UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number            811-03459                 

                               Penn Series Funds, Inc.                              

(Exact name of registrant as specified in charter)

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:   June 30, 2019

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the annual and semi-annual shareholder reports for the Funds available under your variable annuity or variable life insurance contract will no longer be sent by mail unless you specifically request paper copies of the reports from The Penn Mutual Life Insurance Company or The Penn Insurance and Annuity Company, as applicable, or your financial intermediary. Instead, the reports will be made available on our website at www.pennmutual.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper and free of charge. You can contact us at (800) 523-0650 or contact your financial intermediary if you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds available under your insurance contract.

The Securities and Exchange Commission (“SEC”) has not approved or disapproved

these securities or passed upon the adequacy of this Prospectus.

Any representation to the contrary is a criminal offense.

Dear Investor:

Thank you for your continued affiliation with The Penn Mutual Life Insurance Company. The confidence and trust you place in us reaffirms our commitment to helping policyholders take advantage of all of life’s possibilities. We also take pride in being a financially strong mutual insurance company that delivers on our promises, and I’m very pleased to bring you the following capital markets summary. Please remember that regardless of what the markets may bring, short-term performance changes should not distract you from your long-term financial plan, and it’s a good idea to meet with your investment professional regularly to make sure that your asset allocation remains on target.

Stocks, despite a sharp pullback in May, recorded strong gains during the first half of 2019 while reaching record highs and ending with their best start to a year in over two decades. Inflation measures in the U.S. remained below the Federal Reserve’s (Fed) 2% target despite the record-long economic expansion and near record-low unemployment. Consumer spending increased after a slow start to the year with balance sheets strengthening. First quarter Gross Domestic Product (GDP) showed a better than expected 3.1 percent rate of growth as consumer sentiment remained elevated, supported by a strong employment environment. Amid the growing uncertainties surrounding the escalation in trade and tariff tensions, second quarter GDP growth slowed along with consumer confidence levels. From a sector perspective, Technology and Consumer Discretionary had the strongest returns whereas Health Care, Energy and Utilities experienced relatively weaker returns during the first half of the year. In this environment, the U.S. stock market, as measured by the Wilshire 5000 Equity Index, returned 18.66 percent during the six-month period ending June 30.

On a relative basis, mid capitalization stocks provided higher returns than small and large capitalization stocks during the six-month period. Mid capitalization stocks, as measured by the Russell Midcap Index, returned 21.35 percent, while small capitalization stocks, as measured by the Russell 2000 Index, returned 16.98 percent and large capitalization stocks, as measured by the Russell 1000 Index, returned 18.84 percent. From a style perspective, growth stocks outperformed value stocks in all market capitalizations, with the widest disparity being in the mid capitalization space. For instance, mid capitalization growth stocks, as measured by the Russell Midcap Growth Index, returned 26.08 percent while mid capitalization value stocks, as measured by the Russell Midcap Value Index, returned 18.02 percent. Much of the outperformance within growth stocks can be attributed to the strong performance of the Technology, Consumer Discretionary and Industrials sectors.

International markets, while registering strong positive returns, underperformed domestic equity markets during the first six months of the year with emerging market stocks posting a 10.58 percent return, as measured by the MSCI Emerging Markets Index, and developed international stocks returning 14.03 percent, as measured by the MSCI EAFE Index. Despite the fact that the Fed and European Central Bank (ECB) have signaled they would take measures to combat slowing economic growth and address the risks associated with ongoing trade tensions, political and geopolitical risks have increased.

Investment-grade fixed income securities and high yield bonds posted strong results during the six-month period with the Fed’s dovish stance supporting prices. Treasury yields moved lower in response to persistent low inflation and disappointing global economic conditions. The 10-Year Treasury yield closed the second quarter at 2.00 percent, the lowest level since the fall of 2016. Investment-grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Index, returned 6.11 percent and the Credit Suisse High Yield Bond Index returned a solid 9.95 percent. The Federal Open Market Committee (FOMC) met several times during the first half of the year and dropped the word “patient” from their statement describing its policy. The Fed also confirmed market expectations for an interest rate cut during the July FOMC meeting by noting in their June post-meeting statement that they “will act as appropriate to sustain the expansion.”

Once again, we thank you for the privilege of serving your financial needs and encourage you to work closely with your financial professional to continue to explore your options throughout all of life’s stages.

Sincerely,

David M. O’Malley

President and Chief Operating Officer

The Penn Mutual Life Insurance Company

President

Penn Series Funds, Inc.

Source: This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are subject to change as subsequent conditions vary. All economic and performance information is historical and not indicative of future results.

Table of Contents

Penn Series Funds, Inc. Semi-Annual Report

Management’s Discussion of Fund Performance
Limited Maturity Bond Fund	2
Quality Bond Fund	3
High Yield Bond Fund	4
Flexibly Managed Fund	5
Balanced Fund	7
Large Growth Stock Fund	8
Large Cap Growth Fund	9
Large Core Growth Fund	11
Large Cap Value Fund	12
Large Core Value Fund	14
Index 500 Fund	15
Mid Cap Growth Fund	16
Mid Cap Value Fund	18
Mid Core Value Fund	20
SMID Cap Growth Fund	22
SMID Cap Value Fund	24
Small Cap Growth Fund	26
Small Cap Value Fund	27
Small Cap Index Fund	29
Developed International Index Fund	30
International Equity Fund	31
Emerging Markets Equity Fund	33
Real Estate Securities Fund	35
Aggressive Allocation Fund	36
Moderately Aggressive Allocation Fund	37
Moderate Allocation Fund	38
Moderately Conservative Allocation Fund	39
Conservative Allocation Fund	40
Important Information about Fund Expenses	41
Schedules of Investments	44
Statements of Assets and Liabilities	153
Statements of Operations	161
Statements of Changes in Net Assets	166
Financial Highlights	174
Notes to Financial Statements	189
Disclosure of Portfolio Holdings	214
Voting Proxies on Fund Portfolio Securities	214
Board Approval of Investment Advisory and Sub-Advisory Agreements	215

1

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Limited Maturity Bond Fund

The Penn Series Limited Maturity Bond Fund returned 3.34% for the six-month period ending June 30, 2019, compared to 2.71% for its benchmark, the Bloomberg Barclays Capital U.S. Government/Credit 1-3 Year Index, for the same period.

The Fund finished in the top 40% among actively managed short duration fixed income funds as measured by Morningstar during the first six months of 2019.

Financial markets responded favorably to the Federal Reserve’s shift towards easier monetary policy. Fixed income spread sectors registered strong results despite a temporary setback in May when escalating U.S./China trade tensions weighed on valuations.

Short-term Treasury yields moved in response to persistent low inflation and weakening global growth prospects. Fixed income markets are pricing in multiple rate cuts by year-end with the first cut expected at the July Federal Open Market Committee (FOMC) meeting.

We are remaining opportunistic with duration and yield curve management in light of the Fed’s recent U-turn in monetary policy and signs of weaker economic conditions outside of the United States. Strategy holdings remain diversified across corporate and structured securities with overweight positioning to securitized airline debt, highly rated collateralized loan obligations (CLOs) and floating-rate bank hybrid securities.

Penn Mutual Asset Management, LLC

Investment Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Corporate Bonds		59.2	%
Asset Backed Securities		18.0	%
Commercial Mortgage Backed Securities		14.9	%
U.S. Treasury Obligation		4.0	%
Municipal Bonds		3.3	%
Agency Obligations		0.6	%
Residential Mortgage Backed Securities		—	%2
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments.

²  Less than 0.05%.

2

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Quality Bond Fund

The Penn Series Quality Bond Fund returned 6.75% for the six-month period ending June 30, 2019, compared to 6.11% for its benchmark, the Bloomberg Barclays Capital U.S. Aggregate Bond Index for the same time period.

The Fund finished in the top quartile among actively managed intermediate duration core bond funds as measured by Morningstar during the first half of 2019.

Despite short-lived weakness in May as trade talks with China broke down, spread sectors outperformed strongly since year-end. Treasury yields moved lower during the period in response to weakening global growth and persistent low inflation. Strong demand from foreign investors facing growing amounts of negative yielding sovereign debt also boosted valuations. The 10-year Treasury yield closed June at 2.0%, the lowest monthly close since President Trump’s election victory in 2016.

The June Federal Open Market Committee (FOMC) meeting confirmed the Federal Reserve’s dovish U-turn and will help extend the record-long economic expansion. Active duration and yield curve management will provide opportunities for outperformance as interest rate volatility remains elevated during this period of global economic and political uncertainty.

Fund performance during the first six months of 2019 benefitted from spread sector outperformance and yield curve positioning, while Treasury Inflation Protected securities (TIPs) underperformed. We are remaining opportunistic with sector allocations with recent focus on structured securities, which have lagged the rebound in corporate credit this year. High quality securitized products, including collateralized loan obligations (CLO) and multi-family property commercial mortgage-backed securities (CMBS), offer attractive relative value versus corporate credit.

Penn Mutual Asset Management, LLC

Investment Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Corporate Bonds		57.1	%
Commercial Mortgage Backed Securities		16.3	%
Asset Backed Securities		10.6	%
Municipal Bonds		4.8	%
Residential Mortgage Backed Securities		8.6	%
U.S. Treasury Obligation		2.6	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments.

3

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

High Yield Bond Fund

The Penn Series High Yield Bond Fund returned 10.33% for the six-month period ending June 30, 2019, compared to the 9.95% return for its benchmark, the CSFB High Yield Bond Index for the same time period.

The first half of 2019 was a very strong period for high yield credit and risk markets in general. Rebounding off a weak fourth quarter in 2018, the reversal in psychology was largely driven by an abrupt change in Federal Reserve posture with respect to its interest rate trajectory and its balance sheet holdings of Treasuries and mortgages. 10-year Treasury rates declined about 70 basis points during the first six months of the year in response, and about 120 basis points from mid-November. The other overhang in the market, the China/U.S. trade dispute, also eased as President Trump signaled progress and tariff hikes were put on hold. These factors led to a very strong rally across equities, emerging markets, and fixed income. The high yield market registered an approximate 10% gain in the first half, among the strongest start to a calendar year on record. Leveraged loans lagged high yield bonds by over 400 basis points as lower interest rate expectations caused outflows from the asset class.

The CSFB High Bond Yield Index returned 9.95% during the six months ending June 30, 2019, led by a 4.46% return in January alone. Performance was relatively even across credit quality although BB’s outperformed lower rated credit on a risk adjusted basis. During the period, the Fund outperformed its benchmark by 38 basis points due primarily to sector and security selection. New issuance finally re-emerged and presented opportunities to add credit during the second quarter.

Penn Mutual Asset Management, LLC

Investment Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
BBB/BB Rated & Above		26.9	%
BB Rated		25.1	%
BB/B Rated		24.8	%
B Rated		9.4	%
B/CCC Rated		8.1	%
Not Rated		0.7	%
Loan Agreements		5.0	%
Equity Securities		—	%2
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments.

² Less than 0.05%.

4

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Flexibly Managed Fund

The Penn Series Flexibly Managed Fund returned 17.35% for the six-month period ending June 30, 2019, compared to the 18.54% return of its benchmark, the S&P 500 Index for the same time period.

The portfolio posted a positive return for the six-month period ended June 30, 2019; and while it lagged its all-equity S&P 500 Index benchmark, it outperformed peers, ranking in the top decile of its Morningstar and Lipper peer groups, respectively. The portfolio’s equity holdings turned in a strong positive return during the period, outperforming its S&P 500 Index benchmark. The portfolio’s fixed income securities posted a positive return, outperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

Stocks surged during the six-month period ended June 30, 2019, as the market rebounded from its late-December 2018 lows. Equities were lifted early in the period by fourth-quarter corporate earnings reports that were generally better than expected. Another tailwind during the period was that the Federal Reserve (Fed) turned dovish and stopped raising short-term interest rates. Expectations grew throughout the year-to-date period that the Fed would actually reduce short-term rates in response to slowing economic growth. Despite a sharp pullback in May stemming from increased trade tensions between the U.S. and some of its key trading partners, equities were buoyed late in the period by hopes that U.S. and China would draw closer to reaching a trade deal at the G-20 summit at the end of June.

Overall, we remain cautious on U.S. equity markets as we are concerned about full valuations late in the economic cycle, which could leave stocks particularly vulnerable to fading economic and earnings growth, as well as geopolitical risks. Our overall equity weight largely remained the same during the quarter. We purchased shares in the health care and materials sectors. We also sold holdings in the energy and financials sectors.

Our overall fixed income weight modestly increased compared with the beginning of the year. Our allocation to high yield increased, as we identified select issues that offer attractive return/risk characteristics even though credit spreads are relatively tight.

Within equities, the health care sector drove relative outperformance due to stock selection. Shares of Danaher benefited from news in February that it will buy GE’s biopharma business, which sells supplies and equipment

for developing and producing biologic drugs, for $21 billion. The industrials and business services sector also aided relative returns due to stock selection. Shares of Roper Technologies gained as the company benefited from a combination of solid revenue growth and new management’s decision to re-segment its businesses, which provides greater transparency for investors. Security selection in the communication services sector weighed on performance; however, an underweight position helped to more than offset the detraction. Shares of Alphabet sold off due to a deceleration in revenue that management attributed to changes to its search-advertising platform, as well as from news that the U.S. Department of Justice established jurisdiction over any potential antitrust investigations involving Alphabet, suggesting the likelihood of such an investigation is increasing. There were no sectors that detracted from relative performance during the six-month period.

Given the extended valuations and our position late in the current economic cycle, stocks are particularly vulnerable to fading growth and geopolitical and monetary policy risks. In the face of these headwinds, we continue to position the portfolio conservatively. Considering our cautious view, we remain focused on identifying high-quality businesses with strong fundamentals that we believe can deliver solid earnings and the potential for growth across a variety of market environments.

Penn Mutual Asset Management, LLC

Investment Adviser

T. Rowe Price Associates, Inc.

Investment Sub-Adviser

5

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Consumer, Non-cyclical		23.4	%
Industrial		16.9	%
Communications		13.5	%
Financial		13.2	%
Technology		12.4	%
Utilities		9.6	%
Consumer, Cyclical		6.2	%
Government		3.6	%
Energy		0.7	%
Asset Backed Securities		0.3	%
Basic Materials		0.2	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

6

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Balanced Fund

The Penn Series Balanced Fund returned 13.52% for the six-month period ending June 30, 2019, compared to its benchmarks, the S&P 500 Index’s return of 18.54% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.11% for the same time period.

The Balanced Fund is comprised of a target allocation of 60% to an equity fund and 40% to a fixed income fund. The equity allocation of the Fund is comprised of the Penn Series Index 500 Fund which seeks a total return that corresponds to that of the S&P 500 Index. The fixed income allocation of the Fund consists of an allocation to the Penn Series Quality Bond Fund.

