# EDGAR Filing Document

**Accession Number:** 0000702340
**File Stem:** 0000940400-25-009792
**Filing Date:** 2025-11
**Character Count:** 30158
**Document Hash:** 7be976faa137c8fa4ad21c348a44cc8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009792.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009792

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03459
- **FILM NUMBER:** 251513151

**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

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

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

## Nport-Ex

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

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

#### Emerging Markets Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** |
| **Brazil — 4.6%** | **Brazil — 4.6%** | **Brazil — 4.6%** |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;&nbsp;44151 | &nbsp;&nbsp;$1096340 |
| TOTVS S.A. | &nbsp;&nbsp;223296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011594 |
| **China — 19.8%** | **China — 19.8%** | **China — 19.8%** |
| Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;39148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220218 |
| KE Holdings, Inc., ADR | &nbsp;&nbsp;&nbsp;26202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497838 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;70614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144714 |
| Nongfu Spring Co., Ltd., Class H@ | &nbsp;&nbsp;342397 | &nbsp;&nbsp;&nbsp;&nbsp;2366245 |
| Shenzhen Inovance Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;56301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665149 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;59619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12974275 |
| **Greece — 3.6%** | **Greece — 3.6%** | **Greece — 3.6%** |
| Eurobank Ergasias Services and Holdings S.A. | 608819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355125 |
| **Hong Kong — 8.9%** | **Hong Kong — 8.9%** | **Hong Kong — 8.9%** |
| AIA Group Ltd. | 298890 | &nbsp;&nbsp;&nbsp;&nbsp;2864552 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;74606 | &nbsp;&nbsp;&nbsp;&nbsp;1668497 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5846890 |
| **India — 13.7%** | **India — 13.7%** | **India — 13.7%** |
| Bajaj Finance Ltd. | &nbsp;&nbsp;&nbsp;135211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521324 |
| Bharat Electronics Ltd. | 363058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652581 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;74378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573057 |
| Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;1816064 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;78749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193461 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;50503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634041 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp;&nbsp;88384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278846 |
| Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8969005 |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** | **Indonesia — 0.4%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;578517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264938 |
| **Mexico — 0.9%** | **Mexico — 0.9%** | **Mexico — 0.9%** |
| Arca Continental S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;57120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599942 |
| **Poland — 0.6%** | **Poland — 0.6%** | **Poland — 0.6%** |
| Dino Polska S.A.@,\* | &nbsp;&nbsp;&nbsp;32905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396625 |
| **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** |
| Elm Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142795 |
| Riyad Bank | &nbsp;&nbsp;&nbsp;74579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683553 |
| **Singapore — 2.5%** | **Singapore — 2.5%** | **Singapore — 2.5%** |
| Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616553 |
| **South Africa — 5.4%** | **South Africa — 5.4%** | **South Africa — 5.4%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6377 | &nbsp;&nbsp;&nbsp;&nbsp;1286787 |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;25640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523252 |
| Naspers Ltd., Class N | &nbsp;&nbsp;&nbsp;&nbsp;4851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572755 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | &nbsp;&nbsp;**Value†** |
| **South Korea — 9.7%** | **South Korea — 9.7%** | **South Korea — 9.7%** |
| KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1113244 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984595 |
| Samsung Fire & Marine Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060922 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6372738 |
| **Switzerland — 1.9%** | **Switzerland — 1.9%** | **Switzerland — 1.9%** |
| Coca-Cola HBC AG\* | &nbsp;&nbsp;&nbsp;26202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236174 |
| **Taiwan — 18.1%** | **Taiwan — 18.1%** | **Taiwan — 18.1%** |
| Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976385 |
| ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281349 |
| Elite Material Co., Ltd. | &nbsp;&nbsp;&nbsp;34070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378855 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474595 |
| President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196953 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;151428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11885840 |
| **United Arab Emirates — 3.7%** | **United Arab Emirates — 3.7%** | **United Arab Emirates — 3.7%** |
| Abu Dhabi Commercial Bank PJSC | 294061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168546 |
| Emaar Properties PJSC | &nbsp;&nbsp;347819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404314 |
| **United States — 2.7%** | **United States — 2.7%** | **United States — 2.7%** |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757861 |
| **Uruguay — 1.9%** | **Uruguay — 1.9%** | **Uruguay — 1.9%** |
| MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245589 |
| **TOTAL COMMON STOCKS<br> (Cost $53,350,136)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65193771** |
| **PREFERRED STOCKS — 1.0%** | **PREFERRED STOCKS — 1.0%** | **PREFERRED STOCKS — 1.0%** |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Itau Unibanco Holding S.A.<br> **(Cost $596,453)** | &nbsp;&nbsp;&nbsp;89880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659123 |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.027%)<br> **(Cost $429,809)** | 429809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**429809** |
| **TOTAL INVESTMENTS — 101.1%<br> (Cost $54,376,398)** |  | &nbsp;&nbsp;**$66282703** |
| **Other Assets & Liabilities — (1.1)%** | **Other Assets & Liabilities — (1.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(697691)** |
| **TOTAL NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$65585012** |

