsp;&nbsp;&nbsp;85000 |
| US Gold Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Mining — (continued)** | **Mining — (continued)** | **Mining — (continued)** |
| Vox Royalty Corp. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;$4424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891137 |
| **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** |
| Byrna Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440 |
| Core Molding Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126615 |
| Fabrinet\* | &nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318844 |
| Federal Signal Corp. | &nbsp;&nbsp;1843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196132 |
| Hillenbrand, Inc. | &nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43030 |
| JBT Marel Corp. | &nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185321 |
| LSB Industries, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52146 |
| Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13403 |
| NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 |
| Outdoor Holding Co.\* | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 |
| Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872 |
| Sight Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 |
| Smith & Wesson Brands, Inc. | &nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9366 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18632 |
| Trinity Industries, Inc. | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1077203 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| Banco Latinoamericano de Comercio Exterior S.A., Class E | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32643 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| Pitney Bowes, Inc. | 5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61096 |
| Xerox Holdings Corp. | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81122 |
| **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** |
| CompX International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 |
| HNI Corp. | &nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69049 |
| Interface, Inc. | &nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37569 |
| Steelcase, Inc., Class A | &nbsp;&nbsp;2831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29527 |
| Virco Mfg. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141994 |
| **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
| Berry Corp. | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925 |
| BKV Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12060 |
| Borr Drilling Ltd. | 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14640 |
| California Resources Corp. | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91340 |
| CNX Resources Corp.\* | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144824 |
| Cobalt International Energy, Inc.(1),\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Comstock Resources, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60874 |
| Crescent Energy Co., Class A | &nbsp;&nbsp;5107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43920 |
| CVR Energy, Inc. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26850 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37764 |
| Diversified Energy Co. PLC | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24939 |
| Empire Petroleum Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 |
| Epsilon Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 |
| Evolution Petroleum Corp. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640 |
| Granite Ridge Resources, Inc. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12103 |
| Gulfport Energy Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101390 |
| Helmerich & Payne, Inc. | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43964 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Oil & Gas — (continued)** | **Oil & Gas — (continued)** | **Oil & Gas — (continued)** |
| HighPeak Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$4900 |
| Infinity Natural Resources, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5493 |
| Kolibri Global Energy, Inc.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220 |
| Kosmos Energy Ltd.\* | 14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24424 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;125888 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92250 |
| Nabors Industries Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826 |
| NextNRG, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216 |
| Noble Corp. PLC | &nbsp;&nbsp;3887 | &nbsp;&nbsp;&nbsp;&nbsp;103200 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82215 |
| Par Pacific Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40273 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;11581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68675 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54175 |
| Prairie Operating Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10492 |
| Sable Offshore Corp.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46158 |
| SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10820 |
| Seadrill Ltd.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49875 |
| Sitio Royalties Corp., Class A | &nbsp;&nbsp;&nbsp;2314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42531 |
| SM Energy Co. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84014 |
| Talos Energy, Inc.\* | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31376 |
| Transocean Ltd.\* | 21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55426 |
| VAALCO Energy, Inc. | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12996 |
| Valaris Ltd.\* | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75798 |
| Vital Energy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14481 |
| Vitesse Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17672 |
| W&T Offshore, Inc. | &nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1714391 |
| **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** |
| Archrock, Inc. | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124150 |
| Aris Water Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23650 |
| Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28077 |
| Bristow Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25255 |
| ChampionX Corp. | &nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141588 |
| Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17280 |
| DMC Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836 |
| DNOW, Inc.\* | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45973 |
| Expro Group Holdings N.V.\* | &nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23331 |
| Flotek Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7380 |
| Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10686 |
| Forum Energy Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788 |
| Helix Energy Solutions Group, Inc.\* | &nbsp;&nbsp;&nbsp;4101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25590 |
| Innovex International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14058 |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54832 |
| Liberty Energy, Inc. | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53956 |
| Mammoth Energy Services, Inc.\* | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 |
| Matrix Service Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8106 |
| National Energy Services Reunited Corp.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12040 |
| Natural Gas Services Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10324 |
| NPK International, Inc.\* | &nbsp;&nbsp;&nbsp;2412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20526 |
| Oceaneering International, Inc.\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62160 |
| Oil States International, Inc.\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10720 |
| ProFrac Holding Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984 |
| ProPetro Holding Corp.\* | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17313 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Oil & Gas Services — (continued)** | **Oil & Gas Services — (continued)** | **Oil & Gas Services — (continued)** |
| Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$7164 |
| RPC, Inc. | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13244 |
| SEACOR Marine Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590 |
| Select Water Solutions, Inc. | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;25056 |
| Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31119 |
| TETRA Technologies, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10752 |
| Tidewater, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;920523 |
| **Packaging and Containers — 0.3%** | **Packaging and Containers — 0.3%** | **Packaging and Containers — 0.3%** |
| Ardagh Metal Packaging S.A. | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17548 |
| Clearwater Paper Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13021 |
| Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45493 |
| Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901 |
| Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5632 |
| O-I Glass, Inc.\* | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66330 |
| Ranpak Holdings Corp.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284 |
| TriMas Corp. | &nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;193398 |
| **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** |
| Aclaris Therapeutics, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 |
| Actuate Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 |
| AdaptHealth Corp.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27347 |
| Agios Pharmaceuticals, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53216 |
| Akebia Therapeutics, Inc.\* | 7700 | &nbsp;&nbsp;&nbsp;&nbsp;28028 |
| Alector, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060 |
| Alimera Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Alkermes PLC\* | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;137328 |
| Amneal Pharmaceuticals, Inc.\* | 4937 | &nbsp;&nbsp;&nbsp;&nbsp;39940 |
| Amphastar Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27552 |
| Amylyx Pharmaceuticals, Inc.\* | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14102 |
| Anika Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232 |
| Aquestive Therapeutics, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9268 |
| Arvinas, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14720 |
| aTyr Pharma, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14196 |
| Avadel Pharmaceuticals PLC\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23895 |
| Biote Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412 |
| Catalyst Pharmaceuticals, Inc.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71610 |
| Cidara Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24355 |
| Coherus Oncology, Inc.\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 |
| Collegium Pharmaceutical, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29570 |
| CorMedix, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;20944 |
| Corvus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 |
| Enanta Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292 |
| Enliven Therapeutics, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;20060 |
| Eton Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 |
| Fennec Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 |
| FitLife Brands, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 |
| Foghorn Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 |
| Fulcrum Therapeutics, Inc.\* | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632 |
| Guardian Pharmacy Services, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 |
| Gyre Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 |
| Harmony Biosciences Holdings, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41080 |
| Harrow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27486 |
| Herbalife Ltd.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24136 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
| Heron Therapeutics, Inc.\* | 3800 | &nbsp;&nbsp;$7866 |
| Indivior PLC\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54538 |
| Inhibikase Therapeutics, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485 |
| Ironwood Pharmaceuticals, Inc.\* | &nbsp;&nbsp;4361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 |
| Journey Medical Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 |
| KalVista Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174 |
| Lifevantage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232 |
| Madrigal Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152833 |
| MannKind Corp.\* | &nbsp;&nbsp;9301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34786 |
| Maze Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 |
| MediWound Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874 |
| Mirum Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66157 |
| Nature's Sunshine Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395 |
| Neurogene, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485 |
| Nuvectis Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735 |
| Ocular Therapeutix, Inc.\* | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44544 |
| Option Care Health, Inc.\* | &nbsp;&nbsp;5102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165713 |
| ORIC Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15225 |
| Owens & Minor, Inc.\* | 2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20712 |
| Pacira BioSciences, Inc.\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31070 |
| Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17878 |
| Premier, Inc., Class A | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61404 |
| Protagonist Therapeutics, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99486 |
| Rhythm Pharmaceuticals, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101104 |
| scPharmaceuticals, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191 |
| SELLAS Life Sciences Group, Inc.\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227 |
| SIGA Technologies, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11084 |
| Sionna Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940 |
| Spyre Therapeutics, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22455 |
| Supernus Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47280 |
| Tonix Pharmaceuticals Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7196 |
| Trevi Therapeutics, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9846 |
| TuHURA Biosciences, Inc.\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453 |
| USANA Health Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10624 |
| Vanda Pharmaceuticals, Inc.\* | &nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9162 |
| Vaxcyte, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120287 |
| Voyager Therapeutics, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 |
| Xeris Biopharma Holdings, Inc.\* | 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20081 |
| Y-mAbs Therapeutics, Inc.\* | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1934355 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20524 |
| Golar LNG Ltd. | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119451 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57265 |
| New Fortress Energy, Inc. | 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17928 |
| NextDecade Corp.\* | &nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36531 |
| Summit Midstream Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259058 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| P10, Inc., Class A | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13286 |
| Patria Investments Ltd., Class A | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35782 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| Anywhere Real Estate, Inc.\* | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10136 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Real Estate — (continued)** | **Real Estate — (continued)** | **Real Estate — (continued)** |
| Compass, Inc., Class A\* | 13800 | &nbsp;&nbsp;$86664 |
| Cushman & Wakefield PLC\* | &nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74169 |
| Douglas Elliman, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 |
| eXp World Holdings, Inc. | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21840 |
| FRP Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9089 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;3581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24351 |
| Legacy Housing Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6798 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18426 |
| Maui Land & Pineapple Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457 |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;89289 |
| Mobile Infrastructure Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 |
| Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49815 |
| RE/MAX Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908 |
| Seaport Entertainment Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595 |
| Sky Harbour Group Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 |
| Stratus Properties, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776 |
| The Real Brokerage, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15334 |
| The RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7635 |
| The St. Joe Co. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52470 |
| Transcontinental Realty Investors, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;503416 |
| **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** |
| Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32607 |
| **Retail — 4.0%** | **Retail — 4.0%** | **Retail — 4.0%** |
| Abercrombie & Fitch Co., Class A\* | &nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;123281 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;89620 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83682 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;50024 |
| America's Car-Mart, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10648 |
| Arko Corp. | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10152 |
| Asbury Automotive Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;147895 |
| Barnes & Noble Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885 |
| Bassett Furniture Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560 |
| Biglari Holdings, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 |
| BJ's Restaurants, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27652 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;20664 |
| BlueLinx Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18669 |
| Boot Barn Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;136800 |
| Brinker International, Inc.\* | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;234429 |
| Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;20624 |
| Caleres, Inc. | &nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12880 |
| Camping World Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29223 |
| Citi Trends, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6678 |
| Clean Energy Fuels Corp.\* | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38725 |
| Dave & Buster's Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27072 |
| Denny's Corp.\* | &nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5953 |
| Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 |
| Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11459 |
| El Pollo Loco Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 |
| Envela Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 |
| EVgo, Inc.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855 |
| First Watch Restaurant Group, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16040 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp;160276 |
| Foot Locker, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61250 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Retail — (continued)** | **Retail — (continued)** | **Retail — (continued)** |
| Genesco, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;$5809 |
| GMS, Inc.\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130500 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174247 |
| Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157 |
| J Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 |
| Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10720 |
| Kohl's Corp. | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28832 |
| Krispy Kreme, Inc. | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8439 |
| Kura Sushi USA, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17216 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46909 |
| MarineMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17598 |
| Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7015 |
| National Vision Holdings, Inc.\* | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55224 |
| Nu Skin Enterprises, Inc., Class A | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13583 |
| OneWater Marine, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356 |
| Papa John's International, Inc. | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49429 |
| Patrick Industries, Inc. | &nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93377 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24010 |
| Petco Health & Wellness Co., Inc.\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8490 |
| Portillo's, Inc., Class A\* | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17505 |
| Potbelly Corp.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76784 |
| Sally Beauty Holdings, Inc.\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26854 |
| Savers Value Village, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160 |
| Shake Shack, Inc., Class A\* | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168720 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9654 |
| Signet Jewelers Ltd. | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95460 |
| Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34690 |
| Sweetgreen, Inc., Class A\* | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46128 |
| The Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43037 |
| The Cheesecake Factory, Inc. | &nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88727 |
| The ODP Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13960 |
| Tile Shop Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 |
| Urban Outfitters, Inc.\* | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137826 |
| Victoria's Secret & Co.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42596 |
| Warby Parker, Inc., Class A\* | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65790 |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34363 |
| Zumiez, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3031347 |
| **Savings & Loans — 1.2%** | **Savings & Loans — 1.2%** | **Savings & Loans — 1.2%** |
| Axos Financial, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121664 |
| Banc of California, Inc. | &nbsp;&nbsp;4124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57942 |
| BankFinancial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33604 |
| Brookline Bancorp, Inc. | 2687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28348 |
| BV Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569 |
| Capitol Federal Financial, Inc. | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22570 |
| CF Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 |
| Citizens Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 |
| Eagle Bancorp Montana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 |
| ESSA Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 |
| Finward Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 |
| First Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129 |
| First Savings Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 |
| Flagstar Financial, Inc. | 9166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97160 |
| Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Savings & Loans — (continued)** | **Savings & Loans — (continued)** | **Savings & Loans — (continued)** |
| FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$7876 |
| Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 |
| Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10356 |
| HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18705 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12548 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;3655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46711 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31874 |
| Pacific Premier Bancorp, Inc. | 2846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60022 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65387 |
| Riverview Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 |
| Sound Financial Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16434 |
| The Hingham Institution For Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15149 |
| Timberland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240 |
| WaFd, Inc. | 2434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71267 |
| Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5524 |
| WSFS Financial Corp. | &nbsp;&nbsp;1774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886314 |
| **Semiconductors — 2.1%** | **Semiconductors — 2.1%** | **Semiconductors — 2.1%** |
| ACM Research, Inc., Class A\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41440 |
| Aehr Test Systems\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11637 |
| Aeluma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 |
| Alpha & Omega Semiconductor Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17962 |
| Ambarella, Inc.\* | &nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81194 |
| Arteris, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9530 |
| Atomera, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 |
| Axcelis Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69620 |
| CEVA, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14749 |
| Cohu, Inc.\* | &nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25474 |
| Diodes, Inc.\* | &nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68704 |
| FormFactor, Inc.\* | 2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76700 |
| Impinj, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88856 |
| Kulicke & Soffa Industries, Inc. | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55360 |
| MaxLinear, Inc.\* | 2443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34715 |
| Navitas Semiconductor Corp.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24235 |
| Ouster, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36375 |
| Penguin Solutions, Inc.\* | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31696 |
| Photronics, Inc.\* | &nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35626 |
| Power Integrations, Inc. | &nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92067 |
| Rambus, Inc.\* | &nbsp;&nbsp;3223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206337 |
| Richardson Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 |
| Semtech Corp.\* | 2609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117770 |
| Silicon Laboratories, Inc.\* | &nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149718 |
| SiTime Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121669 |
| SkyWater Technology, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840 |
| Synaptics, Inc.\* | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75515 |
| Ultra Clean Holdings, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31598 |
| Veeco Instruments, Inc.\* | &nbsp;&nbsp;1754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35641 |
| Vishay Precision Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11240 |
| Wolfspeed, Inc.\* | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1592437 |
| **Software — 5.8%** | **Software — 5.8%** | **Software — 5.8%** |
| 8X8, Inc.\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252 |
| ACI Worldwide, Inc.\* | &nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143561 |
| ACV Auctions, Inc., Class A\* | &nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82722 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Adeia, Inc. | &nbsp;&nbsp;3153 | &nbsp;&nbsp;$44583 |
| Agilysys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;88961 |
| Airship AI Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 |
| Alignment Healthcare, Inc.\* | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;54600 |
| Alkami Technology, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;63294 |
| Amplitude, Inc., Class A\* | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;33480 |
| Appian Corp., Class A\* | &nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;35086 |
| Asana, Inc., Class A\* | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39150 |
| Asure Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832 |
| AvePoint, Inc.\* | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;75309 |
| AvidXchange Holdings, Inc.\* | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;48950 |
| Bandwidth, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11750 |
| BigBear.ai Holdings, Inc.\* | 8800 | &nbsp;&nbsp;&nbsp;&nbsp;59752 |
| BigCommerce Holdings, Inc.\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;10500 |
| Blackbaud, Inc.\* | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73841 |
| BlackLine, Inc.\* | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;92857 |
| Blend Labs, Inc., Class A\* | 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 |
| Box, Inc., Class A\* | 4200 | &nbsp;&nbsp;&nbsp;&nbsp;143514 |
| Braze, Inc., Class A\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;64630 |
| C3.ai, Inc., Class A\* | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;90909 |
| Cerence, Inc.\* | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14294 |
| Claritev Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9026 |
| Clear Secure, Inc., Class A | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72176 |
| Clearwater Analytics Holdings, Inc., Class A\* | &nbsp;&nbsp;7467 | &nbsp;&nbsp;&nbsp;&nbsp;163751 |
| Climb Global Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10691 |
| Commvault Systems, Inc.\* | &nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp;224188 |
| Consensus Cloud Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;10769 |
| CoreCard Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 |
| CS Disco, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57538 |
| Daily Journal Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17312 |
| Definitive Healthcare Corp.\* | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630 |
| Digi International, Inc.\* | &nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp;36847 |
| Digimarc Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605 |
| Digital Turbine, Inc\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;18880 |
| DigitalOcean Holdings, Inc.\* | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57120 |
| Domo, Inc., Class B\* | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15367 |
| Donnelley Financial Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;49320 |
| E2open Parent Holdings, Inc.\* | 5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18734 |
| eGain Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 |
| EverCommerce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 |
| Evolent Health, Inc., Class A\* | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37158 |
| Expensify, Inc., Class A\* | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5439 |
| Faraday Future Intelligent Electric, Inc.\* | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5376 |
| Fastly, Inc., Class A\* | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;28240 |
| Five9, Inc.\* | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;60904 |
| Freshworks, Inc., Class A\* | &nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;90951 |
| GigaCloud Technology, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15824 |
| Health Catalyst, Inc.\* | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6786 |
| I3 Verticals, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;16488 |
| IBEX Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730 |
| Ibotta, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;18300 |
| Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728 |
| Innodata, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;46098 |
| Inspired Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
| Intapp, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;$82592 |
| IonQ, Inc.\* | &nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305087 |
| Jamf Holding Corp.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23775 |
| Kaltura, Inc.\* | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633 |
| Life360, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32625 |
| LiveRamp Holdings, Inc.\* | &nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61686 |
| MeridianLink, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12984 |
| N-able, Inc.\* | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19440 |
| Nutex Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12449 |
| Olo, Inc., Class A\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28480 |
| ON24, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 |
| Outset Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11526 |
| Pagaya Technologies Ltd., Class A\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27716 |
| PagerDuty, Inc.\* | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38200 |
| PDF Solutions, Inc.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21380 |
| Phreesia, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45536 |
| Planet Labs PBC\* | &nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39650 |
| Playstudios, Inc.\* | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 |
| Playtika Holding Corp. | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8514 |
| Porch Group, Inc.\* | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24759 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78268 |
| PROS Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20624 |
| PubMatic, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13684 |
| Quantum Computing, Inc.\* | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67095 |
| Rackspace Technology, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 |
| Red Violet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14760 |
| ReposiTrak, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860 |
| Rezolve AI PLC\* | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225 |
| Sapiens International Corp. N.V. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26325 |
| Schrodinger, Inc.\* | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32192 |
| SEMrush Holdings, Inc., Class A\* | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11765 |
| Silvaco Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 |
| Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725 |
| Skillsoft Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194 |
| SoundHound AI, Inc., Class A\* | 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118030 |
| Sprout Social, Inc., Class A\* | &nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29650 |
| SPS Commerce, Inc.\* | &nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158137 |
| Synchronoss Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 |
| Talkspace, Inc.\* | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8896 |
| Teads Holding Co.\* | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 |
| TruBridge, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7026 |
| Verint Systems, Inc.\* | &nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37275 |
| Vertex, Inc., Class A\* | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70670 |
| Viant Technology, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292 |
| Vimeo, Inc.\* | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18988 |
| VTEX, Class A\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11880 |
| Waystar Holding Corp.\* | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110349 |
| Weave Communications, Inc.\* | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14976 |
| WM Technology, Inc.\* | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136 |
| Workiva, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102675 |
| Yext, Inc.\* | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28900 |
| Zeta Global Holdings Corp., Class A\* | &nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4385981 |
| **Telecommunications — 2.3%** | **Telecommunications — 2.3%** | **Telecommunications — 2.3%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40635 |
| ADTRAN Holdings, Inc.\* | &nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21573 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Telecommunications — (continued)** | **Telecommunications — (continued)** | **Telecommunications — (continued)** |
| Anterix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$7695 |
| Applied Digital Corp.\* | &nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54378 |
| ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467 |
| Aviat Networks, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9620 |
| BK Technologies Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713 |
| BlackSky Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11833 |
| Calix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95370 |
| Clearfield, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17364 |
| CommScope Holding Co., Inc.\* | &nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53820 |
| Credo Technology Group Holding Ltd.\* | &nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407396 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48386 |
| EchoStar Corp., Class A\* | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113570 |
| Extreme Networks, Inc.\* | &nbsp;&nbsp;&nbsp;3947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70849 |
| Frequency Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4542 |
| Globalstar, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32805 |
| Gogo, Inc.\* | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27892 |
| Harmonic, Inc.\* | &nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32861 |
| IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34160 |
| Inseego Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120 |
| InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171312 |
| Lumen Technologies, Inc.\* | 28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126144 |
| NETGEAR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24099 |
| Ooma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030 |
| Powerfleet, Inc.\* | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13792 |
| Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11347 |
| Ribbon Communications, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12603 |
| Satellogic, Inc., Class A\* | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20736 |
| Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 |
| Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103182 |
| Viasat, Inc.\* | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51100 |
| Viavi Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1724247 |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81311 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Funko, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284 |
| JAKKS Pacific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10518 |
| **Transportation — 1.1%** | **Transportation — 1.1%** | **Transportation — 1.1%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49594 |
| Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12480 |
| Costamare Bulkers Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601 |
| Costamare, Inc. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13665 |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644 |
| CryoPort, Inc.\* | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11190 |
| DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42159 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27598 |
| FLEX LNG Ltd. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21980 |
| Forward Air Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19534 |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18298 |
| Golden Ocean Group Ltd. | &nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28548 |
| Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13539 |
| Himalaya Shipping Ltd.\* | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6924 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Transportation — (continued)** | **Transportation — (continued)** | **Transportation — (continued)** |
| Hub Group, Inc., Class A | &nbsp;&nbsp;1786 | &nbsp;&nbsp;$59706 |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41259 |
| Marten Transport Ltd. | &nbsp;&nbsp;1626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21122 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105560 |
| Navigator Holdings Ltd. | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14150 |
| Nordic American Tankers Ltd. | 5267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13852 |
| PAMT CORP\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574 |
| Pangaea Logistics Solutions Ltd. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6580 |
| Proficient Auto Logistics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630 |
| Radiant Logistics, Inc.\* | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080 |
| RXO, Inc.\* | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73884 |
| Safe Bulkers, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6137 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52434 |
| SFL Corp. Ltd. | 3784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31521 |
| Teekay Corp., Ltd. | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10725 |
| Teekay Tankers Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29204 |
| Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50671 |
| World Kinect Corp. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860114 |
| **Trucking and Leasing — 0.3%** | **Trucking and Leasing — 0.3%** | **Trucking and Leasing — 0.3%** |
| GATX Corp. | 1044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160317 |
| The Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43609 |
| Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218204 |
| **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90229 |
| California Water Service Group | &nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80318 |
| Consolidated Water Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12008 |
| Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095 |
| H2O America | &nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53633 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28769 |
| The York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282597 |
| **TOTAL COMMON STOCKS<br> (Cost $69,612,969)** | **TOTAL COMMON STOCKS<br> (Cost $69,612,969)** | &nbsp;&nbsp;&nbsp;**71378165** |
| **REAL ESTATE INVESTMENT TRUSTS — 6.3%** | **REAL ESTATE INVESTMENT TRUSTS — 6.3%** | **REAL ESTATE INVESTMENT TRUSTS — 6.3%** |
| **Apartments — 0.3%** | **Apartments — 0.3%** | **Apartments — 0.3%** |
| Apartment Investment and Management Co., Class A | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35465 |
| BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692 |
| Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27748 |
| Elme Communities | 2706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43025 |
| Independence Realty Trust, Inc. | 6792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120150 |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**254404** |
| **Diversified — 0.9%** | **Diversified — 0.9%** | **Diversified — 0.9%** |
| Alexander & Baldwin, Inc. | 2256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40224 |
| American Assets Trust, Inc. | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31600 |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14427 |
| Broadstone Net Lease, Inc. | 5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89880 |
| Claros Mortgage Trust, Inc. | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Diversified — (continued)** | **Diversified — (continued)** | **Diversified — (continued)** |
| Clipper Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$2202 |
| Farmland Partners, Inc. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16114 |
| FrontView REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 |
| Gladstone Commercial Corp. | &nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17941 |
| Gladstone Land Corp. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11187 |
| Global Net Lease, Inc. | 5882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44409 |
| InvenTrust Properties Corp. | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63020 |
| NexPoint Diversified Real Estate Trust | &nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790 |
| One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12169 |
| Outfront Media, Inc. | 4285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69931 |
| Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91090 |
| Safehold, Inc. | &nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22329 |
| UMH Properties, Inc. | &nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36401 |
| Uniti Group, Inc. | &nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31536 |
| Veris Residential, Inc. | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**660562** |
| **Healthcare — 0.9%** | **Healthcare — 0.9%** | **Healthcare — 0.9%** |
| American Healthcare REIT, Inc. | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176352 |
| CareTrust REIT, Inc. | 5595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171207 |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11641 |
| Diversified Healthcare Trust | 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23986 |
| Global Medical REIT, Inc. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12474 |
| LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45581 |
| National Health Investors, Inc. | &nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95153 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;7093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130795 |
| Sila Realty Trust, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40239 |
| Strawberry Fields REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162 |
| Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**727378** |
| **Hotels & Resorts — 0.7%** | **Hotels & Resorts — 0.7%** | **Hotels & Resorts — 0.7%** |
| Apple Hospitality REIT, Inc. | 6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79356 |
| Braemar Hotels & Resorts, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 |
| Chatham Lodging Trust | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 |
| DiamondRock Hospitality Co. | 6023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46136 |
| Pebblebrook Hotel Trust | 3493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34895 |
| RLJ Lodging Trust | 4280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31159 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;1812 | &nbsp;&nbsp;&nbsp;&nbsp;178790 |
| Service Properties Trust | 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13145 |
| Summit Hotel Properties, Inc. | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17306 |
| Sunstone Hotel Investors, Inc. | 5947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51620 |
| Xenia Hotels & Resorts, Inc. | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**504387** |
| **Industrial — 0.4%** | **Industrial — 0.4%** | **Industrial — 0.4%** |
| Industrial Logistics Properties Trust | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10920 |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47268 |
| LXP Industrial Trust | &nbsp;&nbsp;8615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71160 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17666 |
| Terreno Realty Corp. | &nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**319429** |
| **Mortgage Banks — 0.9%** | **Mortgage Banks — 0.9%** | **Mortgage Banks — 0.9%** |
| ACRES Commercial Realty Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 |
| Advanced Flower Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688 |
| AG Mortgage Investment Trust, Inc. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8305 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** | **REAL ESTATE INVESTMENT TRUSTS — (continued)** |
| **Mortgage Banks — (continued)** | **Mortgage Banks — (continued)** | **Mortgage Banks — (continued)** |
| Angel Oak Mortgage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$1884 |
| Apollo Commercial Real Estate Finance, Inc. | 4056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39262 |
| Arbor Realty Trust, Inc. | 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57780 |
| Ares Commercial Real Estate Corp. | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7632 |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42277 |
| Blackstone Mortgage Trust, Inc., Class A | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94325 |
| BrightSpire Capital, Inc. | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19695 |
| Chimera Investment Corp. | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31901 |
| Dynex Capital, Inc. | 3269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39947 |
| Ellington Financial, Inc. | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32475 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;2312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24715 |
| Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12638 |
| KKR Real Estate Finance Trust, Inc. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15786 |
| Ladder Capital Corp. | 3476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37367 |
| Lument Finance Trust, Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757 |
| MFA Financial, Inc. | &nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30036 |
| New York Mortgage Trust, Inc. | 2975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19933 |
| Nexpoint Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137 |
| Orchid Island Capital, Inc. | 2640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18506 |
| PennyMac Mortgage Investment Trust | 2592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33333 |
| Ready Capital Corp. | 4654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20338 |
| Redwood Trust, Inc. | &nbsp;&nbsp;3677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21731 |
| Rithm Property Trust, Inc. | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 |
| Seven Hills Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035 |
| Sunrise Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 |
| TPG RE Finance Trust, Inc. | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440 |
| Two Harbors Investment Corp. | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**685068** |
| **Office Property — 0.7%** | **Office Property — 0.7%** | **Office Property — 0.7%** |
| Brandywine Realty Trust | 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23595 |
| City Office REIT, Inc. | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 |
| COPT Defense Properties | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91014 |
| Douglas Emmett, Inc. | 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72192 |
| Easterly Government Properties, Inc. | 1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23976 |
| Empire State Realty Trust, Inc., Class A | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31551 |
| Franklin Street Properties Corp. | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6068 |
| Hudson Pacific Properties, Inc. | 9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26030 |
| JBG SMITH Properties | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39790 |
| NET Lease Office Properties\* | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16275 |
| Paramount Group, Inc. | 5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35380 |
| Peakstone Realty Trust | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14531 |
| Piedmont Realty Trust, Inc. | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24786 |
| SL Green Realty Corp. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;129990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**542654** |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376 |
| **Regional Malls — 0.3%** | **Regional Malls — 0.3%** | **Regional Malls — 0.3%** |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15234 |
| Tanger, Inc. | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97856 |
| The Macerich Co. | 7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**232822** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Single Tenant — 0.4%** | **Single Tenant — 0.4%** | **Single Tenant — 0.4%** |
| Alpine Income Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$7355 |
| Essential Properties Realty Trust, Inc. | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191460 |
| Four Corners Property Trust, Inc. | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80730 |
| Getty Realty Corp. | &nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40603 |
| Modiv Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**324372** |
| **Strip Centers — 0.8%** | **Strip Centers — 0.8%** | **Strip Centers — 0.8%** |
| Acadia Realty Trust | 4020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74651 |
| Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15547 |
| CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 |
| Curbline Properties Corp. | 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62783 |
| Kite Realty Group Trust | 6449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146070 |
| NETSTREIT Corp. | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42325 |
| Phillips Edison & Co., Inc. | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129611 |
| Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11983 |
| SITE Centers Corp. | &nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17248 |
| Urban Edge Properties | 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69042 |
| Whitestone REIT | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**599832** |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $5,777,853)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4859284** |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| Aduro Biotech CVR\* | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| CinCor Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 |
| OmniAb, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| OmniAb, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| Resolute Forest Products, Inc.\* | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 |
| **TOTAL RIGHTS<br> (Cost $699)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4823** |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| Nabors Industries Ltd. Expiration Date 06/11/26\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Chord Energy Corp. Expiration Date 09/01/25\* | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| Danimer Scientific, Inc. \* | &nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Pulse Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 |
| **TOTAL WARRANTS<br> (Cost $733)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**435** |

---

**SHORT-TERM INVESTMENTS — 0.2%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $143,757)** | 143757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**143757** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $75,536,011)** |  | &nbsp;&nbsp;**$76386464** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(112893)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$76273571** |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

------

† See Security Valuation Note. <br> \* Non-income producing security. <br> (1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments.

