UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-03459

Penn Series Funds, Inc.

(Exact name of registrant as specified in charter)

600 Dresher Road

Horsham, PA 19044

(Address of principal executive offices) (Zip code)

Steven Viola

Penn Series Funds, Inc.

600 Dresher Road

Horsham, PA 19044

(Name and address of agent for service)

Registrant’s telephone number, including area code: (215) 956-8129

Date of fiscal year end: December 31

Date of reporting period: September 30, 2016

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MONEY MARKET FUND

	Par (000)		Value†
AGENCY OBLIGATION — 55.9%
Federal Farm Credit Banks
0.570%, 10/03/16	$	800	$	800,000
1.700%, 10/28/16		1,500		1,501,325
0.480%, 11/04/16		1,500		1,500,143
0.621%, 12/06/16 •		250		250,039
0.554%, 12/28/16 •		1,000		1,000,069
0.534%, 01/30/17 •		4,000		4,000,474
0.630%, 02/14/17 •		7,000		7,003,099
0.551%, 02/23/17 •		1,000		1,000,057
0.572%, 03/29/17 •		1,000		1,000,225
Federal Home Loan Banks
5.125%, 10/19/16		3,865		3,872,820
0.575%, 10/26/16 •		5,000		5,000,417
0.625%, 11/23/16		3,285		3,285,896
1.300%, 11/30/16		790		791,044
0.682%, 12/01/16 •		2,000		2,000,000
4.750%, 12/16/16		3,090		3,116,932
0.720%, 03/06/17		500		500,424
0.875%, 03/10/17		500		500,773
0.625%, 04/26/17		2,000		2,001,230
0.532%, 06/01/17 •		2,000		2,000,000
0.815%, 09/07/17 •		2,000		2,004,243
Federal Home Loan Mortgage Corp.
0.875%, 10/14/16		1,925		1,925,270
5.125%, 10/18/16		4,038		4,045,642
0.625%, 11/01/16		500		500,076
0.625%, 12/05/16		1,000		1,000,299
0.500%, 01/27/17		1,635		1,635,282
5.000%, 02/16/17		1,730		1,758,846
0.875%, 02/22/17		262		262,370
0.709%, 04/26/17 •		300		300,518
1.250%, 05/12/17		1,299		1,304,476
Federal National Mortgage Association
1.375%, 11/15/16		460		460,487
5.000%, 02/13/17		3,000		3,049,288
1.125%, 04/27/17		800		802,195
Tennessee Valley Authority
4.875%, 12/15/16		5,785		5,836,152
5.500%, 07/18/17		1,500		1,557,061
Total AGENCY OBLIGATION (Cost $67,567,172)				67,567,172
U.S. TREASURY OBLIGATIONS — 39.6%
U.S. Treasury Note
0.363%, 10/31/16 •		13,000		13,000,051
4.625%, 11/15/16		3,000		3,014,023
7.500%, 11/15/16		2,000		2,016,045
0.625%, 12/31/16		6,000		6,003,254
0.875%, 12/31/16		1,000		1,000,298
3.250%, 12/31/16		2,500		2,516,242
0.394%, 01/31/17 •		6,000		6,000,818
0.625%, 02/15/17		2,000		2,000,862
4.625%, 02/15/17		2,000		2,030,095
0.875%, 02/28/17		3,500		3,505,059
3.000%, 02/28/17		1,000		1,010,004
0.750%, 03/15/17		1,000		1,000,837
3.250%, 03/31/17		1,000		1,013,039

	Par (000)		Value†
0.500%, 04/30/17	$	700	$	700,054
0.387%, 07/31/17 •		3,000		3,000,785
TOTAL U.S. TREASURY OBLIGATIONS (Cost $47,811,466)				47,811,466
	Number of Shares
SHORT-TERM INVESTMENTS — 9.5%
BlackRock Liquidity Funds MuniFund Portfolio - Institutional Shares		1		1
BlackRock Liquidity Funds TempFund - Institutional Shares		1		1
Federated Prime Obligations Fund - Class I		1		1
Fidelity Institutional Prime Money Market Portfolio - Class I		1		1
Fidelity Institutional Prime Money Market Portfolio - Institutional Class		650		650
Goldman Sachs Financial Square Funds - Government Fund		11,527,659		11,527,659
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class		1		1
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1
TOTAL SHORT-TERM INVESTMENTS (Cost $11,528,315)				11,528,315
TOTAL INVESTMENTS — 105.0% (Cost $126,906,953)			$	126,906,953
Other Assets & Liabilities — (5.0)%				(6,005,640	)
TOTAL NET ASSETS — 100.0%			$	120,901,313

† See Security Valuation Note.

• Variable Rate Security.

Maturity Schedule (days)	Market Value		Percentage of Portfolio		Cumulative
1 to 7		19,581,453		15.4%		15.4%
8 to 14		23,926,923		18.9%		34.3%
15 to 30		21,721,548		17.1%		51.4%
31 to 60		10,776,669		8.5%		59.9%
61 to 90		16,748,670		13.2%		73.1%
91 to 120		11,155,077		8.8%		81.9%
121 to 150		9,101,461		7.2%		89.1%
150+		13,895,152		10.9%		100.00%
Total Per Trial Balance		126,906,953		100.00%

1

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S. TREASURY OBLIGATIONS	$	47,811,466	$	—	$	47,811,466	$	—
AGENCY OBLIGATION		67,567,172		—		67,567,172		—
SHORT-TERM INVESTMENTS		11,528,315		11,528,315		—		—
TOTAL INVESTMENTS	$	126,906,953	$	11,528,315	$	115,378,638	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

2

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LIMITED MATURITY BOND FUND

	Par (000)		Value†
ASSET BACKED SECURITIES — 24.9%
Ally Auto Receivables Trust 2014-2, Class B 2014 2.100%, 03/16/20	$	1,000	$	1,011,254
Ally Master Owner Trust, Class A 1.540%, 09/15/19		1,000		1,003,611
AmeriCredit Automobile Receivables Trust 2013-5, Class C 2.290%, 11/08/19		1,000		1,005,969
Black Diamond CLO 2006-1 Luxembourg SA, Class D 2.102%, 04/29/19 144A @,•		2,500		2,482,080
Black Diamond CLO 2006-1, Luxembourg SA, Class C 1.442%, 04/29/19 144A @,•		2,000		1,980,400
BMW Vehicle Lease Trust 2015-1 2015 1.240%, 12/20/17		1,515		1,517,054
Brentwood CLO Corp. 2006-1A, Class B 1.577%, 02/01/22 144A @,•		2,000		1,906,780
Chesapeake Funding LLC, Class B 1.319%, 03/07/26 144A @,•		1,080		1,076,233
Chrysler Capital Auto Receivables Trust Series 2013-BA, Class C 2.240%, 09/16/19 144A @		1,705		1,722,360
Consumers Securitization Funding LLC 2014-A 1.334%, 11/01/20		1,743		1,737,647
CPS Auto Receivables Trust 2014-A, Class A 1.210%, 08/15/18 144A @		87		86,962
Cratos CLO Ltd. 2007-1A D 3.211%, 05/19/21 144A @,•		2,000		1,989,762
Entergy Arkansas Restoration Funding LLC 2.300%, 08/01/21		1,279		1,293,204
Equity One Mortgage Pass-Through Trust 2004-1 4.145%, 04/25/34 •		6		6,443
Ford Credit Auto Owner Trust 2012-C, Class B 1.270%, 12/15/17		934		934,323
Ford Credit Auto Owner Trust 2012-D, Class D 1.970%, 05/15/19		1,800		1,800,914
Ford Credit Auto Owner Trust 2013-D, Class B 2013 1.540%, 03/15/19		2,780		2,781,784
Ford Credit Auto Owner Trust 2014-A, Class B 1.710%, 05/15/19		1,450		1,452,012
Gleneagles CLO Ltd. 2005-1A C, Class C 1.657%, 11/01/17 144A @,•		1,192		1,185,849
Golden Credit Card Trust 1.390%, 07/15/19 144A @		2,000		2,003,097
Honda Auto Receivables 2014-2 Owner Trust 2014 0.770%, 03/19/18		833		832,504

	Par (000)		Value†
Hyundai Auto Lease Securitization Trust 2014-B 1.540%, 12/17/18 144A @	$	1,100	$	1,101,544
Jasper CLO Ltd. 2005-1A, Class C 1.659%, 08/01/17 144A @,•		1,633		1,631,873
Popular ABS Mortgage Pass-Through Trust 2004-4 4.628%, 09/25/34 •		1		1,322
Red River CLO Ltd. 1A C 1.477%, 07/27/18 144A @,•		1,343		1,342,474
Rockwall CDO II Ltd. 2007-1A 1.457%, 08/01/24 144A @,•		2,065		1,996,646
Rockwall CDO Ltd. 2006-1A 1.257%, 08/01/21 144A @,•		627		627,063
SACO I, Inc. 2005-4 1.425%, 06/25/35 144A @,•		39		38,486
Santander Drive Auto Receivables Trust 2013-2, Class C 2013 1.950%, 03/15/19		1,844		1,849,082
SLM Private Education Loan Trust 2012-A 2012 1.924%, 08/15/25 144A @,•		709		710,130
SLM Student Loan Trust 2004-4, Class B 1.095%, 01/27/25 •		2,200		2,198,745
SLM Student Loan Trust 2005-10, Class B 0.985%, 10/26/26 •		2,438		2,387,373
Stone Tower CLO VII Ltd. 2007-7A, Class B 2.950%, 08/30/21 144A @,•		2,000		1,999,980
Toyota Auto Receivables 2016-C 2016 1.000%, 01/15/19		2,000		1,999,454
Volvo Financial Equipment LLC Series 2013-1, Class C 1.620%, 08/17/20 144A @		1,000		1,000,925
Westchester CLO Ltd. 2007-1A B 1.197%, 08/01/22 144A @,•		2,500		2,402,065
World Financial Network Credit Card Master Trust 2012-B, Class A 1.760%, 05/17/21		2,032		2,043,023
TOTAL ASSET BACKED SECURITIES (Cost $52,826,574)				53,140,427
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.8%
SLM Student Loan Trust 2004-7 0.885%, 01/27/20 •		273		272,570
SLM Student Loan Trust 2004-7, Class B 1.075%, 04/25/25 •		3,612		3,609,940
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,798,186)				3,882,510
COMMERCIAL MORTGAGE BACKED SECURITIES — 9.1%
BAMLL Commercial Mortgage Securities Trust 2013-DSNY, Class B 2.024%, 09/15/26 144A @,•		1,000		997,448

3

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LIMITED MATURITY BOND FUND

	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)
FREMF 2011-K701 Mortgage Trust, Class B 2011 4.436%, 07/25/48 144A @,•	$	2,000	$	2,039,644
FREMF Mortgage Trust Series 2010-K6 Class B 5.533%, 12/25/46 144A @,•		3,000		3,253,084
FREMF Mortgage Trust Series 2012-K708 Class C 3.883%, 02/25/45 144A @,•		2,000		1,999,776
FREMF Mortgage Trust Series 2012-K710 Class C 3.952%, 06/25/47 144A @,•		2,110		2,131,833
FREMF Mortgage Trust Series 2013-KF02 Class C 4.522%, 12/25/45 144A @,•		442		443,874
FREMF Mortgage Trust, Series 2013-K713 Class C 3.274%, 04/25/46 144A @,•		2,400		2,392,708
Government National Mortgage Association 2011 3.200%, 11/16/44		1,765		1,782,510
GSCCRE Commercial Mortgage Trust 2015-HULA, Class B 2015 2.824%, 08/15/32 144A @,•		2,000		1,985,018
HILT 2014-ORL Mortgage Trust, Class B 1.724%, 07/15/29 144A @,•		2,500		2,432,135
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $19,698,488)				19,458,030
CORPORATE BONDS — 36.8%
Aerospace & Defense — 0.5%
BAE Systems PLC 3.500%, 10/11/16 144A @		1,000		1,000,455
Airlines — 3.6%
American Airlines 2013-2 Class C Pass Through Trust 6.000%, 01/15/17 144A @		1,949		1,968,194
Continental Airlines 2000-2 Class A-1 Pass Through Trust 7.707%, 04/02/21		516		562,577
Delta Air Lines 2010-1 Class A Pass Through Trust, Class A 6.200%, 07/02/18		1,201		1,276,259
Northwest Airlines 2007-1 Class A Pass Through Trust 7.027%, 11/01/19		1,220		1,385,025
Northwest Airlines 2007-1 Class B Pass-Through Trust 8.028%, 11/01/17		1,943		2,064,914
UAL 2009-2A Pass-Through Trust 9.750%, 01/15/17		351		358,220
				7,615,189

	Par (000)		Value†
Auto Manufacturers — 0.9%
American Honda Finance Corp. 1.550%, 12/11/17	$	2,000	$	2,009,798
Banks — 6.6%
Citigroup, Inc. 1.949%, 08/02/21 •		1,500		1,507,428
HSBC Holdings PLC 2.354%, 01/05/22 •		2,000		2,008,960
JPMorgan Chase & Co. 1.337%, 02/15/17 •		1,385		1,386,939
2.000%, 08/15/17		2,000		2,011,446
JPMorgan Chase Bank NA 1.450%, 09/21/18		1,000		1,000,531
State Street Corp. 4.956%, 03/15/18		3,000		3,131,931
Wells Fargo & Co. 1.740%, 07/26/21 •		2,000		2,006,336
Wells Fargo Bank NA 6.000%, 11/15/17		1,000		1,051,191
				14,104,762
Beverages — 1.3%
Constellation Brands, Inc. 7.250%, 05/15/17		1,750		1,809,063
SABMiller Holdings, Inc. 1.447%, 08/01/18 144A @,•		900		900,275
				2,709,338
Computers — 0.9%
EMC Corp. 1.875%, 06/01/18		2,000		1,968,344
Diversified Financial Services — 5.0%
AerCap Aviation Solutions BV 6.375%, 05/30/17		1,000		1,026,980
Air Lease Corp. 2.625%, 09/04/18		2,000		2,018,172
Ally Financial, Inc.
3.600%, 05/21/18		1,000		1,015,000
3.250%, 11/05/18		1,000		1,005,000
Ford Motor Credit Co. LLC 1.724%, 12/06/17		2,000		2,001,880
Icahn Enterprises LP 3.500%, 03/15/17		1,000		1,001,200
Visa, Inc. 1.200%, 12/14/17		2,646		2,652,377
				10,720,609
Electric — 1.0%
Israel Electric Corp. Ltd. 6.700%, 02/10/17 144A @		1,000		1,016,120
San Diego Gas & Electric Co. 1.914%, 02/01/22		1,261		1,259,771
				2,275,891
Electronics — 1.2%
Fortive Corp. 1.800%, 06/15/19 144A @		1,500		1,504,124

4

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LIMITED MATURITY BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Electronics — (continued)
Thermo Fisher Scientific, Inc. 1.300%, 02/01/17	$	1,000	$	1,002,043
				2,506,167
Food — 0.2%
WM Wrigley Jr. Co. 1.400%, 10/21/16 144A @		500		500,134
Gas — 1.4%
Sabine Pass LNG LP 7.500%, 11/30/16		3,000		3,022,500
Healthcare Products — 0.5%
Stryker Corp. 2.000%, 03/08/19		1,000		1,012,572
Healthcare Services — 1.2%
Aetna Inc. 1.700%, 06/07/18		1,500		1,504,779
Fresenius Medical Care US Finance, Inc. 6.875%, 07/15/17		1,000		1,037,500
				2,542,279
Internet — 0.5%
eBay Inc. 2.500%, 03/09/18		1,000		1,014,142
Machinery - Diversified — 0.5%
Stanley Black & Decker, Inc. 2.451%, 11/17/18		1,000		1,021,685
Media — 2.0%
Cablevision Systems Corp. 8.625%, 09/15/17		1,000		1,047,500
Comcast Cable Communications LLC 8.875%, 05/01/17		2,150		2,242,656
Thomson Reuters Corp. 1.300%, 02/23/17		1,000		1,000,510
				4,290,666
Oil & Gas — 1.9%
Chevron Corp. 1.345%, 11/15/17		2,000		2,004,102
Murphy Oil Corp. 3.500%, 12/01/17		1,000		1,017,348
Statoil ASA 3.125%, 08/17/17		1,000		1,016,073
				4,037,523
Oil & Gas Services — 1.4%
Cameron International Corp. 1.150%, 12/15/16		1,000		1,000,313
Schlumberger Holdings Corp. 2.350%, 12/21/18 144A @		2,000		2,037,344
				3,037,657
Pharmaceuticals — 0.9%
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		2,000		1,998,974

	Par (000)		Value†
Pipelines — 0.5%
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23	$	1,000	$	1,011,747
Semiconductors — 0.7%
NXP BV/NXP Funding LLC 3.750%, 06/01/18 144A @		1,000		1,028,750
Samsung Electronics America, Inc. 1.750%, 04/10/17 144A @		495		496,135
				1,524,885
Software — 0.5%
Activision Blizzard Inc. 2.300%, 09/15/21 144A @		1,000		1,002,611
Telecommunications — 2.4%
Crown Castle Towers LLC 6.113%, 01/15/20 144A @		1,867		2,069,102
Sprint Communications, Corp. 6.000%, 12/01/16		2,000		2,010,000
Verizon Communications, Inc. 1.350%, 06/09/17		1,000		1,001,228
				5,080,330
Trucking and Leasing — 1.2%
Aviation Capital Group Corp. 2.875%, 09/17/18 144A @		1,500		1,518,750
GATX Corp. 1.250%, 03/04/17		1,000		999,316
				2,518,066
TOTAL CORPORATE BONDS (Cost $78,150,371)				78,526,324
MUNICIPAL NOTE — 0.2%
Regional — 0.2%
La Paz County Industrial Development Authority 6.250%, 12/01/19 (Cost $387,451)		375		374,801
RESIDENTIAL MORTGAGE BACKED SECURITIES — 1.3%
Collateralized Mortgage Obligations — 1.3%
Fannie Mae REMICS 0.725%, 10/27/37 •		2,686		2,681,577
Fannie Mae Pool — 0.0%
4.000%, 06/01/20		99		102,762
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $2,766,955)				2,784,339
U.S TREASURY OBLIGATION — 9.4%
U.S. Treasury Note
0.500%, 01/31/17		1,000		1,000,585
0.875%, 02/28/17		1,250		1,252,626
0.875%, 05/15/17		1,800		1,803,656
0.750%, 12/31/17		6,000		6,002,580

5

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LIMITED MATURITY BOND FUND

	Par (000)		Value†
U.S TREASURY OBLIGATION — (continued)
1.000%, 03/15/18	$	1,250	$	1,254,834
1.250%, 12/15/18		3,000		3,028,125
0.875%, 04/15/19		1,500		1,500,996
1.125%, 04/30/20		1,500		1,506,387
0.125%, 04/15/21		2,538		2,591,399
Total U.S TREASURY OBLIGATION (Cost $19,898,152)				19,941,188
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		3,747,009		3,747,009
BlackRock Liquidity Funds TempFund - Institutional Shares		218		218
Federated Prime Obligations Fund -Class I		408		408
Fidelity Institutional Prime Money Market Portfolio - Class I		198		198
Fidelity Institutional Prime Money Market Portfolio - Institutional Class		1,025		1,025
Wells Fargo Advantage Government Money Market Fund - Institutional Class		77		77
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class		5		5
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1
TOTAL SHORT-TERM INVESTMENTS (Cost $3,748,941)				3,748,941
TOTAL INVESTMENTS — 85.3% (Cost $181,275,118)(a)			$	181,856,560
Other Assets & Liabilities — 14.7%				31,230,487
TOTAL NET ASSETS — 100.0%			$	213,087,047

† See Security Valuation Note.

144A@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

• Variable Rate Security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $181,291,128. Net unrealized appreciation was $565,432. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $916,771 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $351,339.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

REMICS — Real Estate Mortgage Investment Conduits.

6

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LIMITED MATURITY BOND FUND

Country Weightings as of 09/30/2016 ††
United States	83	%
Cayman Islands	8
Canada	2
Luxembourg	2
United Kingdom	2
Ireland	1
Netherlands	1
Other	1
Total	100	%

†† % of total investments as of September 30, 2016

7

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S TREASURY OBLIGATION	$	19,941,188	$	—	$	19,941,188	$	—
ASSET BACKED SECURITIES		53,140,427		—		53,140,427		—
COLLATERALIZED MORTGAGE OBLIGATIONS		3,882,510		—		3,882,510		—
COMMERCIAL MORTGAGE BACKED SECURITIES		19,458,030		—		19,458,030		—
CORPORATE BONDS		78,526,324		—		78,526,324		—
MUNICIPAL NOTES		374,801		—		374,801		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		2,784,339		—		2,784,339		—
SHORT-TERM INVESTMENTS		3,748,941		3,748,941		—		—
TOTAL INVESTMENTS	$	181,856,560	$	3,748,941	$	178,107,619	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

8

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

QUALITY BOND FUND

	Par (000)		Value†
AGENCY OBLIGATIONS — 0.4%
Government National Mortgage Association — 0.4%
Governmet National Mortgage Association 2011, • 4.439%, 10/16/45 (Cost $2,137,502)	$	2,000	$	2,259,007
ASSET BACKED SECURITIES — 15.1%
Brentwood CLO Corp. 2006-1A, Class B 1.577%, 02/01/22 144A @,•		4,000		3,813,560
Chase Issuance Trust 07-B1 0.785%, 04/15/19 •		2,000		1,998,759
Chrysler Capital Auto Receivables Trust 2014-BA 2.700%, 05/15/20 144A @		3,000		3,040,216
Conseco Financial Corp. 1996-10 7.240%, 11/15/28 •		408		344,186
Cratos CLO Ltd. 2007-1A D 3.211%, 05/19/21 144A @,•		3,000		2,984,643
Cratos CLO Ltd. 2007-1A E 5.811%, 05/19/21 144A @,•		3,000		2,999,826
Emerson Place CLO Ltd. 2006-1A C 1.450%, 01/15/19 144A @,•		3,200		3,043,146
Ford Credit Auto Owner Trust 2012-D 1.010%, 05/15/18		2,385		2,384,081
Ford Credit Auto Owner Trust 2013-D, Class B 2013 1.540%, 03/15/19		6,800		6,804,364
Gleneagles CLO Ltd. 2005-1A C, Class C 1.657%, 11/01/17 144A @,•		1,490		1,482,311
Honda Auto Receivables 2014-1 Owner Trust 2014 1.040%, 02/21/20		3,750		3,751,350
Jasper CLO Ltd. 2005-1A, Class C 1.659%, 08/01/17 144A @,•		3,007		3,006,082
Keycorp Student Loan Trust 2006-A 1.163%, 09/27/35 •		3,689		3,647,482
Red River CLO Ltd. 1A C 1.477%, 07/27/18 144A @,•		2,350		2,349,329
Rockwall CDO II Ltd. 2007-1A•
1.007%, 08/01/24 144A @		3,960		3,936,255
1.457%, 08/01/24 144A @		4,000		3,867,596
Rockwall CDO Ltd. 2006-1A 1.257%, 08/01/21 144A @,•		941		940,594
SACO I, Inc. 2005-4 1.425%, 06/25/35 144A @,•		116		115,458
SLC Student Loan Trust 2005-1 1.017%, 02/15/45 •		5,889		4,968,517
SLM Student Loan Trust 2004-4, Class B 1.095%, 01/27/25 •		5,800		5,796,692
SLM Student Loan Trust 2005-10, Class B 0.985%, 10/26/26 •		5,000		4,896,171
SLM Student Loan Trust 2012-6 1.525%, 04/27/43 •		7,205		6,197,340
Stone Tower CLO VII Ltd. 2007-7A, Class B 2.950%, 08/30/21 144A @,•		3,000		2,999,970

	Par (000)		Value†
Westchester CLO Ltd. 2007-1A B 1.197%, 08/01/22 144A @,•	$	4,500	$	4,323,717
TOTAL ASSET BACKED SECURITIES (Cost $80,264,182)				79,691,645
COMMERCIAL MORTGAGE BACKED SECURITIES — 19.9%
CFCRE Commercial Mortgage Trust 2011-C1 4.961%, 04/15/44 144A @,•		1,000		1,106,505
Chase Mortgage Trust 2016-2 2016 3.750%, 12/25/45 144A @,•		3,820		3,954,347
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4 5.322%, 12/11/49		647		649,628
FHLMC Multifamily Structured Pass Through Certificates 3.010%, 07/25/25		5,405		5,805,888
FREMF Mortgage Trust Series 2010-K6 Class B 5.533%, 12/25/46 144A @,•		7,795		8,452,596
FREMF Mortgage Trust Series 2012-K18 Class B 4.400%, 01/25/45 144A @,•		6,000		6,522,533
FREMF Mortgage Trust Series 2012-K19 Class C 4.173%, 05/25/45 144A @,•		4,500		4,632,018
FREMF Mortgage Trust Series 2012-K20 Class C 4.005%, 05/25/45 144A @,•		6,000		6,084,014
FREMF Mortgage Trust Series 2012-K21 Class C 4.071%, 07/25/45 144A @,•		4,720		4,800,234
FREMF Mortgage Trust Series 2012-K23 Class C 3.782%, 10/25/45 144A @,•		5,000		4,986,483
FREMF Mortgage Trust Series 2012-K707 Class B 4.019%, 01/25/47 144A @,•		8,272		8,597,578
FREMF Mortgage Trust Series 2012-K710 Class C 3.952%, 06/25/47 144A @,•		5,175		5,228,548
FREMF Mortgage Trust Series 2012-K711 Class C 3.684%, 08/25/45 144A @,•		6,000		6,045,299
FREMF Mortgage Trust Series 2013-K27 Class C 3.616%, 01/25/46 144A @,•		5,000		4,893,210
FREMF Mortgage Trust Series 2013-K28 Class C 3.614%, 06/25/46 144A @,•		4,751		4,632,006
FREMF Mortgage Trust Series 2013-KF02 Class C 4.522%, 12/25/45 144A @,•		442		443,874
FREMF Mortgage Trust Series 2014-K37 Class B 4.713%, 01/25/47 144A @,•		5,825		6,357,468

9

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

QUALITY BOND FUND

	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)
FREMF Mortgage Trust Series 2014-K40 Class B 4.209%, 11/25/47 144A @,•	$	4,500	$	4,813,080
FREMF Mortgage Trust Series 2014-K41 Class B 3.961%, 11/25/47 144A @,•		5,000		5,261,898
FREMF Mortgage Trust Series 2014-K503 Class B 3.080%, 10/25/47 144A @,•		5,000		5,065,188
FREMF Mortgage Trust Series 2015-K44 Class B 3.811%, 01/25/48 144A @,•		5,000		4,980,777
HILT 2014-ORL Mortgage Trust, Class B 1.724%, 07/15/29 144A @,•		1,500		1,459,281
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP10 5.420%, 01/15/49		704		708,872
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $104,121,904)				105,481,325
CORPORATE BONDS — 35.2%
Aerospace & Defense — 0.6%
Lockheed Martin Corp. 3.100%, 01/15/23		3,000		3,163,623
Airlines — 3.4%
American Airlines 2013-2 Class C Pass Through Trust 6.000%, 01/15/17 144A @		4,122		4,162,730
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821%, 08/10/22		2,110		2,491,869
Delta Air Lines 2015-1 Class B Pass Through Trust 4.250%, 07/30/23		2,824		2,915,318
UAL 2009-1 Pass Through Trust 10.400%, 11/01/16		2,105		2,107,096
United Airlines 2016-1 Class AA Pass Through Trust 3.100%, 07/07/28		3,000		3,067,800
US Airways 2010-1 Class B, Pass Through Trust 8.500%, 04/22/17		3,113		3,229,849
				17,974,662
Apparel — 0.6%
Under Armour, Inc. 3.250%, 06/15/26		3,000		3,020,253
Banks — 4.7%
Bank of America Corp. 5.650%, 05/01/18		1,000		1,060,767
JPMorgan Chase & Co. 3.875%, 09/10/24		3,600		3,789,986
Morgan Stanley 5.950%, 12/28/17		2,050		2,158,535

	Par (000)		Value†
Banks — (continued)
State Street Corp. 4.956%, 03/15/18	$	7,915	$	8,263,078
Wachovia Corp. 1.120%, 06/15/17 •		5,350		5,350,701
Wells Fargo & Co. 3.000%, 02/19/25		4,000		4,062,008
				24,685,075
Beverages — 0.6%
Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		3,000		3,222,000
Biotechnology — 0.8%
Amgen, Inc. 2.700%, 05/01/22		3,000		3,094,938
Biogen Idec, Inc. 6.875%, 03/01/18		1,000		1,076,470
				4,171,408
Commercial Services — 0.5%
Drawbridge Special Opportunities Fund LP 5.000%, 08/01/21 144A @		2,000		1,922,250
ERAC USA Finance LLC 2.350%, 10/15/19 144A @		1,000		1,015,947
				2,938,197
Computers — 0.6%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 5.450%, 06/15/23 144A @		3,000		3,214,371
Diversified Financial Services — 2.3%
Air Lease Corp. 3.750%, 02/01/22		2,000		2,096,156
American Express Co. 6.150%, 08/28/17		2,000		2,084,316
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/35		4,000		4,489,460
General Electric Capital Corp. 7.500%, 08/21/35		2,263		3,381,461
				12,051,393
Electric — 0.2%
Enel Finance International NV 6.250%, 09/15/17 144A @		1,000		1,044,080
Engineering & Construction — 0.6%
SBA Tower Trust 3.156%, 10/15/20 144A @		3,000		3,029,160
Food — 1.2%
Kellogg Co. 4.500%, 04/01/46		3,000		3,244,878
Kraft Heinz Foods Co. 3.000%, 06/01/26		2,000		2,015,956
WM Wrigley Jr. Co. 2.400%, 10/21/18 144A @		1,000		1,016,244
				6,277,078

10

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

QUALITY BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Forest Products & Paper — 0.5%
Georgia-Pacific LLC 3.163%, 11/15/21 144A @	$	2,500	$	2,612,658
Gas — 0.8%
Sabine Pass LNG LP 7.500%, 11/30/16		4,380		4,412,850
Healthcare Products — 1.2%
Becton Dickinson and Co. 3.300%, 03/01/23		1,103		1,164,511
Covidien International Finance SA 6.000%, 10/15/17		1,000		1,048,678
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,000		1,019,199
Stryker Corp. 3.375%, 11/01/25		2,000		2,097,714
Zimmer Biomet Holdings, Inc. 4.625%, 11/30/19		1,000		1,077,935
				6,408,037
Housewares — 0.4%
Newell Rubbermaid, Inc. 4.200%, 04/01/26		2,000		2,178,216
Insurance — 1.1%
New York Life Insurance Co. 5.875%, 05/15/33 144A @		4,925		6,081,464
Investment Companies — 0.2%
Ares Capital Corp. 4.875%, 11/30/18		1,000		1,043,870
Lodging — 0.7%
Starwood Hotels & Resorts Worldwide, Inc. 4.500%, 10/01/34		3,500		3,669,288
Media — 1.8%
Belo Corp. 7.750%, 06/01/27		2,000		2,160,000
Charter Communications Operating LLC/Charter Communications Operating Capital 4.464%, 07/23/22 144A @		3,000		3,237,186
Comcast Cable Communications LLC 8.875%, 05/01/17		2,905		3,030,194
Comcast Cable Holdings LLC 9.875%, 06/15/22		1,000		1,337,312
				9,764,692
Mining — 0.2%
Goldcorp, Inc. 3.625%, 06/09/21		1,000		1,054,077
Oil & Gas — 1.8%
Anadarko Petroleum Corp. 0.000%, 10/10/36 ¤		7,500		2,905,057
BG Energy Capital PLC 4.000%, 10/15/21 144A @		1,000		1,093,831

	Par (000)		Value†
Oil & Gas — (continued)
BP Capital Markets PLC 2.500%, 11/06/22	$	2,500	$	2,525,105
Murphy Oil Corp. 3.500%, 12/01/17		3,000		3,052,044
				9,576,037
Pharmaceuticals — 2.8%
Abbvie, Inc. 2.300%, 05/14/21		3,000		3,026,055
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34		1,000		1,249,159
Mead Johnson Nutrition Co. 4.125%, 11/15/25		2,000		2,168,392
Mylan NV 3.000%, 12/15/18 144A @		2,000		2,044,094
Perrigo Co. PLC 4.000%, 11/15/23		3,134		3,222,338
Zoetis, Inc. 4.500%, 11/13/25		3,000		3,363,102
				15,073,140
Pipelines — 0.7%
Regency Energy Partners LP/Regency Energy Finance Corp. 5.875%, 03/01/22		2,000		2,205,352
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23		1,500		1,517,621
				3,722,973
Real Estate Investment Trusts — 1.1%
American Tower Corp. 4.700%, 03/15/22		2,500		2,778,747
Kimco Realty Corp. 2.800%, 10/01/26		3,000		2,974,197
				5,752,944
Retail — 1.9%
McDonald’s Corp. 5.700%, 02/01/39		2,110		2,645,754
Rite Aid Corp. 6.125%, 04/01/23 144A @		4,000		4,316,680
Walgreens Boots Alliance, Inc. 1.750%, 05/30/18		3,000		3,016,428
				9,978,862
Software — 0.6%
Activision Blizzard, Inc. 6.125%, 09/15/23 144A @		2,000		2,197,500
Qunitiles IMS, Inc. 5.000%, 10/15/26 144A @		1,000		1,040,000
				3,237,500
Telecommunications — 2.0%
Alcatel-Lucent USA, Inc. 6.500%, 01/15/28		3,000		3,270,000
Crown Castle Towers LLC 3.663%, 05/15/25 144A @		4,000		4,216,040
Sprint Communications, Corp. 6.000%, 12/01/16		3,000		3,015,000
				10,501,040

11

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

QUALITY BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Transportation — 0.8%
BNSF Railway Co. 2015-1 Pass Through Trust 3.442%, 06/16/28 144A @	$	2,887	$	3,040,144
Federal Express Corp 1999 Pass Through Trust 7.650%, 01/15/22		1,028		1,201,794
				4,241,938
Trucking and Leasing — 0.5%
Aviation Capital Group Corp. 2.875%, 09/17/18 144A @		2,500		2,531,250
TOTAL CORPORATE BONDS (Cost $180,930,430)				186,632,136
RESIDENTIAL MORTGAGE BACKED SECURITIES — 11.1%
Fannie Mae Pool — 10.5%
4.000%, 08/01/41		5,809		6,257,182
2.500%, 01/01/43		2,949		2,989,242
2.500%, 02/01/43		8,518		8,633,041
3.000%, 03/01/43		8,299		8,646,251
2.500%, 05/01/43		11,465		11,599,792
3.500%, 09/01/43		1,575		1,667,370
3.000%, 11/01/46		15,000		15,554,483
				55,347,361
Freddie Mac Gold Pool — 0.5%
3.500%, 01/01/41		2,119		2,242,070
3.500%, 02/01/41		622		656,435
				2,898,505
Ginnie Mae Pool — 0.1%
6.000%, 10/15/38		342		392,160
6.000%, 10/15/38		204		233,217
				625,377
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $56,557,825)				58,871,243
U.S TREASURY OBLIGATION — 19.5%
U.S. Treasury Bond
1.375%, 01/31/20		3,000		3,039,258
2.125%, 01/31/21		2,600		2,709,483
2.250%, 11/15/24		3,000		3,167,460
2.125%, 05/15/25		3,000		3,136,407
1.625%, 05/15/26		2,700		2,703,586
4.375%, 02/15/38		7,000		9,763,908
3.000%, 05/15/42		3,000		3,420,117
3.125%, 02/15/43		4,000		4,660,468
3.625%, 08/15/43		4,200		5,346,961
3.750%, 11/15/43		3,500		4,555,194
2.500%, 05/15/46		3,000		3,105,000
U.S. Treasury Inflation Indexed Bonds
0.625%, 01/15/24		4,641		4,869,083
0.250%, 01/15/25		15,240		15,522,580
0.375%, 07/15/25		3,044		3,143,981
1.000%, 02/15/46		3,047		3,368,127

	Par (000)		Value†
U.S. Treasury Note
0.625%, 05/31/17	$	750	$	750,146
0.625%, 08/31/17		900		899,754
0.750%, 12/31/17		2,500		2,501,075
2.000%, 07/31/22		5,000		5,195,115
1.500%, 02/28/23		6,500		6,550,525
1.750%, 05/15/23		5,000		5,112,305
2.500%, 08/15/23		4,000		4,285,156
2.000%, 02/15/25		5,000		5,177,735
Total U.S TREASURY OBLIGATION (Cost $97,647,618)				102,983,424
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.0%
BlackRock Liquidity Funds TempFund - Institutional Shares		448		448
Federated Prime Obligations Fund - Class I		312		312
Fidelity Institutional Prime Money Market Portfolio - Class I		273		273
Fidelity Institutional Prime Money Market Portfolio - Institutional Class		718		718
Wells Fargo Advantage Government Money Market Fund – Institutional Class		52		52
Wells Fargo Advantage Heritage Money Market Fund – Institutional Class		1		1
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1
TOTAL SHORT-TERM INVESTMENTS (Cost $1,805)				1,805
TOTAL INVESTMENTS — 101.2% (Cost $521,661,266)(a)			$	535,920,585
Other Assets & Liabilities — (1.2)%				(6,371,981	)
TOTAL NET ASSETS — 100.0%			$	529,548,604

† See Security Valuation Note.

144A@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

• Variable Rate Security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $521,693,241. Net unrealized appreciation was $14,227,344. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $16,389,331 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,161,987.

¤ Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

12

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

QUALITY BOND FUND

Country Weightings as of 09/30/2016††
United States	91	%
Cayman Islands	7
Ireland	1
United Kingdom	1
Total	100	%

†† % of total investments as of September 30, 2016

13

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S TREASURY OBLIGATION	$	102,983,424	$	—	$	102,983,424	$	—
AGENCY OBLIGATIONS		2,259,007		—		2,259,007		—
ASSET BACKED SECURITIES		79,691,645		—		79,691,645		—
COMMERCIAL MORTGAGE BACKED SECURITIES		105,481,325		—		105,481,325		—
CORPORATE BONDS		186,632,136		—		186,632,136		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		58,871,243		—		58,871,243		—
SHORT-TERM INVESTMENTS		1,805		1,805		—		—
TOTAL INVESTMENTS	$	535,920,585	$	1,805	$	535,918,780	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

14

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
ASSET BACKED SECURITIES — 0.2%
Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125%, 04/29/18	$	325	$	339,625
VB-S1 Issuer LLC 2016 6.901%, 06/15/46 144A @		95		96,057
TOTAL ASSET BACKED SECURITIES (Cost $420,000)				435,682
	Number of Shares		Value†
COMMON STOCKS — 1.1%
Diversified Financial Services — 0.0%
Sentry Holdings A Shares*^,~		294		0
Electric — 0.1%
NRG Energy, Inc.		18,174		203,731
Entertainment — 0.0%
New Cotai Participation Class B*144A@,^,~		1		24,398
Media — 0.3%
Altice N.V. Class A*		4,116		73,841
Altice N.V. Class B*		1,372		24,706
Liberty Broadband Corp.*		3,500		250,180
Liberty Global PLC*		2,300		75,992
Liberty Global PLC LiLAC*		286		8,022
				432,741
Oil & Gas — 0.3%
Rowan Cos PLC*		14,775		223,989
YPF S.A. ADR		12,250		223,195
				447,184
Real Estate — 0.1%
The Howard Hughes Corp.*		1,675		191,787
Telecommunications — 0.3%
First Data Corp.*		10,500		138,180
T-Mobile US, Inc.*		9,400		439,168
				577,348
TOTAL COMMON STOCKS (Cost $1,788,812)				1,877,189
PREFERRED STOCKS — 0.6%
Diversified Financial Services — 0.0%
Sentry Holdings B Pref Shrs*^,~		65,529		62,852
Electric — 0.2%
NextEra Energy, Inc.		7,200		358,560
Packaging and Containers — 0.0%
Smurfit-Stone Container Corp. (Escrow) CONV.*^,~		725		0
Pharmaceuticals — 0.2%
Allergan PLC		337		276,889

	Number of Shares		Value†
Telecommunications — 0.2%
Crown Castle International Corp. CONV.		1,550	$	175,181
T-Mobile US, Inc.		1,463		114,217
				289,398
TOTAL PREFERRED STOCKS (Cost $1,040,880)				987,699
	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 0.2%
Diversified — 0.2%
American Tower Corp.		1,207		133,844
American Tower Corp.		1,325		145,207
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $253,200)				279,051
CORPORATE BONDS — 84.4%
Advertising — 0.9%
Acosta, Inc. 7.750%, 10/01/22 144A @	$	300		246,750
Lamar Media Corp. 5.875%, 02/01/22		125		130,156
MDC Partners, Inc. 6.500%, 05/01/24 144A @		791		731,675
Outfront Media Capital LLC 5.625%, 02/15/24		400		416,000
				1,524,581
Aerospace & Defense — 0.9%
Accudyne Industries LLC 7.750%, 12/15/20 144A @		350		277,375
StandardAero Aviation Holdings, Inc. 10.000%, 07/15/23 144A @		500		536,540
TransDigm, Inc.
6.500%, 07/15/24		200		210,500
6.500%, 05/15/25		175		182,219
6.375%, 06/15/26 144A @		250		258,125
				1,464,759
Airlines — 1.1%
Air Canada
6.750%, 10/01/19 144A @		50		51,625
7.750%, 04/15/21 144A @		350		378,000
American Airlines 2013-1 Class B Pass Through Trust 5.625%, 01/15/21 144A @		62		65,142
American Airlines 2013-1 Class C Pass Through Trust 6.125%, 07/15/18 144A @,^		200		208,500
American Airlines Group, Inc. 5.500%, 10/01/19 144A @		650		676,812
United Airlines 2014-2 Class B Pass Through Trust 4.625%, 09/03/22		63		64,404
United Continental Holdings, Inc. 6.375%, 06/01/18		325		341,250
				1,785,733

15

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Auto Parts & Equipment — 1.1%
Adient Global Holdings Ltd. 4.875%, 08/15/26 144A @	$	200	$	200,250
Allison Transmission, Inc. 5.000%, 10/01/24 144A @		175		179,375
MPG Holdco I, Inc. 7.375%, 10/15/22		475		485,687
Nexteer Automotive Group Ltd. 5.875%, 11/15/21 144A @		200		212,000
TI Group Automotive Systems LLC 8.750%, 07/15/23 144A @		700		761,250
				1,838,562
Banks — 3.1%
Ally Financial, Inc.
5.125%, 09/30/24		75		79,500
5.750%, 11/20/25		350		366,188
8.000%, 11/01/31		425		523,812
Banco Bilbao Vizcaya Argentaria S.A. 7.000%, 12/29/49 •		400		417,922
Banco Santander S.A. 6.375%, 05/29/49 •		600		538,500
Citigroup, Inc.
5.950%, 12/29/49 •		810		824,718
6.250%, 12/29/49 •		175		188,344
Credit Agricole S.A. 6.625%, 09/29/49 144A @,•		400		382,650
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/21 144A @		400		434,680
HSBC Holdings PLC 6.875%, 12/29/49 •		220		228,800
JPMorgan Chase & Co. 5.300%, 12/29/49 •		384		389,280
Standard Chartered PLC 7.500%, 12/29/49 144A @,•		450		448,875
The Goldman Sachs Group, Inc. 5.375%, 12/29/49 •		392		393,949
				5,217,218
Biotechnology — 0.0%
Concordia Healthcare Corp. 9.500%, 10/21/22 144A @		75		51,938
Building Materials — 1.5%
Cemex S.A.B. de C.V. 7.750%, 04/16/26 144A @		400		443,800
LSF9 Balta Issuer S.A. 7.750%, 09/15/22		325		391,063
Masonite International Corp. 5.625%, 03/15/23 144A @		175		184,625
NCI Building Systems, Inc. 8.250%, 01/15/23 144A @		225		244,687
Norbord, Inc. 6.250%, 04/15/23 144A @		225		239,063
Pfleiderer GmbH 7.875%, 08/01/19		400		465,483

	Par (000)		Value†
Building Materials — (continued)
Reliance Intermediate Holdings LP 6.500%, 04/01/23 144A @	$	450	$	472,500
				2,441,221
Chemicals — 1.6%
CVR Partners LP 9.250%, 06/15/23 144A @		250		241,875
Hexion, Inc.
6.625%, 04/15/20		825		726,000
10.000%, 04/15/20		150		147,750
Huntsman International LLC 4.875%, 11/15/20		50		52,125
INEOS Group Holdings S.A. 5.625%, 08/01/24 144A @		375		367,969
Platform Specialty Products Corp.
10.375%, 05/01/21 144A @		300		323,250
6.500%, 02/01/22 144A @		225		218,812
PQ Corp. 6.750%, 11/15/22 144A @		175		185,500
Univar USA, Inc. 6.750%, 07/15/23 144A @		275		283,250
WR Grace & Co. 5.125%, 10/01/21 144A @		75		79,688
				2,626,219
Coal — 0.4%
CONSOL Energy, Inc.
5.875%, 04/15/22		200		184,000
8.000%, 04/01/23		75		72,750
Murray Energy Corp. 11.250%, 04/15/21 144A @		600		337,500
				594,250
Commercial Services — 1.8%
Alliance Data Systems Corp. 5.375%, 08/01/22 144A @		300		292,500
Avis Budget Car Rental LLC 5.250%, 03/15/25 144A @		475		456,000
Black Knight InfoServ LLC 5.750%, 04/15/23 144A @		128		134,720
CEB, Inc. 5.625%, 06/15/23 144A @		475		467,875
H&E Equipment Services, Inc. 7.000%, 09/01/22		250		263,750
Harland Clarke Holdings Corp.
9.750%, 08/01/18 144A @		175		179,813
6.875%, 03/01/20 144A @		125		119,375
Iron Mountain Europe PLC 6.125%, 09/15/22 144A @		225		303,297
Nord Anglia Education Finance LLC 5.750%, 07/15/22 144A @		175		188,240
Prime Security Services Borrower LLC 9.250%, 05/15/23 144A @		175		190,750
The ADT Corp.
6.250%, 10/15/21		175		190,312
4.125%, 06/15/23		100		98,500
4.875%, 07/15/32 144A @		250		219,375
				3,104,507

16

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Computers — 1.2%
Diamond 1 Finance Corp.
5.875%, 06/15/21 144A @	$	175	$	185,933
7.125%, 06/15/24 144A @		300		329,954
Western Digital Corp.
7.375%, 04/01/23 144A @		575		632,500
10.500%, 04/01/24 144A @		775		899,000
				2,047,387
Cosmetics & Personal Care — 0.2%
Avon International Operations, Inc. 7.875%, 08/15/22 144A @		275		283,938
Distribution & Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc. 5.750%, 12/15/23 144A @		150		156,000
Entertainment One Ltd. 6.875%, 12/15/22 144A @		100		139,983
				295,983
Diversified Financial Services — 2.6%
Consolidated Energy Finance S.A. 6.750%, 10/15/19 144A @		750		740,625
Garfunkelux Holdco 3 S.A. 8.500%, 11/01/22 144A @		175		231,021
Icahn Enterprises LP 4.875%, 03/15/19		350		351,750
Ladder Capital Finance Holdings LLLP. 5.875%, 08/01/21 144A @		175		166,250
Nationstar Mortgage LLC
7.875%, 10/01/20		150		152,430
6.500%, 07/01/21		250		245,000
Navient Corp.
5.000%, 10/26/20		375		369,844
7.250%, 09/25/23		275		275,000
NFP Corp. 9.000%, 07/15/21 144A @		75		77,053
Ocwen Financial Corp. 6.625%, 05/15/19		241		213,888
OneMain Financial Holdings, Inc. 7.250%, 12/15/21 144A @		515		541,394
Quicken Loans, Inc. 5.750%, 05/01/25 144A @		350		347,375
Springleaf Finance Corp. 8.250%, 12/15/20		375		411,562
Transworld Systems, Inc. 9.500%, 08/15/21 144A @		375		202,500
Walter Investment Management Corp. 7.875%, 12/15/21		175		116,375
				4,442,067
Electric — 2.6%
AES Corp.
5.500%, 03/15/24		500		520,310
6.000%, 05/15/26		225		237,938
Calpine Corp.
5.375%, 01/15/23		300		298,875
5.500%, 02/01/24		50		49,375

	Par (000)		Value†
Electric — (continued)
DPL, Inc. 7.250%, 10/15/21	$	250	$	255,000
Dynegy, Inc. 6.750%, 11/01/19		75		76,875
Energy Future Intermediate Holding Co. LLC 11.750%, 03/01/22 144A @,¤		952		1,171,097
Infinis PLC 7.000%, 02/15/19 144A @		300		394,850
NRG Energy, Inc.
6.625%, 03/15/23		375		378,750
7.250%, 05/15/26 144A @		775		788,562
6.625%, 01/15/27 144A @		150		147,000
				4,318,632
Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc. 5.500%, 06/15/25 144A @		375		386,250
Energy-Alternate Sources — 0.2%
Terraform Power Operating LLC STEP
9.375%, 02/01/23 144A @		75		77,063
9.625%, 06/15/25 144A @		225		236,250
				313,313
Entertainment — 3.4%
Codere Finance 2 Luxembourg S.A.
PIK 9.000%, 06/30/21		175		179,156
PIK 9.000%, 06/30/21		183		185,809
Eldorado Resorts, Inc. 7.000%, 08/01/23		525		557,156
EMI Music Publishing Group North America Holdings, Inc. 7.625%, 06/15/24 144A @		125		135,156
GLP Capital LP
4.375%, 04/15/21		75		78,938
5.375%, 04/15/26		150		161,250
Great Canadian Gaming Corp. 6.625%, 07/25/22 144A @		450		360,151
International Game Technology PLC
6.250%, 02/15/22 144A @		600		636,000
6.500%, 02/15/25 144A @		350		377,125
Intralot Capital Luxembourg S.A. 6.750%, 09/15/21 144A @		175		196,577
Intralot Finance Luxembourg S.A. 9.750%, 08/15/18 144A @		225		264,830
Regal Entertainment Group 5.750%, 03/15/22		475		490,437
Scientific Games International, Inc.
7.000%, 01/01/22 144A @		300		317,250
10.000%, 12/01/22		1,150		1,060,875
Shingle Springs Tribal Gaming Authority 9.750%, 09/01/21 144A @		440		479,600
WMG Acquisition Corp. 6.000%, 01/15/21 144A @		188		195,050
				5,675,360

17

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Food — 1.4%
Albertsons Cos. LLC
6.625%, 06/15/24 144A @	$	400	$	416,000
5.750%, 03/15/25 144A @		275		274,313
Dean Foods Co. 6.500%, 03/15/23 144A @		450		479,925
Minerva Luxembourg S.A.
12.250%, 02/10/22 144A @		200		218,000
7.750%, 01/31/23 144A @		475		502,312
Post Holdings, Inc. 5.000%, 08/15/26 144A @		400		398,000
Safeway, Inc. 7.250%, 02/01/31		100		99,250
				2,387,800
Forest Products & Paper — 0.4%
Cascades, Inc. 5.500%, 07/15/22 144A @		150		152,438
Mercer International, Inc.
7.000%, 12/01/19		375		387,656
7.750%, 12/01/22		200		211,750
				751,844
Gas — 0.0%
NGL Energy Partner LP 5.125%, 07/15/19		75		70,500
Hand & Machine Tools — 0.7%
Apex Tool Group LLC 7.000%, 02/01/21 144A @		800		765,000
Milacron LLC 7.750%, 02/15/21 144A @		325		338,000
				1,103,000
Healthcare Products — 0.6%
Hill-Rom Holdings, Inc. 5.750%, 09/01/23 144A @		150		160,095
Kinetic Concepts, Inc.
12.500%, 11/01/19		125		124,375
9.625%, 10/01/21 144A @		475		475,000
Ortho-Clinical Diagnostics, Inc. 6.625%, 05/15/22 144A @		250		220,625
				980,095
Healthcare Services — 2.0%
Centene Corp.
5.625%, 02/15/21		175		185,500
6.125%, 02/15/24		100		108,500
HCA, Inc. 5.000%, 03/15/24		220		232,100
IASIS Healthcare LLC 8.375%, 05/15/19		450		407,250
Molina Healthcare, Inc. 5.375%, 11/15/22		275		283,937
MPH Acquisition Holdings LLC 7.125%, 06/01/24 144A @		125		134,375
Surgery Center Holdings, Inc. 8.875%, 04/15/21 144A @		250		266,875
Synlab Bondco PLC 6.250%, 07/01/22 144A @		375		445,691

	Par (000)		Value†
Healthcare Services — (continued)
Synlab Unsecured Bondco PLC 8.250%, 07/01/23 144A @		150	$	179,456
Tenet Healthcare Corp.
4.350%, 06/15/20 •		175		175,893
8.125%, 04/01/22		500		500,000
6.750%, 06/15/23		475		441,750
				3,361,327
Holding Companies — 0.2%
James Hardie International Finance Ltd. 5.875%, 02/15/23 144A @		275		291,500
Home Builders — 0.8%
Shea Homes LP 5.875%, 04/01/23 144A @		200		200,000
Taylor Morrison Communities, Inc. 5.875%, 04/15/23 144A @		250		261,875
William Lyon Homes, Inc.
8.500%, 11/15/20		400		418,000
7.000%, 08/15/22		375		386,250
				1,266,125
Home Furnishings — 0.3%
Tempur Sealy International, Inc.
5.625%, 10/15/23		250		263,125
5.500%, 06/15/26 144A @		200		206,000
				469,125
Household Products & Wares — 0.8%
Central Garden & Pet Co. 6.125%, 11/15/23		175		187,250
Reynolds Group Issuer, Inc.
5.750%, 10/15/20		225		232,031
8.250%, 02/15/21		650		677,625
7.000%, 07/15/24 144A @		275		294,938
				1,391,844
Housewares — 0.5%
Bormioli Rocco Holdings S.A. 10.000%, 08/01/18 144A @		300		346,106
RSI Home Products, Inc. 6.500%, 03/15/23 144A @		450		474,750
				820,856
Insurance — 1.7%
Alliant Holdings Intermediate LLC 8.250%, 08/01/23 144A @		675		685,969
CNO Financial Group, Inc.
4.500%, 05/30/20		25		25,594
5.250%, 05/30/25		350		347,375
Hub Holdings LLC PIK (Cash coupon 8.125%, PIK 8.875%) 8.125%, 07/15/19 144A @		425		414,375
HUB International Ltd.
9.250%, 02/15/21 144A @		125		130,062
7.875%, 10/01/21 144A @		625		637,500
USI, Inc. 7.750%, 01/15/21 144A @		650		659,750
				2,900,625

18

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Internet — 0.8%
Ancestry.Com, Inc. 11.000%, 12/15/20	$	125	$	133,750
Equinix, Inc.
5.375%, 01/01/22		275		290,812
5.750%, 01/01/25		150		159,375
Match Group, Inc.
6.750%, 12/15/22		350		372,312
6.375%, 06/01/24		175		190,313
Zayo Group LLC 6.375%, 05/15/25		175		185,500
				1,332,062
Iron & Steel — 1.0%
Bluescope Steel Finance Ltd.
7.125%, 05/01/18 144A @		110		112,310
6.500%, 05/15/21 144A @		475		502,312
Vale Overseas Ltd.
5.875%, 06/10/21		341		357,027
6.250%, 08/10/26		350		365,645
6.875%, 11/21/36		350		340,200
				1,677,494
Leisure Time — 0.8%
24 Hour Holdings III LLC 8.000%, 06/01/22 144A @		325		264,062
Cirsa Funding Luxembourg S.A. 5.875%, 05/15/23 144A @		300		350,066
ClubCorp Club Operations, Inc. 8.250%, 12/15/23 144A @		250		268,750
LTF Merger Sub, Inc. 8.500%, 06/15/23 144A @		400		412,000
Sabre GLBL, Inc. 5.375%, 04/15/23 144A @		125		128,438
				1,423,316
Lodging — 0.8%
Boyd Gaming Corp. 6.375%, 04/01/26 144A @		325		348,562
MGM Growth Properties Operating Partnership LP 5.625%, 05/01/24 144A @		175		189,823
Playa Resorts Holding BV 8.000%, 08/15/20 144A @		450		459,000
Seminole Hard Rock Entertainment, Inc. 5.875%, 05/15/21 144A @		300		303,000
				1,300,385
Machinery - Construction & Mining — 0.3%
BlueLine Rental Finance Corp. 7.000%, 02/01/19 144A @		225		196,313
Terex Corp. 6.000%, 05/15/21		375		383,437
				579,750
Machinery - Diversified — 0.5%
Gardner Denver, Inc. 6.875%, 08/15/21 144A @		300		281,250
Manitowoc Foodservice, Inc. 9.500%, 02/15/24		100		114,500

	Par (000)		Value†
Machinery - Diversified — (continued)
Zebra Technologies Corp. 7.250%, 10/15/22	$	382	$	413,993
				809,743
Media — 7.7%
AMC Networks, Inc. 4.750%, 12/15/22		175		177,188
Cable One, Inc. 5.750%, 06/15/22 144A @		175		182,875
CCO Holdings LLC
5.750%, 01/15/24		600		637,500
5.500%, 05/01/26 144A @		325		338,813
CCO Holdings LLC/CCO Holdings Capital Corp. 5.750%, 09/01/23		275		291,156
Cequel Communications Holdings I LLC
5.125%, 12/15/21 144A @		325		325,000
7.750%, 07/15/25 144A @		600		648,000
Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/22		350		364,438
CSC Holdings LLC
10.125%, 01/15/23 144A @		1,375		1,584,687
6.625%, 10/15/25 144A @		200		217,000
10.875%, 10/15/25 144A @		325		380,250
DISH DBS Corp.
6.750%, 06/01/21		250		270,000
5.875%, 07/15/22		250		256,933
7.750%, 07/01/26 144A @		425		451,562
iHeartCommunications, Inc. 9.000%, 12/15/19		225		178,031
LGE HoldCo VI BV 7.125%, 05/15/24 144A @		325		406,528
Mcgraw-hill Global Education Holdings LLC 7.875%, 05/15/24 144A @		325		351,000
MHGE Parent LLC 8.500%, 08/01/19 144A @		325		328,250
Nexstar Escrow Corp. 5.625%, 08/01/24 144A @		375		375,938
Sinclair Television Group, Inc. 5.875%, 03/15/26 144A @		150		156,000
Sirius XM Radio, Inc. 6.000%, 07/15/24 144A @		427		455,289
Townsquare Media, Inc. 6.500%, 04/01/23 144A @		486		493,290
Tribune Media Co. 5.875%, 07/15/22		225		227,672
Unitymedia GmbH 6.125%, 01/15/25 144A @		800		839,000
Unitymedia Hessen GmbH & Co. KG 5.000%, 01/15/25 144A @		400		405,000
Univision Communications, Inc.
6.750%, 09/15/22 144A @		492		522,135
5.125%, 02/15/25 144A @		300		301,875
VTR Finance BV 6.875%, 01/15/24 144A @		750		783,375
WideOpenWest Finance LLC

19

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Media — (continued)
10.250%, 07/15/19	$	425	$	447,346
13.375%, 10/15/19 ^		182		193,830
Ziggo Bond Finance BV 6.000%, 01/15/27 144A @		375		373,125
				12,963,086
Metal Fabricate/Hardware — 0.5%
Wise Metals Group LLC, 8.750%, 12/15/18 144A @		450		459,000
Zekelman Industries, Inc. 9.875%, 06/15/23 144A @		350		369,250
				828,250
Mining — 4.2%
Alcoa Nederland Holdings BV
6.750%, 09/30/24 144A @		200		207,750
7.000%, 09/30/26 144A @		200		206,750
Aleris International, Inc. 7.875%, 11/01/20		150		151,875
Constellium NV
7.875%, 04/01/21 144A @		500		533,750
8.000%, 01/15/23 144A @		250		251,875
FMG Resources August 2006 Pty Ltd. 9.750%, 03/01/22 144A @		675		783,000
Freeport-McMoRan, Inc.
2.375%, 03/15/18		300		295,500
3.100%, 03/15/20		125		119,688
4.000%, 11/14/21		175		165,594
5.400%, 11/14/34		250		207,500
HudBay Minerals, Inc. 9.500%, 10/01/20		1,112		1,115,058
Joseph T Ryerson & Son, Inc. 11.000%, 05/15/22 144A @		600		660,000
Lundin Mining Corp.
7.500%, 11/01/20 144A @		500		531,250
7.875%, 11/01/22 144A @		175		186,375
New Gold, Inc. 6.250%, 11/15/22 144A @		300		306,750
Novelis Corp.
6.250%, 08/15/24 144A @		350		371,437
5.875%, 09/30/26 144A @		200		204,750
Nyrstar Netherlands Holdings BV 8.500%, 09/15/19 144A @		500		585,296
Teck Resources Ltd. 8.000%, 06/01/21 144A @		175		190,313
				7,074,511
Miscellaneous Manufacturing — 0.5%
Bombardier, Inc. 7.500%, 03/15/18 144A @		825		870,375
Oil & Gas — 8.5%
Alberta Energy Co., Ltd.
8.125%, 09/15/30		65		76,828
7.375%, 11/01/31		280		308,799
Chesapeake Energy Corp. 8.000%, 12/15/22 144A @		406		411,583
Continental Resources, Inc.