At the broad asset class level, the Balanced Fund’s equity allocation performed in line with its broad equity benchmark the S&P 500 Index for the six-month period. The Fund’s fixed income allocation outperformed the Bloomberg Barclays Capital U.S. Aggregate Bond Index for the same period.

The Penn Series Quality Bond Fund’s yield curve positioning and exposure in structured products contributed positively to the performance. High yield bonds performed well during the period.

Penn Mutual Asset Management, LLC

Investment Adviser

Asset Allocation Target as of 6/30/19

Index 500	60.0	%
Intermediate Bonds	40.0	%
	100.0	%

7

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Large Growth Stock Fund

The Penn Series Large Growth Stock Fund returned 20.15% for the six-month period ending June 30, 2019, compared to the 21.49% return for its benchmark, the Russell 1000 Growth Index for the same time period.

The portfolio delivered positive returns for the six months ended June 30, 2019; however, it underperformed the benchmark Russell 1000 Growth Index. Sector allocation was the primary driver of relative underperformance. Financials, health care, and materials were the leading detractors; while industrials and business services and consumer discretionary contributed to relative returns.

Major U.S. stock indexes ended the first half of 2019 near record highs, due in part to the Federal Reserve’s (Fed) more cautious monetary policy stance. Developments in the long-simmering trade dispute between the U.S. and China sparked market volatility throughout the period. Most notably, stocks dipped in May due to heightened trade tensions between the two countries. However, at period-end, investors appeared hopeful for at least a short-term trade truce amid continued negotiations, boosting equities. As measured by various Russell indexes, growth stocks surpassed value across all market capitalizations.

The financials sector was by far the largest relative detractor, due primarily to stock choices. Indications by the Fed of its willingness to cut rates, industry pricing pressure, and declining client cash balances as investors chase rising equity markets weighed on TD Ameritrade shares.

The portfolio’s overweight position in health care also weighed on relative performance.

Security selection in materials hindered relative returns, driven by shares of DuPont de Nemours.

Conversely, stock selection in industrials and business services contributed to relative performance. Broad organic revenue growth across segments, along with better-than-expected margin expansion and free cash flow generation, drove shares of Roper higher over the past six months.

Consumer discretionary also aided relative results, due to stock choices such as Ferrari and Dollarama. Shares of Dollarama gained after reporting better-than-expected topline growth, driven by an increase in average basket size and number of transactions. We believe Dollarama has a unique and durable business model with attractive margins and a solid runway for growth.

Positive economic growth, low inflation, and accommodative monetary policies are likely to support financial asset prices in the second half of 2019, although much depends on a resolution of the U.S.-China trade dispute. While the consensus earnings forecast is for a reacceleration in corporate earnings growth later in the year, this will depend on improving economic conditions, particularly outside the U.S. However, the global economic outlook remains subdued as most developed economies are growing below their potential and trade tensions are corroding business confidence and capital spending.

Penn Mutual Asset Management, LLC

Investment Adviser

T. Rowe Price Associates, Inc.

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Communications		31.7	%
Consumer, Non-cyclical		18.8	%
Technology		18.0	%
Financial		10.9	%
Consumer, Cyclical		8.9	%
Industrial		8.5	%
Utilities		1.9	%
Basic Materials		0.9	%
Energy		0.4	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

8

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Large Cap Growth Fund

The Penn Series Large Cap Growth Fund returned 24.19% for the six-month period ending June 30, 2019, compared to the 21.49% return for its benchmark, the Russell 1000 Growth Index for the same time period.

Changes in market sentiment, driven largely by uncertainty over the outcome of trade negotiations between the U.S. and China, contributed to periodic bouts of volatility during the reporting period. The global economy decelerated throughout the period, led by weakness in China and Europe.

The deteriorating global growth backdrop, along with declining inflationary pressures, prompted the U.S. Federal Reserve (Fed) to adopt a more dovish policy stance during the first half of 2019, which resulted in a sharp decline in long-term interest rates during the period, inverting portions of the Treasury yield curve. Consequently, markets anticipate several Fed rate cuts in the coming quarters.

Globally, central banks have tilted more dovish as well, with China lowering reserve requirements, the Bank of Canada and Bank of England holding rates steady and the European Central Bank extending a low-interest-rate refinancing facility for eurozone banks to encourage the continued flow of credit and to hold out the possibility of further lowering rates and resuming asset purchases.

Emerging markets experienced considerable volatility during the period as tighter global financial conditions exposed structural weakness in some countries. Those pressures were somewhat relieved toward the end of the period as the Fed became more dovish. Diminished hopes for a trade deal between the U.S. and China weighed on sentiment at the end of the period. Idiosyncratic factors negatively impacted some emerging economies, such as Argentina and Turkey.

From a geopolitical perspective, a change in leadership in the United Kingdom, caused by a lack of consensus on the best path toward Brexit, a fractious Eurosceptic Italian coalition government and a weakening of Angela Merkel’s grip on the German chancellorship were sources of uncertainty in Europe. In emerging markets, new Brazilian president Jair Bolsonaro took office, with markets generally encouraged by his market-friendly agenda. In contrast, markets appeared to have been nervous about the less-market-friendly approach of Mexico’s new president Andrés Manuel López Obrador.

Stock selection in both the health care and consumer discretionary sectors contributed to performance relative to the Russell 1000 Growth Index during the reporting period. Within the health care sector, not holding shares of pharmaceutical company Abbvie and health insurance and Medicare/Medicaid provider UnitedHealth Group, an overweight position in precision instruments manufacturer Mettler-Toledo International and holding shares of healthcare equipment manufacturer Danaher, benefited relative results. Within the consumer discretionary sector, holding shares of luxury goods company LVMH (France) and sportswear and sports equipment manufacturer Adidas (Germany) also lifted relative returns.

Stocks in other sectors that further benefited relative returns included holding shares of global alternative asset manager Blackstone Group and overweight positions in credit rating agency Moody’s, risk management and human capital consulting services provider Aon and IT servicing firm Accenture.

Security selection and, to a lesser extent, an underweight position in the information technology sector was a primary factor detracting from relative performance during the reporting period. Within this sector, the Fund’s overweight position in IT consulting and technology services provider Cognizant Technology Solutions, underweight positions in computer and personal electronics maker Apple and software giant Microsoft and holding shares of semiconductor manufacturer Taiwan Semiconductor Manufacturing (Taiwan) weakened relative results.

Stock selection in the communication services sector also weighed on relative performance. Not holding shares of social media company Facebook and internet TV show and movie subscription services provider Netflix, as well as overweighting shares of technology company Alphabet, dampened relative returns. Elsewhere, not holding a position in internet retailer Amazon.com, and holding shares of household products manufacturer Reckitt Benckiser (United Kingdom) and international betting and gaming company Flutter Entertainment (Ireland), held back relative results.

Penn Mutual Asset Management, LLC

Investment Adviser

MFS Investments

Investment Sub-Adviser

9

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Consumer, Non-cyclical		24.2	%
Technology		23.6	%
Consumer, Cyclical		13.3	%
Financial		12.7	%
Industrial		11.4	%
Communications		9.8	%
Basic Materials		4.9	%
Energy		0.1	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

10

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Large Core Growth Fund

The Penn Series Large Core Growth Fund returned 27.27% for the six-month period ending June 30, 2019, compared to the 21.49% return for its benchmark, the Russell 1000 Growth Index for the same time period.

U.S. stocks appreciated strongly in the six-month period. The first half of 2019 saw sustained, albeit slower, expansion in the U.S. economy, dovish central bank rhetoric, generally better-than-expected corporate earnings and ongoing geopolitical uncertainty. Fitful trade negotiations between the U.S. and China had yet to yield a deal. But, following a period of escalating tensions, the two sides agreed to withhold further tariff increases for the time being. Stock prices rallied sharply at the end of the period as markets grew more convinced that the U.S. Federal Reserve would enact monetary easing to offset the economy’s loss of momentum.

Within the Russell 1000 Growth Index, all but one sector posted double-digit returns in the period, led by the information technology sector. The health care sector had the smallest gain.

The long-term investment horizon and conviction-weighted investment approach embraced by the team since 1998 can result in periods of performance deviation from the benchmark and peers. The Fund outperformed the Index this reporting period due to favorable stock selection, while sector allocation had a small negative impact on relative performance.

Our stock selection in the consumer discretionary sector contributed the most to relative outperformance. Both stock selection and, to a lesser extent, an underweight allocation in the health care sector added value. Our selections in information technology and industrials stocks also outperformed, although an underweight to the former sector and an overweight to the latter sector tempered the relative gains. Stock selection in the communication services sector detracted, but the Fund’s overweight allocation in the sector was beneficial and partially offset the relative drag.

Our team continues to focus on bottom-up stock selection and the long-term outlook for companies owned in the portfolio; accordingly, we have had very little turnover in the portfolio to date, as our ongoing work reaffirms our assessment of quality and competitive advantage in the names we own. At the end of the period, the Fund’s largest sector weights were in information technology, communication services and consumer discretionary. The

Fund had no exposure to the energy and real estate sectors. Neither the Fund nor the Index have exposure to the utilities sector.

Penn Mutual Asset Management, LLC

Investment Adviser

Morgan Stanley Investment Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Communications		27.0	%
Technology		26.1	%
Consumer, Non-cyclical		25.1	%
Industrial		8.6	%
Consumer, Cyclical		7.8	%
Basic Materials		5.4	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

11

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Large Cap Value Fund

The Penn Series Large Cap Value Fund returned 13.96% for the six-month period ending June 30, 2019, compared to the 16.24% return for its benchmark, the Russell 1000 Value Index for the same time period.

U.S. equities recorded impressive gains during the six-month period ended June 30, 2019. Although volatility continued to plague markets, as concerns over trade tensions and a slowing global economy persisted, investors and the markets were buoyed when the U.S. Federal Reserve (Fed) retreated from its plans for future rate increases. Investors continued to ride an emotional rollercoaster however, as U.S.-China trade talks continued and rhetoric regarding escalating tariffs increased. Investors were assuaged by comments from Fed Chair Jerome Powell, who held out the possibility of a rate cut should the economic outlook worsen. In the U.S. growth stocks slightly outperformed value stocks and large-cap companies outperformed small-cap names.

For the six-month period ending June 30, 2019, the portfolio rose in absolute terms but underperformed its benchmark, the Russell 1000 Value Index. Stock selection in healthcare detracted, while selection in consumer discretionary contributed. The portfolio’s cash balance detracted, while an overweight to industrials contributed.

Healthcare provider Cigna detracted on concerns around the future profitability of its recently acquired Express Scripts pharmacy benefit management (PBM) business. Biotechnology company Biogen detracted after announcing that Phase 3 trials for its Alzheimer’s treatment would be discontinued. Shares of retail pharmacy chain Walgreens Boots Alliance detracted amid concerns over the impact of prescription drug price transparency and price pressure associated with retail pharmacies.

Shares of homebuilder D.R. Horton contributed in the period amid improved sentiment on housing, as the 10-year rate rallied significantly. Altra Industrial Motion, which manufactures power transmission and motion control products used in a variety of industrial applications, contributed on stronger-than-expected financial results. Celgene, a pharmaceutical company which develops drugs and treatments for cancer and inflammatory diseases, contributed after Bristol-Myers Squibb announced its intention to acquire it.

The boost from last year’s tax cuts has largely dissipated, but incoming data continue to support a generally healthy

U.S. economy. However, the ongoing trade conflict between the U.S. and China, with threat of conflict between the U.S. and other trading partners, such as Mexico, has generated significant uncertainty, which may contribute to capital expenditure deferment, lower consumer confidence and, ultimately, a slowing economy. The drop in long-term interest rates and yield-curve inversion signal caution. After a decade of solid equity market performance, and amid signs of slowing global economic growth, the market has been eyeing the trade conflict warily, with an expectation that the Fed will cut the fed funds rate this year. Late cycle, the equity markets will remain sensitive to any new developments in the Fed’s economic outlook and management of the economic cycle, the ongoing global trade disputes and the U.S. political landscape approaching the 2020 U.S. elections. We do not forecast but evaluate. At the company level, we are always watching for signs of demand changing precipitately. In terms of late-cycle dynamics, we rigorously evaluate companies’ abilities to manage cost pressures such as labor. We seek to own attractively valued companies that are good businesses and exhibit signs of improving success. Our portfolio’s holdings have attractive fundamentals that are consistent with our philosophy — high free-cash-flow yields, low earnings variability and low leverage. These well-managed companies deploy capital wisely, allowing them to grow dividends and enhance the long-term value of their shares.

Penn Mutual Asset Management, LLC

Investment Adviser

AllianceBernstein

Investment Sub-Adviser

12

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Financial		29.6	%
Communications		16.7	%
Consumer, Non-cyclical		16.0	%
Industrial		14.7	%
Consumer, Cyclical		11.0	%
Energy		10.5	%
Technology		1.1	%
Basic Materials		0.4	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

13

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Large Core Value Fund

The Penn Series Large Core Value Fund returned 19.07% for the six-month period ending June 30, 2019, compared to the 16.24% return for its benchmark, the Russell 1000 Value Index for the same time period.

The Fund’s outperformance versus the Index was driven by strong stock selection results, while sector allocation results were modestly additive during the period. All 11 broad economic sectors posted double-digit gains during the period, with the strongest performance coming from the industrials, information technology, and real estate sectors.

Following a challenged end to calendar year 2018, where stocks broadly registered double-digit losses during the fourth quarter 2018, stocks rebounded in the first half of 2019, most notably during the first quarter 2019, producing double-digit gains over the six-month period.

The U.S. Federal Reserve Bank (Fed) played a key role in stocks’ advance during the period. Equities moved sharply higher after Fed Chairman Jerome Powell in January signaled a slower pace for interest rate hikes, a sharp departure from the Fed’s previous multi-year program of gradual rate increases. At its March meeting, the Fed left interest rates unchanged and predicted no rate increases for the rest of 2019, which was well-received by investors. The Fed held interest rates steady in the second quarter despite pressure from the Trump administration for a rate cut, but the Fed held out the possibility of lower rates if economic indicators weaken further.

Key economic indicators were mixed during the period. While the nation’s unemployment rate remained at multi-year lows, job creation decelerated sharply in May. Other indicators such as auto sales, construction spending and manufacturing also weakened in the period. Ongoing uncertainty related to Brexit and U.S. trade tensions with China were present throughout the period.

The broader S&P 500 Index rose 18.54% during the period. Overseas, the MSCI EAFE Index of mostly European stocks returned 14.03%, while the MSCI Emerging Markets Index advanced 10.58%. Large-cap stocks generally outperformed their small-cap counterparts in the period. In terms of investing style in the large-cap equity space, growth stocks topped value stocks.