---

| |
|:---|
| AG— Aktiengesellschaft. |
| CVR— Contingent Valued Rights. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | $53131 |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;1324613 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244799 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207387 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397012 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134230 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783598 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;10.1% | &nbsp;&nbsp;&nbsp;&nbsp;7210146 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97409 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;7.2% | &nbsp;&nbsp;&nbsp;&nbsp;5103734 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;1141822 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;1260017 |
| Coal | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317141 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.0% | &nbsp;&nbsp;&nbsp;&nbsp;3595810 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;&nbsp;1615703 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257898 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517980 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.4% | &nbsp;&nbsp;&nbsp;&nbsp;2431646 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;1336973 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584632 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;2260986 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259087 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;1856955 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975252 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373982 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856942 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63388 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819925 |
| Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255731 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;3.6% | &nbsp;&nbsp;&nbsp;&nbsp;2558414 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;&nbsp;&nbsp;1805388 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;1241321 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196253 |
| Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256248 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;2134627 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;&nbsp;1498151 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842410 |
| Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190389 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545281 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91265 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554964 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;1457032 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | $293803 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483991 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891137 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;1077203 |
| Multi-National | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32643 |
| Office & Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81122 |
| Office Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141994 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;&nbsp;&nbsp;1714391 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920523 |
| Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193398 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;&nbsp;1934355 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259058 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35782 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503416 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32607 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.2% | &nbsp;&nbsp;&nbsp;&nbsp;3031347 |
| Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886314 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;&nbsp;1592437 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;6.1% | &nbsp;&nbsp;&nbsp;&nbsp;4385981 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;&nbsp;&nbsp;1724247 |
| Textiles | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81311 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10518 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860114 |
| Trucking and Leasing | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218204 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282597 |
|  | 100.0% | $71378165 |

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising | $53131 | $53131 | $— | $— |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;1324613 | &nbsp;&nbsp;&nbsp;&nbsp;1324613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7210146 | &nbsp;&nbsp;&nbsp;&nbsp;7210146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;5103734 | &nbsp;&nbsp;&nbsp;&nbsp;5101922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1141822 | &nbsp;&nbsp;&nbsp;&nbsp;1141822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1260017 | &nbsp;&nbsp;&nbsp;&nbsp;1260017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Coal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3595810 | &nbsp;&nbsp;&nbsp;&nbsp;3595810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;1615703 | &nbsp;&nbsp;&nbsp;&nbsp;1615703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2431646 | &nbsp;&nbsp;&nbsp;&nbsp;2431646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;1336973 | &nbsp;&nbsp;&nbsp;&nbsp;1336973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Small Cap Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | $584632 | $584632 | $— | $— |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;2260986 | &nbsp;&nbsp;&nbsp;2260986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1856955 | &nbsp;&nbsp;&nbsp;&nbsp;1856955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;2558414 | &nbsp;&nbsp;&nbsp;&nbsp;2558414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;1805388 | &nbsp;&nbsp;&nbsp;&nbsp;1805388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1241321 | &nbsp;&nbsp;&nbsp;&nbsp;1241321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2134627 | &nbsp;&nbsp;&nbsp;&nbsp;2134627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;1498151 | &nbsp;&nbsp;&nbsp;&nbsp;1498151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1457032 | &nbsp;&nbsp;&nbsp;&nbsp;1457032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1077203 | &nbsp;&nbsp;&nbsp;&nbsp;1077203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Multi-National | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Office & Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Office Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1714391 | &nbsp;&nbsp;&nbsp;&nbsp;1714391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1934355 | &nbsp;&nbsp;&nbsp;&nbsp;1934319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| &nbsp;&nbsp;&nbsp;Private Equity | $35782 | $35782 | $— | $— |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;3031347 | &nbsp;&nbsp;&nbsp;&nbsp;3031347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1592437 | &nbsp;&nbsp;&nbsp;&nbsp;1560741 | &nbsp;&nbsp;&nbsp;31696 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;4385981 | &nbsp;&nbsp;&nbsp;&nbsp;4385981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1724247 | &nbsp;&nbsp;&nbsp;&nbsp;1724247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Textiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Trucking and Leasing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Water | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;71378165 | &nbsp;&nbsp;&nbsp;&nbsp;71344621 | &nbsp;&nbsp;&nbsp;&nbsp;33544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;4859284 | &nbsp;&nbsp;&nbsp;4859284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4823 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | $76386464 | $76347786 | $38678 | $— |
| Other Financial Instruments<sup>(2)</sup> |  |  |  |  |
| Futures Contracts | $5054 | $5054 | $— | $— |
| Total Assets—Other Financial Instruments | $5054 | $5054 | $— | $— |

---

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

<sup>(2)</sup> Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

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

Futures contracts held by the Fund at June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration<br> Date** | **Numbers<br> of<br> Contracts** | **Units per<br> Contract** | **Closing<br> Price** | **Notional<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| Long | E-Mini Russell 2000 Index | 09/19/25 | 3 | 50 | $2192 | $328755 | $5054 | $— |
|  |  |  |  |  |  |  | $5054 | $— |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Australia — 6.7%** | **Australia — 6.7%** | **Australia — 6.7%** |
| ANZ Group Holdings Ltd. | 12918 | &nbsp;&nbsp;$247726 |
| APA Group | &nbsp;&nbsp;5466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29389 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106212 |
| ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41462 |
| BHP Group Ltd. | 22274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535859 |
| BlueScope Steel Ltd. | &nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31193 |
| Brambles Ltd. | &nbsp;&nbsp;&nbsp;6164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95196 |
| CAR Group Ltd. | &nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40364 |
| Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55773 |
| Coles Group Ltd. | &nbsp;&nbsp;&nbsp;5851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80230 |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;7318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890661 |
| Computershare Ltd. | &nbsp;&nbsp;2288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60024 |
| CSL Ltd. | &nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333139 |
| Evolution Mining Ltd. | &nbsp;&nbsp;8834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45992 |
| Fortescue Ltd. | &nbsp;&nbsp;&nbsp;7213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72507 |
| Goodman Group | &nbsp;&nbsp;8890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200422 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60271 |
| Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238995 |
| Medibank Pvt. Ltd. | &nbsp;&nbsp;11857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39376 |
| National Australia Bank Ltd. | 13397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347221 |
| Northern Star Resources Ltd. | &nbsp;&nbsp;5992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74014 |
| Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;7283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51767 |
| Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47719 |
| Qantas Airways Ltd. | &nbsp;&nbsp;3289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23235 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101634 |
| REA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35631 |
| Reece Ltd. | &nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11348 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115671 |
| Santos Ltd. | &nbsp;&nbsp;14114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71161 |
| Scentre Group | 22263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52290 |
| SGH Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31162 |
| Sigma Healthcare Ltd. | 20372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40098 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37262 |
| South32 Ltd. | 15452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29527 |
| South32 Ltd. | &nbsp;&nbsp;&nbsp;5653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10793 |
| Stockland | &nbsp;&nbsp;11251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39762 |
| Suncorp Group Ltd. | &nbsp;&nbsp;4660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66413 |
| Telstra Group Ltd. | &nbsp;&nbsp;17018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54264 |
| The Lottery Corp. Ltd. | &nbsp;&nbsp;9935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34852 |
| Transurban Group | 13656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125648 |
| Vicinity Ltd. | &nbsp;&nbsp;15773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25749 |
| Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28503 |
| Wesfarmers Ltd. | &nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280432 |
| Westpac Banking Corp. | 14962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333451 |
| WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55723 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;8360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129136 |
| Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp;5315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5568128 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117473 |
| OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34097 |
| Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175079 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Ageas S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;$41942 |
| Anheuser-Busch InBev S.A./N.V. | &nbsp;&nbsp;&nbsp;4361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300039 |
| D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17874 |
| Elia Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25062 |
| Groupe Bruxelles Lambert N.V. | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30901 |
| KBC Group N.V. | &nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103932 |
| Lotus Bakeries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19272 |
| Sofina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21829 |
| Syensqo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23704 |
| UCB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696313 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta PLC | &nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46046 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Yangzijiang Shipbuilding Holdings Ltd. | 11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19545 |
| **Denmark — 2.3%** | **Denmark — 2.3%** | **Denmark — 2.3%** |
| A.P. Moller - Maersk A/S, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22140 |
| A.P. Moller - Maersk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35334 |
| Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58657 |
| Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52171 |
| Danske Bank A/S | &nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126412 |
| Demant A/S\* | &nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13704 |
| DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216588 |
| Genmab A/S\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60431 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp;14139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979749 |
| Novonesis Novozymes, Class B | &nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110926 |
| Orsted A/S@,\* | &nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32654 |
| Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61492 |
| ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18749 |
| Tryg A/S | &nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41207 |
| Vestas Wind Systems A/S | &nbsp;&nbsp;4488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1897628 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Elisa OYJ | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33905 |
| Fortum OYJ | &nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35760 |
| Kesko OYJ, Class B | &nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30312 |
| Kone OYJ, Class B | &nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98030 |
| Metso OYJ | &nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33501 |
| Neste OYJ | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27104 |
| Nokia OYJ | 23452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121684 |
| Nordea Bank Abp | 13866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205994 |
| Orion OYJ, Class B | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34758 |
| Sampo OYJ, Class A | 10845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116719 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26472 |
| UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63437 |
| Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;2189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879412 |
| **France — 10.7%** | **France — 10.7%** | **France — 10.7%** |
| Accor S.A. | &nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46277 |
| Aeroports de Paris S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17928 |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523339 |
| Airbus S.E. | &nbsp;&nbsp;2606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545177 |
| Alstom S.A.\* | &nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32701 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **France — (continued)** | **France — (continued)** | **France — (continued)** |
| Amundi S.A.@ | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;$23506 |
| Arkema S.A. | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20233 |
| AXA S.A. | 7750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380564 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23791 |
| BNP Paribas S.A. | 4453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399442 |
| Bollore S.E. | &nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20025 |
| Bouygues S.A. | &nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40114 |
| Bureau Veritas S.A. | &nbsp;&nbsp;1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45669 |
| Capgemini S.E. | &nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115927 |
| Carrefour S.A. | &nbsp;&nbsp;2312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32614 |
| Cie de Saint-Gobain S.A. | &nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233423 |
| Cie Generale des Etablissements Michelin SCA | 2946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109574 |
| Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14773 |
| Credit Agricole S.A. | 4661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88178 |
| Danone S.A. | 2858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233851 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31468 |
| Dassault Systemes S.E. | 2943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106659 |
| Edenred SE | &nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32055 |
| Eiffage S.A. | &nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41170 |
| Engie S.A. | 8065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189550 |
| EssilorLuxottica S.A. | &nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357378 |
| Eurazeo S.E. | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12940 |
| FDJ UNITED@ | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18247 |
| Gecina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22567 |
| Getlink S.E. | &nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26099 |
| Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376810 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18582 |
| Kering S.A. | &nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73853 |
| Klepierre S.A. | &nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36139 |
| Legrand S.A. | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154803 |
| L'Oreal S.A. | &nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451485 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632243 |
| Orange S.A. | 8355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127232 |
| Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88180 |
| Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112267 |
| Renault S.A. | &nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41484 |
| Rexel S.A. | 1004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30966 |
| Safran S.A. | &nbsp;&nbsp;1579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514950 |
| Sanofi SA | 4845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469063 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30865 |
| Schneider Electric S.E. | &nbsp;&nbsp;2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644632 |
| Societe Generale S.A. | &nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179049 |
| Sodexo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25234 |
| Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25156 |
| Thales S.A. | &nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122834 |
| TotalEnergies S.E. | 8923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545398 |
| Unibail-Rodamco-Westfield\* | &nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716 |
| Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45853 |
| Veolia Environnement S.A. | 2778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99180 |
| Vinci S.A. | &nbsp;&nbsp;2156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8955159 |
| **Germany — 10.0%** | **Germany — 10.0%** | **Germany — 10.0%** |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174606 |
| Allianz S.E. | 1696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688294 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Germany — (continued)** | **Germany — (continued)** | **Germany — (continued)** |
| BASF S.E. | &nbsp;&nbsp;&nbsp;3948 | &nbsp;&nbsp;$195266 |
| Bayer AG | &nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129306 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113373 |
| Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54176 |
| Brenntag S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35311 |
| Commerzbank AG | &nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123531 |
| Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44075 |
| Covestro AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55282 |
| CTS Eventim AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34569 |
| Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100818 |
| Delivery Hero S.E.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23695 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;8130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241017 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272459 |
| Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;2966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25180 |
| Deutsche Post AG | &nbsp;&nbsp;&nbsp;4220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195470 |
| Deutsche Telekom AG | &nbsp;&nbsp;15321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560804 |
| E.ON S.E. | &nbsp;&nbsp;9908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182561 |
| Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23881 |
| Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52859 |
| Fresenius S.E. & Co., KGaA | &nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92997 |
| GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42691 |
| Hannover Rueck S.E. | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83190 |
| Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137059 |
| Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34087 |
| Infineon Technologies AG | &nbsp;&nbsp;&nbsp;5730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244511 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29778 |
| LEG Immobilien S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26970 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184685 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74813 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104844 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379861 |
| Nemetschek S.E. | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34798 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19327 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417187 |
| RWE AG | &nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118386 |
| SAP S.E. | &nbsp;&nbsp;&nbsp;4586 | &nbsp;&nbsp;&nbsp;&nbsp;1402305 |
| Scout24 S.E.@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45418 |
| Siemens AG | &nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853540 |
| Siemens Energy AG\* | &nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350409 |
| Siemens Healthineers AG@ | &nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82883 |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60507 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37207 |
| Vonovia S.E. | &nbsp;&nbsp;&nbsp;3459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122623 |
| Zalando S.E.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8339309 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| AIA Group Ltd. | 47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425747 |
| BOC Hong Kong Holdings Ltd. | 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69652 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;9034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39920 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp;11628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71602 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16556 |
| CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63343 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37077 |
| Galaxy Entertainment Group Ltd. | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44576 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48020 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Hong Kong — (continued)** | **Hong Kong — (continued)** | **Hong Kong — (continued)** |
| Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;5891 | &nbsp;&nbsp;$20689 |
| HKT Trust & HKT Ltd. | 16240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24280 |
| Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;50112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42134 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;5284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284208 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27696 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33644 |
| Link REIT | &nbsp;&nbsp;11762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63003 |
| MTR Corp. Ltd. | &nbsp;&nbsp;6396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22999 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38577 |
| Prudential PLC | 11669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146052 |
| Sino Land Co., Ltd. | &nbsp;&nbsp;17633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18782 |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19223 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70993 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12858 |
| Techtronic Industries Co., Ltd. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66204 |
| The Wharf Holdings Ltd. | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12178 |
| WH Group Ltd.@ | 36872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35537 |
| Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1775420 |
| **Ireland — 0.9%** | **Ireland — 0.9%** | **Ireland — 0.9%** |
| AerCap Holdings N.V. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93600 |
| AIB Group PLC | &nbsp;&nbsp;9304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76785 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;4429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63114 |
| DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27128 |
| Experian PLC | &nbsp;&nbsp;4039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208276 |
| James Hardie Industries PLC\* | &nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52740 |
| Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80434 |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57090 |
| Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;3751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765567 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16116 |
| Bank Hapoalim BM | &nbsp;&nbsp;5499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105625 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125141 |
| Check Point Software Technologies Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82305 |
| CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81376 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52116 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22154 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp;&nbsp;5639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56247 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44423 |
| Monday.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62896 |
| Nice Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45260 |
| Teva Pharmaceutical Industries Ltd.\* | &nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80150 |
| Wix.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808512 |
| **Italy — 2.9%** | **Italy — 2.9%** | **Italy — 2.9%** |
| Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17009 |
| Banco BPM SpA | &nbsp;&nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58526 |
| BPER Banca SpA | &nbsp;&nbsp;&nbsp;4393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39872 |
| Davide Campari-Milano N.V. | &nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18682 |
| DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9526 |
| Enel SpA | &nbsp;&nbsp;35431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336265 |
| Eni SpA | &nbsp;&nbsp;&nbsp;9623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155451 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Italy — (continued)** | **Italy — (continued)** | **Italy — (continued)** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;$273370 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60894 |
| Generali | &nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135456 |
| Infrastrutture Wireless Italiane SpA@ | &nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12974 |
| Intesa Sanpaolo SpA | 66190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381282 |
| Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;1773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100045 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48846 |
| Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56357 |
| Nexi SpA@ | &nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12494 |
| Poste Italiane SpA@ | &nbsp;&nbsp;&nbsp;2082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44734 |
| Prysmian SpA | &nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88499 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32370 |
| Snam SpA | &nbsp;&nbsp;&nbsp;8477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51317 |
| Telecom Italia SpA\* | 39057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19299 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;5972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61398 |
| UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;6113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410081 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;1704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2458494 |
| **Japan — 21.4%** | **Japan — 21.4%** | **Japan — 21.4%** |
| Advantest Corp. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252046 |
| Aeon Co., Ltd. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88893 |
| AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26402 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26864 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108493 |
| ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15664 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85550 |
| Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36306 |
| Asics Corp. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73951 |
| Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79307 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93182 |
| Bridgestone Corp. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102230 |
| Canon, Inc. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118915 |
| Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54642 |
| Central Japan Railway Co. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76006 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37123 |
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156653 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29204 |
| Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27324 |
| Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38589 |
| Dai-ichi Life Holdings, Inc. | 15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116320 |
| Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176078 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129122 |
| Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21784 |
| Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85907 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44033 |
| Denso Corp. | &nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112011 |
| Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19942 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118497 |
| East Japan Railway Co. | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86044 |
| Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34465 |
| ENEOS Holdings, Inc. | 12490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61911 |
| FANUC Corp. | &nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114019 |
| Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274291 |
| Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27631 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;$103947 |
| Fujikura Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57866 |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;186797 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27184 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29527 |
| Hitachi Ltd. | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;581287 |
| Honda Motor Co., Ltd. | 18600 | &nbsp;&nbsp;&nbsp;&nbsp;179357 |
| Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17229 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;178143 |
| Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17148 |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19891 |
| IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;64898 |
| Inpex Corp. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56149 |
| Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31670 |
| ITOCHU Corp. | &nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;272298 |
| Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10198 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;46598 |
| Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85166 |
| Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71319 |
| Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18112 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;156135 |
| JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31408 |
| Kajima Corp. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46947 |
| Kao Corp. | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89611 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19827 |
| KDDI Corp. | &nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;233520 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;340254 |
| Kikkoman Corp. | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27828 |
| Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;50449 |
| Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18633 |
| Komatsu Ltd. | &nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;128675 |
| Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63241 |
| Kubota Corp. | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48491 |
| Kyocera Corp. | &nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;68459 |
| Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17117 |
| Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40218 |
| LY Corp. | &nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45296 |
| M3, Inc. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100 |
| Makita Corp. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30798 |
| Marubeni Corp. | &nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;124981 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28799 |
| MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22114 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23398 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29434 |
| Mitsubishi Corp. | 14900 | &nbsp;&nbsp;&nbsp;&nbsp;297730 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;178524 |
| Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86237 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28715 |
| Mitsubishi Heavy Industries Ltd. | 14000 | &nbsp;&nbsp;&nbsp;&nbsp;350341 |
| Mitsubishi UFJ Financial Group, Inc. | 50300 | &nbsp;&nbsp;&nbsp;&nbsp;685770 |
| Mitsui & Co., Ltd. | 10800 | &nbsp;&nbsp;&nbsp;&nbsp;220104 |
| Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112301 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50100 |
| Mizuho Financial Group, Inc. | 10408 | &nbsp;&nbsp;&nbsp;&nbsp;288925 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21654 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;5770 | &nbsp;&nbsp;&nbsp;&nbsp;128992 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;$110855 |
| NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;154628 |
| Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26184 |
| NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69959 |
| Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp;463920 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31395 |
| Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33778 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30273 |
| Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81643 |
| Nippon Yusen K.K. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71950 |
| Nissan Motor Co., Ltd.\* | &nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26131 |
| Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18698 |
| Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28875 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61797 |
| Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88302 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65196 |
| NTT, Inc. | 131600 | &nbsp;&nbsp;&nbsp;&nbsp;140695 |
| Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42425 |
| Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53117 |
| Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59392 |
| Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21565 |
| Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17340 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11919 |
| Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;108249 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117347 |
| Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43605 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20371 |
| Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94201 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55032 |
| Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;108063 |
| Rakuten Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38571 |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;364601 |
| Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91549 |
| Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85893 |
| Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21706 |
| Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38684 |
| SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42163 |
| SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24393 |
| SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21089 |
| Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64665 |
| Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28977 |
| Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57224 |
| Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154515 |
| SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13366 |
| Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24723 |
| Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43494 |
| Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;260874 |
| Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59408 |
| Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33935 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88874 |
| SoftBank Corp. | 126500 | &nbsp;&nbsp;&nbsp;&nbsp;195942 |
| SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;305365 |
| Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116772 |
| Sony Group Corp. | &nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp;699409 |
| Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45075 |
| Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;123872 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;$66475 |
| Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27109 |
| Sumitomo Mitsui Financial Group, Inc. | 16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405413 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74100 |
| Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50205 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19188 |
| Suzuki Motor Corp. | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84394 |
| Sysmex Corp. | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40037 |
| T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46095 |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40768 |
| Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;6995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215957 |
| TDK Corp. | &nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99217 |
| Terumo Corp. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110111 |
| The Chiba Bank Ltd. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23104 |
| The Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48625 |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30159 |
| Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29498 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343287 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383019 |
| Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49893 |
| Tokyo Metro Co., Ltd. | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17455 |
| Tokyu Corp. | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27361 |
| TOPPAN Holdings, Inc. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27167 |
| Toray Industries, Inc. | &nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43125 |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79004 |
| Toyota Motor Corp. | 41640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717165 |
| Toyota Tsusho Corp. | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61158 |
| Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34583 |
| Unicharm Corp. | &nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36826 |
| West Japan Railway Co. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45722 |
| Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20716 |
| Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30681 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29385 |
| Zensho Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24211 |
| ZOZO, Inc. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17868014 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal S.A. | &nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64144 |
| CVC Capital Partners PLC@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18855 |
| Eurofins Scientific S.E. | &nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35062 |
| Tenaris S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152120 |
| **Macao — 0.0%** | **Macao — 0.0%** | **Macao — 0.0%** |
| Sands China Ltd.\* | &nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23407 |
| **Netherlands — 4.9%** | **Netherlands — 4.9%** | **Netherlands — 4.9%** |
| ABN AMRO Bank N.V.@ | &nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52537 |
| Adyen N.V.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203856 |
| Aegon Ltd. | &nbsp;&nbsp;&nbsp;5731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41531 |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50307 |
| Argenx S.E.\* | &nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147807 |
| ASM International N.V. | &nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132144 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386313 |
| ASR Nederland N.V. | &nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41396 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Netherlands — (continued)** | **Netherlands — (continued)** | **Netherlands — (continued)** |
| BE Semiconductor Industries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;$54587 |
| Euronext N.V.@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59456 |
| EXOR N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37552 |
| Ferrovial S.E. | &nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120181 |
| Heineken Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45070 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109315 |
| IMCD N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36045 |
| ING Groep N.V. | &nbsp;&nbsp;13697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300207 |
| JDE Peet's N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19767 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;3992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166732 |
| Koninklijke KPN N.V. | 16626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81105 |
| Koninklijke Philips N.V. | &nbsp;&nbsp;&nbsp;3727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89494 |
| NN Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77984 |
| Prosus N.V.\* | &nbsp;&nbsp;&nbsp;5773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323903 |
| QIAGEN N.V. | &nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48613 |
| Randstad N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21862 |
| Stellantis N.V. | &nbsp;&nbsp;&nbsp;4149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41659 |
| Stellantis N.V. | &nbsp;&nbsp;&nbsp;4980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49880 |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;4854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157466 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4073038 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp;&nbsp;6878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32472 |
| Contact Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17457 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54297 |
| Infratil Ltd. | &nbsp;&nbsp;&nbsp;4067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26243 |
| Meridian Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23437 |
| Xero Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228690 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| Aker BP ASA | &nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37540 |
| DNB Bank ASA | &nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110895 |
| Equinor ASA | &nbsp;&nbsp;&nbsp;3678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92884 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21573 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77554 |
| Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41234 |
| Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;6136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35137 |
| Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33894 |
| Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14864 |
| Telenor ASA | &nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40005 |
| Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531781 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| InPost S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP S.A. | &nbsp;&nbsp;&nbsp;13321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57870 |
| Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32676 |
| Jeronimo Martins SGPS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122042 |
| **Singapore — 1.7%** | **Singapore — 1.7%** | **Singapore — 1.7%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp;17290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36484 |
| CapitaLand Integrated Commercial Trust | 26406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45091 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Singapore — (continued)** | **Singapore — (continued)** | **Singapore — (continued)** |
| CapitaLand Investment Ltd. | &nbsp;&nbsp;10407 | &nbsp;&nbsp;$21695 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;9232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325909 |
| Genting Singapore Ltd. | 26600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14961 |
| Grab Holdings Ltd., Class A\* | &nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49797 |
| Keppel Ltd. | &nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37957 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;14791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189670 |
| Sea Ltd., ADR\* | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271898 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19932 |
| Singapore Airlines Ltd. | &nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37845 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43324 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41082 |
| Singapore Telecommunications Ltd. | 32500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97981 |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;5537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156718 |
| Wilmar International Ltd. | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1408402 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |
| Valterra Platinum Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| **Spain — 3.2%** | **Spain — 3.2%** | **Spain — 3.2%** |
| Acciona S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18758 |
| ACS Actividades de Construccion y Servicios S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52895 |
| Aena SME S.A.@ | &nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87556 |
| Amadeus IT Group S.A. | &nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167952 |
| Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;25212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388221 |
| Banco de Sabadell S.A. | 22979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73155 |
| Banco Santander S.A. | 66479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550504 |
| Bankinter S.A. | &nbsp;&nbsp;&nbsp;2974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38824 |
| CaixaBank S.A. | &nbsp;&nbsp;&nbsp;17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148290 |
| Cellnex Telecom S.A.@ | &nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84963 |
| EDP Renovaveis S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15659 |
| Endesa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43046 |
| Grifols S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18657 |
| Iberdrola S.A. | &nbsp;&nbsp;25535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491243 |
| Industria de Diseno Textil S.A. | &nbsp;&nbsp;&nbsp;4832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252070 |
| Redeia Corp. S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38901 |
| Repsol S.A. | &nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71947 |
| Telefonica S.A. | &nbsp;&nbsp;16261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2628224 |
| **Sweden — 3.6%** | **Sweden — 3.6%** | **Sweden — 3.6%** |
| AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36921 |
| Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52817 |
| Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138123 |
| Atlas Copco AB, Class A | &nbsp;&nbsp;11879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192036 |
| Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95501 |
| Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24950 |
| Boliden AB\* | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39687 |
| Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;2862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62277 |
| Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34492 |
| EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54009 |
| Essity AB, Class B | &nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73846 |
| Evolution AB@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49481 |
| Fastighets AB Balder, Class B\* | &nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21617 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37562 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Sweden — (continued)** | **Sweden — (continued)** | **Sweden — (continued)** |
| Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;8911 | &nbsp;&nbsp;$89819 |
| Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13745 |
| Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18649 |
| Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24660 |
| Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31756 |
| Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17118 |
| Investor AB, Class B | &nbsp;&nbsp;&nbsp;7665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227140 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16772 |
| Lifco AB, Class B | &nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43242 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;6781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28953 |
| Saab AB, Class B | &nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76322 |
| Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21058 |
| Sandvik AB | &nbsp;&nbsp;4587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105328 |
| Securitas AB, Class B | &nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32071 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;6927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120741 |
| Skanska AB, Class B | &nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34779 |
| SKF AB, Class B | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34456 |
| Spotify Technology S.A.\* | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521791 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36837 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85250 |
| Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98476 |
| Swedish Orphan Biovitrum AB\* | &nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26722 |
| Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33939 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;12188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104150 |
| Telia Co., AB | 10628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38227 |
| Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35053 |
| Volvo AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13248 |
| Volvo AB, Class B | &nbsp;&nbsp;6560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3028204 |
| **Switzerland — 9.8%** | **Switzerland — 9.8%** | **Switzerland — 9.8%** |
| ABB Ltd. | &nbsp;&nbsp;6920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414708 |
| Alcon AG | &nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196167 |
| Avolta AG\* | &nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21407 |
| Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41746 |
| Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14993 |
| Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19675 |
| BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17978 |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166726 |
| Cie Financiere Richemont S.A., Class A | &nbsp;&nbsp;&nbsp;2357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446022 |
| Coca-Cola HBC AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47906 |
| DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88406 |
| EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21924 |
| Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68608 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118132 |
| Givaudan S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198831 |
| Glencore PLC\* | 44419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173085 |
| Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39442 |
| Holcim AG\* | &nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171464 |
| Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60780 |
| Kuehne + Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48722 |
| Logitech International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59852 |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228852 |
| Nestle S.A. | 11504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143801 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Switzerland — (continued)** | **Switzerland — (continued)** | **Switzerland — (continued)** |
| Novartis AG | &nbsp;&nbsp;&nbsp;8316 | &nbsp;&nbsp;$1009372 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130833 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp;&nbsp;1003088 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51087 |
| Sandoz Group AG | &nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100126 |
| Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38145 |
| Schindler Holding AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64420 |
| SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66404 |
| SIG Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25082 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180392 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65908 |
| STMicroelectronics N.V. | &nbsp;&nbsp;&nbsp;2909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89196 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63482 |
| Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127558 |
| Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51493 |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231111 |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80240 |
| Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16738 |
| The Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20897 |
| UBS Group AG | 14420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489584 |
| VAT Group AG@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48305 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8211910 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| NMC Health PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| **United Kingdom — 13.8%** | **United Kingdom — 13.8%** | **United Kingdom — 13.8%** |
| 3i Group PLC | &nbsp;&nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243743 |
| Admiral Group PLC | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53888 |
| Anglo American PLC | &nbsp;&nbsp;&nbsp;4861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143292 |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122866 |
| Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39584 |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;6783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943985 |
| Auto Trader Group PLC@ | &nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42747 |
| Aviva PLC | &nbsp;&nbsp;&nbsp;11512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97872 |
| BAE Systems PLC | &nbsp;&nbsp;&nbsp;13127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340684 |
| Barclays PLC | 62482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288715 |
| Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;5811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36388 |
| BP PLC | 70092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349219 |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;8676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412512 |
| BT Group PLC | 26357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70181 |
| Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45728 |
| Centrica PLC | &nbsp;&nbsp;22139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49121 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86064 |
| Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;7521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254751 |
| Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24771 |
| Diageo PLC | &nbsp;&nbsp;&nbsp;9862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248681 |
| Entain PLC | &nbsp;&nbsp;&nbsp;2847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35262 |
| GSK PLC | &nbsp;&nbsp;18017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343521 |
| Haleon PLC | &nbsp;&nbsp;39168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201309 |
| Halma PLC | &nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72392 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18147 |
| HSBC Holdings PLC | &nbsp;&nbsp;77293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934951 |
| Imperial Brands PLC | &nbsp;&nbsp;&nbsp;3494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138049 |
| Informa PLC | &nbsp;&nbsp;&nbsp;6041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66881 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **United Kingdom — (continued)** | **United Kingdom — (continued)** | **United Kingdom — (continued)** |
| InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;$73060 |
| International Consolidated Airlines Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25832 |
| Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43513 |
| J. Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33347 |
| JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;12768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15570 |
| Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;8065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32208 |
| Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24868 |
| Legal & General Group PLC | &nbsp;&nbsp;25239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88310 |
| Lloyds Banking Group PLC | 262791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276330 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304925 |
| M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;9590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33898 |
| Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;9274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45137 |
| Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;5485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39948 |
| Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33400 |
| National Grid PLC | &nbsp;&nbsp;&nbsp;21323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312993 |
| NatWest Group PLC | &nbsp;&nbsp;35640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250298 |
| Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88984 |
| Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41129 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26463 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201656 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265623 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174869 |
| Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;10917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52672 |
| Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285840 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;37153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492376 |
| Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;2774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13795 |
| Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;5560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52048 |
| Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42757 |
| Shell PLC | &nbsp;&nbsp;&nbsp;26183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913513 |
| Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55974 |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43306 |
| Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28375 |
| SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;4846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122023 |
| Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;8801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145644 |
| Tesco PLC | &nbsp;&nbsp;29698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163741 |
| The Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75080 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;5113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312027 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;5819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355176 |
| United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49244 |
| Vodafone Group PLC | &nbsp;&nbsp;85473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91495 |
| Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27746 |
| Wise PLC, Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;2843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40613 |
| WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;4993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11536266 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Amrize Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115181 |
| **TOTAL COMMON STOCKS<br> (Cost $48,872,565)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**82326090** |
| **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22422 |
| Dr. Ing. h.c. F. Porsche AG@ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26540 |
| Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57759 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **PREFERRED STOCKS — (continued)** | **PREFERRED STOCKS — (continued)** | **PREFERRED STOCKS — (continued)** |
| **Germany — (continued)** | **Germany — (continued)** | **Germany — (continued)** |
| Porsche Automobil Holding S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;$28226 |
| Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31328 |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97785 |
| **TOTAL PREFERRED STOCKS<br> (Cost $338,293)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**264060** |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $795,516)** | 795516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**795516** |
| **TOTAL INVESTMENTS — 99.8%<br> (Cost $50,006,374)** |  | &nbsp;&nbsp;**$83385666** |
| **Other Assets & Liabilities — 0.2%** | **Other Assets & Liabilities — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**126593** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$83512259** |