	Par (000)		Value†
Oil & Gas — (continued)
5.000%, 09/15/22	$	175	$	174,563
4.900%, 06/01/44		360		302,400
CrownRock LP
7.125%, 04/15/21 144A @		450		470,250
7.750%, 02/15/23 144A @		725		777,562
Encana Corp. 7.200%, 11/01/31		300		333,000
Gulfport Energy Corp. 6.625%, 05/01/23		385		394,625
Hercules Offshore - Premium Principal 10.500%, 05/06/20 ~		199		125,439
Hess Corp.
4.300%, 04/01/27		330		332,569
7.875%, 10/01/29		785		955,666
7.300%, 08/15/31		155		183,815
7.125%, 03/15/33		40		45,176
6.000%, 01/15/40		100		102,187
Kosmos Energy Ltd.
7.875%, 08/01/21 144A @		400		388,000
7.875%, 08/01/21 144A @		200		194,000
Matador Resources Co. 6.875%, 04/15/23		641		663,435
Pacific Exploration and Production Corp.
12.000%, 12/22/16 ^		172		174,150
12.000%, 12/22/16 144A @,^		175		176,313
5.375%, 01/26/19 144A @		1,125		208,125
5.625%, 01/19/25 144A @		500		92,500
Parsley Energy LLC 7.500%, 02/15/22 144A @		600		637,500
Petrobras Global Finance BV 8.375%, 05/23/21		500		546,250
Pride International, Inc.
8.500%, 06/15/19		295		320,813
6.875%, 08/15/20		10		9,875
QEP Resources, Inc.
6.875%, 03/01/21		425		443,063
5.250%, 05/01/23		250		246,250
Range Resources Corp. 4.875%, 05/15/25		250		240,000
Rowan Cos, Inc. 7.875%, 08/01/19		410		437,675
Seven Generations Energy Ltd.
6.750%, 05/01/23 144A @		500		518,750
6.875%, 06/30/23 144A @		150		156,000
SM Energy Co.
6.125%, 11/15/22		200		200,000
6.500%, 01/01/23		450		454,500
Southwestern Energy Co.
7.500%, 02/01/18		44		46,090
5.800%, 01/23/20		500		498,750
6.700%, 01/23/25		225		225,000
Sunoco LP
6.250%, 04/15/21 144A @		350		360,500
6.375%, 04/01/23 144A @		175		179,813
Transocean, Inc.
6.000%, 03/15/18		250		251,250

20

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Oil & Gas — (continued)
9.000%, 07/15/23 144A @	$	550	$	532,813
WPX Energy, Inc.
5.250%, 01/15/17		100		100,750
7.500%, 08/01/20		575		608,062
YPF S.A. 8.500%, 03/23/21 144A @		400		446,400
				14,351,089
Oil & Gas Services — 1.2%
Archrock Partners LP
6.000%, 04/01/21		250		234,375
6.000%, 10/01/22		250		231,875
CGG S.A.^,
6.500%, 06/01/21		250		121,875
6.875%, 01/15/22		300		153,000
SESI LLC
6.375%, 05/01/19		125		124,062
7.125%, 12/15/21		1,150		1,124,125
				1,989,312
Packaging and Containers — 2.1%
AEP Industries, Inc. 8.250%, 04/15/19		200		206,500
ARD Finance S.A.
PIK 6.625%, 09/15/23 144A @		600		647,895
PIK 7.125%, 09/15/23 144A @		625		621,875
Ardagh Packaging Finance PLC
6.750%, 01/31/21 144A @		200		206,500
7.250%, 05/15/24 144A @		525		559,125
Ball Corp. 4.000%, 11/15/23		75		75,563
Consolidated Container Co. LLC 10.125%, 07/15/20 144A @		375		381,562
Crown Cork & Seal Co., Inc. 7.375%, 12/15/26		100		111,875
Graphic Packaging International, Inc. 4.750%, 04/15/21		175		186,813
Pactiv LLC 7.950%, 12/15/25		175		190,750
SIG Combibloc Holdings S.C.A. 7.750%, 02/15/23 144A @		225		265,140
				3,453,598
Pharmaceuticals — 1.8%
Capsugel S.A. PIK (Cash coupon 7.000%, PIK 7.75%) 7.000%, 05/15/19 144A @		310		310,775
DPx Holdings BV 7.500%, 02/01/22 144A @		325		343,688
Endo Finance LLC 6.500%, 02/01/25 144A @		325		287,219
Valeant Pharmaceuticals International, Inc.
7.000%, 10/01/20 144A @		125		121,250
6.375%, 10/15/20 144A @		1,300		1,218,750
7.500%, 07/15/21 144A @		475		459,847
6.750%, 08/15/21 144A @		250		235,000
5.875%, 05/15/23 144A @		150		129,375
				3,105,904

	Par (000)		Value†
Pipelines — 3.7%
Antero Midstream Partners LP 5.375%, 09/15/24 144A @	$	200	$	202,500
Boardwalk Pipelines LP
4.950%, 12/15/24		175		183,069
5.950%, 06/01/26		130		143,724
Cheniere Corpus Christi Holdings LLC 7.000%, 06/30/24 144A @		500		540,000
Crestwood Midstream Partners LP 6.250%, 04/01/23		375		379,688
DCP Midstream LLC
9.750%, 03/15/19 144A @		125		139,000
8.125%, 08/16/30		75		79,125
6.450%, 11/03/36 144A @		150		145,875
DCP Midstream Operating LP 5.600%, 04/01/44		50		46,250
Energy Transfer Partners LP
9.700%, 03/15/19		110		126,203
9.000%, 04/15/19		300		342,554
Gibson Energy, Inc. 6.750%, 07/15/21 144A @		325		332,313
MPLX LP 4.500%, 07/15/23		500		509,712
NuStar Logistics LP 4.800%, 09/01/20		50		50,125
ONEOK, Inc. 7.500%, 09/01/23		250		280,000
Rockies Express Pipeline LLC 6.000%, 01/15/19 144A @		100		105,000
Sabine Pass Liquefaction LLC
6.250%, 03/15/22		875		955,937
5.750%, 05/15/24		200		215,250
Tallgrass Energy Partners LP 5.500%, 09/15/24 144A @		225		226,688
Targa Resources Partners LP
5.250%, 05/01/23		50		50,625
4.250%, 11/15/23		50		48,313
6.750%, 03/15/24		400		428,000
5.125%, 02/01/25 144A @		625		625,781
Tesoro Logistics LP 6.125%, 10/15/21		100		104,500
				6,260,232
Real Estate — 0.8%
Greystar Real Estate Partners LLC 8.250%, 12/01/22 144A @		300		318,000
Iron Mountain Canada Operations 5.375%, 09/15/23 144A @		275		210,136
MPT Operating Partnership LP 6.375%, 03/01/24		250		271,250
The Howard Hughes Corp. 6.875%, 10/01/21 144A @		425		446,781
VEREIT Operating Partnership LP 4.125%, 06/01/21		150		154,875
				1,401,042
Retail — 4.4%
Group 1 Automotive, Inc.
5.000%, 06/01/22		175		175,546

21

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Retail — (continued)
5.250%, 12/15/23 144A @	$	175	$	175,656
JC Penney Corp., Inc.
8.125%, 10/01/19		425		463,250
5.875%, 07/01/23 144A @		350		364,437
Jo-Ann Stores Holdings, Inc. PIK (Cash coupon 9.750%, PIK 10.500%) 9.750%, 10/15/19 144A @		375		365,625
Jo-Ann Stores LLC 8.125%, 03/15/19 144A @		375		374,062
KFC Holding Co.
5.000%, 06/01/24 144A @		125		130,625
5.250%, 06/01/26 144A @		250		264,375
Kirk Beauty One GmbH 8.750%, 07/15/23 144A @		225		270,448
New Albertsons, Inc.
7.450%, 08/01/29		175		171,500
8.000%, 05/01/31		125		124,688
New Look Secured Issuer PLC 6.500%, 07/01/22 144A @		375		447,918
Penske Automotive Group, Inc.
5.750%, 10/01/22		200		207,500
5.500%, 05/15/26		350		349,125
PetSmart, Inc. 7.125%, 03/15/23 144A @		850		890,375
PF Chang’s China Bistro, Inc. 10.250%, 06/30/20 144A @		175		164,938
Rite Aid Corp.
6.750%, 06/15/21		475		501,719
6.125%, 04/01/23 144A @		650		701,460
Sonic Automotive, Inc.
7.000%, 07/15/22		175		184,625
5.000%, 05/15/23		200		197,000
The Men’s Wearhouse, Inc. 7.000%, 07/01/22		650		604,500
Vista Outdoor, Inc. 5.875%, 10/01/23 144A @		225		235,125
				7,364,497
Semiconductors — 0.7%
Micron Technology, Inc. 5.250%, 08/01/23 144A @		250		246,875
Microsemi Corp. 9.125%, 04/15/23 144A @		375		427,500
Sensata Technologies UK Financing Co. PLC 6.250%, 02/15/26 144A @		425		460,062
				1,134,437
Software — 1.7%
Cengage Learning, Inc. 9.500%, 06/15/24 144A @		350		356,125
First Data Corp.
5.375%, 08/15/23 144A  @		425		437,750
7.000%, 12/01/23 144A @		1,050		1,110,375
JDA Escrow LLC 7.375%, 10/15/24 144A @		150		154,125
MSCI, Inc. 5.250%, 11/15/24 144A @		250		264,662

	Par (000)		Value†
Software — (continued)
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23	$	200	$	210,500
Veritas US, Inc.
7.500%, 02/01/23 144A @		200		192,500
10.500%, 02/01/24 144A @		200		189,000
				2,915,037
Telecommunications — 9.5%
Altice Financing S.A.
6.625%, 02/15/23 144A @		350		359,188
7.500%, 05/15/26 144A @		525		546,656
Altice Finco S.A. 8.125%, 01/15/24 144A @		600		621,000
Altice Luxembourg S.A.
7.750%, 05/15/22 144A @		1,250		1,334,375
7.625%, 02/15/25 144A @		1,050		1,076,250
CenturyLink, Inc. 7.500%, 04/01/24		350		373,625
Digicel Group Ltd. 8.250%, 09/30/20 144A @		1,225		1,064,219
Frontier Communications Corp. 8.875%, 09/15/20		475		512,406
Hughes Satellite Systems Corp.
7.625%, 06/15/21		325		346,531
6.625%, 08/01/26 144A @		625		603,125
Intelsat Jackson Holdings S.A.
7.250%, 10/15/20		200		155,000
7.500%, 04/01/21		200		151,000
8.000%, 02/15/24 144A @		1,100		1,102,750
Level 3 Communications, Inc. 5.750%, 12/01/22		350		365,750
Level 3 Financing, Inc.
5.625%, 02/01/23		150		155,813
5.250%, 03/15/26 144A @		125		129,063
OTE PLC 7.875%, 02/07/18		400		480,279
Sable International Finance Ltd. 6.875%, 08/01/22 144A @		450		466,875
Sprint Capital Corp. 8.750%, 03/15/32		925		943,500
Sprint Communications, Inc. 11.500%, 11/15/21		425		485,562
T-Mobile USA, Inc.
6.500%, 01/15/24		100		108,182
6.375%, 03/01/25		175		190,313
TBG Global Pte Ltd. 5.250%, 02/10/22		200		208,773
UPC Holding BV 6.750%, 03/15/23 144A @		200		241,117
VimpelCom Holdings BV 5.200%, 02/13/19 144A @		200		206,618
Virgin Media Finance PLC
6.375%, 04/15/23 144A @		225		236,250
7.000%, 04/15/23 144A @		275		375,152
6.000%, 10/15/24 144A @		200		207,002
Virgin Media Secured Finance PLC
5.250%, 01/15/26 144A @		200		203,000

22

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — (continued)
5.500%, 08/15/26 144A @	$	600	$	612,000
6.250%, 03/28/29		175		242,419
West Corp. 5.375%, 07/15/22 144A @		375		367,500
Wind Acquisition Finance S.A. 7.375%, 04/23/21 144A @		1,350		1,410,750
				15,882,043
Textiles — 0.3%
Springs Industries, Inc. 6.250%, 06/01/21		450		465,750
Transportation — 0.2%
OPE KAG Finance Sub, Inc. 7.875%, 07/31/23 144A @		175		165,813
Watco Cos. LLC 6.375%, 04/01/23 144A @		250		252,500
				418,313
TOTAL CORPORATE BONDS (Cost $138,994,949)				141,806,785
LOAN AGREEMENTS — 11.4%‡
Chemicals — 0.6%
MacDermid, Inc. 5.500%, 06/07/20		371		372,642
Solenis International LP 7.750%, 07/31/22 •		675		658,125
				1,030,767
Commercial Services — 0.8%
Kronos, Inc.
4.500%, 10/30/19 •		541		541,838
9.750%, 04/30/20		375		380,936
Nord Anglia Education Finance LLC 5.000%, 03/31/21		347		347,988
				1,270,762
Computers — 0.2%
Western Digital Corp 4.500%, 04/29/23		359		362,468
Diversified Financial Services — 0.6%
NFP Corp. 4.500%, 07/01/20		274		274,005
Onex Wizard Acquisition 4.250%, 03/11/22		442		442,439
Terra-Gen Finance Co., LLC 5.250%, 12/09/21		284		241,304
				957,748
Electric — 0.7%
Energy Future Intermediate Holding Co. LLC 4.250%, 12/19/16 •		875		881,125
Texas Competitive Electric Holdings Co. LLC Class B 5.000%, 07/27/23		224		225,527

	Par (000)		Value†
Electric — (continued)
Texas Competitive Electric Holdings Co. LLC Class C 5.000%, 07/27/23	$	51	$	51,436
				1,158,088
Electronics — 0.2%
Linxens France S.A. 5.000%, 10/17/22		347		348,678
Entertainment — 1.1%
Delta 2 (Lux) S.a.r.l.
4.750%, 07/30/21		525		525,509
7.750%, 07/29/22		275		275,413
Lions Gate Entertainment Co. 5.000%, 03/17/22		375		381,562
Scientific Games International, Inc . 6.000%, 10/18/20		349		349,764
William Morris Endeavor Entertainment LLC 8.250%, 05/06/22 •		300		299,439
				1,831,687
Food — 0.2%
Hostess Brands LLC
4.500%, 08/03/22 •		248		249,047
8.500%, 08/03/23		162		162,985
				412,032
Healthcare Services — 0.1%
US Renal Care, Inc. 5.250%, 12/30/22		273		261,474
Insurance — 2.0%
Alliant Holdings I LLC 4.750%, 08/12/22 •		272		272,039
Asurion LLC
5.000%, 05/24/19 •		253		253,513
8.500%, 03/03/21		1,350		1,340,995
5.000%, 08/04/22		635		637,577
Lonestar Intermediate Super PIK 10.000%, 08/10/21		350		346,938
Sedgwick Claims Management Services, Inc. 6.750%, 02/28/22		375		370,312
USI, Inc. 4.250%, 12/27/19		173		172,901
				3,394,275
Internet — 0.9%
Match Group, Inc. 5.500%, 11/16/22		183		183,726
Uber Technologies, Inc. 5.000%, 07/13/23		1,250		1,256,250
				1,439,976
Leisure Time — 0.2%
Life Time Fitness, Inc. 4.250%, 06/10/22 •		274		274,355

23

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

	Par (000)		Value†
LOAN AGREEMENTS‡ — (continued)
Machinery - Diversified — 0.3%
Filtration Group, Inc. 4.250%, 11/21/20	$	347	$	347,838
Manitowoc Foodservice, Inc. 5.750%, 03/03/23		93		93,865
				441,703
Media — 0.5%
Cumulus Media Holdings, Inc. 4.250%, 12/23/20 •		200		138,750
IHeartCommunications, Inc. 6.750%, 01/30/19 •		900		691,362
				830,112
Metal Fabricate/Hardware — 0.2%
Zekelman Industries, Inc. 6.000%, 06/14/21		299		301,683
Oil & Gas — 0.3%
Chesapeake Energy Corp. 8.500%, 08/16/21		275		288,491
Hercules Offshore, Inc. 10.500%, 05/06/20 ^		328		206,725
				495,216
Oil & Gas Services — 0.4%
CGG Holding (U.S.), Inc. 6.500%, 05/15/19 •		522		438,823
Expro Finservices S.a.r.l. 5.750%, 09/02/21		334		278,636
				717,459
Retail — 1.2%
Academy Ltd. 5.000%, 07/01/22 •		815		795,711
JC Penney Corp. 5.250%, 06/23/23		653		654,611
Jo-Ann Stores, Inc. 6.000%, 09/29/23		600		589,500
Neiman Marcus Group, Inc. 4.250%, 10/25/20		0		0
				2,039,822
Software — 0.9%
Cengage Learning, Inc. 5.250%, 06/07/23		449		448,314
SolarWinds Holdings, Inc. 5.500%, 02/03/23		374		377,429
Veritas US, Inc.
6.625%, 01/27/23		498		463,421
8.625%, 01/27/23 ^		274		244,895
				1,534,059
TOTAL LOAN AGREEMENTS‡ (Cost $19,053,627)				19,102,364

	Number of Shares		Value†
WARRANTS — 0.1%
Pacific Exploration and Production Corp.*^,~
(Cost $13,760)	$	4,300	$	121,045
SHORT-TERM INVESTMENTS — 4.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		968,436		968,436
T. Rowe Price Reserve Investment Fund		5,930,126		5,930,126
TOTAL SHORT-TERM INVESTMENTS (Cost $6,898,562)				6,898,562
TOTAL INVESTMENTS — 102.1% (Cost $168,463,790)(a)			$	171,508,377
Other Assets & Liabilities — (2.1)%				(3,476,796	)
TOTAL NET ASSETS — 100.0%			$	168,031,581

† See Security Valuation Note.

‡ 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 London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at September 30, 2016. 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.

* Non-income producing security.

144A@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

^ Illiquid security. The total market value of illiquid securities at September 30, 2016 is $1,687,583.

* Variable Rate Security.

¤ Defaulted Security.

~ Fair valued security. The total market value of fair valued securities at September 30, 2016 is $333,734.

(a) At September 30, 2016, the cost for Federal income tax purposes was $168,496,363. Net unrealized appreciation was $3,012,014. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $7,078,710 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $4,066,696.

ADR — American Depository Receipt.

CONV — Convertible Security.

LLC — Limited Liability Company.

LP — Limited Partnership.

24

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

HIGH YIELD BOND FUND

PIK — Payment in Kind Security.

PLC — Public Limited Company.

STEP — Step Coupon Bond.

Country Weightings as of 09/30/2016††
United States	73	%
Luxembourg	7
Canada	5
United Kingdom	4
Netherlands	3
Cote D’Ivoire (Ivory Coast)	1
Germany	1
Other	6
Total	100	%

†† % of total investments as of September 30, 2016

25

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
ASSET BACKED SECURITIES	$	435,682	$	—	$	435,682	$	—
COMMON STOCKS		1,877,189		1,852,791		—		24,398
REAL ESTATE INVESTMENT TRUSTS		279,051		279,051		—		—
PREFERRED STOCKS
Diversified Financial Services		62,852		—		62,852		—
Electric		358,560		358,560		—		—
Packaging and Containers		—		—		—		—
Pharmaceuticals		276,889		276,889		—		—
Telecommunications		289,398		289,398		—		—
CORPORATE BONDS		141,806,785		—		141,507,196		299,589
LOAN AGREEMENTS		19,102,364		—		19,102,364		—
WARRANTS		121,045		—		—		121,045
SHORT-TERM INVESTMENTS		6,898,562		6,898,562		—		—
TOTAL INVESTMENTS	$	171,508,377	$	9,955,251	$	161,108,094	$	445,032

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Investments in Securities (Market Value)
Balance as of 12/31/2015	$	30,920
Purchases		165,120
Change in Appreciation/(Depreciation)		248,992
Balance as of 9/30/2016	$	445,032

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

26

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

	Par (000)		Value†
ASSET BACKED SECURITIES — 0.3%
Continental Airlines 2009-2 Class A, Pass Through Trust 7.250%, 05/10/21	$	568	$	648,652
Continental Airlines 2012-1 Class A, Pass Through Trust 4.150%, 10/11/25		1,884		2,010,828
Continental Airlines 2012-1 Class B, Pass Through Trust 6.250%, 10/11/21		324		347,075
DB Master Finance LLC 2015-1A A21 3.262%, 02/20/45 144A @		1,443		1,450,529
Taco Bell Funding LLC 2016-1A A21 3.832%, 05/25/46 144A @		3,605		3,655,629
Wendys Funding LLC 2015-1A A21 3.371%, 06/15/45 144A @		2,297		2,306,938
TOTAL ASSET BACKED SECURITIES (Cost $10,129,707)				10,419,651
	Number of Shares		Value†
COMMON STOCKS — 62.3%
Aerospace & Defense — 0.3%
The Boeing Co.		80,800		10,644,592
Agriculture — 2.9%
Altria Group, Inc.		721,500		45,620,445
Philip Morris International, Inc.		575,200		55,920,944
				101,541,389
Banks — 2.6%
State Street Corp.		238,497		16,606,546
The Bank of New York Mellon Corp.		1,891,100		75,417,068
				92,023,614
Beverages — 1.4%
PepsiCo, Inc.		467,629		50,864,006
Biotechnology — 0.6%
Biogen, Inc.*		69,244		21,675,449
Chemicals — 0.6%
LyondellBasell Industries NV, Class A		283,173		22,840,734
Commercial Services — 1.9%
Aramark		435,200		16,550,656
Capita PLC		1,207,023		10,481,976
Fleetcor Technologies, Inc.*		84,235		14,634,146
IHS Markit Ltd.*		486,562		18,270,403
RELX PLC		374,492		7,101,330
				67,038,511
Computers — 1.1%
Apple, Inc.		345,300		39,036,165
Diversified Financial Services — 1.5%
Julius Baer Group Ltd.		341,815		13,908,335
Mastercard, Inc., Class A		98,017		9,975,190
Visa, Inc., Class A		330,700		27,348,890
				51,232,415

	Number of Shares		Value†
Electric — 2.4%
Edison International		155,277	$	11,218,763
PG&E Corp.		1,224,484		74,901,687
				86,120,450
Electronics — 7.0%
Fortive Corp.		513,035		26,113,481
Johnson Controls International PLC		1,132,377		52,689,489
PerkinElmer, Inc.		701,823		39,379,289
Sensata Technologies Holding NV*		403,850		15,661,303
Thermo Fisher Scientific, Inc.		694,900		110,530,794
				244,374,356
Food — 1.9%
Compass Group PLC		93,161		1,805,211
Mondelez International, Inc., Class A		993,032		43,594,105
The Kraft Heinz Co.		240,374		21,515,877
				66,915,193
Healthcare Products — 5.1%
Becton Dickinson & Co.		385,918		69,361,042
Danaher Corp.		1,242,970		97,436,419
Henry Schein, Inc.*		42,341		6,900,736
Medtronic PLC		55,798		4,820,947
				178,519,144
Healthcare Services — 4.3%
Aetna, Inc.		428,700		49,493,415
Cigna Corp.		227,600		29,660,832
Humana, Inc.		112,323		19,868,816
UnitedHealth Group, Inc.		359,900		50,386,000
				149,409,063
Insurance — 5.4%
Marsh & McLennan Cos., Inc.		1,828,200		122,946,450
Willis Towers Watson PLC		512,279		68,015,283
				190,961,733
Internet — 3.5%
Alphabet, Inc., Class A*		11,800		9,487,908
Alphabet, Inc., Class C*		78,369		60,915,440
Amazon.com, Inc.*		63,900		53,504,109
				123,907,457
Machinery — Diversified — 0.9%
IDEX Corp.		57,600		5,389,632
Roper Technologies, Inc.		144,674		26,398,665
				31,788,297
Media — 2.8%
Comcast Corp., Class A		966,700		64,130,878
Liberty Global PLC*		1,047,632		34,613,761
				98,744,639
Miscellaneous Manufacturing — 1.1%
Pentair PLC		583,764		37,500,999
Oil & Gas — 0.6%
Canadian Natural Resources Ltd.		612,400		19,621,296

27

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — 4.2%
Abbott Laboratories		1,652,600	$	69,888,454
Pfizer, Inc.		633,500		21,456,645
Zoetis, Inc.		1,057,386		54,994,646
				146,339,745
Retail — 5.2%
AutoZone, Inc.*		65,197		50,093,463
CVS Health Corp.		576,200		51,276,038
Lowe’s Cos., Inc.		351,000		25,345,710
O’Reilly Automotive, Inc.*		12,600		3,529,386
Walgreens Boots Alliance, Inc.		643,689		51,894,207
				182,138,804
Semiconductors — 0.3%
Texas Instruments, Inc.		138,200		9,698,876
Software — 4.0%
Fiserv, Inc.*		481,200		47,864,964
Microsoft Corp.		1,605,900		92,499,840
				140,364,804
Telecommunications — 0.7%
SBA Communications Corp., Class A*		212,898		23,878,640
TOTAL COMMON STOCKS (Cost $1,816,016,125)				2,187,180,371
	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 1.4%
Commercial Services — 0.2%
Iron Mountain, Inc.144A @		5,925,000		6,250,875
Diversified — 1.2%
American Tower Corp.		192,697		21,838,351
American Tower Corp.		172,318		18,884,329
American Tower Corp.		3,575,000		3,737,248
				44,459,928
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $44,855,989)				50,710,803
	Number of Shares		Value†
PREFERRED STOCKS — 1.9%
Banks — 0.5%
State Street Corp.		86,000		2,303,080
State Street Corp.•		50,000		1,340,500
U.S. Bancorp, Series F•		71,000		2,138,520
U.S. Bancorp, Series G•		90,000		2,309,400
Wells Fargo & Co.		6,301		8,245,489
				16,336,989
Diversified Financial Services — 0.1%
The Charles Schwab Corp.		12,000		326,640
The Charles Schwab Corp.		150,000		4,129,500
				4,456,140
Electric — 1.3%
DTE Energy Co.		225,677		11,735,204
NextEra Energy, Inc.		247,332		12,317,134
SCE Trust I		83,775		2,143,802

	Number of Shares		Value†
Electric — (continued)
SCE Trust II		14,730	$	374,878
SCE Trust III•		161,355		4,860,013
SCE Trust IV•		340,000		9,863,400
SCE Trust V•		100,000		2,969,000
				44,263,431
TOTAL PREFERRED STOCKS (Cost $59,995,522)				65,056,560
	Par (000)		Value†
CORPORATE BONDS — 22.6%
Advertising — 0.1%
Lamar Media Corp. 5.875%, 02/01/22	$	1,450		1,509,813
Aerospace & Defense — 0.1%
Harris Corp. 1.999%, 04/27/18		1,080		1,086,141
Moog, Inc. 5.250%, 12/01/22 144A @		650		671,937
				1,758,078
Airlines — 0.1%
Delta Air Lines 2009-1, Class A Pass Through Trust 7.750%, 06/17/21		380		428,616
Delta Air Lines 2011-1, Class A Pass Through Trust 5.300%, 10/15/20		399		426,756
US Airways 2010-1 Class A, Pass Through Trust 6.250%, 10/22/24		1,673		1,894,329
US Airways 2010-1 Class B, Pass Through Trust 8.500%, 10/22/18 ^		149		154,430
US Airways 2012-2 Class A, Pass Through Trust 4.625%, 12/03/26		235		256,038
US Airways 2012-2 Class B Pass Through Trust 6.750%, 12/03/22 ^		462		502,382
US Airways 2013-1 Class A, Pass Through Trust 3.950%, 05/15/27		4		4,619
US Airways 2013-1 Class B, Pass Through Trust 5.375%, 05/15/23		5		4,703
				3,671,873
Apparel — 0.1%
Levi Strauss & Co. 6.875%, 05/01/22		4,382		4,644,920
Auto Manufacturers — 0.1%
Tesla Motors Inc. 1.250%, 03/01/21		3,476		2,971,980

28

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Banks — 0.7%
JPMorgan Chase & Co. 5.300%, 12/29/49 •	$	10,255	$	10,396,006
Regions Bank 7.500%, 05/15/18		75		81,614
State Street Corp. 5.250%, 12/29/49 •		4,360		4,588,900
Synovus Financial Corp. 5.125%, 06/15/17		32		32,480
The Bank of New York Mellon Corp.•
4.625%, 12/29/49		3,175		3,127,375
4.950%, 12/29/49		5,800		5,916,534
				24,142,909
Beverages — 0.3%
Anheuser-Busch InBev Finance Inc.
1.900%, 02/01/19		2,995		3,023,914
2.017%, 02/01/21 •		3,820		3,920,615
2.650%, 02/01/21		1,690		1,743,904
PepsiCo, Inc. 1.250%, 04/30/18		1,635		1,638,541
				10,326,974
Chemicals — 0.2%
Cytec Industries, Inc. 3.950%, 05/01/25		3,680		3,717,242
Ecolab Inc. 2.000%, 01/14/19		2,330		2,357,049
				6,074,291
Commercial Services — 0.2%
IHS Markit Ltd. 5.000%, 11/01/22 144A @		4,300		4,549,830
Iron Mountain, Inc. 5.750%, 08/15/24		2,950		3,031,125
Service Corp. International 5.375%, 05/15/24		600		636,000
				8,216,955
Diversified Financial Services — 1.9%
American Honda Finance Corp. 0.950%, 05/05/17		2,200		2,200,099
Caterpillar Financial Services Corp.
1.250%, 11/06/17		1,645		1,645,247
2.250%, 12/01/19		1,155		1,179,576
Ford Motor Credit Co. LLC
4.250%, 02/03/17		1,340		1,352,855
1.461%, 03/27/17		10,560		10,572,566
1.483%, 03/27/17 •		7,660		7,665,768
6.625%, 08/15/17		1,675		1,748,077
1.361%, 09/08/17 •		4,325		4,326,423
1.405%, 12/06/17 •		6,325		6,303,084
1.724%, 12/06/17		2,150		2,152,021
2.145%, 01/09/18		3,360		3,377,509
5.000%, 05/15/18		1,800		1,889,377
2.375%, 03/12/19		4,275		4,326,800
2.597%, 11/04/19		5,350		5,433,909
National Rural Utilities Cooperative Finance Corp. 0.950%, 04/24/17		1,050		1,048,710

	Par (000)		Value†
Diversified Financial Services — (continued)
Visa, Inc. 1.200%, 12/14/17	$	11,030	$	11,056,582
				66,278,603
Electric — 0.4%
Berkshire Hathaway Energy Co. 2.400%, 02/01/20		2,550		2,611,990
CMS Energy Corp.
6.550%, 07/17/17		895		929,480
8.750%, 06/15/19		415		490,898
Dominion Resources Inc., STEP 2.962%, 07/01/19		350		359,242
Otter Tail Corp. 9.000%, 12/15/16 ^		890		901,125
The Southern Co.
1.550%, 07/01/18		3,795		3,809,706
1.850%, 07/01/19		1,770		1,783,919
Virginia Electric & Power Co. 3.150%, 01/15/26		1,525		1,612,293
				12,498,653
Electronics — 0.0%
Amphenol Corp. 1.550%, 09/15/17		920		921,282
Fortive Corp. 1.800%, 06/15/19 144A @		345		345,948
				1,267,230
Engineering & Construction — 0.6%
SBA Communications Corp.
4.875%, 07/15/22		8,350		8,642,250
4.875%, 09/01/24 144A @		12,325		12,417,438
				21,059,688
Entertainment — 0.6%
Cedar Fair LP 5.250%, 03/15/21		6,100		6,313,500
Six Flags Entertainment Corp. 5.250%, 01/15/21 144A @		14,833		15,315,073
				21,628,573
Food — 0.1%
B&G Foods, Inc. 4.625%, 06/01/21		2,525		2,600,750
The Kroger Co. 2.000%, 01/15/19		1,330		1,346,942
TreeHouse Foods, Inc. 6.000%, 02/15/24 144A @		600		645,750
				4,593,442
Gas — 0.1%
Southern California Gas Co. 3.200%, 06/15/25		3,625		3,863,931
Healthcare Products — 0.5%
Becton Dickinson and Co.
1.800%, 12/15/17		3,590		3,606,342
2.675%, 12/15/19		2,175		2,246,144
Hologic Inc. 5.250%, 07/15/22 144A @		4,732		5,021,835

29

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Products — (continued)
Medtronic, Inc.
1.500%, 03/15/18	$	4,025	$	4,043,136
2.500%, 03/15/20		2,845		2,942,561
Teleflex, Inc. 4.875%, 06/01/26		900		931,500
				18,791,518
Healthcare Services — 2.4%
Centene Corp.
5.750%, 06/01/17		2,100		2,147,250
5.625%, 02/15/21		4,350		4,611,000
4.750%, 05/15/22		2,972		3,068,590
6.125%, 02/15/24		6,135		6,656,475
DaVita HealthCare Partners, Inc. 5.750%, 08/15/22		20,640		21,620,400
Fresenius Medical Care U.S. Finance II, Inc.
5.625%, 07/31/19 144A @		8,075		8,761,375
5.875%, 01/31/22 144A @		5,400		6,115,500
Fresenius Medical Care U.S. Finance, Inc. 5.750%, 02/15/21 144A @		1,125		1,260,000
HCA, Inc.
8.000%, 10/01/18		7,544		8,420,990
3.750%, 03/15/19		1,725		1,783,219
4.250%, 10/15/19		1,450		1,511,625
6.500%, 02/15/20		12,500		13,843,750
UnitedHealth Group, Inc. 1.400%, 12/15/17		1,545		1,549,485
Wellcare Health Plans, Inc. 5.750%, 11/15/20		2,875		2,968,437
				84,318,096
Household Products & Wares — 0.3%
Reynolds Group Issuer, Inc. 5.750%, 10/15/20		7,500		7,734,375
Spectrum Brands, Inc. 6.625%, 11/15/22		2,191		2,366,280
				10,100,655
Insurance — 0.5%
HUB International Ltd.
9.250%, 02/15/21 144A @		2,200		2,289,100
7.875%, 10/01/21 144A @		11,201		11,425,020
Marsh & McLennan Cos., Inc.
2.350%, 03/06/20		1,205		1,226,342
3.300%, 03/14/23		525		550,287
Trinity Acquisition PLC 4.400%, 03/15/26		2,400		2,513,527
				18,004,276
Internet — 0.1%
Amazon.com, Inc. 2.600%, 12/05/19		4,155		4,311,128
Lodging — 0.2%
Hilton Domestic Operating Co., Inc. 4.250%, 09/01/24 144A @		1,350		1,377,000

	Par (000)		Value†
Lodging — (continued)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625%, 10/15/21	$	5,749	$	5,921,470
				7,298,470
Machinery — Diversified — 0.6%
Case New Holland Industrial, Inc. 7.875%, 12/01/17		557		591,813
CNH Industrial Capital LLC
6.250%, 11/01/16		7,400		7,422,200
3.250%, 02/01/17		4,775		4,792,906
3.625%, 04/15/18		5,700		5,771,250
3.875%, 07/16/18		1,725		1,755,187
Manitowoc Foodservice, Inc. 9.500%, 02/15/24		425		486,625
Xylem, Inc. 4.875%, 10/01/21		415		452,831
				21,272,812
Media — 2.2%
CCO Holdings LLC/CCO Holdings Capital Corp.
6.625%, 01/31/22		8,200		8,589,500
5.250%, 09/30/22		6,715		7,017,175
5.750%, 09/01/23		2,750		2,911,562
5.875%, 04/01/24 144A @		950		1,013,555
Cequel Communications Holdings I LLC 6.375%, 09/15/20 144A @		7,350		7,570,500
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579%, 07/23/20 144A @		2,225		2,325,566
Cox Communications, Inc. 6.250%, 06/01/18 144A @		90		95,875
DISH DBS Corp.
4.625%, 07/15/17		5,200		5,291,000
4.250%, 04/01/18		600		616,500
Sirius XM Radio, Inc.
5.875%, 10/01/20 144A @		425		437,487
5.750%, 08/01/21 144A @		2,800		2,931,600
6.000%, 07/15/24 144A @		3,400		3,625,250
Time Warner Cable LLC
5.850%, 05/01/17		1,760		1,803,947
6.750%, 07/01/18		3,975		4,319,080
Unitymedia GmbH 6.125%, 01/15/25 144A @		6,225		6,528,469
Unitymedia Hessen GmbH & Co. KG 5.500%, 01/15/23 144A @		13,240		13,736,500
Ziggo Secured Finance BV 5.500%, 01/15/27 144A @		7,925		7,915,094
				76,728,660
Oil & Gas — 1.9%
Canadian Natural Resources Ltd. 1.750%, 01/15/18		1,000		998,604
Chevron Corp. 1.365%, 03/02/18		4,400		4,407,753
Concho Resources, Inc.
6.500%, 01/15/22		6,975		7,236,562

30

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Oil & Gas — (continued)
5.500%, 10/01/22	$	4,150	$	4,305,625
5.500%, 04/01/23		13,400		13,818,750
Diamondback Energy, Inc. 7.625%, 10/01/21		5,550		5,883,000
EQT Corp.
6.500%, 04/01/18		1,620		1,698,079
8.125%, 06/01/19		1,754		2,004,908
Matador Resources Co. 6.875%, 04/15/23		3,300		3,415,500
Range Resources Corp.
5.750%, 06/01/21 144A @		3,387		3,429,338
5.000%, 08/15/22 144A @		2,475		2,462,625
5.000%, 03/15/23 144A @		6,175		6,036,062
4.875%, 05/15/25		4,100		3,936,000
Shell International Finance BV 1.266%, 05/11/20 •		6,720		6,727,728
				66,360,534
Packaging and Containers — 0.2%
Beverage Packaging Holdings Luxembourg II SA 5.625%, 12/15/16 144A @		2,275		2,269,540
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
6.875%, 02/15/21		1,050		1,089,375
4.381%, 07/15/21 144A @,•		4,875		4,948,125
				8,307,040
Pharmaceuticals — 0.4%
Eli Lilly & Co. 1.250%, 03/01/18		2,200		2,204,922
Grifols Worldwide Operations Ltd. 5.250%, 04/01/22		2,750		2,846,250
Johnson & Johnson 1.125%, 11/21/17		1,360		1,362,641
Pfizer, Inc. 1.200%, 06/01/18		8,525		8,538,708
				14,952,521
Pipelines — 1.2%
MPLX LP
5.500%, 02/15/23		10,260		10,599,575
4.500%, 07/15/23 144A @		15,500		15,801,087
4.875%, 12/01/24		1,600		1,654,922
ONEOK Partners LP 2.000%, 10/01/17		830		830,666
Targa Resources Partners LP
4.125%, 11/15/19		1,325		1,343,550
6.875%, 02/01/21		5,100		5,265,750
5.250%, 05/01/23		2,775		2,809,688
4.250%, 11/15/23		3,325		3,212,781
				41,518,019
Real Estate — 0.1%
CBRE Services, Inc. 5.000%, 03/15/23		900		947,982

	Par (000)		Value†
Real Estate — (continued)
Iron Mountain, Inc. 4.375%, 06/01/21 144A @	$	1,300	$	1,346,719
				2,294,701
Retail — 2.0%
AmeriGas Finance LLC 7.000%, 05/20/22		10,471		11,073,082
AutoZone, Inc.
1.625%, 04/21/19		365		366,234
2.500%, 04/15/21		1,915		1,950,355
Dollar Tree, Inc. 4.250%, 07/06/22		250		252,500
L Brands, Inc.
8.500%, 06/15/19		4,454		5,200,045
7.000%, 05/01/20		1,726		1,989,215
6.625%, 04/01/21		8,221		9,474,703
McDonald’s Corp. 2.100%, 12/07/18		505		512,713
Rite Aid Corp.
9.250%, 03/15/20		11,490		12,121,950
6.750%, 06/15/21		7,950		8,397,188
Suburban Propane Partners LP 7.375%, 08/01/21		1,890		1,965,600
Walgreens Boots Alliance, Inc. 1.750%, 05/30/18		2,545		2,558,936
Yum! Brands Inc.
6.250%, 03/15/18		250		266,250
5.300%, 09/15/19		250		270,313
3.875%, 11/01/23		1,150		1,132,750
Yum! Brans, Inc.
3.875%, 11/01/20		2,775		2,853,061
3.750%, 11/01/21		8,100		8,221,500
				68,606,395
Semiconductors — 0.9%
NXP BV/NXP Funding LLC
3.750%, 06/01/18 144A @		22,510		23,157,162
4.125%, 06/15/20 144A @		450		477,563
5.750%, 02/15/21 144A @		7,400		7,696,000
				31,330,725
Software — 0.3%
Fiserv, Inc. 2.700%, 06/01/20		5,175		5,336,005
IMS Health, Inc. 6.000%, 11/01/20 144A @		2,457		2,493,855
MSCI, Inc.144A @
5.250%, 11/15/24		1,065		1,127,462
5.750%, 08/15/25		2,589		2,763,757
				11,721,079
Telecommunications — 3.2%
Crown Castle International Corp.
4.875%, 04/15/22		7,850		8,756,675
5.250%, 01/15/23		13,865		15,699,894
Level 3 Financing, Inc.
5.375%, 08/15/22		3,500		3,657,500
5.625%, 02/01/23		2,975		3,090,281

31

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — (continued)
SBA Communications Corp. 5.625%, 10/01/19	$	5,800	$	5,963,154
T-Mobile USA, Inc.
5.250%, 09/01/18		825		836,344
6.542%, 04/28/20		13,000		13,438,750
6.625%, 11/15/20		5,475		5,625,563
Telesat Canada 6.000%, 05/15/17 144A @		2,295		2,295,000
UPC Holding BV 6.375%, 09/15/22 144A @		4,975		5,924,016
UPCB Finance VI Ltd. 6.875%, 01/15/22 144A @		23,582		24,702,564
Virgin Media Finance PLC 6.000%, 10/15/24 144A @		325		336,378
Virgin Media Secured Finance PLC
5.375%, 04/15/21 144A @		16,074		16,757,145
6.000%, 04/15/21 144A @		1,215		1,631,900
5.250%, 01/15/26 144A @		3,450		3,501,750
				112,216,914
TOTAL CORPORATE BONDS (Cost $778,917,630)				792,641,456
LOAN AGREEMENTS — 4.1%‡
Beverages — 0.2%
De Master Blenders
4.250%, 07/02/22		1,011		1,148,871
4.250%, 07/02/22		7,549		7,577,415
				8,726,286
Commercial Services — 0.3%
Kronos, Inc.
4.500%, 10/30/19 •		5,359		5,370,827
9.750%, 04/30/20		6,122		6,218,954
				11,589,781
Diversified Financial Services — 0.1%
Hilton Worldwide Finance LLC
3.335%, 10/26/20 •		430		432,566
3.097%, 10/25/23		4,400		4,438,506
				4,871,072
Entertainment — 0.0%
Kasima LLC 3.335%, 05/17/21 •		399		399,396
Food — 0.4%
Burger King 3.750%, 12/12/21		2,369		2,384,500
Chobani LLC 0.000%, 09/30/23		5,125		5,099,384
Pinnacle Foods Finance LLC•
3.250%, 04/29/20		3,735		3,748,504
3.252%, 04/29/20		4,246		4,264,384
				15,496,772

	Par (000)		Value†
Healthcare Services — 0.3%
Davita Healthcare Partners, Inc. 3.000%, 06/24/21 •	$	9,363	$	9,405,583
Holding Companies — 0.5%
Intelsat Jackson Holdings 3.750%, 06/30/19		17,021		16,166,363
Insurance — 0.6%
Hub International Ltd 4.000%, 10/02/20		19,407		19,407,356
Machinery — Diversified — 0.2%
Manitowoc Foodservice, Inc. 5.750%, 03/03/23		5,500		5,561,486
Media — 0.1%
Charter Communications Operating LLC•
3.000%, 07/01/20		3,051		3,058,820
3.000%, 01/03/21		1,435		1,438,706
				4,497,526
Retail — 0.5%
Dollar Tree Inc. 5.750%, 03/01/23		6,125		6,592,031
Yum! Brands, Inc. 3.281%, 06/16/23		11,446		11,517,852
				18,109,883
Semiconductors — 0.1%
NXP BV 3.405%, 12/07/20		1,853		1,859,358
Telecommunications — 0.8%
Avago Technologies 3.528%, 02/01/23		1,047		1,059,305
Telesat Canada•
4.273%, 03/28/17 ^		526		398,878
3.500%, 03/28/19		5,336		5,335,214
4.430%, 03/28/19 ^		3,619		2,741,059
UPC Financing Partnership 4.080%, 08/31/24		16,925		16,979,329
				26,513,785
TOTAL LOAN AGREEMENTS (Cost $143,325,959)				142,604,647
	Number of Contracts		Value†
PURCHASED OPTIONS — 0.0%
Call Option — 0.0%
Duke Energy Corp., $70.00 01/20/2017 (Cost $152,256)		192		193,920
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 7.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		10,161,377		10,161,377

32

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

	Number of Shares			Value†
SHORT-TERM INVESTMENTS — (continued)
T. Rowe Price Reserve Investment Fund		255,954,158		$	255,954,158
TOTAL SHORT-TERM INVESTMENTS (Cost $266,115,535)					266,115,535
TOTAL INVESTMENTS — 100.2% (Cost $3,119,508,723)(a)				$	3,514,922,943
Other Assets & Liabilities — (0.2)%					(5,447,140	)
TOTAL NET ASSETS — 100.0%				$	3,509,475,803
	Number of Contracts			Value†
WRITTEN OPTIONS
Call Options
Alphabet Inc., $880.00, 01/19/2018		(60	)		(234,000	)
Alphabet Inc., $900.00, 01/19/2018		(69	)		(243,501	)
Alphabet Inc., $920.00, 01/19/2018		(60	)		(165,600	)
Alphabet Inc., $940.00, 01/19/2018		(59	)		(132,750	)
Alphabet, Inc., $795.00, 01/20/2017		(117	)		(299,520	)
Alphabet, Inc., $800.00, 01/20/2017		(31	)		(121,830	)
Alphabet, Inc., $800.00, 01/20/2017		(170	)		(408,000	)
Alphabet, Inc., $820.00, 01/20/2017		(47	)		(75,200	)
Alphabet, Inc., $840.00, 01/20/2017		(47	)		(50,196	)
Alphabet, Inc., $900.00, 01/20/2017		(87	)		(44,370	)
Altria Group, Inc., $65.00, 01/20/2017		(1,456	)		(192,192	)
Altria Group, Inc., $67.50, 01/20/2017		(1,457	)		(85,963	)
American Tower Corp., $105.00, 01/20/2017		(170	)		(175,100	)
American Tower Corp., $110.00, 01/20/2017		(331	)		(244,940	)
American Tower Corp., $115.00, 01/20/2017		(484	)		(198,440	)
Apple, Inc., $105.00, 01/20/2017		(704	)		(725,120	)
Apple, Inc., $110.00, 01/20/2017		(704	)		(492,800	)
Apple, Inc., $115.00, 01/20/2017		(2,045	)		(899,800	)
AutoZone, Inc., $840.00, 01/20/2017		(45	)		(33,300	)
Comcast Corp., $62.50, 01/20/2017		(2,713	)		(1,380,917	)
Comcast Corp., $65.00, 01/20/2017		(3,814	)		(1,296,760	)
Comcast Corp., $70.00, 01/20/2017		(656	)		(64,288	)
Comcast Corp., $72.50, 01/20/2017		(2,484	)		(114,264	)
CVS Health Corp., $100.00, 01/20/2017		(386	)		(13,510	)
CVS Health Corp., $105.00, 01/20/2017		(564	)		(6,204	)
CVS Health Corp., $110.00, 01/20/2017		(967	)		(3,868	)
CVS Health Corp., $115.00, 01/20/2017		(436	)		(872	)
Danaher Corp., $100.00, 01/20/2017		(405	)		(230,850	)
Danaher Corp., $105.00, 01/20/2017		(1,119	)		(302,130	)
Danaher Corp., $110.00, 01/20/2017		(713	)		(64,170	)
Danaher Corp., $115.00, 01/20/2017		(289	)		(2,890	)
Danaher Corp., $87.50, 01/20/2017		(846	)		(4,230	)
Danaher Corp., $92.00, 01/20/2017		(895	)		(877,100	)
Danaher Corp., $92.50, 01/20/2017		(895	)		(1,074,000	)
Duke Energy Corp., $70.00, 01/20/2017		(192	)		(193,920	)
Lowe’s Cos, Inc., $87.50, 01/20/2017		(426	)		(2,130	)
Lowe’s Cos, Inc., $90.00, 01/20/2017		(863	)		(863	)
Lowe’s Cos., Inc., $80.00, 01/20/2017		(234	)		(11,232	)
Lowe’s Cos., Inc., $82.00, 01/20/2017		(1,117	)		(11,170	)
Lowe’s Cos., Inc., $82.50, 01/20/2017		(234	)		(5,382	)
LyondellBasell Industries NV, $87.50, 01/20/2017		(1,586	)		(320,372	)
LyondellBasell Industries NV, $90.00, 01/20/2017		(622	)		(84,592	)

	Number of Contracts			Value†
Call Options — (continued)
LyondellBasell Industries NV, $92.50, 01/20/2017	$	(623	)	$	(40,495	)
Microsoft Corp., $57.50, 01/20/2017		(2,891	)		(728,532	)
Microsoft Corp., $60.00, 01/20/2017		(518	)		(69,412	)
Microsoft Corp., $62.50, 01/20/2017		(3,068	)		(187,148	)
Microsoft Corp., $65.00, 01/20/2017		(4,567	)		(105,041	)
PepsiCo, Inc., $100.00, 01/20/2017		(388	)		(372,480	)
PepsiCo, Inc., $105.00, 01/20/2017		(842	)		(479,940	)
PepsiCo, Inc., $110.00, 01/20/2017		(1,348	)		(341,044	)
Pfizer, Inc., $35.00, 01/20/2017		(4,211	)		(273,715	)
Pfizer, Inc., $36.00, 01/20/2017		(2,124	)		(74,340	)
Philip Morris International, Inc., $110.00, 01/20/2017		(271	)		(4,878	)
Philip Morris International, Inc., $92.50, 01/20/2017		(701	)		(487,195	)
Philip Morris International, Inc., $95.00, 01/20/2017		(1,300	)		(676,000	)
Philip Morris International, Inc., $97.50, 01/20/2017		(1,300	)		(468,000	)
Texas Instruments, Inc., $55.00, 01/20/2017		(598	)		(911,950	)
Texas Instruments, Inc., $60.00, 01/20/2017		(598	)		(630,890	)
Texas Instruments, Inc., $72.50 01/20/2017		(186	)		(37,758	)
The Bank of New York Mellon Corp., $45.00, 01/20/2017		(2,763	)		(102,231	)
The Bank of New York Mellon Corp., $47.00, 01/20/2017		(1,901	)		(13,307	)
The Boeing Co., $160.00, 01/20/2017		(270	)		(2,160	)
The Boeing Co., $165.00, 01/20/2017		(269	)		(1,614	)
The Boeing Co., $170.00, 01/20/2017		(269	)		(1,345	)
Thermo Fisher Scientific, Inc., $155.00, 01/20/2017		(118	)		(106,200	)
Thermo Fisher Scientific, Inc., $160.00, 01/20/2017		(202	)		(125,240	)
Thermo Fisher Scientific, Inc., $165.00, 01/20/2017		(548	)		(197,280	)
Thermo Fisher Scientific, Inc., $170.00, 01/20/2017		(881	)		(162,104	)
UnitedHealth Group, Inc., $140.00, 01/20/2017		(891	)		(530,145	)
UnitedHealth Group, Inc., $145.00, 01/20/2017		(745	)		(245,850	)
UnitedHealth Group, Inc., $155.00, 01/20/2017		(84	)		(7,392	)
Visa, Inc., $85.00, 01/20/2017		(1,601	)		(382,639	)
Visa, Inc., $87.50, 01/20/2017		(1,227	)		(174,234	)
Visa, Inc., $90.00, 01/20/2017		(153	)		(12,699	)
Visa, Inc., $95.00, 01/20/2017		(326	)		(114,752	)
Zoetis, Inc., $55.00, 01/20/2017		(693	)		(73,458	)
TOTAL WRITTEN OPTIONS (Premiums $(16,249,920))					(19,029,804	)

† See Security Valuation Note.