Penn Mutual Asset Management, LLC

Investment Adviser

Eaton Vance Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Financial		27.0	%
Consumer, Non-cyclical		23.5	%
Industrial		11.5	%
Energy		8.8	%
Communications		8.2	%
Consumer, Cyclical		6.8	%
Utilities		6.8	%
Technology		5.1	%
Basic Materials		2.3	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

14

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Index 500 Fund

The Penn Series Index 500 Fund returned 18.39% for the six-month period ending June 30, 2019, compared to the 18.54% return for its benchmark, the S&P 500 Index for the same time period.

The investment objective of the Penn Series Index 500 Fund, is to seek a total return which correspond to that of the S&P 500 Index. The Fund’s benchmark index is the S&P 500 Index.

The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

For the first quarter of 2019, the prospect of easing monetary conditions helped the Index to finish the quarter with a gain of 13.5%. All S&P 500 equity sectors delivered firmly positive gains. Five sectors posted returns in excess of 15% and the only sectors that failed to capture double digit advances were financials (+8.4%) and health care (+6.5%). April marked another solid month for growth assets as investor’s embraced optimism about trade policy between the United States and China, and earnings results continued to outpace analyst estimates. The Index closed the month at a new all-time high. In the month of May, the Federal Reserve (Fed) pushed back on market expectations for interest rate cuts by suggesting that recent low levels of inflation were likely transitory. From there, trade conflict between the United States and the rest of the world took center stage; battering equity markets while flattering bonds. In June, liquidity-driven returned to market and Index reached its all-time high.

The Fund used Futures in order to gain market exposure for the cash position during the reporting period. The Fund’s use of futures detracted 0.3 basis points from Fund performance relative to the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were Microsoft Corporation, Apple Inc. and Amazon.com, Inc. The top negative contributors to the Fund’s performance during the reporting period were AbbVie, Inc., CVS Health Corporation and Cigna Corporation.

Penn Mutual Asset Management, LLC

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Consumer, Non-cyclical		22.0	%
Financial		17.9	%
Technology		16.7	%
Communications		15.0	%
Industrial		9.3	%
Consumer, Cyclical		8.4	%
Energy		5.1	%
Utilities		3.3	%
Basic Materials		2.3	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

15

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Mid Cap Growth Fund

The Penn Series Mid Cap Growth Fund returned 27.04% for the six-month period ending June 30, 2019, compared to the 26.08% return for its benchmark, the Russell Midcap Growth Index for the same time period.

Mid-cap growth stocks as measured by the Russell Midcap Growth Index enjoyed the strongest returns across the domestic equity spectrum. As the market rebounded from the selloff late last year, all sectors within the benchmark posted positive double-digit returns. Information technology, financials, real estate and industrials were the top performing sectors as consumer staples and energy were the biggest laggards.

For the reporting period, the Fund had a positive double-digit return, outperforming its benchmark. Stock selection was particularly strong during the period, providing relative outperformance in the consumer discretionary and industrials sectors.

Consumer discretionary was a significant overweight in the Fund and the sector benefitted from solid stock selection. Chipotle Mexican Grill posted strong sales performance as its management’s initiatives in the e-commerce area take hold. MercadoLibre, Inc. was another particularly strong performer, as the Latin American focused e-commerce company is demonstrating strong growth after emerging from a significant corporate investment period. Ulta Beauty Inc. also posted positive results with strong same store sales growth and margin expansion in the uber-competitive retail space.

The Fund’s industrials exposure was a slight overweight that benefitted from several names, including CoStar Group, Inc. CoStar Group is the leading provider of real estate data, analytics and marketplace listing platforms, including Apartments.com. It has a defensible franchise of mainly subscription-based revenue that continues to grow with solid management execution. During this time period, the company surprised to the upside as well as refreshed five-year guidance to a stronger level. Recent online traffic trends for Apartments.com and ForRent.com indicated robust growth over the past 12 months, far outpacing that of competitors.

Information technology was underweight the benchmark during this time period. While the allocation affect was a slight negative, stock selection more than offset the underweight drag of the sector on the portfolio.

One area of relative weakness came from the health care sector, where the stocks in the portfolio were not able to keep pace with those in the benchmark, especially within the biotechnology and health care equipment and supplies industries. One of the disappointing performers included Abiomed, Inc. Abiomed is a provider of medical devices that provide circulatory support to assist or replace the pumping function of a failing heart. The stock faltered during this period based on news that a FDA letter raised concerns about forward utilization. Also there were concerns over potential competition. We recognize these issues but still believe that the company has a long runway for growth.

Cash was minimal during the period but holding any cash in such a strong up market caused a drag on overall performance.

While the Fund’s portfolio represents an economically constructive point of view, our approach is essentially balanced based on stock selection as opposed to overt sector allocations. The portfolio continues to express a more economically constructive and optimistic view, with a more assertive pro-growth, less defensive stance. The Fund remains overweight in the consumer discretionary, health care and industrials sectors. We are underweight in the information technology sector but still have a healthy exposure. We are also underweight in the financials sector. We have no exposure to the real estate and energy sectors, which represent a combined 3.6% of the benchmark.

The top three securities contributing to the Fund’s relative performance for the reporting period were MercadoLibre, Inc., Chipotle Mexican Grill and CoStar Group, Inc. The top three securities detracting from the Fund’s relative performance for the reporting period were Sprouts Farmers Markets, Abiomed, Inc. and CME Group, Inc.

Penn Mutual Asset Management, LLC

Investment Adviser

Ivy Investment Management

Investment Sub-Adviser

16

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Consumer, Non-cyclical		26.8	%
Consumer, Cyclical		22.1	%
Technology		20.1	%
Industrial		16.4	%
Communications		8.4	%
Financial		3.2	%
Basic Materials		3.0	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

17

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Mid Cap Value Fund

The Penn Series Mid Cap Value Fund returned 13.85% for the six-month period ending June 30, 2019, compared to the 18.02% return for its benchmark, the Russell Midcap Value Index for the same time period.

Despite a strong first quarter where the Penn Series Mid Cap Value Fund outperformed its benchmark, the Russell Midcap Value Index, due to a meaningful lag in the second quarter, the Fund now trails the Index for the first half of the year.

Value investing has trailed growth investing for over ten years. Our emphasis on out-of-favor contrarian investments selling at material discounts to our estimates of intrinsic value has been particularly hard hit. Valuation of the portfolio and individual stock positions remain attractive, in our view, on a discount to intrinsic value, price to earnings and a cash flow basis, albeit in an investment environment where cheap valuations are passed over. Rather, companies possessing growth and momentum factors are bid up indiscriminately, while traditional value characteristics such as cash flow generation are ignored. Additionally, companies that are already selling at deeply depressed valuation levels can be severally punished in the market when reporting disappointing news, such as, missing short term quarterly earnings forecasts.

After a strong start to the year in the first quarter where many of our holdings bounced back from overly depressed levels, the second quarter’s underperformance was due to some stock specific issues where the market punished any incremental negative news, regardless of valuation levels. The top performers during the period all reacted positively to better than expected earnings reports and in most cases continued their bounce back from overly depressed levels experienced at the end of 2018. Additionally, Johnson Controls completed the sale of its Power Solutions business and repurchased over $4 billion of its stock in a tender offer. On the negative side, Teradata missed earnings expectations; Chemours issued weak guidance for its TiO2 business and concerns about potential environmental liabilities resurfaced; Conduent also issued poor earnings guidance and the CEO unexpectedly resigned; Teva Pharmaceutical’s stock was decimated by renewed focus on price fixing lawsuits and opioid litigation; TreeHouse Foods lowered guidance due to underperformance in the snack business.

While performance was mostly impacted by individual stock selection during the period, on a sector basis, our

overweight to the Index in the Industrials sector helped relative performance, while our underweight in the interest sensitive sectors, Financials and Utilities, detracted from relative performance. Our overweight in the Energy sector also hurt relative performance as oil and gas prices came under pressure.

During the first half of the year, we initiated three new positions and added to seven positions that came under selling pressure, but where we believe the investment thesis is still intact. On the sell side, we eliminated our positions in five companies which either approached our intrinsic value estimate or where our investment thesis changed, and trimmed two positons after they appreciated significantly during the period.

The divergence between bond and equity markets continued during the second quarter. In the bond market, the 10-year Treasury yield has dropped to around 2% and the yield curve has inverted from time to time, which we believe are suggestive of slowing or possibly declining economic growth ahead. Equity markets tend to underperform after yield curve inversions. On the other hand, equity markets have approached new highs, and we believe this performance suggests a soft landing for the economy, fueled by interest rate declines and accommodative monetary policy from the Federal Reserve (Fed). If the Fed is successful in reinvigorating the economy, we believe equity markets should respond positively. Against this economic backdrop, value investing remains out of style and the valuation of our portfolio looks attractive, in our view. Finally, investors should keep an eye on the 2020 presidential election, which is around the corner and, in our opinion, has the potential to significantly impact equity markets.

Penn Mutual Asset Management, LLC

Investment Adviser

Neuberger Berman Management

Investment Sub-Adviser

18

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Industrial		22.4	%
Consumer, Cyclical		22.1	%
Financial		14.3	%
Consumer, Non-cyclical		12.0	%
Technology		11.6	%
Energy		9.2	%
Basic Materials		3.2	%
Utilities		2.9	%
Communications		2.3	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

19

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Mid Core Value Fund

The Penn Series Mid Core Value Fund returned 17.21% for the six-month period ending June 30, 2019, compared to the 18.02% return for its benchmark, the Russell Midcap Value Index for the same time period.

Broad U.S. equity market indices rallied, rebounding from a decline in the fourth quarter. Optimism surrounding U.S.-China trade negotiations and prospects for a possible Fed rate cut before year-end helped fuel market gains. According to the FTSE Russell indices, growth stocks outperformed value stocks across the market-cap spectrum. Mid-cap stocks outperformed large- and small-cap stocks over the period. Security selection in the financials sector negatively impacted relative returns. State Street, a top detractor, was pressured by a decline in interest rates. Stock selection in industrials also detracted. Global equipment distributor MSC Industrial Direct was a notable detractor. Stock selection in the consumer staples sector was beneficial to relative returns. Holdings in food products and food and staples retailing aided relative performance.

MSC Industrial Direct stock declined in the second quarter after the company reported disappointing organic growth and guided next quarter below expectations as demand for its industrial products continued to decelerate. We believe the company’s strong balance sheet and healthy dividend limit the stock’s downside relative to the wider industrials universe. Lower interest rates pressured financial services company State Street. The company guided revenues lower for its second quarter and the rest of 2019 due to reduced net interest income and lower asset servicing fees. At a conference in June, State Street further reduced its revenue expectations. Lack of exposure to Worldpay, a payment services company, detracted from relative performance. Worldpay’s stock rose on news that it plans to merge with Fidelity National Information Services. The company also reported better-than-expected quarterly earnings and revenues. Worldpay does not meet our quality or valuation criteria.

Execution by Hubbell, a higher-quality industrials company, was solid with continued margin expansion in its electrical division. We believe further margin upside is supported by improving price/cost dynamics, stronger demand through Hubbell’s Aclara Technologies acquisition and cost savings from restructuring initiatives. The stock of Anadarko Petroleum, a global exploration and production company, rose after Chevron agreed to acquire Anadarko at a premium. The stock appreciated further after Occidental

Petroleum made two higher offers to acquire Anadarko. We eliminated our position in Anadarko due to the stock’s appreciation. Johnson Controls International, a building products company, reported strong quarterly organic revenue and earnings growth, along with continued order growth and profit margin improvement. Investor sentiment was also lifted as the company made progress toward the sale of its capital-intensive Power Solutions business.

The portfolio seeks to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company. Our process is based on individual security selection, but broad themes have emerged. Our analysis has led us to attractive companies within the fragmented industrials sector. The portfolio is overweight industrials, but we have avoided names in the sector that we believe are lower quality. The portfolio remains overweight in financials. Using our bottom-up investment approach, we have identified stocks that we believe offer attractive risk/reward profiles, particularly in the capital markets and banking industries. As bottom-up investors, we generally find securities in the communication services sector to have relatively volatile business models and more leveraged balance sheets. Additionally, our metrics show that valuations throughout the sector are not attractive. Our analysis shows that most real estate stocks remain expensive relative to their historical valuation and to other areas of the equity market. We have only identified a few higher-quality real estate stocks with compelling valuations, including Weyerhaeuser, a timber REIT, and MGM Growth Properties, a REIT that invests in destination entertainment and leisure resorts.

Penn Mutual Asset Management, LLC

Investment Adviser

American Century Investment Management

Investment Sub-Adviser

20

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Financial		28.8	%
Industrial		19.0	%
Consumer, Non-cyclical		17.9	%
Consumer, Cyclical		12.9	%
Utilities		10.3	%
Technology		6.1	%
Energy		5.0	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

21

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

SMID Cap Growth Fund

The Penn Series SMID Cap Growth Fund returned 28.32% for the six-month period ending June 30, 2019, compared to the 23.92% return for its benchmark, the Russell 2500 Growth Index for the same time period.

During the first half of 2019, the GSAM US SMID Cap Growth Fund outperformed the Russell 2500 Growth Index (gross). Stock selection in the Health Care and Information Technology sectors contributed to returns, while stock selection in the Financials sector detracted from performance. There were no other detracting sectors.

In the first quarter, commercial gene therapy firm Spark Therapeutics was a top contributor to returns. Its shares spiked late in February after news broke that Swiss drug maker Roche Holding AG had agreed to acquire Spark for roughly $115 per share, representing a total equity value of roughly $5 billion. Given that Spark Therapeutics had a market value of just under $2 billion at the prior session’s close, its stock price more than doubled upon the announcement. With this in mind, we felt that the valuation for the company became less attractive and were pleased to sell out of our position and allocate the gains to more appealing risk/reward opportunities. Amalgamated Bank, a regional commercial banking firm which serves union and socially responsible organizations, was a top detractor from returns during the first quarter. The company reported fourth quarter 2018 results in late January 2019, in which revenue beat expectations. However, the market was focused on the earnings per share figure that came in below consensus. Its shares continued to fall later in the quarter along with other rate-sensitive stocks in response to dialogue from the Federal Reserve Board (Fed) implying a lower rate environment, a negative for lenders. However, regarding the fourth quarter results, we recognize that minor one-time adjustments adversely impacted the company’s earnings, so we were not overly concerned about profitability going forward. More generally, we are optimistic about recent measures the bank has taken to bolster its financial future, such as de-risking its balance sheet and establishing a healthy deposit pipeline.