---

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| \* | Non-income producing security. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $1,039,138, which represents 1.2% of the Fund's net assets. |

---

---

| |
|:---|
| A/S— Aktieselskab. |
| AB— Aktiebolag. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| ASA— Allmennaksjeselskap. |
| K.K.— Kabushiki Kaisha |
| KGaA— Kommanditgesellschaft auf Aktien. |
| MSCI— Morgan Stanley Capital International. |
| N.V.— Naamloze Vennootschap. |
| OYJ— Julkinen Osakeyhtiö. |
| PLC— Public Limited Company. |
| REIT— Real Estate Investment Trust. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |
| SpA— Società per Azioni. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| Japan | &nbsp;&nbsp;&nbsp;21% |
| United Kingdom | &nbsp;&nbsp;&nbsp;14 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| Germany | &nbsp;&nbsp;&nbsp;10 |
| Switzerland | &nbsp;&nbsp;&nbsp;10 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;&nbsp;22 |
| Total | 100% |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | $167365 |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943931 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724754 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244354 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331463 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;&nbsp;&nbsp;2086892 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540233 |
| Banks | &nbsp;&nbsp;&nbsp;14.6% | &nbsp;&nbsp;&nbsp;&nbsp;12026110 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177548 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568099 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305544 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976630 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203713 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865814 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608391 |
| Distribution & Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298839 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601750 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405119 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945800 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253755 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67414 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046389 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588797 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941658 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279985 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110582 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186177 |
| Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227198 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532964 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470823 |
| Holding Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33644 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208496 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844028 |
| Household Products & Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235743 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990571 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539968 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449367 |
| Iron & Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280895 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242127 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215066 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824834 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274930 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128035 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116820 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562089 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078951 |
| Office & Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140621 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;2625205 |
| Packaging and Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51554 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6377764 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29389 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482075 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806169 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696160 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929336 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.4% | &nbsp;&nbsp;&nbsp;&nbsp;2792080 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97099 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | $2108107 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% | &nbsp;&nbsp;&nbsp;&nbsp;2569423 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595786 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;1080486 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191181 |
|  | 100.0% | $82326090 |

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $5568128 | $— | $5568128 | $— |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175079 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696313 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46046 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19545 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1897628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1897628 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879412 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;8955159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8955159 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;8339309 | &nbsp;&nbsp;&nbsp;&nbsp;55282 | &nbsp;&nbsp;&nbsp;&nbsp;8284027 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;1775420 | &nbsp;&nbsp;&nbsp;&nbsp;96174 | &nbsp;&nbsp;&nbsp;&nbsp;1679246 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765567 | &nbsp;&nbsp;&nbsp;&nbsp;93600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671967 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808512 | &nbsp;&nbsp;&nbsp;261280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547232 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;2458494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2458494 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;17868014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17868014 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152120 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Macao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23407 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4073038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4073038 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228690 | &nbsp;&nbsp;&nbsp;&nbsp;55909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172781 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531781 | &nbsp;&nbsp;&nbsp;&nbsp;92418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439363 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122042 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1408402 | &nbsp;&nbsp;&nbsp;&nbsp;321695 | &nbsp;&nbsp;&nbsp;&nbsp;1086707 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;2628224 | &nbsp;&nbsp;&nbsp;&nbsp;43046 | &nbsp;&nbsp;&nbsp;&nbsp;2585178 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;3028204 | &nbsp;&nbsp;&nbsp;&nbsp;521791 | &nbsp;&nbsp;&nbsp;&nbsp;2506413 | &nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| &nbsp;&nbsp;&nbsp;Switzerland | $8211910 | $— | $8211910 | $— |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;11536266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11536266 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115181 | &nbsp;&nbsp;&nbsp;&nbsp;115181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | $82326090 | $1656413 | $80669677 | $— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264060 | &nbsp;&nbsp;&nbsp;— |
| Total Preferred Stocks | $264060 | $— | $264060 | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795516 | &nbsp;&nbsp;&nbsp;&nbsp;795516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $83385666 | $2451929 | $80933737 | $— |
| Other Financial Instruments<sup>(2)</sup> |  |  |  |  |
| Futures Contracts | $25394 | $25394 | $— | $— |
| Total Assets—Other Financial Instruments | $25394 | $25394 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Other Financial Instruments<sup>(2)</sup> |  |  |  |  |
| Forward Foreign Currency Contracts | $(10494) | $— | $(10494) | $— |
| Total Liabilities—Other Financial Instruments | $(10494) | $— | $(10494) | $— |

---

<sup>(1)</sup> Value is less than $1.

<sup>(2)</sup> Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

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

Open forward foreign currency contracts held at June 30, 2025 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** | **Open forward foreign currency contracts** |
|  | **Currency** | **Counterparty** | **Settlement<br> Date** | **Foreign<br> Currency<br> Contract** | **Forward<br> Rate** | **U.S.<br> Contract<br> Amount** | **U.S.<br> Contract<br> Value** | **Unrealized<br> Foreign<br> Exchange<br> Gain** | **Unrealized<br> Foreign<br> Exchange<br> Loss** |
| Sell | Swiss Franc | Hong Kong & Shanghai Bank | 09/17/25 | (195000) | 0.78568 | $(243004) | $(248193) | $— | $(5190) |
| Sell | Euro | RBC Capital Markets Corp. | 09/17/25 | (250000) | 0.84453 | (290719) | (296024) |  | (5304) |
|  | Total |  |  |  |  |  |  | $— | $(10494) |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Developed International Index Fund
Futures contracts held by the Fund at June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** | **Futures Contracts:<br> Exchange Traded** |
| **Type** | **Futures Contract** | **Expiration<br> Date** | **Numbers<br> of<br> Contracts** | **Units per<br> Contract** | **Closing<br> Price** | **Notional<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| Long | MSCI EAFE Index | 09/19/25 | 12 | 50 | $2682 | $1609020 | $25394 | $— |
|  |  |  |  |  |  |  | $25394 | $— |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** |
| **Canada — 3.9%** | **Canada — 3.9%** | **Canada — 3.9%** |
| Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;$3267076 |
| Intact Financial Corp. | &nbsp;&nbsp;&nbsp;26815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9502413 |
| **China — 3.7%** | **China — 3.7%** | **China — 3.7%** |
| Tencent Holdings Ltd. | &nbsp;&nbsp;138728 | &nbsp;&nbsp;&nbsp;&nbsp;8939024 |
| **France — 4.9%** | **France — 4.9%** | **France — 4.9%** |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;22529 | &nbsp;&nbsp;&nbsp;&nbsp;4645505 |
| Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;2092788 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;8005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428970 |
| Schneider Electric S.E. | &nbsp;&nbsp;&nbsp;&nbsp;6085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11800994 |
| **Germany — 12.7%** | **Germany — 12.7%** | **Germany — 12.7%** |
| CTS Eventim AG & Co., KGaA | &nbsp;&nbsp;&nbsp;48999 | &nbsp;&nbsp;&nbsp;&nbsp;6093059 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;22597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7382204 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;4496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521173 |
| SAP S.E. | &nbsp;&nbsp;&nbsp;&nbsp;25761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7877185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30873621 |
| **India — 1.5%** | **India — 1.5%** | **India — 1.5%** |
| ICICI Bank Ltd. | &nbsp;&nbsp;210437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556331 |
| **Ireland — 2.0%** | **Ireland — 2.0%** | **Ireland — 2.0%** |
| Experian PLC | &nbsp;&nbsp;&nbsp;94355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865534 |
| **Italy — 4.2%** | **Italy — 4.2%** | **Italy — 4.2%** |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;11191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482593 |
| Terna - Rete Elettrica Nazionale | 468874 | &nbsp;&nbsp;&nbsp;&nbsp;4820478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10303071 |
| **Japan — 12.2%** | **Japan — 12.2%** | **Japan — 12.2%** |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp;149717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001288 |
| Capcom Co., Ltd. | &nbsp;&nbsp;286175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9773304 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611337 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;161223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173813 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;175700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7027546 |
| Obic Co., Ltd. | &nbsp;&nbsp;184810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7186350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29773638 |
| **Netherlands — 6.2%** | **Netherlands — 6.2%** | **Netherlands — 6.2%** |
| Universal Music Group N.V. | &nbsp;&nbsp;261120 | &nbsp;&nbsp;&nbsp;&nbsp;8470880 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;38803 | &nbsp;&nbsp;&nbsp;&nbsp;6489340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14960220 |
| **Sweden — 8.9%** | **Sweden — 8.9%** | **Sweden — 8.9%** |
| Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;44799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724221 |
| Beijer Ref AB | &nbsp;&nbsp;144144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274739 |
| Epiroc AB, Class A | &nbsp;&nbsp;167656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648170 |
| Lifco AB, Class B | &nbsp;&nbsp;138354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607047 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;701139 | &nbsp;&nbsp;&nbsp;&nbsp;9386349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21640526 |
| **Switzerland — 10.4%** | **Switzerland — 10.4%** | **Switzerland — 10.4%** |
| Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;9197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815617 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;8056022 |
| Galderma Group AG | &nbsp;&nbsp;&nbsp;62934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9147816 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Switzerland — (continued)** | **Switzerland — (continued)** | **Switzerland — (continued)** |
| Schindler Holding AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19639 | &nbsp;&nbsp;$7312978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25332433 |
| **Taiwan — 2.8%** | **Taiwan — 2.8%** | **Taiwan — 2.8%** |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6864232 |
| **United Kingdom — 15.6%** | **United Kingdom — 15.6%** | **United Kingdom — 15.6%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985728 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7175044 |
| Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8594815 |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;163923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205092 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694859 |
| National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;505497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7420020 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37938933 |
| **United States — 7.2%** | **United States — 7.2%** | **United States — 7.2%** |
| Flutter Entertainment PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975675 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821809 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12042436 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17621266 |
| **Uruguay — 2.6%** | **Uruguay — 2.6%** | **Uruguay — 2.6%** |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6283166 |
| **TOTAL COMMON STOCKS<br> (Cost $213,441,507)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**240255402** |
| **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $3,858,697)** | 3858697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3858697** |
| **TOTAL INVESTMENTS — 100.4%<br> (Cost $217,300,204)** |  | &nbsp;&nbsp;**$244114099** |
| **Other Assets & Liabilities — (0.4)%** | **Other Assets & Liabilities — (0.4)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(887990)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$243226109** |

---

------

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

---

| |
|:---|
| AB— Aktiebolag. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| KGaA— Kommanditgesellschaft auf Aktien. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.E.— Societas Europaea. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### International Equity Fund

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| United Kingdom | &nbsp;&nbsp;&nbsp;15% |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| Japan | &nbsp;&nbsp;&nbsp;12 |
| Switzerland | &nbsp;&nbsp;&nbsp;10 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other | &nbsp;&nbsp;&nbsp;26 |
| Total | 100% |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;4.0% | $9521173 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;5.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12042436 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092788 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482593 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;5.4% | &nbsp;&nbsp;&nbsp;&nbsp;12942680 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;3.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9176332 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645505 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1% | &nbsp;&nbsp;&nbsp;&nbsp;16999595 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;5.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14213896 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428970 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.5% | &nbsp;&nbsp;&nbsp;&nbsp;10898872 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% | &nbsp;&nbsp;&nbsp;&nbsp;12240498 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633731 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205092 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;7.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17539614 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8056022 |
| Hand & Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7312978 |
| Healthcare Products | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6422664 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7221065 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;7.7% | &nbsp;&nbsp;&nbsp;&nbsp;18396003 |
| Machinery — Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648170 |
| Machinery — Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610297 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9147816 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6864232 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;8.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20917565 |
| Toys, Games & Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;3.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8594815 |
|  | 100.0% | $240255402 |

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $9502413 | $9502413 | $— | $— |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;8939024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8939024 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;11800994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11800994 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;30873621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30873621 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556331 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;4865534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4865534 | &nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| &nbsp;&nbsp;&nbsp;Italy | $10303071 | $— | $10303071 | $— |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;29773638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;29773638 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;14960220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14960220 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;21640526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21640526 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;25332433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25332433 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;6864232 | &nbsp;&nbsp;&nbsp;&nbsp;6864232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;37938933 | &nbsp;&nbsp;&nbsp;&nbsp;8160772 | &nbsp;&nbsp;&nbsp;&nbsp;29778161 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;17621266 | &nbsp;&nbsp;&nbsp;14645591 | &nbsp;&nbsp;&nbsp;&nbsp;2975675 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;6283166 | &nbsp;&nbsp;&nbsp;&nbsp;6283166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | $240255402 | $45456174 | $194799228 | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3858697 | &nbsp;&nbsp;&nbsp;&nbsp;3858697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $244114099 | $49314871 | $194799228 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
| **Brazil — 2.7%** | **Brazil — 2.7%** | **Brazil — 2.7%** |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15965 | &nbsp;&nbsp;$351471 |
| TOTVS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841654 |
| **China — 16.9%** | **China — 16.9%** | **China — 16.9%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130737 | &nbsp;&nbsp;&nbsp;&nbsp;1850706 |
| Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697115 |
| KE Holdings, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906461 |
| Kweichow Moutai Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328342 |
| Midea Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724972 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051871 |
| Shenzhen Inovance Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206874 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71984 | &nbsp;&nbsp;&nbsp;&nbsp;4638333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11404674 |
| **Greece — 3.1%** | **Greece — 3.1%** | **Greece — 3.1%** |
| Eurobank Ergasias Services and Holdings S.A. | &nbsp;&nbsp;&nbsp;&nbsp;613820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114169 |
| **Hong Kong — 7.0%** | **Hong Kong — 7.0%** | **Hong Kong — 7.0%** |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;295297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674931 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38969 | &nbsp;&nbsp;&nbsp;&nbsp;2096009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4770940 |
| **India — 17.3%** | **India — 17.3%** | **India — 17.3%** |
| Bajaj Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;187694 | &nbsp;&nbsp;&nbsp;&nbsp;2049873 |
| Bharat Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;340303 | &nbsp;&nbsp;&nbsp;&nbsp;1673590 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88767 | &nbsp;&nbsp;&nbsp;&nbsp;2081060 |
| Cipla Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335503 |
| Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020619 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121001 | &nbsp;&nbsp;&nbsp;&nbsp;2044886 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979928 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689526 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136244 |
| Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11714211 |
| **Indonesia — 1.5%** | **Indonesia — 1.5%** | **Indonesia — 1.5%** |
| Avia Avian Tbk PT | 13534902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350185 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;1262477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1025039 |
| **Mexico — 1.0%** | **Mexico — 1.0%** | **Mexico — 1.0%** |
| Arca Continental S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674126 |
| **Poland — 2.1%** | **Poland — 2.1%** | **Poland — 2.1%** |
| Dino Polska S.A.@,\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415294 |
| **Saudi Arabia — 2.1%** | **Saudi Arabia — 2.1%** | **Saudi Arabia — 2.1%** |
| Elm Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657108 |
| Riyad Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1422499 |
| **Singapore — 1.3%** | **Singapore — 1.3%** | **Singapore — 1.3%** |
| Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885437 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **South Africa — 4.6%** | **South Africa — 4.6%** | **South Africa — 4.6%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6878 | &nbsp;&nbsp;$1375228 |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;32860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688615 |
| Naspers Ltd., Class N | &nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082255 |
| **South Korea — 11.1%** | **South Korea — 11.1%** | **South Korea — 11.1%** |
| Cosmax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743260 |
| KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;16953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393134 |
| Samsung Fire & Marine Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718297 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7505330 |
| **Switzerland — 1.5%** | **Switzerland — 1.5%** | **Switzerland — 1.5%** |
| Coca-Cola HBC AG\* | &nbsp;&nbsp;&nbsp;19077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996633 |
| **Taiwan — 19.2%** | **Taiwan — 19.2%** | **Taiwan — 19.2%** |
| Accton Technology Corp. | &nbsp;&nbsp;60506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512273 |
| ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081288 |
| Elite Material Co., Ltd. | &nbsp;&nbsp;&nbsp;42237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277191 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;15052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644958 |
| President Chain Store Corp. | &nbsp;&nbsp;152798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340041 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 189482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929234 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12982675 |
| **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** |
| Abu Dhabi Commercial Bank PJSC | 205424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754014 |
| Emaar Properties PJSC | &nbsp;&nbsp;190132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459335 |
| **United States — 2.0%** | **United States — 2.0%** | **United States — 2.0%** |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357327 |
| **Uruguay — 3.1%** | **Uruguay — 3.1%** | **Uruguay — 3.1%** |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111813 |
| **TOTAL COMMON STOCKS<br> (Cost $56,217,333)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66763411** |
| **PREFERRED STOCKS — 1.4%** | **PREFERRED STOCKS — 1.4%** | **PREFERRED STOCKS — 1.4%** |
| **Brazil — 1.4%** | **Brazil — 1.4%** | **Brazil — 1.4%** |
| Itau Unibanco Holding S.A.<br> **(Cost $724,483)** | 145962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990525 |
| **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $789,549)** | 789549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**789549** |
| **TOTAL INVESTMENTS — 101.3%<br> (Cost $57,731,365)** |  | &nbsp;&nbsp;**$68543485** |
| **Other Assets & Liabilities — (1.3)%** | **Other Assets & Liabilities — (1.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(887625)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$67655860** |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Emerging Markets Equity Fund

------

---

| | |
|:---|:---|
| † | See Security Valuation Note. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $1,415,294, which represents 2.1% of the Fund's net assets. |
| \* | Non-income producing security. |

---

---

| |
|:---|
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| PJSC— Private Joint Stock Company. |
| S.A.— Societe Anonyme. |
| S.A.B. de C.V.— Sociedad Anonima de Capital Variable. |
| Tbk PT— Terbuka Perseroan Terbatas. |

---

---

| | |
|:---|:---|
| **Country Weightings as of 6/30/2025††** | **Country Weightings as of 6/30/2025††** |
| Taiwan | &nbsp;&nbsp;&nbsp;19% |
| India | &nbsp;&nbsp;&nbsp;17 |
| China | &nbsp;&nbsp;&nbsp;17 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;&nbsp;20 |
| Total | 100% |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.5% | $1673590 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697115 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;9.5% | &nbsp;&nbsp;&nbsp;&nbsp;6353314 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999101 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350185 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793352 |
| Cosmetics & Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;1743260 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;10.4% | &nbsp;&nbsp;&nbsp;&nbsp;6914244 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689526 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404564 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;&nbsp;1415294 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979928 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724972 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.6% | &nbsp;&nbsp;&nbsp;&nbsp;4393228 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;15.7% | &nbsp;&nbsp;&nbsp;10504701 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;&nbsp;1020619 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277191 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335503 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611782 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;6.1% | &nbsp;&nbsp;&nbsp;&nbsp;4088965 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;17.0% | &nbsp;&nbsp;&nbsp;&nbsp;11306119 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;5.3% | &nbsp;&nbsp;&nbsp;&nbsp;3542054 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;5.4% | &nbsp;&nbsp;&nbsp;&nbsp;3593333 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351471 |
|  | 100.0% | $66763411 |

---

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $1841654 | $1841654 | $— | $— |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;11404674 | &nbsp;&nbsp;&nbsp;&nbsp;906461 | &nbsp;&nbsp;&nbsp;&nbsp;10498213 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114169 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;4770940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4770940 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;11714211 | &nbsp;&nbsp;&nbsp;&nbsp;979928 | &nbsp;&nbsp;&nbsp;10734283 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;1025039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1025039 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;1415294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1415294 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;1422499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1422499 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885437 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;3082255 | &nbsp;&nbsp;&nbsp;&nbsp;688615 | &nbsp;&nbsp;&nbsp;&nbsp;2393640 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;7505330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7505330 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996633 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;12982675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12982675 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;1459335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1459335 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357327 | &nbsp;&nbsp;&nbsp;&nbsp;1357327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111813 | &nbsp;&nbsp;&nbsp;&nbsp;2111813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Common Stocks | $66763411 | $8559924 | $58203487 | $— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990525 | &nbsp;&nbsp;&nbsp;&nbsp;990525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Preferred Stocks | $990525 | $990525 | $— | $— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789549 | &nbsp;&nbsp;&nbsp;&nbsp;789549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $68543485 | $10339998 | $58203487 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Real Estate Securities Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 2.4%** | **COMMON STOCKS — 2.4%** | **COMMON STOCKS — 2.4%** |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Caesars Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;37964 | &nbsp;&nbsp;$1077798 |
| **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** | **Healthcare Services — 0.3%** |
| PACS Group, Inc.\* | &nbsp;&nbsp;&nbsp;19587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253064 |
| **Lodging — 1.0%** | **Lodging — 1.0%** | **Lodging — 1.0%** |
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;13061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021762 |
| **TOTAL COMMON STOCKS<br> (Cost $2,940,492)** | **TOTAL COMMON STOCKS<br> (Cost $2,940,492)** | &nbsp;&nbsp;&nbsp;&nbsp;**2352624** |
| **REAL ESTATE INVESTMENT TRUSTS — 94.7%** | **REAL ESTATE INVESTMENT TRUSTS — 94.7%** | **REAL ESTATE INVESTMENT TRUSTS — 94.7%** |
| **Apartments — 10.7%** | **Apartments — 10.7%** | **Apartments — 10.7%** |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;39330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418633 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;10845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073473 |
| Invitation Homes, Inc. | 122227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009046 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**10670572** |
| **Diversified — 33.6%** | **Diversified — 33.6%** | **Diversified — 33.6%** |
| American Tower Corp. | &nbsp;&nbsp;26596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878248 |
| Crown Castle, Inc. | &nbsp;&nbsp;55544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706035 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;41691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7267992 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764960 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703038 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;23597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541520 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;42325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379795 |
| Weyerhaeuser Co. | &nbsp;&nbsp;127770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**33523999** |
| **Healthcare — 13.6%** | **Healthcare — 13.6%** | **Healthcare — 13.6%** |
| CareTrust REIT, Inc. | &nbsp;&nbsp;20264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620078 |
| Healthcare Realty Trust, Inc. | &nbsp;&nbsp;144102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285458 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;18914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693198 |
| Welltower, Inc. | &nbsp;&nbsp;64580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9927883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**13526617** |
| **Hotels & Resorts — 2.2%** | **Hotels & Resorts — 2.2%** | **Hotels & Resorts — 2.2%** |
| Host Hotels & Resorts, Inc. | 140655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160461 |
| **Industrial — 7.5%** | **Industrial — 7.5%** | **Industrial — 7.5%** |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;52328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870215 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930357 |
| Lineage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374359 |
| Prologis, Inc. | &nbsp;&nbsp;50638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7497997** |
| **Manufactured Homes — 4.4%** | **Manufactured Homes — 4.4%** | **Manufactured Homes — 4.4%** |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;34574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373265 |
| **Office Property — 3.6%** | **Office Property — 3.6%** | **Office Property — 3.6%** |
| BXP, Inc. | &nbsp;&nbsp;&nbsp;13029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879067 |
| Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;51612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604617 |
| Hudson Pacific Properties, Inc. | &nbsp;&nbsp;&nbsp;96617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264731 |
| Kilroy Realty Corp. | &nbsp;&nbsp;25369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3618825** |
| **Regional Malls — 3.5%** | **Regional Malls — 3.5%** | **Regional Malls — 3.5%** |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;21546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463735 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **Single Tenant — 3.3%** | **Single Tenant — 3.3%** | **Single Tenant — 3.3%** |
| Agree Realty Corp. | &nbsp;&nbsp;&nbsp;21312 | &nbsp;&nbsp;$1557055 |
| Realty Income Corp. | &nbsp;&nbsp;30617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3320900** |
| **Storage & Warehousing — 9.3%** | **Storage & Warehousing — 9.3%** | **Storage & Warehousing — 9.3%** |
| Extra Space Storage, Inc. | &nbsp;&nbsp;26079 | &nbsp;&nbsp;&nbsp;&nbsp;3845088 |
| Iron Mountain, Inc. | &nbsp;&nbsp;27052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774724 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;8872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9223034** |
| **Strip Centers — 3.0%** | **Strip Centers — 3.0%** | **Strip Centers — 3.0%** |
| Kimco Realty Corp. | &nbsp;&nbsp;94037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976658 |
| Kite Realty Group Trust | 44020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2973711** |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS<br> (Cost $90,218,504)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**94353116** |
| **WARRANTS — 0.5%** | **WARRANTS — 0.5%** | **WARRANTS — 0.5%** |
| Hudson Pacific Properties, Inc. Expiration Date 06/13/27\*<br> **(Cost $376,985)** | 169813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**463589** |

---

**SHORT-TERM INVESTMENTS — 0.9%**

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $915,326)** | 915326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**915326** |
| **TOTAL INVESTMENTS — 98.5%<br> (Cost $94,451,307)** |  | &nbsp;&nbsp;**$98084655** |
| **Other Assets & Liabilities — 1.5%** | **Other Assets & Liabilities — 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1525202** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$99609857** |

---

------

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

REIT— Real Estate Investment Trust.