* Non-income producing security.

33

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

144A@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

• Variable Rate Security.

^ Illiquid security. The total market value of illiquid securities at September 30, 2016 is $4,697,874.

‡ 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 London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at September 30, 2016. 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.

(a) At September 30, 2016, the cost for Federal income tax purposes was $3,125,811,126. Net unrealized appreciation was $389,111,817. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $418,741,232 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $29,629,415.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

STEP — Step Coupon Bond.

34

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

FLEXIBLY MANAGED FUND

Country Weightings as of 09/30/2016††
United States	89	%
United Kingdom	5
Canada	1
Cayman Islands	1
Germany	1
Ireland	1
Netherlands	1
Other	1
Total	100	%

†† % of total investments as of September 30, 2016

35

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016			Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input			Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Aerospace & Defense	$	10,644,592		$	10,644,592	$	—		$	—
Agriculture		101,541,389			101,541,389		—			—
Banks		92,023,614			92,023,614		—			—
Beverages		50,864,006			50,864,006		—			—
Biotechnology		21,675,449			21,675,449		—			—
Chemicals		22,840,734			22,840,734		—			—
Commercial Services		67,038,511			67,038,511		—			—
Computers		39,036,165			39,036,165		—			—
Diversified Financial Services		51,232,415			51,232,415		—			—
Electric		86,120,450			86,120,450		—			—
Electronics		244,374,356			244,374,356		—			—
Food		66,915,193			66,915,193		—			—
Healthcare Products		178,519,144			178,519,144		—			—
Healthcare Services		149,409,063			149,409,063		—			—
Insurance		190,961,733			190,961,733		—			—
Internet		123,907,457			123,907,457		—			—
Machinery - Diversified		31,788,297			31,788,297		—			—
Media		98,744,639			64,130,878		34,613,761			—
Miscellaneous Manufacturing		37,500,999			37,500,999		—			—
Oil & Gas		19,621,296			19,621,296		—			—
Pharmaceuticals		146,339,745			146,339,745		—			—
Retail		182,138,804			182,138,804		—			—
Semiconductors		9,698,876			9,698,876		—			—
Software		140,364,804			140,364,804		—			—
Telecommunications		23,878,640			23,878,640		—			—
REAL ESTATE INVESTMENT TRUSTS		50,710,803			40,722,680		9,988,123			—
PREFERRED STOCKS		65,056,560			65,056,560		—			—
ASSET BACKED SECURITIES		10,419,651			—		10,419,651			—
CORPORATE BONDS		792,641,456			—		792,641,456			—
LOAN AGREEMENTS		142,604,647			—		142,604,647			—
PURCHASED OPTIONS		193,920			—		193,920			—
SHORT-TERM INVESTMENTS		266,115,535			266,115,535		—			—
TOTAL INVESTMENTS	$	3,514,922,943		$	2,524,461,385	$	990,461,558		$	—
LIABILITIES TABLE
Description	Total Market Value at 09/30/2016			Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input			Level 3 Signi- ficant Unobser- vable Input
WRITTEN OPTIONS	$	(19,029,804	)	$	—	$	(19,029,804	)	$	—
TOTAL LIABILITIES	$	(19,029,804	)	$	—	$	(19,029,804	)	$	—

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

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $21,334,956 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

36

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

BALANCED FUND

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 59.7%
Penn Series Index 500 Fund* (Cost $20,525,697)		2,665,798	$	46,251,587
AFFILIATED FIXED INCOME FUNDS — 39.8%
Penn Series Quality Bond Fund* (Cost $24,467,307)		2,147,242		30,834,391
SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $354,559)		354,559		354,559
TOTAL INVESTMENTS — 99.9% (Cost $45,347,563)(a)			$	77,440,537
Other Assets & Liabilities — 0.1%				56,415
TOTAL NET ASSETS — 100.0%			$	77,496,952

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $48,490,647. Net unrealized appreciation was $28,949,890. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $32,092,974 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,143,084.

37

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	46,251,587	$	46,251,587	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		30,834,391		30,834,391		—		—
SHORT-TERM INVESTMENTS		354,559		354,559		—		—
TOTAL INVESTMENTS	$	77,440,537	$	77,440,537	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

38

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE GROWTH STOCK FUND

	Number of Shares		Value†
COMMON STOCKS — 95.3%
Aerospace & Defense — 1.2%
The Boeing Co.		23,500	$	3,095,890
Agriculture — 1.2%
Philip Morris International, Inc.		33,700		3,276,314
Airlines — 2.1%
American Airlines Group, Inc.		118,800		4,349,268
Delta Air Lines, Inc.		27,600		1,086,336
				5,435,604
Apparel — 0.8%
Hanesbrands, Inc.		82,200		2,075,550
Auto Manufacturers — 1.7%
Ferrari NV		34,060		1,766,692
Tesla Motors, Inc.*		13,452		2,744,612
				4,511,304
Auto Parts & Equipment — 1.2%
Delphi Automotive PLC		22,800		1,626,096
Mobileye NV*		34,642		1,474,710
				3,100,806
Banks — 2.2%
Morgan Stanley		121,500		3,895,290
State Street Corp.		26,900		1,873,047
				5,768,337
Biotechnology — 4.4%
Alexion Pharmaceuticals, Inc.*		20,572		2,520,893
Biogen, Inc.*		8,800		2,754,664
BioMarin Pharmaceutical, Inc.*		5,500		508,860
Celgene Corp.*		17,400		1,818,822
Illumina, Inc.*		7,032		1,277,433
Incyte Corp.*		6,700		631,743
Vertex Pharmaceuticals, Inc.*		25,800		2,250,018
				11,762,433
Building Materials — 0.3%
Martin Marietta Materials, Inc.		4,400		788,084
Chemicals — 0.6%
Ashland Global Holdings, Inc.		13,900		1,611,705
Commercial Services — 2.4%
IHS Markit Ltd.*		25,952		974,498
PayPal Holdings, Inc.*		132,555		5,430,778
				6,405,276
Computers — 3.3%
Apple, Inc.		78,300		8,851,815
Diversified Financial Services — 7.4%
BlackRock, Inc.		1,500		543,690
Intercontinental Exchange, Inc.		10,600		2,855,216
Mastercard, Inc., Class A		67,200		6,838,944
TD Ameritrade Holding Corp.		56,080		1,976,259
Visa, Inc., Class A		89,700		7,418,190
				19,632,299

	Number of Shares		Value†
Electric — 0.5%
NextEra Energy, Inc.		11,900	$	1,455,608
Electronics — 0.7%
Fortive Corp.		33,900		1,725,510
Food — 0.8%
Mondelez International, Inc., Class A		46,600		2,045,740
Healthcare Products — 4.5%
Danaher Corp.		65,800		5,158,062
Intuitive Surgical, Inc.*		5,700		4,131,531
Stryker Corp.		22,300		2,595,943
				11,885,536
Healthcare Services — 5.1%
Aetna, Inc.		25,423		2,935,085
Anthem, Inc.		13,100		1,641,561
Centene Corp.*		7,919		530,256
Cigna Corp.		13,800		1,798,416
Humana, Inc.		17,111		3,026,765
UnitedHealth Group, Inc.		25,600		3,584,000
				13,516,083
Internet — 29.5%
Alibaba Group Holding Ltd. ADR*		27,000		2,856,330
Alphabet, Inc., Class A*		11,900		9,568,314
Alphabet, Inc., Class C*		10,440		8,114,908
Amazon.com, Inc.*		28,830		24,139,647
Ctrip.com International Ltd. ADR*		28,900		1,345,873
Facebook, Inc., Class A*		95,900		12,301,093
Netflix, Inc.*		20,743		2,044,223
Tencent Holdings Ltd.		138,400		3,800,629
The Priceline Group, Inc.*		8,050		11,845,494
VeriSign, Inc.*		24,236		1,896,225
				77,912,736
Lodging — 3.0%
Las Vegas Sands Corp.		44,900		2,583,546
Marriott International, Inc., Class A		28,800		1,939,104
MGM Resorts International*		129,590		3,373,228
				7,895,878
Machinery - Diversified — 1.2%
Roper Technologies, Inc.		11,800		2,153,146
Wabtec Corp.		11,179		912,765
				3,065,911
Media — 0.1%
The Walt Disney Co.		3,800		352,868
Miscellaneous Manufacturing — 0.2%
Illinois Tool Works, Inc.		4,300		515,312
Pharmaceuticals — 3.2%
Allergan PLC*		11,413		2,628,528
Bristol-Myers Squibb Co.		63,289		3,412,543
McKesson Corp.		4,600		767,050
Zoetis, Inc.		33,400		1,737,134
				8,545,255

39

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE GROWTH STOCK FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — 6.4%
AutoZone, Inc.*		3,972	$	3,051,846
Costco Wholesale Corp.		6,600		1,006,566
Lowe’s Cos., Inc.		40,900		2,953,389
O’Reilly Automotive, Inc.*		3,400		952,374
Ross Stores, Inc.		33,500		2,154,050
Signet Jewelers Ltd.		12,335		919,328
Starbucks Corp.		14,500		785,030
Tractor Supply Co.		31,185		2,100,310
Walgreens Boots Alliance, Inc.		37,300		3,007,126
				16,930,019
Semiconductors — 2.3%
ASML Holding N.V.		19,100		2,092,978
NXP Semiconductors N.V.*		39,098		3,988,387
				6,081,365
Software — 7.4%
Fiserv, Inc.*		16,300		1,621,361
Microsoft Corp.		151,800		8,743,680
NetSuite, Inc.*		20,005		2,214,353
salesforce.com, Inc.*		60,700		4,329,731
ServiceNow, Inc.*		32,623		2,582,111
				19,491,236
Telecommunications — 0.8%
Palo Alto Networks, Inc.*		6,900		1,099,377
T-Mobile US, Inc.*		23,500		1,097,920
				2,197,297
Transportation — 0.8%
FedEx Corp.		9,500		1,659,460
Kansas City Southern		4,100		382,612
				2,042,072
TOTAL COMMON STOCKS (Cost $187,239,661)				251,973,843
PREFERRED STOCKS — 1.7%
Internet — 0.9%
Dropbox. Inc., Class A*^,~		24,940		223,213
Flipkart Ltd., Ordinary Shares*^,~		566		54,500
Flipkart Ltd., Series A*^,~		196		18,873
Flipkart Ltd., Series C*^,~		341		32,835
Flipkart Ltd., Series E*^,~		636		61,240
Flipkart Ltd., Series G*^,~		2,888		278,086
Flipkart Ltd., Series H*^,~		2,579		248,332
Livingsocial, Inc., Series F, CONV*^,~		15,066		0
Snapchat Inc. Series F CONV*^,~		12,884		395,796
Uber Technologies, Inc., Series G, CONV*^,~		12,545		611,847
Xiaoju Kuaizhi, Inc (didi), CONV*^,~		11,920		455,667
				2,380,389
Lodging — 0.6%
Airbnb, Inc., Series D*^,~		9,999		1,049,895
Airbnb, Inc., Series E, CONV*^,~		3,694		387,870
				1,437,765
Real Estate — 0.1%
WeWork Companies, Inc., Class A*^,~		923		34,746

	Number of Shares		Value†
Real Estate — (continued)
WeWork Companies, Inc., Series E*^,~		8,297	$	312,334
				347,080
Software — 0.1%
Magic Leap Inc., Series C, CONV*^,~		15,808		364,106
TOTAL PREFERRED STOCKS (Cost $4,256,083)				4,529,340
REAL ESTATE INVESTMENT TRUSTS — 2.8%
Diversified — 2.8%
American Tower Corp.		39,300		4,453,869
Crown Castle International Corp.		19,700		1,855,937
Equinix, Inc.		3,000		1,080,750
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,263,594)				7,390,556
SHORT-TERM INVESTMENTS — 0.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		1,208,749		1,208,749
T. Rowe Price Reserve Investment Fund		1,110,006		1,110,006
TOTAL SHORT-TERM INVESTMENTS (Cost $2,318,755)				2,318,755
TOTAL INVESTMENTS — 100.7% (Cost $199,078,093)(a)			$	266,212,494
Other Assets & Liabilities — (0.7)%				(1,897,227	)
TOTAL NET ASSETS — 100.0%			$	264,315,267

^ Illiquid security. The total market value of illiquid securities at September 30, 2016 is $4,529,340.

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $199,585,120. Net unrealized appreciation was $66,627,374. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $71,766,712 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,139,338.

~ Fair valued security. The total market value of fair valued securities at September 30, 2016 is $4,529,340.

ADR — American Depository Receipt.

CONV — Convertible Security.

PLC — Public Limited Company.

40

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE GROWTH STOCK FUND

Country Weightings as of 09/30/2016††
United States	93	%
China	2
Netherlands	2
Israel	1
Italy	1
United Kingdom	1
Total	100	%

†† % of total investments as of September 30, 2016

41

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	251,973,843	$	251,973,843
REAL ESTATE INVESTMENT TRUSTS		7,390,556		7,390,556		—		—
PREFERRED STOCKS		4,529,340		—		—		4,529,340
SHORT-TERM INVESTMENTS		2,318,755		2,318,755		—		—
TOTAL INVESTMENTS	$	266,212,494	$	261,683,154	$	—	$	4,529,340

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $3,814,181 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:    

	Investments in Securities (Market Value)
Balance as of 12/31/2015		3,814,644
Purchases		759,902
Change in Appreciation/(Depreciation)		(45,206	)
Balance as of 9/30/2016		4,529,340

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.    

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

42

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CAP GROWTH FUND

	Number of Shares		Value†
COMMON STOCKS — 99.9%
Advertising — 0.4%
Omnicom Group, Inc.		2,063	$	175,355
Aerospace & Defense — 2.0%
United Technologies Corp.		8,747		888,695
Apparel — 6.0%
Burberry Group PLC		19,514		348,789
LVMH Moet Hennessy Louis Vuitton S.E.		4,280		729,849
NIKE, Inc., Class B		21,041		1,107,809
VF Corp.		7,630		427,661
				2,614,108
Beverages — 2.2%
AMBEV S.A. ADR		45,823		279,062
PepsiCo, Inc.		2,250		244,733
Pernod Ricard S.A.		3,740		442,612
				966,407
Chemicals — 8.6%
Ecolab, Inc.		8,043		978,994
LyondellBasell Industries NV, Class A		1,899		153,173
Monsanto Co.		8,770		896,294
PPG Industries, Inc.		7,010		724,554
Praxair, Inc.		2,065		249,514
The Sherwin-Williams Co.		2,848		787,928
				3,790,457
Commercial Services — 3.1%
Equifax, Inc.		5,026		676,399
Moody’s Corp.		6,525		706,527
				1,382,926
Computers — 9.4%
Accenture PLC, Class A		19,359		2,365,089
Apple, Inc.		8,485		959,229
Cognizant Technology Solutions Corp., Class A*		17,316		826,146
				4,150,464
Cosmetics & Personal Care — 5.2%
Colgate-Palmolive Co.		17,561		1,301,973
Coty, Inc., Class A		11,051		259,698
L’Oreal S.A.		1,982		374,273
The Estee Lauder Cos., Inc., Class A		3,991		353,443
				2,289,387
Distribution & Wholesale — 2.0%
Fastenal Co.		7,500		313,350
W.W. Grainger, Inc.		2,455		551,982
				865,332
Diversified Financial Services — 8.2%
CME Group, Inc.		2,233		233,393
Mastercard, Inc., Class A		6,268		637,894
The Blackstone Group LP		19,594		500,235
The Charles Schwab Corp.		19,338		610,501
Visa, Inc., Class A		19,600		1,620,920
				3,602,943
Electronics — 8.5%
Amphenol Corp., Class A		9,921		644,071
Fortive Corp.		5,360		272,824

	Number of Shares		Value†
Electronics — (continued)
Mettler-Toledo International, Inc.*		1,893	$	794,738
Thermo Fisher Scientific, Inc.		9,620		1,530,157
Waters Corp.*		3,187		505,108
				3,746,898
Food — 1.1%
Danone S.A.		6,409		475,533
Healthcare Products — 4.8%
Danaher Corp.		8,452		662,552
DENTSPLY SIRONA, Inc.		6,984		415,059
The Cooper Cos., Inc.		2,749		492,786
Zimmer Biomet Holdings, Inc.		4,160		540,883
				2,111,280
Household Products & Wares — 0.8%
Church & Dwight Co., Inc.		7,022		336,494
Insurance — 1.4%
Aon PLC		5,671		637,931
Internet — 6.1%
Alphabet, Inc., Class A*		3,321		2,670,283
Media — 2.5%
The Walt Disney Co.		2,016		187,206
Time Warner, Inc.		2,814		224,023
Twenty-First Century Fox, Inc., Class A		28,386		687,509
				1,098,738
Miscellaneous Manufacturing — 0.9%
Colfax Corp.*		12,679		398,501
Oil & Gas Services — 0.5%
Schlumberger Ltd.		3,024		237,808
Pharmaceuticals — 11.0%
Abbott Laboratories		27,168		1,148,935
Eli Lilly & Co.		8,486		681,086
Express Scripts Holding Co.*		7,452		525,590
Mead Johnson Nutrition Co.		10,516		830,869
Roche Holding AG		2,592		642,998
Zoetis, Inc.		18,840		979,868
				4,809,346
Retail — 5.9%
AutoZone, Inc.*		1,250		960,425
CVS Health Corp.		9,087		808,652
The TJX Cos., Inc.		10,719		801,567
				2,570,644
Semiconductors — 3.8%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		21,817		667,382
Texas Instruments, Inc.		14,173		994,661
				1,662,043
Software — 3.7%
Fidelity National Information Services, Inc.		11,342		873,674
Fiserv, Inc.*		5,143		511,574

43

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CAP GROWTH FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
Oracle Corp.		5,834	$	229,160
				1,614,408
Transportation — 1.8%
Union Pacific Corp.		8,007		780,923
TOTAL COMMON STOCKS (Cost $36,992,003)				43,876,904
SHORT-TERM INVESTMENTS — 0.5%
Money Market — 0.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $212,203)		212,203		212,203
TOTAL INVESTMENTS — 100.4% (Cost $37,204,206)(a)			$	44,089,107
Other Assets & Liabilities — (0.4)%				(181,748	)
TOTAL NET ASSETS — 100.0%			$	43,907,359

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $37,339,024. Net unrealized appreciation was $6,750,083. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $7,913,307 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,163,224.

ADR — American Depository Receipt.

LP — Limited Partnership.

PLC — Public Limited Company.

44

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CAP GROWTH FUND

Country Weightings as of 09/30/2016 ††
United States	84	%
France	5
Ireland	5
Taiwan	2
United Kingdom	2
Brazil	1
Switzerland	1
Total	100	%

†† % of total investments as of September 30, 2016

45

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	43,876,904	$	43,876,904
SHORT-TERM INVESTMENTS		212,203		212,203		—		—
TOTAL INVESTMENTS	$	44,089,107	$	44,089,107	$	—	$	—

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $3,140,394 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

46

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CORE GROWTH FUND

	Number of Shares		Value†
COMMON STOCKS — 99.7%
Aerospace & Defense — 2.0%
Harris Corp.		22,890	$	2,096,953
Agriculture — 2.3%
Reynolds American, Inc.		51,210		2,414,552
Airlines — 1.1%
Spirit Airlines, Inc.*		27,040		1,150,011
Beverages — 4.7%
Constellation Brands, Inc., Class A		17,030		2,835,325
Monster Beverage Corp.*		15,450		2,268,214
				5,103,539
Biotechnology — 4.0%
Alexion Pharmaceuticals, Inc.*		5,380		659,265
Biogen, Inc.*		4,140		1,295,944
Celgene Corp.*		22,700		2,372,831
				4,328,040
Chemicals — 2.0%
The Sherwin-Williams Co.		7,770		2,149,648
Commercial Services — 5.7%
Aramark		31,030		1,180,071
PayPal Holdings, Inc.*		53,350		2,185,749
S&P Global Inc.		14,820		1,875,619
TransUnion*		26,857		926,567
				6,168,006
Computers — 4.4%
Apple, Inc.		41,415		4,681,966
Cosmetics & Personal Care — 1.0%
The Procter & Gamble Co.		11,840		1,062,640
Diversified Financial Services — 6.1%
Intercontinental Exchange, Inc.		8,570		2,308,415
Visa, Inc., Class A		51,090		4,225,143
				6,533,558
Electrical Components & Equipment — 1.3%
Acuity Brands, Inc.		5,360		1,418,256
Electronics — 1.3%
Johnson Controls International PLC		31,033		1,443,966
Environmental Control — 1.0%
Waste Connections, Inc.		14,440		1,078,668
Healthcare Products — 4.7%
Baxter International, Inc.		33,080		1,574,608
Boston Scientific Corp.*		71,660		1,705,508
Intuitive Surgical, Inc.*		2,390		1,732,344
				5,012,460
Healthcare Services — 4.2%
Novo Nordisk A/S Class B, ADR		29,700		1,235,223
UnitedHealth Group, Inc.		23,740		3,323,600
				4,558,823
Internet — 20.6%
Alphabet, Inc., Class A*		9,180		7,381,271

	Number of Shares		Value†
Internet — (continued)
Amazon.com, Inc.*		8,005	$	6,702,666
Facebook, Inc., Class A*		37,810		4,849,889
Symantec Corp.		43,930		1,102,643
Tencent Holdings Ltd. ADR		76,720		2,138,570
				22,175,039
Lodging — 1.1%
Wynn Resorts Ltd.		12,070		1,175,859
Media — 2.2%
Charter Communications, Inc.*		8,810		2,378,436
Pharmaceuticals — 1.6%
Bristol-Myers Squibb Co.		17,110		922,571
Eli Lilly & Co.		10,060		807,416
				1,729,987
Retail — 15.2%
Coach, Inc.		32,400		1,184,544
Dollar General Corp.		20,450		1,431,296
O’Reilly Automotive, Inc.*		6,790		1,901,947
Starbucks Corp.		46,710		2,528,879
The Home Depot, Inc.		28,340		3,646,791
The TJX Cos., Inc.		29,330		2,193,297
Ulta Salon Cosmetics & Fragrance, Inc.*		4,510		1,073,290
Yum! Brands, Inc.		26,560		2,411,914
				16,371,958
Semiconductors — 1.9%
Broadcom Ltd.		12,070		2,082,316
Software — 9.6%
Adobe Systems, Inc.*		21,170		2,297,792
Electronic Arts, Inc.*		24,370		2,081,198
Fidelity National Information Services, Inc.		31,840		2,452,635
salesforce.com, Inc.*		22,175		1,581,743
ServiceNow, Inc.*		23,810		1,884,561
				10,297,929
Transportation — 1.7%
Kansas City Southern		19,460		1,816,007
TOTAL COMMON STOCKS (Cost $86,293,336)				107,228,617
SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $821,887)		821,888		821,888
TOTAL INVESTMENTS — 100.4% (Cost $87,115,223)(a)			$	108,050,505
Other Assets & Liabilities — (0.4)%				(468,334	)
TOTAL NET ASSETS — 100.0%			$	107,582,171

† See Security Valuation Note.

* Non-income producing security.

47

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CORE GROWTH FUND

(a) At September 30, 2016, the cost for Federal income tax purposes was $87,227,584. Net unrealized appreciation was $20,822,921. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $22,404,658 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,581,737.

ADR — American Depository Receipt.

PLC — Public Limited Company.

48

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CORE GROWTH FUND

Country Weightings as of 09/30/2016 ††
United States	93	%
Cayman Islands	2
Singapore	2
Canada	1
Denmark	1
Ireland	1
Total	100	%

†† % of total investments as of September 30, 2016

49

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	107,228,617	$	107,228,617	$	—	$	—
SHORT-TERM INVESTMENTS		821,888		821,888		—		—
TOTAL INVESTMENTS	$	108,050,505	$	108,050,505	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

50

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CAP VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — 95.0%
Aerospace & Defense — 4.8%
Harris Corp.		25,574	$	2,342,834
Northrop Grumman Corp.		15,465		3,308,737
United Technologies Corp.		38,530		3,914,648
				9,566,219
Agriculture — 1.5%
Philip Morris International, Inc.		29,872		2,904,156
Apparel — 1.2%
Ralph Lauren Corp.		23,088		2,335,120
Banks — 12.5%
Bank of America Corp.		254,255		3,979,091
Citigroup, Inc.		65,803		3,107,876
Fifth Third Bancorp		98,757		2,020,568
JPMorgan Chase & Co.		86,477		5,758,503
State Street Corp.		27,400		1,907,862
The PNC Financial Services Group, Inc.		38,628		3,479,996
Wells Fargo & Co.		101,445		4,491,985
				24,745,881
Beverages — 1.5%
PepsiCo, Inc.		27,575		2,999,333
Building Materials — 1.5%
Vulcan Materials Co.		25,804		2,934,689
Chemicals — 1.4%
E.I. du Pont de Nemours & Co.		41,490		2,778,585
Computers — 1.6%
Apple, Inc.		28,321		3,201,689
Diversified Financial Services — 5.4%
American Express Co.		28,572		1,829,751
Ameriprise Financial, Inc.		24,403		2,434,687
Discover Financial Services		60,003		3,393,170
FNF Group		81,827		3,020,234
				10,677,842
Electric — 3.6%
Calpine Corp.*		111,857		1,413,873
NextEra Energy, Inc.		25,323		3,097,509
PG&E Corp.		42,860		2,621,746
				7,133,128
Electronics — 1.4%
Honeywell International, Inc.		23,110		2,694,395
Food — 1.5%
Mondelez International, Inc., Class A		68,685		3,015,272
Healthcare Products — 2.0%
Medtronic PLC		45,516		3,932,582
Healthcare Services — 3.5%
Aetna, Inc.		11,967		1,381,590
Humana, Inc.		8,052		1,424,318
UnitedHealth Group, Inc.		28,680		4,015,200
				6,821,108

	Number of Shares		Value†
Housewares — 1.3%
Newell Brands, Inc.		48,158	$	2,536,000
Insurance — 5.7%
American International Group, Inc.		56,419		3,347,903
MetLife, Inc.		59,947		2,663,445
The Travelers Cos., Inc.		24,863		2,848,057
Unum Group		66,692		2,354,895
				11,214,300
Internet — 2.3%
Liberty Interactive Corp. QVC Group, Class A*		103,518		2,071,395
Symantec Corp.		99,541		2,498,479
				4,569,874
Leisure Time — 1.0%
Harley-Davidson, Inc.		36,254		1,906,598
Media — 2.7%
Comcast Corp., Class A		54,328		3,604,119
Liberty Global PLC, Class A*		47,970		1,639,615
				5,243,734
Miscellaneous Manufacturing — 3.8%
Eaton Corp. PLC		41,835		2,748,978
Ingersoll-Rand PLC		33,665		2,287,200
Pentair PLC		39,137		2,514,161
				7,550,339
Oil & Gas — 5.6%
Chevron Corp.		30,761		3,165,922
Hess Corp.		66,811		3,582,406
Royal Dutch Shell PLC ADR, Class A		50,211		2,514,065
Valero Energy Corp.		33,386		1,769,458
				11,031,851
Oil & Gas Services — 2.9%
Halliburton Co.		82,148		3,686,802
National Oilwell Varco, Inc.		57,974		2,129,965
				5,816,767
Packaging and Containers — 1.4%
Sealed Air Corp.		60,829		2,787,185
Pharmaceuticals — 9.3%
AbbVie, Inc.		31,369		1,978,443
Allergan PLC*		12,844		2,958,101
Eli Lilly & Co.		30,615		2,457,160
Merck & Co., Inc.		62,456		3,897,879
Pfizer, Inc.		126,614		4,288,416
Teva Pharmaceutical Industries Ltd. ADR		59,277		2,727,335
				18,307,334
Real Estate — 0.8%
CBRE Group, Inc., Class A*		54,826		1,534,032
Retail — 3.3%
Advance Auto Parts, Inc.		11,883		1,771,993
CVS Health Corp.		36,578		3,255,076
Dollar General Corp.		22,364		1,565,257
				6,592,326

51

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CAP VALUE FUND

	Number of Shares			Value†
COMMON STOCKS — (continued)
Semiconductors — 1.6%
QUALCOMM, Inc.		46,527		$	3,187,100
Software — 4.0%
Microsoft Corp.		90,559			5,216,198
Oracle Corp.		66,542			2,613,770
					7,829,968
Telecommunications — 4.3%
Cisco Systems, Inc.		113,066			3,586,453
Verizon Communications, Inc.		56,172			2,919,821
Vodafone Group PLC-ADR		68,260			1,989,779
					8,496,053
Transportation — 1.6%
Norfolk Southern Corp.		31,507			3,058,069
TOTAL COMMON STOCKS (Cost $160,468,877)					187,401,529
REAL ESTATE INVESTMENT TRUSTS — 1.9%
Advertising — 0.5%
Outfront Media, Inc.		42,299			1,000,372
Diversified — 1.4%
Weyerhaeuser Co.		86,365			2,758,498
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,476,708)					3,758,870
SHORT-TERM INVESTMENTS — 1.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,025,173)		3,025,173			3,025,173
TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT — 98.4% (Cost $166,970,759)				$	194,185,572
SECURITIES SOLD SHORT — 0.0%
Chemicals — 0.0%
AdvanSix Inc. (Cost $(15,791))		(924	)		(15,329	)
TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT — 98.4% (Cost $166,954,967)(a)				$	194,170,243
Other Assets & Liabilities — 1.6%					3,182,168
TOTAL NET ASSETS — 100.0%				$	197,352,411

† See Security Valuation Note.

(a) At September 30, 2016, the cost for Federal income tax purposes was $167,322,478. Net unrealized appreciation was $26,847,765. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $33,968,685 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $7,120,920.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

52

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016			Level 1 Quoted Price			Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	187,401,529		$	187,401,529		$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		3,758,870			3,758,870			—		—
SHORT-TERM INVESTMENTS		3,025,173			3,025,173			—		—
TOTAL INVESTMENTS	$	194,185,572		$	194,185,572		$	—	$	—
LIABILITIES TABLE
Description	Total Market Value at 09/30/2016			Level 1 Quoted Price			Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
SECURITIES SOLD SHORT	$	(15,329	)	$	(15,329	)	$	—	$	—
TOTAL LIABILITIES	$	(15,329	)	$	(15,329	)	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

53

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CORE VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — 94.1%
Aerospace & Defense — 2.5%
United Technologies Corp.		47,427	$	4,818,583
Agriculture — 3.6%
Altria Group, Inc.		21,184		1,339,464
Reynolds American, Inc.		115,401		5,441,157
				6,780,621
Auto Parts & Equipment — 1.9%
The Goodyear Tire & Rubber Co.		113,727		3,673,382
Banks — 13.7%
Credit Suisse Group AG ADR		247,022		3,245,869
JPMorgan Chase & Co.		98,159		6,536,408
The Goldman Sachs Group, Inc.		22,882		3,690,180
The PNC Financial Services Group, Inc.		33,726		3,038,375
U.S. Bancorp		71,537		3,068,222
Wells Fargo & Co.		141,212		6,252,868
				25,831,922
Chemicals — 1.8%
PPG Industries, Inc.		32,741		3,384,110
Computers — 1.5%
Apple, Inc.		25,691		2,904,367
Diversified Financial Services — 5.3%
Invesco Ltd.		42,821		1,339,013
iShares Russell 1000 Value ETF		8,548		902,840
Lazard Ltd, Class A		29,103		1,058,185
The Charles Schwab Corp.		84,383		2,663,971
Visa, Inc., Class A		48,710		4,028,317
				9,992,326
Electric — 4.2%
NextEra Energy, Inc.		39,444		4,824,790
PG&E Corp.		50,401		3,083,029
				7,907,819
Electrical Components & Equipment — 1.6%
Hubbell, Inc.		28,432		3,063,264
Electronics — 1.0%
Thermo Fisher Scientific, Inc.		11,297		1,796,901
Food — 4.1%
General Mills, Inc.		36,902		2,357,300
Kellogg Co.		37,373		2,895,286
The Kroger Co.		83,363		2,474,214
				7,726,800
Forest Products & Paper — 0.9%
International Paper Co.		34,535		1,656,989
Gas — 2.4%
Sempra Energy		42,130		4,515,915
Healthcare Products — 1.9%
Zimmer Biomet Holdings, Inc.		27,886		3,625,738

	Number of Shares		Value†
Healthcare Services — 0.6%
Humana, Inc.		6,310	$	1,116,176
Home Furnishings — 0.8%
Whirlpool Corp.		9,489		1,538,736
Insurance — 4.7%
Alleghany Corp*		2,894		1,519,408
American Financial Group, Inc.		20,741		1,555,575
Chubb, Ltd		34,873		4,381,792
W. R. Berkley Corp.		26,458		1,528,214
				8,984,989
Internet — 3.9%
Alphabet, Inc., Class C*		5,330		4,142,955
eBay, Inc.*		100,183		3,296,021
				7,438,976
Machinery - Construction & Mining — 1.5%
Caterpillar, Inc.		32,932		2,923,374
Machinery - Diversified — 1.2%
Rockwell Automation, Inc.		18,324		2,241,758
Miscellaneous Manufacturing — 3.5%
General Electric Co.		223,751		6,627,505
Oil & Gas — 10.8%
Chevron Corp.		67,941		6,992,488
EOG Resources, Inc.		49,625		4,799,234
Exxon Mobil Corp.		16,355		1,427,464
Occidental Petroleum Corp.		70,384		5,132,401
Pioneer Natural Resources Co.		11,718		2,175,447
				20,527,034
Oil & Gas Services — 2.4%
Halliburton Co.		37,338		1,675,729
Schlumberger Ltd.		37,350		2,937,204
				4,612,933
Pharmaceuticals — 10.3%
Allergan PLC*		10,025		2,308,858
Eli Lilly & Co.		24,483		1,965,005
Johnson & Johnson		62,424		7,374,147
McKesson Corp.		8,372		1,396,031
Pfizer, Inc.		143,395		4,856,789
Teva Pharmaceutical Industries Ltd. ADR		19,011		874,696
Zoetis, Inc.		12,761		663,700
				19,439,226
Retail — 1.3%
Sally Beauty Holdings, Inc.*		33,188		852,268
The Home Depot, Inc.		12,567		1,617,121
				2,469,389
Semiconductors — 2.8%
Intel Corp.		111,227		4,198,819
NXP Semiconductors N.V.*		10,039		1,024,079
				5,222,898
Telecommunications — 2.5%
Verizon Communications, Inc.		90,194		4,688,284

54

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CORE VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Transportation — 1.4%
C.H. Robinson Worldwide, Inc.		37,660	$	2,653,524
TOTAL COMMON STOCKS (Cost $162,909,106)				178,163,539
REAL ESTATE INVESTMENT TRUSTS — 5.0%
Apartments — 1.4%
Equity Residential		39,543		2,543,801
Regional Malls — 1.5%
Simon Property Group, Inc.		13,367		2,767,103
Storage & Warehousing — 0.5%
Public Storage		4,307		961,064
Strip Centers — 1.6%
Federal Realty Investment Trust		19,904		3,063,823
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,486,789)				9,335,791
SHORT-TERM INVESTMENTS — 0.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $176,547)		176,547		176,547
TOTAL INVESTMENTS — 99.2% (Cost $172,572,442)(a)			$	187,675,877
Other Assets & Liabilities — 0.8%				1,593,066
TOTAL NET ASSETS — 100.0%			$	189,268,943

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $173,228,130. Net unrealized appreciation was $14,447,747. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $19,768,402 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,320,655.

ADR — American Depository Receipt.

PLC — Public Limited Company.

55

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

LARGE CORE VALUE FUND

Country Weightings as of 09/30/2016 ††
United States	93	%
Switzerland	4
Bermuda	1
France	1
Netherlands	1
Total	100	%

†† % of total investments as of September 30, 2016

56

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	178,163,539	$	178,163,539	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		9,335,791		9,335,791		—		—
SHORT-TERM INVESTMENTS		176,547		176,547		—		—
TOTAL INVESTMENTS	$	187,675,877	$	187,675,877	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

57

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INDEX 500 FUND

	Number of Shares		Value†
COMMON STOCKS — 96.4%
Advertising — 0.2%
Omnicom Group, Inc.		5,467	$	464,695
The Interpublic Group of Cos., Inc.		9,034		201,910
				666,605
Aerospace & Defense — 2.1%
General Dynamics Corp.		6,397		992,558
Harris Corp.		2,600		238,186
L-3 Communications Holdings, Inc.		1,800		271,314
Lockheed Martin Corp.		5,698		1,365,925
Northrop Grumman Corp.		4,092		875,483
Raytheon Co.		6,676		908,804
Rockwell Collins, Inc.		2,945		248,381
The Boeing Co.		13,121		1,728,561
TransDigm Group, Inc.*		1,200		346,944
United Technologies Corp.		17,642		1,792,427
				8,768,583
Agriculture — 1.8%
Altria Group, Inc.		43,878		2,774,406
Archer-Daniels-Midland Co.		13,499		569,253
Philip Morris International, Inc.		34,853		3,388,409
Reynolds American, Inc.		18,854		888,966
				7,621,034
Airlines — 0.5%
Alaska Air Group, Inc.		2,800		184,408
American Airlines Group, Inc.		11,900		435,659
Delta Air Lines, Inc.		17,400		684,864
Southwest Airlines Co.		14,017		545,121
United Continental Holdings, Inc.*		6,600		346,302
				2,196,354
Apparel — 0.7%
Hanesbrands, Inc.		8,700		219,675
Michael Kors Holdings Ltd.*		4,000		187,160
NIKE, Inc., Class B		29,792		1,568,549
Ralph Lauren Corp.		1,228		124,200
Under Armour, Inc., Class A*		3,900		150,852
Under Armour, Inc., Class C*		3,927		132,968
VF Corp.		7,732		433,379
				2,816,783
Auto Manufacturers — 0.6%
Ford Motor Co.		88,867		1,072,625
General Motors Co.		31,600		1,003,932
PACCAR, Inc.		7,944		466,948
				2,543,505
Auto Parts & Equipment — 0.2%
BorgWarner, Inc.		4,800		168,864
Delphi Automotive PLC		6,100		435,052
The Goodyear Tire & Rubber Co.		6,106		197,224
				801,140
Banks — 6.6%
Bank of America Corp.		231,511		3,623,147
BB&T Corp.		17,799		671,378
Capital One Financial Corp.		11,541		828,990
Citigroup, Inc.		66,169		3,125,162
Citizens Financial Group, Inc.		12,100		298,991
Comerica, Inc.		3,844		181,898

	Number of Shares		Value†
Banks — (continued)
Fifth Third Bancorp		17,946	$	367,175
Huntington Bancshares, Inc.		24,565		242,211
JPMorgan Chase & Co.		81,564		5,431,347
KeyCorp.		24,699		300,587
M&T Bank Corp.		3,652		423,997
Morgan Stanley		33,863		1,085,648
Northern Trust Corp.		4,947		336,347
Regions Financial Corp.		28,294		279,262
State Street Corp.		8,247		574,239
SunTrust Banks, Inc.		11,588		507,554
The Bank of New York Mellon Corp.		24,480		976,262
The Goldman Sachs Group, Inc.		8,543		1,377,730
The PNC Financial Services Group, Inc.		11,283		1,016,485
U.S. Bancorp		36,656		1,572,176
Wells Fargo & Co.		102,637		4,544,766
Zions Bancorporation		4,804		149,020
				27,914,372
Beverages — 2.2%
Brown-Forman Corp., Class B		4,586		217,560
Constellation Brands, Inc., Class A		3,923		653,140
Dr. Pepper Snapple Group, Inc.		4,300		392,633
Molson Coors Brewing Co., Class B		4,138		454,352
Monster Beverage Corp.*		3,168		465,094
PepsiCo, Inc.		32,439		3,528,390
The Coca-Cola Co.		87,786		3,715,104
				9,426,273
Biotechnology — 2.6%
Alexion Pharmaceuticals, Inc.*		5,000		612,700
Amgen, Inc.		16,845		2,809,914
Biogen, Inc.*		4,933		1,544,177
Celgene Corp.*		17,556		1,835,129
Gilead Sciences, Inc.		29,878		2,363,947
Illumina, Inc.*		3,400		617,644
Regeneron Pharmaceuticals, Inc.*		1,700		683,434
Vertex Pharmaceuticals, Inc.*		5,700		497,097
				10,964,042
Building Materials — 0.3%
Fortune Brands Home & Security, Inc.		3,500		203,350
Martin Marietta Materials, Inc.		1,500		268,665
Masco Corp.		7,377		253,105
Vulcan Materials Co.		3,041		345,853
				1,070,973
Chemicals — 2.1%
Air Products & Chemicals, Inc.		4,921		739,823
Albemarle Corp.		2,600		222,274
CF Industries Holdings, Inc.		5,300		129,055
E.I. du Pont de Nemours & Co.		19,823		1,327,546
Eastman Chemical Co.		3,282		222,126
Ecolab, Inc.		6,033		734,337
FMC Corp.		3,100		149,854
International Flavors & Fragrances, Inc.		1,875		268,069
LyondellBasell Industries NV, Class A		7,800		629,148
Monsanto Co.		9,836		1,005,239
PPG Industries, Inc.		6,128		633,390
Praxair, Inc.		6,426		776,454

58

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INDEX 500 FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
The Dow Chemical Co.		25,379	$	1,315,394
The Mosaic Co.		7,600		185,896
The Sherwin-Williams Co.		1,734		479,728
				8,818,333
Commercial Services — 1.4%
Allegion PLC		2,266		156,150
Alliance Data Systems Corp.*		1,300		278,889
Automatic Data Processing, Inc.		10,243		903,433
Cintas Corp.		1,955		220,133
Equifax, Inc.		2,677		360,271
Global Payments, Inc.		3,481		267,202
H&R Block, Inc.		5,266		121,908
Moody’s Corp.		3,873		419,368
Paychex, Inc.		7,275		421,004
PayPal Holdings, Inc.*		24,728		1,013,106
Quanta Services, Inc.*		3,400		95,166
Robert Half International, Inc.		3,207		121,417
S&P Global Inc.		5,986		757,588
The Western Union Co.		11,178		232,726
Total System Services, Inc.		3,977		187,515
United Rentals, Inc.*		1,900		149,131
Verisk Analytics, Inc.*		3,600		292,608
				5,997,615
Computers — 5.1%
Accenture PLC, Class A		14,100		1,722,597
Apple, Inc.		121,702		13,758,411
Cognizant Technology Solutions Corp., Class A*		13,504		644,276
CSRA, Inc.		3,357		90,303
Hewlett Packard Enterprise Co.		37,383		850,463
HP, Inc.		38,983		605,406
International Business Machines Corp.		19,820		3,148,407
NetApp, Inc.		6,421		230,000
Seagate Technology PLC		6,900		265,995
Teradata Corp.*		2,616		81,096
Western Digital Corp.		6,197		362,339
				21,759,293
Cosmetics & Personal Care — 1.7%
Colgate-Palmolive Co.		20,270		1,502,818
The Estee Lauder Cos., Inc., Class A		5,074		449,353
The Procter & Gamble Co.		60,294		5,411,387
				7,363,558
Distribution & Wholesale — 0.3%
Fastenal Co.		6,700		279,926
Genuine Parts Co.		3,405		342,032
LKQ Corp.*		7,000		248,220
W.W. Grainger, Inc.		1,272		285,997
				1,156,175
Diversified Financial Services — 3.1%
Affiliated Managers Group, Inc.*		1,300		188,110
American Express Co.		17,580		1,125,823
Ameriprise Financial, Inc.		3,646		363,761
BlackRock, Inc.		2,799		1,014,526
CME Group, Inc.		7,760		811,075

	Number of Shares		Value†
Diversified Financial Services — (continued)
Discover Financial Services		9,278	$	524,671
E*TRADE Financial Corp.*		6,481		188,727
Franklin Resources, Inc.		8,456		300,780
Intercontinental Exchange, Inc.		2,670		719,191
Invesco Ltd.		9,567		299,160
Legg Mason, Inc.		2,261		75,698
Mastercard, Inc., Class A		21,800		2,218,586
Nasdaq, Inc.		2,500		168,850
Navient Corp.		7,534		109,017
Synchrony Financial		17,912		501,536
T. Rowe Price Group, Inc.		5,581		371,137
The Charles Schwab Corp.		27,069		854,568
Visa, Inc., Class A		42,756		3,535,921
				13,371,137
Diversified Operations — 0.0%
Leucadia National Corp.		7,260		138,230
Electric — 2.9%
AES Corp.		14,644		188,175
Alliant Energy Corp.		5,200		199,212
Ameren Corp.		5,398		265,474
American Electric Power Co., Inc.		11,157		716,391
CMS Energy Corp.		6,243		262,268
Consolidated Edison, Inc.		6,834		514,600
Dominion Resources, Inc.		13,809		1,025,594
DTE Energy Co.		4,092		383,298
Duke Energy Corp.		15,418		1,234,057
Edison International		7,400		534,650
Entergy Corp.		4,147		318,199
Eversource Energy		7,193		389,717
Exelon Corp.		20,310		676,120
FirstEnergy Corp.		9,956		329,344
NextEra Energy, Inc.		10,315		1,261,731
NRG Energy, Inc.		7,800		87,438
PG&E Corp.		11,350		694,280
Pinnacle West Capital Corp.		2,569		195,218
PPL Corp.		15,298		528,852
Public Service Enterprise Group, Inc.		11,249		470,996
SCANA Corp.		3,400		246,058
The Southern Co.		22,143		1,135,936
WEC Energy Group, Inc.		7,050		422,154
Xcel Energy, Inc.		11,630		478,458
				12,558,220
Electrical Components & Equipment — 0.3%
Acuity Brands, Inc.		1,000		264,600
AMETEK, Inc.		5,300		253,234
Emerson Electric Co.		14,576		794,538
				1,312,372
Electronics — 1.6%
Agilent Technologies, Inc.		7,345		345,876
Amphenol Corp., Class A		6,900		447,948
FLIR Systems, Inc.		3,043		95,611
Fortive Corp.		6,784		345,305
Garmin Ltd.		2,800		134,708
Honeywell International, Inc.		17,108		1,994,622

59

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INDEX 500 FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
Johnson Controls International PLC		21,198	$	986,343
Mettler-Toledo International, Inc.*		600		251,898
PerkinElmer, Inc.		2,516		141,173
TE Connectivity Ltd.		7,900		508,602
Thermo Fisher Scientific, Inc.		8,882		1,412,771
Waters Corp.*		1,858		294,474
				6,959,331
Engineering & Construction — 0.1%
Fluor Corp.		3,170		162,684
Jacobs Engineering Group, Inc.*		2,983		154,281
				316,965
Environmental Control — 0.2%
Republic Services, Inc.		5,314		268,091
Stericycle, Inc.*		2,000		160,280
Waste Management, Inc.		9,400		599,344
				1,027,715
Food — 1.8%
Campbell Soup Co.		4,016		219,675
ConAgra Foods, Inc.		9,902		466,483
General Mills, Inc.		13,510		863,019
Hormel Foods Corp.		6,200		235,166
Kellogg Co.		5,766		446,692
McCormick & Co., Inc.		2,619		261,690
Mondelez International, Inc., Class A		35,163		1,543,656
Sysco Corp.		11,752		575,966
The Hershey Co.		3,187		304,677
The J.M. Smucker Co.		2,634		357,012
The Kraft Heinz Co.		13,354		1,195,317
The Kroger Co.		21,490		637,823
Tyson Foods, Inc., Class A		6,649		496,481
Whole Foods Market, Inc.		7,586		215,063
				7,818,720
Forest Products & Paper — 0.1%
International Paper Co.		9,267		444,631
Gas — 0.2%
CenterPoint Energy, Inc.		9,322		216,550
NiSource, Inc.		7,365		177,570
Sempra Energy		5,398		578,612
				972,732
Hand & Machine Tools — 0.1%
Snap-On, Inc.		1,328		201,803
Stanley Black & Decker, Inc.		3,340		410,753
				612,556
Healthcare Products — 2.5%
Baxter International, Inc.		11,042		525,599
Becton Dickinson & Co.		4,835		868,994
Boston Scientific Corp.*		30,548		727,042
C.R. Bard, Inc.		1,642		368,268
Danaher Corp.		13,568		1,063,595
DENTSPLY SIRONA, Inc.		5,500		326,865
Edwards Lifesciences Corp.*		4,700		566,632
Henry Schein, Inc.*		1,900		309,662
Hologic, Inc.*		5,700		221,331

	Number of Shares		Value†
Healthcare Products — (continued)
Intuitive Surgical, Inc.*		907	$	657,421
Medtronic PLC		31,197		2,695,421
Patterson Cos., Inc.		1,974		90,686
St. Jude Medical, Inc.		6,430		512,857
Stryker Corp.		7,081		824,299
The Cooper Cos., Inc.		1,100		197,186
Varian Medical Systems, Inc.*		2,157		214,686
Zimmer Biomet Holdings, Inc.		4,529		588,861
				10,759,405
Healthcare Services — 1.8%
Aetna, Inc.		7,893		911,247
Anthem, Inc.		5,995		751,233
Centene Corp.*		3,900		261,144
Cigna Corp.		5,694		742,042
DaVita, Inc.*		3,698		244,327
HCA Holdings, Inc.*		6,900		521,847
Humana, Inc.		3,410		603,195
Laboratory Corp. of America Holdings*		2,377		326,790
Quest Diagnostics, Inc.		3,187		269,716
UnitedHealth Group, Inc.		21,341		2,987,740
Universal Health Services, Inc., Class B		2,055		253,217
				7,872,498
Home Builders — 0.1%
D.R. Horton, Inc.		7,376		222,755
Lennar Corp., Class A		4,036		170,884
PulteGroup, Inc.		6,834		136,954
				530,593
Home Furnishings — 0.1%
Harman International Industries, Inc.		1,738		146,774
Whirlpool Corp.		1,769		286,861
				433,635
Household Products & Wares — 0.4%
Avery Dennison Corp.		1,883		146,479
Church & Dwight Co., Inc.		5,600		268,352
Kimberly-Clark Corp.		8,087		1,020,094
The Clorox Co.		2,997		375,164
				1,810,089
Housewares — 0.1%
Newell Brands, Inc.		10,416		548,507
Insurance — 4.1%
Aflac, Inc.		9,310		669,110
American International Group, Inc.		22,985		1,363,930
Aon PLC		5,944		668,641
Arthur J Gallagher & Co.		4,000		203,480
Assurant, Inc.		1,460		134,685
Berkshire Hathaway, Inc., Class B*		42,850		6,190,539
Chubb, Ltd		10,460		1,314,299
Cincinnati Financial Corp.		3,292		248,283
Lincoln National Corp.		5,573		261,819
Loews Corp.		6,225		256,159
Marsh & McLennan Cos., Inc.		11,809		794,155
MetLife, Inc.		24,885		1,105,640
Principal Financial Group, Inc.		6,065		312,408
Prudential Financial, Inc.		9,930		810,784

60

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INDEX 500 FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
The Allstate Corp.		8,376	$	579,452
The Hartford Financial Services Group, Inc.		8,857		379,257
The Progressive Corp.		12,956		408,114
The Travelers Cos., Inc.		6,631		759,581
Torchmark Corp.		2,552		163,047
Unum Group		5,376		189,827
Willis Towers Watson PLC		3,045		404,285
XL Group Ltd.		6,149		206,791
				17,424,286
Internet — 7.1%
Alphabet, Inc., Class A*		6,670		5,363,080
Alphabet, Inc., Class C*		6,702		5,209,398
Amazon.com, Inc.*		8,875		7,431,126
eBay, Inc.*		23,828		783,941
Expedia, Inc.		2,594		302,772
F5 Networks, Inc.*		1,500		186,960
Facebook, Inc., Class A*		52,500		6,734,175
Netflix, Inc.*		9,500		936,225
Symantec Corp.		13,538		339,804
The Priceline Group, Inc.*		1,137		1,673,084
TripAdvisor, Inc.*		2,594		163,889
VeriSign, Inc.*		2,209		172,832
Yahoo!, Inc.*		20,017		862,733
				30,160,019
Iron & Steel — 0.1%
Nucor Corp.		7,135		352,826
Leisure Time — 0.2%
Carnival Corp.		9,845		480,633
Harley-Davidson, Inc.		4,228		222,350
Royal Caribbean Cruises Ltd.		3,700		277,315
				980,298
Lodging — 0.2%
Marriott International, Inc., Class A		7,367		495,993
Wyndham Worldwide Corp.		2,560		172,365
Wynn Resorts Ltd.		1,930		188,021
				856,379
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.		13,028		1,156,496
Machinery - Diversified — 0.5%
Cummins, Inc.		3,674		470,823
Deere & Co.		6,732		574,576
Flowserve Corp.		2,800		135,072
Rockwell Automation, Inc.		2,971		363,472
Roper Technologies, Inc.		2,300		419,681
Xylem, Inc.		4,154		217,878
				2,181,502
Media — 2.9%
CBS Corp., Class B		9,254		506,564
Charter Communications, Inc.*		4,900		1,322,853
Comcast Corp., Class A		54,477		3,614,004
Discovery Communications, Inc., Class A*		3,500		94,220
Discovery Communications, Inc., Class C*		4,700		123,657
News Corp., Class A		9,115		127,428