Total Systems Services, Inc. was a top contributor to returns in the second quarter. Shares of the company spiked late in May following a report that the company and Global Payments were in discussions around a potential acquisition. The reports were later confirmed when Global Payments announced it was seeking to acquire Total

Systems Services for roughly a 20% premium. We were encouraged by this news, as our initial investment thesis was centered on the company’s compelling valuation and favorable long-term fundamentals in a consolidating industry. We decided to realize gains and reallocate capital to other high-quality growth companies. Biopharmaceutical company, Alkermes PLC. was a top detractor from returns in the second quarter. The market responded negatively to start the quarter when former President and Chief Operating Officer, Jim Robinson, announced his resignation. Although first quarter revenue was promising, below-expectation earnings per share brought the stock down further. Returns have stabilized recently with releases of efficacy data for existing products and advancements in the development of new products. Thus, despite the short-term turbulence, we remain confident in Alkermes’ deep and diverse pipeline of drugs. We continue to believe that this pipeline, along with the company’s existing commercial business, provide a strong runway for growth at an attractive valuation.

After a very positive start to 2019, we continue to view equities as the most favorable asset class, offering reasonable valuations relative to solid macro and corporate fundamentals. After a significant repricing of assets and market expectations in the fourth quarter of 2018, the market rebounded with a strong first half, despite geopolitical tensions and trade relations oscillating between positive and negative developments. Equities were buoyed by declining 10-year Treasury yields as investors expected potential rate cuts, a shift from the Fed’s tightening at this point last year. While we are encouraged by the strong start to the year, we expect to see more signals of an aging cycle moving forward, which may be challenging to navigate and require more selectivity by investors. Yet without clearer indications of deteriorating fundamentals, we think it is too early to position for a downturn in global growth or corporate earnings. For the remainder of 2019, we expect choppier conditions. Within this more volatile backdrop, we believe a thorough understanding of both market and company specific variables will be crucial to navigating the evolving landscape. With that said, our investment philosophy will not change based on short term fluctuations in markets. We plan to maintain our focus on high-quality companies with strong market positions and experienced management teams. In our opinion, emphasizing these durable businesses can potentially set up portfolios to outperform amidst heightened volatility.

22

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Penn Mutual Asset Management, LLC

Investment Adviser

Goldman Sachs Asset Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Consumer, Non-cyclical		33.9	%
Industrial		19.4	%
Technology		16.5	%
Consumer, Cyclical		12.1	%
Communications		8.3	%
Financial		7.4	%
Basic Materials		2.1	%
Energy		0.3	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

23

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

SMID Cap Value Fund

The Penn Series SMID Cap Value Fund returned 13.94% for the six-month period ending June 30, 2019, compared to the 15.26% return for its benchmark, the Russell 2500 Value Index for the same time period.

U.S. equities recorded impressive gains during the six-month period ended June 30, 2019. Although volatility continued to plague markets, as concerns over trade tensions and a slowing Chinese economy persisted, investors and the markets were buoyed when the U.S. Federal Reserve (Fed) retreated from its plans for future rate increases. Investors continued to ride an emotional rollercoaster however, as U.S.-China trade talks continued and rhetoric regarding trade tariffs increased. Investors were assuaged by comments from Fed Chair Jerome Powell, who held out the possibility of a rate cut should the economic outlook worsen. In the U.S. growth stocks slightly outperformed value stocks and large-cap companies outperformed small-cap names.

For the six-month period ending June 30, 2019, the portfolio rose in absolute terms but underperformed its benchmark, the Russell 2500 Value Index, which rose 15.3%. Stock selection in industrials detracted, while selection in utilities contributed. An overweight to consumer staples detracted, while an overweight to technology contributed.

Signet Jewelers detracted, despite reporting better-than-expected fiscal fourth-quarter revenues and earnings, as it provided a weak outlook for fiscal first quarter performance. Commvault Systems, a data protection and information management software company, detracted after reporting disappointing first quarter revenues. Cooper Standard, an automotive parts supplier, also detracted after reporting disappointing fourth quarter earnings and 2019 guidance.

Cypress Semiconductor contributed after reporting better-than-expected earnings guidance and positive commentary on order and revenue patterns. Cypress also announced that it agreed to be acquired by fellow semiconductor producer Infineon Technologies. Sotheby’s, a leading global art auction house, outperformed after the company agreed to be acquired at a significant premium in an all-cash deal. NCR, a global leader in bank ATMs and self-checkout solutions for retail and hospitality solutions, contributed. The company reported earnings that were better than analyst expectations. Additionally, the company was rumored to be exploring a sale, which further boosted the stock.

Moving into the second half of 2019, value stocks continue to face significant headwinds, with investor appetite for the value style at historic lows. The reasons for this are many but can be broadly summarized by two things: anxiety related to the outlook for corporate profits and the valuation implications of historically low interest rates. We share investor anxiety about the fragility of the economy. Volatility in Fed policy and the trade war with China have created concerning cracks in the U.S. economy. Investors have dramatically bid up the price of assets that they perceive to be insulated from these risks. Growth stocks and stocks with lower volatility have been significant beneficiaries. Further, because investors have used blunt tools such as ETFs to reposition their portfolios, they run the risk of missing out on a broad pool of companies that are attractive even under more dire scenarios. Simply put, not all cyclical companies, nor all value stocks, will deliver the same profit growth over the coming cycle. Indeed, many will thrive, as the benefits of their strong free cash flow, solid balance sheets and attractive competitive positions help them create value amidst this storm of uncertainty. To be clear, we are not suggesting that the market’s fears are misplaced entirely. Many more of these companies will succumb to the pressures of a slowdown in economic growth. For active investors like us, this disconnect creates a compelling opportunity set of companies. Choice will remain critical. Our portfolio already combines attractive valuations with considerable quality attributes such as high profitability and strong balance sheets. In an environment that is hostile to value stocks, we will continue to use our bottom-up fundamental research to opportunistically improve our portfolio.

Penn Mutual Asset Management, LLC

Investment Adviser

AllianceBernstein

Investment Sub-Adviser

24

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Financial		35.4	%
Consumer, Cyclical		14.0	%
Industrial		11.6	%
Consumer, Non-cyclical		11.4	%
Technology		10.8	%
Energy		5.9	%
Utilities		5.8	%
Basic Materials		3.1	%
Communications		2.0	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

25

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Small Cap Growth Fund

The Penn Series Small Cap Growth Fund returned 24.89% for the six-month period ending June 30, 2019, compared to the 20.36% return for its benchmark, the Russell 2000 Growth Index for the same time period.

Stocks rebounded in the first quarter after the Federal Reserve indicated it would take a cautious approach to raising interest rates while inflation remained low. Increasing hopes that the U.S. and China were making progress toward a trade deal also supported stocks in the first quarter. In the second quarter stocks were volatile. Equities lost ground in May as setbacks in U.S.-China trade negotiations raised fears that trade tensions will further dent global economic growth. Economic data also pointed to a weakening global economy during the period. Stocks then rebounded in June, driven in part by expectations of more accommodative monetary policy from central banks.

The Portfolio outperformed its benchmark, the Russell 2000 Growth Index. Stock selection in the technology and financial sectors contributed to relative performance. A modest cash position and stock selection in the communication services sector detracted from relative results.

Catalent was our largest contributor on an absolute basis. Stock of the outsourced pharmaceutical manufacturer was down in the fourth quarter in part because the industry experienced a shortage of ibuprofen. The stock rebounded as Catalent sourced an alternative supplier of ibuprofen to resolve the shortage issue. In addition, Catalent reported another strong quarter in its biologics business, which is a key driver of current and future growth. We continue to like Catalent and believe it represents a less-risky way to invest in the innovation taking place in the biotechnology and pharmaceutical industries; Catalent benefits from overall industry innovation due to increasing volumes and more advanced dosage forms, but due to significant diversification, the company is not overly impacted if a clinical trial for a particular drug fails. We also like that its earnings streams are relatively insulated once a drug gains FDA approval: biotech and pharmaceutical companies don’t often change manufacturing partners because it requires bringing the drug back through the FDA approval process.

HEICO was another large contributor. The company beat earnings expectations this quarter, and also raised earnings guidance for 2019. The stock has been a top contributor to the portfolio’s performance over the last

three years, and has been discussed in many previous commentaries. Our view on the company remains the same. We continue to like HEICO’s aftermarket business, which provides a resilient, recurring revenue stream for the company. We also believe the technical expertise required to make its mission-critical parts, as well as the FAA approval process required for each part, present a high barrier to entry for would-be competitors.

Diplomat Pharmacy was a large detractor. Diplomat’s stock was down after the company announced it would need to record an impairment charge related to acquisitions it made for its pharmacy benefits management business. We were concerned about the impairment and other executional issues from the company, and sold the stock during the quarter.

Health Care Services Group was another detractor. The company manages and operates housekeeping, laundry, linen and food services for the nursing home and hospital industries. We like the recurring revenue associated with the business, and that the company operates with relatively little competition. We also see potential for the company to expand margins as its food services business grows.

Penn Mutual Asset Management, LLC

Investment Adviser

Janus Capital Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Consumer, Non-cyclical		35.6	%
Technology		19.9	%
Industrial		19.7	%
Consumer, Cyclical		7.2	%
Financial		7.0	%
Communications		5.9	%
Basic Materials		4.2	%
Energy		0.5	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

26

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Small Cap Value Fund

The Penn Series Small Cap Value Fund returned 15.96% for the six-month period ending June 30, 2019, compared to the 13.47% return for its benchmark, the Russell 2000 Value Index for the same time period.

During the first half of 2019, the GSAM U.S. Small Cap Value composite generated a positive absolute return and outperformed the Russell 2000 Value Index (gross). In the portfolio for the six-month period, stock selection in Industrials and Consumer Discretionary contributed to performance, whereas our investments in Real Estate and Energy detracted from results.

During the first quarter, Apergy Corp., a company that produces specialized polycrystalline diamond cutters and offers services to optimize oil well flows, was a top contributor to returns. In mid-February, the company reported better-than-expected fourth quarter earnings with earnings-per-share that modestly exceeded expectations, coupled with solid free cash flow. The company was very resilient despite weaker commodity prices and management has provided a positive outlook for 2019, accomplished through topline growth and lower leverage. In efforts to lower leverage and increase the quality of its balance sheet, the company continues to pay down debt, as it had in the second half of 2018. In our view, Apergy Corp. is well positioned for long-term growth and sustainably high free cash flow, given increased U.S. oil production and the company’s competitive offerings. In contrast to a very stable 2018 calendar year, Burlington Stores, Inc., a major off-price clothing retailer in the U.S., was a top detractor in the quarter. The company reported weaker-than-expected fourth quarter earnings in early March, with weaker sales from a combination of a fashion shortfall within their Ladies Heritage business and timing issues of inventory. Subsequently, management provided softer guidance for the first quarter due to less clarity of consumer spending per tax refunds and a later Easter season. Despite slower sales and an inventory build-up, we believe that the off-price model is resilient to fashion misses and macro lulls with a quicker-than-average inventory turnover. We favor the off-price model and believe that Burlington Stores could continue to grow the topline through high store productivity.

During the second quarter, Kinsale Capital Group, Inc., a specialty insurance group focused on excess and surplus (E&S) lines, was a top contributor to returns during the quarter. In early May, the company reported first quarter earnings results well above expectations, bolstered by

top-line growth in nearly every line of business, along with favorable reserve development. Overall, we believe the company’s low-cost, technology-enhanced underwriting model, combined with an improving pricing environment for E&S lines, should continue to support profitable growth for the company. CommVault Systems, Inc., a data software company that provides the government with data protection services, was a top detractor from returns. In late April the stock dropped following the release of first quarter earnings that indicated a mixed quarter, with deal issues and challenged channel execution. Subsequently, management revised down full year guidance, expecting improvement in the back half of next year. We have confidence that the new Chief Executive Officer and Chief Revenue Officer, both appointed this calendar year, could correct mid-market execution issues and simplify the sales organization to better monetize their products. In our view, the stock is under-earning its potential, with a sizeable market opportunity given the growing demand for cloud data.

After a positive start to 2019 for U.S. equity markets, we continue to believe that the expansion will continue, given a stable underlying economy and steady corporate earnings. Although some data has softened in the last couple of months, we do not believe there are substantial enough signals to indicate a deteriorating cycle. As fundamentals remain intact and margins have yet to peak, we believe that U.S. equities still provide a favorable risk-reward profile. As we progress in the cycle, we acknowledge that there could be a more volatile environment with variables including ongoing trade negotiations and policy decisions of the Federal Reserve. With that in mind, fundamentals and earnings growth may play more of a role in determining equity returns, reinforcing the importance of applying our rigorous analytical framework to understanding company specific variables, which, we believe, is favorable to an active approach.

Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies that we own and believe they have the potential to outperform relative to the broader market regardless of the growth environment. We continue to focus on undervalued companies that we believe are in control of their own future, such as innovators with differentiated products, companies with low-cost structures, or ones that have been investing in their own businesses and are poised to gain market share.

27

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

We maintain our discipline in identifying companies with strong or improving balance sheets, led by quality management teams, trading at discounted valuations, and remain focused on the long-term outperformance of the portfolio.

Penn Mutual Asset Management, LLC

Investment Adviser

Goldman Sachs Asset Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Financial		41.4	%
Industrial		13.4	%
Consumer, Cyclical		10.2	%
Consumer, Non-cyclical		9.2	%
Technology		7.2	%
Energy		5.7	%
Utilities		5.3	%
Basic Materials		4.3	%
Communications		3.3	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

28

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Small Cap Index Fund

The Penn Series Small Cap Index Fund returned 16.53% for the six-month period ending June 30, 2019, compared to the 16.98% return for its benchmark, the Russell 2000 Index for the same time period.

The investment objective of the Penn Series Small Cap Index Fund is to seek to replicate the returns and characteristics of a small cap index. The Fund’s benchmark index is the Russell 2000 Index.

The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Small security misweights, cash drag, futures exposure, transaction cost, and compounding contributed to the difference between the Fund’s performance and that of the Index.

Early in first quarter of 2019, U.S. stocks were held back by some weaker economic data, including the widest trade deficit since the global financial crisis, a disappointing February payrolls report (only 20,000 jobs added) and weak export data out of China. That setback would prove temporary, as economic data rebounded to some extent and the Federal Reserve surprised markets again at their March 19-20 FOMC meeting. Later on in Q1, the prospect of more accommodative monetary conditions allowed small-cap companies rebounded vigorously during the first quarter, with the Index (comprising small-cap companies) increasing by 14.6%. Forward progress across U.S. equities was relatively uninterrupted early on in the second quarter. U.S. stocks shook off a relatively weak February retail sales report as investors were encouraged by upward revisions to earlier spending data and stronger-than-expected spending for construction projects. Other factors that helped to bolster sentiment included apparent progress and favorable communications related to trade negotiations between the United States and China, as well as developments that further reinforced the idea that the Federal Reserve will be on hold for some time to come. However, the onslaught of heightened trade uncertainty and the imposition of additional tariffs between the United States and China quickly caused U.S. equity markets to turn with small cap shares shifting more violently to the downside. For the quarter, the Index lagged behind the S&P 500 Index by 2.2%.