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Real Estate Securities Fund
Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Common Stocks | $2352624 | $2352624 | $— | $— |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;94353116 | &nbsp;&nbsp;&nbsp;94353116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;463589 | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $98084655 | $97621066 | $463589 | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Aggressive Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 76.4%** | **AFFILIATED EQUITY FUNDS — 76.4%** | **AFFILIATED EQUITY FUNDS — 76.4%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;44586 | &nbsp;&nbsp;$5059602 |
| Penn Series Index 500 Fund\* | 274019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15435523 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;12381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569797 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;63535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378182 |
| Penn Series Large Core Growth Fund\* | &nbsp;&nbsp;59225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280739 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;64238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254745 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;28432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887816 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;29060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148458 |
| Penn Series Mid Cap Value Fund\* | &nbsp;&nbsp;&nbsp;33755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127405 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;71563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796677 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;79895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765960 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;49944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710589 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;23151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143411 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;27643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133655 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $32,597,803)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**43692559** |
| **AFFILIATED FIXED INCOME FUNDS — 6.8%** | **AFFILIATED FIXED INCOME FUNDS — 6.8%** | **AFFILIATED FIXED INCOME FUNDS — 6.8%** |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;37158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553655 |
| Penn Series Quality Bond Fund\* | 197726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349482 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $3,562,890)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3903137** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.7%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.7%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.7%** |
| Penn Series Developed International Index Fund\* | 130394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808688 |
| Penn Series Emerging Markets Equity Fund\* | &nbsp;&nbsp;94801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133820 |
| Penn Series International Equity Fund\* | 103369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045412 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $7,117,502)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8987920** |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $201,753)** | 201753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**201753** |
| **TOTAL INVESTMENTS — 99.3%<br> (Cost $43,479,948)** |  | &nbsp;&nbsp;**$56785369** |
| **Other Assets & Liabilities — 0.7%** | **Other Assets & Liabilities — 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**403604** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$57188973** |

---

------

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

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $43692559 | $43692559 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903137 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;8987920 | &nbsp;&nbsp;&nbsp;&nbsp;8987920 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201753 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $56785369 | $56785369 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Moderately Aggressive Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 68.9%** | **AFFILIATED EQUITY FUNDS — 68.9%** | **AFFILIATED EQUITY FUNDS — 68.9%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;152930 | &nbsp;&nbsp;$17354443 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;835462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47061600 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;42469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954445 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;217931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11587373 |
| Penn Series Large Core Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;152361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867416 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;220331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733652 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943345 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;99675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939135 |
| Penn Series Mid Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;57887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933438 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;245462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9592651 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;274027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9486821 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;171308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867299 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;39702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960905 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;94815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888372 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $94,787,847)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**134170895** |
| **AFFILIATED FIXED INCOME FUNDS — 16.7%** | **AFFILIATED FIXED INCOME FUNDS — 16.7%** | **AFFILIATED FIXED INCOME FUNDS — 16.7%** |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;254899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797989 |
| Penn Series Quality Bond Fund\* | 1695443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28720802 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $30,126,475)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32518791** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 13.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 13.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 13.9%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;447296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9634762 |
| Penn Series Emerging Markets Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;325191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889278 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;275787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13461172 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $20,532,429)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26985212** |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $573,761)** | 573761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**573761** |
| **TOTAL INVESTMENTS — 99.8%<br> (Cost $146,020,512)** |  | &nbsp;&nbsp;**$194248659** |
| **Other Assets & Liabilities — 0.2%** | **Other Assets & Liabilities — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**335592** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$194584251** |

---

------

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

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $134170895 | $134170895 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;32518791 | &nbsp;&nbsp;&nbsp;&nbsp;32518791 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;26985212 | &nbsp;&nbsp;&nbsp;&nbsp;26985212 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573761 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $194248659 | $194248659 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Moderate Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 53.1%** | **AFFILIATED EQUITY FUNDS — 53.1%** | **AFFILIATED EQUITY FUNDS — 53.1%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;152464 | &nbsp;&nbsp;$17301606 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;694062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39096487 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948418 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;108633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776014 |
| Penn Series Large Core Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;50630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949760 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;109830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855042 |
| Penn Series Large Growth Stock Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;38888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949806 |
| Penn Series Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;99365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926917 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;244719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563633 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;218575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7567082 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;113853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899464 |
| Penn Series SMID Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;39580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954851 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938227 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $71,937,030)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**102727307** |
| **AFFILIATED FIXED INCOME FUNDS — 36.5%** | **AFFILIATED FIXED INCOME FUNDS — 36.5%** | **AFFILIATED FIXED INCOME FUNDS — 36.5%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;384059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612039 |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;381205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5679958 |
| Penn Series Quality Bond Fund\* | 3380678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57268694 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $65,917,972)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**70560691** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;356741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7684194 |
| Penn Series Emerging Markets Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;324187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877274 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668564 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $14,535,819)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19230032** |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $1,174,035)** | 1174035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1174035** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $153,564,856)** |  | &nbsp;&nbsp;**$193692065** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(220531)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$193471534** |

---

------

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

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $102727307 | $102727307 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;70560691 | &nbsp;&nbsp;&nbsp;&nbsp;70560691 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;19230032 | &nbsp;&nbsp;&nbsp;&nbsp;19230032 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174035 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $193692065 | $193692065 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Moderately Conservative Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 35.9%** | **AFFILIATED EQUITY FUNDS — 35.9%** | **AFFILIATED EQUITY FUNDS — 35.9%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;50478 | &nbsp;&nbsp;$5728302 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;168036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9465487 |
| Penn Series Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725732 |
| Penn Series Large Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;40462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151359 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;40908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435864 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;54689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137229 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;81409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818380 |
| Penn Series Small Cap Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726200 |
| Penn Series SMID Cap Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721915 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $19,509,767)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25910468** |
| **AFFILIATED FIXED INCOME FUNDS — 56.1%** | **AFFILIATED FIXED INCOME FUNDS — 56.1%** | **AFFILIATED FIXED INCOME FUNDS — 56.1%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;178811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544037 |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;331302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936396 |
| Penn Series Quality Bond Fund\* | 1888788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31996069 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $38,029,467)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**40476502** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 6.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 6.9%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 6.9%** |
| Penn Series Developed International Index Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;99654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146545 |
| Penn Series International Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856217 |
| **TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS<br> (Cost $3,874,104)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5002762** |
| **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $827,638)** | 827638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**827638** |
| **TOTAL INVESTMENTS — 100.1%<br> (Cost $62,240,976)** |  | &nbsp;&nbsp;**$72217370** |
| **Other Assets & Liabilities — (0.1)%** | **Other Assets & Liabilities — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(67066)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$72150304** |

---

------

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

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $25910468 | $25910468 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;40476502 | &nbsp;&nbsp;&nbsp;40476502 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;5002762 | &nbsp;&nbsp;&nbsp;&nbsp;5002762 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827638 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $72217370 | $72217370 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Schedule of Investments — June 30, 2025 (Unaudited)

#### Conservative Allocation Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **AFFILIATED EQUITY FUNDS — 20.7%** | **AFFILIATED EQUITY FUNDS — 20.7%** | **AFFILIATED EQUITY FUNDS — 20.7%** |
| Penn Series Flexibly Managed Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;29223 | &nbsp;&nbsp;$3316222 |
| Penn Series Index 500 Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;59864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372148 |
| Penn Series Large Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415629 |
| Penn Series Mid Core Value Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824839 |
| Penn Series Real Estate Securities Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;23566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815847 |
| **TOTAL AFFILIATED EQUITY FUNDS<br> (Cost $6,939,292)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8744685** |
| **AFFILIATED FIXED INCOME FUNDS — 74.9%** | **AFFILIATED FIXED INCOME FUNDS — 74.9%** | **AFFILIATED FIXED INCOME FUNDS — 74.9%** |
| Penn Series High Yield Bond Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;103518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051726 |
| Penn Series Limited Maturity Bond Fund\* | &nbsp;&nbsp;&nbsp;328799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899109 |
| Penn Series Quality Bond Fund\* | 1457972 | &nbsp;&nbsp;&nbsp;&nbsp;24698045 |
| **TOTAL AFFILIATED FIXED INCOME FUNDS<br> (Cost $29,965,294)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**31648880** |
| **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.0%** | **AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.0%** |
| Penn Series Developed International Index Fund\*<br> **(Cost $652,368)** | &nbsp;&nbsp;&nbsp;&nbsp;38458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**828387** |
| **SHORT-TERM INVESTMENTS — 2.4%** | **SHORT-TERM INVESTMENTS — 2.4%** | **SHORT-TERM INVESTMENTS — 2.4%** |

---

---

| | | |
|:---|:---|:---|
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<br> **(Cost $1,018,699)** | 1018699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1018699** |
| **TOTAL INVESTMENTS — 100.0%<br> (Cost $38,575,653)** |  | &nbsp;&nbsp;**$42240651** |
| **Other Assets & Liabilities — (0.0)%** | **Other Assets & Liabilities — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2227)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$42238424** |

---

------

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

Summary of inputs used to value the Fund's investments as of 6/30/2025 are as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
| **Description** | **Total<br> Market<br> Value at<br> 6/30/2025** | **Level 1<br> Quoted<br> Price** | **Level 2<br> Significant<br> Observable<br> Input** | **Level 3<br> Significant<br> Unobservable<br> Input** |
| Affiliated Equity Funds | $8744685 | $8744685 | $— | $— |
| Affiliated Fixed Income Funds | &nbsp;&nbsp;&nbsp;31648880 | &nbsp;&nbsp;&nbsp;31648880 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Affiliated International Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828387 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1018699 | &nbsp;&nbsp;&nbsp;&nbsp;1018699 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Investments | $42240651 | $42240651 | $— | $— |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities (Unaudited)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Money<br> Market<br> Fund** | &nbsp;&nbsp;**Limited<br> Maturity Bond<br> Fund** | &nbsp;&nbsp;**Quality<br> Bond<br> Fund** | &nbsp;&nbsp;**High Yield<br> Bond<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at value<br>| &nbsp;&nbsp;$126967579 | &nbsp;&nbsp;$69558202 | &nbsp;&nbsp;$343704158 | &nbsp;&nbsp;$119260777 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 |
| &nbsp;&nbsp;&nbsp;Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885170 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658788 |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835493 |
| &nbsp;&nbsp;&nbsp;Futures variation margin receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;127048806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70683715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350762313 | &nbsp;&nbsp;&nbsp;&nbsp;126645774 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382901 |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45871 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520276 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$126925595** | &nbsp;&nbsp;**$70572588** | &nbsp;&nbsp;**$350310194** | &nbsp;&nbsp;**$123125498** |
| Investments at cost<br>| &nbsp;&nbsp;$126967579 | &nbsp;&nbsp;$71646778 | &nbsp;&nbsp;$357931123 | &nbsp;&nbsp;$116188226 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$126926554 | &nbsp;&nbsp;$78772064 | &nbsp;&nbsp;$400364009 | &nbsp;&nbsp;$123128120 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8199476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50053815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2622) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$126925595** | &nbsp;&nbsp;**$70572588** | &nbsp;&nbsp;**$350310194** | &nbsp;&nbsp;**$123125498** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 500 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;126905286 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20681727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212869 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736419 |  |  |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$1.00** | &nbsp;&nbsp;**$14.90** | &nbsp;&nbsp;**$16.94** | &nbsp;&nbsp;**$19.82** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities (Unaudited)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Flexibly<br> Managed<br> Fund** | &nbsp;&nbsp;**Balanced<br> Fund** | &nbsp;&nbsp;**Large<br> Growth Stock<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Growth<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers at value<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$78931123 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5152586414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357475 | &nbsp;&nbsp;&nbsp;&nbsp;374348448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71371720 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15662679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32753 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12458 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170787194 | &nbsp;&nbsp;&nbsp;&nbsp;79308764 | &nbsp;&nbsp;&nbsp;&nbsp;375605083 | &nbsp;&nbsp;&nbsp;&nbsp;71421987 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash overdraft<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Written options at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11477194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22385597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144155 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30313 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43425080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243014 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$5127362114** | &nbsp;&nbsp;**$79267531** | &nbsp;&nbsp;**$369276717** | &nbsp;&nbsp;**$71178973** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$53012361 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;$4656946985 | &nbsp;&nbsp;$357475 | &nbsp;&nbsp;$195614354 | &nbsp;&nbsp;$50859193 |
| Written options, premiums received<br>| &nbsp;&nbsp;$(8420787) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Foreign currency at cost<br>| &nbsp;&nbsp;$2092995 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$48 | &nbsp;&nbsp;$3847 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$4391286715 | &nbsp;&nbsp;$50207777 | &nbsp;&nbsp;$168624312 | &nbsp;&nbsp;$48983018 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736075399 | &nbsp;&nbsp;&nbsp;&nbsp;29059754 | &nbsp;&nbsp;&nbsp;&nbsp;200652405 | &nbsp;&nbsp;&nbsp;&nbsp;22195955 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$5127362114** | &nbsp;&nbsp;**$79267531** | &nbsp;&nbsp;**$369276717** | &nbsp;&nbsp;**$71178973** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45182267 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635820 |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105748 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546726 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$113.48** | &nbsp;&nbsp;**$37.64** | &nbsp;&nbsp;**$101.57** | &nbsp;&nbsp;**$46.02** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities (Unaudited)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Core<br> Growth<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Large Core<br> Value<br> Fund** | &nbsp;&nbsp;**Index 500<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at value<br>| &nbsp;&nbsp;$136672295 | &nbsp;&nbsp;$161491207 | &nbsp;&nbsp;$124794384 | &nbsp;&nbsp;$877951960 |
| &nbsp;&nbsp;&nbsp;Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172292 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445147 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92175 |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures variation margin receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136735973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162977404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125765416 | &nbsp;&nbsp;&nbsp;&nbsp;878680744 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700309 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87933 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61166 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234427 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$135892773** | &nbsp;&nbsp;**$162003664** | &nbsp;&nbsp;**$125580967** | &nbsp;&nbsp;**$875446317** |
| Investments at cost<br>| &nbsp;&nbsp;$94106924 | &nbsp;&nbsp;$136905445 | &nbsp;&nbsp;$111443004 | &nbsp;&nbsp;$385979452 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$153275770 | &nbsp;&nbsp;$131358460 | &nbsp;&nbsp;$110901900 | &nbsp;&nbsp;$358848194 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17382997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30645204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14679067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516598123 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$135892773** | &nbsp;&nbsp;**$162003664** | &nbsp;&nbsp;**$125580967** | &nbsp;&nbsp;**$875446317** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046682 |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528761 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15542731 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$38.51** | &nbsp;&nbsp;**$53.17** | &nbsp;&nbsp;**$35.10** | &nbsp;&nbsp;**$56.33** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities (Unaudited)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Mid Core<br> Value<br> Fund** | &nbsp;&nbsp;**SMID Cap<br> Growth<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at value<br>| &nbsp;&nbsp;$128520800 | &nbsp;&nbsp;$84744300 | &nbsp;&nbsp;$72724026 | &nbsp;&nbsp;$70107194 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currency at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15912 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130037228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85557157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73707025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70123698 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash overdraft<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384042 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41144 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation of forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479979 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$128328520** | &nbsp;&nbsp;**$85446139** | &nbsp;&nbsp;**$73295856** | &nbsp;&nbsp;**$69643719** |
| Investments at cost<br>| &nbsp;&nbsp;$105679007 | &nbsp;&nbsp;$68112573 | &nbsp;&nbsp;$72515187 | &nbsp;&nbsp;$61396551 |
| Foreign currency at cost<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15 | &nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$109356519 | &nbsp;&nbsp;$66976675 | &nbsp;&nbsp;$71812867 | &nbsp;&nbsp;$64623004 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18972001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18469464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020715 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$128328520** | &nbsp;&nbsp;**$85446139** | &nbsp;&nbsp;**$73295856** | &nbsp;&nbsp;**$69643719** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410078 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$39.52** | &nbsp;&nbsp;**$33.40** | &nbsp;&nbsp;**$39.08** | &nbsp;&nbsp;**$49.39** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities (Unaudited)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SMID Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Index<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at value<br>| &nbsp;&nbsp;$47112513 | &nbsp;&nbsp;$94424669 | &nbsp;&nbsp;$138085721 | &nbsp;&nbsp;$76386464 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216381 |
| &nbsp;&nbsp;&nbsp;Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27773 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73782 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42513 |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |
| &nbsp;&nbsp;&nbsp;Futures variation margin receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47875537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94454504 | &nbsp;&nbsp;&nbsp;&nbsp;139365200 | &nbsp;&nbsp;&nbsp;&nbsp;76748969 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash overdraft<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229657 |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130848 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18450 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475398 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$47674027** | &nbsp;&nbsp;**$93980888** | &nbsp;&nbsp;**$138593512** | &nbsp;&nbsp;**$76273571** |
| Investments at cost<br>| &nbsp;&nbsp;$44865865 | &nbsp;&nbsp;$66610965 | &nbsp;&nbsp;$133869271 | &nbsp;&nbsp;$75536011 |
| Foreign currency at cost<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$46126605 | &nbsp;&nbsp;$62328799 | &nbsp;&nbsp;$128682440 | &nbsp;&nbsp;$73304374 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31652089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9911072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969197 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$47674027** | &nbsp;&nbsp;**$93980888** | &nbsp;&nbsp;**$138593512** | &nbsp;&nbsp;**$76273571** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 500 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162580 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691808 |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350620 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227006 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$41.01** | &nbsp;&nbsp;**$69.58** | &nbsp;&nbsp;**$51.49** | &nbsp;&nbsp;**$34.25** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities (Unaudited)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Developed<br> International<br> Index Fund** | &nbsp;&nbsp;**International<br> Equity Fund** | &nbsp;&nbsp;**Emerging<br> Markets<br> Equity Fund** | &nbsp;&nbsp;**Real Estate<br> Securities<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at value<br>| &nbsp;&nbsp;$83385666 | &nbsp;&nbsp;$244114099 | &nbsp;&nbsp;$68543485 | &nbsp;&nbsp;$98084655 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Initial margin held by broker for open futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currency at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280369 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9995 |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427156 |
| &nbsp;&nbsp;&nbsp;Futures variation margin receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84361377 | &nbsp;&nbsp;&nbsp;&nbsp;250645785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68797364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99803132 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash overdraft<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20003 |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40771 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56479 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7284 |
| &nbsp;&nbsp;&nbsp;Deferred capital gains tax (See Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation of forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193275 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$83512259** | &nbsp;&nbsp;**$243226109** | &nbsp;&nbsp;**$67655860** | &nbsp;&nbsp;**$99609857** |
| Investments at cost<br>| &nbsp;&nbsp;$50006374 | &nbsp;&nbsp;$217300204 | &nbsp;&nbsp;$57731365 | &nbsp;&nbsp;$94451307 |
| Foreign currency at cost<br>| &nbsp;&nbsp;$235135 | &nbsp;&nbsp;$22236 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$47570458 | &nbsp;&nbsp;$198314203 | &nbsp;&nbsp;$80908124 | &nbsp;&nbsp;$92943399 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35941801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44911906 | &nbsp;&nbsp;&nbsp;&nbsp;(13252264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666458 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$83512259** | &nbsp;&nbsp;**$243226109** | &nbsp;&nbsp;**$67655860** | &nbsp;&nbsp;**$99609857** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.10 par value, 250 million shares authorized<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983581 |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877103 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877199 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$21.54** | &nbsp;&nbsp;**$48.81** | &nbsp;&nbsp;**$11.96** | &nbsp;&nbsp;**$34.62** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities (Unaudited)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive<br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderately<br> Aggressive<br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderate<br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderately<br> Conservative<br> Allocation<br> Fund** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers at value<br>| &nbsp;&nbsp;$56583616 | &nbsp;&nbsp;$193674898 | &nbsp;&nbsp;$192518030 | &nbsp;&nbsp;$71389732 |
| &nbsp;&nbsp;&nbsp;Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827638 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11338 |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57232424 | &nbsp;&nbsp;&nbsp;&nbsp;194809497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193716734 | &nbsp;&nbsp;&nbsp;&nbsp;72229636 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32119 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7049 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79332 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$57188973** | &nbsp;&nbsp;**$194584251** | &nbsp;&nbsp;**$193471534** | &nbsp;&nbsp;**$72150304** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;$43278195 | &nbsp;&nbsp;$145446751 | &nbsp;&nbsp;$152390821 | &nbsp;&nbsp;$61413338 |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;$201753 | &nbsp;&nbsp;$573761 | &nbsp;&nbsp;$1174035 | &nbsp;&nbsp;$827638 |
| **COMPONENTS OF NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$41788029 | &nbsp;&nbsp;$140127644 | &nbsp;&nbsp;$147811719 | &nbsp;&nbsp;$60641605 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15400944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54456607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45659815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11508699 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$57188973** | &nbsp;&nbsp;**$194584251** | &nbsp;&nbsp;**$193471534** | &nbsp;&nbsp;**$72150304** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6065057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157571 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$31.65** | &nbsp;&nbsp;**$32.08** | &nbsp;&nbsp;**$26.76** | &nbsp;&nbsp;**$22.85** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Assets and Liabilities (Unaudited)

#### June 30, 2025

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Conservative<br> Allocation<br> Fund** |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers at value<br>| &nbsp;&nbsp;$41221952 |
| &nbsp;&nbsp;&nbsp;Investments of unaffiliated issuers at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018699 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27751 |
| &nbsp;&nbsp;&nbsp;Other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42269812 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149 |
| &nbsp;&nbsp;&nbsp;Payable to the administrator (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218 |
| &nbsp;&nbsp;&nbsp;Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31388 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$42238424** |
| Investments of affiliated issuers at cost<br>| &nbsp;&nbsp;$37556954 |
| Investments of unaffiliated issuers at cost<br>| &nbsp;&nbsp;$1018699 |
| **COMPONENTS OF NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;$38104721 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133703 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;**$42238424** |
| &nbsp;&nbsp;&nbsp;Shares outstanding, $0.0001 par value, 250 million shares authorized<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244615 |
| **NET ASSET VALUE, OFFERING AND<br>REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;**$18.82** |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations (Unaudited)

#### For The Six Months Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Money<br> Market<br> Fund** | &nbsp;&nbsp;**Limited<br> Maturity Bond<br> Fund** | &nbsp;&nbsp;**Quality<br> Bond<br> Fund** | &nbsp;&nbsp;**High Yield<br> Bond<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$435243 | &nbsp;&nbsp;$14594 | &nbsp;&nbsp;$28678 | &nbsp;&nbsp;$144414 |
| &nbsp;&nbsp;&nbsp;Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8327875 | &nbsp;&nbsp;&nbsp;&nbsp;3954023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777315 | &nbsp;&nbsp;&nbsp;&nbsp;1658668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8356553 | &nbsp;&nbsp;&nbsp;&nbsp;4098437 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54783 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18261 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40405 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9564 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6645 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Waivers and reimbursement from advisor (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446055 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**2402252** | &nbsp;&nbsp;&nbsp;&nbsp;**1394793** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7167243** | &nbsp;&nbsp;&nbsp;&nbsp;**3652382** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412597) |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412597) |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6411292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357012 |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356610 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**833694** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6747671** | &nbsp;&nbsp;&nbsp;&nbsp;**1944013** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$2402252** | &nbsp;&nbsp;**$2228487** | &nbsp;&nbsp;**$13914914** | &nbsp;&nbsp;**$5596395** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations (Unaudited)

#### For The Six Months Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Flexibly<br> Managed<br> Fund** | &nbsp;&nbsp;**Balanced<br> Fund** | &nbsp;&nbsp;**Large<br> Growth Stock<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Growth<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$21337634 | &nbsp;&nbsp;$6892 | &nbsp;&nbsp;$778653 | &nbsp;&nbsp;$393236 |
| &nbsp;&nbsp;&nbsp;Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46268722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67287700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384085 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17206136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180359 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30627 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23821 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21874067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292914 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45413633** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(69616)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(823133)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91171** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226123179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23916116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746542 |
| &nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231808450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23918816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747704 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29848758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1839795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168584 |
| &nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5181203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24941455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1839623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170120 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**256749905** | &nbsp;&nbsp;&nbsp;&nbsp;**4027907** | &nbsp;&nbsp;&nbsp;&nbsp;**22079193** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1917824** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$302163538** | &nbsp;&nbsp;**$3958291** | &nbsp;&nbsp;**$21256060** | &nbsp;&nbsp;**$2008995** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations (Unaudited)

#### For The Six Months Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Core<br> Growth<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Large Core<br> Value<br> Fund** | &nbsp;&nbsp;**Index 500<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$487821 | &nbsp;&nbsp;$1526930 | &nbsp;&nbsp;$1280973 | &nbsp;&nbsp;$5597613 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596313 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518924 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372457 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124152 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152193 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17929 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28763 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5829 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44015 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22763 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393749 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(74230)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**768159** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**721606** | &nbsp;&nbsp;&nbsp;&nbsp;**4202564** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;2029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361236 | &nbsp;&nbsp;&nbsp;&nbsp;26196467 |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26213323 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826522 | &nbsp;&nbsp;&nbsp;&nbsp;19426934 |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173270 |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2682528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826965 | &nbsp;&nbsp;&nbsp;&nbsp;19600204 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4711528** | &nbsp;&nbsp;&nbsp;&nbsp;**5896046** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4188201** | &nbsp;&nbsp;&nbsp;&nbsp;**45813527** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$4637298** | &nbsp;&nbsp;**$6664205** | &nbsp;&nbsp;**$4909807** | &nbsp;&nbsp;**$50016091** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations (Unaudited)

#### For The Six Months Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Mid Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Mid Core<br> Value<br> Fund** | &nbsp;&nbsp;**SMID Cap<br> Growth<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$277299 | &nbsp;&nbsp;$812381 | &nbsp;&nbsp;$1067021 | &nbsp;&nbsp;$148175 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810815 | &nbsp;&nbsp;&nbsp;&nbsp;1047938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148175 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250441 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30876 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10292 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24015 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 |
| &nbsp;&nbsp;&nbsp;Recaptured advisory fee (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Waivers and reimbursement from advisor (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359582 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(331176)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**461717** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**665476** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(211407)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(3435053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395993 | &nbsp;&nbsp;&nbsp;&nbsp;1822558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2546511) |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(3435053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396047 | &nbsp;&nbsp;&nbsp;&nbsp;1408342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2546511) |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;5823468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371218) |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5823468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371218) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**2388415** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**605179** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1151419** | &nbsp;&nbsp;&nbsp;&nbsp;**(2917729)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$2057239** | &nbsp;&nbsp;**$1066896** | &nbsp;&nbsp;**$1816895** | &nbsp;&nbsp;**$(3129136)** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations (Unaudited)

#### For The Six Months Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SMID Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Growth<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Value<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Index<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$446934 | &nbsp;&nbsp;$282072 | &nbsp;&nbsp;$1259866 | &nbsp;&nbsp;$627423 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626215 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115078 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34523 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11508 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26852 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16127 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7801 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 |
| &nbsp;&nbsp;&nbsp;Recaptured advisory fee (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277502 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**169352** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(187634)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**577308** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**348713** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469098) | &nbsp;&nbsp;&nbsp;&nbsp;4094097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543705 |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77645) |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466060 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806227) | &nbsp;&nbsp;&nbsp;&nbsp;(3551000) | &nbsp;&nbsp;&nbsp;&nbsp;(8947002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4914781) |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46066 |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806227) | &nbsp;&nbsp;&nbsp;&nbsp;(3550538) | &nbsp;&nbsp;&nbsp;&nbsp;(8947002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4868715) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(1275325)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**543395** | &nbsp;&nbsp;&nbsp;&nbsp;**(2696387)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2402655)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$(1105973)** | &nbsp;&nbsp;**$355761** | &nbsp;&nbsp;**$(2119079)** | &nbsp;&nbsp;**$(2053942)** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations (Unaudited)

#### For The Six Months Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Developed<br> International<br> Index Fund** | &nbsp;&nbsp;**International<br> Equity Fund** | &nbsp;&nbsp;**Emerging<br> Markets<br> Equity Fund** | &nbsp;&nbsp;**Real Estate<br> Securities<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$1792922 | &nbsp;&nbsp;$3985448 | &nbsp;&nbsp;$999425 | &nbsp;&nbsp;$2373644 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373644 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347359 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44661 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14887 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34635 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Waivers and reimbursement from advisor (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484066 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1209998** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2143607** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**435812** | &nbsp;&nbsp;&nbsp;&nbsp;**1889578** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200245 | &nbsp;&nbsp;&nbsp;&nbsp;(1947816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968317 |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18225871 | &nbsp;&nbsp;&nbsp;&nbsp;(2061691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968317 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;10884501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16654233 | &nbsp;&nbsp;&nbsp;&nbsp;10275655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313991) |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11062462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16725491 | &nbsp;&nbsp;&nbsp;&nbsp;10279342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313991) |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**13707133** | &nbsp;&nbsp;&nbsp;&nbsp;**34951362** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8217651** | &nbsp;&nbsp;&nbsp;&nbsp;**1654326** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$14917131** | &nbsp;&nbsp;**$37094969** | &nbsp;&nbsp;**$8653463** | &nbsp;&nbsp;**$3543904** |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Operations (Unaudited)