	Number of Shares		Value†
Media — (continued)
News Corp., Class B		2,500	$	35,550
Nielsen Holdings PLC		8,000		428,560
Scripps Networks Interactive, Inc., Class A		2,056		130,535
TEGNA, Inc.		5,374		117,476
The Walt Disney Co.		33,508		3,111,553
Time Warner, Inc.		17,604		1,401,455
Twenty-First Century Fox, Inc., Class A		24,460		592,421
Twenty-First Century Fox, Inc., Class B		10,100		249,874
Viacom, Inc., Class B		7,981		304,076
				12,160,226
Mining — 0.3%
Alcoa, Inc.		28,348		287,449
Freeport-McMoRan, Inc.		28,696		311,638
Newmont Mining Corp.		11,883		466,883
				1,065,970
Miscellaneous Manufacturing — 2.7%
3M Co.		13,680		2,410,826
Dover Corp.		3,405		250,744
Eaton Corp. PLC		10,406		683,778
General Electric Co.		202,474		5,997,280
Illinois Tool Works, Inc.		7,219		865,125
Ingersoll-Rand PLC		5,800		394,052
Leggett & Platt, Inc.		2,854		130,085
Parker-Hannifin Corp.		2,981		374,205
Pentair PLC		4,019		258,181
Textron, Inc.		6,076		241,521
				11,605,797
Office & Business Equipment — 0.1%
Pitney Bowes, Inc.		4,161		75,564
Xerox Corp.		20,655		209,235
				284,799
Oil & Gas — 5.6%
Anadarko Petroleum Corp.		11,459		726,042
Apache Corp.		8,557		546,536
Cabot Oil & Gas Corp.		9,088		234,470
Chesapeake Energy Corp.*		12,410		77,811
Chevron Corp.		42,470		4,371,012
Cimarex Energy Co.		2,100		282,177
Concho Resources, Inc.*		3,000		412,050
ConocoPhillips		28,180		1,224,985
Devon Energy Corp.		11,729		517,366
EOG Resources, Inc.		12,316		1,191,080
EQT Corp.		3,600		261,432
Exxon Mobil Corp.		93,665		8,175,081
Helmerich & Payne, Inc.		2,300		154,790
Hess Corp.		5,497		294,749
Marathon Oil Corp.		19,451		307,520
Marathon Petroleum Corp.		12,150		493,169
Murphy Oil Corp.		3,917		119,077
Newfield Exploration Co.*		4,100		178,186
Noble Energy, Inc.		9,538		340,888
Occidental Petroleum Corp.		17,158		1,251,161
Phillips 66		10,040		808,722
Pioneer Natural Resources Co.		3,700		686,905
Range Resources Corp.		3,923		152,016

61

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INDEX 500 FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Southwestern Energy Co.*		8,490	$	117,502
Tesoro Corp.		2,794		222,291
Valero Energy Corp.		10,640		563,920
				23,710,938
Oil & Gas Services — 1.0%
Baker Hughes, Inc.		9,828		496,019
FMC Technologies, Inc.*		5,072		150,486
Halliburton Co.		19,469		873,769
National Oilwell Varco, Inc.		8,483		311,665
Schlumberger Ltd.		31,187		2,452,546
Transocean Ltd.*		8,300		88,478
				4,372,963
Packaging and Containers — 0.2%
Ball Corp.		3,926		321,736
Owens-Illinois, Inc.*		4,000		73,560
Sealed Air Corp.		4,333		198,538
WestRock Co.		5,746		278,566
				872,400
Pharmaceuticals — 7.0%
Abbott Laboratories		32,796		1,386,943
AbbVie, Inc.		36,196		2,282,882
Allergan PLC*		8,913		2,052,753
AmerisourceBergen Corp.		4,100		331,198
Bristol-Myers Squibb Co.		37,597		2,027,230
Cardinal Health, Inc.		7,382		573,581
Eli Lilly & Co.		21,854		1,754,002
Endo International PLC*		4,698		94,665
Express Scripts Holding Co.*		14,364		1,013,093
Johnson & Johnson		61,841		7,305,277
Mallinckrodt PLC*		2,400		167,472
McKesson Corp.		5,125		854,594
Mead Johnson Nutrition Co.		4,168		329,314
Merck & Co., Inc.		62,430		3,896,256
Mylan NV*		10,356		394,771
Perrigo Co. PLC		3,200		295,456
Pfizer, Inc.		136,205		4,613,263
Zoetis, Inc.		10,407		541,268
				29,914,018
Pipelines — 0.5%
Kinder Morgan, Inc.		41,736		965,353
ONEOK, Inc.		4,800		246,672
Spectra Energy Corp.		15,084		644,841
The Williams Cos., Inc.		15,334		471,214
				2,328,080
Real Estate — 0.0%
CBRE Group, Inc., Class A*		6,401		179,100
Retail — 6.2%
Advance Auto Parts, Inc.		1,700		253,504
AutoNation, Inc.*		1,719		83,733
AutoZone, Inc.*		641		492,506
Bed Bath & Beyond, Inc.		3,366		145,108
Best Buy Co., Inc.		6,168		235,494
CarMax, Inc.*		4,300		229,405
Chipotle Mexican Grill, Inc.*		600		254,100

	Number of Shares		Value†
Retail — (continued)
Coach, Inc.		6,277	$	229,487
Costco Wholesale Corp.		9,777		1,491,090
CVS Health Corp.		24,267		2,159,520
Darden Restaurants, Inc.		2,540		155,753
Dollar General Corp.		5,900		412,941
Dollar Tree, Inc.*		5,454		430,484
Foot Locker, Inc.		3,100		209,932
Kohl’s Corp.		4,001		175,044
L Brands, Inc.		5,760		407,635
Lowe’s Cos., Inc.		20,040		1,447,089
Macy’s, Inc.		7,027		260,350
McDonald’s Corp.		19,278		2,223,910
Nordstrom, Inc.		2,737		141,996
O’Reilly Automotive, Inc.*		2,200		616,242
PVH Corp.		1,900		209,950
Ross Stores, Inc.		9,200		591,560
Signet Jewelers Ltd.		1,900		141,607
Staples, Inc.		15,637		133,696
Starbucks Corp.		33,188		1,796,798
Target Corp.		13,332		915,642
The Gap, Inc.		5,282		117,472
The Home Depot, Inc.		27,917		3,592,360
The TJX Cos., Inc.		14,918		1,115,568
Tiffany & Co.		2,464		178,960
Tractor Supply Co.		3,000		202,050
Ulta Salon Cosmetics & Fragrance, Inc.*		1,400		333,172
Urban Outfitters, Inc.*		1,700		58,684
Wal-Mart Stores, Inc.		34,247		2,469,894
Walgreens Boots Alliance, Inc.		19,579		1,578,459
Yum! Brands, Inc.		8,325		755,993
				26,247,188
Savings & Loans — 0.0%
People’s United Financial, Inc.		7,700		121,814
Semiconductors — 3.3%
Analog Devices, Inc.		6,976		449,603
Applied Materials, Inc.		24,521		739,308
Broadcom Ltd.		8,951		1,544,227
First Solar, Inc.*		1,800		71,082
Intel Corp.		106,503		4,020,488
KLA-Tencor Corp.		3,427		238,896
Lam Research Corp.		3,559		337,073
Linear Technology Corp.		5,541		328,526
Microchip Technology, Inc.		4,518		280,749
Micron Technology, Inc.*		22,886		406,913
NVIDIA Corp.		11,454		784,828
Qorvo, Inc.*		2,800		156,072
QUALCOMM, Inc.		32,899		2,253,581
Skyworks Solutions, Inc.		4,200		319,788
Texas Instruments, Inc.		22,793		1,599,613
Xilinx, Inc.		5,764		313,216
				13,843,963
Software — 4.7%
Activision Blizzard, Inc.		15,400		682,220
Adobe Systems, Inc.*		11,205		1,216,191
Akamai Technologies, Inc.*		4,160		220,438

62

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INDEX 500 FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
Autodesk, Inc.*		4,381	$	316,878
CA, Inc.		6,995		231,394
Cerner Corp.*		7,000		432,250
Citrix Systems, Inc.*		3,391		288,981
Electronic Arts, Inc.*		6,830		583,282
Fidelity National Information Services, Inc.		7,359		566,864
Fiserv, Inc.*		5,114		508,689
Intuit, Inc.		5,492		604,175
Microsoft Corp.		176,115		10,144,224
Oracle Corp.		68,017		2,671,708
Red Hat, Inc.*		4,200		339,486
salesforce.com, Inc.*		14,300		1,020,019
The Dun & Bradstreet Corp.		900		122,958
				19,949,757
Telecommunications — 3.7%
AT&T, Inc.		138,293		5,616,079
CenturyLink, Inc.		12,326		338,102
Cisco Systems, Inc.		112,880		3,580,554
Corning, Inc.		24,215		572,685
Frontier Communications Corp.		25,072		104,299
Juniper Networks, Inc.		7,971		191,782
Level 3 Communications, Inc.*		6,600		306,108
Motorola Solutions, Inc.		3,488		266,065
Verizon Communications, Inc.		91,939		4,778,989
				15,754,663
Textiles — 0.1%
Mohawk Industries, Inc.*		1,500		300,510
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,612		207,210
Mattel, Inc.		7,481		226,525
				433,735
Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		3,139		221,174
CSX Corp.		21,466		654,713
Expeditors International of Washington, Inc.		4,182		215,457
FedEx Corp.		5,666		989,737
J.B. Hunt Transport Services, Inc.		2,000		162,280
Kansas City Southern		2,400		223,968
Norfolk Southern Corp.		6,652		645,643
Ryder System, Inc.		1,125		74,194
Union Pacific Corp.		19,020		1,855,020
United Parcel Service, Inc., Class B		15,674		1,714,109
				6,756,295
Water — 0.1%
American Water Works Co., Inc.		4,100		306,844
TOTAL COMMON STOCKS (Cost $234,425,081)				410,692,840
REAL ESTATE INVESTMENT TRUSTS — 3.0%
Apartments — 0.4%
Apartment Investment & Management Co., Class A		3,662		168,123
AvalonBay Communities, Inc.		3,092		549,881

	Number of Shares		Value†
Apartments — (continued)
Equity Residential		8,292	$	533,424
Essex Property Trust, Inc.		1,500		334,050
UDR, Inc.		6,000		215,940
				1,801,418
Building & Real Estate — 0.1%
Realty Income Corp.		5,400		361,422
Commercial Services — 0.0%
Iron Mountain, Inc.		4,697		176,278
Diversified — 0.9%
American Tower Corp.		9,659		1,094,655
Crown Castle International Corp.		7,600		715,996
Digital Realty Trust, Inc.		3,300		320,496
Equinix, Inc.		1,535		552,984
Vornado Realty Trust		4,087		413,645
Weyerhaeuser Co.		16,801		536,624
				3,634,400
Healthcare — 0.4%
HCP, Inc.		10,840		411,378
Ventas, Inc.		7,653		540,531
Welltower, Inc.		8,100		605,637
				1,557,546
Hotels & Resorts — 0.1%
Host Hotels & Resorts, Inc.		16,376		254,974
Industrial — 0.1%
Prologis, Inc.		11,899		637,073
Office Property — 0.2%
Boston Properties, Inc.		3,442		469,110
SL Green Realty Corp.		2,300		248,630
				717,740
Regional Malls — 0.5%
General Growth Properties, Inc.		13,400		369,840
Simon Property Group, Inc.		7,028		1,454,866
The Macerich Co.		2,800		226,436
				2,051,142
Storage & Warehousing — 0.2%
Extra Space Storage, Inc.		2,800		222,348
Public Storage		3,316		739,932
				962,280
Strip Centers — 0.1%
Federal Realty Investment Trust		1,600		246,288
Kimco Realty Corp.		9,564		276,878
				523,166
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $8,608,321)				12,677,439

63

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INDEX 500 FUND

	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bill 0.418%, 03/02/17 (Cost $374,335)	$	375	$	374,430
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,730,307)		2,730,307		2,730,307
TOTAL INVESTMENTS — 100.1% (Cost $246,138,044)(a)			$	426,475,016
Other Assets & Liabilities — (0.1)%				(441,667	)
TOTAL NET ASSETS — 100.0%			$	426,033,349

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $254,580,425. Net unrealized appreciation was $171,894,591. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $187,900,584 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $16,005,993.

PLC — Public Limited Company.

64

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	410,692,840	$	410,692,840	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		12,677,439		12,677,439		—		—
U.S. TREASURY OBLIGATIONS		374,430		—		374,430		—
SHORT-TERM INVESTMENTS		2,730,307		2,730,307		—		—
TOTAL INVESTMENTS	$	426,475,016	$	426,100,586	$	374,430	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

65

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MID CAP GROWTH FUND

	Number of Shares		Value†
COMMON STOCKS — 97.2%
Aerospace & Defense — 1.6%
Harris Corp.		18,799	$	1,722,176
Apparel — 1.1%
Burberry Group PLC		64,516		1,153,147
Auto Parts & Equipment — 2.3%
BorgWarner, Inc.		47,250		1,662,255
Mobileye NV*		17,147		729,948
				2,392,203
Banks — 5.8%
First Republic Bank		25,421		1,960,213
Northern Trust Corp.		38,369		2,608,708
Signature Bank*		13,372		1,583,914
				6,152,835
Biotechnology — 1.5%
BioMarin Pharmaceutical, Inc.*		17,195		1,590,881
Building Materials — 1.6%
Fortune Brands Home & Security, Inc.		28,929		1,680,775
Commercial Services — 4.2%
CoStar Group, Inc.*		12,937		2,801,249
Verisk Analytics, Inc.*		20,266		1,647,220
				4,448,469
Distribution & Wholesale — 3.0%
Fastenal Co.		76,453		3,194,206
Diversified Financial Services — 4.3%
CME Group, Inc.		25,424		2,657,316
Ellie Mae, Inc.*		10,385		1,093,541
Oaktree Capital Group LLC		19,591		830,658
				4,581,515
Electrical Components & Equipment — 0.8%
Generac Holdings, Inc.*		24,302		882,163
Electronics — 2.7%
Trimble, Inc.*		76,680		2,189,981
Woodward, Inc.		11,482		717,395
				2,907,376
Food — 4.2%
Blue Buffalo Pet Products, Inc.*		45,241		1,074,926
The Hain Celestial Group, Inc.*		40,999		1,458,745
Whole Foods Market, Inc.		65,744		1,863,842
				4,397,513
Healthcare Products — 8.0%
Align Technology, Inc.*		20,095		1,883,906
Edwards Lifesciences Corp.*		18,681		2,252,182
Henry Schein, Inc.*		5,999		977,717
Intuitive Surgical, Inc.*		4,659		3,376,983
				8,490,788
Healthcare Services — 2.3%
Acadia Healthcare Co., Inc.*		15,962		790,917
Laboratory Corp. of America Holdings*		12,053		1,657,047
				2,447,964

	Number of Shares		Value†
Home Builders — 1.6%
D.R. Horton, Inc.		56,312	$	1,700,623
Household Products & Wares — 1.3%
The Scotts Miracle-Gro Co., Class A		16,508		1,374,621
Internet — 4.0%
GrubHub, Inc.*		48,966		2,105,048
Pandora Media, Inc.*		148,608		2,129,553
				4,234,601
Leisure Time — 1.6%
Polaris Industries, Inc.		22,239		1,722,188
Machinery - Diversified — 2.0%
IDEX Corp.		17,203		1,609,685
Wabtec Corp.		6,664		544,115
				2,153,800
Miscellaneous Manufacturing — 1.1%
A.O. Smith Corp.		11,580		1,143,988
Oil & Gas — 4.9%
Cabot Oil & Gas Corp.		49,978		1,289,432
Cimarex Energy Co.		7,939		1,066,764
Continental Resources, Inc.*		30,925		1,606,863
Noble Energy, Inc.		32,918		1,176,489
				5,139,548
Pharmaceuticals — 8.3%
ACADIA Pharmaceuticals, Inc.*		26,769		851,522
Alkermes PLC*		33,722		1,585,946
Diplomat Pharmacy, Inc.*		22,805		638,768
Mead Johnson Nutrition Co.		30,954		2,445,675
Pacira Pharmaceuticals, Inc.*		100		3,422
Zoetis, Inc.		63,584		3,307,004
				8,832,337
Retail — 11.4%
Bed Bath & Beyond, Inc.		31,881		1,374,390
DSW, Inc., Class A		51,363		1,051,914
Dunkin’ Brands Group, Inc.		44,699		2,327,924
Kate Spade & Co.*		58,777		1,006,850
lululemon athletica, Inc.*		19,315		1,177,829
Tiffany & Co.		26,122		1,897,241
Tractor Supply Co.		25,870		1,742,344
Williams-Sonoma, Inc.		28,000		1,430,240
				12,008,732
Semiconductors — 4.2%
Maxim Integrated Products, Inc.		29,722		1,186,800
Microchip Technology, Inc.		48,671		3,024,416
Monolithic Power Systems, Inc.		2,476		199,318
				4,410,534
Software — 9.5%
Akamai Technologies, Inc.*		8,120		430,279
ANSYS, Inc.*		17,001		1,574,462
Electronic Arts, Inc.*		34,027		2,905,906
Guidewire Software, Inc.*		18,667		1,119,647
Red Hat, Inc.*		21,318		1,723,134

66

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MID CAP GROWTH FUND

	Number of Shares			Value†
COMMON STOCKS — (continued)
Software — (continued)
ServiceNow, Inc.*		28,554		$	2,260,049
					10,013,477
Toys, Games & Hobbies — 1.8%
Mattel, Inc.		63,920			1,935,498
Transportation — 2.1%
Expeditors International of Washington, Inc.		42,114			2,169,713
TOTAL COMMON STOCKS (Cost $98,559,899)					102,881,671
PURCHASED OPTIONS — 0.1%
Call Option — 0.0%
MarketAxess Holdings, Inc. $175.00, 11/18/16		30			8,700
Put Options — 0.1%
Russell 2000 Index, $1220, 10/28/16		46			54,418
S&P 500 Index, $2125.00, 10/28/16		15			19,650
SPDR S&P Midcap 400 ETF Trust, $275, 10/28/16		256			49,920
					123,988
TOTAL PURCHASED OPTIONS (Cost $160,226)					132,688
SHORT-TERM INVESTMENTS — 2.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,525,864)		2,525,864			2,525,864
TOTAL INVESTMENTS — 99.6% (Cost $101,085,763)(a)				$	105,540,223
Other Assets & Liabilities — 0.4%					275,029
TOTAL NET ASSETS — 100.0%				$	105,815,252
WRITTEN OPTIONS — (0.4)%
Put Options — (0.4)%
MarketAxess Holdings, Inc. $150.00 11/18/16		(30	)		(4,350	)
Pacira Pharmaceuticals, Inc. $85.00 12/16/16		(73	)		(372,154	)
Russell 2000 Index, $1110.00, 10/28/16		(46	)		(6,808	)
S&P 500 Index, $1975.00, 10/28/16		(15	)		(2,850	)
SPDR S&P Midcap 400 ETF Trust, $255, 10/28/16		(256	)		(7,680	)
TOTAL WRITTEN OPTIONS (Cost $(344,562))					(393,842	)

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $101,516,038. Net unrealized depreciation was $4,024,185. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $15,238,052 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $11,213,867.

LLC — Limited Liability Company.

PLC — Public Limited Company.

67

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016			Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input			Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	102,881,671		$	98,200,002	$	4,681,669		$	—
PURCHASED OPTIONS		132,688			132,688		—			—
SHORT-TERM INVESTMENTS		2,525,864			2,525,864		—			—
TOTAL INVESTMENTS	$	105,540,223		$	100,858,554	$	4,681,669		$	—
LIABILITIES TABLE
Description	Total Market Value at 09/30/2016			Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input			Level 3 Signi- ficant Unobser- vable Input
WRITTEN OPTIONS	$	(393,842	)	$	—	$	(393,842	)	$	—
TOTAL LIABILITIES	$	(393,842	)	$	—	$	(393,842	)	$	—

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $1,037,596 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

68

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MID CAP VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — 92.0%
Aerospace & Defense — 11.6%
AerCap Holdings N.V.*		157,800	$	6,073,722
B/E Aerospace, Inc.		71,900		3,714,354
General Dynamics Corp.		29,350		4,553,946
Orbital ATK, Inc.		22,400		1,707,552
Spirit AerosyStems Holdings, Inc., Class A*		70,300		3,131,162
				19,180,736
Airlines — 1.9%
American Airlines Group, Inc.		84,700		3,100,867
Apparel — 2.3%
Deckers Outdoor Corp.*		62,900		3,745,695
Banks — 6.1%
BB&T Corp.		52,200		1,968,984
Comerica, Inc.		79,600		3,766,672
M&T Bank Corp.		23,100		2,681,910
State Street Corp.		23,600		1,643,268
				10,060,834
Biotechnology — 1.0%
Myriad Genetics, Inc.*		79,900		1,644,342
Chemicals — 2.4%
Ashland Global Holdings, Inc.		33,900		3,930,705
Commercial Services — 2.2%
Avis Budget Group, Inc.*		49,600		1,696,816
Herc Holdings, Inc.*		17,053		574,686
Hertz Global Holdings, Inc.*		34,760		1,395,962
				3,667,464
Computers — 7.0%
Cadence Design Systems, Inc.*		125,700		3,209,121
Teradata Corp.*		136,200		4,222,200
Western Digital Corp.		70,723		4,135,174
				11,566,495
Electric — 5.4%
AES Corp.		270,700		3,478,495
Edison International		46,100		3,330,725
Flex Ltd.*		161,300		2,196,906
				9,006,126
Electronics — 4.9%
Itron, Inc.*		63,400		3,535,184
Johnson Controls International PLC		99,129		4,612,472
				8,147,656
Entertainment — 0.9%
Lions Gate Entertainment Corp.		78,200		1,563,218
Environmental Control — 2.4%
Covanta Holding Corp.		254,500		3,916,755
Food — 2.8%
Whole Foods Market, Inc.		166,500		4,720,275
Gas — 2.2%
CenterPoint Energy, Inc.		160,000		3,716,800

	Number of Shares		Value†
Healthcare Products — 3.8%
Zimmer Biomet Holdings, Inc.		48,300	$	6,279,966
Household Products & Wares — 1.8%
Avery Dennison Corp.		38,500		2,994,915
Lodging — 1.4%
Wyndham Worldwide Corp.		33,500		2,255,555
Media — 2.0%
CBS Corp., Class B		60,100		3,289,874
Miscellaneous Manufacturing — 2.2%
Valmont Industries, Inc.		26,900		3,619,933
Oil & Gas — 4.2%
Cabot Oil & Gas Corp.		137,500		3,547,500
Devon Energy Corp.		78,900		3,480,279
				7,027,779
Pharmaceuticals — 1.5%
Perrigo Co. PLC		26,900		2,483,677
Pipelines — 2.4%
ONEOK, Inc.		78,300		4,023,837
Retail — 5.5%
Best Buy Co., Inc.		98,500		3,760,730
GNC Holdings, Inc., Class A		95,400		1,948,068
Macy’s, Inc.		57,800		2,141,490
Office Depot, Inc.		356,100		1,271,277
				9,121,565
Savings & Loans — 2.1%
BankUnited, Inc.		115,200		3,479,040
Semiconductors — 5.0%
ON Semiconductor Corp.*		314,200		3,870,944
Skyworks Solutions, Inc.		58,900		4,484,646
				8,355,590
Software — 4.2%
Check Point Software Technologies Ltd.*		49,200		3,818,412
Nuance Communications, Inc.*		213,788		3,099,926
				6,918,338
Telecommunications — 2.8%
Amdocs Ltd.		79,500		4,599,075
TOTAL COMMON STOCKS (Cost $130,117,556)				152,417,112
REAL ESTATE INVESTMENT TRUSTS — 4.8%
Building & Real Estate — 4.8%
Colony Starwood Homes		150,220		4,311,314
Starwood Property Trust, Inc.		165,900		3,736,068
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,035,311)				8,047,382

69

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MID CAP VALUE FUND

	Number of Shares		Value†
RIGHTS — 0.0%
Food — 0.0%
Safeway Casa Ley CVR, 01/30/19*~		47,300	$	0
Safeway PDC CVR, 01/30/17*~		47,300		0
TOTAL RIGHTS (Cost $50,313)				0
SHORT-TERM INVESTMENTS — 4.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $7,801,104)		7,801,104		7,801,104
TOTAL INVESTMENTS — 101.5% (Cost $145,004,284)(a)			$	168,265,598
Other Assets & Liabilities — (1.5)%				(2,550,441	)
TOTAL NET ASSETS — 100.0%			$	165,715,157

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $145,004,284. Net unrealized appreciation was $23,261,314. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $31,373,620 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $8,112,306.

~ Fair valued security. The total market value of fair valued securities at September 30, 2016 is $0.

PLC — Public Limited Company.

70

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MID CAP VALUE FUND

Country Weightings as of 09/30/2016††
United States	88	%
Ireland	4
Netherlands	4
Israel	2
Canada	1
Singapore	1
Total	100	%

†† % of total investments as of September 30, 2016

71

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	152,417,112	$	152,417,112	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		8,047,382		8,047,382		—		—
SHORT-TERM INVESTMENTS		7,801,104		7,801,104		—		—
TOTAL INVESTMENTS	$	168,265,598	$	168,265,598	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

72

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MID CORE VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — 91.4%
Apparel — 0.6%
Ralph Lauren Corp.		4,889	$	494,473
Auto Manufacturers — 0.9%
Honda Motor Co. Ltd. ADR		22,496		650,584
Oshkosh Corp.		3,407		190,792
				841,376
Auto Parts & Equipment — 0.5%
Delphi Automotive PLC		6,496		463,295
Banks — 11.9%
Bank of Hawaii Corp.		8,893		645,810
BB&T Corp.		26,844		1,012,556
Comerica, Inc.		11,530		545,600
Commerce Bancshares, Inc.		18,625		917,468
M&T Bank Corp.		7,303		847,878
Northern Trust Corp.		39,846		2,709,129
State Street Corp.		12,543		873,369
SunTrust Banks, Inc.		12,662		554,596
The PNC Financial Services Group, Inc.		11,664		1,050,810
UMB Financial Corp.		10,645		632,845
Westamerica Bancorporation		16,680		848,678
				10,638,739
Commercial Services — 0.4%
IHS Markit Ltd.*		8,611		323,343
Computers — 0.5%
NetApp, Inc.		12,697		454,807
Diversified Financial Services — 2.4%
Ameriprise Financial, Inc.		6,668		665,266
Franklin Resources, Inc.		2,893		102,904
Invesco Ltd.		24,265		758,767
T. Rowe Price Group, Inc.		8,961		595,906
				2,122,843
Electric — 7.2%
Ameren Corp.		13,532		665,504
Consolidated Edison, Inc.		8,493		639,523
Edison International		20,689		1,494,780
Eversource Energy		7,551		409,113
NorthWestern Corp.		10,457		601,591
PG&E Corp.		22,513		1,377,120
Xcel Energy, Inc.		31,418		1,292,537
				6,480,168
Electrical Components & Equipment — 1.7%
Emerson Electric Co.		10,260		559,273
Hubbell, Inc.		8,794		947,465
				1,506,738
Electronics — 6.3%
Johnson Controls International PLC		54,199		2,521,880
Keysight Technologies, Inc.*		31,709		1,004,858
Koninklijke Philips N.V.		41,739		1,236,899
TE Connectivity Ltd.		13,922		896,298
				5,659,935
Environmental Control — 1.8%
Clean Harbors, Inc.*		10,226		490,644

	Number of Shares		Value†
Environmental Control — (continued)
Republic Services, Inc.		22,745	$	1,147,485
				1,638,129
Food — 5.6%
ConAgra Foods, Inc.		28,409		1,338,348
General Mills, Inc.		10,695		683,197
Kellogg Co.		7,039		545,311
Mondelez International, Inc., Class A		22,070		968,873
Sysco Corp.		16,633		815,183
The J.M. Smucker Co.		4,961		672,414
				5,023,326
Gas — 1.5%
Atmos Energy Corp.		8,274		616,165
Spire, Inc.		11,635		741,615
				1,357,780
Healthcare Products — 3.8%
Baxter International, Inc.		15,676		746,177
Becton Dickinson & Co.		1,319		237,064
Boston Scientific Corp.*		9,478		225,576
STERIS PLC		8,097		591,891
Zimmer Biomet Holdings, Inc.		11,936		1,551,919
				3,352,627
Healthcare Services — 2.7%
LifePoint Health, Inc.*		25,568		1,514,393
Quest Diagnostics, Inc.		10,464		885,568
				2,399,961
Home Builders — 1.1%
PulteGroup, Inc.		33,545		672,242
Thor Industries, Inc.		4,066		344,390
				1,016,632
Insurance — 7.1%
Aflac, Inc.		6,139		441,210
Brown & Brown, Inc.		18,478		696,805
Chubb, Ltd		9,968		1,252,479
MetLife, Inc.		14,036		623,620
ProAssurance Corp.		9,466		496,776
Reinsurance Group of America, Inc.		10,930		1,179,784
The Allstate Corp.		6,439		445,450
Torchmark Corp.		5,093		325,392
Unum Group		24,087		850,512
				6,312,028
Iron & Steel — 0.2%
Nucor Corp.		3,629		179,454
Leisure Time — 1.3%
Carnival Corp.		13,877		677,475
Polaris Industries, Inc.		6,361		492,596
				1,170,071
Machinery - Diversified — 1.2%
Cummins, Inc.		4,877		624,988
Rockwell Automation, Inc.		3,792		463,913
				1,088,901
Miscellaneous Manufacturing — 2.8%
Ingersoll-Rand PLC		12,734		865,148

73

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MID CORE VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — (continued)
ITT, Inc.		6,052	$	216,904
Parker-Hannifin Corp.		4,850		608,820
Textron, Inc.		20,571		817,697
				2,508,569
Oil & Gas — 10.0%
Anadarko Petroleum Corp.		18,983		1,202,763
Cimarex Energy Co.		3,423		459,948
Devon Energy Corp.		28,269		1,246,946
EQT Corp.		21,621		1,570,117
Imperial Oil Ltd.		68,793		2,151,961
Noble Energy, Inc.		34,437		1,230,778
Occidental Petroleum Corp.		15,336		1,118,301
				8,980,814
Oil & Gas Services — 3.5%
Baker Hughes, Inc.		18,706		944,092
FMC Technologies, Inc.*		6,736		199,857
Frank’s International NV		37,201		483,613
Halliburton Co.		21,110		947,417
National Oilwell Varco, Inc.		16,211		595,592
				3,170,571
Packaging and Containers — 2.4%
Bemis Co., Inc.		4,964		253,214
Sonoco Products Co.		12,574		664,284
WestRock Co.		26,081		1,264,407
				2,181,905
Pharmaceuticals — 1.6%
Abbott Laboratories		16,005		676,851
Cardinal Health, Inc.		5,560		432,012
Mead Johnson Nutrition Co.		3,953		312,327
				1,421,190
Pipelines — 0.3%
Spectra Energy Partners LP		5,095		222,601
Retail — 2.9%
Advance Auto Parts, Inc.		5,840		870,861
CST Brands, Inc.		20,305		976,467
Target Corp.		10,800		741,744
				2,589,072
Savings & Loans — 1.0%
Capitol Federal Financial, Inc.		63,374		891,672
Semiconductors — 4.6%
Applied Materials, Inc.		44,444		1,339,986
Lam Research Corp.		6,586		623,760
Maxim Integrated Products, Inc.		28,100		1,122,033
Teradyne, Inc.		47,441		1,023,777
				4,109,556
Telecommunications — 0.9%
CenturyLink, Inc.		14,511		398,037
Level 3 Communications, Inc.*		7,937		368,118
				766,155
Toys, Games & Hobbies — 0.2%
Mattel, Inc.		5,883		178,137

	Number of Shares		Value†
Transportation — 2.5%
CSX Corp.		40,114	$	1,223,477
Heartland Express, Inc.		52,558		992,295
				2,215,772
TOTAL COMMON STOCKS (Cost $73,573,811)				81,760,640
REAL ESTATE INVESTMENT TRUSTS — 5.8%
Diversified — 1.8%
Corrections Corporation of America		1,539		21,346
Weyerhaeuser Co.		51,139		1,633,380
				1,654,726
Healthcare — 0.8%
Welltower, Inc.		9,506		710,764
Hotels & Resorts — 1.1%
Host Hotels & Resorts, Inc.		25,698		400,118
MGM Growth Properties LLC		22,431		584,776
				984,894
Office Property — 2.1%
Boston Properties, Inc.		3,258		444,033
Empire State Realty Trust, Inc., Class A		23,032		482,520
Piedmont Office Realty Trust, Inc., Class A		41,916		912,511
				1,839,064
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,783,841)				5,189,448
EXCHANGE TRADED FUNDS — 2.6%
Investment Companies — 2.6%
iShares Russell MidCap Value Index Fund (Cost $2,300,460)		30,207		2,318,991
SHORT-TERM INVESTMENTS — 1.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,011,463)		1,011,463		1,011,463
TOTAL INVESTMENTS — 100.9% (Cost $81,669,575)(a)			$	90,280,542
Other Assets & Liabilities — (0.9)%				(818,433	)
TOTAL NET ASSETS — 100.0%			$	89,462,109

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $82,801,252. Net unrealized appreciation was $7,479,290. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $9,787,574 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,308,284.

ADR — American Depository Receipt.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

74

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MID CORE VALUE FUND

Country Weightings as of 09/30/2016††
United States	88	%
Ireland	3
Canada	2
Netherlands	2
Switzerland	2
United Kingdom	2
Japan	1
Total	100	%

†† % of total investments as of September 30, 2016

75

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	81,760,640	$	81,760,640		—		—
REAL ESTATE INVESTMENT TRUSTS		5,189,448		5,189,448		—		—
EXCHANGE TRADED FUNDS		2,318,991		2,318,991		—		—
SHORT-TERM INVESTMENTS		1,011,463		1,011,463		—		—
TOTAL INVESTMENTS	$	90,280,542	$	90,280,542	$	—	$	—

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $947,976 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

76

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMID CAP GROWTH FUND

	Number of Shares		Value†
COMMON STOCKS — 98.4%
Aerospace & Defense — 2.3%
Harris Corp.		7,040	$	644,935
Orbital ATK, Inc.		7,040		536,659
				1,181,594
Airlines — 1.4%
Spirit Airlines, Inc.*		16,670		708,975
Apparel — 0.7%
Columbia Sportswear Co.		6,543		371,250
Beverages — 1.3%
Constellation Brands, Inc., Class A		4,110		684,274
Biotechnology — 4.7%
Alnylam Pharmaceuticals, Inc.*		4,144		280,880
Bluebird Bio, Inc.*		4,060		275,187
Cambrex Corp.*		16,854		749,329
Ligand Pharmaceuticals, Inc.*		5,543		565,718
Prothena Corp. PLC*		3,695		221,589
The Medicines Co.*		8,520		321,545
				2,414,248
Building Materials — 2.5%
Masonite International Corp.*		10,870		675,788
Vulcan Materials Co.		5,510		626,652
				1,302,440
Commercial Services — 21.0%
Allegion PLC		15,770		1,086,711
Aramark		24,120		917,284
Bright Horizons Family Solutions, Inc.*		13,780		921,744
CoStar Group, Inc.*		4,854		1,051,037
Euronet Worldwide, Inc.*		10,571		865,025
HealthEquity, Inc.*		19,003		719,264
KAR Auction Services, Inc.		25,414		1,096,868
LendingTree, Inc.*		4,533		439,293
SEI Investments Co.		17,020		776,282
Total System Services, Inc.		13,570		639,825
TransUnion*		23,824		821,928
Vantiv, Inc., Class A*		8,627		485,441
WEX, Inc.*		9,720		1,050,635
				10,871,337
Computers — 2.1%
EPAM Systems, Inc.*		12,647		876,563
Secureworks Corp., Class A*		15,937		199,372
				1,075,935
Distribution & Wholesale — 2.9%
HD Supply Holdings, Inc.*		27,440		877,531
Pool Corp.		6,670		630,449
				1,507,980
Diversified Financial Services — 3.6%
Ellie Mae, Inc.*		7,786		819,866
Evercore Partners, Inc., Class A		11,820		608,848
Raymond James Financial, Inc.		7,420		431,918
				1,860,632
Electrical Components & Equipment — 3.0%
Acuity Brands, Inc.		2,161		571,801

	Number of Shares		Value†
Electrical Components & Equipment — (continued)
Littelfuse, Inc.		4,382	$	564,445
Universal Display Corp.*		8,010		444,635
				1,580,881
Electronics — 1.1%
FLIR Systems, Inc.		18,150		570,273
Entertainment — 4.5%
Cinemark Holdings, Inc.		18,654		714,075
Six Flags Entertainment Corp.		14,955		801,738
Vail Resorts, Inc.		5,180		812,638
				2,328,451
Environmental Control — 2.0%
Waste Connections, Inc.		14,240		1,063,728
Food — 1.4%
TreeHouse Foods, Inc.*		8,500		741,115
Healthcare Products — 5.3%
Cantel Medical Corp.		6,760		527,145
DexCom, Inc.*		8,059		706,452
Integra LifeSciences Holdings Corp.*		9,520		785,876
Nevro Corp.*		1,137		118,691
VWR Corp.*		22,116		627,210
				2,765,374
Healthcare Services — 3.3%
Amedisys, Inc.*		12,020		570,229
Healthways, Inc.*		17,490		462,785
Surgical Care Affiliates, Inc.*		13,491		657,821
				1,690,835
Home Builders — 1.2%
Thor Industries, Inc.		7,420		628,474
Internet — 2.8%
MercadoLibre, Inc.		2,200		406,934
Q2 Holdings, Inc.*		15,100		432,766
Yandex NV, Class A*		29,633		623,775
				1,463,475
Machinery - Diversified — 1.0%
Cognex Corp.		9,522		503,333
Miscellaneous Manufacturing — 4.1%
A.O. Smith Corp.		7,660		756,731
Carlisle Cos., Inc.		6,350		651,320
John Bean Technologies Corp.		10,560		745,008
				2,153,059
Oil & Gas — 0.9%
Diamondback Energy, Inc.*		5,000		482,700
Packaging and Containers — 1.5%
Berry Plastics Group, Inc.*		17,900		784,915
Pharmaceuticals — 1.9%
Ophthotech Corp.*		2,790		128,703
VCA, Inc.*		12,120		848,157
				976,860

77

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMID CAP GROWTH FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Real Estate — 1.2%
CBRE Group, Inc., Class A*		21,650	$	605,767
Retail — 3.8%
Burlington Stores, Inc.*		9,797		793,753
Coach, Inc.		14,450		528,292
Dave & Buster’s Entertainment, Inc.*		10,321		404,377
Wingstop, Inc.		8,940		261,942
				1,988,364
Software — 11.2%
Acxiom Corp.*		26,609		709,130
Guidewire Software, Inc.*		12,675		760,247
HubSpot, Inc.*		9,110		524,918
Paycom Software, Inc.*		11,602		581,608
ServiceNow, Inc.*		11,400		902,310
Take-Two Interactive Software, Inc.*		19,730		889,428
Tyler Technologies, Inc.*		5,521		945,361
Veeva Systems, Inc., Class A*		12,191		503,245
				5,816,247
Telecommunications — 3.5%
Finisar Corp.*		18,049		537,860
Zayo Group Holdings, Inc.*		42,206		1,253,940
				1,791,800
Transportation — 2.2%
J.B. Hunt Transport Services, Inc.		4,770		387,038
Kansas City Southern		8,010		747,493
				1,134,531
TOTAL COMMON STOCKS (Cost $44,294,888)				51,048,847
SHORT-TERM INVESTMENTS — 2.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,095,570)		1,095,570		1,095,570
TOTAL INVESTMENTS — 100.5% (Cost $45,390,458)(a)			$	52,144,417
Other Assets & Liabilities — (0.5)%				(275,586	)
TOTAL NET ASSETS — 100.0%			$	51,868,831

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $45,514,527. Net unrealized appreciation was $6,629,890. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $7,777,350 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,147,460.

PLC — Public Limited Company.

78

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMID CAP GROWTH FUND

Country Weightings as of 09/30/2016††
United States	93	%
Ireland	3
Canada	2
Argentina	1
Russia	1
Total	100	%

†† % of total investments as of September 30, 2016

79

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	51,048,847	$	51,048,847	$	—	$	—
SHORT-TERM INVESTMENTS		1,095,570		1,095,570		—		—
TOTAL INVESTMENTS	$	52,144,417	$	52,144,417	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

80

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMID CAP VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — 96.6%
Aerospace & Defense — 2.5%
B/E Aerospace, Inc.		20,850	$	1,077,111
Esterline Technologies Corp.*		10,760		818,190
				1,895,301
Airlines — 1.1%
SkyWest, Inc.		30,720		811,315
Apparel — 0.8%
Crocs, Inc.*		74,720		620,176
Auto Manufacturers — 1.7%
Oshkosh Corp.		22,640		1,267,840
Auto Parts & Equipment — 3.6%
Dana Holding Corp.		59,860		933,217
Lear Corp.		6,840		829,145
Tenneco, Inc.*		15,610		909,595
				2,671,957
Banks — 9.2%
Associated Banc-Corp.		39,650		776,744
Comerica, Inc.		22,955		1,086,231
Fulton Financial Corp.		51,200		743,424
Huntington Bancshares, Inc.		105,930		1,044,470
Synovus Financial Corp.		20,940		681,178
Texas Capital Bancshares, Inc.*		11,370		624,440
Webster Financial Corp.		22,628		860,090
Zions Bancorporation		35,420		1,098,728
				6,915,305
Chemicals — 1.8%
Huntsman Corp.		48,780		793,651
Ingevity Corp.*		11,729		540,707
				1,334,358
Commercial Services — 5.1%
ABM Industries, Inc.		22,470		892,059
Booz Allen Hamilton Holding Corp.		36,220		1,144,914
Quanta Services, Inc.*		39,460		1,104,485
Sotheby’s		19,140		727,703
				3,869,161
Computers — 2.1%
Genpact Ltd.*		28,550		683,772
NCR Corp.*		28,630		921,600
				1,605,372
Diversified Financial Services — 1.0%
Onemain Holdings, Inc.*		23,020		712,469
Electric — 2.4%
PNM Resources, Inc.		30,060		983,563
Portland General Electric Co.		18,600		792,174
				1,775,737
Electrical Components & Equipment — 1.1%
EnerSys		12,180		842,734
Electronics — 3.0%
Keysight Technologies, Inc.*		26,200		830,278
TTM Technologies, Inc.*		45,970		526,357

	Number of Shares		Value†
Electronics — (continued)
Vishay Intertechnology, Inc.		63,160	$	889,924
				2,246,559
Engineering & Construction — 3.2%
AECOM*		30,854		917,289
EMCOR Group, Inc.		15,840		944,381
Tutor Perini Corp.*		25,860		555,214
				2,416,884
Entertainment — 1.3%
Regal Entertainment Group, Class A		45,190		982,883
Food — 1.0%
Ingredion, Inc.		5,549		738,350
Gas — 1.0%
Southwest Gas Corp.		10,610		741,215
Hand & Machine Tools — 0.8%
Regal-Beloit Corp.		9,740		579,433
Healthcare Services — 5.2%
ICON PLC*		14,250		1,102,523
LifePoint Health, Inc.*		16,800		995,064
Molina Healthcare, Inc.*		17,540		1,022,933
WellCare Health Plans, Inc.*		6,570		769,281
				3,889,801
Home Builders — 2.2%
CalAtlantic Group, Inc.		25,210		843,023
PulteGroup, Inc.		40,680		815,227
				1,658,250
Insurance — 8.1%
American Financial Group, Inc.		14,230		1,067,250
Essent Group Ltd.*		34,284		912,297
First American Financial Corp.		25,930		1,018,531
Reinsurance Group of America, Inc.		9,950		1,074,003
Selective Insurance Group, Inc.		14,340		571,592
The Hanover Insurance Group, Inc.		9,660		728,557
Validus Holdings Ltd.		15,070		750,788
				6,123,018
Internet — 2.4%
CDW Corp.		24,170		1,105,294
Shutterfly, Inc.*		16,230		724,507
				1,829,801
Machinery - Diversified — 0.3%
SPX FLOW, Inc.*		8,440		260,965
Media — 0.9%
Scholastic Corp.		17,810		701,002
Miscellaneous Manufacturing — 0.8%
ITT, Inc.		16,810		602,470
Oil & Gas — 7.7%
Gulfport Energy Corp.*		30,910		873,207
Helmerich & Payne, Inc.		19,150		1,288,795
QEP Resources, Inc.		63,620		1,242,498

81

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMID CAP VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
SM Energy Co.		24,120	$	930,550
Southwestern Energy Co.*		36,400		503,776
Synergy Resources Corp.*		137,090		950,034
				5,788,860
Oil & Gas Services — 3.9%
MRC Global, Inc.*		65,090		1,069,429
Oil States International, Inc.*		26,550		838,183
RPC, Inc.*		59,320		996,576
				2,904,188
Packaging and Containers — 1.4%
Graphic Packaging Holding Co.		76,810		1,074,572
Retail — 7.8%
Big Lots, Inc.		12,346		589,522
Bloomin’ Brands, Inc.		54,460		938,890
Brinker International, Inc.		16,875		851,006
Burlington Stores, Inc.*		7,475		605,625
Caleres, Inc.		26,720		675,749
Office Depot, Inc.		146,063		521,445
The Children’s Place, Inc.		9,327		744,947
The Michaels Cos, Inc.*		38,140		921,844
				5,849,028
Semiconductors — 4.1%
Advanced Micro Devices, Inc.*		67,290		464,974
Cypress Semiconductor Corp.		94,140		1,144,742
Integrated Device Technology, Inc.*		21,250		490,875
Qorvo, Inc.*		17,230		960,400
				3,060,991
Software — 1.3%
Verint Systems, Inc.*		26,910		1,012,623
Telecommunications — 5.6%
Amdocs Ltd.		18,015		1,042,168
Anixter International, Inc.*		16,540		1,066,830
Finisar Corp.*		36,960		1,101,408
Infinera Corp.*		43,190		390,006
NETGEAR, Inc.*		9,543		577,256
				4,177,668
Transportation — 2.2%
Atlas Air Worldwide Holdings, Inc.*		8,400		359,688
Ryder System, Inc.		8,890		586,295
Werner Enterprises, Inc.		31,470		732,307
				1,678,290
TOTAL COMMON STOCKS (Cost $62,104,292)				72,638,576
REAL ESTATE INVESTMENT TRUSTS — 4.1%
Apartments — 1.1%
Education Realty Trust, Inc.		18,520		798,953
Office Property — 2.2%
Empire State Realty Trust, Inc., Class A		21,420		448,749
Gramercy Property Trust		124,808		1,203,149
				1,651,898

	Number of Shares		Value†
Strip Centers — 0.8%
Kite Realty Group Trust		23,070	$	639,500
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,975,519)				3,090,351
SHORT-TERM INVESTMENTS — 0.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $665,630)		665,630		665,630
TOTAL INVESTMENTS — 101.6% (Cost $65,745,441)(a)			$	76,394,557
Other Assets & Liabilities — (1.6)%				(1,215,148	)
TOTAL NET ASSETS — 100.0%			$	75,179,409

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $65,884,649. Net unrealized appreciation was $10,509,908. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $12,230,327 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,720,419.

PLC — Public Limited Company.

82

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	72,638,576	$	72,638,576	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		3,090,351		3,090,351		—		—
SHORT-TERM INVESTMENTS		665,630		665,630		—		—
TOTAL INVESTMENTS	$	76,394,557	$	76,394,557	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

83

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP GROWTH FUND

	Number of Shares		Value†
COMMON STOCKS — 97.1%
Aerospace & Defense — 2.4%
HEICO Corp., Class A		34,176	$	2,067,990
Apparel — 3.2%
Carter’s, Inc.		11,729		1,017,022
Gildan Activewear, Inc.		19,475		544,326
Wolverine World Wide, Inc.		52,214		1,202,488
				2,763,836
Auto Parts & Equipment — 0.5%
Gentherm, Inc.*		13,670		429,511
Banks — 2.1%
Bank of the Ozarks, Inc.		23,820		914,688
Kearny Financial Corp.		39,534		538,058
SVB Financial Group*		3,741		413,530
				1,866,276
Beverages — 0.3%
Britvic PLC		33,152		259,107
Biotechnology — 1.4%
Ligand Pharmaceuticals, Inc.*		5,491		560,411
Puma Biotechnology, Inc.*		9,576		642,071
				1,202,482
Building Materials — 1.0%
Trex Co., Inc.*		15,294		898,064
Chemicals — 2.4%
Sensient Technologies Corp.		27,906		2,115,275
Commercial Services — 12.8%
Alarm.com Holdings, Inc.*		15,738		454,199
CEB, Inc.		12,602		686,431
CoStar Group, Inc.*		4,423		957,712
Euronet Worldwide, Inc.*		23,198		1,898,292
Gartner, Inc.*		7,273		643,297
Healthcare Services Group, Inc.		27,592		1,092,091
HealthEquity, Inc.*		21,922		829,748
IHS Markit Ltd.*		17,301		649,653
MAXIMUS, Inc.		15,126		855,527
Nord Anglia Education Inc.*		44,405		967,141
Rollins, Inc.		16,855		493,514
ServiceMaster Global Holdings, Inc.*		37,747		1,271,319
SP Plus Corp.*		15,965		408,225
				11,207,149
Computers — 4.2%
Cadence Design Systems, Inc.*		68,808		1,756,668
Fleetmatics Group PLC*		7,735		463,945
Jack Henry & Associates, Inc.		17,307		1,480,614
				3,701,227
Diversified Financial Services — 3.9%
Artisan Partners Asset Management, Inc., Class A		12,865		349,928
Financial Engines, Inc.		19,698		585,227
LPL Financial Holdings, Inc.		21,220		634,690
MarketAxess Holdings, Inc.		9,271		1,535,185

	Number of Shares		Value†
Diversified Financial Services — (continued)
WisdomTree Investments, Inc.		30,420	$	313,022
				3,418,052
Electrical Components & Equipment — 2.9%
Belden, Inc.		20,405		1,407,741
EnerSys		15,814		1,094,171
				2,501,912
Electronics — 2.6%
CTS Corp.		33,276		618,933
National Instruments Corp.		13,149		373,432
OSI Systems, Inc.*		12,873		841,637
Sensata Technologies Holding NV*		11,632		451,089
				2,285,091
Energy-Alternate Sources — 0.4%
SolarEdge Technologies Inc.*		17,873		307,952
Entertainment — 2.5%
AMC Entertainment Holdings, Inc., Class A		26,499		823,854
Manchester United PLC		32,130		542,354
National CineMedia, Inc.		58,233		857,190
				2,223,398
Environmental Control — 0.8%
Clean Harbors, Inc.*		14,447		693,167
Food — 0.7%
Amplify Snack Brands, Inc.*		40,373		654,043
Hand & Machine Tools — 0.5%
Kennametal, Inc.		15,951		462,898
Healthcare Products — 7.2%
Bio-Techne Corp.		10,398		1,138,581
Endologix, Inc.*		69,807		893,530
Globus Medical, Inc., Class A*		30,574		690,055
Masimo Corp.*		13,485		802,223
Merit Medical Systems, Inc.*		32,426		787,627
Quidel Corp.*		22,969		507,385
STERIS PLC		19,602		1,432,906
				6,252,307
Healthcare Services — 1.6%
Catalent, Inc.*		46,611		1,204,428
Medpace Holdings, Inc.*		7,668		228,967
				1,433,395
Household Products & Wares — 1.1%
Ontex Group NV		30,563		969,567
Insurance — 0.9%
RLI Corp.		12,011		821,072
Internet — 1.0%
ChannelAdvisor Corp.*		27,144		350,972
Zillow Group, Inc.*		16,070		553,611
				904,583
Investment Companies — 0.4%
Pace Holdings Corp.*		33,082		344,053

84

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP GROWTH FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Machinery - Diversified — 1.8%
Nordson Corp.		11,062	$	1,102,107
Wabtec Corp.		6,093		497,494
				1,599,601
Medical Instruments — 0.5%
Novadaq Technologies, Inc.*		40,411		467,555
Metal Fabricate/Hardware — 1.2%
Rexnord Corp.*		47,012		1,006,527
Miscellaneous Manufacturing — 1.0%
Proto Labs, Inc.*		9,243		553,748
Raven Industries, Inc.		14,785		340,499
				894,247
Oil & Gas Services — 0.6%
Dril-Quip, Inc.*		9,605		535,383
Pharmaceuticals — 8.4%
ACADIA Pharmaceuticals, Inc.*		18,083		575,220
Akorn, Inc.*		20,145		549,153
Amicus Therapeutics, Inc.*		27,750		205,350
DBV Technologies SA*		13,870		503,897
Diplomat Pharmacy, Inc.*		19,795		554,458
Dyax Corp Escrow~		36,639		40,669
Eagle Pharmaceuticals, Inc.*		10,976		768,320
GW Pharmaceuticals PLC ADR*		3,615		479,819
Heron Therapeutics, Inc.*		18,033		310,709
Ironwood Pharmaceuticals, Inc.*		41,173		653,827
Knight Therapeutics Inc.*		33,363		241,077
Patheon NV*		7,884		233,603
Phibro Animal Health Corp., Class A		32,971		896,152
Prestige Brands Holdings, Inc.*		19,245		928,956
Teligent, Inc.*		53,370		405,612
				7,346,822
Publishing / Newspapers — 0.9%
Cimpress NV*		7,916		800,941
Real Estate — 0.9%
Jones Lang LaSalle, Inc.		3,866		439,912
The St. Joe Co.*		19,337		355,414
				795,326
Real Estate Investment Trusts — 0.9%
Lamar Advertising Co., Class A		11,525		752,698
Retail — 5.5%
Biglari Holdings, Inc.*		2,905		1,266,638
Casey’s General Stores, Inc.		10,857		1,304,468
Dunkin’ Brands Group, Inc.		11,852		617,252
Five Below, Inc.*		15,734		633,923
Sally Beauty Holdings, Inc.*		21,154		543,235
Williams-Sonoma, Inc.		8,010		409,151
				4,774,667
Semiconductors — 1.4%
ON Semiconductor Corp.*		96,242		1,185,701
Software — 13.6%
ACI Worldwide, Inc.*		31,596		612,331

	Number of Shares		Value†
Software — (continued)
athenahealth, Inc.*		5,378	$	678,273
Blackbaud, Inc.		35,074		2,326,809
Broadridge Financial Solutions, Inc.		33,324		2,259,034
Descartes Systems Group Inc.*		28,945		622,827
Envestnet, Inc.*		24,811		904,361
Guidewire Software, Inc.*		13,484		808,770
Instructure, Inc.*		13,095		332,220
RealPage, Inc.*		30,733		789,838
SPS Commerce, Inc.*		7,713		566,211
SS&C Technologies Holdings, Inc.		61,156		1,966,166
				11,866,840
Telecommunications — 2.1%
NICE Ltd. ADR		26,828		1,795,866
Transportation — 1.5%
Landstar System, Inc.		9,031		614,831
Old Dominion Freight Line, Inc.*		10,169		697,695
				1,312,526
TOTAL COMMON STOCKS (Cost $65,938,791)				84,917,107
SHORT-TERM INVESTMENTS — 3.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,358,558)		3,358,558		3,358,558
TOTAL INVESTMENTS — 101.0% (Cost $69,297,349)(a)			$	88,275,665
Other Assets & Liabilities — (1.0)%				(852,177	)
TOTAL NET ASSETS — 100.0%			$	87,423,488

~ Fair valued security. The total market value of fair valued securities at September 30, 2016 is $40,669.

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $69,399,185. Net unrealized appreciation was $18,876,480. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $22,194,356 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,317,876.

ADR — American Depository Receipt.

PLC — Public Limited Company.