The Fund used Futures in order to gain market exposure for the cash position. The use of futures didn’t impact tracking over the reporting period. On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were Array BioPharma Inc., Trade Desk, Inc. Class A and Cousins Properties Incorporated. The top negative contributors to the Fund’s performance during the reporting period were Churchill Downs Incorporated, First Financial Bankshares Inc and Stamps.com Inc.

Penn Mutual Asset Management, LLC

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Financial		25.3	%
Consumer, Non-cyclical		23.7	%
Industrial		13.9	%
Consumer, Cyclical		11.8	%
Technology		9.5	%
Communications		4.5	%
Energy		4.2	%
Utilities		3.6	%
Basic Materials		3.3	%
Government		0.2	%
Diversified		—	%2
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

² Less than 0.05%.

29

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Developed International Index Fund

The Penn Series Developed International Index Fund returned 13.67% for the six-month period ending June 30, 2019, compared to the 14.03% return for its benchmark, the MSCI EAFE Index for the same time period.

The investment objective of the Developed International Index Fund, is to seek to replicate the returns and characteristics of an international index composed of securities from developed countries. The Fund’s benchmark index is the MSCI EAFE Index.

The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance does not reflect the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The fund outperformed by +17bps (gross) is mainly attributable to the impact of withholding tax (+10.6bps), cash drag (+4bp), compounding (+1.3bp). Whereas futures and security misweights contributed +1.2bps to relative performance.

The Fund used Futures in order to gain market exposure for the cash position during the reporting period. The Fund’s use of future contributed +0.4 basis points to Fund performance relative to the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the reporting period were Nestle S.A., Novartis AG and SAP SE The top negative contributors to the Fund’s performance during the reporting period were Vodafone Group Plc, Seven & I Holdings Co., Ltd. and Teva Pharmaceutical Industries Limited Sponsored ADR.

Penn Mutual Asset Management, LLC

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Japan		23.7	%
United Kingdom		14.0	%
France		10.6	%
Switzerland		9.7	%
Germany		8.7	%
Australia		7.5	%
Netherlands		6.2	%
Hong Kong		3.6	%
Spain		3.0	%
Sweden		2.5	%
Italy		2.0	%
Denmark		1.7	%
Singapore		1.5	%
Finland		1.1	%
Belgium		1.0	%
Ireland		0.8	%
Norway		0.7	%
Israel		0.6	%
Luxembourg		0.4	%
New Zealand		0.2	%
Austria		0.2	%
Portugal		0.1	%
China		0.1	%
Bermuda		0.1	%
Isle of Man		—	%2
Macau		—	%2
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated.

² Less than 0.05%.

30

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

International Equity Fund

The Penn Series International Equity Fund returned 18.75% for the six-month period ending June 30, 2019, compared to the 13.60% return for its benchmark, the MSCI ACWI ex U.S. Index for the same time period.

Constellation Software, a leading Canadian-listed conglomerate of mission-critical niche software businesses in the private and public sectors, continues to benefit from vibrant acquisition opportunities and stable organic growth. The company announced a special dividend for investors during the first quarter of 2019. The company specializes in vertical market solutions — back office/operational software in a wide range of verticals such as health care, law and public transit. The company grows through bolt-on acquisitions and the industry is still quite fragmented. We believe the business is predictable because customers usually do not switch to a competitor’s product and they pay annual maintenance fees.

Mastercard reported first quarter 2019 EPS that exceeded consensus expectations, thanks to an increase in revenues, lower client incentives, higher operating margins and lower tax rates. Mastercard is a dominant card payment network second only to Visa. Mastercard continues to benefit from strong secular tailwinds (cash-to-card conversion), and enjoys durable competitive moats as an indispensable component of the payment ecosystem. We believe the company can meet its goal of becoming a one-stop shop for all types of payments.

Bunzl PLC, a UK based distribution group providing solutions to B2B customers in the food service, grocery and cleaning markets, had negative performance as organic growth slowed in the U.S. in its grocery and retail segments. The company also has been a little quieter on the acquisition front as well. We think these are temporary issues and continue to believe in the company’s opportunities for outsourcing by customers as well as the consolidation of fragmented markets. Bunzl is perceived as a reliable partner with a large assortment of products, competitive prices and superior service. The business model relies on continuous bolt-on acquisition on top of low single digit organic growth. On average, we expect Bunzl to grow eps by 8%-10% and return half of its earnings back to shareholders. O’Reilly Automotive’s stock declined after reporting comp sales of 3.2% during the second quarter of 2019, at the lower end of the forecasted range, probably impacted by delayed tax refunds and weather. However, the company kept full-year guidance unchanged. From a fundamental standpoint, there is

nothing company-specific to report. O’Reilly is one of the largest sellers of aftermarket auto parts in the U.S., with nearly 5,000 stores across 47 states, serving professional and do-it-yourself customers. For the past three years, O’Reilly’s net income has grown at a 15% rate while earning a return on invested capital greater than 20%. Despite recent fears about Amazon becoming more aggressive in the auto aftermarket, we believe that O’Reilly’s wide inventory of parts, quick delivery to the time-constrained professional customer, and service provide sufficient barriers to prevent Amazon from meaningfully impacting O’Reilly’s business.

Throughout 2018 and the first half of this year, we have been indicating that markets are getting more difficult to navigate. Despite markets posting a double digit advance year-to-date, risks remain. While major elections are behind us in a few large emerging market countries, some developed countries are potentially more politically uncertain now. And, a ceasefire in the U.S.-China trade war won’t solve all of the deep-rooted issues, such as IP protection, forced technology transfers and national security.

The global economy appears to be slowing. China growth is being impacted by the ongoing trade war with the U.S. and GDP growth now projected to be in the low 6% range, the lowest since the early 1990s. The Eurozone has also seen downward revisions in its GDP growth for 2019 to 1.3% from 1.9% at the end of 2018. Slower growth from its two largest trading partners impacted the export-oriented economies’ growth, most notably Germany. In addition, internal pressures resulting from the delay in a “Brexit” decision from the UK and new populist governments taking control in Italy are threatening the boundaries of EU fiscal spending limits, causing greater uncertainty in the region. The International Monetary Fund, for the third time in six months now, lowered 2019 economic forecasts to the lowest level since the financial crisis. Even in the U.S., where GDP growth is still holding up, earnings estimates for S&P 500 companies are down significantly since late 2018.

From our perspective, the unpredictable nature of the current market could persist. We keep a watchful eye for signals indicating a turn. But as a bottom-up manager, we believe our success is built company by company, by seeking to invest in powerful businesses that are managed by leaders with proven track records, in both good times and bad. In our view, this is the strategy that best shields our investors from economic and political environments that are often in flux.

31

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

One could argue that there is no better time to be an active manager than when experience and judgment are put to the test. When the next economic downturn occurs, we want to ensure that our companies’ earnings will be resilient. And depending on the degree of market dislocation that may ensue, we would take advantage of the market volatility.

Penn Mutual Asset Management, LLC

Investment Adviser

Vontobel Asset Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
France		13.2	%
United Kingdom		12.9	%
India		11.3	%
Canada		10.5	%
United States		8.5	%
Netherlands		6.7	%
Switzerland		5.4	%
Germany		5.2	%
Ireland		4.2	%
Belgium		3.5	%
Spain		3.5	%
China		3.3	%
Brazil		2.6	%
Japan		2.5	%
Hong Kong		2.2	%
Mexico		1.9	%
Taiwan		1.3	%
Australia		1.3	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated.

32

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Emerging Markets Equity Fund

The Penn Series Emerging Markets Equity Fund returned 9.66% for the six-month period ending June 30, 2019, compared to the 10.58% return for its benchmark, the MSCI Emerging Markets Index for the same time period.

Korea was the strongest performing country in our portfolio year-to-date, with both stock selection and country allocation contributing positively during the period. Our stock selection in and overweight allocations to Brazil, Russia and Egypt have also been top contributors for the year-to-date period.

The largest detractor from performance has been our stock selection in India and South Africa. Also detracting from returns were our overweight allocation to Turkey and our stock selection in Malaysia.

On a sector basis, our stock selection in consumer staples, stock selection in and underweight allocations to materials and health care, and stock selection in and an overweight allocation to financials were the strongest contributors to returns during the period. Detracting from performance has been our stock selection in consumer discretionary, stock selection in and underweight allocation to energy, and stock selection in industrials.

The recovery from the global financial crisis of 2008 is nearly 10 years old, making it the longest, but also the weakest, expansion on record. The long duration of this recovery is likely the outcome of endless stimulus. Central banks have been steadily lowering interest rates since the early 1980s and inflation expectations have stayed low, allowing central banks to provide instant stimulus at the first sign of a downturn.

We attribute the weakness of the recovery to four global trends that have crystallized since the crisis of 2008 and which we call the four “Ds”: depopulation (a steep drop in working age population growth, which is depleting national labor forces), declining productivity, debt growth (which has stalled in every large country outside China despite the massive monetary stimulus) and deglobalization (a broad slowdown in cross border flows of goods, money and people).

To invest in a world economy slowed by these factors, we think investors need to adjust downward their expectations of what is considered “fast” growth and focus on the most resilient and promising economies. For countries with average incomes under $5,000, 5% is the new 7%; for those with income up to $15,000, 3% to 4%

should be considered successful growth. With expectations recalibrated, we are focusing our portfolio on economies largely insulated against the four “Ds.” This includes countries that still have growing populations (such as India, the Philippines and Mexico) or strong domestic markets relatively immune to trade wars (Brazil, India, Indonesia and Egypt) or low debt burdens and solid banks (Mexico, Hungary, India, Indonesia and Egypt).

Within these broad themes, there will be pockets of opportunities even in countries hit hard by the four “Ds.” China is a front-line state in the trade wars with a shrinking labor force and rising debts. Yet the worst of these effects are hitting old state-run industries. China’s new private industries, led by technology but including education and health care, still have relatively few debt issues and many companies with bright prospects.

In our portfolio, we remain invested in good quality, growth-oriented companies capable of sustaining or expanding their earnings as a result of healthy or improving domestic demand and resistance to declines in global trade. Our aggregate sector overweight allocations are in the financials and consumer staples sectors, which should benefit from the economic recovery and expansion phase that most EM countries only began to enter in the past couple years.

Penn Mutual Asset Management, LLC

Investment Adviser

Morgan Stanley Investment Management

Investment Sub-Adviser

33

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
China		20.2	%
Brazil		9.7	%
India		9.6	%
Taiwan		8.5	%
Hong Kong		5.9	%
South Africa		5.5	%
Mexico		5.5	%
Indonesia		5.2	%
Russia		5.1	%
South Korea		4.0	%
United States		3.7	%
Peru		2.4	%
Thailand		2.0	%
Hungary		2.0	%
Poland		1.7	%
Turkey		1.6	%
Portugal		1.6	%
Philippines		1.4	%
Malaysia		1.3	%
Chile		1.0	%
Germany		0.9	%
Egypt		0.8	%
Argentina		0.4	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated.

34

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Real Estate Securities Fund

The Penn Series Real Estate Securities Fund returned 21.10% for the six-month period ending June 30, 2019, compared to the 19.27% return for its benchmark, the FTSE NAREIT All Equity REIT Index for the same time period.

U.S. real estate stocks had a solid gain in the first half of 2019, with most sectors posting double-digit returns, following the downturn late in 2018. Stocks broadly benefited as the U.S. Federal Reserve and other central banks indicated they would pursue accommodative monetary policies amid slowing global economic growth and generally low inflation. Late in the period, signs of progress in U.S.-China trade negotiations contributed to investors’ willingness to take risk, driving equity markets higher. Meanwhile, real estate fundamentals remained healthy in most property types, with firm, lease-based demand and relatively limited new supply.

The portfolio had a positive total return in the period and outperformed its linked benchmark. Factors that aided relative performance included our underweight in the regional mall sector, which had a decline in the period amid ongoing store closings related to competition from e-commerce. Our underweight and stock selection in the health care sector also helped performance. Our non-investment in Senior Housing Properties Trust was particularly beneficial; its shares fell sharply as the company cut its dividend by 60% due to the restructuring of the rental agreement with its largest senior housing operator. Stock selection in the infrastructure sector further aided performance, led by our overweight in cell tower owner SBA Communications, which had a sizable gain in the period.

Our underweight in industrial REITs detracted from relative performance. The sector had a strong gain, lifted in part by merger & activity that highlighted potential opportunities in these stocks. Stock selection in the apartment sector also hindered performance, due mostly to our overweight in UDR, a regionally diversified apartment landlord that saw little in the way of positive catalysts in the period.

In the wake of strong year-to-date performance, we believe REITs have become more fairly valued on an absolute basis, but remain compelling versus private-market valuations. REITs also continue to offer solid overall fundamentals, in our view, and have defensive characteristics, such as relatively stable cash flows, that may offer value in a slowing-growth environment.

In terms of sector positioning, we have a favorable view on all forms of rental housing due to favorable demographic growth trends as well as job and wage growth. We also favor technology-related REITs such as data centers, which should continue to benefit from the proliferation of data growth in the U.S. and elsewhere. We continue to be underweight malls. The secular headwinds of e-commerce penetration remain, while we believe the operating fundamentals of retail landlords are likely to fluctuate as they respond to the changing market.

Penn Mutual Asset Management, LLC

Investment Adviser

Cohen & Steers Capital Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/19

	Percent of Total Investments1
Apartments		18.4	%
Diversified		14.3	%
Storage & Warehousing		12.3	%
Office Property		10.6	%
Healthcare		9.3	%
Industrial		7.8	%
Telecommunications		7.2	%
Hotels & Resorts		7.2	%
Manufactured Homes		3.4	%
Strip Centers		2.7	%
Building & Real Estate		2.5	%
Regional Malls		2.2	%
Real Estate		1.4	%
Entertainment		0.7	%
		100.0	%

¹ Portfolio holdings are presented as a percentage of total investments before short-term investments.

35

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Aggressive Allocation Fund

The Penn Series Aggressive Allocation Fund returned 15.32% for the six-month period ending June 30, 2019, compared to its benchmarks, the Russell 3000 Index’s return of 18.71% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.11% for the same time period.

The Aggressive Allocation Fund is comprised of a target allocation of 90% equity funds and 10% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Aggressive Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, emerging market and international equities underperformed the Russell 3000 Index; allocation to short-term bond funds contributed negatively to the performance due to declining interest rates.