#### For The Six Months Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive<br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderately<br> Aggressive<br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderate<br> Allocation<br> Fund** | &nbsp;&nbsp;**Moderately<br> Conservative<br> Allocation<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$8782 | &nbsp;&nbsp;$21161 | &nbsp;&nbsp;$22332 | &nbsp;&nbsp;$16469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16469 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43348 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32511 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10837 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116840 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(85228)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(266068)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(265424)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(100371)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702617 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965385 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3575192** | &nbsp;&nbsp;&nbsp;&nbsp;**11455555** | &nbsp;&nbsp;&nbsp;&nbsp;**10635988** | &nbsp;&nbsp;&nbsp;&nbsp;**3668002** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$3489964** | &nbsp;&nbsp;**$11189487** | &nbsp;&nbsp;**$10370564** | &nbsp;&nbsp;**$3567631** |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Conservative<br> Allocation<br> Fund** |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;$21319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21319 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25677 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19257 |
| &nbsp;&nbsp;&nbsp;Administration fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419 |
| &nbsp;&nbsp;&nbsp;Accounting fees (See Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 |
| &nbsp;&nbsp;&nbsp;Custodian fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 |
| &nbsp;&nbsp;&nbsp;Pricing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
| &nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 |
| &nbsp;&nbsp;&nbsp;Printing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 |
| &nbsp;&nbsp;&nbsp;Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75384 |
| **Net Investment Income (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(54065)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568010 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1290587 |
| **Net Realized and Unrealized Gain (Loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1858597** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;**$1804532** |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Money Market Fund** | &nbsp;&nbsp;**Money Market Fund** | &nbsp;&nbsp;**Limited Maturity Bond Fund** | &nbsp;&nbsp;**Limited Maturity Bond Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$2402252 | &nbsp;&nbsp;$6724591 | &nbsp;&nbsp;$1394793 | &nbsp;&nbsp;$6235901 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1581389) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2402252** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6724591** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2228487** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8175574** |
| **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2402239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6724518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(2402239)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6724518)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29434236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235216815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18787945 |
| &nbsp;&nbsp;&nbsp;Shares issued in lieu of cash distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(45180093) | &nbsp;&nbsp;&nbsp;&nbsp;(251644442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9147905) | &nbsp;&nbsp;&nbsp;&nbsp;(138986038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(13343618)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9703109)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5540502)** | &nbsp;&nbsp;&nbsp;&nbsp;**(120198093)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(13343605)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9703036)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3312015)** | &nbsp;&nbsp;&nbsp;&nbsp;**(112022519)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;140269200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149972236 | &nbsp;&nbsp;&nbsp;&nbsp;73884603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185907122 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$126925595 | &nbsp;&nbsp;$140269200 | &nbsp;&nbsp;$70572588 | &nbsp;&nbsp;$73884603 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29434236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235216815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346488 |
| &nbsp;&nbsp;&nbsp;Shares issued in lieu of cash distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(45180093) | &nbsp;&nbsp;&nbsp;&nbsp;(251644442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9828679) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13343618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9703109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8482191) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Quality Bond Fund** | &nbsp;&nbsp;**Quality Bond Fund** | &nbsp;&nbsp;**High Yield Bond Fund** | &nbsp;&nbsp;**High Yield Bond Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$7167243 | &nbsp;&nbsp;$14477736 | &nbsp;&nbsp;$3652382 | &nbsp;&nbsp;$7983641 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1287348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905084 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4545816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13914914** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8644572** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5596395** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9845743** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12720142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72004918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331575 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(39440596) | &nbsp;&nbsp;&nbsp;&nbsp;(110790973) | &nbsp;&nbsp;&nbsp;&nbsp;(11496810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21310719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(26720454)** | &nbsp;&nbsp;&nbsp;&nbsp;**(38786055)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8342588)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13979144)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(12805540)** | &nbsp;&nbsp;&nbsp;&nbsp;**(30141483)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2746193)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4133401)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363115734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393257217 | &nbsp;&nbsp;&nbsp;&nbsp;125871691 | &nbsp;&nbsp;&nbsp;&nbsp;130005092 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$350310194 | &nbsp;&nbsp;$363115734 | &nbsp;&nbsp;$123125498 | &nbsp;&nbsp;$125871691 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404454 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2379305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6879777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1161485) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1617355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2439521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757031) |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Flexibly Managed Fund** | &nbsp;&nbsp;**Flexibly Managed Fund** | &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp;**Balanced Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$45413633 | &nbsp;&nbsp;$108304058 | &nbsp;&nbsp;$(69616) | &nbsp;&nbsp;$(143062) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231808450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573288684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8627520 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24941455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66651048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**302163538** | &nbsp;&nbsp;&nbsp;&nbsp;**614941694** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3958291** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11161923** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48985729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274530 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337179903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634127489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5040171) | &nbsp;&nbsp;&nbsp;&nbsp;(11641754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(330281440)** | &nbsp;&nbsp;&nbsp;&nbsp;**(585141760)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3895526)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8367224)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(28117902)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29799934** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62765** | &nbsp;&nbsp;&nbsp;&nbsp;**2794699** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;5155480016 | &nbsp;&nbsp;&nbsp;&nbsp;5125680082 | &nbsp;&nbsp;&nbsp;&nbsp;79204766 | &nbsp;&nbsp;&nbsp;&nbsp;76410067 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$5127362114 | &nbsp;&nbsp;$5155480016 | &nbsp;&nbsp;$79267531 | &nbsp;&nbsp;$79204766 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97110 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3114856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6167485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343937) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3051645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5698932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246827) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Growth Stock Fund** | &nbsp;&nbsp;**Large Growth Stock Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(823133) | &nbsp;&nbsp;$(1566517) | &nbsp;&nbsp;$91171 | &nbsp;&nbsp;$85716 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23918816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27085031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157440 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1839623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61980948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**21256060** | &nbsp;&nbsp;&nbsp;&nbsp;**87499462** | &nbsp;&nbsp;&nbsp;&nbsp;**2008995** | &nbsp;&nbsp;&nbsp;&nbsp;**10425904** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13632117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16103806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264549 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(28649978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52736135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3773833) | &nbsp;&nbsp;&nbsp;&nbsp;(13769167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(15017861)** | &nbsp;&nbsp;&nbsp;&nbsp;**(36632329)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1376429)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7504618)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6238199** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50867133** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**632566** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2921286** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;363038518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312171385 | &nbsp;&nbsp;&nbsp;&nbsp;70546407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67625121 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$369276717 | &nbsp;&nbsp;$363038518 | &nbsp;&nbsp;$71178973 | &nbsp;&nbsp;$70546407 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150597 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328640) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178043) |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Core Growth Fund** | &nbsp;&nbsp;**Large Core Growth Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(74230) | &nbsp;&nbsp;$(274870) | &nbsp;&nbsp;$768159 | &nbsp;&nbsp;$1638881 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17451854 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21857040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4637298** | &nbsp;&nbsp;&nbsp;&nbsp;**26472489** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6664205** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20387794** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619839 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(9095825) | &nbsp;&nbsp;&nbsp;&nbsp;(16622061) | &nbsp;&nbsp;&nbsp;&nbsp;(13056709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25709332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(3481320)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8561522)** | &nbsp;&nbsp;&nbsp;&nbsp;**(9292441)** | &nbsp;&nbsp;&nbsp;&nbsp;**(22089493)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1155978** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17910967** | &nbsp;&nbsp;&nbsp;&nbsp;**(2628236)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1701699)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;134736795 | &nbsp;&nbsp;&nbsp;&nbsp;116825828 | &nbsp;&nbsp;&nbsp;&nbsp;164631900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166333599 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$135892773 | &nbsp;&nbsp;$134736795 | &nbsp;&nbsp;$162003664 | &nbsp;&nbsp;$164631900 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73375 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516148) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442773) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Core Value Fund** | &nbsp;&nbsp;**Large Core Value Fund** | &nbsp;&nbsp;**Index 500 Fund** | &nbsp;&nbsp;**Index 500 Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$721606 | &nbsp;&nbsp;$1338521 | &nbsp;&nbsp;$4202564 | &nbsp;&nbsp;$8358617 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14845133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26213323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58330539 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1121819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19600204 | &nbsp;&nbsp;&nbsp;&nbsp;108486223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4909807** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15061835** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50016091** | &nbsp;&nbsp;&nbsp;&nbsp;**175175379** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22902725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57962112 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8958587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27322974) | &nbsp;&nbsp;&nbsp;&nbsp;(49914925) | &nbsp;&nbsp;&nbsp;&nbsp;(109368113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(5726369)** | &nbsp;&nbsp;&nbsp;&nbsp;**(24547787)** | &nbsp;&nbsp;&nbsp;&nbsp;**(27012200)** | &nbsp;&nbsp;&nbsp;&nbsp;**(51406001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(816562)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9485952)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23003891** | &nbsp;&nbsp;&nbsp;&nbsp;**123769378** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;126397529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135883481 | &nbsp;&nbsp;&nbsp;&nbsp;852442426 | &nbsp;&nbsp;&nbsp;&nbsp;728673048 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$125580967 | &nbsp;&nbsp;$126397529 | &nbsp;&nbsp;$875446317 | &nbsp;&nbsp;$852442426 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178499 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(833317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2223546) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1045047) |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Cap Growth Fund** | &nbsp;&nbsp;**Mid Cap Growth Fund** | &nbsp;&nbsp;**Mid Cap Value Fund** | &nbsp;&nbsp;**Mid Cap Value Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(331176) | &nbsp;&nbsp;$(650979) | &nbsp;&nbsp;$461717 | &nbsp;&nbsp;$857805 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3435053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19573439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10603831 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15483153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2057239** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3439307** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1066896** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11638559** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560339 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11182649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23153599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6079333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16641734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8215021)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17125970)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4088942)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14081395)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6157782)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13686663)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3022046)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2442836)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;134486302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148172965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88468185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90911021 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$128328520 | &nbsp;&nbsp;$134486302 | &nbsp;&nbsp;$85446139 | &nbsp;&nbsp;$88468185 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81134 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522036) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440902) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mid Core Value Fund** | &nbsp;&nbsp;**Mid Core Value Fund** | &nbsp;&nbsp;**SMID Cap Growth Fund** | &nbsp;&nbsp;**SMID Cap Growth Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$665476 | &nbsp;&nbsp;$1203888 | &nbsp;&nbsp;$(211407) | &nbsp;&nbsp;$(422665) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2546511) | &nbsp;&nbsp;&nbsp;&nbsp;10259951 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371218) | &nbsp;&nbsp;&nbsp;&nbsp;(1399949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1816895** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6592311** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3129136)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8437337** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561339 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6874022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15178495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5023371) | &nbsp;&nbsp;&nbsp;&nbsp;(15132393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(4696622)** | &nbsp;&nbsp;&nbsp;&nbsp;**(11609453)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1286352)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6571054)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(2879727)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5017142)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4415488)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1866283** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76175583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81192725 | &nbsp;&nbsp;&nbsp;&nbsp;74059207 | &nbsp;&nbsp;&nbsp;&nbsp;72192924 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$73295856 | &nbsp;&nbsp;$76175583 | &nbsp;&nbsp;$69643719 | &nbsp;&nbsp;$74059207 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165729 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299991) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134262) |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SMID Cap Value Fund** | &nbsp;&nbsp;**SMID Cap Value Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$169352 | &nbsp;&nbsp;$199892 | &nbsp;&nbsp;$(187634) | &nbsp;&nbsp;$(459259) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120075 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3550538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1105973)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4564351** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**355761** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12442921** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991923 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3761339) | &nbsp;&nbsp;&nbsp;&nbsp;(10033440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9429250) | &nbsp;&nbsp;&nbsp;&nbsp;(17360043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1700031)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5242029)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7380757)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14368120)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(2806004)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(677678)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7024996)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1925199)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50480031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51157709 | &nbsp;&nbsp;&nbsp;&nbsp;101005884 | &nbsp;&nbsp;&nbsp;&nbsp;102931083 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$47674027 | &nbsp;&nbsp;$50480031 | &nbsp;&nbsp;$93980888 | &nbsp;&nbsp;$101005884 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44967 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264610) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219643) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap Value Fund** | &nbsp;&nbsp;**Small Cap Value Fund** | &nbsp;&nbsp;**Small Cap Index Fund** | &nbsp;&nbsp;**Small Cap Index Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$577308 | &nbsp;&nbsp;$958930 | &nbsp;&nbsp;$348713 | &nbsp;&nbsp;$459594 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11741536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132288 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8947002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1174654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4868715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2119079)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11525812** | &nbsp;&nbsp;&nbsp;&nbsp;**(2053942)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8708124** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4687957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241047 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(10169572) | &nbsp;&nbsp;&nbsp;&nbsp;(26348434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9617067) | &nbsp;&nbsp;&nbsp;&nbsp;(14817387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(7092168)** | &nbsp;&nbsp;&nbsp;&nbsp;**(21660477)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6525932)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8576340)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9211247)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10134665)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8579874)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**131784** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;147804759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157939424 | &nbsp;&nbsp;&nbsp;&nbsp;84853445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84721661 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$138593512 | &nbsp;&nbsp;$147804759 | &nbsp;&nbsp;$76273571 | &nbsp;&nbsp;$84853445 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189576 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446437) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256861) |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Developed International Index Fund** | &nbsp;&nbsp;**Developed International Index Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$1209998 | &nbsp;&nbsp;$1610372 | &nbsp;&nbsp;$2143607 | &nbsp;&nbsp;$734287 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18225871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32665705 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11062462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3554546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16725491 | &nbsp;&nbsp;&nbsp;&nbsp;(18600897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14917131** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2578449** | &nbsp;&nbsp;&nbsp;&nbsp;**37094969** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14799095** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7198810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8982110 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(11419869) | &nbsp;&nbsp;&nbsp;&nbsp;(19347768) | &nbsp;&nbsp;&nbsp;&nbsp;(26460635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43347989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(10121651)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12148958)** | &nbsp;&nbsp;&nbsp;&nbsp;**(25367774)** | &nbsp;&nbsp;&nbsp;&nbsp;**(34365879)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**4795480** | &nbsp;&nbsp;&nbsp;&nbsp;**(9570509)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11727195** | &nbsp;&nbsp;&nbsp;&nbsp;**(19566784)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;78716779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88287288 | &nbsp;&nbsp;&nbsp;&nbsp;231498914 | &nbsp;&nbsp;&nbsp;&nbsp;251065698 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$83512259 | &nbsp;&nbsp;$78716779 | &nbsp;&nbsp;$243226109 | &nbsp;&nbsp;$231498914 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216983 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033328) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(816345) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Equity Fund** | &nbsp;&nbsp;**Emerging Markets Equity Fund** | &nbsp;&nbsp;**Real Estate Securities Fund** | &nbsp;&nbsp;**Real Estate Securities Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$435812 | &nbsp;&nbsp;$443569 | &nbsp;&nbsp;$1889578 | &nbsp;&nbsp;$2116993 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2061691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1859318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106926 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1295348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8653463** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2711097)** | &nbsp;&nbsp;&nbsp;&nbsp;**3543904** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7344353** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8757583 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13022973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18341850) | &nbsp;&nbsp;&nbsp;&nbsp;(9890189) | &nbsp;&nbsp;&nbsp;&nbsp;(26533622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(12348378)** | &nbsp;&nbsp;&nbsp;&nbsp;**(11040420)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6947182)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17776039)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3694915)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13751517)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3403278)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10431686)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71350775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85102292 | &nbsp;&nbsp;&nbsp;&nbsp;103013135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113444821 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$67655860 | &nbsp;&nbsp;$71350775 | &nbsp;&nbsp;$99609857 | &nbsp;&nbsp;$103013135 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271287 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1159829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1678318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800348) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1098904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1002419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529061) |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive Allocation Fund** | &nbsp;&nbsp;**Aggressive Allocation Fund** | &nbsp;&nbsp;**Moderately Aggressive Allocation Fund** | &nbsp;&nbsp;**Moderately Aggressive Allocation Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(85228) | &nbsp;&nbsp;$(183207) | &nbsp;&nbsp;$(266068) | &nbsp;&nbsp;$(561743) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17290075 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**3489964** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6896518** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11189487** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21412135** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379200 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5520328) | &nbsp;&nbsp;&nbsp;&nbsp;(11012452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16167052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31524083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(3483568)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10082171)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14624158)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28144883)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6396** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3185653)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3434671)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6732748)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57182577 | &nbsp;&nbsp;&nbsp;&nbsp;60368230 | &nbsp;&nbsp;&nbsp;&nbsp;198018922 | &nbsp;&nbsp;&nbsp;&nbsp;204751670 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$57188973 | &nbsp;&nbsp;$57182577 | &nbsp;&nbsp;$194584251 | &nbsp;&nbsp;$198018922 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116910 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1086789) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969879) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Moderate Allocation Fund** | &nbsp;&nbsp;**Moderate Allocation Fund** | &nbsp;&nbsp;**Moderately Conservative Allocation Fund** | &nbsp;&nbsp;**Moderately Conservative Allocation Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(265424) | &nbsp;&nbsp;$(575577) | &nbsp;&nbsp;$(100371) | &nbsp;&nbsp;$(216511) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17480336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285209 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10370564** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18542225** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3567631** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5666324** |
| **Capital Share Transactions (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5091076 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16931363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35997116) | &nbsp;&nbsp;&nbsp;&nbsp;(8456642) | &nbsp;&nbsp;&nbsp;&nbsp;(13947375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(16023098)** | &nbsp;&nbsp;&nbsp;&nbsp;**(33234051)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7180103)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8856299)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5652534)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14691826)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3612472)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3189975)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199124068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213815894 | &nbsp;&nbsp;&nbsp;&nbsp;75762776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78952751 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$193471534 | &nbsp;&nbsp;$199124068 | &nbsp;&nbsp;$72150304 | &nbsp;&nbsp;$75762776 |
| **(1) Shares Issued and Redeemed:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245654 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1464279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659371) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1351402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413717) |

---

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

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### Penn Series Funds, Inc.

#### Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Conservative Allocation Fund** | &nbsp;&nbsp;**Conservative Allocation Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** |
| **Increase (Decrease) in Net Assets Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;$(54065) | &nbsp;&nbsp;$(114212) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417382 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1804532** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2588058** |
| **Capital Share Transactions (1):** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059585 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6139973) | &nbsp;&nbsp;&nbsp;&nbsp;(11303265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(2419017)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6243680)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(614485)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3655622)** |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;42852909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46508531 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$42238424 | &nbsp;&nbsp;$42852909 |
| **(1) Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285876 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636845) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350969) |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MONEY MARKET FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $1.00 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$1.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Less distributions:** |  |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of period<br>| $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.67% | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.24% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $126926 | &nbsp;&nbsp; $140269 | &nbsp;&nbsp; $149972 | &nbsp;&nbsp; $165323 | &nbsp;&nbsp; $162202 | &nbsp;&nbsp; $160467 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.56% | &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| <sup>4</sup> | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
| <sup>(a)</sup> | Less than one penny per share. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LIMITED MATURITY BOND FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $14.44 | &nbsp;&nbsp;$13.67 | &nbsp;&nbsp;$12.78 | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$13.33 | &nbsp;&nbsp;$12.86 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47 |
| Net asset value, end of period<br>| $14.90 | &nbsp;&nbsp; $14.44 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $13.38 | &nbsp;&nbsp; $13.33 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | &nbsp;&nbsp;&nbsp;&nbsp; 6.96% | &nbsp;&nbsp;&nbsp;&nbsp; (4.49%) | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 3.65% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $70573 | &nbsp;&nbsp; $73885 | &nbsp;&nbsp; $185907 | &nbsp;&nbsp; $223724 | &nbsp;&nbsp; $259984 | &nbsp;&nbsp; $254878 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.07% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 1.86% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 73% | &nbsp;&nbsp;&nbsp;&nbsp; 99% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| <sup>4</sup> | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### QUALITY BOND FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $16.28 | &nbsp;&nbsp;$15.90 | &nbsp;&nbsp;$14.89 | &nbsp;&nbsp;$17.24 | &nbsp;&nbsp;$17.36 | &nbsp;&nbsp;$16.01 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.76) | &nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35 |
| Net asset value, end of period<br>| $16.94 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $15.90 | &nbsp;&nbsp; $14.89 | &nbsp;&nbsp; $17.24 | &nbsp;&nbsp; $17.36 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp; 6.78% | &nbsp;&nbsp;&nbsp;&nbsp; (13.63%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.69%) | &nbsp;&nbsp;&nbsp;&nbsp; 8.43% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $350310 | &nbsp;&nbsp; $363116 | &nbsp;&nbsp; $393257 | &nbsp;&nbsp; $354590 | &nbsp;&nbsp; $472066 | &nbsp;&nbsp; $484474 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp; 0.67% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp;&nbsp; 3.99% | &nbsp;&nbsp;&nbsp;&nbsp; 2.64% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 2.11% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp;&nbsp; 75% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### HIGH YIELD BOND FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $18.93 | &nbsp;&nbsp;$17.55 | &nbsp;&nbsp;$15.78 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$16.02 | &nbsp;&nbsp;$14.90 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12 |
| Net asset value, end of period<br>| $19.82 | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp; $17.55 | &nbsp;&nbsp; $15.78 | &nbsp;&nbsp; $16.84 | &nbsp;&nbsp; $16.02 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.86% | &nbsp;&nbsp;&nbsp;&nbsp; 11.22% | &nbsp;&nbsp;&nbsp;&nbsp; (6.30%) | &nbsp;&nbsp;&nbsp;&nbsp; 5.12% | &nbsp;&nbsp;&nbsp;&nbsp; 7.52% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $123125 | &nbsp;&nbsp; $125872 | &nbsp;&nbsp; $130005 | &nbsp;&nbsp; $140603 | &nbsp;&nbsp; $169431 | &nbsp;&nbsp; $167391 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.14% | &nbsp;&nbsp;&nbsp;&nbsp; 5.82% | &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | &nbsp;&nbsp;&nbsp;&nbsp; 4.15% | &nbsp;&nbsp;&nbsp;&nbsp; 4.73% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 91% | &nbsp;&nbsp;&nbsp;&nbsp; 78% | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 94% | &nbsp;&nbsp;&nbsp;&nbsp; 128% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### FLEXIBLY MANAGED FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $106.88 | &nbsp;&nbsp;$95.04 | &nbsp;&nbsp;$80.16 | &nbsp;&nbsp;$91.22 | &nbsp;&nbsp;$77.12 | &nbsp;&nbsp;$65.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.95 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.67 |
| Net asset value, end of period<br>| $113.48 | &nbsp;&nbsp; $106.88 | &nbsp;&nbsp; $95.04 | &nbsp;&nbsp; $80.16 | &nbsp;&nbsp; $91.22 | &nbsp;&nbsp; $77.12 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.46% | &nbsp;&nbsp;&nbsp;&nbsp; 18.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.12%) | &nbsp;&nbsp;&nbsp;&nbsp; 18.29% | &nbsp;&nbsp;&nbsp;&nbsp; 17.83% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $5127362 | &nbsp;&nbsp;$5155480 | &nbsp;&nbsp;$5125680 | &nbsp;&nbsp;$4596816 | &nbsp;&nbsp;$5487665 | &nbsp;&nbsp;$4886355 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85% | &nbsp;&nbsp;&nbsp;&nbsp; 69% | &nbsp;&nbsp;&nbsp;&nbsp; 87% | &nbsp;&nbsp;&nbsp;&nbsp; 51% | &nbsp;&nbsp;&nbsp;&nbsp; 88% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### BALANCED FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $35.76 | &nbsp;&nbsp;$31.04 | &nbsp;&nbsp;$26.34 | &nbsp;&nbsp;$31.57 | &nbsp;&nbsp;$27.27 | &nbsp;&nbsp;$23.76 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.17) | &nbsp;&nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.23) | &nbsp;&nbsp;&nbsp;&nbsp; 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51 |
| Net asset value, end of period<br>| $37.64 | &nbsp;&nbsp; $35.76 | &nbsp;&nbsp; $31.04 | &nbsp;&nbsp; $26.34 | &nbsp;&nbsp; $31.57 | &nbsp;&nbsp; $27.27 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.20% | &nbsp;&nbsp;&nbsp;&nbsp; 17.84% | &nbsp;&nbsp;&nbsp;&nbsp; (16.57%) | &nbsp;&nbsp;&nbsp;&nbsp; 15.77% | &nbsp;&nbsp;&nbsp;&nbsp; 14.77% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $79268 | &nbsp;&nbsp; $79205 | &nbsp;&nbsp; $76410 | &nbsp;&nbsp; $70323 | &nbsp;&nbsp; $92753 | &nbsp;&nbsp; $84348 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 15% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE GROWTH STOCK FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $95.64 | &nbsp;&nbsp;$74.05 | &nbsp;&nbsp;$50.27 | &nbsp;&nbsp;$83.11 | &nbsp;&nbsp;$71.38 | &nbsp;&nbsp;$52.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp; 21.98 | &nbsp;&nbsp;&nbsp;&nbsp; 24.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.57 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.59 | &nbsp;&nbsp;&nbsp;&nbsp; 23.78 | &nbsp;&nbsp;&nbsp;&nbsp; (32.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.28 |
| Net asset value, end of period<br>| $101.57 | &nbsp;&nbsp; $95.64 | &nbsp;&nbsp; $74.05 | &nbsp;&nbsp; $50.27 | &nbsp;&nbsp; $83.11 | &nbsp;&nbsp; $71.38 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.15% | &nbsp;&nbsp;&nbsp;&nbsp; 47.31% | &nbsp;&nbsp;&nbsp;&nbsp; (39.52%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.44% | &nbsp;&nbsp;&nbsp;&nbsp; 37.01% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $369277 | &nbsp;&nbsp; $363039 | &nbsp;&nbsp; $312171 | &nbsp;&nbsp; $235846 | &nbsp;&nbsp; $428687 | &nbsp;&nbsp; $405787 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.50%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp; 35% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE CAP GROWTH FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $44.68 | &nbsp;&nbsp;$38.49 | &nbsp;&nbsp;$31.08 | &nbsp;&nbsp;$38.46 | &nbsp;&nbsp;$30.56 | &nbsp;&nbsp;$25.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54 |
| Net asset value, end of period<br>| $46.02 | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp; $38.49 | &nbsp;&nbsp; $31.08 | &nbsp;&nbsp; $38.46 | &nbsp;&nbsp; $30.56 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16.08% | &nbsp;&nbsp;&nbsp;&nbsp; 23.84% | &nbsp;&nbsp;&nbsp;&nbsp; (19.19%) | &nbsp;&nbsp;&nbsp;&nbsp; 25.85% | &nbsp;&nbsp;&nbsp;&nbsp; 22.14% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $71179 | &nbsp;&nbsp; $70546 | &nbsp;&nbsp; $67625 | &nbsp;&nbsp; $62655 | &nbsp;&nbsp; $79016 | &nbsp;&nbsp; $68536 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; 34% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| <sup>4</sup> | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE CORE GROWTH FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $37.22 | &nbsp;&nbsp;$30.27 | &nbsp;&nbsp;$22.36 | &nbsp;&nbsp;$48.08 | &nbsp;&nbsp;$50.05 | &nbsp;&nbsp;$28.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.75 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.53 |
| Net asset value, end of period<br>| $38.51 | &nbsp;&nbsp; $37.22 | &nbsp;&nbsp; $30.27 | &nbsp;&nbsp; $22.36 | &nbsp;&nbsp; $48.08 | &nbsp;&nbsp; $50.05 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22.96% | &nbsp;&nbsp;&nbsp;&nbsp; 35.38% | &nbsp;&nbsp;&nbsp;&nbsp; (53.49%) | &nbsp;&nbsp;&nbsp;&nbsp; (3.94%) | &nbsp;&nbsp;&nbsp;&nbsp; 75.49% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $135893 | &nbsp;&nbsp; $134737 | &nbsp;&nbsp; $116826 | &nbsp;&nbsp; $93465 | &nbsp;&nbsp; $205479 | &nbsp;&nbsp; $222028 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.21%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.67%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.72%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.60%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 109% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp;&nbsp; 74% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE CAP VALUE FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $51.01 | &nbsp;&nbsp;$45.32 | &nbsp;&nbsp;$40.58 | &nbsp;&nbsp;$42.38 | &nbsp;&nbsp;$33.14 | &nbsp;&nbsp;$32.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20 | &nbsp;&nbsp;&nbsp;&nbsp; (2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75 |
| Net asset value, end of period<br>| $53.17 | &nbsp;&nbsp; $51.01 | &nbsp;&nbsp; $45.32 | &nbsp;&nbsp; $40.58 | &nbsp;&nbsp; $42.38 | &nbsp;&nbsp; $33.14 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.55% | &nbsp;&nbsp;&nbsp;&nbsp; 11.68% | &nbsp;&nbsp;&nbsp;&nbsp; (4.25%) | &nbsp;&nbsp;&nbsp;&nbsp; 27.88% | &nbsp;&nbsp;&nbsp;&nbsp; 2.32% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $162004 | &nbsp;&nbsp; $164632 | &nbsp;&nbsp; $166334 | &nbsp;&nbsp; $165481 | &nbsp;&nbsp; $202596 | &nbsp;&nbsp; $177811 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 56% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### LARGE CORE VALUE FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $33.73 | &nbsp;&nbsp;$30.24 | &nbsp;&nbsp;$27.92 | &nbsp;&nbsp;$28.85 | &nbsp;&nbsp;$23.18 | &nbsp;&nbsp;$22.58 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60 |
| Net asset value, end of period<br>| $35.10 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $30.24 | &nbsp;&nbsp; $27.92 | &nbsp;&nbsp; $28.85 | &nbsp;&nbsp; $23.18 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.54% | &nbsp;&nbsp;&nbsp;&nbsp; 8.31% | &nbsp;&nbsp;&nbsp;&nbsp; (3.22%) | &nbsp;&nbsp;&nbsp;&nbsp; 24.46% | &nbsp;&nbsp;&nbsp;&nbsp; 2.66% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $125581 | &nbsp;&nbsp; $126398 | &nbsp;&nbsp; $135883 | &nbsp;&nbsp; $161065 | &nbsp;&nbsp; $189136 | &nbsp;&nbsp; $178959 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp;&nbsp; 80% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### INDEX 500 FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $53.12 | &nbsp;&nbsp;$42.63 | &nbsp;&nbsp;$33.87 | &nbsp;&nbsp;$41.45 | &nbsp;&nbsp;$32.31 | &nbsp;&nbsp;$27.30 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.27 | &nbsp;&nbsp;&nbsp;&nbsp; (8.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp; 10.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.76 | &nbsp;&nbsp;&nbsp;&nbsp; (7.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01 |
| Net asset value, end of period<br>| $56.33 | &nbsp;&nbsp; $53.12 | &nbsp;&nbsp; $42.63 | &nbsp;&nbsp; $33.87 | &nbsp;&nbsp; $41.45 | &nbsp;&nbsp; $32.31 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.61% | &nbsp;&nbsp;&nbsp;&nbsp; 25.87% | &nbsp;&nbsp;&nbsp;&nbsp; (18.29%) | &nbsp;&nbsp;&nbsp;&nbsp; 28.29% | &nbsp;&nbsp;&nbsp;&nbsp; 18.35% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $875446 | &nbsp;&nbsp; $852442 | &nbsp;&nbsp; $728673 | &nbsp;&nbsp; $622068 | &nbsp;&nbsp; $698722 | &nbsp;&nbsp; $595933 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 19% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MID CAP GROWTH FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $38.86 | &nbsp;&nbsp;$38.02 | &nbsp;&nbsp;$31.71 | &nbsp;&nbsp;$45.74 | &nbsp;&nbsp;$39.21 | &nbsp;&nbsp;$26.23 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.09 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.98 |
| Net asset value, end of period<br>| $39.52 | &nbsp;&nbsp; $38.86 | &nbsp;&nbsp; $38.02 | &nbsp;&nbsp; $31.71 | &nbsp;&nbsp; $45.74 | &nbsp;&nbsp; $39.21 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.21% | &nbsp;&nbsp;&nbsp;&nbsp; 19.90% | &nbsp;&nbsp;&nbsp;&nbsp; (30.67%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.66% | &nbsp;&nbsp;&nbsp;&nbsp; 49.48% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $128329 | &nbsp;&nbsp; $134486 | &nbsp;&nbsp; $148173 | &nbsp;&nbsp; $134832 | &nbsp;&nbsp; $210047 | &nbsp;&nbsp; $196992 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.46%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.42%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.50%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.64%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.38%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39% | &nbsp;&nbsp;&nbsp;&nbsp; 30% | &nbsp;&nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp; 26% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MID CAP VALUE FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $32.95 | &nbsp;&nbsp;$29.08 | &nbsp;&nbsp;$26.11 | &nbsp;&nbsp;$27.67 | &nbsp;&nbsp;$23.20 | &nbsp;&nbsp;$26.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33 | &nbsp;&nbsp;&nbsp;&nbsp; (3.48) |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.25) |
| Net asset value, end of period<br>| $33.40 | &nbsp;&nbsp; $32.95 | &nbsp;&nbsp; $29.08 | &nbsp;&nbsp; $26.11 | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $23.20 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.31% | &nbsp;&nbsp;&nbsp;&nbsp; 11.38% | &nbsp;&nbsp;&nbsp;&nbsp; (5.64%) | &nbsp;&nbsp;&nbsp;&nbsp; 19.27% | &nbsp;&nbsp;&nbsp;&nbsp; (12.29%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $85446 | &nbsp;&nbsp; $88468 | &nbsp;&nbsp; $90911 | &nbsp;&nbsp; $88708 | &nbsp;&nbsp; $104076 | &nbsp;&nbsp; $94762 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp;&nbsp; 122%<sup>(a)</sup> |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| <sup>4</sup> | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
| <sup>(a)</sup> | The Fund's portfolio turnover rate increased substantially during the year ended December 31, 2020 due to a change in the Fund's<br> sub-adviser and associated repositioning. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MID CORE VALUE FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $38.13 | &nbsp;&nbsp;$35.18 | &nbsp;&nbsp;$33.21 | &nbsp;&nbsp;$33.70 | &nbsp;&nbsp;$27.37 | &nbsp;&nbsp;$26.94 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43 |
| Net asset value, end of period<br>| $39.08 | &nbsp;&nbsp; $38.13 | &nbsp;&nbsp; $35.18 | &nbsp;&nbsp; $33.21 | &nbsp;&nbsp; $33.70 | &nbsp;&nbsp; $27.37 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.39% | &nbsp;&nbsp;&nbsp;&nbsp; 5.93% | &nbsp;&nbsp;&nbsp;&nbsp; (1.45%) | &nbsp;&nbsp;&nbsp;&nbsp; 23.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.60% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $73296 | &nbsp;&nbsp; $76176 | &nbsp;&nbsp; $81193 | &nbsp;&nbsp; $86950 | &nbsp;&nbsp; $94537 | &nbsp;&nbsp; $94077 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp; 51% | &nbsp;&nbsp;&nbsp;&nbsp; 75% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMID CAP GROWTH FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $51.61 | &nbsp;&nbsp;$46.00 | &nbsp;&nbsp;$40.36 | &nbsp;&nbsp;$56.43 | &nbsp;&nbsp;$52.38 | &nbsp;&nbsp;$34.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48 | &nbsp;&nbsp;&nbsp;&nbsp; 18.24 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp;&nbsp; 17.99 |
| Net asset value, end of period<br>| $49.39 | &nbsp;&nbsp; $51.61 | &nbsp;&nbsp; $46.00 | &nbsp;&nbsp; $40.36 | &nbsp;&nbsp; $56.43 | &nbsp;&nbsp; $52.38 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.30%)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.20% | &nbsp;&nbsp;&nbsp;&nbsp; 13.97% | &nbsp;&nbsp;&nbsp;&nbsp; (28.48%) | &nbsp;&nbsp;&nbsp;&nbsp; 7.73% | &nbsp;&nbsp;&nbsp;&nbsp; 52.31% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $69644 | &nbsp;&nbsp; $74059 | &nbsp;&nbsp; $72193 | &nbsp;&nbsp; $70381 | &nbsp;&nbsp; $103780 | &nbsp;&nbsp; $96010 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.57%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.56%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.65%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp;&nbsp; 65% | &nbsp;&nbsp;&nbsp;&nbsp; 97% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMID CAP VALUE FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $41.90 | &nbsp;&nbsp;$38.25 | &nbsp;&nbsp;$32.79 | &nbsp;&nbsp;$39.02 | &nbsp;&nbsp;$28.78 | &nbsp;&nbsp;$28.37 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28 | &nbsp;&nbsp;&nbsp;&nbsp; (6.43) | &nbsp;&nbsp;&nbsp;&nbsp; 10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.23) | &nbsp;&nbsp;&nbsp;&nbsp; 10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 |
| Net asset value, end of period<br>| $41.01 | &nbsp;&nbsp; $41.90 | &nbsp;&nbsp; $38.25 | &nbsp;&nbsp; $32.79 | &nbsp;&nbsp; $39.02 | &nbsp;&nbsp; $28.78 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13%)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.54% | &nbsp;&nbsp;&nbsp;&nbsp; 16.65% | &nbsp;&nbsp;&nbsp;&nbsp; (15.97%) | &nbsp;&nbsp;&nbsp;&nbsp; 35.58% | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $47674 | &nbsp;&nbsp; $50480 | &nbsp;&nbsp; $51158 | &nbsp;&nbsp; $54653 | &nbsp;&nbsp; $71810 | &nbsp;&nbsp; $57672 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 42% | &nbsp;&nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp;&nbsp; 55% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMALL CAP GROWTH FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $69.10 | &nbsp;&nbsp;$61.22 | &nbsp;&nbsp;$51.60 | &nbsp;&nbsp;$68.11 | &nbsp;&nbsp;$62.66 | &nbsp;&nbsp;$47.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.85 | &nbsp;&nbsp;&nbsp;&nbsp; (16.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86 | &nbsp;&nbsp;&nbsp;&nbsp; 15.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.21 |
| Net asset value, end of period<br>| $69.58 | &nbsp;&nbsp; $69.10 | &nbsp;&nbsp; $61.22 | &nbsp;&nbsp; $51.60 | &nbsp;&nbsp; $68.11 | &nbsp;&nbsp; $62.66 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.88% | &nbsp;&nbsp;&nbsp;&nbsp; 18.64% | &nbsp;&nbsp;&nbsp;&nbsp; (24.24%) | &nbsp;&nbsp;&nbsp;&nbsp; 8.70% | &nbsp;&nbsp;&nbsp;&nbsp; 32.06% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $93981 | &nbsp;&nbsp; $101006 | &nbsp;&nbsp; $102931 | &nbsp;&nbsp; $96426 | &nbsp;&nbsp; $140210 | &nbsp;&nbsp; $142595 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.41%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.42%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.60%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; 28% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMALL CAP VALUE FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $52.21 | &nbsp;&nbsp;$48.42 | &nbsp;&nbsp;$43.46 | &nbsp;&nbsp;$50.97 | &nbsp;&nbsp;$40.24 | &nbsp;&nbsp;$39.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92 |
| Net asset value, end of period<br>| $51.49 | &nbsp;&nbsp; $52.21 | &nbsp;&nbsp; $48.42 | &nbsp;&nbsp; $43.46 | &nbsp;&nbsp; $50.97 | &nbsp;&nbsp; $40.24 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.38%)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.83% | &nbsp;&nbsp;&nbsp;&nbsp; 11.41% | &nbsp;&nbsp;&nbsp;&nbsp; (14.74%) | &nbsp;&nbsp;&nbsp;&nbsp; 26.67% | &nbsp;&nbsp;&nbsp;&nbsp; 2.34% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $138594 | &nbsp;&nbsp; $147805 | &nbsp;&nbsp; $157939 | &nbsp;&nbsp; $154683 | &nbsp;&nbsp; $199173 | &nbsp;&nbsp; $179912 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 56% | &nbsp;&nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp;&nbsp; 67% | &nbsp;&nbsp;&nbsp;&nbsp; 84% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| <sup>4</sup> | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### SMALL CAP INDEX FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $34.98 | &nbsp;&nbsp;$31.58 | &nbsp;&nbsp;$27.17 | &nbsp;&nbsp;$34.42 | &nbsp;&nbsp;$30.10 | &nbsp;&nbsp;$25.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88 |
| Net asset value, end of period<br>| $34.25 | &nbsp;&nbsp; $34.98 | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp; $27.17 | &nbsp;&nbsp; $34.42 | &nbsp;&nbsp; $30.10 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.09%)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.77% | &nbsp;&nbsp;&nbsp;&nbsp; 16.23% | &nbsp;&nbsp;&nbsp;&nbsp; (21.06%) | &nbsp;&nbsp;&nbsp;&nbsp; 14.35% | &nbsp;&nbsp;&nbsp;&nbsp; 19.35% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $76274 | &nbsp;&nbsp; $84853 | &nbsp;&nbsp; $84722 | &nbsp;&nbsp; $80151 | &nbsp;&nbsp; $98827 | &nbsp;&nbsp; $75852 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp;&nbsp; 27% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| <sup>4</sup> | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### DEVELOPED INTERNATIONAL INDEX FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $17.94 | &nbsp;&nbsp;$17.49 | &nbsp;&nbsp;$14.92 | &nbsp;&nbsp;$17.62 | &nbsp;&nbsp;$15.94 | &nbsp;&nbsp;$14.79 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15 |
| Net asset value, end of period<br>| $21.54 | &nbsp;&nbsp; $17.94 | &nbsp;&nbsp; $17.49 | &nbsp;&nbsp; $14.92 | &nbsp;&nbsp; $17.62 | &nbsp;&nbsp; $15.94 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.07%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp;&nbsp; 17.23% | &nbsp;&nbsp;&nbsp;&nbsp; (15.32%) | &nbsp;&nbsp;&nbsp;&nbsp; 10.54% | &nbsp;&nbsp;&nbsp;&nbsp; 7.78% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $83512 | &nbsp;&nbsp; $78717 | &nbsp;&nbsp; $88287 | &nbsp;&nbsp; $85483 | &nbsp;&nbsp; $114158 | &nbsp;&nbsp; $109296 |
| Ratio of net expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% |
| Ratio of total expenses to average net assets<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp; 2.05% | &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 5% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
| <sup>4</sup> | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### INTERNATIONAL EQUITY FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $41.74 | &nbsp;&nbsp;$39.46 | &nbsp;&nbsp;$34.24 | &nbsp;&nbsp;$43.79 | &nbsp;&nbsp;$39.02 | &nbsp;&nbsp;$33.95 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp;&nbsp;&nbsp; (9.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22 | &nbsp;&nbsp;&nbsp;&nbsp; (9.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07 |
| Net asset value, end of period<br>| $48.81 | &nbsp;&nbsp; $41.74 | &nbsp;&nbsp; $39.46 | &nbsp;&nbsp; $34.24 | &nbsp;&nbsp; $43.79 | &nbsp;&nbsp; $39.02 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.94%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.78% | &nbsp;&nbsp;&nbsp;&nbsp; 15.25% | &nbsp;&nbsp;&nbsp;&nbsp; (21.81%) | &nbsp;&nbsp;&nbsp;&nbsp; 12.23% | &nbsp;&nbsp;&nbsp;&nbsp; 14.93% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $243226 | &nbsp;&nbsp; $231499 | &nbsp;&nbsp; $251066 | &nbsp;&nbsp; $258905 | &nbsp;&nbsp; $353005 | &nbsp;&nbsp; $336274 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 152% | &nbsp;&nbsp;&nbsp;&nbsp; 95% | &nbsp;&nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp;&nbsp; 76% | &nbsp;&nbsp;&nbsp;&nbsp; 75% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### EMERGING MARKETS EQUITY FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $10.56 | &nbsp;&nbsp;$10.97 | &nbsp;&nbsp;$10.79 | &nbsp;&nbsp;$14.08 | &nbsp;&nbsp;$14.93 | &nbsp;&nbsp;$13.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 |
| Net asset value, end of period<br>| $11.96 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $14.08 | &nbsp;&nbsp; $14.93 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.26%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (3.74%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; (23.37%) | &nbsp;&nbsp;&nbsp;&nbsp; (5.69%) | &nbsp;&nbsp;&nbsp;&nbsp; 10.43% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $67656 | &nbsp;&nbsp; $71351 | &nbsp;&nbsp; $85102 | &nbsp;&nbsp; $94075 | &nbsp;&nbsp; $130637 | &nbsp;&nbsp; $145335 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp; (0.19%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 72% | &nbsp;&nbsp;&nbsp;&nbsp; 47% | &nbsp;&nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp;&nbsp; 121%<sup>(a)</sup> |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>(a)</sup> | The Fund's portfolio turnover rate increased substantially during the year ended December 31, 2020 due to a change in the Fund's<br> sub-adviser and associated repositioning. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### REAL ESTATE SECURITIES FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $33.41 | &nbsp;&nbsp;$31.40 | &nbsp;&nbsp;$28.09 | &nbsp;&nbsp;$37.63 | &nbsp;&nbsp;$26.37 | &nbsp;&nbsp;$27.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.06) | &nbsp;&nbsp;&nbsp;&nbsp; 10.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.27) |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31 | &nbsp;&nbsp;&nbsp;&nbsp; (9.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.26 | &nbsp;&nbsp;&nbsp;&nbsp; (0.88) |
| Net asset value, end of period<br>| $34.62 | &nbsp;&nbsp; $33.41 | &nbsp;&nbsp; $31.40 | &nbsp;&nbsp; $28.09 | &nbsp;&nbsp; $37.63 | &nbsp;&nbsp; $26.37 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | &nbsp;&nbsp;&nbsp;&nbsp; 11.78% | &nbsp;&nbsp;&nbsp;&nbsp; (25.35%) | &nbsp;&nbsp;&nbsp;&nbsp; 42.70% | &nbsp;&nbsp;&nbsp;&nbsp; (3.23%) |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $99610 | &nbsp;&nbsp; $103013 | &nbsp;&nbsp; $113445 | &nbsp;&nbsp; $99505 | &nbsp;&nbsp; $140061 | &nbsp;&nbsp; $121063 |
| Ratio of total expenses to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.59% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 64% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $29.76 | &nbsp;&nbsp;$26.55 | &nbsp;&nbsp;$23.01 | &nbsp;&nbsp;$27.23 | &nbsp;&nbsp;$23.39 | &nbsp;&nbsp;$21.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54 | &nbsp;&nbsp;&nbsp;&nbsp; (4.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98 |
| Net asset value, end of period<br>| $31.65 | &nbsp;&nbsp; $29.76 | &nbsp;&nbsp; $26.55 | &nbsp;&nbsp; $23.01 | &nbsp;&nbsp; $27.23 | &nbsp;&nbsp; $23.39 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.09% | &nbsp;&nbsp;&nbsp;&nbsp; 15.38% | &nbsp;&nbsp;&nbsp;&nbsp; (15.50%) | &nbsp;&nbsp;&nbsp;&nbsp; 16.42% | &nbsp;&nbsp;&nbsp;&nbsp; 9.25% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $57189 | &nbsp;&nbsp; $57183 | &nbsp;&nbsp; $60368 | &nbsp;&nbsp; $55617 | &nbsp;&nbsp; $70657 | &nbsp;&nbsp; $70074 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 17% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $30.26 | &nbsp;&nbsp;$27.25 | &nbsp;&nbsp;$23.81 | &nbsp;&nbsp;$27.84 | &nbsp;&nbsp;$24.14 | &nbsp;&nbsp;$22.06 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51 | &nbsp;&nbsp;&nbsp;&nbsp; (3.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44 | &nbsp;&nbsp;&nbsp;&nbsp; (4.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08 |
| Net asset value, end of period<br>| $32.08 | &nbsp;&nbsp; $30.26 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $23.81 | &nbsp;&nbsp; $27.84 | &nbsp;&nbsp; $24.14 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.05% | &nbsp;&nbsp;&nbsp;&nbsp; 14.45% | &nbsp;&nbsp;&nbsp;&nbsp; (14.47%) | &nbsp;&nbsp;&nbsp;&nbsp; 15.33% | &nbsp;&nbsp;&nbsp;&nbsp; 9.43% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $194584 | &nbsp;&nbsp; $198019 | &nbsp;&nbsp; $204752 | &nbsp;&nbsp; $192855 | &nbsp;&nbsp; $246473 | &nbsp;&nbsp; $227084 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 17% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MODERATE ALLOCATION FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $25.34 | &nbsp;&nbsp;$23.22 | &nbsp;&nbsp;$20.59 | &nbsp;&nbsp;$23.89 | &nbsp;&nbsp;$21.46 | &nbsp;&nbsp;$19.55 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91 |
| Net asset value, end of period<br>| $26.76 | &nbsp;&nbsp; $25.34 | &nbsp;&nbsp; $23.22 | &nbsp;&nbsp; $20.59 | &nbsp;&nbsp; $23.89 | &nbsp;&nbsp; $21.46 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.13% | &nbsp;&nbsp;&nbsp;&nbsp; 12.77% | &nbsp;&nbsp;&nbsp;&nbsp; (13.81%) | &nbsp;&nbsp;&nbsp;&nbsp; 11.32% | &nbsp;&nbsp;&nbsp;&nbsp; 9.77% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $193472 | &nbsp;&nbsp; $199124 | &nbsp;&nbsp; $213816 | &nbsp;&nbsp; $220593 | &nbsp;&nbsp; $288061 | &nbsp;&nbsp; $285910 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.27%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 17% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $21.75 | &nbsp;&nbsp;$20.26 | &nbsp;&nbsp;$18.30 | &nbsp;&nbsp;$20.62 | &nbsp;&nbsp;$18.99 | &nbsp;&nbsp;$17.58 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp;&nbsp; (2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 |
| Net asset value, end of period<br>| $22.85 | &nbsp;&nbsp; $21.75 | &nbsp;&nbsp; $20.26 | &nbsp;&nbsp; $18.30 | &nbsp;&nbsp; $20.62 | &nbsp;&nbsp; $18.99 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.35% | &nbsp;&nbsp;&nbsp;&nbsp; 10.71% | &nbsp;&nbsp;&nbsp;&nbsp; (11.25%) | &nbsp;&nbsp;&nbsp;&nbsp; 8.58% | &nbsp;&nbsp;&nbsp;&nbsp; 8.02% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $72150 | &nbsp;&nbsp; $75763 | &nbsp;&nbsp; $78953 | &nbsp;&nbsp; $81079 | &nbsp;&nbsp; $99775 | &nbsp;&nbsp; $94485 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.27%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp; 23% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Financial Highlights