85

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP GROWTH FUND

Country Weightings as of 09/30/2016††
United States	88	%
United Kingdom	4
Canada	2
Israel	2
Belgium	1
Hong Kong	1
Netherlands	1
Other	1
Total	100	%

†† % of total investments as of September 30, 2016

86

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	84,917,107	$	84,876,438	$	40,669	$	—
SHORT-TERM INVESTMENTS		3,358,558		3,358,558		—		—
TOTAL INVESTMENTS	$	88,275,665	$	88,234,996	$	40,669	$	—

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $1,295,687 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

87

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — 86.8%
Aerospace & Defense — 2.3%
Curtiss-Wright Corp.		16,139	$	1,470,424
Esterline Technologies Corp.*		13,273		1,009,279
Kaman Corp.		24,123		1,059,482
KLX, Inc.*		10,885		383,152
Moog, Inc., Class A*		22,348		1,330,600
				5,252,937
Apparel — 0.8%
Columbia Sportswear Co.		13,956		791,863
Deckers Outdoor Corp.*		9,385		558,877
G-III Apparel Group Ltd.*		10,824		315,520
Steven Madden Ltd.*		6,313		218,177
				1,884,437
Auto Parts & Equipment — 0.4%
Standard Motor Products, Inc.		6,394		305,378
Tower International, Inc.		28,144		678,270
				983,648
Banks — 17.7%
Ameris Bancorp		22,219		776,554
BancorpSouth, Inc.		38,876		901,923
Bank of the Ozarks, Inc.		18,049		693,082
Banner Corp.		26,761		1,170,526
BNC Bancorp		32,771		796,991
Boston Private Financial Holdings, Inc.		64,455		826,958
CenterState Banks, Inc.		16,255		288,201
CoBiz Financial, Inc.		37,299		496,450
Columbia Banking System, Inc.		45,477		1,488,007
Community Bank System, Inc.		27,269		1,311,912
ConnectOne Bancorp, Inc.		25,402		458,760
CU Bancorp*		11,934		272,214
CVB Financial Corp.		84,203		1,482,815
First Financial Bankshares, Inc.		36,348		1,324,521
First Merchants Corp.		39,091		1,045,684
First Midwest Bancorp, Inc.		45,786		886,417
Glacier Bancorp, Inc.		47,569		1,356,668
Great Western Bancorp, Inc.		46,249		1,541,017
Heritage Financial Corp.		25,020		449,109
Home BancShares, Inc.		50,475		1,050,385
Independent Bank Corp.		22,232		1,202,529
Independent Bank Group, Inc.		10,953		483,794
Lakeland Financial Corp.		17,253		611,101
LegacyTexas Financial Group, Inc.		54,414		1,721,115
MB Financial, Inc.		49,506		1,883,208
PacWest Bancorp		30,271		1,298,929
Pinnacle Financial Partners, Inc.		29,673		1,604,716
PrivateBancorp, Inc.		47,845		2,197,042
Prosperity Bancshares, Inc.		29,728		1,631,770
Renasant Corp.		35,864		1,206,106
Sandy Spring Bancorp, Inc.		15,014		459,128
South State Corp.		19,431		1,458,102
Southwest Bancorp, Inc.		12,610		239,464
State Bank Financial Corp.		32,708		746,397
Texas Capital Bancshares, Inc.*		21,264		1,167,819
The First of Long Island Corp.		11,277		373,832
TriCo Bancshares		17,601		471,179

	Number of Shares		Value†
Banks — (continued)
Webster Financial Corp.		69,352	$	2,636,069
				40,010,494
Building Materials — 2.3%
Continental Building Products, Inc.*		33,689		707,132
Eagle Materials, Inc.		16,064		1,241,747
Gibraltar Industries, Inc.*		24,943		926,632
Masonite International Corp.*		20,250		1,258,943
Summit Materials, Inc., Class A*		51,539		956,049
				5,090,503
Chemicals — 2.6%
Methanex Corp.		1,538		54,876
Minerals Technologies, Inc.		24,838		1,755,798
Olin Corp.		11,134		228,470
PolyOne Corp.		17,119		578,793
Quaker Chemical Corp.		6,522		690,876
Univar, Inc.*		61,485		1,343,447
WR Grace & Co.		17,779		1,312,090
				5,964,350
Commercial Services — 3.2%
ABM Industries, Inc.		46,660		1,852,402
HMS Holdings Corp.*		24,780		549,373
Live Nation Entertainment, Inc.*		76,041		2,089,607
MAXIMUS, Inc.		15,118		855,074
Monro Muffler Brake, Inc.		6,490		396,993
On Assignment, Inc.*		26,239		952,213
Team Health Holdings, Inc.*		18,140		590,638
				7,286,300
Computers — 2.9%
Convergys Corp.		35,246		1,072,183
DST Systems, Inc.		8,253		973,194
Electronics For Imaging, Inc.*		25,354		1,240,318
Mentor Graphics Corp.		81,078		2,143,702
NetScout Systems, Inc.*		41,681		1,219,169
				6,648,566
Distribution & Wholesale — 1.2%
Beacon Roofing Supply, Inc.*		27,452		1,154,906
Core-Mark Holding Co., Inc.		23,715		848,997
WESCO International, Inc.*		11,548		710,086
				2,713,989
Diversified Financial Services — 1.5%
MarketAxess Holdings, Inc.		5,637		933,431
OM Asset Management PLC		55,275		768,875
Stifel Financial Corp.*		38,400		1,476,480
Virtu Financial, Inc., Class A		21,719		325,134
				3,503,920
Electric — 3.6%
Black Hills Corp.		21,549		1,319,230
Dynegy, Inc.*		34,710		430,057
IDACORP, Inc.		22,606		1,769,598
NorthWestern Corp.		21,569		1,240,865
PNM Resources, Inc.		51,023		1,669,472
Portland General Electric Co.		40,122		1,708,796
				8,138,018

88

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — 0.2%
Littelfuse, Inc.		3,750	$	483,038
Electronics — 1.7%
CTS Corp.		40,646		756,016
Plexus Corp.*		21,666		1,013,535
Watts Water Technologies, Inc., Class A		16,637		1,078,743
Woodward, Inc.		15,485		967,503
				3,815,797
Engineering & Construction — 0.8%
EMCOR Group, Inc.		28,592		1,704,655
Entertainment — 1.2%
Marriott Vacations Worldwide Corp.		13,981		1,025,087
Vail Resorts, Inc.		11,209		1,758,468
				2,783,555
Environmental Control — 0.3%
MSA Safety, Inc.		12,091		701,762
Food — 2.0%
AdvancePierre Foods Holdings, Inc.		45,068		1,242,074
Pinnacle Foods, Inc.		27,038		1,356,497
Post Holdings, Inc.*		2,749		212,140
SUPERVALU, Inc.*		24,399		121,751
TreeHouse Foods, Inc.*		18,220		1,588,602
				4,521,064
Forest Products & Paper — 0.1%
Mercer International, Inc.		15,795		133,784
Gas — 2.4%
New Jersey Resources Corp.		39,981		1,313,776
South Jersey Industries, Inc.		34,140		1,008,837
Southwest Gas Corp.		20,407		1,425,633
WGL Holdings, Inc.		25,675		1,609,822
				5,358,068
Healthcare Products — 1.6%
CONMED Corp.		24,376		976,502
Endologix, Inc.*		39,197		501,722
Integra LifeSciences Holdings Corp.*		11,493		948,747
VWR Corp.*		34,784		986,474
Wright Medical Group NV*		11,252		276,012
				3,689,457
Healthcare Services — 1.5%
Air Methods Corp.*		20,240		637,358
American Renal Associates Holdings, Inc.*		18,379		335,784
Amsurg Corp.*		14,436		967,934
Catalent, Inc.*		31,203		806,286
HealthSouth Corp.		14,085		571,428
				3,318,790
Home Builders — 0.7%
CalAtlantic Group, Inc.		22,666		757,951
Meritage Homes Corp.*		15,011		520,882
William Lyon Homes, Class A*		17,909		332,212
				1,611,045

	Number of Shares		Value†
Household Products & Wares — 1.1%
Spectrum Brands Holdings, Inc.		17,631	$	2,427,612
Insurance — 4.5%
AMERISAFE, Inc.		11,024		647,991
AmTrust Financial Services, Inc.		29,735		797,790
CNO Financial Group, Inc.		87,678		1,338,843
Endurance Specialty Holdings Ltd.		16,968		1,110,556
Enstar Group Ltd.*		5,349		879,750
Kinsale Capital Group Inc.		9,041		198,902
Maiden Holdings Ltd.		75,719		960,874
National General Holdings Corp.		52,446		1,166,399
ProAssurance Corp.		14,776		775,445
Radian Group, Inc.		99,368		1,346,436
RLI Corp.		15,259		1,043,105
				10,266,091
Investment Companies — 0.2%
Golub Capital BDC, Inc.		16,816		312,273
New Mountain Finance Corp.		16,686		229,600
				541,873
Iron & Steel — 0.5%
Allegheny Technologies, Inc.		56,952		1,029,123
Commercial Metals Co.		7,577		122,671
				1,151,794
Lodging — 0.2%
Extended Stay America, Inc.		26,257		372,849
Media — 0.6%
Nexstar Broadcasting Group, Inc., Class A		23,579		1,360,744
Metal Fabricate/Hardware — 1.0%
RBC Bearings, Inc.*		5,936		453,985
Rexnord Corp.*		31,306		670,261
TriMas Corp.*		57,906		1,077,631
				2,201,877
Mining — 1.1%
Hecla Mining Co.		92,097		524,953
Kaiser Aluminum Corp.		12,024		1,039,956
Royal Gold, Inc.		11,158		863,964
				2,428,873
Miscellaneous Manufacturing — 1.9%
Barnes Group, Inc.		27,466		1,113,746
CLARCOR, Inc.		10,781		700,765
ITT, Inc.		30,070		1,077,709
Standex International Corp.		5,377		499,362
Trinseo SA		15,595		882,053
				4,273,635
Oil & Gas — 5.4%
Carrizo Oil & Gas, Inc.*		26,255		1,066,478
Murphy USA, Inc.*		15,827		1,129,415
Parsley Energy, Inc., Class A*		40,715		1,364,359
PBF Energy, Inc. Class A		14,940		338,241
PDC Energy, Inc.*		31,699		2,125,735
Range Resources Corp.		12,542		485,983
Rice Energy, Inc.*		81,379		2,124,806
RSP Permian, Inc.*		49,956		1,937,294

89

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP VALUE FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Synergy Resources Corp.*		104,088	$	721,330
Whiting Petroleum Corp.*		45,646		398,946
WPX Energy, Inc.*		45,431		599,235
				12,291,822
Oil & Gas Services — 0.7%
NOW, Inc.*		39,938		855,871
Thermon Group Holdings, Inc.*		33,885		669,229
				1,525,100
Packaging and Containers — 1.2%
Berry Plastics Group, Inc.*		40,914		1,794,079
Graphic Packaging Holding Co.		65,624		918,080
				2,712,159
Pharmaceuticals — 1.2%
PRA Health Sciences, Inc.*		17,589		993,954
Prestige Brands Holdings, Inc.*		12,909		623,118
VCA, Inc.*		14,991		1,049,070
				2,666,142
Real Estate — 0.8%
Kennedy-Wilson Holdings, Inc.		79,866		1,800,978
Retail — 3.4%
American Eagle Outfitters, Inc.		63,887		1,141,022
Ascena Retail Group, Inc.*		7,789		43,540
Boot Barn Holdings, Inc.*		36,651		417,088
Burlington Stores, Inc.*		29,181		2,364,245
CST Brands, Inc.		7,522		361,733
GMS, Inc.*		7,630		169,615
Jack in the Box, Inc.		16,356		1,569,195
Lithia Motors, Inc., Class A		10,786		1,030,279
Party City Holdco, Inc.*		35,968		615,772
				7,712,489
Savings & Loans — 2.1%
Brookline Bancorp, Inc.		50,916		620,666
Dime Community Bancshares, Inc.		18,726		313,848
EverBank Financial Corp.		36,393		704,568
Flushing Financial Corp.		30,214		716,676
OceanFirst Financial Corp.		15,522		298,954
Oritani Financial Corp.		23,759		373,491
Provident Financial Services, Inc.		43,592		925,458
WSFS Financial Corp.		18,777		685,173
				4,638,834
Semiconductors — 3.2%
Cabot Microelectronics Corp.		12,289		650,211
Cypress Semiconductor Corp.		66,824		812,580
Entegris, Inc.*		94,189		1,640,772
Intersil Corp., Class A		52,527		1,151,917
MKS Instruments, Inc.		23,110		1,149,260
Semtech Corp.*		42,298		1,172,924
Silicon Laboratories, Inc.*		11,901		699,779
				7,277,443
Software — 2.8%
Bottomline Technologies, Inc.*		25,395		591,957
CommVault Systems, Inc.*		21,532		1,143,995
Cornerstone OnDemand, Inc.*		7,125		327,394

	Number of Shares		Value†
Software — (continued)
MicroStrategy, Inc., Class A*		3,915	$	655,528
Radware Ltd.		19,463		267,422
SYNNEX Corp.		10,358		1,181,951
Verint Systems, Inc.*		56,784		2,136,782
				6,305,029
Storage & Warehousing — 0.3%
Mobile Mini, Inc.		25,906		782,361
Telecommunications — 1.3%
Anixter International, Inc.*		15,917		1,026,646
Ixia*		62,551		781,888
Viavi Solutions, Inc.*		161,085		1,190,418
				2,998,952
Transportation — 1.9%
Forward Air Corp.		25,077		1,084,831
Golar LNG Ltd.		57,364		1,216,117
XPO Logistics, Inc.*		54,495		1,998,331
				4,299,279
Water — 0.4%
California Water Service Group		27,591		885,395
TOTAL COMMON STOCKS (Cost $161,258,945)				196,519,508
REAL ESTATE INVESTMENT TRUSTS — 12.5%
Apartments — 0.7%
Post Properties, Inc.		25,979		1,717,991
Building & Real Estate — 2.2%
Blackstone Mortgage Trust, Inc., Class A		58,671		1,727,861
MFA Financial, Inc.		170,020		1,271,749
PennyMac Mortgage Investment Trust		33,191		517,116
Two Harbors Investment Corp.		171,166		1,460,046
				4,976,772
Diversified — 0.6%
PS Business Parks, Inc.		11,327		1,286,407
Hotels & Resorts — 2.6%
Chesapeake Lodging Trust		96,094		2,200,553
Pebblebrook Hotel Trust		98,903		2,630,820
RLJ Lodging Trust		49,467		1,040,291
				5,871,664
Industrial — 0.9%
Terreno Realty Corp.		73,869		2,032,136
Internet — 1.0%
CyrusOne, Inc.		46,915		2,231,747
Office Property — 1.1%
Columbia Property Trust, Inc.		23,441		524,844
Highwoods Properties, Inc.		17,047		888,490
Hudson Pacific Properties, Inc.		35,120		1,154,394
				2,567,728

90

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP VALUE FUND

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Real Estate Investment Trusts — 0.8%
Care Capital Properties, Inc.		67,743	$	1,930,676
Storage & Warehousing — 1.6%
CubeSmart		70,736		1,928,264
Life Storage Inc.		18,580		1,652,505
				3,580,769
Strip Centers — 1.0%
Acadia Realty Trust		61,859		2,241,770
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $25,063,619)				28,437,660
SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,110,336)		3,110,336		3,110,336
TOTAL INVESTMENTS — 100.7% (Cost $189,432,900)(a)			$	228,067,504
Other Assets & Liabilities — (0.7)%				(1,577,331	)
TOTAL NET ASSETS — 100.0%			$	226,490,173

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $190,100,497. Net unrealized appreciation was $37,967,007. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $44,675,971 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $6,708,964.

PLC — Public Limited Company.

91

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	196,519,508	$	196,519,508	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		28,437,660		28,437,660		—		—
SHORT-TERM INVESTMENTS		3,110,336		3,110,336		—		—
TOTAL INVESTMENTS	$	228,067,504	$	228,067,504	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

92

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — 91.5%
Advertising — 0.0%
Marchex, Inc., Class B*		1,545	$	4,280
MDC Partners, Inc., Class A		1,800		19,296
				23,576
Aerospace & Defense — 1.3%
AAR Corp.		1,269		39,745
Aerojet Rocketdyne Holdings, Inc.*		2,440		42,895
Aerovironment, Inc.*		718		17,526
Astronics Corp.*		878		39,554
Cubic Corp.		1,069		50,040
Curtiss-Wright Corp.		1,726		157,256
Ducommun, Inc.*		400		9,136
Esterline Technologies Corp.*		1,140		86,686
Kaman Corp.		1,048		46,028
KLX, Inc.*		2,100		73,920
Kratos Defense & Security Solutions, Inc.*		2,422		16,688
Moog, Inc., Class A*		1,291		76,866
National Presto Industries, Inc.		146		12,817
Teledyne Technologies, Inc.*		1,404		151,534
Triumph Group, Inc.		2,000		55,760
				876,451
Agriculture — 0.3%
Alico, Inc.		151		4,056
Alliance One International, Inc.*		301		5,755
Limoneira Co.		600		11,340
MGP Ingredients, Inc.		400		16,208
Tejon Ranch Co.*		688		16,732
The Andersons, Inc.		1,132		40,956
Universal Corp.		855		49,778
Vector Group Ltd.		3,520		75,777
				220,602
Airlines — 0.4%
Allegiant Travel Co.		501		66,167
Hawaiian Holdings, Inc.*		2,126		103,324
SkyWest, Inc.		1,881		49,677
Virgin America, Inc.*		800		42,808
				261,976
Apparel — 0.7%
Columbia Sportswear Co.		1,122		63,662
Crocs, Inc.*		2,900		24,070
Deckers Outdoor Corp.*		1,300		77,415
Delta Apparel, Inc.*		300		4,938
G-III Apparel Group Ltd.*		1,708		49,788
Iconix Brand Group, Inc.*		1,842		14,957
Oxford Industries, Inc.		608		41,162
Perry Ellis International, Inc.*		414		7,982
Sequential Brands Group, Inc.*		1,740		13,920
Steven Madden Ltd.*		2,549		88,093
Superior Uniform Group, Inc.		500		9,895
Unifi, Inc.*		460		13,538
Vince Holding Corp.*		527		2,972
Weyco Group, Inc.		400		10,748
Wolverine World Wide, Inc.		3,882		89,403
				512,543

	Number of Shares		Value†
Auto Manufacturers — 0.1%
Navistar International Corp.*		1,800	$	41,202
Wabash National Corp.*		2,600		37,024
				78,226
Auto Parts & Equipment — 1.2%
American Axle & Manufacturing Holdings, Inc.*		3,016		51,935
Cooper Tire & Rubber Co.		2,249		85,507
Cooper-Standard Holding, Inc.*		600		59,280
Dana Holding Corp.		5,796		90,360
Dorman Products, Inc.*		992		63,389
Douglas Dynamics, Inc.		900		28,746
Federal-Mogul Holdings Corp.*		916		8,803
Gentherm, Inc.*		1,468		46,124
Horizon Global Corp.*		718		14,310
Meritor, Inc.*		3,645		40,569
Metaldyne Performance Group, Inc.		400		6,340
Miller Industries, Inc.		443		10,096
Modine Manufacturing Co.*		2,077		24,633
Motorcar Parts of America, Inc.*		700		20,146
Spartan Motors, Inc.		1,500		14,370
Standard Motor Products, Inc.		900		42,984
Strattec Security Corp.		100		3,530
Superior Industries International, Inc.		1,119		32,630
Supreme Industries, Inc., Class A		600		11,580
Tenneco, Inc.*		2,200		128,194
Titan International, Inc.		1,913		19,360
Tower International, Inc.		800		19,280
				822,166
Banks — 9.3%
1st Source Corp.		688		24,558
Access National Corp.		400		9,560
ACNB Corp.		300		7,974
Allegiance Bancshares, Inc.*		500		13,500
American National Bankshares, Inc.		400		11,180
Ameris Bancorp		1,247		43,583
Ames National Corp.		499		13,802
Arrow Financial Corp.		389		12,782
Atlantic Capital Bancshares, Inc.*		800		11,984
BancFirst Corp.		260		18,853
Banco Latinoamericano de Comercio Exterior S.A.		1,110		31,280
BancorpSouth, Inc.		3,649		84,657
Bank of Marin Bancorp		290		14,422
Bank of the Ozarks, Inc.		3,603		138,355
Bankwell Financial Group, Inc.		300		7,107
Banner Corp.		1,200		52,488
Bar Harbor Bankshares		200		7,344
BB&T Corp.		0		0
Blue Hills Bancorp, Inc.		1,300		19,526
BNC Bancorp		1,600		38,912
Boston Private Financial Holdings, Inc.		3,558		45,649
Bridge Bancorp, Inc.		707		20,213
Bryn Mawr Bank Corp.		732		23,417
C&F Financial Corp.		200		8,616
Camden National Corp.		626		29,885
Capital Bank Financial Corp., Class A		800		25,688

93

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Capital City Bank Group, Inc.		269	$	3,973
Cardinal Financial Corp.		1,218		31,778
Carolina Financial Corp.		500		11,170
Cascade Bancorp*		1,262		7,648
Cass Information Systems, Inc.		454		25,719
Cathay General Bancorp		3,050		93,879
CenterState Banks, Inc.		1,932		34,254
Central Pacific Financial Corp.		1,300		32,747
Central Valley Community Bancorp		400		6,344
Century Bancorp, Inc., Class A		69		3,127
Chemical Financial Corp.		2,700		119,151
Citizens & Northern Corp.		356		7,821
City Holding Co.		648		32,588
CNB Financial Corp.		474		10,030
CoBiz Financial, Inc.		1,700		22,627
Codorus Valley Bancorp, Inc.		400		8,752
Columbia Banking System, Inc.		2,214		72,442
Community Bank System, Inc.		1,711		82,316
Community Trust Bancorp, Inc.		683		25,346
CommunityOne Bancorp*		700		9,688
ConnectOne Bancorp, Inc.		1,060		19,144
CU Bancorp*		800		18,248
Customers Bancorp, Inc.*		1,180		29,689
CVB Financial Corp.		3,992		70,299
Eagle Bancorp, Inc.*		1,173		57,864
Enterprise Bancorp, Inc.		313		8,764
Enterprise Financial Services Corp.		782		24,437
Equity Bancshares, Inc., Class A*		300		7,782
Farmers Capital Bank Corp.		300		8,892
Farmers National Banc Corp.		1,100		11,858
Fidelity Southern Corp.		607		11,163
Financial Institutions, Inc.		440		11,928
First Bancorp		824		16,307
First BanCorp Puerto Rico*		4,700		24,440
First Bancorp, Inc.		234		5,609
First Busey Corp.		1,334		30,148
First Business Financial Services, Inc.		400		9,400
First Citizens BancShares, Inc., Class A		304		89,343
First Commonwealth Financial Corp.		3,121		31,491
First Community Bancshares, Inc.		626		15,525
First Connecticut Bancorp, Inc.		659		11,724
First Financial Bancorp		2,605		56,893
First Financial Bankshares, Inc.		2,452		89,351
First Financial Corp.		480		19,526
First Foundation, Inc.*		600		14,802
First Interstate BancSystem, Inc., Class A		800		25,208
First Merchants Corp.		1,538		41,141
First Mid-Illinois Bancshares, Inc.		300		8,178
First Midwest Bancorp, Inc.		3,214		62,223
First NBC Bank Holding Co.*		600		5,664
First Northwest Bancorp*		500		6,745
FNB Corp.		8,543		105,079
Franklin Financial Network, Inc.*		300		11,220
Fulton Financial Corp.		6,900		100,188
German American Bancorp, Inc.		692		26,940
Glacier Bancorp, Inc.		2,921		83,307

	Number of Shares		Value†
Banks — (continued)
Great Southern Bancorp, Inc.		471	$	19,170
Great Western Bancorp, Inc.		2,400		79,968
Green Bancorp, Inc.*		700		7,651
Guaranty Bancorp		500		8,925
Hancock Holding Co.		3,072		99,625
Hanmi Financial Corp.		1,213		31,950
HarborOne Bancorp, Inc.*		600		9,456
Heartland Financial USA, Inc.		917		33,076
Heritage Commerce Corp.		600		6,564
Heritage Financial Corp.		1,130		20,284
Heritage Oaks Bancorp		1,300		10,660
Home BancShares, Inc.		4,928		102,552
Hope Bancorp, Inc.		5,067		88,014
Horizon Bancorp		400		11,752
IBERIABANK Corp.		1,646		110,480
Independent Bank Corp.		1,000		16,830
Independent Bank Corp.		971		52,521
Independent Bank Group, Inc.		400		17,668
International Bancshares Corp.		2,225		66,260
Kearny Financial Corp.		3,876		52,752
Lakeland Bancorp, Inc.		1,711		24,022
Lakeland Financial Corp.		891		31,559
LCNB Corp.		400		7,288
LegacyTexas Financial Group, Inc.		1,866		59,022
Live Oak Bancshares, Inc.		900		12,978
Macatawa Bank Corp.		1,300		10,387
MainSource Financial Group, Inc.		921		22,979
MB Financial, Inc.		2,884		109,707
MBT Financial Corp.		900		8,145
Mercantile Bank Corp.		800		21,480
Merchants Bancshares, Inc.		86		2,786
MidWestOne Financial Group, Inc.		400		12,148
National Bankshares, Inc.		319		11,733
National Commerce Corp.*		400		10,824
NBT Bancorp, Inc.		1,769		58,147
Nicolet Bankshares, Inc.*		300		11,505
Northrim BanCorp, Inc.		300		7,725
OFG Bancorp		1,810		18,299
Old Line Bancshares, Inc.		400		7,892
Old National Bancorp		5,361		75,376
Old Second Bancorp, Inc.		1,600		13,296
Opus Bank		700		24,759
Orrstown Financial Services, Inc.		400		7,900
Pacific Continental Corp.		862		14,499
Park National Corp.		524		50,304
Park Sterling Corp.		1,600		12,992
Peapack Gladstone Financial Corp.		636		14,253
Penns Woods Bancorp, Inc.		268		11,915
People’s Utah Bancorp		600		12,210
Peoples Bancorp, Inc.		572		14,065
Peoples Financial Services Corp.		300		12,228
Pinnacle Financial Partners, Inc.		1,807		97,723
Preferred Bank		500		17,875
Premier Financial Bancorp, Inc.		400		6,856
PrivateBancorp, Inc.		3,098		142,260
Prosperity Bancshares, Inc.		2,726		149,630

94

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
QCR Holdings, Inc.		400	$	12,696
Renasant Corp.		1,635		54,985
Republic Bancorp, Inc., Class A		387		12,028
Republic First Bancorp, Inc.*		1,700		6,987
S&T Bancorp, Inc.		1,259		36,498
Sandy Spring Bancorp, Inc.		1,085		33,179
Seacoast Banking Corp of Florida*		1,040		16,734
ServisFirst Bancshares, Inc.		900		46,719
Shore Bancshares, Inc.		600		7,068
Sierra Bancorp		712		13,357
Simmons First National Corp., Class A		1,100		54,890
South State Corp.		958		71,888
Southern First Bancshares, Inc.*		300		8,274
Southern National Bancorp of Virginia, Inc.		600		7,830
Southside Bancshares, Inc.		946		30,444
Southwest Bancorp, Inc.		636		12,078
State Bank Financial Corp.		1,600		36,512
Stock Yards Bancorp, Inc.		967		31,872
Stonegate Bank		500		16,875
Suffolk Bancorp		443		15,403
Summit Financial Group, Inc.		400		7,664
Sun Bancorp, Inc.		220		5,073
Texas Capital Bancshares, Inc.*		1,873		102,865
The Bancorp, Inc.*		1,412		9,065
The First of Long Island Corp.		593		19,658
Tompkins Financial Corp.		558		42,637
Towne Bank		2,232		53,635
TriCo Bancshares		904		24,200
TriState Capital Holdings, Inc.*		1,000		16,150
Triumph Bancorp., Inc.*		500		9,920
TrustCo Bank Corp.		3,252		23,057
Trustmark Corp.		2,630		72,483
UMB Financial Corp.		1,781		105,880
Umpqua Holdings Corp.		8,501		127,940
Union Bankshares Corp.		1,828		48,936
United Bankshares, Inc.		2,692		101,408
United Community Banks, Inc.		2,878		60,496
Univest Corp. of Pennsylvania		787		18,384
Valley National Bancorp		9,435		91,803
Veritex Holdings, Inc.*		300		5,217
Walker & Dunlop, Inc.*		900		22,734
Washington Trust Bancorp, Inc.		670		26,947
WashingtonFirst Bankshares Inc.		400		9,844
Webster Financial Corp.		3,528		134,099
WesBanco, Inc.		1,724		56,679
West Bancorporation, Inc.		778		15,249
Westamerica Bancorporation		1,073		54,594
Wintrust Financial Corp.		2,042		113,474
Xenith Bankshares, Inc.*		3,000		6,930
Yadkin Financial Corp.		2,050		53,894
				6,467,412
Beverages — 0.2%
Coca-Cola Bottling Co. Consolidated		174		25,780
Craft Brew Alliance, Inc.*		700		13,181
Farmer Bros Co.*		204		7,252
National Beverage Corp.*		442		19,470

	Number of Shares		Value†
Beverages — (continued)
Primo Water Corp.*		1,000	$	12,130
The Boston Beer Co., Inc., Class A*		359		55,738
				133,551
Biotechnology — 3.7%
Acceleron Pharma, Inc.*		1,100		39,809
Achillion Pharmaceuticals, Inc.*		4,300		34,830
Acorda Therapeutics, Inc.*		1,731		36,143
Aduro Biotech, Inc.*		1,500		18,645
Advaxis, Inc.*		1,000		10,690
Adverum Biotechnologies, Inc.*		700		2,877
Agenus, Inc.*		3,200		22,976
Alder Biopharmaceuticals, Inc.*		1,900		62,263
AMAG Pharmaceuticals, Inc.*		1,256		30,785
Anavex Life Sciences Corp.*		300		1,089
ANI Pharmaceuticals, Inc.*		300		19,905
Applied Genetic Technologies Corp.*		600		5,868
Aptevo Therapeutics, Inc.*		629		1,610
Ardelyx, Inc.*		1,400		18,116
Arena Pharmaceuticals, Inc.*		8,506		14,885
ARIAD Pharmaceuticals, Inc.*		7,100		97,199
Arrowhead Pharmaceuticals, Inc.*		2,100		15,435
Atara Biotherapeutics, Inc.*		700		14,973
Athersys, Inc.*		3,600		7,668
Bellicum Pharmaceuticals, Inc.*		900		17,910
BioCryst Pharmaceuticals, Inc.*		2,900		12,789
BioTime, Inc.*		3,100		12,090
Bluebird Bio, Inc.*		1,500		101,670
Blueprint Medicines Corp.*		900		26,730
Cambrex Corp.*		1,167		51,885
Celldex Therapeutics, Inc.*		3,644		14,722
Cellular Biomedicine Group, Inc.*		300		4,350
ChromaDex Corp.*		1,400		4,172
Coherus Biosciences, Inc.*		1,300		34,814
Curis, Inc.*		3,600		9,396
Cytokinetics, Inc.*		1,000		9,180
CytomX Therapeutics, Inc.*		900		14,112
CytRx Corp.*		2,600		1,530
Dermira, Inc.*		900		30,438
Dynavax Technologies Corp.*		1,320		13,847
Edge Therapeutics, Inc.*		800		8,328
Editas Medicine, Inc.*		400		5,392
Emergent BioSolutions, Inc.*		1,258		39,665
Enzo Biochem, Inc.*		1,800		9,162
Epizyme, Inc.*		1,900		18,696
Exact Sciences Corp.*		4,200		77,994
Exelixis, Inc.*		9,269		118,550
Five Prime Therapeutics, Inc.*		1,000		52,490
Foundation Medicine, Inc.*		518		12,095
Galena Biopharma, Inc.*		8,000		2,802
Geron Corp.*		6,550		14,803
Halozyme Therapeutics, Inc.*		3,989		48,187
Idera Pharmaceuticals, Inc.*		2,300		5,888
ImmunoGen, Inc.*		3,263		8,745
Immunomedics, Inc.*		2,936		9,542
Innoviva, Inc.		3,600		39,564
Inovio Pharmaceuticals, Inc.*		2,500		23,300

95

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Insmed, Inc.*		2,300	$	33,396
Intellia Therapeutics, Inc.*		300		5,106
Karyopharm Therapeutics, Inc.*		800		7,784
Kite Pharma, Inc.*		1,600		89,376
Lexicon Pharmaceuticals, Inc.*		1,760		31,803
Ligand Pharmaceuticals, Inc.*		744		75,933
Lion Biotechnologies, Inc.*		1,500		12,345
Loxo Oncology, Inc.*		600		15,708
MacroGenics, Inc.*		1,300		38,883
Merrimack Pharmaceuticals, Inc.*		4,500		28,575
Momenta Pharmaceuticals, Inc.*		2,182		25,508
Myriad Genetics, Inc.*		2,700		55,566
NeoGenomics, Inc.*		1,700		13,974
NewLink Genetics Corp.*		700		10,514
Novavax, Inc.*		10,129		21,068
Omeros Corp.*		1,400		15,624
OncoMed Pharmaceuticals, Inc.*		600		6,858
Organovo Holdings, Inc.*		2,700		10,233
Pacific Biosciences of California, Inc.*		3,200		28,672
Paratek Pharmaceuticals, Inc.*		400		5,204
PDL BioPharma, Inc.		6,217		20,827
Pfenex, Inc.*		500		4,475
PharmAthene, Inc.*		3,100		8,990
Prothena Corp. PLC*		1,400		83,958
PTC Therapeutics, Inc.*		1,200		16,812
Puma Biotechnology, Inc.*		1,000		67,050
REGENXBIO, Inc.*		800		11,208
Repligen Corp.*		1,300		39,247
Retrophin, Inc.*		1,500		33,570
Rigel Pharmaceuticals, Inc.*		2,690		9,872
RTI Surgical, Inc.*		2,035		6,370
Sage Therapeutics, Inc.*		1,100		50,655
Sangamo BioSciences, Inc.*		2,403		11,126
Spark Therapeutics, Inc.*		700		42,042
Spectrum Pharmaceuticals, Inc.*		2,414		11,273
Stemline Therapeutics, Inc.*		400		4,332
Synthetic Biologics, Inc.*		3,800		6,536
The Medicines Co.*		2,592		97,822
Theravance Biopharma, Inc.*		1,500		54,360
Tobira Therapeutics, Inc.*		400		15,896
Tokai Pharmaceuticals, Inc.*		600		918
Trovagene, Inc.*		800		3,592
Ultragenyx Pharmaceutical, Inc.*		1,500		106,410
Versartis, Inc.*		700		8,575
WaVe Life Sciences Ltd.*		400		12,988
Xbiotech, Inc.*		800		10,768
ZIOPHARM Oncology, Inc.*		4,627		26,050
				2,608,456
Building Materials — 1.6%
AAON, Inc.		1,585		45,680
Apogee Enterprises, Inc.		1,243		55,550
Armstrong Flooring, Inc.*		1,000		18,880
Boise Cascade Co.*		1,400		35,560
Builders FirstSource, Inc.*		3,473		39,974
Caesarstone Ltd.*		1,000		37,710
Comfort Systems USA, Inc.		1,527		44,756

	Number of Shares		Value†
Building Materials — (continued)
Continental Building Products, Inc.*		1,500	$	31,485
Drew Industries, Inc.		991		97,138
Gibraltar Industries, Inc.*		1,201		44,617
Griffon Corp.		1,256		21,364
Headwaters, Inc.*		2,880		48,730
Louisiana-Pacific Corp.*		5,794		109,101
LSI Industries, Inc.		1,314		14,756
Masonite International Corp.*		1,200		74,604
NCI Building Systems, Inc.*		1,264		18,442
Patrick Industries, Inc.*		650		40,248
PGT, Inc.*		1,700		18,139
Ply Gem Holdings, Inc.*		600		8,016
Quanex Building Products Corp.		1,425		24,595
Simpson Manufacturing Co., Inc.		1,685		74,056
Summit Materials, Inc., Class A*		3,013		55,891
Trex Co., Inc.*		1,262		74,105
Universal Forest Products, Inc.		783		77,118
US Concrete, Inc.*		600		27,639
				1,138,154
Chemicals — 2.3%
A. Schulman, Inc.		1,188		34,595
Aceto Corp.		1,042		19,788
American Vanguard Corp.		1,078		17,313
Balchem Corp.		1,205		93,424
Chemtura Corp.*		2,514		82,484
Codexis, Inc.*		1,600		7,104
CSW Industrials, Inc.*		600		19,434
Ferro Corp.*		3,438		47,479
GCP Applied Technologies, Inc.*		2,900		82,128
H.B. Fuller Co.		1,980		92,011
Hawkins, Inc.		449		19,455
Ingevity Corp.*		1,700		78,370
Innophos Holdings, Inc.		796		31,068
Innospec, Inc.		900		54,729
KMG Chemicals, Inc.		500		14,165
Kraton Performance Polymers, Inc.*		1,241		43,485
Kronos Worldwide, Inc.		900		7,461
Landec Corp.*		1,218		16,333
Minerals Technologies, Inc.		1,328		93,876
Oil-Dri Corp. of America		97		3,651
Olin Corp.		6,592		135,268
OMNOVA Solutions, Inc.*		2,368		19,986
PolyOne Corp.		3,355		113,432
Quaker Chemical Corp.		511		54,130
Rayonier Advanced Materials, Inc.		1,400		18,718
Sensient Technologies Corp.		1,774		134,469
Stepan Co.		808		58,709
The Chemours Co.		7,500		120,000
Tronox Ltd., Class A		2,400		22,488
Univar, Inc.*		1,700		37,145
				1,572,698
Coal — 0.0%
SunCoke Energy, Inc.		2,341		18,775
Westmoreland Coal Co.*		600		5,316
				24,091

96

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Commercial Services — 5.0%
Aaron’s, Inc.		2,700	$	68,634
ABM Industries, Inc.		2,139		84,918
Acacia Research Corp.		1,880		12,258
Alarm.com Holdings, Inc.*		400		11,544
Albany Molecular Research, Inc.*		900		14,859
American Public Education, Inc.*		755		14,957
AMN Healthcare Services, Inc.*		1,909		60,840
Apollo Education Group, Inc., Class A*		3,300		26,235
ARC Document Solutions, Inc.*		1,436		5,371
Ascent Capital Group, Inc., Class A*		531		12,303
Barrett Business Services, Inc.		342		16,967
Bridgepoint Education, Inc.*		480		3,298
Bright Horizons Family Solutions, Inc.*		1,800		120,402
Capella Education Co.		407		23,622
Cardtronics PLC*		1,763		78,630
Care.com, Inc.*		1,100		10,956
Career Education Corp.*		2,300		15,617
Carriage Services, Inc.		600		14,190
CBIZ, Inc.*		2,140		23,947
CEB, Inc.		1,269		69,122
Collectors Universe, Inc.		400		7,412
CorVel Corp.*		362		13,901
Cotiviti Holdings, Inc.*		600		20,118
CPI Card Group, Inc.		800		4,832
CRA International, Inc.*		274		7,286
Cross Country Healthcare, Inc.*		1,084		12,770
Deluxe Corp.		1,907		127,426
DeVry Education Group, Inc.		2,300		53,038
Ennis, Inc.		858		14,457
EVERTEC, Inc.		2,600		43,628
ExlService Holdings, Inc.*		1,400		69,776
Forrester Research, Inc.		375		14,587
Franklin Covey Co.*		597		10,633
FTI Consulting, Inc.*		1,556		69,335
Grand Canyon Education, Inc.*		1,756		70,925
Great Lakes Dredge & Dock Corp.*		2,751		9,628
Green Dot Corp., Class A*		1,900		43,814
Healthcare Services Group, Inc.		2,880		113,990
HealthEquity, Inc.*		1,800		68,130
Heidrick & Struggles International, Inc.		669		12,410
HMS Holdings Corp.*		3,415		75,711
Huron Consulting Group, Inc.*		828		49,481
ICF International, Inc.*		748		33,151
INC Research Holdings, Inc., Class A*		1,700		75,786
Information Services Group, Inc.*		1,600		6,384
Insperity, Inc.		624		45,327
James River Group Holdings Ltd.		600		21,720
K12, Inc.*		1,152		16,531
Kelly Services, Inc., Class A		1,014		19,489
Kforce, Inc.		1,086		22,252
Korn/Ferry International		2,390		50,190
Landauer, Inc.		480		21,350
LendingTree, Inc.*		300		29,073
Liberty Tax, Inc.		200		2,556
LifeLock, Inc.*		3,400		57,528
Matthews International Corp., Class A		1,305		79,292

	Number of Shares		Value†
Commercial Services — (continued)
MAXIMUS, Inc.		2,588	$	146,377
McGrath RentCorp		953		30,220
Medifast, Inc.		331		12,508
MoneyGram International, Inc.*		878		6,234
Monro Muffler Brake, Inc.		1,237		75,667
Monster Worldwide, Inc.*		3,900		14,079
Multi-Color Corp.		467		30,822
National Research Corp., Class A		687		11,191
Navigant Consulting, Inc.*		1,984		40,116
On Assignment, Inc.*		1,952		70,838
PAREXEL International Corp.*		2,099		145,776
Patriot National, Inc.*		500		4,505
Paylocity Holding Corp.*		900		40,014
PFSWeb, Inc.*		400		3,572
Quad/Graphics, Inc.		1,000		26,720
Rent-A-Center, Inc.		1,953		24,686
Resources Connection, Inc.		1,322		19,751
RPX Corp.*		2,100		22,449
ServiceSource International, Inc.*		2,400		11,712
Sotheby’s		2,041		77,599
SP Plus Corp.*		793		20,277
Strayer Education, Inc.*		400		18,672
Team Health Holdings, Inc.*		2,772		90,256
Team, Inc.*		1,183		38,696
TeleTech Holdings, Inc.		707		20,496
The Advisory Board Co.*		1,550		69,347
The Brink’s Co.		1,910		70,823
The Hackett Group, Inc.		1,116		18,436
The Providence Service Corp.*		600		29,178
Travelport Worldwide Ltd.		4,700		70,641
TriNet Group, Inc.*		1,700		36,771
TrueBlue, Inc.*		1,576		35,712
Vectrus, Inc.*		300		4,569
Viad Corp.		771		28,427
Weight Watchers International, Inc.*		1,200		12,384
				3,462,108
Computers — 2.8%
3D Systems Corp.*		4,400		78,980
A10 Networks, Inc.*		2,000		21,380
Agilysys, Inc.*		376		4,181
Barracuda Networks, Inc.*		1,000		25,480
CACI International, Inc., Class A*		950		95,855
Carbonite, Inc.*		800		12,288
Convergys Corp.		3,583		108,995
Cray, Inc.*		1,599		37,640
Datalink Corp.*		900		9,549
Diebold, Inc.		2,700		66,933
Digimarc Corp.*		300		11,505
Electronics For Imaging, Inc.*		1,824		89,230
Engility Holdings, Inc.*		700		22,050
EPAM Systems, Inc.*		1,900		131,689
Fleetmatics Group PLC*		1,500		89,970
Globant SA*		1,100		46,332
Immersion Corp.*		842		6,871
Insight Enterprises, Inc.*		1,543		50,225
LivePerson, Inc.*		1,925		16,189

97

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Computers — (continued)
Lumentum Holdings, Inc.*		2,100	$	87,717
Maxwell Technologies, Inc.*		1,500		7,740
Mentor Graphics Corp.		4,376		115,701
Mercury Systems, Inc.*		1,436		35,283
Mitek Systems, Inc.*		1,400		11,606
MTS Systems Corp.		560		25,777
NetScout Systems, Inc.*		3,565		104,276
Nimble Storage, Inc.*		2,700		23,841
Pure Storage, Inc., Class A*		2,600		35,230
Qualys, Inc.*		1,100		42,009
Radisys Corp.*		1,700		9,086
Science Applications International Corp.		1,700		117,929
Silicon Graphics International Corp.*		1,366		10,518
Silver Spring Networks, Inc.*		1,500		21,270
Stratasys Ltd.*		2,100		50,589
Super Micro Computer, Inc.*		1,471		34,377
Sykes Enterprises, Inc.*		1,536		43,208
Synaptics, Inc.*		1,416		82,949
Syntel, Inc.		1,360		56,998
The KEYW Holding Corp.*		1,300		14,352
Unisys Corp.*		1,724		16,792
USA Technologies, Inc.*		1,800		10,089
Varonis Systems, Inc.*		300		9,030
Virtusa Corp.*		1,089		26,877
Vocera Communications, Inc.*		800		13,520
				1,932,106
Cosmetics & Personal Care — 0.2%
Avon Products, Inc.		17,900		101,314
Inter Parfums, Inc.		624		20,136
Revlon, Inc., Class A*		570		20,965
				142,415
Distribution & Wholesale — 0.6%
Beacon Roofing Supply, Inc.*		2,381		100,169
Core-Mark Holding Co., Inc.		1,764		63,151
Essendant, Inc.		1,519		31,170
Fossil Group, Inc.*		1,700		47,209
H&E Equipment Services, Inc.		1,159		19,425
Owens & Minor, Inc.		2,476		85,991
ScanSource, Inc.*		981		35,806
SiteOne Landscape Supply, Inc.*		500		17,965
Titan Machinery, Inc.*		523		5,439
Triton International Ltd.		1,293		17,055
Veritiv Corp.*		300		15,051
				438,431
Diversified Financial Services — 2.4%
Aircastle Ltd.		1,976		39,243
Altisource Portfolio Solutions SA*		500		16,200
Associated Capital Group, Inc., Class A		262		9,290
BGC Partners, Inc., Class A		8,807		77,061
Blackhawk Network Holdings, Inc.*		2,200		66,374
Calamos Asset Management, Inc., Class A		469		3,199
Cohen & Steers, Inc.		817		34,927
Cowen Group, Inc., Class A*		3,790		13,758
Diamond Hill Investment Group, Inc.		107		19,773
Ellie Mae, Inc.*		1,300		136,890

	Number of Shares		Value†
Diversified Financial Services — (continued)
Encore Capital Group, Inc.*		997	$	22,413
Enova International, Inc.*		1,029		9,961
Evercore Partners, Inc., Class A		1,622		83,549
Federal Agricultural Mortgage Corp., Class C		300		11,850
Financial Engines, Inc.		2,100		62,391
FNFV Group*		2,800		34,944
GAIN Capital Holdings, Inc.		800		4,944
GAMCO Investors, Inc., Class A		262		7,459
Greenhill & Co., Inc.		1,100		25,927
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,400		32,718
Houlihan Lokey Inc.		600		15,030
Impac Mortgage Holdings, Inc.*		500		6,595
INTL. FCStone, Inc.*		593		23,038
Investment Technology Group, Inc.		1,300		22,282
Janus Capital Group, Inc.		5,600		78,456
KCG Holdings, Inc., Class A*		2,181		33,871
Ladder Capital Corp.Class A		1,536		20,337
Ladenburg Thalmann Financial Services, Inc.*		4,000		9,240
LendingClub Corp.*		13,400		82,812
Manning & Napier, Inc.		700		4,963
Marlin Business Services Corp.		200		3,876
Moelis & Co., Class A		600		16,134
Nationstar Mortgage Holdings, Inc.*		1,300		19,253
Nelnet, Inc., Class A		799		32,256
NewStar Financial, Inc.*		1,300		12,623
Ocwen Financial Corp.*		3,800		13,946
OM Asset Management PLC		1,700		23,647
On Deck Capital, Inc.*		2,200		12,540
Oppenheimer Holdings, Inc., Class A		238		3,401
PennyMac Financial Service, Class A, Class A*		500		8,505
PHH Corp.*		1,989		28,741
Piper Jaffray Cos.*		487		23,522
PJT Partners, Inc.		800		21,816
PRA Group, Inc.*		1,848		63,830
Pzena Investment Management, Inc., Class A		130		1,001
Regional Management Corp.*		600		12,990
Stifel Financial Corp.*		2,506		96,356
Teton Advisors, Inc., Class B~		2		0
Virtu Financial, Inc., Class A		1,100		16,467
Virtus Investment Partners, Inc.		240		23,486
Waddell & Reed Financial, Inc., Class A		3,200		58,112
WageWorks, Inc.*		1,500		91,365
Walter Investment Management Corp.*		1,353		5,493
Westwood Holdings Group, Inc.		311		16,517
WisdomTree Investments, Inc.		4,400		45,276
World Acceptance Corp.*		262		12,848
				1,673,496
Electric — 2.1%
Abengoa Yield PLC		2,100		39,921
ALLETE, Inc.		2,051		122,281
Ameresco, Inc., Class A*		1,100		5,786
Atlantic Power Corp.		4,127		10,194

98

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electric — (continued)
Avista Corp.		2,439	$	101,926
Black Hills Corp.		2,048		125,379
Dynegy, Inc.*		5,000		61,950
El Paso Electric Co.		1,577		73,756
EnerNOC, Inc.*		1,300		7,033
Genie Energy Ltd., Class B		800		4,720
IDACORP, Inc.		2,001		156,638
MGE Energy, Inc.		1,342		75,836
NorthWestern Corp.		1,980		113,909
NRG Yield, Inc., Class A		1,500		24,480
NRG Yield, Inc., Class C		2,500		42,400
Ormat Technologies, Inc.		1,500		72,615
Otter Tail Corp.		1,592		55,067
PNM Resources, Inc.		3,110		101,759
Portland General Electric Co.		3,656		155,709
Spark Energy, Inc., Class A		200		5,826
Talen Energy Corp.*		3,500		48,475
The Empire District Electric Co.		1,719		58,687
Unitil Corp.		663		25,897
				1,490,244
Electrical Components & Equipment — 1.1%
Advanced Energy Industries, Inc.*		1,593		75,381
Belden, Inc.		1,655		114,178
Encore Wire Corp.		771		28,350
Energous Corp.*		700		13,727
EnerSys		1,723		119,214
Generac Holdings, Inc.*		2,649		96,159
General Cable Corp.		1,900		28,462
Graham Corp.		466		8,901
Insteel Industries, Inc.		691		25,042
Littelfuse, Inc.		878		113,095
Novanta, Inc.*		1,500		26,025
Powell Industries, Inc.		429		17,181
Universal Display Corp.*		1,649		91,536
Vicor Corp.*		422		4,895
				762,146
Electronics — 2.3%
Allied Motion Technologies, Inc.		400		7,564
Applied Optoelectronics, Inc.*		700		15,547
AVX Corp.		1,600		22,064
Badger Meter, Inc.		1,118		37,464
Bel Fuse, Inc., Class B		269		6,494
Benchmark Electronics, Inc.*		2,077		51,821
Brady Corp., Class A		1,857		64,271
Coherent, Inc.*		973		107,555
Control4 Corp.*		400		4,912
CTS Corp.		1,263		23,492
Electro Scientific Industries, Inc.*		1,300		7,332
ESCO Technologies, Inc.		1,034		47,998
FARO Technologies, Inc.*		620		22,289
Fluidigm Corp.*		1,100		8,811
GoPro, Inc., Class A*		4,200		70,056
II-VI, Inc.*		2,456		59,755
IMAX Corp.*		2,500		72,425
Itron, Inc.*		1,300		72,488
Kimball Electronics, Inc.*		933		12,931

	Number of Shares		Value†
Electronics — (continued)
Mesa Laboratories, Inc.		100	$	11,436
Methode Electronics, Inc.		1,460		51,056
NVE Corp.		209		12,319
OSI Systems, Inc.*		757		49,493
Park Electrochemical Corp.		833		14,469
Plexus Corp.*		1,303		60,954
Rofin-Sinar Technologies, Inc.*		1,186		38,166
Rogers Corp.*		760		46,421
Sanmina Corp.*		2,926		83,303
Sparton Corp.*		400		10,504
Stoneridge, Inc.*		1,273		23,423
TASER International, Inc.*		2,011		57,535
Tech Data Corp.*		1,400		118,594
TTM Technologies, Inc.*		2,429		27,812
Vishay Intertechnology, Inc.		5,400		76,086
Vishay Precision Group, Inc.*		300		4,809
Watts Water Technologies, Inc., Class A		1,117		72,426
Woodward, Inc.		2,123		132,645
ZAGG, Inc.*		900		7,290
				1,614,010
Energy-Alternate Sources — 0.4%
Clean Energy Fuels Corp.*		2,900		12,963
FuelCell Energy, Inc.*		581		3,149
FutureFuel Corp.		1,100		12,408
Green Plains, Inc.		1,467		38,435
Pacific Ethanol, Inc.*		900		6,219
Pattern Energy Group, Inc.		2,600		58,474
Plug Power, Inc.*		6,800		11,628
Renewable Energy Group, Inc.*		1,600		13,552
REX American Resources Corp.*		192		16,274
Sunrun Inc.*		2,700		17,010
TerraForm Global, Inc., Class A		3,600		14,796
TerraForm Power, Inc., Class A		3,700		51,467
Vivint Solar, Inc.*		800		2,528
				258,903
Engineering & Construction — 1.1%
Aegion Corp.*		1,555		29,654
Argan, Inc.		536		31,726
Dycom Industries, Inc.*		1,253		102,470
EMCOR Group, Inc.		2,463		146,844
Exponent, Inc.		1,040		53,102
Granite Construction, Inc.		1,644		81,773
Hill International, Inc.*		1,500		6,915
IES Holdings, Inc.*		400		7,116
Layne Christensen Co.*		700		5,957
MasTec, Inc.*		2,464		73,279
McDermott International, Inc.*		9,300		46,593
Mistras Group, Inc.*		800		18,776
MYR Group, Inc.*		683		20,558
NV5 Holdings, Inc.*		300		9,693
Orion Group Holdings, Inc.*		1,137		7,789
TopBuild Corp.*		1,600		53,120
Tutor Perini Corp.*		1,397		29,994
VSE Corp.		408		13,868
				739,227

99

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Entertainment — 0.7%
AMC Entertainment Holdings, Inc., Class A		800	$	24,872
Carmike Cinemas, Inc.*		1,100		35,959
Churchill Downs, Inc.		520		76,102
Eldorado Resorts, Inc.*		1,000		14,060
Eros International PLC*		1,200		18,384
Golden Entertainment, Inc.		500		6,235
International Speedway Corp., Class A		1,100		36,762
Isle of Capri Casinos, Inc.*		841		18,737
Marriott Vacations Worldwide Corp.		900		65,988
National CineMedia, Inc.		2,374		34,945
Penn National Gaming, Inc.*		3,200		43,424
Pinnacle Entertainment, Inc.*		2,382		29,394
Reading International, Inc., Class A*		700		9,345
Scientific Games Corp., Class A*		1,900		21,413
SeaWorld Entertainment, Inc.		2,700		36,396
Speedway Motorsports, Inc.		316		5,644
				477,660
Environmental Control — 0.5%
Calgon Carbon Corp.		2,162		32,798
Casella Waste Systems, Inc., Class A*		1,500		15,450
CECO Environmental Corp.		709		7,997
Darling Ingredients, Inc.*		6,267		84,667
Energy Recovery, Inc.*		1,500		23,970
Heritage-Crystal Clean, Inc.*		200		2,656
MSA Safety, Inc.		1,221		70,867
NII Holdings, Inc.*		2,500		8,325
Tetra Tech, Inc.		2,364		83,851
TRC Cos., Inc.*		900		7,803
U.S. Ecology, Inc.		942		42,239
				380,623
Food — 1.7%
AdvancePierre Foods Holdings, Inc.		900		24,804
Amplify Snack Brands, Inc.*		900		14,580
B&G Foods, Inc.		2,572		126,491
Cal-Maine Foods, Inc.		1,246		48,021
Calavo Growers, Inc.		651		42,595
Dean Foods Co.		3,700		60,680
Fresh Del Monte Produce, Inc.		1,216		72,838
Ingles Markets, Inc., Class A		604		23,882
Inventure Foods, Inc.*		500		4,700
J&J Snack Foods Corp.		596		70,995
John B. Sanfilippo & Son, Inc.		400		20,532
Lancaster Colony Corp.		733		96,822
Lifeway Foods, Inc.*		87		1,474
NutriSystem, Inc.		1,037		30,788
Performance Food Group Co.*		1,500		37,200
Sanderson Farms, Inc.		834		80,339
Seaboard Corp.*		11		37,840
Seneca Foods Corp., Class A*		211		5,959
Smart & Final Stores, Inc.*		1,100		14,047
Snyder’s-Lance, Inc.		3,212		107,859
SpartanNash Co.		1,530		44,248
SUPERVALU, Inc.*		10,300		51,397
Terravia Holdings, Inc.*		3,100		8,525
The Chefs’ Warehouse, Inc.*		750		8,355
Tootsie Roll Industries, Inc.		660		24,308

	Number of Shares		Value†
Food — (continued)
United Natural Foods, Inc.*		1,900	$	76,076
Village Super Market, Inc., Class A		268		8,579
Weis Markets, Inc.		466		24,698
				1,168,632
Forest Products & Paper — 0.4%
Clearwater Paper Corp.*		678		43,846
Deltic Timber Corp.		392		26,550
KapStone Paper and Packaging Corp.		3,240		61,301
Neenah Paper, Inc.		674		53,253
Orchids Paper Products Co.		400		10,892
P.H. Glatfelter Co.		1,659		35,967
Schweitzer-Mauduit International, Inc.		1,176		45,347
				277,156
Gas — 1.2%
Chesapeake Utilities Corp.		535		32,667
Delta Natural Gas Co., Inc.		300		7,155
New Jersey Resources Corp.		3,464		113,827
Northwest Natural Gas Co.		1,050		63,116
ONE Gas, Inc.		2,100		129,864
South Jersey Industries, Inc.		3,280		96,924
Southwest Gas Corp.		1,894		132,315
Spire, Inc.		1,856		118,301
WGL Holdings, Inc.		1,994		125,024
				819,193
Hand & Machine Tools — 0.3%
Franklin Electric Co., Inc.		1,870		76,128
Kennametal, Inc.		3,200		92,864
Milacron Holdings Corp.*		700		11,172
				180,164
Healthcare Products — 3.5%
Abaxis, Inc.		829		42,793
Accelerate Diagnostics, Inc.*		951		25,924
Accuray, Inc.*		2,738		17,441
Analogic Corp.		507		44,920
AngioDynamics, Inc.*		958		16,803
AtriCure, Inc.*		1,200		18,984
Atrion Corp.		61		26,023
AxoGen, Inc.*		1,200		10,836
BioTelemetry, Inc.*		800		14,856
Cantel Medical Corp.		1,375		107,223
Cardiovascular Systems, Inc.*		1,300		30,862
Cepheid, Inc.*		2,880		151,747
Cerus Corp.*		3,600		22,356
ConforMIS, Inc.*		1,600		15,872
CONMED Corp.		1,003		40,180
CryoLife, Inc.		1,399		24,581
Cutera, Inc.*		500		5,960
Cynosure, Inc., Class A*		894		45,540
Endologix, Inc.*		3,198		40,934
Entellus Medical, Inc.*		400		8,872
Exactech, Inc.*		509		13,758
GenMark Diagnostics, Inc.*		1,200		14,160
Genomic Health, Inc.*		709		20,504
Glaukos Corp.*		700		26,418
Globus Medical, Inc., Class A*		2,600		58,682

100

PENN SERIES FUNDS, INC.