Fund selection of the Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Cap Growth Fund, Penn Series Large Core Value Fund, Penn Series SMID Cap Growth Fund, Penn Series Small Cap Growth Fund, Penn Series Small Cap Value Fund, Penn Series International Equity Fund and Penn Series Flexibly Managed Fund outperformed their respective benchmarks by more than 2%, while the Penn Series Large Growth Stock Fund, Penn Series Large Cap Value Fund, Penn Series Mid Cap Value Fund and Penn Series SMID Cap Value Fund underperformed their benchmarks by more than 1%. On the fixed income side, all funds outperformed their respective benchmarks.

During the first half of 2019, global economic growth deaccelerated and uncertainty increased due to the U.S.-China trade conflict. However, the expectation that the Federal Reserve will end its hiking cycle and start to cut rates boosted all financial assets. During the period, we reduced our small cap exposure after their outperformance; and allocated some emerging market exposure to international developed markets to reduce portfolio’s risk exposure to U.S.-China trade conflict. Going forward, we will continually review the Fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.

Penn Mutual Asset Management, LLC

Investment Adviser

Asset Allocation Target as of 6/30/19

International Stocks	24.0	%
Large Cap Value Stocks	19.0	%
Mid Cap Value Stocks	14.0	%
Emerging Markets Stocks	9.0	%
Large Cap Growth Stocks	7.0	%
Small Cap Value Stocks	7.0	%
Short Term Bonds	7.0	%
Small Cap Growth Stocks	4.0	%
Domestic REITs	3.0	%
Mid Cap Growth Stocks	3.0	%
High Yield Bonds	2.0	%
Intermediate Bonds	1.0	%
	100.0	%

36

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Moderately Aggressive Allocation Fund

The Penn Series Moderately Aggressive Allocation Fund returned 14.41% for the six-month period ending June 30, 2019, compared to its benchmarks, the Russell 3000 Index’s return of 18.71% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.11% for the same time period.

The Moderately Aggressive Allocation Fund is comprised of a target allocation of 80% equity funds and 20% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Moderately Aggressive Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, emerging market stocks and international equities underperformed the Russell 3000 Index; allocation to short-term bond funds contributed negatively to the performance due to declining interest rates.

Fund selection of the Moderately Aggressive Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Cap Growth Fund, Penn Series Large Core Value Fund, Penn Series SMID Cap Growth Fund, Penn Series Small Cap Growth Fund, Penn Series Small Cap Value Fund, Penn Series International Equity Fund and Penn Series Flexibly Managed Fund outperformed their respective benchmarks by more than 2%, while the Penn Series Large Growth Stock Fund, Penn Series Large Cap Value Fund, Penn Series Mid Cap Value Fund and Penn Series SMID Cap Value Fund underperformed their benchmarks by more than 1%. On the fixed income side, all funds outperformed their respective benchmarks.

During the first half of 2019, global economic growth deaccelerated and uncertainty increased because of U.S.-China trade conflict. However, the expectation that the Federal Reserve will end its hiking cycle and start to cut rates boosted all financial assets. During the period, we reduced our small cap exposure after their outperformance; and allocated some emerging market exposure to international developed markets to reduce portfolio’s risk exposure to U.S.-China trade conflict. Going forward, we will continually review the Fund to help ensure

that it remains consistent with its investment objective by making adjustments, when necessary.

Penn Mutual Asset Management, LLC

Investment Adviser

Asset Allocation Target as of 6/30/19

Large Cap Value Stocks	20.0	%
International Stocks	19.0	%
Mid Cap Value Stocks	11.0	%
Short Term Bonds	11.0	%
Large Cap Growth Stocks	8.0	%
Intermediate Bonds	7.0	%
Small Cap Value Stocks	7.0	%
Emerging Markets Stocks	6.0	%
Domestic REITs	3.0	%
Mid Cap Growth Stocks	3.0	%
Small Cap Growth Stocks	3.0	%
High Yield Bonds	2.0	%
	100.0	%

37

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Moderate Allocation Fund

The Penn Series Moderate Allocation Fund returned 12.50% for the six-month period ending June 30, 2019, compared to its benchmarks, the Russell 3000 Index’s return 18.71% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.11% for the same time period.

The Moderate Allocation Fund is comprised of a target allocation of 60% equity funds and 40% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Moderate Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, emerging market stocks and international equity market stocks underperformed the Russell 3000 Index; allocation to short-term bond funds contributed negatively to the performance due to declining interest rates.

Fund selection of the Moderate Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Cap Growth Fund, Penn Series Large Core Value Fund, Penn Series SMID Cap Growth Fund, Penn Series Small Cap Growth Fund, Penn Series Small Cap Value Fund, Penn Series International Equity Fund and Penn Series Flexibly Managed Fund outperformed their respective benchmarks by more than 2%, while the Penn Series Large Growth Stock Fund, Penn Series Large Cap Value Fund, Penn Series Mid Cap Value Fund and Penn Series SMID Cap Value Fund underperformed their benchmarks by more than 1%. On the fixed income side, all funds outperformed their respective benchmarks.

During the first half of 2019, global economic growth deaccelerated and uncertainty increased because of U.S.-China trade conflict. However, the expectation that the Federal Reserve will end its hiking cycle and start to cut rates boosted all financial assets. During the period, we reduced our small cap exposure after their outperformance in the first quarter. Going forward, we will continually review the Fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.

Penn Mutual Asset Management, LLC

Investment Adviser

Asset Allocation Target as of 6/30/19

Intermediate Bonds	22.0	%
Short Term Bonds	15.0	%
Large Cap Value Stocks	14.0	%
International Stocks	12.0	%
Mid Cap Value Stocks	10.0	%
Large Cap Growth Stocks	6.0	%
Small Cap Value Stocks	6.0	%
Emerging Markets Stocks	5.0	%
High Yield Bonds	3.0	%
Mid Cap Growth Stocks	3.0	%
Small Cap Growth Stocks	2.0	%
Domestic REITs	2.0	%
	100.0	%

38

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Moderately Conservative Allocation Fund

The Penn Series Moderately Conservative Allocation Fund returned 10.06% for the six-month period ending June 30, 2019, compared to its benchmarks, the Russell 3000 Index’s return of 18.71% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.11% for the same time period.

The Moderately Conservative Allocation Fund is comprised of a target allocation of 40% equity funds and 60% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Moderately Conservative Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks, emerging market stocks and international equities underperformed the Russell 3000 Index; allocation to short-term bond funds contributed negatively to the performance due to declining interest rates.

Fund selection of the Moderately Conservative Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Cap Growth Fund, Penn Series Large Core Value Fund, Penn Series Small Cap Value Fund, Penn Series International Equity Fund and Penn Series Flexibly Managed Fund outperformed their respective benchmarks by more than 2%, while the Penn Series Large Cap Value Fund, Penn Series Mid Cap Value Fund and Penn Series SMID Cap Value Fund underperformed their benchmarks by more than 1%. On the fixed income side, all funds outperformed their respective benchmarks.

During the first half of 2019, global economic growth deaccelerated and uncertainty increased because of U.S.-China trade conflict. However, the expectation that the Federal Reserve will end its hiking cycle and start to cut rates boosted all financial assets. During the period, we reduced our small cap exposure after their outperformance in the first quarter. Going forward, we will continually review the Fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.

Penn Mutual Asset Management, LLC

Investment Adviser

Asset Allocation Target as of 6/30/19

Intermediate Bonds	32.0	%
Short Term Bonds	25.0	%
Large Cap Value Stocks	14.0	%
International Stocks	8.0	%
Large Cap Growth Stocks	6.0	%
Mid Cap Value Stocks	5.0	%
High Yield Bonds	3.0	%
Small Cap Value Stocks	3.0	%
Emerging Markets Stocks	2.0	%
Domestic REITs	2.0	%
	100.0	%

39

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance (Unaudited)

Conservative Allocation Fund

The Penn Series Conservative Allocation Fund returned 7.65% for the six-month period ending June 30, 2019, compared to its benchmarks, the Russell 3000 Index’s return of 18.71% and the Bloomberg Barclays Capital U.S. Aggregate Bond Index’s return of 6.11% for the same time period.

The Conservative Allocation Fund is comprised of a target allocation of 20% equity funds and 80% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The asset allocation of the Conservative Allocation Fund contributed negatively to its performance. During the period, the Fund’s allocation in value stocks and international equities underperformed the Russell 3000 Index; allocation to short-term bond funds contributed negatively to the performance due to declining interest rates.

Fund selection of the Conservative Allocation Fund contributed positively to its performance. During the period, our managers for the Penn Series Large Core Value Fund, Penn Series International Equity Fund and Penn Series Flexibly Managed Fund outperformed their respective benchmarks by more than 2%, while the Penn Series Large Cap Value Fund, Penn Series Mid Cap Value Fund and Penn Series SMID Cap Value Fund underperformed their benchmarks by more than 1%. On the fixed income side, all funds outperformed their respective benchmarks.

During the first half of 2019, global economic growth deaccelerated and uncertainty increased because of U.S.-China trade conflict. However, the expectation that the Federal Reserve will end its hiking cycle and start to cut rates boosted all financial assets. During the period, we reduced our small cap exposure after their outperformance in the first quarter. Going forward, we will continually review the Fund to help ensure that it remains consistent with its investment objective by making adjustments, when necessary.

Penn Mutual Asset Management, LLC

Investment Adviser

Asset Allocation Target as of 6/30/19

Intermediate Bonds	42.0	%
Short Term Bonds	35.0	%
Large Cap Value Stocks	9.0	%
Mid Cap Value Stocks	4.0	%
High Yield Bonds	3.0	%
International Stocks	3.0	%
Large Cap Growth Stocks	2.0	%
Small Cap Value Stocks	1.0	%
Domestic REITs	1.0	%
	100.0	%

40

Important Information about Fund Expenses

Hypothetical Examples of a $1,000 Investment (Unaudited)

We believe that it is important for you to understand the effect of fees on your investment. All mutual funds have operating expenses. As a participant in any of the Penn Series Funds, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio.

The Penn Series Funds are the underlying investment vehicles for the variable life and variable annuity contracts issued by The Penn Mutual Life Insurance Company and its subsidiary, The Penn Insurance and Annuity Company. These contracts have transaction costs, additional administrative expense fees and mortality and expense risk charges. Because of these additional expenses, the costs to investors will be higher than the figures shown in the following expense examples. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with the ongoing costs of investing in other funds.

These examples are based on an investment of $1,000 invested for six months beginning January 1, 2019 and held through June 30, 2019. The examples illustrate your fund’s costs in two ways:

• Actual Fund Performance in the table below provides information about actual account values and actual expenses. The “Ending Value” shown is derived from the fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”

• Hypothetical 5% Annual Return is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case — because the return used is not the fund’s actual return — the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s cost by comparing this hypothetical example with the hypothetical examples that appear in shareholders reports of other funds. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

Please note that the expenses shown in the table are only meant to highlight and help you compare your ongoing costs of investing in the funds and do not reflect any fees and charges deducted under your insurance contract.

Disclosure of Fund Expenses

For the Period January 1, 2019 to June 30, 2019

Expense Table

	Beginning Value January 1, 2019		Ending Value June 30, 2019		Annualized Expense Ratio		Expenses Paid During Period *
Money Market Fund
Actual	$	1,000.00	$	1,009.05		0.59%	$	2.94
Hypothetical	$	1,000.00	$	1,021.83		0.59%	$	2.96
Limited Maturity Bond Fund
Actual	$	1,000.00	$	1,033.44		0.70%	$	3.54
Hypothetical	$	1,000.00	$	1,021.26		0.70%	$	3.53

41

Important Information about Fund Expenses

Hypothetical Examples of a $1,000 Investment (Unaudited)

	Beginning Value January 1, 2019		Ending Value June 30, 2019		Annualized Expense Ratio		Expenses Paid During Period *
Quality Bond Fund
Actual	$	1,000.00	$	1,067.53		0.67%	$	3.46
Hypothetical	$	1,000.00	$	1,021.41		0.67%	$	3.38
High Yield Bond Fund
Actual	$	1,000.00	$	1,103.26		0.74%	$	3.88
Hypothetical	$	1,000.00	$	1,021.06		0.74%	$	3.73
Flexibly Managed Fund
Actual	$	1,000.00	$	1,173.52		0.88%	$	4.77
Hypothetical	$	1,000.00	$	1,020.35		0.88%	$	4.44
Balanced Fund
Actual	$	1,000.00	$	1,135.17		0.20%	$	1.06
Hypothetical	$	1,000.00	$	1,023.78		0.20%	$	1.01
Large Growth Stock Fund
Actual	$	1,000.00	$	1,201.49		0.96%	$	5.23
Hypothetical	$	1,000.00	$	1,019.98		0.96%	$	4.81
Large Cap Growth Fund
Actual	$	1,000.00	$	1,241.90		0.89%	$	4.92
Hypothetical	$	1,000.00	$	1,020.35		0.89%	$	4.44
Large Core Growth Fund
Actual	$	1,000.00	$	1,272.65		0.86%	$	4.85
Hypothetical	$	1,000.00	$	1,020.47		0.86%	$	4.32
Large Cap Value Fund
Actual	$	1,000.00	$	1,139.59		0.91%	$	4.82
Hypothetical	$	1,000.00	$	1,020.23		0.91%	$	4.56
Large Core Value Fund
Actual	$	1,000.00	$	1,190.69		0.91%	$	4.94
Hypothetical	$	1,000.00	$	1,020.23		0.91%	$	4.56
Index 500 Fund
Actual	$	1,000.00	$	1,183.88		0.36%	$	1.96
Hypothetical	$	1,000.00	$	1,022.98		0.36%	$	1.81
Mid Cap Growth Fund
Actual	$	1,000.00	$	1,270.39		0.96%	$	5.43
Hypothetical	$	1,000.00	$	1,019.95		0.96%	$	4.84
Mid Cap Value Fund
Actual	$	1,000.00	$	1,138.50		0.80%	$	4.23
Hypothetical	$	1,000.00	$	1,020.78		0.80%	$	4.01
Mid Core Value Fund
Actual	$	1,000.00	$	1,172.08		1.07%	$	5.76
Hypothetical	$	1,000.00	$	1,019.42		1.07%	$	5.37
SMID Cap Growth Fund
Actual	$	1,000.00	$	1,283.18		1.04%	$	5.91
Hypothetical	$	1,000.00	$	1,019.55		1.04%	$	5.24

42

Important Information about Fund Expenses

Hypothetical Examples of a $1,000 Investment (Unaudited)

	Beginning Value January 1, 2019		Ending Value June 30, 2019		Annualized Expense Ratio		Expenses Paid During Period *
SMID Cap Value Fund
Actual	$	1,000.00	$	1,139.43		1.12%	$	5.92
Hypothetical	$	1,000.00	$	1,019.19		1.12%	$	5.60
Small Cap Growth Fund
Actual	$	1,000.00	$	1,248.92		1.01%	$	5.64
Hypothetical	$	1,000.00	$	1,019.71		1.01%	$	5.08
Small Cap Value Fund
Actual	$	1,000.00	$	1,159.57		0.98%	$	5.26
Hypothetical	$	1,000.00	$	1,019.86		0.98%	$	4.93
Small Cap Index Fund
Actual	$	1,000.00	$	1,165.34		0.68%	$	3.65
Hypothetical	$	1,000.00	$	1,021.38		0.68%	$	3.41
Developed International Index Fund
Actual	$	1,000.00	$	1,136.66		0.83%	$	4.38
Hypothetical	$	1,000.00	$	1,020.64		0.83%	$	4.15
International Equity Fund
Actual	$	1,000.00	$	1,187.49		1.08%	$	5.86
Hypothetical	$	1,000.00	$	1,019.37		1.08%	$	5.42
Emerging Markets Equity Fund
Actual	$	1,000.00	$	1,096.57		1.36%	$	7.07
Hypothetical	$	1,000.00	$	1,017.96		1.36%	$	6.83
Real Estate Securities Fund
Actual	$	1,000.00	$	1,210.97		0.97%	$	5.29
Hypothetical	$	1,000.00	$	1,019.95		0.97%	$	4.84
Aggressive Allocation Fund
Actual	$	1,000.00	$	1,153.15		0.33%	$	1.76
Hypothetical	$	1,000.00	$	1,023.13		0.33%	$	1.66
Moderately Aggressive Allocation Fund
Actual	$	1,000.00	$	1,144.05		0.30%	$	1.60
Hypothetical	$	1,000.00	$	1,023.28		0.30%	$	1.51
Moderate Allocation Fund
Actual	$	1,000.00	$	1,125.01		0.30%	$	1.57
Hypothetical	$	1,000.00	$	1,023.30		0.30%	$	1.49
Moderately Conservative Allocation Fund
Actual	$	1,000.00	$	1,100.59		0.32%	$	1.65
Hypothetical	$	1,000.00	$	1,023.20		0.32%	$	1.59
Conservative Allocation Fund
Actual	$	1,000.00	$	1,076.49		0.33%	$	1.72
Hypothetical	$	1,000.00	$	1,023.11		0.33%	$	1.68

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365.