------

#### CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** |
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Net asset value, beginning of period<br>| $18.03 | &nbsp;&nbsp;$17.05 | &nbsp;&nbsp;$15.64 | &nbsp;&nbsp;$17.35 | &nbsp;&nbsp;$16.60 | &nbsp;&nbsp;$15.51 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain (loss) on investment transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09 |
| Net asset value, end of period<br>| $18.82 | &nbsp;&nbsp; $18.03 | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $15.64 | &nbsp;&nbsp; $17.35 | &nbsp;&nbsp; $16.60 |
| &nbsp;&nbsp;&nbsp;Total return<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | &nbsp;&nbsp;&nbsp;&nbsp; 9.02% | &nbsp;&nbsp;&nbsp;&nbsp; (9.86%) | &nbsp;&nbsp;&nbsp;&nbsp; 4.52% | &nbsp;&nbsp;&nbsp;&nbsp; 7.03% |
| **Ratios/Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)<br>| $42238 | &nbsp;&nbsp; $42853 | &nbsp;&nbsp; $46509 | &nbsp;&nbsp; $47950 | &nbsp;&nbsp; $59188 | &nbsp;&nbsp; $61854 |
| Ratio of total expenses to average net assets<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25%)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 23% | &nbsp;&nbsp;&nbsp;&nbsp; 30% |

---

------

---

| | |
|:---|:---|
| <sup>1</sup> | The net investment income (loss) per share was calculated using the average shares outstanding method. |
| <sup>2</sup> | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
| <sup>3</sup> | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
| <sup>#</sup> | Non-annualized. |
| <sup>\*</sup> | Annualized. |

---

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

#### 1 — Organization
Penn Series Funds, Inc. ("Penn Series") was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940 ("1940 Act"), as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company ("Penn Mutual") and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual's employee benefit plans.

Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a "Fund" and collectively, the "Funds"). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.

***Fund of Funds ("FOFs") – Each Penn Series FOF seeks to achieve its investment objective by investing in other Penn Series Funds ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. Each of the following is a Penn Series FOFs: Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds.***

#### 2 — Significant Accounting Policies
The following significant accounting policies are followed by Penn Series in the preparation of its financial statements. The preparation of financial statements in accordance with the accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic No. 946.

#### Security Valuation:
Effective September 8, 2022, in conjunction with and pursuant to the requirements of the 1940 Act and Rule 2a-5 (the "Rule"), the Board of the Penn Series Funds, Inc. ("Board") has designated Penn Mutual Asset Management LLC ("PMAM" or the "Adviser") as the Valuation Designee for the Funds. As Valuation Designee, PMAM has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. PMAM has adopted policies and procedures related to the Rule, and established a Valuation Committee for Registered Investment Companies to oversee valuation practices including fair valuation of all Fund investments.

***Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.***

***Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Securities valued according to these valuation methods are categorized as Level 1 in the fair value hierarchy described below. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing valuation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and***

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these valuation methods are generally categorized as Level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the valuation date.

Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded. Although derivatives may be subject to netting provisions, as discussed further in Note 7, derivatives held are valued at their gross amounts.

Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund's NAV is calculated. These securities are valued at a fair value utilizing an independent third party valuation service in accordance with procedures adopted by the Fund's Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a "confidence interval", which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the fair valuation service.

The determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

***Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund's investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.***

Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Funds' investments. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Level 3 items at June 30, 2025 consist of equities in the High Yield Bond Fund, Flexibly Managed Fund, Large Growth Stock Fund and Small Cap Index Fund, respectively which were not publicly trading. The unobservable inputs used in valuing these securities include new rounds of financing, negotiated transactions of significant size between

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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other investors in the company, relevant market valuations of peer companies and strategic events affecting the company. Significant increases (decreases) in the valuation indicated by the new rounds of financing, valuations observed through negotiated transactions between other investors in the company or changes in the market valuation of relevant peer companies would result in directionally similar changes to the fair value. Fair value determinations are reviewed and updated on a regular basis and as information becomes available, including actual purchase and sale transactions of the issue. For certain loan agreements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

***Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.***

The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of all securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

***Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the Fund is subject to nonperformance by the counterparty.***

***Security Transactions, Investment Income and Expenses — Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums on debt and fixed income securities are accreted and amortized using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. The cost of investment securities sold is determined by using the specific identification method for both financial reporting and income tax purposes. Expenses directly attributable to a Fund are directly charged. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds of the FOFs. Other expenses attributable to the Funds are allocated in accordance with methodologies, which are reviewed with the Board of Directors no less than annually.***

***Dividends to Shareholders — Except for the Money Market Fund, all or a portion of each Fund's undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at June 30, 2025 were deemed distributed as consent dividends to each respective Fund's shareholders in place of regular distributions. As consent dividends, shareholders of each Fund agree to treat their share of undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at June 30, 2025, respectively, as dividend income and net capital gains for tax purposes. In the case of the Money Market Fund, dividends paid from undistributed net investment income and accumulated net realized gain on investments are declared daily and paid monthly.***

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations which may differ from net investment income and net realized capital gains recorded in accordance with accounting principles generally accepted in the United States. To the extent that these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. Distributions from net realized gains may involve short-term capital gains, which are included as ordinary income for tax purposes.

The character of distributions received from Real Estate Investment Trusts ("REITs") held by a Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from the underlying REITs based on historical data provided by the REITs.

***Foreign Capital Gains Taxes— The International Equity Fund and Emerging Markets Equity Fund accrue capital gains tax on unrealized and realized gains for certain securities of issuers domiciled in India. At June 30, 2025, Emerging Markets Equity Fund had accrued capital gains taxes of $173,538, which is reflected in the Statement of Assets and Liabilities. For the six months ended June 30, 2025, the International Equity Fund and Emerging Markets Equity Fund had realized capital gains tax expense of $6 and $1,615, respectively, which is reflected in the Net realized gain (loss) on Investments line item in the Statement of Operations.***

#### 3 — Investment Advisory and Other Corporate Services

#### Investment Advisory Services
PMAM serves as investment adviser to each series of Penn Series. With the exception of the Money Market, Limited Maturity, Quality Bond, High Yield Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds, PMAM has entered into sub-advisory agreements to provide investment management services to each of the Funds.

Each of the Funds pay PMAM, on a monthly basis, an advisory fee accrued daily based on the average daily net assets of the Fund, at the following rates pursuant to the investment advisory agreements:

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Investment Advisory Fees<br> (As a Percentage of the<br> Average Daily<br> Net Assets of the Fund)** |
| Money Market Fund |  | &nbsp;&nbsp;0.33% of the first $200,000,000;<br> 0.31% of the next $150,000,000;<br> 0.29% of the next $150,000,000;<br> 0.27% over $500,000,000. |
| Limited Maturity Bond Fund |  | &nbsp;&nbsp;0.46% of the first $200,000,000;<br> 0.44% of the next $150,000,000;<br> 0.42% of the next $150,000,000;<br> 0.40% over $500,000,000. |
| Quality Bond Fund |  | &nbsp;&nbsp;0.46% of the first $200,000,000;<br> 0.44% of the next $150,000,000;<br> 0.42% of the next $150,000,000;<br> 0.40% over $500,000,000. |
| High Yield Bond Fund |  | &nbsp;&nbsp;0.46% of the first $200,000,000;<br> 0.44% of the next $150,000,000;<br> 0.42% of the next $150,000,000;<br> 0.40% over $500,000,000. |

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Investment Advisory Fees<br> (As a Percentage of the<br> Average Daily<br> Net Assets of the Fund)** |
| Flexibly Managed Fund | &nbsp;&nbsp;T. Rowe Price Associates, Inc. | &nbsp;&nbsp;0.72% of the first $500,000,000;<br> 0.70% of the next $2,000,000,000;<br> 0.68% of the next $1,500,000,000;<br> 0.65% of the next $1,000,000,000;<br> 0.62% over $5,000,000,000. |
| Balanced Fund |  |  |
| Large Growth Stock Fund | &nbsp;&nbsp;T. Rowe Price Associates, Inc. | &nbsp;&nbsp;0.69% of the first $250,000,000;<br> 0.65% of the next $250,000,000;<br> 0.62% over $500,000,000. |
| Large Cap Growth Fund | &nbsp;&nbsp;Massachusetts Financial Services<br> Company | &nbsp;&nbsp;0.53% |
| Large Core Growth Fund | &nbsp;&nbsp;Delaware Investments Fund<br> Advisers | &nbsp;&nbsp;0.58% |
| Large Cap Value Fund | &nbsp;&nbsp;AllianceBernstein, LP | &nbsp;&nbsp;0.67% of the first $150,000,000;<br> 0.65% over $150,000,000. |
| Large Core Value Fund | &nbsp;&nbsp;Eaton Vance Management | &nbsp;&nbsp;0.64% of the first $150,000,000;<br> 0.62% of the next $250,000,000;<br> 0.60% over $400,000,000. |
| Index 500 Fund | &nbsp;&nbsp;SSgA Fund Management, Inc. | &nbsp;&nbsp;0.14% of the first $150,000,000;<br> 0.13% of the next $150,000,000;<br> 0.12% over $300,000,000. |
| Mid Cap Growth Fund | &nbsp;&nbsp;Delaware Investments Fund<br> Advisers | &nbsp;&nbsp;0.68% |
| Mid Cap Value Fund | &nbsp;&nbsp;Janus Henderson Investors<br> US LLC | &nbsp;&nbsp;0.54% of the first $250,000,000;<br> 0.525% of the next $250,000,000;<br> 0.50% of the next $250,000,000;<br> 0.475% of the next $250,000,000;<br> 0.45% of the next $500,000,000;<br> 0.425% over $1,500,000,000. |
| Mid Core Value Fund | &nbsp;&nbsp;American Century Investment<br> Management, Inc. | &nbsp;&nbsp;0.68% |
| SMID Cap Growth Fund | &nbsp;&nbsp;Goldman Sachs Asset Management, LP | &nbsp;&nbsp;0.73% |
| SMID Cap Value Fund | &nbsp;&nbsp;AllianceBernstein, LP | &nbsp;&nbsp;0.80% |
| Small Cap Growth Fund | &nbsp;&nbsp;Janus Henderson Investors US LLC | &nbsp;&nbsp;0.75% of the first $25,000,000;<br> 0.70% of the next $25,000,000;<br> 0.65% over $50,000,000. |

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Investment Advisory Fees<br> (As a Percentage of the<br> Average Daily<br> Net Assets of the Fund)** |
| Small Cap Value Fund | &nbsp;&nbsp;Goldman Sachs Asset Management, LP | &nbsp;&nbsp;0.71% of the first $50,000,000;<br> 0.68% of the next $50,000,000;<br> 0.66% over $100,000,000. |
| Small Cap Index Fund | &nbsp;&nbsp;SSgA Fund Management, Inc. | &nbsp;&nbsp;0.30% |
| Developed International Index Fund | &nbsp;&nbsp;SSgA Fund Management, Inc. | &nbsp;&nbsp;0.30% |
| International Equity Fund | &nbsp;&nbsp;Vontobel Asset Management, Inc. | &nbsp;&nbsp;0.81% of the first $200,000,000;<br> 0.61% over $200,000,000. |
| Emerging Markets Equity Fund | &nbsp;&nbsp;Vontobel Asset Management, Inc. | &nbsp;&nbsp;0.83% |
| Real Estate Securities Fund | &nbsp;&nbsp;Cohen & Steers Capital Management,<br> Inc. | &nbsp;&nbsp;0.70% |
| Aggressive Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |
| Moderately Aggressive Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |
| Moderate Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |
| Moderately Conservative Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |
| Conservative Allocation Fund |  | &nbsp;&nbsp;0.12% of the first $200,000,000;<br> 0.11% of the next $150,000,000;<br> 0.10% of the next $150,000,000;<br> 0.09% over $500,000,000. |

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For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a subadvisory fee.

#### Administrative and Corporate, Co-Administrative and Shareholder Services
Each of the Funds pays Penn Mutual, on a quarterly basis, 0.01% of the Fund's average daily net assets under a revised administrative and corporate services agreement and 0.09% under a shareholder servicing agreement. Each of the Funds pays PMAM, on a quarterly basis, 0.02% of the Fund's average daily assets under a co-administrative agreement. These fees are accrued daily.

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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#### Fund Administration and Accounting Services
Under a fund administration and accounting agreement, BNY Mellon Investment Servicing (US), Inc. ("BNY Mellon") serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee accrued daily based on the average daily net assets of the Fund equal to 0.070% for the first $100 million, 0.050% for the next $200 million, 0.030% for the next $300 million and 0.020% thereafter. With the exception of the FOFs, International Equity Fund, Emerging Markets Equity Fund, Developed International Index Fund and Money Market Fund, the minimum annual fee each Fund must pay is $27,500. The annual accounting fee for each of the FOFs is an asset-based fee of 0.010% of FOF's average daily net assets, exclusive of out-of-pocket expenses. Each FOF's minimum annual fee is $12,000. The minimum annual fee is $48,000 for each of the International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund. The Money Market Fund pays no minimum annual fee. Each of the International Equity, Emerging Markets Equity and Developed International Index Funds pays BNY Mellon, on a monthly basis, an annual 0.080% for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter. In addition, each of the Funds pays BNY Mellon approximately 0.010% of the Fund's average daily net assets for tax and regulatory administration services.

#### Transfer Agent Services
Under a transfer agency agreement, BNY Mellon serves as transfer agent for Penn Series.

#### Custodial Services
The Bank of New York Mellon, Inc., serves as custodian for Penn Series. In addition to transaction charges and out-of-pocket expenses, each of the Funds pay The Bank of New York Mellon, Inc., on a monthly basis, an annual custody fee of 0.007% for U.S. securities. The Bank of New York Mellon, Inc. serves as foreign custodian for Penn Series. There is a separate custody fee schedule for foreign securities.

#### Expenses and Limitations Thereon
Each Fund bears all expenses of its operations other than those incurred by PMAM and, if applicable its sub-adviser under its respective investment advisory agreement and those incurred by Penn Mutual under its administrative and corporate services agreement. PMAM and Penn Mutual have agreed to waive fees or reimburse expenses to the extent the Fund's total expense ratio (excluding nonrecurring account fees, fees on portfolio transactions, such as exchange fees, dividends and interest on securities sold short, acquired fund fees and expenses, service fees, interest, taxes, brokerage commissions, other capitalized expenses and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund's business, but including investment advisory and administrative and corporate services fees) exceeds the applicable expense limitation for the Fund. The expense limitations for the Funds are as follows:

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| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| Money Market Fund | 0.64% |
| Limited Maturity Bond Fund | 0.74% |
| Quality Bond Fund | 0.73% |
| High Yield Bond Fund | 0.92% |
| Flexibly Managed Fund | 0.94% |
| Balanced Fund | 0.79% |
| Large Growth Stock Fund | 1.02% |
| Large Cap Growth Fund | 0.89% |
| Large Core Growth Fund | 0.90% |
| Large Cap Value Fund | 0.96% |
| Large Core Value Fund | 0.96% |
| Index 500 Fund | 0.42% |
| Mid Cap Growth Fund | 1.00% |
| Mid Cap Value Fund | 0.83% |

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| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| Mid Core Value Fund | 1.11% |
| SMID Cap Growth Fund | 1.07% |
| SMID Cap Value Fund | 1.26% |
| Small Cap Growth Fund | 1.13% |
| Small Cap Value Fund | 1.02% |
| Small Cap Index Fund | 0.74% |
| Developed International Index Fund | 0.94% |
| International Equity Fund | 1.20% |
| Emerging Markets Equity Fund | 1.78% |
| Real Estate Securities Fund | 1.02% |
| Aggressive Allocation Fund\* | 0.40% |
| Moderately Aggressive Allocation Fund\* | 0.34% |
| Moderate Allocation Fund\* | 0.34% |

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| Moderately Conservative Allocation Fund\* | 0.35% |

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| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| Conservative Allocation Fund\* | 0.38% |

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\* For FOFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds.

Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund's future yield.

If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM's election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.

As of June 30, 2025, the Mid Cap Value Fund and Developed International Index Fund had waived and/or reimbursed advisory fees that are subject to potential recapture by PMAM through the periods stated below. If not recaptured, the waived and/or reimbursed advisory fees will expire according to the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**December 31,<br> 2026** | &nbsp;&nbsp;**December 31,<br> 2027** | &nbsp;&nbsp;**December 31,<br> 2028** | &nbsp;&nbsp;**Total** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16296 | &nbsp;&nbsp;$16296 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;6541 | &nbsp;&nbsp;&nbsp;&nbsp;2564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp;10307 |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8832 | &nbsp;&nbsp;&nbsp;&nbsp;11391 |

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During the six months ended June 30, 2025, previously waived advisory fees were recaptured by PMAM. The recaptured fees are shown as recaptured advisory fees on the statement of operations and are as follows:

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| | |
|:---|:---|
| Mid Cap Value Fund | &nbsp;&nbsp;$257 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;3151 |

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Total fees of $202,500 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2025. Directors who are also employees of PMAM or its affiliates and officers of the Company receive no compensation from the Company for their services.