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SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
Haemonetics Corp.*		1,946	$	70,465
Halyard Health, Inc.*		1,900		65,854
ICU Medical, Inc.*		579		73,174
Inogen, Inc.*		700		41,930
Insulet Corp.*		2,246		91,951
Integer Holdings Corp.*		1,293		28,045
Integra LifeSciences Holdings Corp.*		1,226		101,206
Intersect ENT, Inc.*		1,100		17,424
Invacare Corp.		1,190		13,292
InVivo Therapeutics Holdings Corp.*		900		6,120
K2M Group Holdings, Inc.*		1,100		19,558
LeMaitre Vascular, Inc.		400		7,936
Luminex Corp.*		1,753		39,828
Masimo Corp.*		1,704		101,371
Medgenics, Inc.*		1,000		5,570
Meridian Bioscience, Inc.		1,760		33,950
Merit Medical Systems, Inc.*		1,575		38,257
MiMedx Group, Inc.*		3,800		32,604
NanoString Technologies, Inc.*		600		11,988
Natus Medical, Inc.*		1,375		54,024
Nevro Corp.*		1,000		104,390
Novocure Ltd.*		2,100		17,934
NuVasive, Inc.*		1,906		127,054
NxStage Medical, Inc.*		2,584		64,574
Ocular Therapeutix, Inc.*		700		4,809
OraSure Technologies, Inc.*		2,201		17,542
Orthofix International NV*		671		28,699
Oxford Immunotec Global PLC*		600		7,536
Penumbra, Inc.*		1,000		75,990
Quidel Corp.*		1,051		23,217
Rockwell Medical, Inc.*		1,800		12,060
STAAR Surgical Co.*		1,400		13,160
Surmodics, Inc.*		373		11,224
T2 Biosystems, Inc.*		600		4,344
Tandem Diabetes Care, Inc.*		400		3,064
The Spectranetics Corp.*		1,665		41,775
TransEnterix, Inc.*		2,500		4,225
Utah Medical Products, Inc.		200		11,960
Vascular Solutions, Inc.*		783		37,764
Wright Medical Group NV*		4,218		103,468
Zeltiq Aesthetics, Inc.*		1,300		50,986
				2,466,551
Healthcare Services — 1.7%
AAC Holdings, Inc.*		200		3,478
Addus HomeCare Corp.*		400		10,464
Adeptus Health, Inc., Class A*		500		21,525
Air Methods Corp.*		1,487		46,825
Almost Family, Inc.*		277		10,185
Amedisys, Inc.*		1,206		57,213
American Renal Associates Holdings, Inc.*		400		7,308
Capital Senior Living Corp.*		1,036		17,405
Catalent, Inc.*		4,000		103,360
Chemed Corp.		629		88,733
Civitas Solutions, Inc.*		400		7,304
Community Health Systems, Inc.*		4,500		51,930
Genesis Healthcare, Inc.*		1,861		4,969

	Number of Shares		Value†
Healthcare Services — (continued)
HealthSouth Corp.		3,536	$	143,455
Healthways, Inc.*		1,258		33,287
Invitae Corp.*		1,100		9,636
Kindred Healthcare, Inc.		3,374		34,482
LHC Group, Inc.*		582		21,464
Magellan Health Services, Inc.*		1,041		55,933
Medpace Holdings, Inc.*		300		8,958
Molina Healthcare, Inc.*		1,768		103,110
Natera, Inc.*		700		7,777
National Healthcare Corp.		406		26,792
Nobilis Health Corp.*		1,200		4,020
OvaScience, Inc.*		800		5,728
Quorum Health Corp.*		1,300		8,151
RadNet, Inc.*		1,500		11,100
Select Medical Holdings Corp.*		4,400		59,400
Surgery Partners, Inc.*		700		14,168
Surgical Care Affiliates, Inc.*		1,100		53,636
Teladoc, Inc.*		800		14,648
The Ensign Group, Inc.		1,880		37,844
Triple-S Management Corp., Class B*		1,091		23,926
U.S. Physical Therapy, Inc.		491		30,786
Universal American Corp.*		1,780		13,617
				1,152,617
Holding Companies — 0.2%
FCB Financial Holdings, Inc., Class A*		1,200		46,116
HRG Group, Inc.*		4,875		76,538
National Bank Holdings Corp., Class A, Class A		1,000		23,370
Tiptree Financial, Inc., Class A		1,100		6,534
				152,558
Home Builders — 0.7%
Beazer Homes USA, Inc.*		1,424		16,604
Cavco Industries, Inc.*		369		36,549
Century Communities, Inc.*		500		10,755
Green Brick Partners, Inc.*		1,100		9,086
Hovnanian Enterprises, Inc., Class A*		4,810		8,129
Installed Building Products, Inc.*		700		25,109
KB Home		3,400		54,808
LGI Homes, Inc.*		600		22,104
M/I Homes, Inc.*		836		19,704
MDC Holdings, Inc.		1,500		38,700
Meritage Homes Corp.*		1,490		51,703
Tailored Brands, Inc.		1,756		27,569
Taylor Morrison Home Corp., Class A*		1,100		19,360
The New Home Co., Inc.*		600		6,402
TRI Pointe Group, Inc.*		6,300		83,034
WCI Communities, Inc.*		700		16,604
William Lyon Homes, Class A*		1,000		18,550
Winnebago Industries, Inc.		1,122		26,446
				491,216
Home Furnishings — 0.5%
American Woodmark Corp.*		569		45,844
Bassett Furniture Industries, Inc.		300		6,975
Daktronics, Inc.		1,209		11,534
DTS, Inc.		703		29,906

101

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SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Home Furnishings — (continued)
Ethan Allen Interiors, Inc.		1,028	$	32,146
Flexsteel Industries, Inc.		200		10,344
Hooker Furniture Corp.		500		12,245
iRobot Corp.*		1,082		47,586
Kimball International, Inc., Class B		1,244		16,097
La-Z-Boy, Inc.		1,962		48,187
Select Comfort Corp.*		2,072		44,755
Universal Electronics, Inc.*		600		44,676
				350,295
Hotels & Resorts — 0.1%
Caesars Entertainment Corp.*		2,000		14,900
La Quinta Holdings Inc*		3,400		38,012
				52,912
Household Products & Wares — 0.4%
ACCO Brands Corp.*		4,393		42,348
Central Garden & Pet Co.*		500		13,000
Central Garden & Pet Co., Class A*		1,402		34,770
CSS Industries, Inc.		412		10,539
Helen of Troy Ltd.*		1,095		94,356
WD-40 Co.		546		61,387
				256,400
Housewares — 0.0%
Libbey, Inc.		800		14,280
Lifetime Brands, Inc.		200		2,692
				16,972
Insurance — 2.9%
Ambac Financial Group, Inc.*		1,700		31,263
American Equity Investment Life Holding Co.		3,176		56,310
AMERISAFE, Inc.		708		41,616
Argo Group International Holdings Ltd.		1,160		65,419
Atlas Financial Holdings, Inc.*		400		6,308
Baldwin & Lyons, Inc., Class B		325		8,330
Citizens, Inc.*		1,466		13,722
CNO Financial Group, Inc.		7,393		112,891
Crawford & Co., Class B		638		7,241
Donegal Group, Inc., Class A		283		4,559
eHealth, Inc.*		720		8,071
EMC Insurance Group, Inc.		450		12,119
Employers Holdings, Inc.		1,282		38,242
Enstar Group Ltd.*		474		77,959
Essent Group Ltd.*		3,000		79,830
FBL Financial Group, Inc., Class A		327		20,918
Federated National Holding Co.		500		9,345
Fidelity & Guaranty Life		500		11,595
Genworth Financial, Inc., Class A*		20,500		101,680
Global Indemnity PLC*		383		11,375
Greenlight Capital Re Ltd., Class A*		1,128		23,056
Hallmark Financial Services, Inc.*		255		2,624
HCI Group, Inc.		300		9,108
Heritage Insurance Holdings, Inc.		800		11,528
Hilltop Holdings, Inc.*		2,983		66,998
Horace Mann Educators Corp.		1,509		55,305
Independence Holding Co.		500		8,590
Infinity Property & Casualty Corp.		420		34,705

	Number of Shares		Value†
Insurance — (continued)
Investors Title Co.		100	$	9,950
Kemper Corp.		1,700		66,844
Maiden Holdings Ltd.		2,468		31,319
MBIA, Inc.*		5,500		42,845
MGIC Investment Corp.*		13,527		108,216
National General Holdings Corp.		2,000		44,480
National Interstate Corp.		402		13,077
National Western Life Group, Inc., Class A		95		19,510
NMI Holdings, Inc., Class A*		2,100		16,002
OneBeacon Insurance Group Ltd., Class A		1,100		15,708
Primerica, Inc.		1,900		100,757
Radian Group, Inc.		8,703		117,926
RLI Corp.		1,522		104,044
Safety Insurance Group, Inc.		582		39,122
Selective Insurance Group, Inc.		2,175		86,695
State Auto Financial Corp.		776		18,477
State National Cos., Inc.		1,000		11,120
Stewart Information Services Corp.		808		35,916
The Navigators Group, Inc.		395		38,283
Third Point Reinsurance Ltd.*		3,000		36,000
Trupanion, Inc.*		600		10,140
United Fire Group, Inc.		880		37,242
United Insurance Holdings Corp.		800		13,584
Universal Insurance Holdings, Inc.		1,251		31,525
WMIH Corp.*		8,700		20,358
				1,999,847
Internet — 2.1%
1-800-Flowers.com, Inc., Class A*		737		6,758
Angie’s List, Inc.*		1,600		15,856
Autobytel, Inc.*		300		5,340
Bankrate, Inc.*		1,923		16,307
Bazaarvoice, Inc.*		3,500		20,685
Blucora, Inc.*		1,496		16,755
Blue Nile, Inc.		439		15,110
Boingo Wireless, Inc.*		1,700		17,476
Box, Inc., Class A*		2,100		33,096
Brightcove, Inc.*		1,200		15,660
ChannelAdvisor Corp.*		900		11,637
Chegg, Inc.*		3,100		21,979
Cogent Communications Holdings, Inc.		1,619		59,595
comScore, Inc.*		1,793		54,973
DHI Group, Inc.*		1,863		14,699
Endurance International Group Holdings, Inc.*		2,100		18,375
ePlus, Inc.*		245		23,130
Etsy, Inc.*		4,300		61,404
FTD Cos, Inc.*		818		16,826
Global Eagle Entertainment, Inc.*		1,500		12,465
GrubHub, Inc.*		3,100		133,269
HealthStream, Inc.*		900		24,840
Intralinks Holdings, Inc.*		1,700		17,102
Limelight Networks, Inc.*		1,172		2,192
Lionbridge Technologies, Inc.*		2,243		11,215
Liquidity Services, Inc.*		1,035		11,633
MeetMe, Inc.*		1,900		11,780
New Media Investment Group, Inc.		1,700		26,350

102

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — (continued)
NIC, Inc.		2,629	$	61,782
Overstock.com, Inc.*		571		8,748
Perficient, Inc.*		1,245		25,087
Q2 Holdings, Inc.*		900		25,794
QuinStreet, Inc.*		1,815		5,481
Quotient Technology, Inc.*		2,700		35,937
Rapid7, Inc.*		800		14,120
RealNetworks, Inc.*		515		2,297
Reis, Inc.		400		8,184
RetailMeNot, Inc.*		1,300		12,857
RingCentral, Inc., Class A*		2,400		56,784
Safeguard Scientifics, Inc.*		850		11,016
Shutterfly, Inc.*		1,390		62,050
Shutterstock, Inc.*		800		50,960
Stamps.com, Inc.*		662		62,566
TechTarget, Inc.*		500		4,030
The Rubicon Project, Inc.*		1,200		9,936
TrueCar, Inc.*		1,700		16,048
VASCO Data Security International, Inc.*		1,028		18,103
VirnetX Holding Corp.*		1,583		4,844
Wayfair, Inc., Class A*		1,300		51,181
Web.com Group, Inc.*		1,900		32,813
WebMD Health Corp.*		1,486		73,854
XO Group, Inc.*		859		16,605
Zendesk, Inc.*		3,300		101,343
Zix Corp.*		1,848		7,577
				1,476,504
Investment Companies — 0.1%
Arlington Asset Investment Corp., Class A		900		13,311
Caesars Acquisition Co., Class A*		1,900		23,598
Real Industry, Inc.*		800		4,896
				41,805
Iron & Steel — 0.5%
AK Steel Holding Corp.*		9,800		47,334
Allegheny Technologies, Inc.		4,400		79,508
Carpenter Technology Corp.		1,800		74,268
Cliffs Natural Resources, Inc.*		8,700		50,895
Commercial Metals Co.		4,500		72,855
Ryerson Holding Corp.*		800		9,032
Schnitzer Steel Industries, Inc., Class A		900		18,810
TimkenSteel Corp.*		1,400		14,630
				367,332
Leisure Time — 0.5%
Arctic Cat, Inc.		444		6,878
Callaway Golf Co.		3,946		45,813
ClubCorp Holdings, Inc.		2,700		39,069
Escalade, Inc.		600		7,656
Fox Factory Holding Corp.*		1,000		22,970
Interval Leisure Group, Inc.		4,416		75,823
Johnson Outdoors, Inc., Class A		200		7,274
Liberty TripAdvisor Holdings, Inc., Class A*		2,900		63,365
Lindblad Expeditions Holdings Inc.*		700		6,300
Malibu Boats, Inc., Class A*		500		7,450
Marine Products Corp.		160		1,435
Nautilus, Inc.*		1,300		29,536

	Number of Shares		Value†
Leisure Time — (continued)
Performance Sports Group Ltd.*		1,600	$	6,496
Planet Fitness, Inc., Class A*		800		16,056
				336,121
Lodging — 0.3%
Belmond Ltd., Class A*		3,745		47,599
Boyd Gaming Corp.*		3,400		67,252
Century Casinos, Inc.*		1,100		7,601
Intrawest Resorts Holdings, Inc.*		600		9,732
Monarch Casino & Resort, Inc.*		485		12,208
Red Rock Resorts, Inc.		1,300		30,667
The Marcus Corp.		933		23,362
				198,421
Machinery - Construction & Mining — 0.3%
Astec Industries, Inc.		698		41,789
Babcock & Wilcox Enterprises, Inc.*		1,900		31,350
Hyster-Yale Materials Handling, Inc.		344		20,685
Joy Global, Inc.		4,000		110,960
				204,784
Machinery - Diversified — 0.7%
Alamo Group, Inc.		317		20,887
Albany International Corp., Class A		1,132		47,974
Altra Industrial Motion Corp.		1,003		29,057
Applied Industrial Technologies, Inc.		1,482		69,269
Briggs & Stratton Corp.		1,836		34,242
Chart Industries, Inc.*		1,177		38,641
Columbus McKinnon Corp.		685		12,220
DXP Enterprises, Inc.*		522		14,715
Hurco Cos., Inc.		200		5,614
Kadant, Inc.		499		26,003
Lindsay Corp.		453		33,513
NACCO Industries, Inc., Class A		222		15,087
Power Solutions International, Inc.*		100		1,025
SPX FLOW, Inc.*		1,500		46,380
Tennant Co.		736		47,693
The ExOne Co.*		500		7,610
The Gorman-Rupp Co.		751		19,233
The Manitowoc Co., Inc.		5,300		25,387
				494,550
Media — 1.5%
Central European Media Enterprises Ltd., Class A*		3,100		7,161
Daily Journal Corp.*		41		8,979
Entercom Communications Corp., Class A		700		9,058
Entravision Communications Corp., Class A		2,800		21,364
Gannett, Inc.		4,800		55,872
Gray Television, Inc.*		2,600		26,936
Hemisphere Media Group, Inc.*		600		7,650
Houghton Mifflin Harcourt Co.*		5,300		71,073
Liberty Braves Group*		500		8,725
Liberty Braves Group*		1,300		22,594
Liberty Media Group*		1,900		53,466
Liberty Media Group*		1,000		28,650
Media General, Inc.*		4,400		81,092
Meredith Corp.		1,400		72,786
MSG Networks, Inc.*		2,500		46,525

103

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Media — (continued)
Nexstar Broadcasting Group, Inc., Class A		1,200	$	69,252
Saga Communications, Inc., Class A		133		6,030
Scholastic Corp.		956		37,628
Sinclair Broadcast Group, Inc., Class A		2,617		75,579
The E.W. Scripps Co., Class A*		2,329		37,031
The New York Times Co., Class A		5,321		63,586
Time, Inc.		4,300		62,264
TiVo Corp.*		4,624		90,073
tronc, Inc.		1,100		18,568
World Wrestling Entertainment, Inc., Class A		1,314		27,988
				1,009,930
Metal Fabricate/Hardware — 0.9%
Advanced Drainage Systems, Inc.		1,200		28,872
Atkore International Group, Inc.*		500		9,370
CIRCOR International, Inc.		735		43,777
Dynamic Materials Corp.		700		7,462
Global Brass & Copper Holdings, Inc.		1,000		28,890
Haynes International, Inc.		564		20,930
Lawson Products, Inc.*		400		7,092
Mueller Industries, Inc.		2,188		70,935
Mueller Water Products, Inc., Class A		6,192		77,709
NN, Inc.		1,000		18,250
Olympic Steel, Inc.		231		5,105
Omega Flex, Inc.		59		2,275
RBC Bearings, Inc.*		937		71,662
Rexnord Corp.*		3,400		72,794
Sun Hydraulics Corp.		859		27,720
TriMas Corp.*		1,795		33,405
Worthington Industries, Inc.		1,884		90,488
				616,736
Mining — 0.7%
Century Aluminum Co.*		1,754		12,190
Coeur Mining, Inc.*		6,128		72,494
Ferroglobe PLC		2,414		21,798
Gold Resource Corp.		2,400		17,808
Hecla Mining Co.		15,517		88,447
Kaiser Aluminum Corp.		716		61,927
Materion Corp.		857		26,319
Ring Energy, Inc.*		1,600		17,520
Stillwater Mining Co.*		4,524		60,441
United States Lime & Minerals, Inc.		29		1,914
US Silica Holdings, Inc.		2,600		121,056
				501,914
Miscellaneous Manufacturing — 1.7%
Actuant Corp., Class A		2,406		55,915
American Railcar Industries, Inc.		400		16,588
AZZ, Inc.		976		63,703
Barnes Group, Inc.		2,065		83,736
Chase Corp.		300		20,736
CLARCOR, Inc.		1,898		123,370
EnPro Industries, Inc.		917		52,104
Fabrinet*		1,500		66,885
Federal Signal Corp.		2,343		31,068
FreightCar America, Inc.		570		8,197

	Number of Shares		Value†
Miscellaneous Manufacturing — (continued)
GP Strategies Corp.*		400	$	9,848
Handy & Harman Ltd.*		200		4,208
Harsco Corp.		3,200		31,776
Hillenbrand, Inc.		2,374		75,113
John Bean Technologies Corp.		1,129		79,651
Koppers Holdings, Inc.*		820		26,388
LSB Industries, Inc.*		749		6,426
Lydall, Inc.*		600		30,678
Movado Group, Inc.		760		16,325
Myers Industries, Inc.		1,125		14,614
NL Industries, Inc.*		90		354
Park-Ohio Holdings Corp.		400		14,580
Proto Labs, Inc.*		1,000		59,910
Raven Industries, Inc.		1,346		30,998
Smith & Wesson Holding Corp.*		2,179		57,940
SPX Corp.*		1,700		34,238
Standex International Corp.		500		46,435
Sturm Ruger & Co., Inc.		719		41,529
Tredegar Corp.		1,061		19,724
Trinseo SA		1,200		67,872
				1,190,909
Office & Business Equipment — 0.0%
Eastman Kodak Co.*		800		12,000
Office Furnishings — 0.4%
Herman Miller, Inc.		2,232		63,835
HNI Corp.		1,843		73,351
Interface, Inc.		2,595		43,311
Knoll, Inc.		1,953		44,626
Steelcase, Inc., Class A		3,131		43,490
				268,613
Oil & Gas — 1.7%
Abraxas Petroleum Corp.*		4,100		6,929
Adams Resources & Energy, Inc.		100		3,932
Alon USA Energy, Inc.		1,352		10,897
Atwood Oceanics, Inc.		2,300		19,987
Bill Barrett Corp.*		2,025		11,259
California Resources Corp.		1,400		17,500
Callon Petroleum Co.*		5,800		91,060
Carrizo Oil & Gas, Inc.*		2,265		92,004
Clayton Williams Energy, Inc.*		217		18,541
Cobalt International Energy, Inc.*		17,000		21,080
Contango Oil & Gas Co.*		703		7,185
CVR Energy, Inc.		700		9,639
Delek US Holdings, Inc.		2,298		39,732
Denbury Resources, Inc.*		14,400		46,512
Eclipse Resources Corp.*		1,400		4,606
EP Energy Corp., Class A*		1,800		7,884
Evolution Petroleum Corp.		500		3,140
EXCO Resources, Inc.*		6,375		6,821
Fairmount Santrol Holdings, Inc.*		3,100		26,288
Isramco, Inc.*		21		1,751
Jones Energy, Inc.48019R108, Class A*		600		2,136
Matador Resources Co.*		3,300		80,322
Northern Oil & Gas, Inc.*		2,253		6,038
Oasis Petroleum, Inc.*		6,900		79,143

104

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SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Panhandle Oil and Gas, Inc., Class A		634	$	11,114
Par Pacific Holdings, Inc.*		1,318		17,239
Parker Drilling Co.*		5,217		11,321
PDC Energy, Inc.*		2,212		148,337
RSP Permian, Inc.*		3,200		124,096
Sanchez Energy Corp.*		1,900		16,796
Seadrill Ltd.*		15,500		36,735
Synergy Resources Corp.*		7,600		52,668
Trecora Resources*		1,000		11,420
Unit Corp.*		1,800		33,480
W&T Offshore, Inc.*		1,643		2,892
Western Refining, Inc.		3,237		85,651
				1,166,135
Oil & Gas Services — 0.8%
Archrock, Inc.		2,600		34,008
CARBO Ceramics, Inc.		800		8,752
Dawson Geophysical Co.*		1,000		7,630
Exterran Corp.*		1,300		20,384
Flotek Industries, Inc.*		2,000		29,080
Forum Energy Technologies, Inc.*		2,300		45,678
Geospace Technologies Corp.*		476		9,273
Helix Energy Solutions Group, Inc.*		4,101		33,341
Hornbeck Offshore Services, Inc.*		1,378		7,579
Independence Contract Drilling, Inc.*		1,100		5,775
Matrix Service Co.*		987		18,516
MRC Global, Inc.*		3,700		60,791
Natural Gas Services Group, Inc.*		594		14,606
Newpark Resources, Inc.*		3,512		25,848
NOW, Inc.*		4,300		92,149
Oil States International, Inc.*		2,100		66,297
Pioneer Energy Services Corp.*		2,650		10,706
SEACOR Holdings, Inc.*		700		41,643
Tesco Corp.		1,400		11,424
TETRA Technologies, Inc.*		2,979		18,202
Thermon Group Holdings, Inc.*		1,100		21,725
				583,407
Packaging and Containers — 0.2%
AEP Industries, Inc.		138		15,093
Greif Inc.		300		18,177
Greif, Inc., Class A		1,100		54,549
Multi Packaging Solutions International Ltd.*		800		11,528
UFP Technologies, Inc.*		300		7,950
				107,297
Pharmaceuticals — 3.5%
AcelRx Pharmaceuticals, Inc.*		1,800		7,002
Aclaris Therapeutics, Inc., Class A*		300		7,683
Adamas Pharmaceuticals, Inc.*		700		11,487
Aerie Pharmaceuticals, Inc.*		1,000		37,740
Aimmune Therapeutics, Inc.*		1,100		16,500
Akebia Therapeutics, Inc.*		1,200		10,860
Amicus Therapeutics, Inc.*		5,600		41,440
Amphastar Pharmaceuticals, Inc.*		1,400		26,558
Ampio Pharmaceuticals, Inc.*		2,200		1,629
Anika Therapeutics, Inc.*		500		23,925

	Number of Shares		Value†
Pharmaceuticals — (continued)
Anthera Pharmaceuticals, Inc.*		1,100	$	3,465
Aratana Therapeutics, Inc.*		900		8,424
Array BioPharma, Inc.*		4,748		32,049
Avexis, Inc.*		300		12,363
Axovant Sciences Ltd.*		800		11,200
Bio-Path Holdings, Inc.*		4,000		5,600
BioScrip, Inc.*		4,411		12,748
BioSpecifics Technologies Corp.*		300		13,701
Cara Therapeutics, Inc.*		800		6,680
Cempra, Inc.*		1,800		43,560
ChemoCentryx, Inc.*		1,000		6,040
Chimerix, Inc.*		1,700		9,418
Cidara Therapeutics, Inc.*		500		5,725
Clovis Oncology, Inc.*		1,300		46,865
Collegium Pharmaceutical, Inc.*		400		7,704
Concert Pharmaceuticals, Inc.*		500		5,055
Corcept Therapeutics, Inc.*		2,900		18,850
Depomed, Inc.*		2,283		57,052
Diplomat Pharmacy, Inc.*		1,900		53,219
Durect Corp.*		3,500		4,865
Dyax Corp Escrow~		5,620		6,238
Eagle Pharmaceuticals, Inc.*		300		21,000
Egalet Corp.*		900		6,849
Enanta Pharmaceuticals, Inc.*		600		15,966
Endocyte, Inc.*		1,500		4,635
Esperion Therapeutics, Inc.*		500		6,925
FibroGen, Inc.*		2,200		45,540
Flexion Therapeutics, Inc.*		900		17,586
Global Blood Therapeutics Inc.*		700		16,135
Heron Therapeutics, Inc.*		1,200		20,676
Heska Corp.*		300		16,329
Horizon Pharma PLC*		6,500		117,845
Ignyta, Inc.*		600		3,774
Immune Design Corp.*		400		3,032
Impax Laboratories, Inc.*		2,837		67,237
Infinity Pharmaceuticals, Inc.*		1,828		2,852
Inotek Pharmaceuticals Corp.*		900		8,532
Insys Therapeutics, Inc.*		800		9,432
Intra-Cellular Therapies, Inc.*		1,400		21,336
Ironwood Pharmaceuticals, Inc.*		5,161		81,957
Keryx Biopharmaceuticals, Inc.*		3,500		18,585
La Jolla Pharmaceutical CO*		400		9,516
Lannett Co., Inc.*		997		26,490
Lifevantage Corp.*		700		6,622
MannKind Corp.*		8,904		5,521
MediciNova, Inc.*		1,400		10,486
Minerva Neurosciences Inc.*		800		11,292
Mirati Therapeutics, Inc.*		500		3,305
MyoKardia, Inc.*		500		8,170
NantKwest, Inc.*		800		6,224
Natural Grocers by Vitamin Cottage, Inc.*		400		4,464
Natural Health Trends Corp.		300		8,478
Nature’s Sunshine Products, Inc.		200		3,200
Nektar Therapeutics*		5,333		91,621
Neogen Corp.*		1,502		84,022
Neos Therapeutics Inc.*		400		2,632

105

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SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Nutraceutical International Corp.*		196	$	6,123
Omega Protein Corp.*		1,000		23,370
Ophthotech Corp.*		1,200		55,356
Osiris Therapeutics, Inc.*		773		3,834
Otonomy, Inc.*		700		12,733
Pacira Pharmaceuticals, Inc.*		1,400		47,908
PharMerica Corp.*		1,220		34,245
Phibro Animal Health Corp., Class A		700		19,026
Portola Pharmaceuticals, Inc.*		1,900		43,149
PRA Health Sciences, Inc.*		1,000		56,510
Prestige Brands Holdings, Inc.*		2,072		100,016
Progenics Pharmaceuticals, Inc.*		2,601		16,464
Radius Health, Inc.*		1,200		64,908
Raptor Pharmaceutical Corp.*		3,400		30,498
Reata Pharmaceuticals, Inc.*		300		7,908
Regulus Therapeutics, Inc.*		1,200		3,960
Revance Therapeutics, Inc.*		700		11,347
Sarepta Therapeutics, Inc.*		1,700		104,397
SciClone Pharmaceuticals, Inc.*		2,277		23,339
Seres Therapeutics, Inc.*		800		9,832
Sorrento Therapeutics, Inc.*		900		6,966
Sucampo Pharmaceuticals, Inc., Class A*		871		10,722
Supernus Pharmaceuticals, Inc.*		1,900		46,987
Synergy Pharmaceuticals, Inc.*		7,600		41,876
Synutra International, Inc.*		311		1,325
Teligent, Inc.*		1,800		13,680
TESARO, Inc.*		1,100		110,264
Tetraphase Pharmaceuticals, Inc.*		1,200		4,596
TG Therapeutics, Inc.*		1,200		9,288
TherapeuticsMD, Inc.*		5,900		40,179
Trevena, Inc.*		2,000		13,500
USANA Health Sciences, Inc.*		224		30,990
Vanda Pharmaceuticals, Inc.*		1,441		23,978
Vitae Pharmaceuticals, Inc.*		1,200		25,104
Vital Therapies, Inc.*		800		4,896
Voyager Therapeutics Inc.*		300		3,603
Xencor, Inc.*		1,300		31,837
Zafgen, Inc.*		600		1,986
Zogenix, Inc.*		1,175		13,430
				2,454,041
Pipelines — 0.2%
Primoris Services Corp.		1,490		30,694
SemGroup Corp., Class A		2,100		74,256
				104,950
Publishing / Newspapers — 0.1%
Cimpress NV*		1,000		101,180
Real Estate — 0.6%
Alexander & Baldwin, Inc.		2,000		76,840
AV Homes, Inc.*		195		3,245
Community Healthcare Trust, Inc.		600		13,152
Consolidated-Tomoka Land Co.		124		6,347
Farmland Partners, Inc.		600		6,720
Forestar Group, Inc.*		1,163		13,619
Four Corners Property Trust, Inc.		2,500		53,325
FRP Holdings, Inc.*		369		11,465

	Number of Shares		Value†
Real Estate — (continued)
HFF, Inc., Class A		1,500	$	41,535
Kennedy-Wilson Holdings, Inc.		3,281		73,986
Marcus & Millichap, Inc.*		500		13,075
RE/MAX Holdings, Inc., Class A		700		30,646
RMR Group, Inc., Class A		367		13,924
Stratus Properties, Inc.*		300		7,320
The St. Joe Co.*		2,100		38,598
Trinity Place Holdings, Inc.*		900		8,802
				412,599
Real Estate Investment Trusts — 0.2%
City Office REIT, Inc.		900		11,457
Global Net Lease, Inc.		7,000		57,120
Great Ajax Corp.		600		8,190
NorthStar Realty Europe Corp.		2,500		27,375
Seritage Growth Properties		1,000		50,680
				154,822
Regional Malls — 0.1%
Washington Prime Group, Inc.		7,600		94,088
Retail — 4.8%
Abercrombie & Fitch Co., Class A		2,800		44,492
America’s Car-Mart, Inc.*		227		8,261
American Eagle Outfitters, Inc.		6,700		119,662
Asbury Automotive Group, Inc.*		849		47,264
Ascena Retail Group, Inc.*		6,713		37,526
Barnes & Noble Education, Inc.*		1,137		10,881
Barnes & Noble, Inc.		2,600		29,380
Big 5 Sporting Goods Corp.		581		7,913
Big Lots, Inc.		1,800		85,950
Biglari Holdings, Inc.*		40		17,441
BJ’s Restaurants, Inc.*		920		32,706
Bloomin’ Brands, Inc.		4,800		82,752
BMC Stock Holdings, Inc.*		2,300		40,779
Bob Evans Farms, Inc.		842		32,249
Bojangles’, Inc.*		500		7,980
Boot Barn Holdings, Inc.*		400		4,552
Buffalo Wild Wings, Inc.*		747		105,133
Build-A-Bear Workshop, Inc.*		700		7,252
Caleres, Inc.		1,654		41,830
Carrols Restaurant Group, Inc.*		1,713		22,629
Chico’s FAS, Inc.		5,600		66,640
Chuy’s Holdings, Inc.*		600		16,764
Citi Trends, Inc.		503		10,025
Conn’s, Inc.*		1,104		11,393
Cracker Barrel Old Country Store, Inc.		724		95,727
Dave & Buster’s Entertainment, Inc.*		1,500		58,770
Del Frisco’s Restaurant Group, Inc.*		1,000		13,470
Del Taco Restaurants, Inc.*		1,100		13,112
Denny’s Corp.*		3,552		37,971
Destination XL Group, Inc.*		1,500		6,495
DineEquity, Inc.		671		53,136
DSW, Inc., Class A		2,800		57,344
Duluth Holdings, Inc., Class B*		500		13,255
El Pollo Loco Holdings, Inc.*		900		11,331
Express, Inc.*		3,154		37,186
EZCORP, Inc., Class A*		1,766		19,532

106

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Fiesta Restaurant Group, Inc.*		1,013	$	24,312
FirstCash, Inc.		1,939		91,288
Five Below, Inc.*		2,100		84,609
Francesca’s Holdings Corp.*		1,658		25,583
Fred’s, Inc., Class A		1,431		12,965
Freshpet, Inc.*		700		6,055
Genesco, Inc.*		895		48,742
GMS, Inc.*		300		6,669
GNC Holdings, Inc., Class A		2,800		57,176
Group 1 Automotive, Inc.		907		57,939
Guess?, Inc.		2,400		35,064
Haverty Furniture Cos., Inc.		950		19,038
Hibbett Sports, Inc.*		955		38,104
HSN, Inc.		1,279		50,904
J. Alexanders Holding“s, Inc.*		483		4,893
Jack in the Box, Inc.		1,314		126,065
Jamba, Inc.*		440		4,805
Kirkland’s, Inc.*		827		10,073
Kona Grill, Inc.*		500		6,285
Lands’ End, Inc.*		700		10,150
Lithia Motors, Inc., Class A		894		85,395
Lumber Liquidators Holdings, Inc.*		1,033		20,319
MarineMax, Inc.*		1,000		20,950
Nathan’s Famous, Inc.*		100		5,255
Noodles & Co.*		300		1,428
Office Depot, Inc.		22,500		80,325
Ollie’s Bargain Outlet Holdings, Inc.*		900		23,589
Papa John’s International, Inc.		1,110		87,523
Party City Holdco, Inc.*		800		13,696
PC Connection, Inc.		565		14,927
PetMed Express, Inc.		613		12,432
Pier 1 Imports, Inc.		3,644		15,451
Popeyes Louisiana Kitchen, Inc.*		859		45,647
Potbelly Corp.*		1,000		12,430
PriceSmart, Inc.		831		69,605
Red Robin Gourmet Burgers, Inc.*		520		23,369
Regis Corp.*		1,332		16,717
Restoration Hardware Holdings, Inc.*		1,600		55,328
Ruby Tuesday, Inc.*		2,213		5,532
Rush Enterprises, Inc.*		300		7,293
Rush Enterprises, Inc., Class A*		1,135		27,785
Ruth’s Hospitality Group, Inc.		1,195		16,873
Sears Holding Corp.*		500		5,730
Shake Shack, Inc., Class A*		700		24,269
Shoe Carnival, Inc.		458		12,210
Sonic Automotive, Inc., Class A		1,134		21,319
Sonic Corp.		2,032		53,198
Sportsman’s Warehouse Holdings, Inc.*		600		6,312
Stage Stores, Inc.		1,381		7,747
Stein Mart, Inc.		1,261		8,007
Systemax, Inc.		262		2,075
Texas Roadhouse, Inc.		2,770		108,113
The Buckle, Inc.		1,049		25,207
The Cato Corp., Class A		1,104		36,311
The Cheesecake Factory, Inc.		1,916		95,915
The Children’s Place, Inc.		794		63,417

	Number of Shares		Value†
Retail — (continued)
The Container Store Group, Inc.*		600	$	3,012
The Finish Line, Inc., Class A		1,793		41,382
The Habit Restaurants, Inc., Class A*		400		5,600
Tile Shop Holdings, Inc.*		1,300		21,515
Tilly’s, Inc., Class A*		400		3,756
Tuesday Morning Corp.*		1,629		9,741
Vera Bradley, Inc.*		800		12,120
Vitamin Shoppe, Inc.*		1,000		26,850
West Marine, Inc.*		664		5,491
Wingstop, Inc.		700		20,510
Winmark Corp.		100		10,552
Zoe’s Kitchen, Inc.*		700		15,533
Zumiez, Inc.*		703		12,654
				3,349,917
Savings & Loans — 2.0%
Astoria Financial Corp.		3,701		54,035
Banc of California, Inc.		1,900		33,174
Bank Mutual Corp.		1,632		12,534
BankFinancial Corp.		609		7,734
BBX Capital Corp., Class A*		110		2,269
Bear State Financial, Inc.		800		7,352
Beneficial Bancorp, Inc.		2,773		40,791
Berkshire Hills Bancorp, Inc.		1,102		30,537
BofI Holding, Inc.*		2,400		53,760
Brookline Bancorp, Inc.		2,922		35,619
BSB Bancorp*		500		11,715
Capitol Federal Financial, Inc.		5,100		71,757
Charter Financial Corp.		900		11,592
Clifton Bancorp, Inc.		1,146		17,522
Dime Community Bancshares, Inc.		1,030		17,263
EverBank Financial Corp.		4,200		81,312
First Defiance Financial Corp.		300		13,392
Flagstar Bancorp, Inc.*		800		22,200
Flushing Financial Corp.		1,338		31,737
Hingham Institution for Savings		100		13,850
Home Bancorp, Inc.		300		8,400
HomeStreet, Inc.*		1,000		25,060
HomeTrust Bancshares, Inc.*		900		16,650
Investors Bancorp, Inc.		12,055		144,781
Lake Sunapee Bank Group		400		7,228
Meridian Bancorp, Inc.		1,874		29,178
Meta Financial Group, Inc.		400		24,244
MutualFirst Financial, Inc.		300		8,319
Northfield Bancorp, Inc.		1,993		32,087
Northwest Bancshares, Inc.		3,775		59,305
OceanFirst Financial Corp.		927		17,854
Oritani Financial Corp.		1,718		27,007
Pacific Premier Bancorp, Inc.*		1,000		26,460
Provident Financial Holdings, Inc.		300		5,868
Provident Financial Services, Inc.		2,403		51,016
SI Financial Group, Inc.		500		6,600
Southern Missouri Bancorp, Inc.		300		7,470
Sterling Bancorp, Inc.		5,114		89,495
Territorial Bancorp, Inc.		243		6,964
United Community Financial Corp.		1,700		12,087
United Financial Bancorp, Inc.		2,131		29,493

107

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Savings & Loans — (continued)
Washington Federal, Inc.		3,700	$	98,716
Waterstone Financial, Inc.		1,000		16,990
WSFS Financial Corp.		1,271		46,379
				1,367,796
Semiconductors — 3.5%
Advanced Micro Devices, Inc.*		29,900		206,609
Alpha & Omega Semiconductor Ltd.*		1,000		21,720
Ambarella, Inc.*		1,200		88,332
Amkor Technology, Inc.*		4,011		38,987
Applied Micro Circuits Corp.*		2,958		20,558
Axcelis Technologies, Inc.*		1,025		13,612
Brooks Automation, Inc.		2,477		33,712
Cabot Microelectronics Corp.		961		50,846
Cavium, Inc.*		2,493		145,069
CEVA, Inc.*		671		23,532
Cirrus Logic, Inc.*		2,481		131,865
Cohu, Inc.		904		10,613
Diodes, Inc.*		1,399		29,855
DSP Group, Inc.*		557		6,690
EMCOR Group, Inc.		1,200		6,840
Entegris, Inc.*		5,770		100,513
Exar Corp.*		1,532		14,263
FormFactor, Inc.*		2,629		28,525
Gerber Scientific, Inc.~		500		0
GigPeak, Inc.*		2,900		6,815
Impinj, Inc.*		200		7,484
Inphi Corp.*		1,600		69,616
Integrated Device Technology, Inc.*		5,193		119,958
Intersil Corp., Class A		5,400		118,422
InvenSense, Inc.*		2,800		20,776
IXYS Corp.		1,266		15,255
Kopin Corp.*		1,507		3,285
Lattice Semiconductor Corp.*		4,924		31,957
MACOM Technology Solutions Holdings, Inc.*		1,000		42,340
MaxLinear, Inc., Class A*		2,243		45,466
Microsemi Corp.*		4,624		194,116
MKS Instruments, Inc.		2,196		109,207
Monolithic Power Systems, Inc.		1,567		126,143
Nanometrics, Inc.*		900		20,106
Photronics, Inc.*		2,692		27,755
Power Integrations, Inc.		1,095		69,018
Rambus, Inc.*		4,723		59,037
Rudolph Technologies, Inc.*		1,054		18,698
Semtech Corp.*		2,609		72,348
Sigma Designs, Inc.*		1,200		9,348
Silicon Laboratories, Inc.*		1,700		99,960
Tessera Technologies, Inc.		2,023		77,764
Ultra Clean Holdings, Inc.*		900		6,669
Ultratech, Inc.*		978		22,572
Veeco Instruments, Inc.*		1,393		27,345
Xcerra Corp.*		2,466		14,944
				2,408,545
Software — 4.5%
2U, Inc.*		1,500		57,435
ACI Worldwide, Inc.*		4,527		87,733

	Number of Shares		Value†
Software — (continued)
Actua Corp.*		1,428	$	18,493
Acxiom Corp.*		2,967		79,071
Amber Road, Inc.*		600		5,790
American Software, Inc., Class A		593		6,582
Apigee Corp.*		700		12,180
Appfolio, Inc.*		300		5,832
Aspen Technology, Inc.*		3,253		152,208
AVG Technologies NV*		1,700		42,517
Avid Technology, Inc.*		1,100		8,734
Benefitfocus, Inc.*		400		15,968
Blackbaud, Inc.		1,850		122,729
Bottomline Technologies, Inc.*		1,545		36,014
BroadSoft, Inc.*		1,061		49,390
Callidus Software, Inc.*		2,400		44,040
Castlight Health, Inc., Class B*		1,200		4,992
CommVault Systems, Inc.*		1,548		82,245
Computer Programs & Systems, Inc.		447		11,649
Cornerstone OnDemand, Inc.*		2,100		96,495
CSG Systems International, Inc.		1,281		52,944
Cvent, Inc.*		1,200		38,052
Digi International, Inc.*		657		7,490
Ebix, Inc.		1,036		58,897
Envestnet, Inc.*		1,713		62,439
Epiq Systems, Inc.		1,168		19,260
Everyday Health, Inc.*		700		5,383
Evolent Health, Inc., Class A*		700		17,234
Exa Corp.*		700		11,235
Fair Isaac Corp.		1,188		148,013
Five9, Inc.*		1,100		17,248
Glu Mobile, Inc.*		4,000		8,960
Guidance Software, Inc.*		400		2,384
Hortonworks, Inc.*		1,700		14,195
HubSpot, Inc.*		1,200		69,144
Imperva, Inc.*		1,200		64,452
inContact, Inc.*		2,100		29,358
Infoblox, Inc.*		2,100		55,377
InnerWorkings, Inc.*		1,724		16,240
Instructure, Inc.*		300		7,611
Interactive Intelligence Group, Inc.*		697		41,918
Jive Software, Inc.*		1,500		6,390
ManTech International Corp., Class A		1,039		39,160
Medidata Solutions, Inc.*		2,188		122,003
MicroStrategy, Inc., Class A*		375		62,790
MINDBODY, Inc., Class A*		500		9,830
MobileIron, Inc.*		1,200		3,300
Model N, Inc.*		1,100		12,221
Monotype Imaging Holdings, Inc.		1,599		35,354
New Relic, Inc.*		900		34,488
Omnicell, Inc.*		1,435		54,960
Park City Group, Inc.*		700		8,260
Paycom Software, Inc.*		1,800		90,234
PDF Solutions, Inc.*		1,200		21,804
pdvWireless, Inc.*		600		13,740
Pegasystems, Inc.		1,260		37,157
Planet Payment, Inc.*		2,000		7,420
Press Ganey Holdings, Inc.*		900		36,360

108

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
Progress Software Corp.*		1,986	$	54,019
Proofpoint, Inc.*		1,600		119,760
PROS Holdings, Inc.*		917		20,733
QAD, Inc., Class A		392		8,773
Quality Systems, Inc.		1,704		19,289
RealPage, Inc.*		2,000		51,400
Rosetta Stone, Inc.*		1,000		8,480
Sapiens International Corp. NV		800		10,216
SPS Commerce, Inc.*		600		44,046
Synchronoss Technologies, Inc.*		1,546		63,664
SYNNEX Corp.		1,194		136,247
Take-Two Interactive Software, Inc.*		3,344		150,748
Tangoe, Inc.*		1,769		14,594
TubeMogul, Inc.*		500		4,685
Verint Systems, Inc.*		2,395		90,124
Workiva, Inc.*		900		16,317
Xactly Corp.*		1,000		14,720
				3,111,217
Storage & Warehousing — 0.1%
Mobile Mini, Inc.		1,777		53,666
Wesco Aircraft Holdings, Inc.*		2,240		30,083
				83,749
Telecommunications — 3.3%
8X8, Inc.*		3,400		52,462
Acacia Communications, Inc.*		200		20,656
ADTRAN, Inc.		1,905		36,462
Aerohive Networks, Inc.*		1,300		7,917
Anixter International, Inc.*		1,134		73,143
ATN International, Inc.		349		22,699
Black Box Corp.		562		7,812
CalAmp Corp.*		1,400		19,530
Calix, Inc.*		1,487		10,929
Ciena Corp.*		5,600		122,080
Cincinnati Bell, Inc.*		7,785		31,763
Clearfield, Inc.*		400		7,520
Comtech Telecommunications Corp.		552		7,071
Consolidated Communications Holdings, Inc.		1,841		46,467
DigitalGlobe, Inc.*		2,569		70,647
EarthLink Holdings Corp.		4,016		24,899
Extreme Networks, Inc.*		3,147		14,130
FairPoint Communications, Inc.*		600		9,018
Finisar Corp.*		4,221		125,786
General Communication, Inc., Class A*		1,486		20,432
Gigamon, Inc.*		1,300		71,240
Globalstar, Inc.*		14,900		18,029
Gogo, Inc.*		2,200		24,288
GTT Communications, Inc.*		1,100		25,883
Harmonic, Inc.*		2,870		17,019
Hawaiian Telcom Holdco, Inc.*		200		4,478
HC2 Holdings, Inc.*		700		3,815
IDT Corp., Class B		800		13,792
Infinera Corp.*		5,194		46,902
Inteliquent, Inc.		1,226		19,788
Intelsat SA*		1,200		3,252
InterDigital, Inc.		1,394		110,405

	Number of Shares		Value†
Telecommunications — (continued)
Iridium Communications, Inc.*		3,500	$	28,385
Ixia*		2,713		33,912
j2 Global, Inc.		1,874		124,827
Knowles Corp.*		3,452		48,501
KVH Industries, Inc.*		354		3,119
LogMeIn, Inc.		981		88,673
Loral Space & Communications, Inc.*		546		21,354
Lumos Networks Corp.*		782		10,948
NeoPhotonics Corp.*		1,300		21,242
NETGEAR, Inc.*		1,329		80,391
NeuStar, Inc., Class A*		2,300		61,157
Oclaro, Inc.*		4,400		37,620
ORBCOMM, Inc.*		2,700		27,675
Plantronics, Inc.		1,367		71,029
Preformed Line Products Co.		45		1,898
RigNet, Inc.*		500		7,560
Shenandoah Telecommunications Co.		2,018		54,910
ShoreTel, Inc.*		2,281		18,248
Silicom Ltd.		300		12,420
Sonus Networks, Inc.*		1,843		14,338
Spok Holdings, Inc.		1,112		19,816
Straight Path Communications, Inc., Class B*		300		7,683
Telenav, Inc.*		1,000		5,730
Ubiquiti Networks, Inc.*		1,000		53,500
ViaSat, Inc.*		1,762		131,533
Viavi Solutions, Inc.*		9,600		70,944
Vonage Holdings Corp.*		7,500		49,575
West Corp.		1,700		37,536
Windstream Holdings, Inc.		3,500		35,175
				2,270,013
Textiles — 0.2%
Culp, Inc.		300		8,931
G&K Services, Inc., Class A		776		74,100
UniFirst Corp.		577		76,083
				159,114
Toys, Games & Hobbies — 0.0%
JAKKS Pacific, Inc.*		584		5,046
Transportation — 1.6%
Air Transport Services Group, Inc.*		2,085		29,920
ArcBest Corp.		995		18,925
Ardmore Shipping Corp.		800		5,632
Atlas Air Worldwide Holdings, Inc.*		1,048		44,875
Bristow Group, Inc.		1,350		18,927
CAI International, Inc.*		660		5,458
Celadon Group, Inc.		935		8,172
Costamare, Inc.		1,200		10,968
Covenant Transportation Group, Inc., Class A*		400		7,732
DHT Holdings, Inc.		3,900		16,341
Dorian LPG Ltd.*		900		5,400
Echo Global Logistics, Inc.*		1,300		29,978
Era Group, Inc.*		800		6,440
Forward Air Corp.		1,196		51,739
Frontline Ltd.		2,800		20,076

109

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Transportation — (continued)
GasLog Ltd.		1,700	$	24,735
Gener8 Maritime, Inc.*		900		4,608
Golar LNG Ltd.		3,600		76,320
Heartland Express, Inc.		1,967		37,137
Hub Group, Inc., Class A*		1,443		58,817
Knight Transportation, Inc.		2,564		73,561
Marten Transport Ltd.		1,051		22,071
Matson, Inc.		1,600		63,808
Navios Maritime Acquisition Corp.		3,700		4,995
Nordic American Tankers Ltd.		3,567		36,062
Overseas Shipholding Group, Inc.		1,600		16,912
P.A.M. Transportation Services, Inc.*		200		4,004
PHI, Inc.*		593		10,775
Radiant Logistics, Inc.*		1,000		2,840
Roadrunner Transportation Systems, Inc.*		1,000		7,980
Saia, Inc.*		961		28,792
Scorpio Bulkers, Inc.*		1,100		3,806
Scorpio Tankers, Inc.		7,100		32,873
Ship Finance International Ltd.		2,284		33,643
Swift Transportation Co.*		3,000		64,410
Teekay Corp.		1,900		14,649
Teekay Tankers Ltd., Class A		3,193		8,078
Tidewater, Inc.		1,600		4,512
Universal Logistics Holdings, Inc.		100		1,342
USA Truck, Inc.*		200		2,048
Werner Enterprises, Inc.		1,752		40,769
XPO Logistics, Inc.*		3,941		144,517
YRC Worldwide, Inc.*		1,300		16,016
				1,120,663
Trucking and Leasing — 0.2%
GATX Corp.		1,700		75,735
Textainer Group Holdings Ltd.*		812		6,082
The Greenbrier Cos., Inc.		1,047		36,959
				118,776
Water — 0.3%
American States Water Co.		1,524		61,036
Artesian Resources Corp., Class A		413		11,787
California Water Service Group		1,766		56,671
Connecticut Water Service, Inc.		519		25,810
Consolidated Water Co. Ltd.		800		9,296
Middlesex Water Co.		531		18,712
PICO Holdings, Inc.*		792		9,338
SJW Corp.		688		30,052
The York Water Co.		697		20,673
				243,375
TOTAL COMMON STOCKS (Cost $48,535,722)				63,632,133
REAL ESTATE INVESTMENT TRUSTS — 8.3%
Apartments — 0.4%
Bluerock Residential Growth REIT, Inc.		600		7,800
Education Realty Trust, Inc.		2,901		125,149
Independence Realty Trust, Inc.		1,792		16,128
Monogram Residential Trust, Inc.		6,500		69,160

	Number of Shares		Value†
Apartments — (continued)
Preferred Apartment Communities, Inc., Class A		800	$	10,808
Silver Bay Realty Trust Corp.		1,337		23,438
				252,483
Building & Real Estate — 1.0%
Agree Realty Corp.		896		44,298
Altisource Residential Corp.		2,200		23,980
Anworth Mortgage Asset Corp.		3,731		18,357
Apollo Commercial Real Estate Finance, Inc.		2,756		45,119
Ares Commercial Real Estate Corp.		1,000		12,600
Capstead Mortgage Corp.		3,475		32,769
Colony Capital, Inc. Class A		4,416		80,504
Colony Starwood Homes		2,600		74,620
CYS Investments, Inc.		5,856		51,064
Dynex Capital, Inc.		2,307		17,118
Getty Realty Corp.		1,169		27,974
Invesco Mortgage Capital, Inc.		4,407		67,119
iStar Financial, Inc.*		2,718		29,164
New York Mortgage Trust, Inc.		4,700		28,294
PennyMac Mortgage Investment Trust		2,692		41,941
Redwood Trust, Inc.		3,377		47,818
Resource Capital Corp.		1,175		15,052
Select Income REIT		2,600		69,940
				727,731
Diversified — 0.9%
AG Mortgage Investment Trust, Inc.		1,188		18,711
Armada Hoffler Properties, Inc.		1,400		18,760
CatchMark Timber Trust, Inc., Class A		1,300		15,197
CorEnergy Infrastructure Trust, Inc.		500		14,665
CoreSite Realty Corp.		1,400		103,656
DuPont Fabros Technology, Inc.		3,050		125,812
New York REIT, Inc.		6,200		56,730
NexPoint Residential Trust, Inc.		600		11,796
PS Business Parks, Inc.		765		86,881
STAG lndustrial, Inc.		2,600		63,726
The GEO Group, Inc.		2,968		70,579
UMH Properties, Inc.		968		11,539
Whitestone REIT		800		11,104
				609,156
Diversified Financial Services — 0.3%
ARMOUR Residential REIT, Inc.		1,375		30,993
New Residential Investment Corp.		9,600		132,576
Orchid Island Capital, Inc.		600		6,252
Owens Realty Mortgage, Inc.		500		8,660
RAIT Financial Trust		3,606		12,188
United Development Funding IV~		1,000		3,200
Western Asset Mortgage Capital Corp.		1,597		16,641
				210,510
Forest Products & Paper — 0.1%
Potlatch Corp.		1,578		61,368
Healthcare — 1.1%
CareTrust REIT, Inc.		2,395		35,398
Healthcare Realty Trust, Inc.		4,572		155,722
LTC Properties, Inc.		1,517		78,869

110

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Healthcare — (continued)
Medical Properties Trust, Inc.		9,607	$	141,895
National Health Investors, Inc.		1,457		114,345
New Senior Investment Group, Inc.		3,400		39,236
Physicians Realty Trust		5,300		114,162
Sabra Health Care REIT, Inc.		2,588		65,166
Universal Health Realty Income Trust		520		32,771
				777,564
Hotels & Resorts — 1.1%
Ashford Hospitality Prime, Inc.		987		13,917
Ashford Hospitality Trust, Inc.		3,020		17,788
Chatham Lodging Trust		1,400		26,950
Chesapeake Lodging Trust		2,389		54,708
DiamondRock Hospitality Co.		7,523		68,459
FelCor Lodging Trust, Inc.		5,918		38,053
Hersha Hospitality Trust		1,917		34,544
LaSalle Hotel Properties		4,217		100,660
Pebblebrook Hotel Trust		2,709		72,059
RLJ Lodging Trust		5,100		107,253
Ryman Hospitality Properties, Inc.		1,712		82,450
Summitt Hotel Properties, Inc.		3,500		46,060
Sunstone Hotel Investors, Inc.		8,847		113,153
				776,054
Industrial — 0.8%
EastGroup Properties, Inc.		1,275		93,789
First Industrial Realty Trust, Inc.		4,729		133,453
First Potomac Realty Trust		2,392		21,887
InfraREIT, Inc.*		1,700		30,838
Monmouth Real Estate Investment Corp., Class A		2,649		37,801
QTS Realty Trust, Inc., Class A		1,900		100,415
Rexford Industrial Realty, Inc.		2,600		59,514
Terreno Realty Corp.		1,675		46,079
				523,776
Mixed Industrial/Office — 0.5%
Cousins Properties, Inc.		8,461		88,333
Gladstone Commercial Corp.		652		12,147
Investors Real Estate Trust		4,618		27,477
Lexington Realty Trust		9,315		95,944
One Liberty Properties, Inc.		503		12,152
Washington Real Estate Investment Trust		3,006		93,547
				329,600
Office Property — 0.9%
American Assets Trust, Inc.		1,600		69,408
Easterly Government Proper, Inc.		1,300		24,804
Franklin Street Properties Corp.		4,045		50,967
Government Properties Income Trust		2,744		62,069
Gramercy Property Trust		17,017		164,044
Hudson Pacific Properties, Inc.		3,700		121,619
Mack-Cali Realty Corp.		3,500		95,270
Parkway Properties, Inc.		3,380		57,494
				645,675
Real Estate — 0.1%
Xenia Hotels & Resorts, Inc.		4,400		66,792

	Number of Shares		Value†
Real Estate Investment Trusts — 0.0%
Tier REIT, Inc.		2,000	$	30,880
Regional Malls — 0.3%
CBL & Associates Properties, Inc.		6,900		83,766
MTGE Investment Corp.		2,043		35,119
Pennsylvania Real Estate Investment Trust		2,715		62,527
				181,412
Storage & Warehousing — 0.0%
National Storage Affiliates Trust		1,400		29,316
Strip Centers — 0.8%
Acadia Realty Trust		3,120		113,069
Alexander’s, Inc.		86		36,086
Cedar Realty Trust, Inc.		2,826		20,347
Kite Realty Group Trust		3,251		90,118
Ramco-Gershenson Properties Trust		3,141		58,862
Retail Opportunity Investments Corp.		4,300		94,428
Saul Centers, Inc.		451		30,037
Urban Edge Properties		3,500		98,490
Urstadt Biddle Properties, Inc., Class A		1,216		27,019
				568,456
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,927,475)				5,790,773
RIGHTS — 0.0%
Chelsea Therapeutics Intl Ltd. CVR~		1,600		0
Clinical Data, Inc.~		354		0
Cubist Pharmaceuticals, Inc.~		1,200		0
Durata Therapeutics CVR Shares~		500		0
Furiex Pharmaceuticals Rights~		300		0
Leap Wireless CVR~		2,300		7,303
TOTAL RIGHTS (Cost $5,740)				7,303
	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bill
0.000%, 12/08/16	$	9		8,497
0.000%, 03/02/17		71		70,892
TOTAL U.S. TREASURY OBLIGATIONS (Cost $79,371)				79,389
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 2.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,458,585)		1,458,585		1,458,585
TOTAL INVESTMENTS — 102.0% (Cost $55,006,893)(a)			$	70,968,183
Other Assets & Liabilities — (2.0)%				(1,370,587	)
TOTAL NET ASSETS — 100.0%			$	69,597,596

111

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

SMALL CAP INDEX FUND

~ Fair valued security. The total market value of fair valued securities at September 30, 2016 is $16,741.