43

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Money Market Fund

	Par (000)		Value†
AGENCY OBLIGATION — 66.3%
Federal Farm Credit Banks
(1 M ICE LIBOR + (0.190%)) 2.295%, 07/19/19•	$	5,000	$	4,999,894
2.188%, 08/23/19		6,000		5,980,743
2.010%, 09/25/19		2,299		2,297,984
Federal Home Loan Banks 2.437%, 07/02/19		5,000		4,999,664
2.208%, 08/16/19		5,000		4,985,945
2.384%, 09/10/19		6,000		5,972,014
Federal Home Loan Mortgage Corp. 0.875%, 07/19/19		2,000		1,998,590
2.436%, 09/03/19		5,000		4,978,578
2.398%, 09/04/19		3,000		2,987,135
1.250%, 10/02/19		3,411		3,402,005
Federal National Mortgage Association 1.000%, 07/26/19		2,447		2,444,915
0.875%, 08/02/19		6,000		5,991,740
1.200%, 08/16/19		2,000		1,997,379
1.000%, 08/28/19		4,206		4,197,743
Tennessee Valley Authority 2.223%, 07/10/19		4,000		3,997,780
2.218%, 07/17/19		6,000		5,994,093
Total AGENCY OBLIGATION (Cost $67,226,202)				67,226,202
U.S. TREASURY OBLIGATION — 24.5%
U.S. Treasury Bills 2.095%, 07/23/19		3,000		2,996,167
2.251%, 08/06/19		6,000		5,986,543
2.320%, 10/17/19		7,000		6,951,731
2.394%, 10/31/19		6,000		5,951,881
U.S. Treasury Note 1.000%, 08/31/19		3,000		2,993,014
Total U.S. TREASURY OBLIGATION (Cost $24,879,336)				24,879,336
	Number of Shares
SHORT-TERM INVESTMENTS — 5.8%
Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 2.270%) (Cost $5,875,358)		5,875,358		5,875,358
TOTAL INVESTMENTS — 96.6% (Cost $97,980,896)				97,980,896
Other Assets & Liabilities — 3.4%				3,467,479
TOTAL NET ASSETS — 100.0%			$	101,448,375

† See Security Valuation Note.

• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the

rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

ICE — Intercontinental Exchange.

LIBOR — London Interbank Offered Rate.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AGENCY OBLIGATION	$	67,226,202	$	—	$	67,226,202	$	—
U.S. TREASURY OBLIGATION		24,879,336		—		24,879,336		—
SHORT-TERM INVESTMENTS		5,875,358		5,875,358		—		—
TOTAL INVESTMENTS	$	97,980,896	$	5,875,358	$	92,105,538	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

44

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
AGENCY OBLIGATIONS — 0.6%
Federal Home Loan Mortgage Corporation — 0.6%
Federal Home Loan Mortgage Corp. 2.650%, 04/08/21 (Cost $1,500,000)	$	1,500	$	1,500,073
ASSET BACKED SECURITIES — 17.6%
Assurant CLO II Ltd., Series 2018-1A Class A
(3 M ICE LIBOR + 1.040%, Floor 1.040%) 3.632%, 04/20/31 144A @•		1,800		1,785,863
Barings CLO Ltd., Series 2017-1A Class B1
(3 M ICE LIBOR + 1.700%) 4.301%, 07/18/29 144A @•		1,500		1,487,018
Benefit Street Partners CLO VIII Ltd., Series 2015-8A Class A1AR
(3 M ICE LIBOR + 1.100%, Floor 1.100%) 3.692%, 01/20/31 144A @•		2,500		2,483,627
BlueMountain CLO Ltd., Series 2015-1A Class A1R
(3 M ICE LIBOR + 1.330%) 3.927%, 04/13/27 144A @•		1,400		1,402,225
Consumers Securitization Funding LLC, Series 2014-A Class A1
1.334%, 11/01/20		218		217,194
Crestline Denali CLO XVI Ltd., Series 2018-1A Class A
(3 M ICE LIBOR + 1.120%, Floor 1.120%) 3.712%, 01/20/30 144A @•		3,000		2,980,281
Elm CLO Ltd., Series 2014-1A Class BRR
(3 M ICE LIBOR + 1.750%) 4.338%, 01/17/29 •144A @		2,000		2,000,184
Entergy Arkansas Restoration Funding LLC, Series 2010-A Class A1
2.300%, 08/01/21		331		329,552
Flatiron CLO Ltd., Series 2013-1A Class BR
(3 M ICE LIBOR + 2.350%) 4.938%, 01/17/26 144A @•		2,120		2,120,000
Halcyon Loan Advisors Funding Ltd., Series 2015-2A Class AR
(3 M ICE LIBOR + 1.080%, Floor 1.080%) 3.660%, 07/25/27 144A @•		2,500		2,499,992
Limerock CLO III LLC, Series 2014-3A Class A1R
(3 M ICE LIBOR + 1.200%) 3.792%, 10/20/26 144A @•		1,574		1,575,034
Mariner CLO LLC, Series 2018-6A Class B
(3 M ICE LIBOR + 1.680%) 4.262%, 07/28/31 144A @•		2,000		1,965,558
Navient Private Education Loan Trust144A @•
(3 M ICE LIBOR + 1.700%, Floor 1.700%) 4.094%, 11/15/30, Series 2015-AA Class A3		1,500		1,533,938
(1 M ICE LIBOR + 1.600%) 3.994%, 10/15/31, Series 2014-AA Class A3		1,499		1,529,469
NZCG Funding Ltd., Series 2015-1A Class A2R
(3 M ICE LIBOR + 1.550%, Floor 1.550%) 4.071%, 02/26/31•144A @		1,350		1,326,301

	Par (000)		Value†
Ocean Trails CLO V, Series 2014-5A Class ARR
(3 M ICE LIBOR + 1.280%, Floor 1.280%) 3.877%, 10/13/31 144A @•	$	2,000	$	1,983,096
Octagon Investment Partners XIX Ltd., Series 2014-1A Class CR
(3 M ICE LIBOR + 2.100%) 4.697%, 04/15/26 144A @•		2,500		2,499,795
SMB Private Education Loan Trust, Series 2015-C Class A3
(1 M ICE LIBOR + 1.950%) 4.344%, 08/16/32 144A @•		2,405		2,465,439
Sound Point CLO V-R Ltd., Series 2014-1RA Class B
(3 M ICE LIBOR + 1.750%, Floor 1.750%) 4.351%, 07/18/31 144A @•		2,000		1,977,712
Steele Creek CLO Ltd., Series 2017-1A Class B
(3 M ICE LIBOR + 1.600%) 4.197%, 01/15/30 144A @•		2,081		2,050,104
Tesla Auto Lease Trust, Series 2018-A Class C
2.970%, 04/20/20 144A @		500		500,698
TRESTLES CLO Ltd., Series 2017-1A Class A1A
(3 M ICE LIBOR + 1.290%) 3.870%, 07/25/29 144A @•		1,250		1,249,084
Verizon Owner Trust144A @
2.220%, 12/20/21, Series 2017-2A Class B		2,000		2,001,795
2.380%, 04/20/22, Series 2017-3A Class B		1,000		1,001,913
Wellfleet CLO Ltd., Series 2017-1A Class A1
(3 M ICE LIBOR + 1.320%) 3.912%, 04/20/29 144A @•		1,250		1,250,051
TOTAL ASSET BACKED SECURITIES (Cost $42,409,306)				42,215,923
COMMERCIAL MORTGAGE BACKED SECURITIES — 14.5%
BHMS, Series 2018-ATLS Class B
(3 M ICE LIBOR + 1.500%, Floor 1.500%) 3.894%, 07/15/35 144A @•		2,000		1,999,973
Citigroup Commercial Mortgage Trust, Series 2018-TBR Class D
(3 M ICE LIBOR + 1.800%, Floor 1.800%) 4.194%, 12/15/36 144A @•		1,000		1,002,193
COMM Mortgage Trust, Series 2014-UBS4 Class XA
1.290%, 08/10/47•		43,255		1,882,898
FHLMC Multifamily Structured Pass-Through Certificates•
1.748%, 03/25/22, Series K019 Class X1		26,307		986,857
3.163%, 08/25/25, Series KC02 Class X3		14,500		2,150,410
FREMF Mortgage Trust144A @•
5.687%, 04/25/20, Series 2010-K7 Class B		1,200		1,222,726
3.576%, 08/25/45, Series 2012-K711 Class B		2,000		1,996,184
3.263%, 04/25/46, Series 2013-K713 Class B		1,765		1,770,759
5.553%, 12/25/46, Series 2010-K6 Class B		3,000		3,036,522
3.986%, 01/25/47, Series 2014-K714 Class B		1,500		1,524,899
5.355%, 02/25/47, Series 2011-K14 Class B		1,050		1,099,155
4.080%, 08/25/47, Series 2014-K716 Class B		2,550		2,625,284

45

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)
3.753%, 11/25/47, Series 2014-K717 Class C	$	1,500	$	1,525,073
4.567%, 12/25/48, Series 2011-K11 Class B		1,500		1,537,311
GS Mortgage Securities Corp. Trust, Series 2018-HULA Class B
(3 M ICE LIBOR + 1.250%, Floor 1.250%) 3.644%, 07/15/25 144A @•		1,987		1,988,073
GS Mortgage Securities Trust
4.592%, 08/01/43, Series 2010-C1 Class A2 144A @		1,500		1,518,912
5.148%, 08/01/43, Series 2010-C1 Class B 144A @		2,000		2,041,596
Hawaii Hotel Trust, Series 2019-MAUI Class C
(1 M ICE LIBOR + 1.650%, Floor 1.650%) 4.044%, 05/15/3•144A @		1,500		1,500,932
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH Class C
(1 M ICE LIBOR + 1.360%, Floor 1.360%) 3.754%, 06/15/35 144A @•		2,000		2,001,852
WFRBS Commercial Mortgage Trust, Series 2012-C7 Class XA
1.518%, 06/15/45 144A @•		48,301		1,487,249
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $36,484,739)				34,898,858
CORPORATE BONDS — 57.6%
Advertising — 0.6%
The Interpublic Group of Cos., Inc.
3.500%, 10/01/20		1,500		1,519,109
Aerospace & Defense — 0.4%
United Technologies Corp.
3.350%, 08/16/21		1,000		1,022,090
Agriculture — 1.1%
Altria Group Inc.
3.490%, 02/14/22		1,500		1,542,612
Cargill, Inc.
3.050%, 04/19/21 144A @		1,000		1,013,116
				2,555,728
Airlines — 6.1%
Air Canada Pass Through Trust, Series 2013-1 Class B
5.375%, 05/15/21 144A @		914		943,141
American Airlines Pass Through Trust, Series 2013-2 Class B
5.600%, 07/15/20 144A @		1,272		1,294,989
British Airways Pass Through Trust, Series 2013-1 Class B
5.625%, 06/20/20 144A @		604		614,590
Continental Airlines Pass Through Trust
7.256%, 03/15/20, Series 1999-2 Class A-1		203		204,189
6.250%, 04/11/20, Series 2012-1 Class B		999		1,019,089
7.707%, 04/02/21, Series 2000-2 Class A-1		139		143,874
Delta Air Lines Pass Through Trust, Series 2007-1 Class B
8.021%, 08/10/22		818		902,270

	Par (000)		Value†
Airlines — (continued)
Delta Air Lines, Inc.
2.875%, 03/13/20	$	2,000	$	2,002,429
3.400%, 04/19/21		1,000		1,015,052
Northwest Airlines Pass Through Trust, Series 2007-1 Class A
7.027%, 11/01/19		2,197		2,227,269
U.S. Airways Pass Through Trust
8.000%, 10/01/19, Series 2012-1 Class B		1,931		1,950,287
6.750%, 06/03/21, Series 2012-2 Class B		2,264		2,402,156
				14,719,335
Auto Manufacturers — 0.4%
General Motors Financial Co., Inc.
(3 M ICE LIBOR + 0.850%) 3.161%, 04/09/21•		1,000		999,544
Banks — 5.3%
Bank of Montreal
3.100%, 07/13/20		1,500		1,515,176
Bank of Nova Scotia
3.125%, 04/20/21		1,500		1,523,215
Central Fidelity Capital Trust I
(3 M ICE LIBOR + 1.000%) 3.597%, 04/15/27•		1,750		1,618,750
CIT Group, Inc.
4.125%, 03/09/21		1,000		1,019,050
Citibank NA
3.400%, 07/23/21		1,500		1,531,925
JPMorgan Chase & Co.
(3 M ICE LIBOR + 3.470%) 6.053% µ,•		1,500		1,499,190
Mitsubishi UFJ Financial Group, Inc.
3.535%, 07/26/21		1,500		1,533,739
PNC Capital Trust C
(3 M ICE LIBOR + 0.570%) 3.090%, 06/01/28•		1,000		900,879
Wells Fargo Bank NA (3 M ICE LIBOR + 0.490%) 3.325%, 07/23/21•		1,500		1,514,335
				12,656,259
Beverages — 1.5%
Constellation Brands, Inc. 2.250%, 11/06/20		2,000		1,995,712
Keurig Dr Pepper, Inc. 3.551%, 05/25/21		1,500		1,532,327
				3,528,039
Biotechnology — 0.6%
Celgene Corp. 2.875%, 02/19/21		1,500		1,512,401
Building Materials — 0.6%
Vulcan Materials Co. (3 M ICE LIBOR + 0.650%) 3.170%, 03/01/21•		1,500		1,501,140
Chemicals — 1.7%
CF Industries, Inc. 7.125%, 05/01/20		1,000		1,032,500