---

------

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

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

#### Emerging Markets Equity Fund<br>

------

---

| | |
|:---|:---|
| † | See Security Valuation Note in the most recent semi-annual or annual report. |
| @ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $2,762,870, which represents 4.2% 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 9/30/2025††** | **Country Weightings as of 9/30/2025††** |
| China | &nbsp;&nbsp;&nbsp;20% |
| Taiwan | &nbsp;&nbsp;&nbsp;18 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| South Korea | &nbsp;&nbsp;&nbsp;10 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;&nbsp;20 |
| Total | 100% |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS<br> INDUSTRY DIVERSIFICATION** | **% of Market<br> Value** | **Value†** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;$1652581 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;2220218 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;8.5 | &nbsp;&nbsp;&nbsp;&nbsp;5522828 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;6.5 | &nbsp;&nbsp;&nbsp;&nbsp;4202361 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142795 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;8.0 | &nbsp;&nbsp;&nbsp;&nbsp;5235196 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278846 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665149 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396625 |
| Healthcare Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634041 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.0 | &nbsp;&nbsp;&nbsp;&nbsp;3925474 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;17.5 | &nbsp;&nbsp;&nbsp;11373466 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;1816064 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;1378855 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;1733606 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;2777697 |
| Semiconductors | &nbsp;&nbsp;&nbsp;19.2 | &nbsp;&nbsp;&nbsp;12532219 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;6.2 | &nbsp;&nbsp;&nbsp;4059968 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;5.4 | &nbsp;&nbsp;&nbsp;&nbsp;3549442 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;1096340 |
|  | 100.0% | $65193771 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Conshohocken

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19428

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

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

- **a. Name of Series:** Penn Series Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000022084