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $55,259,781. Net unrealized appreciation was $15,708,402. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $21,652,100 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,943,698.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		—	%+	$	23,576
Aerospace & Defense		1.4	%		876,451
Agriculture		0.3	%		220,602
Airlines		0.4	%		261,976
Apparel		0.8	%		512,543
Auto Manufacturers		0.1	%		78,226
Auto Parts & Equipment		1.3	%		822,166
Banks		10.2	%		6,467,412
Beverages		0.2	%		133,551
Biotechnology		4.1	%		2,608,456
Building Materials		1.8	%		1,138,154
Chemicals		2.5	%		1,572,698
Coal		—	%+		24,091
Commercial Services		5.4	%		3,462,108
Computers		3.0	%		1,932,106
Cosmetics & Personal Care		0.2	%		142,415
Distribution & Wholesale		0.7	%		438,431
Diversified Financial Services		2.6	%		1,673,496
Electric		2.3	%		1,490,244
Electrical Components & Equipment		1.2	%		762,146
Electronics		2.5	%		1,614,010
Energy-Alternate Sources		0.4	%		258,903
Engineering & Construction		1.2	%		739,227
Entertainment		0.8	%		477,660
Environmental Control		0.6	%		380,623
Food		1.8	%		1,168,632
Forest Products & Paper		0.4	%		277,156
Gas		1.3	%		819,193
Hand & Machine Tools		0.3	%		180,164
Healthcare Products		3.9	%		2,466,551
Healthcare Services		1.8	%		1,152,617
Holding Companies		0.2	%		152,558
Home Builders		0.8	%		491,216
Home Furnishings		0.6	%		350,295
Hotels & Resorts		0.1	%		52,912

Household Products & Wares	0.4	%	$	256,400
Housewares	—	%+		16,972
Insurance	3.1	%		1,999,847
Internet	2.3	%		1,476,504
Investment Companies	0.1	%		41,805
Iron & Steel	0.6	%		367,332
Leisure Time	0.5	%		336,121
Lodging	0.3	%		198,421
Machinery - Construction & Mining	0.3	%		204,784
Machinery - Diversified	0.8	%		494,550
Media	1.6	%		1,009,930
Metal Fabricate/Hardware	1.0	%		616,736
Mining	0.8	%		501,914
Miscellaneous Manufacturing	1.9	%		1,190,909
Office & Business Equipment	—	%+		12,000
Office Furnishings	0.4	%		268,613
Oil & Gas	1.8	%		1,166,135
Oil & Gas Services	0.9	%		583,407
Packaging and Containers	0.2	%		107,297
Pharmaceuticals	3.9	%		2,454,041
Pipelines	0.2	%		104,950
Publishing / Newspapers	0.2	%		101,180
Real Estate	0.6	%		412,599
Real Estate Investment Trusts	0.2	%		154,822
Regional Malls	0.1	%		94,088
Retail	5.3	%		3,349,917
Savings & Loans	2.2	%		1,367,796
Semiconductors	3.8	%		2,408,545
Software	4.9	%		3,111,217
Storage & Warehousing	0.1	%		83,749
Telecommunications	3.6	%		2,270,013
Textiles	0.3	%		159,114
Toys, Games & Hobbies	—	%		5,046
Transportation	1.8	%		1,120,663
Trucking and Leasing	0.2	%		118,776
Water	0.4	%		243,375
	100.0	%	$	63,632,133

+ Unrounded.

112

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Advertising	$	23,576	$	23,576	$	—	$	—
Aerospace & Defense		876,451		876,451		—		—
Agriculture		220,602		220,602		—		—
Airlines		261,976		261,976		—		—
Apparel		512,543		512,543		—		—
Auto Manufacturers		78,226		78,226		—		—
Auto Parts & Equipment		822,166		822,166		—		—
Banks		6,467,412		6,467,412		—		—
Beverages		133,551		133,551		—		—
Biotechnology		2,608,456		2,608,456		—		—
Building Materials		1,138,154		1,138,154		—		—
Chemicals		1,572,698		1,572,698		—		—
Coal		24,091		24,091		—		—
Commercial Services		3,462,108		3,462,108		—		—
Computers		1,932,106		1,932,106		—		—
Cosmetics & Personal Care		142,415		142,415		—		—
Distribution & Wholesale		438,431		438,431		—		—
Diversified Financial Services		1,673,496		1,673,496		—		—
Electric		1,490,244		1,490,244		—		—
Electrical Components & Equipment		762,146		762,146		—		—
Electronics		1,614,010		1,614,010		—		—
Energy-Alternate Sources		258,903		258,903		—		—
Engineering & Construction		739,227		739,227		—		—
Entertainment		477,660		477,660		—		—
Environmental Control		380,623		380,623		—		—
Food		1,168,632		1,168,632		—		—
Forest Products & Paper		277,156		277,156		—		—
Gas		819,193		819,193		—		—
Hand & Machine Tools		180,164		180,164		—		—
Healthcare Products		2,466,551		2,466,551		—		—
Healthcare Services		1,152,617		1,152,617		—		—
Holding Companies		152,558		152,558		—		—
Home Builders		491,216		491,216		—		—
Home Furnishings		350,295		350,295		—		—
Hotels & Resorts		52,912		52,912		—		—
Household Products & Wares		256,400		256,400		—		—
Housewares		16,972		16,972		—		—
Insurance		1,999,847		1,999,847		—		—
Internet		1,476,504		1,476,504		—		—
Investment Companies		41,805		41,805		—		—
Iron & Steel		367,332		367,332		—		—
Leisure Time		336,121		336,121		—		—
Lodging		198,421		198,421		—		—
Machinery - Construction & Mining		204,784		204,784		—		—
Machinery - Diversified		494,550		494,550		—		—
Media		1,009,930		1,009,930		—		—
Metal Fabricate/Hardware		616,736		616,736		—		—
Mining		501,914		501,914		—		—
Miscellaneous Manufacturing		1,190,909		1,190,909		—		—
Office & Business Equipment		12,000		12,000		—		—
Office Furnishings		268,613		268,613		—		—

Oil & Gas		1,166,135		1,166,135		—		—
Oil & Gas Services		583,407		583,407		—		—
Packaging and Containers		107,297		107,297		—		—
Pharmaceuticals		2,454,041		2,447,803		6,238		—
Pipelines		104,950		104,950		—		—
Publishing / Newspapers		101,180		101,180		—		—
Real Estate		412,599		412,599		—		—
Real Estate Investment Trusts		154,822		154,822		—		—
Regional Malls		94,088		94,088		—		—
Retail		3,349,917		3,349,917		—		—
Savings & Loans		1,367,796		1,367,796		—		—
Semiconductors		2,408,545		2,408,545		—		—
Software		3,111,217		3,111,217		—		—
Storage & Warehousing		83,749		83,749		—		—
Telecommunications		2,270,013		2,270,013		—		—
Textiles		159,114		159,114		—		—
Toys, Games & Hobbies		5,046		5,046		—		—
Transportation		1,120,663		1,120,663		—		—
Trucking and Leasing		118,776		118,776		—		—
Water		243,375		243,375		—		—
REAL ESTATE INVESTMENT TRUSTS
Apartments		252,483		252,483		—		—
Building & Real Estate		727,731		727,731		—		—
Diversified		609,156		609,156		—		—
Diversified Financial Services		210,510		207,310		3,200		—
Forest Products & Paper		61,368		61,368		—		—
Healthcare		777,564		777,564		—		—
Hotels & Resorts		776,054		776,054		—		—
Industrial		523,776		523,776		—		—
Mixed Industrial/Office		329,600		329,600		—		—
Office Property		645,675		645,675		—		—
Real Estate		66,792		66,792		—		—
Real Estate Investment Trusts		30,880		30,880		—		—
Regional Malls		181,412		181,412		—		—
Storage & Warehousing		29,316		29,316		—		—
Strip Centers		568,456		568,456		—		—
U.S. TREASURY OBLIGATIONS		79,389		—		79,389		—
RIGHTS		7,303		—		7,303		—
SHORT-TERM INVESTMENTS		1,458,585		1,458,585		—		—
TOTAL INVESTMENTS	$	70,968,183	$	70,872,053	$	96,130	$	—

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

The Fund did not have any significant transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

113

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — 100.8%
Australia — 7.4%
AGL Energy Ltd.		5,276	$	76,924
Alumina Ltd.		25,717		28,736
Amcor Ltd.		9,071		105,179
AMP Ltd.		24,438		98,755
APA Group		8,753		57,076
Aristocrat Leisure Ltd.		4,196		50,772
ASX Ltd.		1,401		51,640
Aurizon Holdings Ltd.		15,495		55,738
Ausnet Services		18,561		23,297
Australia & New Zealand Banking Group Ltd.		24,128		510,226
Bank of Queensland Ltd.		3,114		27,098
Bendigo & Adelaide Bank Ltd.		3,810		31,405
BHP Billiton Ltd.		26,612		455,825
Boral Ltd.		4,756		24,570
Brambles Ltd.		13,433		123,166
Caltex Australia Ltd.		2,100		55,048
Challenger Ltd/Australia		4,465		34,754
CIMIC Group Ltd.		829		18,235
Coca-Cola Amatil Ltd.		4,963		38,934
Cochlear Ltd.		521		56,219
Commonwealth Bank of Australia		14,052		778,641
Computershare Ltd.		3,381		26,705
Crown Resorts Ltd.		2,801		28,105
CSL Ltd.		3,843		314,713
Dexus Property Group		8,629		60,429
Domino’s Pizza Enterprises Ltd.		473		25,457
DUET Group		18,193		34,949
Flight Centre Travel Group Ltd.		439		12,223
Fortescue Metals Group Ltd.		13,816		52,342
Goodman Group		15,448		86,072
Harvey Norman Holdings Ltd.		3,235		12,875
Healthscope Ltd.		13,599		31,953
Incitec Pivot Ltd.		13,612		29,379
Insurance Australia Group Ltd.		19,230		80,506
Lend Lease Group		4,333		46,560
Macquarie Group Ltd.		2,598		162,928
Medibank Pvt. Ltd.		21,209		40,256
Mirvac Group		26,971		46,239
National Australia Bank Ltd.		21,827		465,577
Newcrest Mining Ltd.		6,279		106,637
Oil Search Ltd.		10,741		58,284
Orica Ltd.		2,861		33,283
Origin Energy Ltd.		14,077		58,394
Platinum Asset Management Ltd.		1,805		6,949
Qantas Airways Ltd.		2,415		5,767
QBE Insurance Group Ltd.		10,872		77,301
Ramsay Health Care Ltd.		1,247		75,512
REA Group Ltd.		400		17,282
Rio Tinto Ltd.		3,611		142,634
Santos Ltd.		12,884		35,597
Scentre Group		44,852		161,339
Seek Ltd.		2,700		32,154
Sonic Healthcare Ltd.		3,512		59,161
South32 Ltd.		16,770		31,735
South32 Ltd.		24,967		46,052

	Number of Shares		Value†
Australia — (continued)
Stockland		19,302	$	70,319
Suncorp Group Ltd.		11,050		102,416
Sydney Airport		9,694		51,713
Tabcorp Holdings Ltd.		7,043		26,844
Tatts Group Ltd.		13,129		36,676
Telstra Corp. Ltd.		33,844		134,175
The GPT Group		15,260		59,097
The GPT Group, In Specie*~		16,419		0
TPG Telecom Ltd.		2,224		14,672
Transurban Group		17,184		149,536
Treasury Wine Estates Ltd.		5,948		50,257
Vicinity Centres		29,456		71,465
Vocus Communications Ltd.		4,004		19,090
Wesfarmers Ltd.		9,371		316,290
Westfield Corp.		15,906		118,450
Westpac Banking Corp.		27,501		621,124
Woodside Petroleum Ltd.		6,074		133,047
Woolworths Ltd.		10,150		180,769
				7,363,527
Austria — 0.2%
Andritz AG		668		36,361
Erste Group Bank AG		2,497		73,954
Immoeast AG~		2,678		0
OMV AG		1,135		32,666
Raiffeisen Bank International AG*		750		11,420
Voestalpine AG		1,009		34,911
				189,312
Belgium — 1.4%
Ageas		1,453		52,991
Anheuser-Busch InBev N.V.		6,613		866,192
Belgacom S.A.		1,133		33,836
Colruyt S.A.		647		35,875
Groupe Bruxelles Lambert S.A.		667		59,133
KBC Groep N.V.*		2,043		118,928
Solvay S.A.		600		69,390
Telenet Group Holding N.V.*		377		19,663
UCB S.A.		1,013		78,326
Umicore S.A.		738		46,285
				1,380,619
China — 0.1%
Sands China Ltd.		19,200		83,296
Yangzijiang Shipbuilding Holdings Ltd.		19,000		10,450
				93,746
Denmark — 1.8%
A.P. Moller - Maersk A/S, B Shares		55		80,659
A.P. Moller - Maersk A/S, A Shares		31		43,498
Carlsberg A/S, B Shares		840		80,098
Chr Hansen Holding AS		775		46,070
Coloplast A/S, B Shares		905		70,184
Danske Bank A/S		5,957		173,823
DSV A/S		1,517		75,531
Genmab AS*		490		83,541
ISS A/S		1,307		54,249
Novo Nordisk A/S, B Shares		15,611		648,662
Novozymes A/S, B Shares		1,916		84,267

114

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Denmark — (continued)
Pandora A/S		986	$	119,161
TDC A/S*		6,200		36,463
Tryg A/S		965		19,364
Vestas Wind Systems A/S		1,794		147,653
William Demant Holding A/S*		690		14,086
				1,777,309
Finland — 1.0%
Elisa OYJ		1,000		36,880
Fortum OYJ		3,489		56,361
Kone OYJ, B Shares		2,641		134,009
Metso OYJ		661		19,284
Neste OYJ		1,183		50,420
Nokia OYJ		48,031		278,412
Nokian Renkaat OYJ		765		27,886
Orion OYJ, B Shares		750		29,564
Sampo OYJ, A Shares		3,551		157,966
Stora Enso OYJ, R Shares		4,323		38,389
UPM-Kymmene OYJ		4,158		87,813
Wartsila OYJ Abp		1,184		53,295
				970,279
France — 9.4%
Accor S.A.		1,361		53,985
Aeroports de Paris		215		21,322
Air Liquide S.A.		2,861		306,769
Air Liquide S.A.~		357		38,279
Alstom S.E.*		1,018		26,926
Arkema S.A.		594		54,983
AtoS S.A.		702		75,642
AXA S.A.		16,118		342,932
BNP Paribas S.A.		8,773		451,072
Bollore S.A.		6,919		24,056
Bouygues S.A.		1,571		52,053
Bureau Veritas S.A.		2,393		51,331
Cap Gemini S.A.		1,393		136,422
Carrefour S.A.		4,457		115,482
Casino Guichard Perrachon S.A.		468		22,764
Christian Dior S.E.		408		73,126
CNP Assurances		1,617		27,165
Compagnie de Saint-Gobain		4,041		174,634
Compagnie Generale des Establissements Michelin, B Shares		1,486		164,360
Credit Agricole S.A.		8,537		84,182
Danone S.A.		4,889		362,752
Dassault Systemes S.A.		988		85,716
Edenred		1,755		41,037
Eiffage S.A.		442		34,340
Electricite de France S.A.		2,020		24,575
Essilor International S.A.		1,632		210,465
Eurazeo S.A.		360		20,884
Eutelsat Communications S.A.		1,342		27,784
Fonciere Des Regions		278		25,908
GDF Suez		12,247		189,719
Gecina S.A.		313		49,278
Groupe Eurotunnel S.E.		3,742		40,506
Hermes International		218		88,712
ICADE		313		24,412

	Number of Shares		Value†
France — (continued)
Iliad S.A.		205	$	43,018
Imerys S.A.		213		15,383
Ingenico Group S.A.		436		38,090
JCDecaux S.A.		510		16,488
Kering		649		130,902
Klepierre		1,908		87,449
L’Oreal S.A.		2,097		395,989
Lagardere S.C.A.		948		24,137
Legrand S.A.		2,075		122,329
LVMH Moet Hennessy Louis Vuitton S.E.		2,312		394,255
Natixis		7,282		33,940
Numericable-SFR		671		19,756
Orange S.A.		16,542		258,855
Pernod Ricard S.A.		1,689		199,886
Peugeot S.A.*		3,574		54,582
Publicis Groupe S.A.		1,489		112,605
Remy Cointreau S.A.		156		13,278
Renault S.A.		1,493		122,668
Rexel S.A.		1,960		30,043
Safran S.A.		2,629		189,011
Sanofi S.A.		9,456		718,503
Schneider Electric S.E.		4,647		323,968
SCOR S.E.		1,118		34,751
Societe BIC S.A.		246		36,381
Societe Generale S.A.		6,417		221,880
Sodexo S.A.		765		91,093
Suez Environment Co.		2,507		41,385
Technip S.A.		909		55,825
Thales S.A.		920		84,736
TOTAL S.A.		18,163		860,416
Unibail-Rodamco S.E.		825		222,424
Valeo SA		2,057		119,997
Veolia Environment S.A.		3,504		80,693
Vinci S.A.		4,165		318,718
Vivendi S.A.		9,768		196,964
Wendel S.A.		253		29,544
Zodiac Aerospace		1,724		41,977
				9,305,492
Germany — 8.6%
adidas AG		1,574		273,181
Allianz S.E.		3,771		559,599
Axel Springer S.E.		327		16,743
BASF S.E.		7,575		647,652
Bayer AG		6,811		684,245
Bayerische Motoren Werke AG		2,773		233,038
Beiersdorf AG		792		74,690
Brenntag AG		1,140		62,245
Commerzbank AG		8,718		56,195
Continental AG		878		184,587
Covestro AG144A @		547		32,340
Daimler AG		7,955		560,395
Deutsche Annington Immobilien S.E.		3,943		149,293
Deutsche Bank AG*		10,968		142,554
Deutsche Boerse AG*		1,516		122,872
Deutsche Lufthansa AG		1,991		22,154
Deutsche Post AG		8,106		253,327

115

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Germany — (continued)
Deutsche Telekom AG		26,656	$	446,767
Deutsche Wohnen AG		2,580		93,773
E.ON S.E.		16,007		113,535
Evonik Industries AG		1,096		37,053
Fraport AG Frankfurt Airport Services Worldwide		272		14,876
Fresenius Medical Care AG & Co. KGaA		1,846		161,252
Fresenius S.E. & Co. KGaA		3,413		272,253
GEA Group AG		1,522		84,479
Hannover Rueck S.E.		474		50,766
HeidelbergCement AG		1,217		114,961
Henkel AG & Co. KGaA		823		95,780
Hochtief AG		160		22,566
Hugo Boss AG		567		31,353
Infineon Technologies AG		9,582		170,932
K+S AG		1,330		25,227
LANXESS AG		691		42,926
Linde AG		1,553		263,954
MAN S.E.		297		31,308
Merck KGaA		1,016		109,465
Metro AG		1,566		46,601
Muenchener Ruckversicherungs AG		1,315		245,217
OSRAM Licht AG		667		39,157
ProSiebenSat.1 Media AG		1,773		75,924
RWE AG*		3,801		65,479
SAP S.E.		8,102		736,487
Siemens AG		6,304		737,906
Symrise AG		1,079		79,065
Telefonica Deutschland Holding AG		4,698		18,899
ThyssenKrupp AG		2,865		68,295
TUI AG		3,650		51,898
Uniper S.E.*		1,601		19,609
United Internet AG		908		40,173
Volkswagen AG		247		35,835
Zalando SE*144A @		677		28,253
				8,547,134
Hong Kong — 3.3%
AIA Group Ltd.		99,400		660,625
ASM Pacific Technology Ltd.		1,700		14,005
Bank of East Asia Ltd.		8,088		32,795
BOC Hong Kong Holdings Ltd.		32,000		108,091
Cathay Pacific Airways Ltd.		10,000		13,924
Cheung Kong Infrastructure Holdings Ltd.		5,000		42,997
Cheung Kong Property Holdings Ltd.		21,170		154,482
CK Hutchison Holdings Ltd.		22,628		287,649
CLP Holdings Ltd.		14,000		144,668
First Pacific Co., Ltd.		15,750		11,209
Galaxy Entertainment Group Ltd.		18,000		67,763
Hang Lung Properties Ltd.		19,000		42,721
Hang Seng Bank Ltd.		6,500		116,065
Henderson Land Development Co., Ltd.		8,935		52,990
HK Electric Investments & HK Electric Investments Ltd.144A @		20,777		20,358
HKT Trust & HKT Ltd.		21,240		29,903
Hong Kong & China Gas Co., Ltd.		59,464		112,237
Hong Kong Exchanges & Clearing Ltd.		9,754		256,287

	Number of Shares		Value†
Hong Kong — (continued)
Hysan Development Co., Ltd.		6,140	$	28,775
Kerry Properties Ltd.		3,509		11,491
Li & Fung Ltd.		50,000		25,592
Link REIT		18,176		133,571
Melco Crown Entertainment Ltd. ADR		1,467		23,633
MGM China Holdings Ltd.		8,400		14,577
MTR Corp., Ltd.		11,599		63,854
New World Development Co., Ltd.		49,698		64,586
Noble Group Ltd.*		38,270		4,266
NWS Holdings Ltd.		13,307		22,200
PCCW Ltd.		33,068		20,293
Power Assets Holdings Ltd.		12,000		116,962
Shangri-La Asia Ltd.		6,666		7,305
Sino Land Co., Ltd.		21,298		37,673
SJM Holdings Ltd.		17,000		12,493
Sun Hung Kai Properties Ltd.		12,161		183,597
Swire Pacific Ltd., A Shares		5,000		53,859
Swire Properties Ltd.		9,336		27,323
Techtronic Industries Co.		11,000		42,971
The Wharf Holdings Ltd.		11,000		80,056
WH Group Ltd.144A @		45,343		36,478
Wheelock & Co., Ltd.		7,000		41,289
Yue Yuen Industrial Holdings Ltd.		7,000		28,879
				3,250,492
Ireland — 1.2%
Anglo Irish Bank Corp. PLC*~		3,146		0
Bank of Ireland*		220,348		46,040
CRH PLC		6,548		218,943
DCC PLC		683		62,190
Experian PLC		8,103		162,161
James Hardie Industries PLC		3,958		61,554
Kerry Group PLC, A Shares		1,349		112,383
Paddy Power Betfair PLC		632		71,493
Ryanair Holdings PLC ADR		257		19,283
Shire PLC		7,415		480,353
				1,234,400
Israel — 0.7%
Azrieli Group		283		12,426
Bank Hapoalim BM		8,292		47,055
Bank Leumi Le-Israel BM*		11,337		43,122
Bezeq The Israeli Telecommunication Corp., Ltd.		15,011		28,324
Check Point Software Technologies Ltd.*		1,012		78,541
Israel Chemicals Ltd.		3,410		13,289
Mizrahi Tefahot Bank Ltd.		783		9,959
Mobileye NV*		1,353		57,597
NICE Systems Ltd.		400		26,789
Taro Pharmaceutical Industries Ltd.*		116		12,819
Teva Pharmaceutical Industries Ltd.		7,614		365,620
				695,541
Italy — 1.8%
Assicurazioni Generali SpA		9,446		115,238
Atlantia SpA		3,570		90,594
Enel SpA		63,445		282,805
Eni SpA		21,103		303,913

116

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Italy — (continued)
Exor SpA		848	$	34,341
Ferrari NV		1,122		58,269
Finmeccanica SpA*		3,179		36,033
Intesa Sanpaolo SpA		106,300		235,721
Intesa Sanpaolo SpA, RSP		8,795		18,416
Luxottica Group SpA		1,314		62,763
Mediobanca SpA		4,539		29,523
Poste Italiane Spa144A @		4,029		27,631
Prysmian SpA		1,389		36,387
Saipem SpA*		46,345		19,612
Snam SpA		20,845		115,583
Telecom Italia SpA*		78,086		64,824
Telecom Italia SpA, RSP		52,300		35,486
Terna Rete Elettrica Nasionale SpA		11,628		59,930
UniCredit SpA		39,577		92,119
Unione di Banche Italiane SCpA		7,359		16,947
Unipolsai SPA		8,602		13,992
				1,750,127
Japan — 24.0%
ABC-Mart, Inc.		200		13,530
Acom Co., Ltd.*		3,200		14,926
Aeon Co., Ltd.		5,700		83,697
AEON Financial Service Co., Ltd.		700		12,115
Aeon Mall Co., Ltd.		710		11,119
Air Water, Inc.		1,000		18,697
Aisin Seiki Co., Ltd.		1,400		63,439
Ajinomoto Co., Inc.		4,700		103,937
Alfresa Holdings Corp.		1,600		33,560
Alps Electric Co., Ltd.		1,400		33,134
Amada Holdings Co., Ltd.		3,000		30,886
ANA Holdings, Ltd.		11,000		29,690
Aozora Bank Ltd.		10,000		34,219
Asahi Glass Co., Ltd.		7,000		44,870
Asahi Group Holdings Ltd.		3,200		115,687
Asahi Kasei Corp.		11,000		86,868
Asics Corp.		1,000		19,950
Astellas Pharma, Inc.		17,600		273,099
Bandai Namco Holdings, Inc.		1,500		45,486
Benesse Holdings, Inc.		700		17,768
Bridgestone Corp.		5,200		190,042
Brother Industries Ltd.		1,500		26,049
Calbee, Inc.		800		30,097
Canon, Inc.		8,900		256,586
Casio Computer Co., Ltd.		1,500		20,753
Central Japan Railway Co.		1,200		203,659
Chubu Electric Power Co., Inc.		5,100		73,730
Chugai Pharmaceutical Co., Ltd.		1,800		64,523
Concordia Financial Group Ltd.		8,000		34,531
Credit Saison Co., Ltd.		1,000		16,459
Cyberdyne, Inc.*		1,000		15,532
Dai Nippon Printing Co., Ltd.		4,000		38,894
Daicel Corp.		2,000		24,989
Daiichi Sankyo Co., Ltd.		4,800		114,314
Daikin Industries Ltd.		2,000		184,429
Daito Trust Construction Co., Ltd.		600		95,705
Daiwa House Industry Co., Ltd.		4,500		122,279

	Number of Shares		Value†
Japan — (continued)
Daiwa House REIT Investment Corp.		11	$	32,293
Daiwa Securities Group, Inc.		13,000		72,355
Denso Corp.		3,900		153,839
Dentsu, Inc.		1,800		90,706
Don Quijote Holdings Co., Ltd.		800		29,072
East Japan Railway Co.		2,800		250,717
Eisai Co., Ltd.		2,000		123,998
Electric Power Development Co., Ltd.		1,000		23,845
FamilyMart Co., Ltd.		700		46,526
FANUC Corp.		1,600		268,389
Fast Retailing Co., Ltd.		400		127,370
Fuji Electric Co., Ltd.		4,000		18,145
Fuji Heavy Industries Ltd.		4,900		181,446
FUJIFILM Holdings Corp.		3,700		135,660
Fujitsu Ltd.		15,000		79,878
Fukuoka Financial Group, Inc.		6,000		24,673
GungHo Online Entertainment, Inc.		3,000		7,307
Hakuhodo DY Holdings, Inc.		1,500		17,425
Hamamatsu Photonics K.K.		1,000		30,423
Hankyu Hanshin Holdings, Inc.		2,200		75,282
Hikari Tsushin, Inc.		200		18,461
Hino Motors Ltd.		2,000		21,123
Hirose Electric Co., Ltd.		210		27,336
Hisamitsu Pharmaceutical Co., Inc.		400		21,419
Hitachi Chemical Co., Ltd.		1,000		22,741
Hitachi Construction Machinery Co., Ltd.		1,000		19,713
Hitachi High-Technologies Corp.		500		19,797
Hitachi Ltd.		38,000		175,601
Hitachi Metals Ltd.		2,000		24,299
Hokuriku Electric Power Co.		1,200		14,520
Honda Motor Co., Ltd.		13,500		384,412
Hongkong Land Holdings Ltd.		9,000		63,900
Hoshizaki Electric Co., Ltd.		500		45,264
Hoya Corp.		3,300		131,408
Hulic Co., Ltd.		2,500		25,270
Idemitsu Kosan Co., Ltd.		900		18,461
IHI Corp.		12,000		34,318
Iida Group Holdings Co., Ltd.		1,000		19,960
Inpex Corp.		7,200		64,555
Isetan Mitsukoshi Holdings Ltd.		2,500		24,382
Isuzu Motors Ltd.		4,500		52,342
ITOCHU Corp.		12,000		149,342
J. Front Retailing Co., Ltd.		2,000		25,936
Japan Airlines Co., Ltd.		1,000		29,180
Japan Airport Terminal Co., Ltd.		300		11,346
Japan Exchange Group, Inc.		4,000		61,733
Japan Post Bank Co., Ltd.		3,000		35,353
Japan Post Holdings Co., Ltd.		4,000		49,820
Japan Prime Realty Investment Corp.		8		36,053
Japan Real Estate Investment Corp.		10		59,662
Japan Retail Fund Investment Corp.		20		49,327
Japan Tobacco, Inc.		9,100		369,636
JFE Holdings, Inc.		4,600		66,275
JGC Corp.		2,000		34,416
JSR Corp.		1,100		17,128
JTEKT Corp.		1,500		22,218

117

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DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
JX Holdings, Inc.		17,690	$	71,018
Kajima Corp.		7,000		48,597
Kakaku.Com, Inc.		1,100		19,775
Kamigumi Co., Ltd.		2,000		17,317
Kaneka Corp.		2,000		15,680
Kansai Paint Co., Ltd.		2,000		43,450
Kao Corp.		4,200		235,710
Kawasaki Heavy Industries Ltd.		10,000		30,570
KDDI Corp.		15,000		460,776
Keihan Electric Railway Co., Ltd.		5,000		34,762
Keikyu Corp.		4,000		41,497
Keio Corp.		5,000		43,390
Keisei Electric Railway Co., Ltd.		1,000		24,782
Keyence Corp.		341		247,028
Kikkoman Corp.		1,000		31,754
Kintetsu Group Holdings Co., Ltd.		16,000		66,742
Kirin Holdings Co., Ltd.		6,800		112,087
Kobe Steel Ltd.*		2,600		23,255
Koito Manufacturing Co., Ltd.		1,000		48,124
Komatsu Ltd.		7,300		165,214
Konami Corp.		600		23,046
Konica Minolta, Inc.		4,000		33,529
Kose Corp.		200		20,275
Kubota Corp.		8,200		122,387
Kuraray Co., Ltd.		2,400		35,288
Kurita Water Industries Ltd.		800		18,855
Kyocera Corp.		2,600		123,661
Kyowa Hakko Kirin Co., Ltd.		2,000		31,281
Kyushu Electric Power Co., Inc.		2,900		27,054
Kyushu Financial Group Inc.		3,000		20,236
Lawson, Inc.		500		39,298
LIXIL Group Corp.		2,300		48,924
M3, Inc.		1,700		57,670
Mabuchi Motor Co., Ltd.		400		21,853
Makita Corp.		1,000		70,608
Marubeni Corp.		13,000		66,087
Marui Group Co., Ltd.		1,500		19,644
Maruichi Steel Tube Ltd.		300		10,295
Mazda Motor Corp.		5,000		75,514
McDonald’s Holdings Co., Japan Ltd.		700		20,571
Mebuki Financial Group Inc.		7,020		24,922
Medipal Holdings Corp.		1,700		29,220
MEIJI Holdings Co., Ltd.		900		88,664
Minebea Co., Ltd.		3,000		27,928
Miraca Holdings, Inc.		400		19,762
Mitsubishi Chemical Holdings Corp.		12,100		74,959
Mitsubishi Corp.		12,600		283,921
Mitsubishi Electric Corp.		16,000		202,357
Mitsubishi Estate Co., Ltd.		10,000		186,184
Mitsubishi Gas Chemical Co., Inc.		1,500		21,316
Mitsubishi Heavy Industries Ltd.		27,000		111,589
Mitsubishi Logistics Corp.		1,000		14,309
Mitsubishi Materials Corp.		700		18,914
Mitsubishi Motors Corp.		5,200		24,050
Mitsubishi Tanabe Pharma Corp.		1,900		40,378
Mitsubishi UFJ Financial Group, Inc.		105,400		524,999

	Number of Shares		Value†
Japan — (continued)
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,600	$	20,867
Mitsui & Co., Ltd.		14,400		197,458
Mitsui Chemicals, Inc.		9,000		42,335
Mitsui Fudosan Co., Ltd.		7,000		147,414
Mitsui OSK Lines Ltd.		10,000		22,977
Mixi, Inc.		500		17,923
Mizuho Financial Group, Inc.		196,680		327,008
MS&AD Insurance Group Holdings, Inc.		4,090		112,510
Murata Manufacturing Co., Ltd.		1,600		205,591
Nabtesco Corp.		700		19,639
Nagoya Railroad Co., Ltd.		7,000		37,898
NEC Corp.		21,000		53,636
Nexon Co., Ltd.		1,100		17,085
NGK Insulators Ltd.		2,000		41,004
NGK Spark Plug Co., Ltd.		1,400		24,395
NH Foods Ltd.		1,000		24,022
NHK Spring Co., Ltd.		1,200		11,514
Nidec Corp.		2,000		182,673
Nikon Corp.		2,900		43,012
Nintendo Co., Ltd.		900		236,127
Nippon Building Fund, Inc.		12		75,854
Nippon Electric Glass Co., Ltd.		2,000		10,256
Nippon Express Co., Ltd.		6,000		27,809
Nippon Paint Holdings Co., Ltd.		1,500		49,554
Nippon Prologis REIT, Inc.		15		37,868
Nippon Steel & Sumitomo Metal Corp.		6,817		138,249
Nippon Telegraph & Telephone Corp.		5,800		263,904
Nippon Yusen K.K.		13,000		24,101
Nissan Motor Co., Ltd.		20,900		202,539
Nisshin Seifun Group, Inc.		1,815		27,456
Nissin Foods Holdings Co., Ltd.		500		30,225
Nitori Holdings Co., Ltd.		600		71,298
Nitto Denko Corp.		1,400		89,822
NOK Corp.		1,000		21,606
Nomura Holdings, Inc.		28,500		125,377
Nomura Real Estate Holdings, Inc.		1,000		16,725
Nomura Real Estate Master Fund, Inc.		28		46,664
Nomura Research Institute Ltd.		1,100		37,641
NSK Ltd.		4,000		40,471
NTT Data Corp.		1,000		49,603
NTT DOCOMO, Inc.		11,300		285,495
NTT Urban Development Corp.		1,000		9,595
Obayashi Corp.		5,000		49,159
Obic Co. Ltd.		500		26,379
Odakyu Electric Railway Co., Ltd.		2,500		55,224
Oji Holdings Corp.		6,000		23,549
Olympus Corp.		2,200		75,933
Omron Corp.		1,600		56,881
Ono Pharmaceutical Co., Ltd.		3,500		96,867
Oracle Corp. Japan		200		11,222
Oriental Land Co., Ltd.		1,900		114,931
ORIX Corp.		10,600		154,445
Osaka Gas Co., Ltd.		16,000		66,600
Otsuka Corp.		300		14,127
Otsuka Holdings Co., Ltd.		3,300		149,339
Panasonic Corp.		17,500		172,920

118

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SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Park24 Co., Ltd.		800	$	25,876
Pola Orbis Holdings, Inc.		200		17,770
Rakuten, Inc.		7,300		94,377
Recruit Holdings Co., Ltd.		2,300		93,220
Resona Holdings, Inc.		17,800		74,128
Ricoh Co., Ltd.		5,000		44,870
Rinnai Corp.		300		27,661
Rohm Co., Ltd.		800		41,655
Ryohin Keikaku Co. Ltd.		200		40,097
Sankyo Co., Ltd.		400		13,569
Santen Pharmaceutical Co., Ltd.		3,000		43,874
SBI Holdings, Inc.		1,710		20,168
Secom Co., Ltd.		1,700		125,868
Sega Sammy Holdings, Inc.		1,200		16,981
Seibu Holdings, Inc.		1,000		16,390
Seiko Epson Corp.		2,200		41,915
Sekisui Chemical Co., Ltd.		3,000		42,749
Sekisui House Ltd.		4,600		77,616
Seven & I Holdings Co., Ltd.		6,300		295,539
Seven Bank Ltd.		5,300		16,830
Sharp Corp/Japan*		12,000		15,976
Shikoku Electric Power Co., Inc.*		1,300		12,756
Shimadzu Corp.		2,000		30,196
Shimamura Co., Ltd.		200		24,180
Shimano, Inc.		600		88,280
Shimizu Corp.		5,000		44,377
Shin-Etsu Chemical Co., Ltd.		3,300		227,865
Shinsei Bank Ltd.		14,000		20,985
Shionogi & Co., Ltd.		2,500		127,015
Shiseido Co., Ltd.		3,300		86,710
Showa Shell Sekiyu K.K.		1,000		9,220
SMC Corp.		500		142,449
SoftBank Corp.		7,900		508,099
Sohgo Security Services Co., Ltd.		500		26,626
Sompo Japan Nipponkoa Holdings, Inc.		3,025		88,463
Sony Corp.		10,500		340,974
Sony Financial Holdings, Inc.		1,200		16,342
Stanley Electric Co., Ltd.		1,300		34,703
Start Today Co., Ltd.		1,500		25,590
Sumitomo Chemical Co., Ltd.		12,000		52,660
Sumitomo Corp.		10,200		112,959
Sumitomo Dainippon Pharma Co., Ltd.		1,400		26,880
Sumitomo Electric Industries Ltd.		5,900		82,386
Sumitomo Heavy Industries Ltd.		5,000		24,358
Sumitomo Metal Mining Co., Ltd.		4,000		54,692
Sumitomo Mitsui Financial Group, Inc.		11,200		373,315
Sumitomo Mitsui Trust Holdings, Inc.		2,543		82,004
Sumitomo Realty & Development Co., Ltd.		3,000		76,845
Sumitomo Rubber Industries Ltd.		1,200		17,964
Sundrug Co., Ltd.		300		24,999
Suntory Beverage & Food Ltd.		1,000		42,897
Suruga Bank Ltd.		1,600		38,010
Suzuken Co., Ltd.		440		14,406
Suzuki Motor Corp.		2,800		92,777
Sysmex Corp.		1,200		88,043
T&D Holdings, Inc.		4,300		47,896

	Number of Shares		Value†
Japan — (continued)
Taiheiyo Cement Corp.		8,000	$	22,800
Taisei Corp.		8,000		59,563
Taisho Pharmaceutical Holdings Co., Ltd.		300		30,531
Taiyo Nippon Sanso Corp.		1,000		10,315
Takashimaya Co., Ltd.		2,000		16,291
Takeda Pharmaceutical Co., Ltd.		5,900		280,614
TDK Corp.		900		59,465
Teijin Ltd.		1,200		23,052
Terumo Corp.		2,900		110,532
The Bank of Kyoto Ltd.		3,000		21,715
The Chiba Bank Ltd.		5,000		28,105
The Chugoku Bank Ltd.		1,000		12,080
The Chugoku Electric Power Co., Inc.		2,100		26,238
The Dai-ichi Life Insurance Co., Ltd.		8,500		114,962
The Hachijuni Bank Ltd.		4,000		20,630
The Hiroshima Bank Ltd.		4,000		16,409
The Iyo Bank Ltd.		2,000		11,992
The Kansai Electric Power Co., Inc.*		5,900		53,249
The Shizuoka Bank Ltd.		4,000		31,714
The Yokohama Rubber Co., Ltd.		1,000		15,818
THK Co., Ltd.		1,000		19,447
Tobu Railway Co., Ltd.		9,000		45,530
Toho Co., Ltd.		900		29,644
Toho Gas Co., Ltd.		3,000		27,898
Tohoku Electric Power Co., Inc.		4,100		53,168
Tokio Marine Holdings, Inc.		5,400		204,167
Tokyo Electric Power Co., Inc.*		12,200		52,335
Tokyo Electron Ltd.		1,300		113,802
Tokyo Gas Co., Ltd.		17,000		75,038
Tokyo Tatemono Co., Ltd.		1,500		17,854
Tokyu Corp.		8,000		60,589
Tokyu Fudosan Holdings Corp.		4,000		21,498
TonenGeneral Sekiyu K.K.		2,000		20,117
Toppan Printing Co., Ltd.		4,000		35,817
Toray Industries, Inc.		13,000		125,507
Toshiba Corp.*		32,000		105,715
TOTO Ltd.		1,000		37,424
Toyo Seikan Group Holdings Ltd.		1,000		17,474
Toyo Suisan Kaisha Ltd.		600		25,265
Toyoda Gosei Co., Ltd.		400		9,203
Toyota Industries Corp.		1,200		55,027
Toyota Motor Corp.		21,868		1,246,242
Toyota Tsusho Corp.		1,800		41,377
Trend Micro, Inc.		800		27,691
Tsuruha Holdings, Inc.		300		34,436
Unicharm Corp.		3,000		77,171
United Urban Investment Corp.		27		49,125
USS Co., Ltd.		1,500		25,117
West Japan Railway Co.		1,300		79,970
Yahoo Japan Corp.		10,400		41,229
Yakult Honsha Co., Ltd.		700		31,340
Yamada Denki Co., Ltd.		5,300		26,133
Yamaguchi Financial Group, Inc.		2,000		21,163
Yamaha Corp.		1,200		38,460
Yamaha Motor Co., Ltd.		1,900		37,848
Yamato Holdings Co., Ltd.		2,800		64,709

119

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SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Yamazaki Baking Co., Ltd.		1,000	$	24,407
Yaskawa Electric Corp.		2,000		29,545
Yokogawa Electric Corp.		2,000		26,330
				23,867,093
Jersey — 0.1%
Randgold Resources Ltd.		746		75,275
Luxembourg — 0.3%
ArcelorMittal*		14,042		85,938
Millicom International Cellular S.A.		489		25,365
RTL Group S.A.		294		24,417
SES S.A.		3,201		78,516
Tenaris S.A.		3,987		56,791
				271,027
Macau — 0.0%
Wynn Macau Ltd.		12,400		20,527
Netherlands — 5.5%
ABN AMRO Group N.V.144A @		1,844		38,156
Aegon N.V.		14,584		55,882
AerCap Holdings N.V.*		1,313		50,537
Airbus Group N.V.		4,901		296,420
Akzo Nobel N.V.		2,024		137,080
Altice N.V. Class A*		2,890		51,847
Altice N.V. Class B*		694		12,497
ASML Holding N.V.		3,061		335,916
CNH Industrial N.V.		8,978		64,245
Gemalto N.V.		668		42,833
Heineken Holdings N.V.		883		70,803
Heineken N.V.		1,936		170,310
ING Groep N.V.		32,119		396,531
Koninklijke Ahold Delhaize N.V.		10,420		237,502
Koninklijke Boskalis Westminster N.V.		686		24,433
Koninklijke DSM N.V.		1,494		100,966
Koninklijke KPN N.V.		29,264		97,142
Koninklijke Philips N.V.		7,511		222,582
Koninklijke Vopak N.V.		584		30,650
NN Group N.V.		2,599		79,851
NXP Semiconductors N.V.*		2,466		251,557
OCI N.V.*		783		11,553
QIAGEN N.V.*		1,520		41,842
Randstad Holding N.V.		923		42,045
Reed Elsevier N.V.		7,963		143,080
Royal Dutch Shell PLC, A Shares		35,828		888,827
Royal Dutch Shell PLC, B Shares		30,807		797,407
Unilever N.V.		13,426		619,500
Wolters Kluwer N.V.		2,587		110,709
				5,422,703
New Zealand — 0.2%
Auckland International Airport Ltd.		7,482		40,043
Contact Energy Ltd.		7,262		26,651
Fletcher Building Ltd.		4,795		37,464
Meridian Energy Ltd.		7,526		14,248
Mighty River Power Ltd.		4,163		9,230
Ryman Healthcare Ltd.		2,831		19,851

	Number of Shares		Value†
New Zealand — (continued)
Spark New Zealand Ltd.		16,634	$	43,725
				191,212
Norway — 0.6%
DNB ASA		7,620		99,794
Gjensidige Forsikring ASA		1,418		26,463
Marine Harvest ASA		2,950		52,804
Norsk Hydro ASA		10,203		43,966
Orkla ASA		6,430		66,435
Schibsted ASA		593		17,409
Schibsted ASA		698		18,693
Statoil ASA		9,068		151,878
Telenor ASA		6,070		104,095
Yara International ASA		1,614		53,621
				635,158
Portugal — 0.1%
Banco Espirito Santo S.A.*~		27,017		0
EDP - Energias de Portugal S.A.		16,826		56,497
Galp Energia SGPS, S.A.		3,568		48,759
Jeronimo Martins SGPS, S.A.		2,107		36,533
				141,789
Singapore — 1.4%
Ascendas Real Estate Investment Trust		15,562		28,757
CapitaLand Commercial Trust Ltd.		16,000		18,655
CapitaLand Ltd.		23,000		53,971
CapitaLand Mall Trust		21,700		34,530
City Developments Ltd.		3,000		19,953
ComfortDelGro Corp. Ltd.		20,000		41,211
DBS Group Holdings Ltd.		15,005		169,338
Genting Singapore PLC		54,000		29,699
Global Logistic Properties Ltd.		26,000		35,653
Golden Agri-Resources Ltd.		65,000		16,921
Hutchison Port Holdings Trust		35,100		15,620
Jardine Cycle & Carriage Ltd.		1,111		34,893
Jardine Matheson Holdings Ltd.		2,000		121,220
Keppel Corp. Ltd.		11,600		45,849
Oversea-Chinese Banking Corp. Ltd.		24,550		155,722
Sembcorp Industries Ltd.		9,000		17,093
SembCorp Marine Ltd.		7,000		6,699
Singapore Airlines Ltd.		4,000		30,828
Singapore Exchange Ltd.		6,000		32,602
Singapore Press Holdings Ltd.		15,000		41,908
Singapore Technologies Engineering Ltd.		12,000		28,423
Singapore Telecommunications Ltd.		67,000		195,050
StarHub Ltd.		5,000		12,576
Suntec Real Estate Investment Trust		16,000		20,122
United Overseas Bank Ltd.		10,843		149,720
UOL Group Ltd.		4,210		17,319
Wilmar International Ltd.		17,000		40,141
				1,414,473
South Africa — 0.1%
Mediclinic International PLC		2,866		34,417
Mondi PLC		2,860		60,164
				94,581

120

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Spain — 3.0%
Abertis Infraestructuras S.A.		5,591	$	87,050
ACS Actividades de Construccion y Servicios S.A.		1,485		44,874
Aena S.A.144A @		588		86,728
Amadeus IT Holding S.A.		3,699		184,786
Banco Bilbao Vizcaya Argentaria S.A.		54,054		326,805
Banco de Sabadell S.A.		40,310		51,622
Banco Popular Espanol S.A.		26,681		32,999
Banco Santander S.A.		119,312		529,016
Bankia S.A.		36,141		29,637
Bankinter S.A.		4,820		34,285
CaixaBank		20,891		52,780
Distribuidora Internacional de Alimentacion S.A.		4,084		25,283
Enagas S.A.		1,740		52,336
Endesa S.A.		2,463		52,791
Ferrovial S.A.		3,615		76,955
Gas Natural SDG S.A.		2,914		59,888
Grifols S.A.		2,504		53,951
Iberdrola S.A.		44,269		300,965
Inditex S.A.		9,066		336,083
Mapfre S.A.		8,177		22,872
Red Electrica Corp. S.A.		3,632		78,357
Repsol S.A.		8,553		116,017
Telefonica S.A.		37,131		376,028
Zardoya Otis S.A.		1,669		16,049
				3,028,157
Sweden — 2.8%
Alfa Laval AB		2,088		32,736
Assa Abloy AB		8,433		171,338
Atlas Copco AB, A Shares		3,255		88,937
Atlas Copco AB, B Shares		5,275		158,826
Boliden AB		2,486		58,420
Electrolux AB, B Shares		1,720		43,126
Getinge AB, B Shares		1,448		28,069
Hennes & Mauritz AB, B Shares		7,930		223,698
Hexagon AB, B Shares		2,081		90,868
Husqvarna AB, B Shares		2,834		24,727
ICA Gruppen AB		521		17,205
Industrivarden AB, C Shares		1,227		22,698
Investor AB, B Shares		3,870		141,514
Kinnevik AB		1,832		46,725
Lundin Petroleum AB*		1,488		27,214
Nordea Bank AB		24,214		240,339
Sandvik AB		8,213		90,327
Securitas AB, B Shares		2,875		48,191
Skandinaviska Enskilda Banken AB, A Shares		12,133		121,913
Skanska AB, B Shares		2,985		69,695
SKF AB, B Shares		3,338		57,626
Svenska Cellulosa AB SCA, B Shares		5,106		151,654
Svenska Handelsbanken AB		12,645		173,782
Swedbank AB, A Shares		7,333		172,324
Swedish Match AB		1,496		54,896
Tele2 AB, B Shares		2,927		25,265
Telefonaktiebolaget LM Ericsson, B Shares		25,521		184,295

	Number of Shares		Value†
Sweden — (continued)
TeliaSonera AB		21,208	$	94,980
Volvo AB, B Shares		11,928		136,121
				2,797,509
Switzerland — 9.6%
ABB Ltd.		16,336		366,740
Actelion Ltd.		835		144,567
Adecco S.A.		1,364		76,800
Aryzta AG		739		32,793
Baloise Holding AG		408		49,346
Barry Callebaut AG		17		22,591
Chocoladefabriken Lindt & Spruengli AG		1		68,250
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		7		40,458
Cie Financiere Richemont S.A.		4,351		265,136
Coca-Cola HBC AG		1,371		31,844
Credit Suisse Group AG		15,661		204,891
Dufry AG*		415		51,944
EMS-Chemie Holding AG		65		34,892
Galenica AG		31		32,899
Geberit AG		322		140,997
Givaudan S.A.		74		150,590
Glencore PLC*		102,414		281,615
Holcim Ltd.		3,838		207,406
Julius Baer Group Ltd.		1,951		79,386
Kuehne + Nagel International AG		444		64,441
Lonza Group AG		462		88,263
Nestle S.A.		26,139		2,059,640
Novartis AG		18,232		1,433,788
Pargesa Holding S.A.		272		18,633
Partners Group Holding AG		153		77,169
Roche Holding AG		5,764		1,429,875
Schindler Holding AG		145		27,403
Schindler Holding AG, Participation Certificates		349		65,453
SGS S.A.		43		96,269
Sika AG		18		87,526
Sonova Holding AG		427		60,435
STMicroelectronics N.V.		4,919		40,150
Swiss Life Holding AG		234		60,577
Swiss Prime Site AG		623		54,637
Swiss Re AG		2,784		251,176
Swisscom AG		202		95,999
Syngenta AG		773		338,163
The Swatch Group AG		253		71,538
The Swatch Group AG, Registered Shares		366		20,344
UBS Group AG*		30,283		412,397
Wolseley PLC		2,086		117,748
Zurich Insurance Group AG		1,250		321,667
				9,576,436
United Kingdom — 16.2%
3i Group PLC		8,609		72,586
Aberdeen Asset Management PLC		7,687		32,511
Admiral Group PLC		1,518		40,315
Aggreko PLC		2,157		26,658
Anglo American PLC*		11,958		149,971
Antofagasta PLC		3,403		23,112

121

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
United Kingdom — (continued)
Ashtead Group PLC		3,679	$	60,608
Associated British Foods PLC		2,872		96,786
AstraZeneca PLC		10,420		675,831
Auto Trader Group PLC144A @		7,720		40,575
Aviva PLC		32,002		182,716
Babcock International Group PLC		1,759		23,597
BAE Systems PLC		25,041		170,073
Barclays PLC		140,043		304,583
Barratt Developments PLC		7,726		49,499
Berkeley Group Holdings PLC		1,009		33,741
BHP Billiton PLC		16,770		252,685
BP PLC		154,775		902,747
British American Tobacco PLC		15,321		979,009
BT Group PLC		70,128		353,630
Bunzl PLC		2,897		85,612
Burberry Group PLC		3,582		64,024
Capita PLC		4,936		42,865
Carnival PLC		1,658		80,975
Centrica PLC		45,962		135,946
Cobham PLC		12,699		27,603
Coca-Cola European Partners PLC		1,676		66,743
Compass Group PLC		13,699		265,450
Croda International PLC		923		41,680
Diageo PLC		20,753		594,599
Direct Line Insurance Group PLC		9,937		46,985
Dixons Carphone PLC		7,844		37,465
easyJet PLC		1,334		17,412
Fiat Chrysler Automobiles N.V.		7,378		46,828
Fresnillo PLC		2,026		47,635
G4S PLC		12,521		36,970
GKN PLC		13,828		57,408
GlaxoSmithKline PLC		40,054		852,975
Hammerson PLC		6,716		51,098
Hargreaves Lansdown PLC		1,892		31,218
Hikma Pharmaceuticals PLC		1,108		28,981
HSBC Holdings PLC		164,056		1,230,548
ICAP PLC		4,325		26,129
IMI PLC		1,958		27,256
Imperial Brands PLC		7,929		408,361
Inmarsat PLC		3,494		31,927
Intercontinental Hotels Group PLC		1,619		66,731
International Consolidated Airlines Group S.A. (London Main Market Exchange)		2,764		14,287
International Consolidated Airlines Group S.A. (Spanish Stock Exchange)		3,606		18,699
Intertek Group PLC		1,257		56,845
Intu Properties PLC		8,310		31,925
Investec PLC		4,543		27,734
ITV PLC		30,751		74,614
J. Sainsbury PLC		9,762		31,101
Johnson Matthey PLC		1,520		64,896
Kingfisher PLC		18,641		91,064
Land Securities Group PLC		6,374		87,408
Legal & General Group PLC		47,123		133,578
Lloyds Banking Group PLC		531,996		376,146
London Stock Exchange Group PLC		2,429		88,153

	Number of Shares		Value†
United Kingdom — (continued)
Marks & Spencer Group PLC		12,979	$	55,700
Meggitt PLC		5,739		33,548
Merlin Entertainments PLC144A @		5,527		31,492
National Grid PLC		30,962		438,232
Next PLC		1,131		70,013
Old Mutual PLC		38,468		100,917
Pearson PLC		6,696		65,353
Persimmon PLC		2,549		59,965
Petrofac Ltd.		1,906		22,024
Provident Financial PLC		1,152		45,287
Prudential PLC		21,325		377,704
Reckitt Benckiser Group PLC		5,248		494,177
RELX PLC		9,316		176,655
Rio Tinto PLC		10,270		342,702
Rolls-Royce Holdings PLC		15,541		145,032
Royal Bank of Scotland Group PLC*		30,610		70,939
Royal Mail PLC		7,054		44,755
RSA Insurance Group PLC		7,501		53,084
SABMiller PLC		8,036		468,190
Schroders PLC		1,078		37,670
Segro PLC		6,648		39,103
Severn Trent PLC		1,743		56,592
Sky PLC		7,899		91,530
Smith & Nephew PLC		7,021		113,207
Smiths Group PLC		3,378		64,099
SSE PLC		8,300		168,685
St James’s Place PLC		4,100		50,378
Standard Chartered PLC*		27,445		223,503
Standard Life PLC		16,040		71,497
Tate & Lyle PLC		3,269		31,736
Taylor Wimpey PLC		25,341		50,615
Tesco PLC*		64,072		151,933
The British Land Co. PLC		7,994		65,536
The Sage Group PLC		8,870		84,846
The Weir Group PLC		1,715		37,789
Travis Perkins PLC		2,061		41,246
Unilever PLC		10,597		501,954
United Utilities Group PLC		5,606		72,880
Vodafone Group PLC		218,769		628,785
W.M. Morrison Supermarkets PLC		17,966		50,741
Whitbread PLC		1,474		74,816
William Hill PLC		7,259		28,621
Worldpay Group PLC144A @		12,768		49,019
WPP PLC		10,820		254,400
				16,156,057
TOTAL COMMON STOCKS (Cost $86,322,130)				100,249,975
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		477		35,162
Fuchs Petrolub S.E.		598		27,280
Henkel AG & Co. KGaA		1,496		203,345
Porsche Automobil Holding S.E.		1,203		61,401

122

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

DEVELOPED INTERNATIONAL INDEX FUND

	Number of Shares		Value†
PREFERRED STOCKS — (continued)
Germany — (continued)
Schaeffler AG		1,280	$	20,245
Volkswagen AG		1,558		204,685
TOTAL PREFERRED STOCKS (Cost $442,047)				552,118
TOTAL INVESTMENTS — 101.3% (Cost $86,764,177)(a)			$	100,802,093
Other Assets & Liabilities — (1.3)%				(1,335,164	)
TOTAL NET ASSETS — 100.0%			$	99,466,929

† See Security Valuation Note.