#### 4 — Related Party Transactions
Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the six months ended June 30, 2025 were as follows:

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| | |
|:---|:---|
| SMID Cap Growth Fund | &nbsp;&nbsp;$1790 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;2567 |

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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Cross trades for the six months ended June 30, 2025, were executed by the Funds pursuant to procedures adopted by the Board of Directors designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board of Directors review such transactions for compliance with the procedures adopted by the Board of Directors. Pursuant to these procedures, for the six months ended June 30, 2025, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gain (loss) as follows:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$662510 | &nbsp;&nbsp;$122563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;43663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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A Summary of the FOF's total long-term and short-term purchases and sales of the shares of the underlying Funds during the six months ended June 30, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balanced Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 06/30/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 60.3%** | **Affiliated Equity Funds — 60.3%** | **Affiliated Equity Funds — 60.3%** |  |  |  |  |  |  |
| Penn Series Index 500 Fund<sup>\*</sup> | $47031032 | $2017636 | $4027107 | $2779043 | $6817 | $47807421 | &nbsp;&nbsp;848703 | $— |
| **Affiliated Fixed Income Funds — 39.3%** | **Affiliated Fixed Income Funds — 39.3%** | **Affiliated Fixed Income Funds — 39.3%** |  |  |  |  |  |  |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32030177 | &nbsp;&nbsp;&nbsp;1370517 | &nbsp;&nbsp;&nbsp;3519039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431568 | &nbsp;&nbsp;&nbsp;810479 | &nbsp;&nbsp;&nbsp;&nbsp;31123702 | 1837290 | &nbsp;&nbsp;&nbsp;— |
|  | $79061209 | $3388153 | $7546146 | $3210611 | $817296 | $78931123 |  | $— |

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\* Non-income producing security.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggressive Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 06/30/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 76.4%** | **Affiliated Equity Funds — 76.4%** | **Affiliated Equity Funds — 76.4%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $5168560 | $178917 | $590558 | $132674 | $170009 | $5059602 | &nbsp;&nbsp;44586 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;15361804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887761 | &nbsp;&nbsp;&nbsp;1723086 | &nbsp;&nbsp;&nbsp;&nbsp;779856 | &nbsp;&nbsp;&nbsp;&nbsp;129188 | &nbsp;&nbsp;&nbsp;15435523 | 274019 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569797 | &nbsp;&nbsp;&nbsp;12381 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3398013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7331) | &nbsp;&nbsp;&nbsp;&nbsp;3378182 | &nbsp;&nbsp;63535 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2278688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53454 | &nbsp;&nbsp;&nbsp;&nbsp;2280739 | &nbsp;&nbsp;59225 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2262574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7968) | &nbsp;&nbsp;&nbsp;&nbsp;2254745 | &nbsp;&nbsp;64238 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567633 | &nbsp;&nbsp;&nbsp;2222586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp;200095 | &nbsp;&nbsp;&nbsp;&nbsp;2887816 | &nbsp;&nbsp;28432 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54613 | &nbsp;&nbsp;&nbsp;&nbsp;(28784) | &nbsp;&nbsp;&nbsp;&nbsp;1148458 | &nbsp;&nbsp;29060 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127405 | &nbsp;&nbsp;&nbsp;33755 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2845635 | &nbsp;&nbsp;&nbsp;&nbsp;207969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101874 | &nbsp;&nbsp;&nbsp;&nbsp;(31503) | &nbsp;&nbsp;&nbsp;&nbsp;2796677 | &nbsp;&nbsp;&nbsp;71563 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2812516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17166 | &nbsp;&nbsp;&nbsp;&nbsp;2765960 | &nbsp;&nbsp;79895 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24746 | &nbsp;&nbsp;&nbsp;1069207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228344 | &nbsp;&nbsp;&nbsp;(305687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1668841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15142) | &nbsp;&nbsp;&nbsp;&nbsp;1710589 | &nbsp;&nbsp;49944 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50885 | &nbsp;&nbsp;&nbsp;&nbsp;(89414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143411 | &nbsp;&nbsp;&nbsp;23151 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37562 | &nbsp;&nbsp;&nbsp;&nbsp;(58416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133655 | &nbsp;&nbsp;27643 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 6.8%** | **Affiliated Fixed Income Funds — 6.8%** | **Affiliated Fixed Income Funds — 6.8%** |  |  |  |  |  |  |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553655 | &nbsp;&nbsp;&nbsp;37158 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3487334 | &nbsp;&nbsp;&nbsp;&nbsp;235008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95810 | &nbsp;&nbsp;&nbsp;&nbsp;3349482 | 197726 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 15.7%** | **Affiliated International Equity Funds — 15.7%** | **Affiliated International Equity Funds — 15.7%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2838500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282772 | &nbsp;&nbsp;&nbsp;&nbsp;247804 | &nbsp;&nbsp;&nbsp;&nbsp;2808688 | 130394 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2248836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63695 | &nbsp;&nbsp;&nbsp;1425943 | &nbsp;&nbsp;&nbsp;&nbsp;(133486) | &nbsp;&nbsp;&nbsp;&nbsp;380718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133820 | &nbsp;&nbsp;94801 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5110558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149322 | &nbsp;&nbsp;&nbsp;1023863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374895 | &nbsp;&nbsp;&nbsp;&nbsp;434500 | &nbsp;&nbsp;&nbsp;&nbsp;5045412 | 103369 | &nbsp;&nbsp;&nbsp;— |
|  | $56776725 | $5590575 | $9358876 | $2395865 | $1179327 | $56583616 |  | $— |

---

\* Non-income producing security.

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

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Aggressive Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 06/30/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 68.9%** | **Affiliated Equity Funds — 68.9%** | **Affiliated Equity Funds — 68.9%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $17884778 | $101727 | $1660544 | $1042830 | $(14348) | $17354443 | &nbsp;&nbsp;&nbsp;152930 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47249700 | &nbsp;&nbsp;&nbsp;&nbsp;1914820 | &nbsp;&nbsp;&nbsp;&nbsp;4836930 | &nbsp;&nbsp;&nbsp;2177446 | &nbsp;&nbsp;&nbsp;&nbsp;556564 | &nbsp;&nbsp;&nbsp;&nbsp;47061600 | &nbsp;&nbsp;&nbsp;835462 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954445 | &nbsp;&nbsp;&nbsp;&nbsp;42469 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11758019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966731 | &nbsp;&nbsp;&nbsp;&nbsp;457457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11587373 | &nbsp;&nbsp;&nbsp;&nbsp;217931 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942458 | &nbsp;&nbsp;&nbsp;&nbsp;2143986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867416 | &nbsp;&nbsp;&nbsp;&nbsp;152361 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640552 | &nbsp;&nbsp;&nbsp;&nbsp;290745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733652 | &nbsp;&nbsp;&nbsp;&nbsp;220331 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964157 | &nbsp;&nbsp;&nbsp;&nbsp;3770850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271690 | &nbsp;&nbsp;&nbsp;&nbsp;140730 | &nbsp;&nbsp;&nbsp;&nbsp;339298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943345 | &nbsp;&nbsp;&nbsp;&nbsp;58515 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377546 | &nbsp;&nbsp;&nbsp;&nbsp;224847 | &nbsp;&nbsp;&nbsp;&nbsp;(138212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939135 | &nbsp;&nbsp;&nbsp;&nbsp;99675 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933438 | &nbsp;&nbsp;&nbsp;&nbsp;57887 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9846703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916593 | &nbsp;&nbsp;&nbsp;&nbsp;282674 | &nbsp;&nbsp;&nbsp;&nbsp;(48094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9592651 | &nbsp;&nbsp;&nbsp;245462 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846131 | &nbsp;&nbsp;&nbsp;&nbsp;228614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9486821 | &nbsp;&nbsp;&nbsp;274027 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253 | &nbsp;&nbsp;&nbsp;&nbsp;1819098 | &nbsp;&nbsp;&nbsp;&nbsp;440726 | &nbsp;&nbsp;&nbsp;&nbsp;(571748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101538 | &nbsp;&nbsp;&nbsp;&nbsp;1684817 | &nbsp;&nbsp;&nbsp;&nbsp;(173433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867299 | &nbsp;&nbsp;&nbsp;&nbsp;171308 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76741 | &nbsp;&nbsp;&nbsp;&nbsp;(142485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960905 | &nbsp;&nbsp;&nbsp;&nbsp;39702 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123370 | &nbsp;&nbsp;&nbsp;&nbsp;(195763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888372 | &nbsp;&nbsp;&nbsp;&nbsp;94815 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 16.7%** | **Affiliated Fixed Income Funds — 16.7%** | **Affiliated Fixed Income Funds — 16.7%** |  |  |  |  |  |  |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797989 | &nbsp;&nbsp;&nbsp;254899 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30168461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143395 | &nbsp;&nbsp;&nbsp;&nbsp;3753523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44435 | &nbsp;&nbsp;&nbsp;&nbsp;1118034 | &nbsp;&nbsp;&nbsp;&nbsp;28720802 | 1695443 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 13.9%** | **Affiliated International Equity Funds — 13.9%** | **Affiliated International Equity Funds — 13.9%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55333 | &nbsp;&nbsp;&nbsp;&nbsp;2048811 | &nbsp;&nbsp;&nbsp;&nbsp;656902 | &nbsp;&nbsp;&nbsp;&nbsp;1149463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9634762 | &nbsp;&nbsp;&nbsp;447296 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200 | &nbsp;&nbsp;&nbsp;&nbsp;2637550 | &nbsp;&nbsp;&nbsp;&nbsp;(353443) | &nbsp;&nbsp;&nbsp;1010883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889278 | &nbsp;&nbsp;&nbsp;&nbsp;325191 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13754160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77466 | &nbsp;&nbsp;&nbsp;&nbsp;2518355 | &nbsp;&nbsp;&nbsp;&nbsp;891792 | &nbsp;&nbsp;&nbsp;&nbsp;1256109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13461172 | &nbsp;&nbsp;&nbsp;275787 | &nbsp;&nbsp;&nbsp;— |
|  | $196989883 | $12045424 | $26815964 | $6778472 | $4677083 | $193674898 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderate Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 06/30/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 53.1%** | **Affiliated Equity Funds — 53.1%** | **Affiliated Equity Funds — 53.1%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $17882666 | $63093 | $1675298 | $1053827 | $(22682) | $17301606 | &nbsp;&nbsp;&nbsp;&nbsp;152464 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39370411 | &nbsp;&nbsp;&nbsp;&nbsp;1951468 | &nbsp;&nbsp;&nbsp;&nbsp;4520514 | &nbsp;&nbsp;&nbsp;2037214 | &nbsp;&nbsp;&nbsp;&nbsp;257908 | &nbsp;&nbsp;&nbsp;39096487 | &nbsp;&nbsp;&nbsp;694062 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111291 | &nbsp;&nbsp;&nbsp;&nbsp;(53899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948418 | &nbsp;&nbsp;&nbsp;&nbsp;42339 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776014 | &nbsp;&nbsp;&nbsp;&nbsp;108633 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1919397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949760 | &nbsp;&nbsp;&nbsp;&nbsp;50630 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855042 | &nbsp;&nbsp;&nbsp;109830 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Growth Stock Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963965 | &nbsp;&nbsp;&nbsp;&nbsp;1947870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123735 | &nbsp;&nbsp;&nbsp;&nbsp;3949806 | &nbsp;&nbsp;&nbsp;&nbsp;38888 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426573 | &nbsp;&nbsp;&nbsp;&nbsp;201368 | &nbsp;&nbsp;&nbsp;&nbsp;(112740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926917 | &nbsp;&nbsp;&nbsp;&nbsp;99365 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9845349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855546 | &nbsp;&nbsp;&nbsp;&nbsp;264769 | &nbsp;&nbsp;&nbsp;&nbsp;(28406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563633 | &nbsp;&nbsp;&nbsp;&nbsp;244719 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7567082 | &nbsp;&nbsp;&nbsp;&nbsp;218575 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30227 | &nbsp;&nbsp;&nbsp;&nbsp;1690422 | &nbsp;&nbsp;&nbsp;&nbsp;(185847) | &nbsp;&nbsp;&nbsp;&nbsp;(28380) | &nbsp;&nbsp;&nbsp;&nbsp;3899464 | &nbsp;&nbsp;&nbsp;&nbsp;113853 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87703 | &nbsp;&nbsp;&nbsp;&nbsp;(152166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954851 | &nbsp;&nbsp;&nbsp;&nbsp;39580 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65813 | &nbsp;&nbsp;&nbsp;&nbsp;(101258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938227 | &nbsp;&nbsp;&nbsp;&nbsp;47262 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 36.5%** | **Affiliated Fixed Income Funds — 36.5%** | **Affiliated Fixed Income Funds — 36.5%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612039 | &nbsp;&nbsp;&nbsp;384059 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121668 | &nbsp;&nbsp;&nbsp;&nbsp;5679958 | &nbsp;&nbsp;&nbsp;&nbsp;381205 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60330018 | &nbsp;&nbsp;&nbsp;&nbsp;1753883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131581 | &nbsp;&nbsp;&nbsp;&nbsp;750937 | &nbsp;&nbsp;&nbsp;1565437 | &nbsp;&nbsp;&nbsp;&nbsp;57268694 | 3380678 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 9.9%** | **Affiliated International Equity Funds — 9.9%** | **Affiliated International Equity Funds — 9.9%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7856584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28042 | &nbsp;&nbsp;&nbsp;&nbsp;1644664 | &nbsp;&nbsp;&nbsp;&nbsp;553484 | &nbsp;&nbsp;&nbsp;&nbsp;890748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7684194 | &nbsp;&nbsp;&nbsp;&nbsp;356741 | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderate Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 06/30/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| Penn Series Emerging Markets Equity Fund<sup>\*</sup> | $5835336 | $20379 | $2635098 | $(557071) | $1213728 | $3877274 | &nbsp;&nbsp;&nbsp;&nbsp;324187 | $— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7858561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446174 | &nbsp;&nbsp;&nbsp;&nbsp;552888 | &nbsp;&nbsp;&nbsp;&nbsp;675247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668564 | &nbsp;&nbsp;&nbsp;&nbsp;157110 | &nbsp;&nbsp;&nbsp;— |
|  | $198076867 | $9799974 | $25994799 | $5923727 | $4712261 | $192518030 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderately Conservative Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 06/30/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 35.9%** | **Affiliated Equity Funds — 35.9%** | **Affiliated Equity Funds — 35.9%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $5979826 | $176398 | $768551 | $381208 | $(40579) | $5728302 | &nbsp;&nbsp;&nbsp;&nbsp;50478 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9626941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743868 | &nbsp;&nbsp;&nbsp;&nbsp;1456149 | &nbsp;&nbsp;&nbsp;&nbsp;501770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49057 | &nbsp;&nbsp;&nbsp;&nbsp;9465487 | &nbsp;&nbsp;&nbsp;168036 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Growth Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725732 | &nbsp;&nbsp;&nbsp;&nbsp;15770 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151359 | &nbsp;&nbsp;&nbsp;&nbsp;40462 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23056 | &nbsp;&nbsp;&nbsp;&nbsp;1435864 | &nbsp;&nbsp;&nbsp;&nbsp;40908 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2222208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118159 | &nbsp;&nbsp;&nbsp;&nbsp;(66306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137229 | &nbsp;&nbsp;&nbsp;&nbsp;54689 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2928355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89503 | &nbsp;&nbsp;&nbsp;&nbsp;2818380 | &nbsp;&nbsp;&nbsp;&nbsp;81409 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Small Cap Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726200 | &nbsp;&nbsp;&nbsp;&nbsp;21203 | &nbsp;&nbsp;&nbsp;— |
| Penn Series SMID Cap Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721915 | &nbsp;&nbsp;&nbsp;&nbsp;17603 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 56.1%** | **Affiliated Fixed Income Funds — 56.1%** | **Affiliated Fixed Income Funds — 56.1%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3790198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84387 | &nbsp;&nbsp;&nbsp;&nbsp;3544037 | &nbsp;&nbsp;&nbsp;&nbsp;178811 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5342889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87109 | &nbsp;&nbsp;&nbsp;&nbsp;4936396 | &nbsp;&nbsp;&nbsp;&nbsp;331302 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;34043749 | &nbsp;&nbsp;&nbsp;&nbsp;1123986 | &nbsp;&nbsp;&nbsp;&nbsp;4472903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48441 | &nbsp;&nbsp;&nbsp;1252796 | &nbsp;&nbsp;&nbsp;31996069 | 1888788 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 6.9%** | **Affiliated International Equity Funds — 6.9%** | **Affiliated International Equity Funds — 6.9%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2216647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183733 | &nbsp;&nbsp;&nbsp;&nbsp;2146545 | &nbsp;&nbsp;&nbsp;&nbsp;99654 | &nbsp;&nbsp;&nbsp;— |
| Penn Series International Equity Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2956267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382411 | &nbsp;&nbsp;&nbsp;&nbsp;2856217 | &nbsp;&nbsp;&nbsp;&nbsp;58517 | &nbsp;&nbsp;&nbsp;— |
|  | $74979359 | $3006399 | $10264028 | $1702617 | $1965385 | $71389732 |  | $— |

---

\* Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Conservative Allocation Fund** | **Total<br> Value at<br> 12/31/24** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Value at<br> 06/30/25** | **Number of<br> Shares** | **Dividend<br> Income** |
| **Affiliated Equity Funds — 20.7%** | **Affiliated Equity Funds — 20.7%** | **Affiliated Equity Funds — 20.7%** |  |  |  |  |  |  |
| Penn Series Flexibly Managed Fund<sup>\*</sup> | $3366309 | $366796 | $618614 | $229849 | $(28118) | $3316222 | &nbsp;&nbsp;&nbsp;&nbsp;29223 | $— |
| Penn Series Index 500 Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525155 | &nbsp;&nbsp;&nbsp;&nbsp;696833 | &nbsp;&nbsp;&nbsp;&nbsp;236913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372148 | &nbsp;&nbsp;&nbsp;&nbsp;59864 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Large Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415629 | &nbsp;&nbsp;&nbsp;&nbsp;11841 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Mid Core Value Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134530 | &nbsp;&nbsp;&nbsp;&nbsp;49910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824839 | &nbsp;&nbsp;&nbsp;&nbsp;21107 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Real Estate Securities Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815847 | &nbsp;&nbsp;&nbsp;&nbsp;23566 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated Fixed Income Funds — 74.9%** | **Affiliated Fixed Income Funds — 74.9%** | **Affiliated Fixed Income Funds — 74.9%** |  |  |  |  |  |  |
| Penn Series High Yield Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182197 | &nbsp;&nbsp;&nbsp;&nbsp;359722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051726 | &nbsp;&nbsp;&nbsp;103518 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Limited Maturity Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5156316 | &nbsp;&nbsp;&nbsp;&nbsp;447057 | &nbsp;&nbsp;&nbsp;&nbsp;862002 | &nbsp;&nbsp;&nbsp;&nbsp;89502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68236 | &nbsp;&nbsp;&nbsp;&nbsp;4899109 | &nbsp;&nbsp;328799 | &nbsp;&nbsp;&nbsp;— |
| Penn Series Quality Bond Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;25550904 | &nbsp;&nbsp;&nbsp;2467267 | &nbsp;&nbsp;&nbsp;4295514 | &nbsp;&nbsp;&nbsp;(173570) | &nbsp;&nbsp;&nbsp;1148958 | &nbsp;&nbsp;&nbsp;24698045 | 1457972 | &nbsp;&nbsp;&nbsp;— |
| **Affiliated International Equity Funds — 2.0%** | **Affiliated International Equity Funds — 2.0%** | **Affiliated International Equity Funds — 2.0%** |  |  |  |  |  |  |
| Penn Series Developed International Index Fund<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51152 | &nbsp;&nbsp;&nbsp;&nbsp;104499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828387 | &nbsp;&nbsp;&nbsp;&nbsp;38458 | &nbsp;&nbsp;&nbsp;— |
|  | $42445942 | $4319552 | $7402139 | $568010 | $1290587 | $41221952 |  | $— |

---

\* Non-income producing security.

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

#### 5 — Purchases and Sales of Securities
During the six months ended June 30, 2025, the Funds made the following purchases and sales of portfolio securities, other than short-term securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**Other Investment Securities** | &nbsp;&nbsp;**Other Investment Securities** |
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2901810 | &nbsp;&nbsp;$5434965 | &nbsp;&nbsp;$9877332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25137634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48554124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29055004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30865477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95461505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104062164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;1083932127 | &nbsp;&nbsp;&nbsp;&nbsp;1135136348 | &nbsp;&nbsp;&nbsp;&nbsp;1738154596 | &nbsp;&nbsp;&nbsp;&nbsp;2189272995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61159713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76602093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14668501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18156016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47239596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57564907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42527208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49394976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13218696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35397884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35505395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43936583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19467725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24824138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28676901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32710645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45284894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46638359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17760016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20044176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12405283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20119940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62121115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71145184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8005436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13966832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271914151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289522200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40293991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49568118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17197567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9358876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12045424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26815964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9799974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25994799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10264028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7402139 |

---

#### 6 — Federal Income Taxes
Each Fund has qualified and intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2024, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.

On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the "Act") was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:

The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 ("post-enactment losses") to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

the Act ("pre-enactment losses"). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.

The Act provides that a RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term "qualified late-year loss" means any post-October capital loss and any late-year ordinary loss.

The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for "inadvertent" failures of the asset diversification and/or qualifying income tests.

#### Reclassification of Capital Accounts:
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/ tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2024, primarily attributable to consent dividends, were reclassed between the following accounts:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Total<br> distributable<br> earnings<br> (loss)** | &nbsp;&nbsp;**Increase<br> (Decrease)<br> Paid-in Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;$199 | &nbsp;&nbsp;$(199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6597587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14945851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14945851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7978769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;(658567203) | &nbsp;&nbsp;&nbsp;&nbsp;658567203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8480990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8480990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25335199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25335199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9274742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9274742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18748632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18748632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15469118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15469118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65944151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65944151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18966229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18966229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11462786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11462786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6753177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4475335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11668985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11668985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11883456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11883456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6872829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5735728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23134841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23134841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5937689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5287244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16860978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16860978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16975145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16975145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5035695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2347306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347306 |

---

These reclassifications had no effect on net assets or net asset value per share.

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

#### Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Income and<br> Short-Term Capital Gains** | **Ordinary Income and<br> Short-Term Capital Gains** | **Long-Term Capital Gains** | **Long-Term Capital Gains** | **Total** | **Total** |
|  | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | $6724790 | $6906555 | $— | $— | $6724790 | $6906555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7727577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7727577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14945851 | &nbsp;&nbsp;&nbsp;&nbsp;15249551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14945851 | &nbsp;&nbsp;&nbsp;&nbsp;15249551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978769 | &nbsp;&nbsp;&nbsp;&nbsp;7683443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7683443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;209082081 | &nbsp;&nbsp;&nbsp;111462107 | &nbsp;&nbsp;&nbsp;449485122 | &nbsp;&nbsp;&nbsp;&nbsp;47015625 | &nbsp;&nbsp;&nbsp;658567203 | &nbsp;&nbsp;&nbsp;158477732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653368 | &nbsp;&nbsp;&nbsp;&nbsp;1599283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11784773 | &nbsp;&nbsp;&nbsp;&nbsp;8600945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438141 | &nbsp;&nbsp;&nbsp;&nbsp;10200228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193960 | &nbsp;&nbsp;&nbsp;&nbsp;26901322 | &nbsp;&nbsp;&nbsp;&nbsp;19940588 | &nbsp;&nbsp;&nbsp;&nbsp;26901322 | &nbsp;&nbsp;&nbsp;&nbsp;20134548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9274742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7728373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615589 | &nbsp;&nbsp;&nbsp;&nbsp;2680859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16133043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150162 | &nbsp;&nbsp;&nbsp;&nbsp;18748632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8831021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489564 | &nbsp;&nbsp;&nbsp;&nbsp;5243914 | &nbsp;&nbsp;&nbsp;&nbsp;10979554 | &nbsp;&nbsp;&nbsp;&nbsp;5960444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15469118 | &nbsp;&nbsp;&nbsp;&nbsp;11204358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8658844 | &nbsp;&nbsp;&nbsp;&nbsp;8829727 | &nbsp;&nbsp;&nbsp;&nbsp;57285307 | &nbsp;&nbsp;&nbsp;40086962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65944151 | &nbsp;&nbsp;&nbsp;&nbsp;48916689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19617208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7147405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19617208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7147405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9338621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11462786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879820 | &nbsp;&nbsp;&nbsp;&nbsp;2120964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11012082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691149 | &nbsp;&nbsp;&nbsp;&nbsp;11668985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11883456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5606511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77245 | &nbsp;&nbsp;&nbsp;&nbsp;23383835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23383835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325088 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Income and<br> Short-Term Capital Gains** | **Ordinary Income and<br> Short-Term Capital Gains** | **Long-Term Capital Gains** | **Long-Term Capital Gains** | **Total** | **Total** |
|  | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | $3645409 | $2700723 | $2292280 | $3790476 | $5937689 | $6491199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8993629 | &nbsp;&nbsp;&nbsp;&nbsp;4684668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5493614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415187 | &nbsp;&nbsp;&nbsp;&nbsp;28624832 | &nbsp;&nbsp;&nbsp;&nbsp;17020495 | &nbsp;&nbsp;&nbsp;&nbsp;32667577 | &nbsp;&nbsp;&nbsp;&nbsp;20435682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332742 | &nbsp;&nbsp;&nbsp;&nbsp;4705610 | &nbsp;&nbsp;&nbsp;&nbsp;25970730 | &nbsp;&nbsp;&nbsp;&nbsp;20169385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31303472 | &nbsp;&nbsp;&nbsp;&nbsp;24874995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608911 | &nbsp;&nbsp;&nbsp;&nbsp;2208864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7532675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10141586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413090 |

---

Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.

#### Capital loss carryforwards:
At December 31, 2024, the following Funds had capital loss carryforwards (post-enactment losses) available to offset future realized capital gains:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Capital Loss** | &nbsp;&nbsp;**Long-Term<br> Capital Loss** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | $(1334) | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(1124743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6662913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;(11394108) | &nbsp;&nbsp;&nbsp;&nbsp;(31781684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(1687723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4627058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;(13573064) | &nbsp;&nbsp;&nbsp;&nbsp;(47453380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;(788694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;(11463221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9100639) |

---

During the year ended December 31, 2024, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | $1909956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;4911176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;10283819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;7941965 |

---

------

[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

------

#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

#### Tax cost of securities:
At June 30, 2025, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation/<br> Depreciation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;$126967579 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Maturity Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71646778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2418122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2088576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357977496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631774 | &nbsp;&nbsp;&nbsp;&nbsp;(16754366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14122592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116188260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;4691739306 | &nbsp;&nbsp;&nbsp;&nbsp;616537442 | &nbsp;&nbsp;&nbsp;&nbsp;(167167528) | &nbsp;&nbsp;&nbsp;&nbsp;449369914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53369836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25918762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25918762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196219812 | &nbsp;&nbsp;&nbsp;&nbsp;182543615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4414979) | &nbsp;&nbsp;&nbsp;&nbsp;178128636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51013262 | &nbsp;&nbsp;&nbsp;&nbsp;23038206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2679748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20358458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94983275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45511149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3822129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41689020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137199737 | &nbsp;&nbsp;&nbsp;&nbsp;28608585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4317115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24291470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112035872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17696534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4938022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12758512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391948494 | &nbsp;&nbsp;&nbsp;&nbsp;505136916 | &nbsp;&nbsp;&nbsp;&nbsp;(19064484) | &nbsp;&nbsp;&nbsp;&nbsp;486072432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105897891 | &nbsp;&nbsp;&nbsp;&nbsp;27764078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5141169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22622909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68146096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19623515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3025311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16598204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73287946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5720090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61792743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10983148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2668697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8314451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMID Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45214053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3408960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66657954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33947814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6181099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27766715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134727487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12261737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8903503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75950149 | &nbsp;&nbsp;&nbsp;&nbsp;17490889 | &nbsp;&nbsp;&nbsp;&nbsp;(17049520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50435800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36167296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3202530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32964766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220545236 | &nbsp;&nbsp;&nbsp;&nbsp;27774494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4205631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23568863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58510038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11383921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1350474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10033447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95285811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11345615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8546771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43700353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13305421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13085016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146294146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48228147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47954513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153693704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40127209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39998361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderately Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62339959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9877411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38734391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506260 |

---

The differences between book basis and tax basis appreciation are primarily due to wash sales, Passive Foreign Investment Companies, Partnership Investments, Trust Preferred Securities, real estate investment trust adjustments, and the treatment of certain corporate actions.

It is each Fund's policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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#### 7 — Derivative Financial Instruments
The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include purchase options, written options, forward foreign currency exchange contracts and futures contracts.

The notional or contractual amounts of these instruments represent the investment the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

***Futures Contracts—A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.***

To the extent permitted by the investment objective, restrictions and policies set forth in the Funds' Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn "market-like" returns with the Funds' excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the Funds' investment objectives.

Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of greater loss than if these techniques had not been used by a Fund. These investments can also increase the Fund's share price and expose the Fund to significant additional costs.

The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the six months ended June 30, 2025. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at June 30, 2025 are listed after the Fund's Schedule of Investments.

***Options—An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.***

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statements of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statements of Operations.

The Flexibly Managed and Mid Cap Growth Funds received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.

The total market value of written options held in the Flexibly Managed Fund as of June 30, 2025 can be found on the Schedule of Investments.

***Forward Foreign Currency Contracts—A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.***

The Mid Core Value Fund and Developed International Index Fund entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Fund hedged currencies in times of base currency weakness in order to reduce the volatility of returns for the local securities which the Fund owns.

Foreign forward currency contracts involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the portfolio manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between the Fund's portfolio holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position. These investments can also increase the volatility of the Fund's share price and expose the Fund to significant additional costs. The forward foreign currency contracts outstanding are listed after the Fund's Schedule of Investments.

The following is a summary of the location of derivatives on the Funds' Statements of Assets and Liabilities as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Location on the Statements of Assets and Liabilities** | &nbsp;&nbsp;**Location on the Statements of Assets and Liabilities** |
| **Derivative Type** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| Equity contracts | &nbsp;&nbsp;Investments at value<br> Futures variation margin receivable\* | &nbsp;&nbsp;Call options written, at value<br> Futures variation margin payable\* |
| Foreign currency contracts | &nbsp;&nbsp;Net unrealized appreciation of forward<br> foreign currency contracts | &nbsp;&nbsp;Net unrealized depreciation of forward<br> foreign currency contracts |
| Interest rate contracts | &nbsp;&nbsp;Futures variation margin receivable\* | &nbsp;&nbsp;Futures variation margin payable\* |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The following is a summary of the gross amount of each Fund's derivative instrument holdings categorized by primary risk exposure as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** |
|  | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Quality Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$150746 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11477194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;68966 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(116577) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**ASSET DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** | &nbsp;&nbsp;**LIABILITY DERIVATIVE VALUE** |
|  | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Developed International Index Fund | &nbsp;&nbsp;$25394 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(10494) | &nbsp;&nbsp;$— |

---

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement" or "ISDA") with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts ("Fx Letters"). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter ("OTC") traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (closeout netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange contracts. Fx Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and Fx Letters containing netting provisions may be referred to as Master Netting Agreements ("MNA").