- **c. LEI of Series:** DT74AQBKRGCSEQFXTZ04

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $67302992.02

**Total Liabilities:** $585548.04

**Net Assets:** $66717443.98

**Cash Not Reported:** $410270.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000063375 | -0.08%               | 1.84%                | 6.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1558919.66              | $-1665655.67                               |
| Month 2  | $570798.99               | $642008.89                                 |
| Month 3  | $1891584.01              | $2711674.22                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Clicks Group Ltd               | Clicks Group Ltd                                       | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     25640 | NS      | $523251.97    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                             | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     30835 | NS      | $1848568.36   | 2.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Titan Co Ltd                   | Titan Co Ltd                                           | CUSIP: 000000000<br>LEI: 549300RO9VJWPK37FE54 | Long             | EC               | CORP              | IN        |      7903 | NS      | $299630.72    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Nongfu Spring Co Ltd           | Nongfu Spring Co Ltd                                   | CUSIP: 000000000<br>LEI: 300300P08GGT4SKR9G93 | Long             | EC               | CORP              | CN        |    342397 | NS      | $2366245.06   | 3.55%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                                           | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     10943 | NS      | $474595.19    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT       | Bank Central Asia Tbk PT                               | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    578517 | NS      | $264937.92    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd              | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    160671 | NS      | $6979199.13   | 10.46%            |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co Ltd          | Elite Material Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     34070 | NS      | $1378854.80   | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                        | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | CN        |     26202 | NS      | $497838.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| INOVANCE                       | Shenzhen Inovance Technology Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     20858 | NS      | $246419.90    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                                 | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     13488 | NS      | $1113244.14   | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Eicher Motors Ltd              | Eicher Motors Ltd                                      | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |     23000 | NS      | $1816063.86   | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     59619 | NS      | $5080111.27   | 7.61%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                    | NetEase Inc                                            | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |     70614 | NS      | $2144714.07   | 3.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                               | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |     89880 | NS      | $659122.81    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Elm Co                         | Elm Co                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |       598 | NS      | $142794.78    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                         | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     78749 | NS      | $1193460.62   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd                 | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     39148 | NS      | $2220217.58   | 3.33%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                           | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      8931 | NS      | $2213976.93   | 3.32%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                          | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    298890 | NS      | $2864551.51   | 4.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Dino Polska SA                 | Dino Polska SA                                         | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |     32905 | NS      | $396624.88    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                                       | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       533 | NS      | $1245589.02   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG               | Coca-Cola HBC AG                                       | CUSIP: 000000000<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     26202 | NS      | $1236174.16   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd   | Max Healthcare Institute Ltd                           | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |     50503 | NS      | $634040.85    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank Ergasias Services and | Eurobank Ergasias Services and Holdings SA             | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | EC               | CORP              | GR        |    608819 | NS      | $2355124.47   | 3.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Electronics Ltd         | Bharat Electronics Ltd                                 | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    363058 | NS      | $1652581.24   | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                           | Hong Kong Exchanges & Clearing Ltd                     | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     29787 | NS      | $1691024.56   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                                     | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | SG        |     21316 | NS      | $1616553.39   | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Arca Continental SAB de CV     | Arca Continental SAB de CV                             | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |     57120 | NS      | $599941.68    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                                      | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     74378 | NS      | $1573056.83   | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTVS SA                       | TOTVS SA                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    223296 | NS      | $1915254.34   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Riyad Bank                     | Riyad Bank                                             | CUSIP: 000000000<br>LEI: 54930037RJ782ISGGM71 | Long             | EC               | CORP              | SA        |     74579 | NS      | $540757.93    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                              | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |     74606 | NS      | $1668497.27   | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia de Saneamento Basico do Es | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: 000000000<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |     44151 | NS      | $1096340.11   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                 | PriceSmart Inc                                         | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     14505 | NS      | $1757860.95   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Fire & Marine Insuranc | Samsung Fire & Marine Insurance Co Ltd                 | CUSIP: 000000000<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |      3296 | NS      | $1060921.67   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc          | ASPEED Technology Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      7704 | NS      | $1281348.60   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC          | Emaar Properties PJSC                                  | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    347819 | NS      | $1235768.08   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC                         | CUSIP: 000000000<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |    294061 | NS      | $1168546.32   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp         | Accton Technology Corp                                 | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     68089 | NS      | $2354599.97   | 3.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                    | Naspers Ltd                                            | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      4851 | NS      | $1762715.95   | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Grid Corp of India Ltd   | Power Grid Corp of India Ltd                           | CUSIP: 000000000<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | CORP              | IN        |     88384 | NS      | $278846.25    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd      | Capitec Bank Holdings Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      6377 | NS      | $1286786.58   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd              | Bajaj Finance Ltd                                      | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |    135211 | NS      | $1521324.53   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund    | BlackRock Liquidity FedFund                            | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    222384 | NS      | $222384.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| President Chain Store Corp     | President Chain Store Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     24184 | NS      | $196952.31    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Steven Viola

**Name of Signer:** Steven Viola

**Title:** Treasurer