* Non-income producing security.

~ Fair valued security. The total market value of fair valued securities at September 30, 2016 is $38,279.

(a) At September 30, 2016, the cost for Federal income tax purposes was $87,227,633. Net unrealized appreciation was $13,574,460. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $30,029,784 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $16,455,324.

144A @ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.5	%	$	491,624
Aerospace & Defense		0.9	%		929,938
Agriculture		1.9	%		1,868,964
Airlines		0.2	%		201,224
Apparel		1.0	%		973,480
Auto Manufacturers		3.5	%		3,528,181
Auto Parts & Equipment		1.4	%		1,362,113
Banks		12.0	%		12,015,377
Beverages		2.9	%		2,921,805
Biotechnology		0.5	%		482,521
Building & Real Estate		0.2	%		160,079
Building Materials		1.4	%		1,449,546
Building-Maintenance Service		0.1	%		54,249
Chemicals		3.9	%		3,900,110
Commercial Services		1.9	%		1,950,469
Computers		0.5	%		549,144
Cosmetics & Personal Care		0.9	%		908,315
Distribution & Wholesale		1.0	%		1,029,377
Diversified		—	%+		28,757
Diversified Financial Services		2.1	%		2,072,099
Diversified Operations		0.3	%		255,114
Electric		2.6	%		2,634,798

Electrical Components & Equipment	1.1	%	$	1,151,127
Electronics	1.4	%		1,420,962
Energy-Alternate Sources	0.2	%		224,577
Engineering & Construction	1.4	%		1,397,824
Entertainment	0.3	%		343,929
Environmental Control	—	%+		18,855
Food	5.7	%		5,759,753
Forest Products & Paper	0.4	%		361,569
Gas	1.0	%		952,295
Hand & Machine Tools	0.5	%		476,803
Healthcare Products	1.2	%		1,173,826
Healthcare Services	0.4	%		382,146
Holding Companies	0.4	%		357,593
Home Builders	0.3	%		296,345
Home Furnishings	0.6	%		618,260
Hotels & Resorts	0.1	%		140,369
Household Products & Wares	0.6	%		651,065
Industrial	0.1	%		145,032
Insurance	5.1	%		5,098,060
Internet	0.5	%		460,343
Investment Companies	0.3	%		286,373
Iron & Steel	0.5	%		493,564
Leisure Time	0.3	%		326,665
Lodging	0.3	%		347,811
Machinery - Construction & Mining	0.4	%		432,690
Machinery - Diversified	1.1	%		1,098,975
Media	1.0	%		985,581
Metal Fabricate/Hardware	0.3	%		336,521
Mining	2.2	%		2,240,174
Miscellaneous Manufacturing	1.2	%		1,203,426
Mixed Industrial/Office	0.5	%		489,181
Office & Business Equipment	0.3	%		343,371
Oil & Gas	4.8	%		4,766,195
Oil & Gas Services	0.1	%		97,461
Packaging and Containers	0.1	%		122,653
Pharmaceuticals	8.6	%		8,617,259
Pipelines	0.1	%		57,076
Real Estate	1.8	%		1,826,386
Real Estate Investment Trusts	1.3	%		1,301,155
Real Estate Management Services	0.1	%		149,293
Retail	3.0	%		2,985,384
Semiconductors	1.0	%		968,017
Shipbuilding	—	%+		17,149
Software	1.3	%		1,266,677
Storage & Warehousing	—	%+		14,309
Telecommunications	5.4	%		5,396,767
Textiles	0.2	%		183,847
Toys, Games & Hobbies	0.3	%		281,613
Transportation	2.1	%		2,092,249
Venture Capital	0.1	%		72,586
Water	0.3	%		251,550
	100.0	%	$	100,249,975

+ Unrounded.

123

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Australia	$	7,363,527	$	7,363,527	$	—	$	—
Austria		189,312		189,312		—		—
Belgium		1,380,619		1,380,619		—		—
China		93,746		93,746		—		—
Denmark		1,777,309		1,777,309		—		—
Finland		970,279		970,279		—		—
France		9,305,492		9,267,213		38,279		—
Germany		8,547,134		8,547,134		—		—
Hong Kong		3,250,492		3,250,492		—		—
Ireland		1,234,400		1,234,400		—		—
Israel		695,541		695,541		—		—
Italy		1,750,127		1,750,127		—		—
Japan		23,867,093		23,867,093		—		—
Jersey		75,275		75,275		—		—
Luxembourg		271,027		271,027		—		—
Macau		20,527		20,527		—		—
Netherlands		5,422,703		5,422,703		—		—
New Zealand		191,212		191,212		—		—
Norway		635,158		635,158		—		—
Portugal		141,789		141,789		—		—
Singapore		1,414,473		1,414,473		—		—
South Africa		94,581		94,581		—		—
Spain		3,028,157		3,028,157		—		—
Sweden		2,797,509		2,797,509		—		—
Switzerland		9,576,436		9,576,436		—		—
United Kingdom		16,156,057		16,156,057		—		—
PREFERRED STOCKS
Germany		552,118		552,118		—		—
TOTAL INVESTMENTS	$	100,802,093	$	100,763,814	$	38,279	$	—

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $92,902,872 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

124

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INTERNATIONAL EQUITY FUND

	Number of Shares		Value†
COMMON STOCKS — 99.0%
Australia — 2.8%
CSL Ltd.		73,094	$	5,985,855
Ramsay Health Care Ltd.		63,476		3,843,762
				9,829,617
Belgium — 2.0%
Anheuser-Busch InBev N.V.		53,885		7,058,034
Canada — 3.6%
Alimentation Couche Tard, Inc., Class B		165,962		8,042,886
Canadian National Railway Co.		70,543		4,611,279
				12,654,165
China — 4.1%
Alibaba Group Holding Ltd. ADR*		70,264		7,433,228
Tencent Holdings Ltd.		264,793		7,271,532
				14,704,760
Denmark — 2.8%
Coloplast A/S, B Shares		47,657		3,695,846
Novo Nordisk A/S, B Shares		147,746		6,139,086
				9,834,932
France — 6.5%
Bureau Veritas S.A.		244,423		5,242,990
Essilor International S.A.		39,847		5,138,718
Hermes International		8,755		3,562,721
L’Oreal S.A.		28,048		5,296,475
Sodexo S.A.		30,886		3,677,772
				22,918,676
Germany — 3.1%
SAP S.E.		120,529		10,956,320
Hong Kong — 1.3%
Link REIT		635,851		4,672,723
India — 10.4%
HDFC Bank Ltd.~		942,960		20,907,851
Housing Development Finance Corp., Ltd.		603,670		12,634,184
ITC Ltd.		931,981		3,378,396
				36,920,431
Ireland — 4.5%
Accenture PLC, Class A		59,317		7,246,758
DCC PLC		41,494		3,778,195
Paddy Power Betfair PLC		44,003		4,977,704
				16,002,657
Japan — 6.2%
Daito Trust Construction Co., Ltd.		38,061		6,071,068
Japan Tobacco, Inc.		152,200		6,182,257
Shimano, Inc.		23,000		3,384,054
Unicharm Corp.		247,900		6,376,877
				22,014,256
Netherlands — 3.9%
Unilever N.V.		302,450		13,955,598
South Africa — 2.6%
Naspers Ltd., N Shares		52,418		9,073,003

	Number of Shares		Value†
Spain — 3.3%
Aena S.A.144A @		38,442	$	5,670,064
Grifols S.A.		271,566		5,851,151
				11,521,215
Switzerland — 10.0%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		1,075		6,213,201
Nestle S.A.		179,065		14,109,548
Roche Holding AG		48,002		11,907,856
UBS Group AG*		246,181		3,352,521
				35,583,126
United Kingdom — 18.7%
British American Tobacco PLC		320,975		20,510,249
Diageo PLC		202,982		5,815,685
Domino’s Pizza Group PLC		1,073,577		5,197,286
Imperial Brands PLC		163,639		8,427,773
Lloyds Banking Group PLC		2,458,134		1,738,014
Reckitt Benckiser Group PLC		174,891		16,468,570
SABMiller PLC		139,079		8,102,967
				66,260,544
United States — 13.2%
Alphabet, Inc., Class C*		14,433		11,218,627
Mastercard, Inc., Class A		89,943		9,153,499
Philip Morris International, Inc.		193,828		18,843,958
The Priceline Group, Inc.*		5,048		7,428,081
				46,644,165
TOTAL COMMON STOCKS (Cost $270,188,535)				350,604,222
SHORT-TERM INVESTMENTS — 0.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,908,938)		2,908,938		2,908,938
TOTAL INVESTMENTS — 99.8% (Cost $273,097,473)(a)			$	353,513,160
Other Assets & Liabilities — 0.2%				748,124
TOTAL NET ASSETS — 100.0%			$	354,261,284

144A@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

~ Fair valued security. The total market value of fair valued securities at September 30, 2016 is $20,907,851.

† See Security Valuation Note.

* Non-income producing security.

125

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INTERNATIONAL EQUITY FUND

(a) At September 30, 2016, the cost for Federal income tax purposes was $273,349,286. Net unrealized appreciation was $80,163,874. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $106,277,489 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $26,113,615.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

126

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

INTERNATIONAL EQUITY FUND

Country Weightings as of 09/30/2016 ††
United Kingdom	19	%
United States	14
India	10
Switzerland	10
France	6
Japan	6
Ireland	5
Other	30
Total	100	%

†† % of total investments as of September 30, 2016

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Agriculture	16.4	%	$	57,342,633
Apparel	1.0	%		3,562,721
Banks	7.4	%		25,998,386
Beverages	6.0	%		20,976,686
Biotechnology	1.7	%		5,985,855
Commercial Services	2.6	%		8,920,762
Computers	2.1	%		7,246,758
Cosmetics & Personal Care	3.3	%		11,673,352
Diversified Financial Services	6.2	%		21,787,683
Entertainment	1.4	%		4,977,704
Food	9.8	%		34,278,347
Healthcare Products	2.5	%		8,834,564
Healthcare Services	1.1	%		3,843,762
Household Products & Wares	4.7	%		16,468,570
Internet	9.5	%		33,351,468
Leisure Time	1.0	%		3,384,054
Media	2.6	%		9,073,003
Oil & Gas	1.1	%		3,778,195
Pharmaceuticals	6.8	%		23,898,093
Real Estate	1.7	%		6,071,068
Real Estate Investment Trusts	1.3	%		4,672,723
Retail	3.8	%		13,240,172
Software	3.1	%		10,956,320
Transportation	2.9	%		10,281,343
	100.0	%	$	350,604,222

127

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Australia	$	9,829,617	$	9,829,617	$	—	$	—
Belgium		7,058,034		7,058,034		—		—
Canada		12,654,165		12,654,165		—		—
China		14,704,760		14,704,760		—		—
Denmark		9,834,932		9,834,932		—		—
France		22,918,676		22,918,676		—		—
Germany		10,956,320		10,956,320		—		—
Hong Kong		4,672,723		4,672,723		—		—
India		36,920,431		16,012,580		20,907,851		—
Ireland		16,002,657		16,002,657		—		—
Japan		22,014,256		22,014,256		—		—
Netherlands		13,955,598		13,955,598		—		—
South Africa		9,073,003		9,073,003		—		—
Spain		11,521,215		11,521,215		—		—
Switzerland		35,583,126		35,583,126		—		—
United Kingdom		66,260,544		66,260,544		—		—
United States		46,644,165		46,644,165		—		—
SHORT-TERM INVESTMENTS		2,908,938		2,908,938		—		—
TOTAL INVESTMENTS	$	353,513,160	$	332,605,309	$	20,907,851	$	—

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $230,926,204 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

128

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

EMERGING MARKETS EQUITY FUND

	Number of Shares		Value†
COMMON STOCKS — 90.1%
Argentina — 2.1%
Banco Macro S.A. ADR		9,472	$	741,184
Grupo Financiero Galicia S.A. ADR		23,608		734,445
MercadoLibre, Inc.		10,075		1,863,573
				3,339,202
Austria — 1.4%
Erste Group Bank AG		55,682		1,649,149
Vienna Insurance Group AG Wiener Versicherung Gruppe		26,749		542,979
				2,192,128
Brazil — 3.3%
BRF S.A.		122,029		2,085,504
Lojas Renner S.A.		99,747		753,589
Raia Drogasil S.A.		77,006		1,583,144
Ultrapar Participacoes S.A.		39,757		880,066
				5,302,303
Chile — 0.5%
S.A.C.I. Falabella		115,514		846,965
China — 12.5%
Alibaba Group Holding Ltd. ADR*		23,082		2,441,845
Bank of China Ltd., Class H		4,236,000		1,933,299
China Construction Bank Corp., Class H		3,845,930		2,851,078
China Machinery Engineering Corp.		376,000		220,081
China Pacific Insurance Group Co. Ltd., Class H		327,000		1,207,848
Chongqing Changan Automobile Co. Ltd., Class B		139,000		226,517
CRCC High-Tech Equipment Corp. Ltd.		613,500		285,536
Huadian Power International Corp. Ltd., Class H		566,000		253,943
JD.Com, Inc. ADR*		35,458		925,099
NetEase, Inc. ADR		2,303		554,516
New Oriental Education & Technology Group, Inc ADR*		10,613		492,019
Shanghai Jin Jiang International Hotels Group Co. Ltd., Class H		578,000		178,101
Shenzhou International Group Holdings Ltd.		134,000		932,907
TAL Education Group ADR*		8,567		606,886
Tencent Holdings Ltd.		264,800		7,271,724
				20,381,399
Colombia — 0.2%
Grupo de Inversiones Suramericana S.A.		30,408		396,743
Czech Republic — 0.8%
Komercni Banka, A.S.		37,881		1,310,760
Egypt — 0.4%
Commercial International Bank Egypt SAE		133,745		724,456
Germany — 0.5%
adidas AG		4,589		796,460
Hong Kong — 5.2%
AIA Group Ltd.		287,800		1,912,755
China Mengniu Dairy Co. Ltd.		275,000		510,546
China Mobile Ltd.		284,000		3,436,311

	Number of Shares		Value†
Hong Kong — (continued)
China Overseas Land & Investment Ltd.		258,000	$	874,813
China Unicom Hong Kong Ltd.		554,000		664,966
CSPC Pharmaceutical Group Ltd.		544,000		544,252
Shenzhen International Holdings Ltd.		269,000		445,998
				8,389,641
India — 9.5%
Ashok Leyland Ltd.		1,332,396		1,592,952
Bharat Financial Inclusion L*		59,837		791,461
Bharat Petroleum Corp. Ltd.		162,594		1,496,021
Glenmark Pharmaceuticals Ltd.		33,375		462,904
HDFC Bank Ltd.~		52,243		1,158,362
IndusInd Bank Ltd.		87,711		1,575,518
Larsen & Toubro Ltd.		68,570		1,475,985
Marico Ltd.		255,083		1,055,502
Maruti Suzuki India Ltd.		14,631		1,203,640
Shree Cement Ltd.		6,957		1,780,806
Shriram Transport Finance Co. Ltd.		93,661		1,635,550
Zee Entertainment Enterprises Ltd.		160,904		1,321,332
				15,550,033
Indonesia — 4.3%
Astra International Tbk PT		843,800		533,396
Bank Mandiri Persero Tbk PT		1,185,800		1,017,620
Bank Negara Indonesia Persero Tbk PT		1,659,900		705,880
Bumi Serpong Damai Tbk PT		4,863,400		819,821
Jasa Marga Persero Tbk PT		465,300		164,001
Link Net Tbk PT		1,685,000		562,915
Matahari Department Store Tbk PT		366,600		518,959
Semen Indonesia Persero Tbk PT		838,500		648,904
Surya Citra Media Tbk PT		1,771,800		380,127
Telekomunikasi Indonesia Persero Tbk PT		2,685,900		887,000
United Tractors Tbk PT		107,600		145,929
Xl Axiata Tbk PT*		3,046,975		630,360
				7,014,912
Japan — 0.5%
Nexon Co., Ltd.		55,300		858,907
Mexico — 5.5%
Alfa S.A.B. de C.V.		434,906		677,376
Alsea S.A.B.de C.V.		184,278		623,550
Cemex S.A.B. de C.V. ADR*		229,222		1,820,023
Fomento Economico Mexicano S.A.B. de C.V. ADR		27,420		2,523,737
Grupo Financiero Banorte S.A.B. de C.V., Series O		374,816		1,967,664
Grupo Financiero Santander Mexico S.A.B. de C.V., Series B ADR		78,222		688,354
Mexichem S.A.B. de C.V.		322,168		719,944
				9,020,648
Netherlands — 1.0%
Steinhoff International Holdings NV		289,517		1,657,246
Pakistan — 1.2%
Lucky Cement Ltd.		138,700		899,296
United Bank Ltd.		537,600		1,023,064
				1,922,360

129

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

EMERGING MARKETS EQUITY FUND

	Number of Shares		Value†
COMMON STOCKS — (continued)
Panama — 0.5%
Copa Holdings S.A., Class A		9,840	$	865,231
Peru — 2.0%
Cia de Minas Buenaventura S.A. ADR*		70,031		969,229
Credicorp Ltd.		15,396		2,343,579
				3,312,808
Philippines — 3.5%
Ayala Corp.		36,120		638,310
BDO Unibank, Inc.		253,110		573,079
DMCI Holdings, Inc.		2,368,550		589,024
International Container Terminal Services, Inc.		371,540		589,928
LT Group, Inc.		488,750		154,199
Metro Pacific Investments Corp.		5,585,900		817,814
Metropolitan Bank & Trust Co.		680,313		1,196,633
SM Investments Corp.		84,050		1,167,289
				5,726,276
Poland — 2.4%
Bank Pekao S.A.		21,417		692,822
Bank Zachodni WBK S.A.		8,608		700,206
CCC S.A.		21,181		980,422
Eurocash S.A.		55,035		611,676
LPP S.A.		426		438,333
mBank SA*		531		47,457
Powszechna Kasa Oszczednosci Bank Polski S.A.		61,159		417,600
				3,888,516
Portugal — 0.8%
Jeronimo Martins SGPS, S.A.		77,893		1,350,586
Russia — 2.0%
Mail.Ru Group Ltd. GDR*		45,073		790,580
MMC Norilsk Nickel PJSC. ADR		49,872		796,955
X5 Retail Group N.V. GDR*		23,101		669,236
Yandex NV, Class A*		43,691		919,696
				3,176,467
Slovakia — 0.3%
Innocean Worldwide, Inc.		7,566		502,866
South Africa — 4.0%
AVI Ltd.		61,901		423,800
Clicks Group Ltd.		75,668		701,015
Naspers Ltd., N Shares		18,121		3,136,554
Sasol Ltd.		40,395		1,106,833
Vodacom Group Ltd.		108,168		1,215,013
				6,583,215
South Korea — 9.8%
Amorepacific Corp.		3,533		1,247,866
CJ Cheiljedang Corp.		1,527		503,292
CJ Corp.		3,028		511,380
Cosmax, Inc.		3,330		458,070
Coway Co. Ltd.		10,431		903,543
Hanwha Techwin Co. Ltd.		12,731		735,181
Hugel, Inc*		2,153		832,581
Hyundai Development Co.		26,972		1,256,334

	Number of Shares		Value†
South Korea — (continued)
Hyundai WIA Corp.		4,871	$	383,010
Korea Aerospace Industries Ltd.		14,143		979,807
Korea Electric Power Corp.		18,063		885,642
Mando Corp.		2,709		607,548
NAVER Corp.		2,093		1,678,049
Samsung Electronics Co. Ltd.		2,681		3,889,988
Samsung Fire & Marine Insurance Co. Ltd.		156		39,589
SK Holdings Co. Ltd.		5,445		1,048,114
				15,959,994
Spain — 0.2%
Cemex Latam Holdings S.A.*		93,428		355,132
Switzerland — 0.6%
DKSH Holding AG		14,304		1,051,267
Taiwan — 9.2%
Advanced Semiconductor Engineering, Inc.		878,000		1,053,191
Catcher Technology Co. Ltd.		124,000		1,006,779
Delta Electronics, Inc.		159,242		848,397
E.sun Financial Holding Co. Ltd		865,600		492,924
Eclat Textile Co. Ltd.		53,314		636,118
Hon Hai Precision Industry Co. Ltd.		448,140		1,129,446
Largan Precision Co. Ltd.		6,000		723,549
Nien Made Enterprise Co. Ltd		63,000		810,978
PChome Online, Inc.		44,714		526,374
Pegatron Corp.		340,000		874,256
President Chain Store Corp.		50,000		397,186
Taiwan Mobile Co. Ltd.		163,000		585,012
Taiwan Semiconductor Manufacturing Co. Ltd.		748,769		4,359,489
Uni-President Enterprises Corp.		616,962		1,157,339
Yeong Guan Energy Technology Group Co. Ltd		61,000		334,721
				14,935,759
Thailand — 2.0%
Central Pattana PCL		486,100		817,181
Kasikornbank PCL NVDR		161,600		874,459
Minor International PCL		29,400		32,030
Minor International PCL NVDR		714,170		803,828
Sino-Thai Engineering & Construction PCL		995,100		677,759
				3,205,257
Turkey — 1.1%
Arcelik A.S.		138,848		977,165
Ulker Biskuvi Sanayi A.S.		104,183		742,230
				1,719,395
United Kingdom — 0.8%
Mondi PLC		61,409		1,291,055
United States — 2.0%
Samsonite International S.A.		702,000		2,253,597
Yum! Brands, Inc.		10,206		926,807
				3,180,404
TOTAL COMMON STOCKS (Cost $121,683,083)				146,808,391

130

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

EMERGING MARKETS EQUITY FUND

	Number of Shares		Value†
PREFERRED STOCKS — 3.8%
Brazil — 2.6%
Banco Bradesco S.A.		233,283	$	2,147,654
Itau Unibanco Holding S.A.		189,406		2,082,089
				4,229,743
Colombia — 0.2%
Grupo de Inversiones Suramericana S.A.		26,055		337,056
South Korea — 1.0%
Samsung Electronics Co. Ltd.		1,372		1,607,010
TOTAL PREFERRED STOCKS (Cost $6,257,835)				6,173,809
SHORT-TERM INVESTMENTS — 1.2%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,952,409)		1,952,409		1,952,409
TOTAL INVESTMENTS — 95.1% (Cost $129,893,327)(a)			$	154,934,609
Other Assets & Liabilities — 4.9%				7,984,984
TOTAL NET ASSETS — 100.0%			$	162,919,593

~ Fair valued security. The total market value of fair valued securities at September 30, 2016 is $1,158,362.

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $131,148,577. Net unrealized appreciation was $23,786,032. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $31,638,754 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $7,852,722.

ADR — American Depository Receipt.

GDR — Global Depository Receipt.

NVDR — Non Voting Depository Receipt.

PCL — Public Company Limited.

PLC — Public Limited Company.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		1.0	%	$	1,554,133
Aerospace & Defense		1.2	%		1,714,988
Airlines		0.6	%		865,231
Apparel		1.9	%		2,803,818
Auto Manufacturers		2.0	%		3,023,109
Auto Parts & Equipment		0.7	%		990,558
Banks		17.0	%		24,926,668
Beverages		1.8	%		2,677,936
Biotechnology		0.6	%		832,581
Building Materials		4.3	%		6,315,139
Chemicals		1.1	%		1,600,010
Commercial Services		1.6	%		2,298,832
Computers		0.7	%		1,048,114
Cosmetics & Personal Care		1.2	%		1,705,936
Diversified Financial Services		2.0	%		2,919,935
Electric		0.8	%		1,139,585
Electrical Components & Equipment		1.2	%		1,722,653
Electronics		0.8	%		1,129,446
Engineering & Construction		3.1	%		4,504,719
Food		5.2	%		7,630,409
Forest Products & Paper		0.9	%		1,291,055
Holding Companies		1.1	%		1,612,556
Home Furnishings		2.4	%		3,537,954
Household Products & Wares		2.2	%		3,309,099
Insurance		2.5	%		3,703,171
Internet		11.6	%		16,979,855
Investment Companies		0.3	%		396,743
Iron & Steel		0.2	%		334,721
Lodging		0.1	%		178,101
Machinery - Construction & Mining		0.1	%		145,929
Media		3.3	%		4,838,013
Metal Fabricate/Hardware		0.7	%		1,006,779
Mining		1.2	%		1,766,184
Miscellaneous Manufacturing		0.5	%		723,549
Oil & Gas		1.8	%		2,602,854
Pharmaceuticals		0.7	%		1,007,156
Real Estate		2.1	%		3,150,125
Retail		6.7	%		9,868,180
Semiconductors		6.3	%		9,302,668
Software		1.0	%		1,413,423
Telecommunications		5.0	%		7,418,662
Water		0.5	%		817,814
		100.0	%	$	146,808,391

131

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Argentina	$	3,339,202	$	3,339,202	$	—	$	—
Austria		2,192,128		2,192,128		—		—
Brazil		5,302,303		5,302,303		—		—
Chile		846,965		846,965		—		—
China		20,381,399		20,381,399		—		—
Colombia		396,743		396,743		—		—
Czech Republic		1,310,760		1,310,760		—		—
Egypt		724,456		724,456		—		—
Germany		796,460		796,460		—		—
Hong Kong		8,389,641		8,389,641		—		—
India		15,550,033		14,391,671		1,158,362		—
Indonesia		7,014,912		7,014,912		—		—
Japan		858,907		858,907		—		—
Mexico		9,020,648		9,020,648		—		—
Netherlands		1,657,246		1,657,246		—		—
Pakistan		1,922,360		1,922,360		—		—
Panama		865,231		865,231		—		—
Peru		3,312,808		3,312,808		—		—
Philippines		5,726,276		5,726,276		—		—
Poland		3,888,516		3,888,516		—		—
Portugal		1,350,586		1,350,586		—		—
Russia		3,176,467		3,176,467		—		—
Slovakia		502,866		502,866		—		—
South Africa		6,583,215		6,583,215		—		—
South Korea		15,959,994		15,959,994		—		—
Spain		355,132		355,132		—		—
Switzerland		1,051,267		1,051,267		—		—
Taiwan		14,935,759		14,935,759		—		—
Thailand		3,205,257		3,205,257		—		—
Turkey		1,719,395		1,719,395		—		—
United Kingdom		1,291,055		1,291,055		—		—
United States		3,180,404		3,180,404		—		—
PREFERRED STOCKS		6,173,809		6,173,809		—		—
SHORT-TERM INVESTMENTS		1,952,409		1,952,409		—		—
TOTAL INVESTMENTS	$	154,934,609	$	153,776,247	$	1,158,362	$	—

It Is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $89,603,937 was transferred from Level 2 into Level 1 at 9/30/16 as a result of using quoted prices in active market for such foreign securities. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

132

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

REAL ESTATE SECURITIES FUND

	Number of Shares		Value†
COMMON STOCKS — 4.8%
Entertainment — 1.5%
Gaming and Leisure Properties, Inc.		65,007	$	2,174,484
Healthcare Services — 0.7%
Brookdale Senior Living, Inc.*		57,768		1,008,052
Hotels & Resorts — 0.4%
La Quinta Holdings Inc*		59,159		661,398
Lodging — 2.2%
Extended Stay America, Inc.		49,229		699,052
Hilton Worldwide Holdings, Inc.		107,305		2,460,503
				3,159,555
TOTAL COMMON STOCKS (Cost $7,465,578)				7,003,489
REAL ESTATE INVESTMENT TRUSTS — 93.1%
Apartments — 21.3%
American Campus Communities, Inc.		55,861		2,841,649
American Homes 4 Rent, Class A		104,996		2,272,113
Apartment Investment & Management Co., Class A		124,236		5,703,675
AvalonBay Communities, Inc.		10,019		1,781,779
Camden Property Trust		24,724		2,070,388
Education Realty Trust, Inc.		49,716		2,144,748
Equity Residential		27,092		1,742,828
Essex Property Trust, Inc.		19,010		4,233,527
UDR, Inc.		221,312		7,965,019
				30,755,726
Building & Real Estate — 5.2%
National Retail Properties, Inc.		43,331		2,203,381
Spirit Realty Capital, Inc.		260,661		3,474,611
STORE Capital Corp.		61,487		1,812,022
				7,490,014
Diversified — 11.7%
American Tower Corp.		12,802		1,450,851
Digital Realty Trust, Inc.		45,484		4,417,406
DuPont Fabros Technology, Inc.		64,674		2,667,803
Equinix, Inc.		14,031		5,054,668
Retail Properties of America, Inc., Class A		92,148		1,548,086
Vornado Realty Trust		18,330		1,855,179
				16,993,993
Healthcare — 10.2%
HCP, Inc.		166,613		6,322,963
Healthcare Trust of America, Inc., Class A		83,760		2,732,251
Medical Properties Trust, Inc.		169,268		2,500,088
Omega Healthcare Investors, Inc.		51,081		1,810,822
Physicians Realty Trust		67,349		1,450,698
				14,816,822
Hotels & Resorts — 0.7%
Pebblebrook Hotel Trust		38,599		1,026,733
Industrial — 7.3%
Prologis, Inc.		161,951		8,670,857

	Number of Shares		Value†
Industrial — (continued)
QTS Realty Trust, Inc., Class A		34,459	$	1,821,158
				10,492,015
Manufactured Homes — 2.0%
Sun Communities, Inc.		37,124		2,913,491
Office Property — 13.7%
Alexandria Real Estate Equities, Inc.		34,409		3,742,667
Douglas Emmett, Inc.		77,419		2,835,858
Empire State Realty Trust, Inc., Class A		70,186		1,470,397
Equity Commonwealth*		49,384		1,492,384
Gramercy Property Trust		153,851		1,483,124
Hudson Pacific Properties, Inc.		66,888		2,198,609
Kilroy Realty Corp.		50,327		3,490,177
SL Green Realty Corp.		29,253		3,162,249
				19,875,465
Regional Malls — 12.1%
General Growth Properties, Inc.		38,307		1,057,273
Simon Property Group, Inc.		74,161		15,352,069
Tanger Factory Outlet Centers, Inc.		27,707		1,079,465
				17,488,807
Storage & Warehousing — 3.4%
CubeSmart		94,128		2,565,929
Extra Space Storage, Inc.		29,161		2,315,675
				4,881,604
Strip Centers — 5.5%
Brixmor Property Group, Inc.		181,712		5,049,777
DDR Corp.		163,912		2,856,986
				7,906,763
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $118,191,828)				134,641,433
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $489,851)		489,851		489,851
TOTAL INVESTMENTS — 98.2% (Cost $126,147,257)(a)			$	142,134,773
Other Assets & Liabilities — 1.8%				2,531,680
TOTAL NET ASSETS — 100.0%			$	144,666,453

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $126,325,855. Net unrealized appreciation was $15,808,918. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $17,931,382 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,122,464.

133

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	7,003,489	$	7,003,489	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		134,641,433		134,641,433		—		—
SHORT-TERM INVESTMENTS		489,851		489,851		—		—
TOTAL INVESTMENTS	$	142,134,773	$	142,134,773	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

134

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

AGGRESSIVE ALLOCATION FUND

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 55.7%
Penn Series Flexibly Managed Fund*		41,041	$	1,862,857
Penn Series Index 500 Fund*		143,159		2,483,809
Penn Series Large Cap Growth Fund*		87,767		1,241,904
Penn Series Large Cap Value Fund*		213,661		4,967,618
Penn Series Large Core Value Fund*		325,319		4,967,617
Penn Series Large Growth Stock Fund*		40,852		1,241,904
Penn Series Mid Cap Growth Fund*		83,071		1,241,904
Penn Series Mid Cap Value Fund*		144,542		3,104,761
Penn Series Mid Core Value Fund*		154,620		3,104,761
Penn Series Real Estate Securities Fund*		89,906		1,862,857
Penn Series Small Cap Growth Fund*		60,015		1,862,857
Penn Series Small Cap Index Fund*		33,565		620,952
Penn Series Small Cap Value Fund*		62,659		1,862,857
Penn Series SMID Cap Growth Fund*		60,375		1,241,904
Penn Series SMID Cap Value Fund*		138,174		3,104,761
TOTAL AFFILIATED EQUITY FUNDS (Cost $24,433,489)				34,773,323
AFFILIATED FIXED INCOME FUNDS — 8.9%
Penn Series High Yield Bond Fund*		103,406		1,241,904
Penn Series Limited Maturity Bond Fund*		156,674		1,862,857
Penn Series Quality Bond Fund*		172,967		2,483,809
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $5,447,409)				5,588,570
AFFILIATED INTERNATIONAL EQUITY FUNDS — 34.8%
Penn Series Developed International Index Fund*		536,228		6,209,522
Penn Series Emerging Markets Equity Fund*		614,251		6,830,474
Penn Series International Equity Fund*		344,290		8,693,330
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $18,100,350)				21,733,326
SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $408,324)		408,324		408,324
TOTAL INVESTMENTS — 100.1% (Cost $48,389,572)(a)			$	62,503,543
Other Assets & Liabilities — (0.1)%				(79,970	)
TOTAL NET ASSETS — 100.0%			$	62,423,573

* Non-income producing security.

† See Security Valuation Note.

(a) At September 30, 2016, the cost for Federal income tax purposes was $48,780,162. Net unrealized appreciation was $13,723,381. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $14,113,971 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $390,590.

135

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	34,773,323	$	34,773,323	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		5,588,570		5,588,570		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		21,733,326		21,733,326		—		—
SHORT-TERM INVESTMENTS		408,324		408,324		—		—
TOTAL INVESTMENTS	$	62,503,543	$	62,503,543	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

136

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MODERATELY AGGRESSIVE ALLOCATION FUND

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 54.8%
Penn Series Flexibly Managed Fund*		308,677	$	14,010,856
Penn Series Index 500 Fund*		538,361		9,340,571
Penn Series Large Cap Growth Fund*		330,056		4,670,285
Penn Series Large Cap Value Fund*		803,490		18,681,142
Penn Series Large Core Value Fund*		1,223,388		18,681,142
Penn Series Large Growth Stock Fund*		153,628		4,670,285
Penn Series Mid Cap Growth Fund*		312,394		4,670,285
Penn Series Mid Cap Value Fund*		434,850		9,340,571
Penn Series Mid Core Value Fund*		465,168		9,340,571
Penn Series Real Estate Securities Fund*		338,100		7,005,428
Penn Series Small Cap Growth Fund*		150,460		4,670,285
Penn Series Small Cap Index Fund*		252,448		4,670,286
Penn Series Small Cap Value Fund*		235,635		7,005,428
Penn Series SMID Cap Growth Fund*		113,522		2,335,143
Penn Series SMID Cap Value Fund*		415,691		9,340,571
TOTAL AFFILIATED EQUITY FUNDS (Cost $83,213,739)				128,432,849
AFFILIATED FIXED INCOME FUNDS — 17.9%
Penn Series High Yield Bond Fund*		388,866		4,670,286
Penn Series Limited Maturity Bond Fund*		1,178,373		14,010,856
Penn Series Quality Bond Fund*		1,626,144		23,351,427
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $38,292,912)				42,032,569
AFFILIATED INTERNATIONAL EQUITY FUNDS — 26.9%
Penn Series Developed International Index Fund*		1,411,572		16,345,999
Penn Series Emerging Markets Equity Fund*		1,679,959		18,681,142
Penn Series International Equity Fund*		1,109,771		28,021,712
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $51,184,236)				63,048,853
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,111,957)		1,111,957		1,111,957
TOTAL INVESTMENTS — 100.1% (Cost $173,802,844)(a)			$	234,626,228
Other Assets & Liabilities — (0.1)%				(129,512	)
TOTAL NET ASSETS — 100.0%			$	234,496,716

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $174,997,230. Net unrealized appreciation was $59,628,998. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $60,876,926 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,247,928.

137

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	128,432,849	$	128,432,849	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		42,032,569		42,032,569		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		63,048,853		63,048,853		—		—
SHORT-TERM INVESTMENTS		1,111,957		1,111,957		—		—
TOTAL INVESTMENTS	$	234,626,228	$	234,626,228	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

138

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MODERATE ALLOCATION FUND

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 42.9%
Penn Series Flexibly Managed Fund*		445,590	$	20,225,315
Penn Series Index 500 Fund*		582,862		10,112,658
Penn Series Large Cap Growth Fund*		238,225		3,370,886
Penn Series Large Cap Value Fund*		724,922		16,854,430
Penn Series Large Core Value Fund*		1,103,761		16,854,429
Penn Series Large Growth Stock Fund*		221,769		6,741,772
Penn Series Mid Cap Growth Fund*		450,955		6,741,772
Penn Series Mid Cap Value Fund*		470,794		10,112,658
Penn Series Mid Core Value Fund*		839,364		16,854,429
Penn Series Real Estate Securities Fund*		325,375		6,741,772
Penn Series Small Cap Growth Fund*		108,598		3,370,886
Penn Series Small Cap Index Fund*		364,420		6,741,772
Penn Series Small Cap Value Fund*		340,150		10,112,658
Penn Series SMID Cap Growth Fund*		163,874		3,370,886
Penn Series SMID Cap Value Fund*		300,034		6,741,772
TOTAL AFFILIATED EQUITY FUNDS (Cost $91,669,739)				144,948,095
AFFILIATED FIXED INCOME FUNDS — 37.9%
Penn Series High Yield Bond Fund*		842,020		10,112,658
Penn Series Limited Maturity Bond Fund*		2,551,554		30,337,973
Penn Series Quality Bond Fund*		6,103,275		87,643,034
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $112,890,098)				128,093,665
AFFILIATED INTERNATIONAL EQUITY FUNDS — 19.0%
Penn Series Developed International Index Fund*		1,455,478		16,854,430
Penn Series Emerging Markets Equity Fund*		1,515,686		16,854,430
Penn Series International Equity Fund*		1,201,504		30,337,973
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $48,447,027)				64,046,833
AFFILIATED MONEY MARKET FUND — 1.0%
Penn Series Money Market Fund (Cost $3,260,144)		3,260,144		3,260,144
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,040,842)		1,040,842		1,040,842
TOTAL INVESTMENTS — 101.1% (Cost $257,307,850)(a)			$	341,389,579
Other Assets & Liabilities — (1.1)%				(3,558,450	)
TOTAL NET ASSETS — 100.0%			$	337,831,129

(a) At September 30, 2016, the cost for Federal income tax purposes was $258,640,542. Net unrealized appreciation was $82,749,037. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $84,218,531 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,469,494.

† See Security Valuation Note.

* Non-income producing security.

139

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	144,948,095	$	144,948,095	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		128,093,665		128,093,665		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		64,046,833		64,046,833		—		—
AFFILIATED MONEY MARKET FUNDS		3,260,144		3,260,144		—		—
SHORT-TERM INVESTMENTS		1,040,842		1,040,842		—		—
TOTAL INVESTMENTS	$	341,389,579	$	341,389,579	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

140

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

MODERATELY CONSERVATIVE ALLOCATION FUND

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 30.9%
Penn Series Flexibly Managed Fund*		176,962	$	8,032,324
Penn Series Index 500 Fund*		115,740		2,008,081
Penn Series Large Cap Growth Fund*		70,957		1,004,041
Penn Series Large Cap Value Fund*		215,923		5,020,202
Penn Series Large Core Value Fund*		328,762		5,020,202
Penn Series Large Growth Stock Fund*		33,028		1,004,040
Penn Series Mid Cap Value Fund*		46,743		1,004,040
Penn Series Mid Core Value Fund*		100,004		2,008,081
Penn Series Real Estate Securities Fund*		96,915		2,008,081
Penn Series Small Cap Index Fund*		54,272		1,004,041
Penn Series Small Cap Value Fund*		67,544		2,008,081
Penn Series SMID Cap Value Fund*		44,684		1,004,040
TOTAL AFFILIATED EQUITY FUNDS (Cost $20,110,065)				31,125,254
AFFILIATED FIXED INCOME FUNDS — 56.7%
Penn Series High Yield Bond Fund*		250,801		3,012,121
Penn Series Limited Maturity Bond Fund*		1,604,438		19,076,769
Penn Series Quality Bond Fund*		2,447,174		35,141,417
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $50,186,140)				57,230,307
AFFILIATED INTERNATIONAL EQUITY FUNDS — 11.9%
Penn Series Developed International Index Fund*		260,114		3,012,122
Penn Series Emerging Markets Equity Fund*		270,874		3,012,121
Penn Series International Equity Fund*		238,584		6,024,243
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $9,211,561)				12,048,486
AFFILIATED MONEY MARKET FUND — 1.0%
Penn Series Money Market Fund (Cost $978,711)		978,711		978,711
SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $740,621)		740,621		740,621
TOTAL INVESTMENTS — 101.2% (Cost $81,227,098)(a)			$	102,123,379
Other Assets & Liabilities — (1.2)%				(1,256,802	)
TOTAL NET ASSETS — 100.0%			$	100,866,577

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $81,576,823. Net unrealized appreciation was $20,546,556. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $20,896,281 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $349,725.

141

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	31,125,254	$	31,125,254	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		57,230,307		57,230,307		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		12,048,486		12,048,486		—		—
AFFILIATED MONEY MARKET FUNDS		978,711		978,711		—		—
SHORT-TERM INVESTMENTS		740,621		740,621		—		—
TOTAL INVESTMENTS	$	102,123,379	$	102,123,379	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

142

PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2016 (Unaudited)

CONSERVATIVE ALLOCATION FUND

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 17.5%
Penn Series Flexibly Managed Fund*		105,433	$	4,785,598
Penn Series Index 500 Fund*		34,478		598,200
Penn Series Large Cap Value Fund*		77,187		1,794,599
Penn Series Large Core Value Fund*		117,525		1,794,599
Penn Series Mid Core Value Fund*		59,582		1,196,400
Penn Series Real Estate Securities Fund*		28,871		598,200
TOTAL AFFILIATED EQUITY FUNDS (Cost $8,025,989)				10,767,596
AFFILIATED FIXED INCOME FUNDS — 75.1%
Penn Series High Yield Bond Fund*		149,425		1,794,599
Penn Series Limited Maturity Bond Fund*		1,459,024		17,347,793
Penn Series Quality Bond Fund*		1,874,581		26,918,989
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $40,347,308)				46,061,381
AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9%
Penn Series Developed International Index Fund*		103,316		1,196,399
Penn Series Emerging Markets Equity Fund*		53,795		598,200
Penn Series International Equity Fund*		47,382		1,196,400
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $2,713,844)				2,990,999
AFFILIATED MONEY MARKET FUND — 3.8%
Penn Series Money Market Fund (Cost $2,349,591)		2,349,591		2,349,591
SHORT-TERM INVESTMENTS — 1.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $897,719)		897,719		897,719
TOTAL INVESTMENTS — 102.8% (Cost $54,334,451)(a)			$	63,067,286
Other Assets & Liabilities — (2.8)%				(1,743,969	)
TOTAL NET ASSETS — 100.0%			$	61,323,317

† See Security Valuation Note.

* Non-income producing security.

(a) At September 30, 2016, the cost for Federal income tax purposes was $54,447,565. Net unrealized appreciation was $8,619,721. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $8,732,835 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $113,114.

143

Summary of inputs used to value the Fund’s investments as of 09/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 09/30/2016		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	10,767,596	$	10,767,596	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		46,061,381		46,061,381		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		2,990,999		2,990,999		—		—
AFFILIATED MONEY MARKET FUNDS		2,349,591		2,349,591		—		—
SHORT-TERM INVESTMENTS		897,719		897,719		—		—
TOTAL INVESTMENTS	$	63,067,286	$	63,067,286	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of Level 2 or Level 3 fair value hierarchy during the reporting period.

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

144

Security Valuation:

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. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing evaluation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and 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 evaluation 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.

Securities for which market quotations are not readily available are valued by methods deemed by the Board of Directors to represent fair value. The Penn Series Valuation Committee (the “Valuation Committee”) , established by and subject to oversight by the Board of Directors, develops pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from the Adviser and Administrator. The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Adviser or the applicable sub adviser, to establish and /or adjust fair valuations of securities as events occur and circumstances warrant. The information and inputs may include but are not limited to cost of the security, last sale price, private transaction trading prices, comparable publically traded security prices, illiquidity premiums, publically disclosed news stories and regulatory filings, estimated cash flows and yield curves. As part of its procedures, the Valuation Committee monitors the fair valued securities, considers additional news or significant developments relative to the specific security, reviews the valuations with the Adviser or respective sub adviser on a regular basis and applies back testing procedures to valuations as applicable. Reasons for which securities may be valued in this manner include, but are not limited to, trading on an exchange for a security has not begun or has been halted or suspended, a security has been de-listed from a national exchange, trading on a security’s primary market is temporarily closed at a time when under normal conditions it would be open or valuation by a third party pricing service is currently not available or is no longer available.

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.

To assess the continuing appropriateness of third party pricing service security valuations, the Adviser or sub adviser, as applicable, or the fund accounting service provider, who is subject to oversight by the Administrator, regularly monitor the prices and compare prices to alternate sources where applicable. Pricing challenges are issued for valuation differences exceeding certain tolerances or when considered not reflective of market by the Adviser or sub adviser, as applicable.

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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 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 Fund’s 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)

Transfers between levels 1 and 2 during the period ended September 30, 2016, if any, are shown as notes on the Schedule of Investments of the individual fund.

Significant Level 3 items at September 30, 2016 consist of $4,529,340 of equities in the Large Growth Stock Fund, which were not publicly trading. The unobservable inputs used in valuing these securities include new rounds of financing, negotiated transactions of significant size between 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.

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DERIVATIVE FINANCIAL INSTRUMENTS:

The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the period ended September 30, 2016. Open futures contracts held by the Index 500, Developed International Index and Small Cap Index Funds at September 30, 2016 were as follows:

Fund	Type		Futures Contract		Expiration Date		Number of Contracts			Units per Contract		Closing Price		Unrealized Appreciation (Depreciation)
Limited Maturity Bond		Buy/Long		US Treasury Note		9/30/2016		15			1,000	$	133	$	54,141
Limited Maturity Bond		Buy/Long		US Treasury Note		10/5/2016		5			2,000		110		7,657
Limited Maturity Bond		Buy/Long		US Treasury Note		10/5/2016		195			2,000		110		295,562
															357,360
Quality Bond		Sell/Short		US Treasury Note		9/30/2016		(175	)		1,000		133		(583,789	)
Quality Bond		Buy/Long		US Treasury Note		9/30/2016		75			1,000		172		759,375
Quality Bond		Buy/Long		US Treasury Note		10/5/2016		150			1,000		122		336,328
Quality Bond		Sell/Short		US Treasury Note		10/5/2016		(150	)		2,000		110		(225,000	)
Quality Bond		Sell/Short		US Treasury Ultra Bond		9/30/2016		(95	)		1,000		186		(1,096,211	)
															(809,297	)
Index 500		Buy/Long		E-Mini S&P 500 Index		9/16/2016		32			50		2,090		38,712
Small Cap Index		Buy/Long		Russell 2000 Mini Index		9/16/2016		11			100		1,147		3,520
Developed International Index		Buy/Long		E-Mini MSCI EAFE Index		9/16/2016		33			50		1,615		(5,775	)

The total market value of futures contracts held in the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds as of September 30, 2016 are classified as Level 1.

Open forward foreign currency contracts held by High Yield Bond Fund at September 30, 2016 were as follows:

	Currency		Counterparty		Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Sell		Canadian Dollar		CIBC World Markets Corp.		09/15/2016		(753,000	)		1.31108	$	(569,370	)	$	(574,336	)	$	(4,966	)
Buy		Euro		Citibank		12/15/2016		687,730			0.88706		771,230			775,294			4,064
Sell		Euro		Citibank		12/15/2016		(6,167,210	)		0.88706		(6,946,247	)		(6,952,434	)		(6,187	)
Sell		Pounds Sterling		RBC Dominion Securities Inc.		10/14/2016		(1,539,000	)		0.77130		(2,026,170	)		(1,995,336	)		30,834
Sell		Pounds Sterling		CIBC World Markets Corp.		10/14/2016		(111,934	)		0.77130		(146,046	)		(145,124	)		922
Sell		Pounds Sterling		BNYMellon		10/14/2016		(67,000	)		0.77130		(87,130	)		(86,866	)		264
Sell		Swiss Francs		BAML		11/18/2016		(183,000	)		0.96869		(190,903	)		(188,914	)		1,989
Total																		$	26,920

Open forward foreign currency contracts held by Mid Core Value Fund at September 30, 2016 were as follows:

	Currency		Counterparty		Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Buy		Canadian Dollar		Morgan Stanley		12/30/2016		71,169			1.31108	$	54,451		$	54,283		$	(168	)
Sell		Canadian Dollar		Morgan Stanley		12/30/2016		(2,500,766	)		1.31108		(1,889,347	)		(1,907,410	)		(18,063	)
Buy		Euro		UBS		12/30/2016		27,421			0.88637		30,849			30,936			87
Sell		Euro		UBS		12/30/2016		(970,253	)		0.88637		(1,090,797	)		(1,094,636	)		(3,839	)
Sell		Japanese Yen		Credit Suisse		12/30/2016		(39,957,993	)		100.97319		(399,826	)		(395,729	)		4,097
Total																		$	(17,886	)

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Open forward foreign currency contracts held by Emerging Markets Fund at September 30, 2016 were as follows:

	Currency		Counterparty		Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Sell		Euro		BNYMellon		10/20/2016		(2,855,122	)		0.88936	$	(3,194,967	)	$	(3,210,295	)	$	(15,328	)
Total																		$	(15,328	)

The total market value of forward foreign currency contracts held in the High Yield Bond, Mid Core Value and Emerging Markets Equity Funds as of September 30, 2016 are classified as Level 2.

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Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Penn Series Funds, Inc.
By (Signature and Title)*	/s/ David M. O’Malley
	David M. O’Malley, President
	(principal executive officer)

Date  11/15/2016    

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ David M. O’Malley
	David M. O’Malley, President
	(principal executive officer)

Date  11/15/2016    

By (Signature and Title)*	/s/ Steven Viola
	Steven Viola, Treasurer
	(principal financial officer)

Date  11/15/2016    

^*  Print the name and title of each signing officer under his or her signature.