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

The following table presents derivative assets and liabilities net of amounts available for offset under a MNA and, as applicable, the related collateral and potential loss exposure to each Fund as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Gross Amounts Presented<br> on Statements of Assets<br> and Liabilities** | &nbsp;&nbsp;**Gross Amounts Presented<br> on Statements of Assets<br> and Liabilities** |  |  |  |
| **Fund and Counterparty** | &nbsp;&nbsp;**Form of<br> Master<br> Netting<br> Agreement** | &nbsp;&nbsp;**Value of<br> Assets** | &nbsp;&nbsp;**Value of<br> Liabilities** | &nbsp;&nbsp;**Net Amount<br> Due (to)/from<br> Counterparty** | &nbsp;&nbsp;**Collateral Pledged<br> (Received by<br> Fund)** | &nbsp;&nbsp;**Loss Exposure,<br> After Collateral** |
| **Flexibly Managed Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1842580) | &nbsp;&nbsp;$(1842580) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1842580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2610330) | &nbsp;&nbsp;&nbsp;&nbsp;(2610330) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2610330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405708) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3225081) | &nbsp;&nbsp;&nbsp;&nbsp;(3225081) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3225081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746376) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Securities | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1840801) | &nbsp;&nbsp;&nbsp;&nbsp;(1840801) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1840801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;ISDA | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806318) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(11477194) | &nbsp;&nbsp;$(11477194) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(11477194) |

---

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Gross Amounts Presented<br> on Statements of Assets<br> and Liabilities** | &nbsp;&nbsp;**Gross Amounts Presented<br> on Statements of Assets<br> and Liabilities** |  |  |  |
| **Fund and Counterparty** | &nbsp;&nbsp;**Form of<br> Master<br> Netting<br> Agreement** | &nbsp;&nbsp;**Value of<br> Assets** | &nbsp;&nbsp;**Value of<br> Liabilities** | &nbsp;&nbsp;**Net Amount<br> Due (to)/from<br> Counterparty** | &nbsp;&nbsp;**Collateral Pledged<br> (Received by<br> Fund)** | &nbsp;&nbsp;**Loss Exposure,<br> After Collateral** |
| **Mid Core Value Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(14406) | &nbsp;&nbsp;$(14406) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(14406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14218) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32440) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18023) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19082) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18408) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(116577) | &nbsp;&nbsp;$(116577) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(116577) |
| **Developed International Index Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong & Shanghai Bank | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5190) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Capital Markets Corp. | &nbsp;&nbsp;Fx Letter | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5304) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(10494) | &nbsp;&nbsp;$(10494) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(10494) |

---

The following is a summary of the location of derivatives on the Funds' Statements of Operations as of June 30, 2025:

---

| | |
|:---|:---|
| **Derivative Type** | &nbsp;&nbsp;**Location of Gain (Loss) on Derivatives Recognized in Income** |
| Equity contracts | &nbsp;&nbsp;Net realized gain (loss) on futures contracts<br> Net realized gain (loss) on purchased options<br> Net realized gain (loss) on written options<br> Net change in unrealized appreciation (depreciation) of futures contracts<br> Net change in unrealized appreciation (depreciation) of purchased options<br> Net change in unrealized appreciation (depreciation) of written options |
| Interest rate contracts | &nbsp;&nbsp;Net realized gain (loss) on futures contracts<br> Net change in unrealized appreciation (depreciation) of futures contracts |
| Foreign currency contracts | &nbsp;&nbsp;Net realized gain (loss) on forward foreign currency contracts<br> Net change in unrealized appreciation (depreciation) of forward foreign<br> currency contracts |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$136956 |
| Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;210436 |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;5690340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(412887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Income** |
| **Fund** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Foreign Currency<br> Contracts** | &nbsp;&nbsp;**Interest Rate<br> Contracts** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(81368) |
| Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;461087 |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;(5181203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(185859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122187 | &nbsp;&nbsp;&nbsp;&nbsp;(20786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2025. The average balance of derivatives held is indicative of the trading volume of each Fund.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Average Derivative Volume** | &nbsp;&nbsp;**Average Derivative Volume** | &nbsp;&nbsp;**Average Derivative Volume** | &nbsp;&nbsp;**Average Derivative Volume** | &nbsp;&nbsp;**Average Derivative Volume** |
| **Fund** | &nbsp;&nbsp;**Forward foreign<br> currency<br> contracts<br> (average cost)** | &nbsp;&nbsp;**Futures<br> contracts<br> (average<br> notional<br> value)<br> long** | &nbsp;&nbsp;**Futures<br> contracts<br> (average<br> notional<br> value)<br> short** | &nbsp;&nbsp;**Purchased<br> options<br> (average<br> notional<br> cost)** | &nbsp;&nbsp;**Written<br> options<br> (premiums<br> received)** |
| Limited Maturity Bond Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(758958) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19872006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Flexibly Managed Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9262210) |
| Index 500 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Core Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;(5316513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Developed International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The Large Growth Stock Fund and Emerging Markets Equity Fund had derivative activity during the period but did not have open positions at any quarter-end.

#### 8 — Credit and Market Risk
The Funds may invest a portion of their assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds' ability to dispose of them in a timely manner and at a fair price when it is necessary or preferable to do so.

The high yield securities in which the High Yield Bond Fund may invest are predominantly speculative as to the issuer's continuing ability to meet principal and interest payments. The value of the lower quality securities in which the High Yield Bond Fund may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.

The High Yield Bond, Flexibly Managed, Large Core Growth, Mid Core Value, Small Cap Growth, Developed International Index, International Equity and the Emerging Markets Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Funds or less than what may be considered the fair value of such securities. Further, companies

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#### Penn Series Funds, Inc.

#### Notes to Financial Statements — June 30, 2025(Unaudited)

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whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

#### 9 — Contractual Obligations
In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.

#### 10 — Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that no additional subsequent events require recognition or disclosure in the financial statements.

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#### Penn Series Funds, Inc.

#### June 30, 2025(Unaudited)

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#### Disclosure of Portfolio Holdings
Pursuant to applicable law, the Funds are required to disclose to the SEC their complete portfolio holdings monthly on Form N-PORT, within 60 days of the end of each month and within 5 days after the end of each month for the Money Market Fund on Form N-MFP. Portfolio holdings reported for the last month of each fiscal quarter are made publicly available by the SEC 60 days after the end of the fiscal quarter. Holdings reports filed with the SEC on Forms N-PORT and N-MFP are not distributed to Fund shareholders, but are available, free of charge, on the EDGAR database on the SEC's website at <u>http://www.sec.gov.</u>

#### Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund's portfolios is available, without charge and upon request, on the Fund's website at <u>http://www.pennmutual.com</u> or on the SEC's website at <u>http://www.sec.gov</u>. Information regarding how the Fund voted proxies for the most recent twelve-month period ended June 30, 2025 is available on the Fund's website at <u>http://www.pennmutual.com</u> and on the SEC's website at <u>http://www.sec.gov.</u>

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#### Penn Series Funds, Inc.

#### June 30, 2025

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#### Board Approval of Amended Sub-Advisory Agreements with SSGA and Vontobel
At a meeting held on February 26, 2025 (the "Meeting"), the Board of Directors (the "Board"), including all of the Directors who are not "interested persons," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of Penn Series Funds, Inc. (the "Company") (collectively, the "Independent Directors"), considered and unanimously approved, (i) an amendment to the Investment Sub-Advisory Agreement (the "Amended SSGA Agreement") between Penn Mutual Asset Management, LLC (the "Adviser") and SSGA Funds Management, Inc. ("SSGA" or the "Sub-Adviser") modifying the sub-advisory fee rates paid by the Adviser to SSGA for the services provided to the Index 500 Fund, Small Cap Index Fund and Developed International Index Fund and (ii) an Amended and Restated Investment Sub-Advisory Agreement (the "Amended Vontobel Agreement" and, collectively with the Amended SSGA Agreement, the "Amended Agreements") between the Adviser and Vontobel Asset Management, Inc. ("Vontobel" or the "Sub-Adviser") modifying the sub-advisory fee rates paid by the Adviser to Vontobel for the services provided to the Emerging Markets Equity Fund and International Equity Fund.

In preparation for the Meeting, the Board received and reviewed written materials related to the proposed changes to the sub-advisory fee rates. The materials provided included information pertaining to (i) each Sub-Adviser's leadership, organizational structure, corporate changes, and financial condition, (ii) the performance of each Fund versus its benchmark and peer funds, as identified by an independent third party ("Peer Funds"), (iii) the level of the investment advisory fees, sub-advisory fees and overall expense ratios of each Fund, as applicable, as well as comparisons of such fees and expenses with those incurred by each Fund's Peer Funds, (iv) the costs to each Sub-Adviser of providing such services, including a detailed profitability analysis applicable to PMAM and the Sub-Adviser, (v) each Sub-Adviser's risk management and compliance program, and (vi) various other matters relevant to the operations of and services provided by each Sub-Adviser.

The Directors recognized that the existing sub-advisory agreements (the "Existing Sub-Advisory Agreements") for the Index 500 Fund, the Small Cap Index Fund, the Developed International Index Fund, the Emerging Markets Equity Fund and the International Equity Fund (each, a "Fund," and collectively, the "Funds") have been reviewed by the Board and discussed with the Adviser in prior years and that the Directors' conclusions may take into account conclusions reached during their consideration of these Existing Sub-Advisory Agreements in prior years. In this regard, the Board noted that it had most recently considered and approved the renewal of the Existing Sub-Advisory Agreements with SSGA and Vontobel with respect to their respective funds at a meeting held on May 23, 2024 (the "May 2024 Meeting"), in connection with the 2024 annual renewal of the Existing Sub-Advisory Agreement with respect to each Fund. At the May 2024 Meeting, the Board, including the Independent Directors, on the basis of their business judgment after review of the information provided, concluded that the renewal of each Existing Sub-Advisory Agreement was in the best interests of each Fund and its investors and that the sub-advisory fee rate with respect to each Fund as set forth in the Existing Sub-Advisory Agreement was fair and reasonable.

In considering whether to approve the Amended Agreements, the Board considered and discussed a substantial amount of information and analysis also provided by the Adviser at the Meeting, as well as at the May 2024 Meeting and prior Board meetings. The Board had the opportunity to request additional information in connection with its considerations and to discuss this information with Adviser personnel, including representatives from the compliance and finance departments, and investment personnel. The Board engaged in substantive discussions with them concerning the proposal. The Board also was advised of its legal responsibilities and obligations by Fund counsel.

The Board also recognized that, except for the effective date, the fee schedule, and minor clerical updates, the terms of the Amended Agreements and the terms of the corresponding Existing Sub-Advisory Agreement were substantially identical. In determining to approve the Amended Agreements with respect to each Fund, the Board considered at the Meeting the same factors it reviewed and conclusions it reached, as applicable, in connection with its 2024 annual renewal of the Existing Sub-Advisory Agreements, including the Board's general satisfaction with the nature and quality of the services being provided by the applicable Sub-Adviser, and focused its review on the potential impact of the change in sub-advisory fees on these factors and conclusions. In connection with its evaluation of each Amended Agreement, the Board considered the following factors:

*Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by each Sub-Adviser to the Funds and the resources of the Sub-Adviser dedicated to the support of the applicable Funds. In this regard, the Directors evaluated, among other things, the Sub-Adviser's personnel, experience, track record and compliance program. The Directors found the level of each Sub-Adviser's professional staff and culture of compliance satisfactory. The Board also considered that each Sub-Adviser had provided a certification to the Board that there would be no changes to the type and quality of services provided by the Sub-Adviser in connection with the proposed fee modifications. Following its evaluation,*

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#### Penn Series Funds, Inc.

#### June 30, 2025

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#### Board Approval of Amended Sub-Advisory Agreements with SSGA and Vontobel (continued)
the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by each Sub-Adviser to each respective Fund and the resources of each Sub-Adviser supported the approval of each Amended Agreement.

*Fund Performance. The Board considered each Fund's performance in determining whether to approve the corresponding Amended Agreement. Specifically, the Directors considered each Fund's performance relative to its peer groups and appropriate indices/benchmarks, in light of total return, yield and market trends. For purposes of evaluating the performance of each Fund, the Board also considered discussions with the Adviser and each Sub-Adviser about Fund investment performance that occurred at Board meetings since the May 2024 Meeting. The Board also noted that they had reviewed each Sub-Adviser's performance through their oversight of its management of the applicable Funds since its appointment as sub-adviser to the Funds. In evaluating performance, the Directors considered both market risk and shareholder risk expectations for the Funds. The Board also took into account factors including general market conditions, interest rate and inflation levels, and credit conditions. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of each Fund supported the approval of the applicable Amended Agreement.*

*Fund Expenses. With respect to each Fund's expenses, the Directors considered the effect of the proposed modifications to the Fund's sub-advisory fee rate schedules. In particular, the Board noted that the modifications to the sub-advisory fee rates would have no impact on the fees and expenses borne by shareholders of any Fund. The Adviser noted that under each Amended Agreement, breakpoints were being eliminated and the Sub-Adviser would be paid a flat percentage rate based on assets under management. The Board considered the Adviser's explanation for the change, noting that at current asset levels, the fee modifications resulted in a reduction in sub-advisory fees paid for each Fund. Further, with respect to the Developed International Index Fund and the Emerging Markets Equity Fund, it was noted that higher asset level breakpoints were being eliminated because the Fund was not expected to increase in assets in a way that would make such breakpoints attainable, and that the new structure had the benefit of providing a lower current percentage fee across all assets. Following its evaluation, the Board concluded that, within the context of its full deliberations, the proposed sub-advisory fee schedule of each Fund was reasonable and supported the approval of the Amended Agreement.*

*Profitability. With regard to profitability, the Directors were presented with information about the effect of the proposed new fee schedule, if approved, on each Sub-Adviser and Adviser's profitability in connection with its management of the Funds. The Directors considered all compensation flowing to each Sub-Adviser, as well as the Adviser and its affiliates, directly and indirectly. The Directors also considered whether these levels of compensation and profitability under the Amended Agreement were reasonable and justified in light of the quality of all services to be rendered to each Fund by the applicable Sub-Adviser and its affiliates. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the expected profitability of the Adviser and each applicable Sub-Adviser is reasonable and supported approval of each applicable Amended Agreement.*

*Economies of Scale. Management noted that the assets in each Fund were not expected to increase because the variable products in which the Funds are offered are no longer actively marketed and are slowly losing assets. The Directors concluded that the proposed modifications to each Fund's sub-advisory fee rate schedule were reasonable in the context of Funds that were expected to lose further assets, but agreed to continue to monitor asset levels going forward to determine if breakpoints would be warranted again in the future.*

Based on the Directors' deliberation and their evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved each Amended Agreement. The Board concluded, in the exercise of its reasonable judgment that each proposed sub-advisory fee rate schedule is fair and reasonable in relation to the services provided to each Fund and that approval of the applicable Amended Agreement would be in the best interests of each Fund and its shareholders. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision and each Director may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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#### Annual Board Approval of Investment Advisory and Sub-Advisory Agreements
Penn Series Funds, Inc. (the "Company") and Penn Mutual Asset Management, LLC ("PMAM") have entered into an investment advisory agreement (the "Advisory Agreement") pursuant to which PMAM serves as the investment adviser to each

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#### Penn Series Funds, Inc.

#### June 30, 2025

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#### Annual Board Approval of Investment Advisory and Sub-Advisory Agreements (continued)
series of the Company (each, a "Fund" and collectively, the "Funds"). As the investment adviser to the Funds, PMAM is primarily responsible for (i) providing day-to-day investment management services to certain of the Funds (collectively, the "Directly Managed Funds") and (ii) selecting and overseeing the investment sub-advisers who perform day-to-day investment management services for the remaining Funds (collectively, the "Sub-Advised Funds"). The Directly Managed Funds consist of the Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation, and Conservative Allocation Funds. The Sub-Advised Funds consist of the Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Value, Small Cap Growth, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, and Real Estate Securities Funds.

PMAM has entered into, and the Company's Board of Directors (the "Board") has approved, separate sub-advisory agreements (each, a "Sub-Advisory Agreement", collectively, the "Sub-Advisory Agreements", and together with the Advisory Agreement, the "Agreements") with each sub-adviser identified below (each, a "Sub-Adviser", collectively, the "Sub-Advisers", and together with PMAM, the "Advisers"). Each Sub-Adviser is primarily responsible for the day-to-day management of its Sub-Advised Funds(s) subject to the oversight of both PMAM and the Board. PMAM serves as "manager of managers" with respect to the Sub-Advisers and the Sub-Advised Funds. As such, PMAM, pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission and subject to certain conditions and the approval of the Board, may hire and terminate unaffiliated investment sub-advisers without shareholder approval for each of the Sub-Advised Funds. The Sub-Advised Funds' "manager of managers" structure facilitates PMAM's regular review of each Sub-Adviser's overall performance with respect to the Sub-Advised Fund(s) it manages. When selecting a new investment sub-adviser, PMAM quantitatively and qualitatively evaluates, among other factors, each sub-adviser's (i) investment expertise and resources, (ii) investment results in managing assets for relevant asset classes, investment styles and strategies, and (iii) regulatory compliance infrastructure and culture. PMAM engages in a substantially similar evaluation process when determining whether to retain a Sub-Adviser. PMAM also oversees each Sub-Adviser's investment activities with respect to each Fund it manages to seek to ensure compliance with the Fund's investment policies and guidelines and to monitor each Sub-Adviser's adherence to its investment style and the Fund's investment strategies.

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| | |
|:---|:---|
| **Sub-Adviser** | &nbsp;&nbsp;**Fund** |
| AllianceBernstein L.P. | &nbsp;&nbsp;SMID Cap Value Fund |
| AllianceBernstein L.P. | &nbsp;&nbsp;Large Cap Value Fund |
| American Century Investment Management, Inc. | &nbsp;&nbsp;Mid Core Value Fund |
| Cohen & Steers Capital Management, Inc. | &nbsp;&nbsp;Real Estate Securities Fund |
| Delaware Investments Fund Advisers | &nbsp;&nbsp;Mid Cap Growth Fund |
| Delaware Investments Fund Advisers | &nbsp;&nbsp;Large Core Growth Fund |
| Eaton Vance Management | &nbsp;&nbsp;Large Core Value Fund |
| Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp;Small Cap Value Fund |
| Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp;SMID Cap Growth Fund |
| Janus Henderson Investors US LLC | &nbsp;&nbsp;Mid Cap Value Fund |
| Janus Henderson Investors US LLC | &nbsp;&nbsp;Small Cap Growth Fund |
| Massachusetts Financial Services Company | &nbsp;&nbsp;Large Cap Growth Fund |
| SSGA Funds Management, Inc. | &nbsp;&nbsp;Index 500 Fund |
| SSGA Funds Management, Inc. | &nbsp;&nbsp;Small Cap Index Fund |
| SSGA Funds Management, Inc. | &nbsp;&nbsp;Developed International Index Fund |
| T. Rowe Price Associates, Inc., | &nbsp;&nbsp;Flexibly Managed Fund |
| T. Rowe Price Investment Management, Inc. |  |
| T. Rowe Price Associates, Inc. | &nbsp;&nbsp;Large Growth Stock Fund |
| Vontobel Asset Management, Inc. | &nbsp;&nbsp;Emerging Markets Equity Fund |
| Vontobel Asset Management, Inc. | &nbsp;&nbsp;International Equity Fund |

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The Investment Company Act of 1940, as amended (the "1940 Act"), requires that each Fund's initial Advisory Agreement and Sub-Advisory Agreement, as well as the continuation thereof, be specifically approved by: (i) the vote of the Board or by a vote of the shareholders of the Fund; and (ii) the vote of a majority of the Company's Directors who are not "interested persons," as defined in the 1940 Act (collectively, the "Independent Directors"), cast in person at a meeting called for the purpose of voting

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#### Penn Series Funds, Inc.

#### June 30, 2025

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#### Annual Board Approval of Investment Advisory and Sub-Advisory Agreements (continued)
on such approval. In connection with its consideration of such approvals, the Board must request and evaluate, and the Advisers are required to furnish, such information as may be reasonably necessary for the Board to evaluate the terms of the Agreements.

#### Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements
The Board held a special meeting on May 8, 2025 (the "Pre-15(c) Meeting") via web conference and an in-person meeting on May 15, 2025 (the "May Meeting" and together with the Pre-15(c) Meeting, the "Meetings") to consider the approval of each Agreement with respect to each Fund. In preparation for the Pre-15(c) Meeting, the Board provided PMAM with a written request for information relating to both PMAM and each Sub-Adviser and received and reviewed, in advance of the Pre-15(c) Meeting, extensive written materials in response to that request. After the Pre-15(c) Meeting, the Independent Directors also requested additional follow-up information from PMAM. The materials provided included information pertaining to (i) PMAM's and each Sub-Adviser's leadership, organizational structure, corporate changes, and financial condition, (ii) the performance of each Fund versus its benchmark and peer funds, as identified by an independent third party ("Peer Funds"), (iii) the level of the investment advisory fees, sub-advisory fees and overall expense ratios of each Fund, as applicable, as well as comparisons of such fees and expenses with those incurred by each Fund's Peer Funds, (iv) the costs to each Adviser of providing such services, including a detailed profitability analysis applicable to PMAM and its affiliates, (v) each Adviser's risk management and compliance program, and (vi) various other matters relevant to the operations of and services provided by each Adviser.

In addition to the information provided by the Advisers, the Board also considered the detailed Fund information the Board receives and reviews during the course of the year, including Fund-specific performance and fees and expenses information provided on a quarterly basis. The Board also received and reviewed a memorandum from legal counsel discussing the responsibilities of the Independent Directors in connection with their consideration of the continuation of the Agreements. In the course of their deliberations, the Independent Directors met both with senior representatives of PMAM and in executive session outside the presence of management to discuss the information submitted to the Board in connection with the renewal of the Agreements.

At the May Meeting, following its deliberations, the Board, including all of the Independent Directors voting separately, unanimously determined, in the exercise of the Directors' business judgment, to approve the continuance and renewal of the applicable Agreements for another year with respect to each Fund.

#### Board Considerations
With respect to each Adviser, the Board evaluated a number of factors, including among others: (a) the nature, extent and quality of each Adviser's investment management and other services and, with respect to PMAM, its services as a "manager of managers" of the Sub-Advised Funds; (b) the quantity and quality of each Adviser's investment management personnel; (c) each Adviser's operations and financial condition; (d) each Adviser's brokerage practices (including best execution policies, evaluating execution quality, average commission rates on fund trades, soft dollar arrangements, if any, and affiliated and directed brokerage arrangements) and investment strategies; (e) a comparison of the Funds' advisory and sub-advisory fees and overall expense ratios to the fees and expenses charged to comparable funds and accounts, including breakpoints; (f) the level of each Adviser's cost of services provided and estimated profitability from its fund-related operations; (g) other benefits that may accrue to each Adviser and its affiliates as a result of their relationship with the Funds; (h) the extent to which the Funds' advisory and sub-advisory fees reflect economies of scale and the extent to which any such economies of scale are shared with fund investors; (i) each Adviser's risk management and compliance programs and, if applicable, a description of the material changes made to, and material compliance violations under, the compliance program; (j) each Adviser's investment reputation, expertise and resources; and (k) an independently-prepared report of each Fund's performance compared with that of its Peer Funds. In its deliberations, the Directors did not identify any single piece of information that was all-important or controlling, noting that each Director could attribute different weights to the various factors considered.

During the Meetings, representatives from PMAM commented on the information delivered to the Board and answered questions from the Directors to help the Board evaluate each Adviser's fees and other aspects of the services provided, including the services provided by PMAM's affiliates and the fees related to such services. The Board then deliberated on the continuation of the Agreements in light of all of the information provided.

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#### Penn Series Funds, Inc.

#### June 30, 2025

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#### Board Considerations (continued)
In considering the continuance and renewal of the Agreements, the Board considered the following factors and reached the following conclusions:

*Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by each Adviser to the Funds. In this regard, the Board evaluated, among other things, each Adviser's: business; personnel; experience; investment decision processes; past performance; brokerage practices; compliance infrastructure and program; and resources to be dedicated to each Fund, as applicable. The Board reviewed the scope of services to be provided by each Adviser under the Agreements and noted that there would be no significant differences between the scope of services provided by the Advisers for the past year and the scope of services to be provided during the upcoming year. The Board also considered each Adviser's representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same nature and quality as services provided to the Funds in the past, and that these services are appropriate in scope and extent for the Funds' operations, the competitive landscape of the investment company business, and investor needs. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by each Adviser to the Funds supported renewal of the Agreements.*

*Fund Performance. The Board considered fund performance in determining whether to continue the Agreements. PMAM engaged an independent third party to prepare a report (the "Comparative Report") to help the Board evaluate, among other information, each Fund's performance and the performance of its Peer Funds. Specifically, the Board considered each Fund's recent and long-term performance relative to the Fund's applicable benchmark and to its Peer Funds. In evaluating performance, the Board considered the market conditions of the past year, economic and market trends, as well as both market risk and shareholder risk expectations for a given Fund. Where a Fund significantly underperformed or outperformed its Peer Funds, the Board considered the Adviser's explanation as to the reasons for the underperformance or outperformance. The Board also considered the Adviser's explanation as to why certain Peer Funds selected by the independent provider may not have provided a close comparison, due to differences in investment quality or the style of investment strategy followed by the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Funds, both compared to the applicable benchmark and to Peer Funds, supported renewal of the Agreements.*

*Costs of Advisory and Sub-Advisory Services. The Board considered the cost of the advisory and sub-advisory services provided to the Funds by each Adviser. In its evaluation of advisory and sub-advisory fees, the Board noted recent amendments to the Advisory Agreement and Sub-Advisory Agreements effective June 1, 2024 to reduce the advisory and sub-advisory fees charged pursuant to the respective agreements for the SMID Cap Value Fund, Mid Core Value Fund, Mid Cap Growth Fund, Large Core Value Fund, SMID Cap Growth Fund, Small Cap Value Fund, Mid Cap Value Fund, Small Cap Growth Fund, Large Cap Growth Fund, Emerging Markets Equity Fund, and International Equity Fund. The Board also noted recent amendments to the Sub-Advisory Agreements for the Index 500 Fund, the Small Cap Index Fund, the Developed International Index Fund, the Emerging Markets Equity Fund and the International Equity Fund, effective March 1, 2025, that had the effect of reducing sub-advisory fees at current asset levels. The Board considered, in particular, the expense information for the Funds and the corresponding Peer Funds included in the Comparative Report. The Board evaluated (a) the advisory and sub-advisory services provided; (b) the advisory and sub-advisory fees paid, as well as the impact of recently reduced advisory and sub-advisory fees to be charged for certain Funds to the extent not yet completely reflected in the Comparative Report; (c) the advisory and sub-advisory fees paid in comparison to the advisory and sub-advisory fees charged to the Peer Funds; and (d) the fact that each Sub-Adviser is compensated by PMAM and not directly by the relevant Sub-Advised Fund, and that such compensation reflects an arms-length negotiation between each Sub-Adviser and PMAM. The Board also considered PMAM and its affiliates' ongoing agreement to waive the Funds' management and other fees to prevent total fund expenses from exceeding a specified cap. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees charged to the Funds are fair and reasonable and supported the renewal of the Agreements.*

*Profitability and Other Benefits. With regard to profitability and fall-out benefits, the Board considered all compensation paid by a Fund, directly or indirectly, to each Adviser and its affiliates, and any benefits derived or to be derived by each Adviser and its affiliates, as well as the cost of Fund services provided by each Adviser. The Board noted that PMAM's overall profitability had slightly increased during the past year. The Board also considered the anticipated change in profitability of certain Funds where PMAM had recently reduced the advisory and sub-advisory fee rates to the extent not already reflected in the profitability numbers. In its consideration of the profitability of PMAM and its affiliates, the Board was provided with and considered information pertaining to the profitability of the administrative and servicing arrangements between the Funds and PMAM and The Penn Mutual Life Insurance Company ("Penn Mutual"). The Board also considered the expense allocation*

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

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#### Penn Series Funds, Inc.

#### June 30, 2025

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#### Board Considerations (continued)
methodology, which was unchanged from that used in the prior year, used to determine the profitability of PMAM and its affiliates and the Peer Fund expense information included in the Comparative Report, which included servicing-related expenses. The Board noted that while such information may not constitute a perfect comparison due to differences in the types and extent of the services provided to the Peer Funds, the information nonetheless provided a useful data point. When considering the profitability of each Sub-Adviser, the Board considered the fact that each Sub-Adviser is compensated by PMAM, and not by the Funds directly, and such compensation reflects an arms-length negotiation between the Sub-Adviser and PMAM. In evaluating the other or fall-out benefits that may accrue to the Sub-Advisers and their affiliates because of their relationship with the Funds, the Board noted that certain of the Sub-Advisers may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Funds' assets. In addition, the Board considered that the Sub-Advisers may benefit from the development of additional investment advisory business with PMAM or the Company as a result of their relationships with the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of and any fall-out benefits realized by the Advisers are reasonable in relation to the quality of their respective services and supported renewal of the Agreements.

*Economies of Scale. The Board considered the existence of any economies of scale and whether the benefits of any such economies of scale are shared with a Fund and its shareholders, including through breakpoints in the advisory and sub-advisory fee schedules. The Board noted the existing breakpoints provided in certain advisory and sub-advisory fee schedules, as applicable. The Board further noted PMAM's continued focus on evaluating advisory and sub-advisory fee breakpoints to allow each Fund and its shareholders to benefit from economies of scale, as applicable. The Board also noted PMAM's expectations for a projected asset decline for the Funds based on the outlook for sales of Penn Mutual's existing variable products that offer the Funds as investment options. As a result, the Board concluded that should an Adviser realize economies of scale in connection with its management of one or more Funds, the existing fee structures of the Funds adequately ensure that the benefits derived from any such economies of scale are reasonably shared with the Fund and its shareholders.*

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* 

On the basis of the information provided to it in advance of the Meetings and its evaluation of that information, as well as additional information provided by PMAM in response to the Board's questions during the Meetings, the Board, including the Independent Directors, concluded that the terms of each Agreement were fair and reasonable, and that approval of each Agreement was in the best interests of each Fund and its shareholders.

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

#### About The Penn Mutual Life Insurance Company
For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit <u>www.pennmutual.com</u>.

![](g24548img8c85c6062.jpg)

#### THE PENN MUTUAL LIFE INSURANCE COMPANY

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[**Table of Contents**](#JOB_Penn__09a1ba7f-56df-4e44-a4c5-11bb0541708d_TOC)

2025 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172, www.pennmutual.com

PM9188 08/25

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7.

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d24548dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d24548dex99906cert.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant) | <u>Penn Series Funds, Inc.</u> |
| By (Signature and Title)\* | /s/ Keith G. Huckerby |
|  | Keith G. Huckerby, President |
|  | (principal executive officer) |

---

Date: <u>September 8, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Keith G. Huckerby |
|  | Keith G. Huckerby, President |
|  | (principal executive officer) |

---

Date: <u>September 8, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Steven Viola |
|  | Steven Viola, Treasurer |
|  | (principal financial officer) |

---

Date: <u>September 8, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Keith G. Huckerby, certify that:

1. I have reviewed this report on Form N-CSR of Penn Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025  | /s/ Keith G. Huckerby |
|  |  | Keith G. Huckerby, President |
|  |  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Steven Viola, certify that:

1. I have reviewed this report on Form N-CSR of Penn Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025  | /s/ Steven Viola |
|  |  | Steven Viola, Treasurer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, Keith G. Huckerby, President of Penn Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025  | /s/ Keith G. Huckerby |
|  |  | Keith G. Huckerby, President |
|  |  | (principal executive officer) |

---

I, Steven Viola, Treasurer of Penn Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025  | /s/ Steven Viola |
|  |  | Steven Viola, Treasurer |
|  |  | (principal financial officer) |

---