46

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Chemicals — (continued)
International Flavors & Fragrances, Inc. 3.400%, 09/25/20	$	500	$	505,064
Methanex Corp. 3.250%, 12/15/19		1,453		1,454,531
WR Grace & Co. 5.125%, 10/01/21 144A @		1,000		1,037,500
				4,029,595
Commercial Services — 0.4%
Service Corp International 8.000%, 11/15/21		1,000		1,092,500
Computers — 0.4%
IBM Credit LLC 3.450%, 11/30/20		1,000		1,016,713
Diversified Financial Services — 3.4%
AerCap Ireland Capital DAC 4.450%, 12/16/21		1,000		1,038,323
BOC Aviation Ltd. (3 M ICE LIBOR + 1.050%) 3.626%, 05/02/21 144A @•		2,000		2,009,200
GE Capital International Funding Co. 2.342%, 11/15/20		2,000		1,990,505
Park Aerospace Holdings Ltd. 3.625%, 03/15/21 144A @		1,000		1,008,800
USAA Capital Corp. 3.000%, 07/01/20 144A @		2,000		2,014,534
				8,061,362
Electric — 2.6%
CenterPoint Energy, Inc. 3.600%, 11/01/21		1,000		1,027,296
Mississippi Power Co. (3 M ICE LIBOR + 0.650%) 2.961%, 03/27/20•		1,500		1,500,368
NextEra Energy Capital Holdings, Inc. 2.900%, 04/01/22		1,500		1,526,012
San Diego Gas & Electric Co. 1.914%, 02/01/22		688		673,439
Sempra Energy (3 M ICE LIBOR + 0.500%) 3.097%, 01/15/21•		1,500		1,494,990
				6,222,105
Food — 2.7%
Campbell Soup Co. 3.300%, 03/15/21		2,000		2,025,700
General Mills, Inc. 3.200%, 04/16/21		1,000		1,015,172
Mondelez International Holdings Netherlands BV 1.625%, 10/28/19 144A @		1,500		1,494,723
Smithfield Foods, Inc. 2.700%, 01/31/20 144A @		2,000		1,995,844
				6,531,439

	Par (000)		Value†
Healthcare Products — 1.7%
Becton Dickinson and Co. 2.404%, 06/05/20	$	2,000	$	1,998,488
Zimmer Biomet Holdings, Inc. (3 M ICE LIBOR + 0.750%) 3.169%, 03/19/21•		2,000		1,997,867
				3,996,355
Healthcare Services — 2.7%
Cigna Corp. 3.200%, 09/17/20 144A @		2,500		2,523,087
HCA Healthcare, Inc. 6.250%, 02/15/21		1,000		1,047,500
Humana, Inc. 2.500%, 12/15/20		1,000		1,000,530
UnitedHealth Group, Inc. 3.150%, 06/15/21		2,000		2,035,609
				6,606,726
Home Builders — 1.2%
DR Horton, Inc. 2.550%, 12/01/20		2,000		2,000,858
Lennar Corp. 2.950%, 11/29/20		1,000		995,000
				2,995,858
Internet — 0.7%
Tencent Holdings Ltd. 2.875%, 02/11/20 144A @		1,750		1,753,761
Leisure Time — 1.1%
Royal Caribbean Cruises Ltd. 2.650%, 11/28/20		1,500		1,503,822
Silversea Cruise Finance Ltd. 7.250%, 02/01/25 144A @		1,000		1,074,700
				2,578,522
Lodging — 2.0%
Marriott International, Inc.• (3 M ICE LIBOR + 0.600%) 3.120%, 12/01/20		2,000		2,007,642
(3 M ICE LIBOR + 0.650%) 3.103%, 03/08/21		1,500		1,504,106
MGM Resorts International 6.625%, 12/15/21		1,250		1,350,000
				4,861,748
Machinery — Diversified — 2.5%
ABB Finance USA, Inc. 2.800%, 04/03/20		1,500		1,503,300
Caterpillar Financial Services Corp. 3.150%, 09/07/21		1,500		1,529,834
John Deere Capital Corp. (3 M ICE LIBOR + 0.240%) 2.676%, 03/12/21•		2,000		1,999,740
Wabtec Corp. (3 M ICE LIBOR + 1.300%) 3.710%, 09/15/21•		1,000		997,137
				6,030,011

47

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Media — 2.2%
Charter Communications Operating LLC 4.464%, 07/23/22	$	1,500	$	1,576,160
Comcast Corp. 3.450%, 10/01/21		2,000		2,057,836
Fox Corp. 3.666%, 01/25/22 144A @		1,500		1,550,125
				5,184,121
Miscellaneous Manufacturing — 0.6%
Ingersoll-Rand Global Holding Co., Ltd. 2.900%, 02/21/21		1,500		1,510,169
Oil & Gas — 2.1%
EOG Resources, Inc. 2.450%, 04/01/20		2,000		1,999,738
EQT Corp. 2.500%, 10/01/20		1,000		997,389
Phillips 66 (3 M ICE LIBOR + 0.600%) 3.121%, 02/26/21•		2,000		2,000,067
				4,997,194
Packaging and Containers — 1.7%
Ball Corp. 4.375%, 12/15/20		1,525		1,558,550
Reynolds Group Issuer, Inc. 5.750%, 10/15/20		969		971,530
Sealed Air Corp. 6.500%, 12/01/20 144A @		1,500		1,552,500
				4,082,580
Pharmaceuticals — 3.6%
Bayer US Finance II LLC 3.500%, 06/25/21 144A @		2,000		2,028,968
Bristol-Myers Squibb, Co. 2.600%, 05/16/22 144A @		1,000		1,012,692
CVS Health Corp. (3 M ICE LIBOR + 0.630%) 3.083%, 03/09/20•		2,000		2,004,853
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		2,000		1,996,900
Zoetis, Inc. 3.250%, 08/20/21		1,500		1,523,220
				8,566,633
Pipelines — 1.9%
DCP Midstream Operating LP 5.350%, 03/15/20 144A @		1,000		1,013,750
Energy Transfer Operating LP 7.500%, 10/15/20		1,500		1,591,064
Midcontinent Express Pipeline LLC 6.700%, 09/15/19 144A @		2,000		2,009,306
				4,614,120
Real Estate Investment Trusts — 0.8%
GLP Capital LP 4.875%, 11/01/20		2,000		2,034,720

	Par (000)		Value†
Retail — 1.3%
Family Dollar Stores, Inc. 5.000%, 02/01/21	$	1,500	$	1,548,750
Penske Automotive Group, Inc. 3.750%, 08/15/20		1,500		1,500,000
				3,048,750
Semiconductors — 1.3%
Analog Devices, Inc. 2.850%, 03/12/20		1,000		1,002,877
Broadcom, Inc. 3.125%, 04/15/21 144A @		2,000		2,012,950
				3,015,827
Software — 1.9%
Activision Blizzard, Inc. 2.300%, 09/15/21		1,000		998,118
CDK Global, Inc. 3.800%, 10/15/19		1,500		1,501,875
VMware, Inc. 2.300%, 08/21/20		2,000		1,994,620
				4,494,613
Telecommunications — 0.5%
Sprint Spectrum Co., LLC 3.360%, 09/20/21 144A @		1,125		1,125,293
TOTAL CORPORATE BONDS (Cost $137,524,472)				138,464,360
MUNICIPAL BONDS — 3.2%
Los Angeles Department of Water & Power, Power System Revenue, Build America Bonds, Series A 6.166%, 07/01/40		2,000		2,074,320
New York City, New York, Build America Bonds Fiscal 2010 Subordinate Series H-1 6.246%, 06/01/35		1,510		1,557,308
State of Florida, State Board of Education Lottery Revenue, Build America Bonds, Series B 6.584%, 07/01/29		2,000		2,000,000
University of Texas System, Build America Bonds, Series B 6.276%, 08/15/41		2,000		2,009,900
Total MUNICIPAL BONDS (Cost $7,646,423)				7,641,528
RESIDENTIAL MORTGAGE BACKED SECURITIES — 0.0%
Fannie Mae Pool — 0.0%
Fannie Mae Pool 4.000%, 06/01/20 (Cost $10,585)		11		10,981
U.S. TREASURY OBLIGATION — 3.9%
U.S. Treasury Inflation Indexed Bonds
1.375%, 01/15/20		2,068		2,063,538
0.375%, 07/15/27		4,440		4,480,823

48

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
U.S. TREASURY OBLIGATION — (continued)
U.S. Treasury Note 2.750%, 11/30/20	$	2,700	$	2,733,750
Total U.S. TREASURY OBLIGATION (Cost $9,188,813)				9,278,111
	Number of Shares
SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $3,050,053)		3,050,053		3,050,053
TOTAL INVESTMENTS — 98.7% (Cost $237,814,391)				237,059,887
Other Assets & Liabilities — 1.3%				3,172,423
TOTAL NET ASSETS — 100.0%			$	240,232,310

µ Perpetual security with no stated maturity date.

† See Security Valuation Note.

144A @ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $102,631,439, which represents 42.7% of the Fund’s net assets.

• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

CLO — Collateralized Loan Obligation.

ICE — Intercontinental Exchange.

LIBOR — London Interbank Offered Rate.

LLC — Limited Liability Company.

LP — Limited Partnership.

NA — National Association.

Country Weightings as of 6/30/2019††
United States	79	%
Cayman Islands	14
Ireland	3
Canada	2
Japan	1
Singapore	1
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S. TREASURY OBLIGATION	$	9,278,111	$	—		9,278,111	$	—
ASSET BACKED SECURITIES		42,215,923		—		42,215,923		—
AGENCY OBLIGATIONS		1,500,073		—		1,500,073		—
COMMERCIAL MORTGAGE BACKED SECURITIES		34,898,858		—		34,898,858		—
CORPORATE BONDS		138,464,360		—		138,464,360		—
MUNICIPAL BONDS		7,641,528		—		7,641,528		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		10,981		—		10,981		—
SHORT-TERM INVESTMENTS		3,050,053		3,050,053		—		—
TOTAL INVESTMENTS	$	237,059,887	$	3,050,053	$	234,009,834	$	—
OTHER FINANCIAL INSTRUMENTS(1)
Futures Contracts	$	815,937	$	815,937	$	—	$	—
TOTAL ASSETS — OTHER FINANCIAL INSTRUMENTS	$	815,937	$	815,937	$	—	$	—

⁽¹⁾ Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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.

49

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Limited Maturity Bond Fund

Open futures contracts held by the Fund at June 30, 2019 were as follows:

Futures Contracts:

Type	Futures Contract	Expiration Date	Numbers of Contracts		Units per Contract		Closing Price		Notional Value		Unrealized Appreciation		Unrealized Depreciatoin
Buy/Long	US Treasury 2 year Note	9/30/2019		120		2,000	$	108	$	25,821,563	$	165,938	$	—
Buy/Long	US Treasury 5 year Note	9/30/2019		143		1,000		118		16,896,344		245,781		—
Buy/Long	US Treasury 10 year Note	9/19/2019		120		1,000		128		15,356,250		330,937		—
Buy/Long	US Treasury 10 year Ultra Bond	9/19/2019		20		1,000		138		2,762,500		73,281		—
Total											$	815,937	$	—

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

50

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
ASSET BACKED SECURITIES — 10.5%
Fortress Credit BSL III Ltd., Series 2015-1A Class B1R (3 M ICE LIBOR + 1.730%, Floor 1.730%) 4.331%, 04/18/31 144A @•	$	3,000	$	2,949,858
Mountain View CLO LLC, Series 2017-2A Class A (3 M ICE LIBOR + 1.210%) 3.811%, 01/16/31 144A @•		3,500		3,471,013
Navient Private Education Loan Trust, Series 2015-AA Class A3 (1 M ICE LIBOR + 1.700%, Floor 1.700%) 4.094%, 11/15/30 144A @•		3,000		3,067,877
SLM Student Loan Trust, Series 2012-6 Class B (1 M ICE LIBOR + 1.000%) 3.404%, 04/27/43•		4,860		4,467,625
SMB Private Education Loan Trust
(1 M ICE LIBOR + 1.950%) 4.344%, 08/16/32, Series 2015-C Class A3 144A @•		5,000		5,125,652
4.000%, 09/15/42, Series 2014-A Class B 144A @		1,930		1,995,671
3.500%, 09/15/43, Series 2015-C Class B 144A @		5,000		5,087,820
Sound Point CLO V-R Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.750%, Floor 1.750%) 4.351%, 07/18/31 144A @•		6,000		5,933,136
Steele Creek CLO Ltd., Series 2016-1A Class BR (3 M ICE LIBOR + 1.650%, Floor 1.650%) 4.060%, 06/15/31 144A @•		3,250		3,199,437
TRINITAS CLO IV Ltd., Series 2016-4A Class A2FR 4.548%, 10/18/31 144A @		4,300		4,349,110
Venture 37 CLO Ltd., Series 2019-37A Class A1F 3.657%, 07/15/32 144A @		5,000		5,000,000
TOTAL ASSET BACKED SECURITIES (Cost $44,669,617)				44,647,199
COMMERCIAL MORTGAGE BACKED SECURITIES — 16.2%
Benchmark Mortgage Trust, Series 2019-B9 Class A5 4.016%, 03/15/52		5,000		5,512,735
CFCRE Commercial Mortgage Trust, Series 2011-C1 Class A4 4.961%, 04/15/44 144A @•		736		762,743
FHLMC Multifamily Structured Pass-Through Certificates 1.748%, 03/25/22, Series K019 Class X1•		47,461		1,780,371
3.062%, 12/25/24, Series K043 Class A2		3,000		3,123,408
2.653%, 08/25/26, Series K058 Class A2		5,000		5,105,984
3.347%, 11/25/26, Series K061 Class A2•		4,750		5,057,773
FREMF Mortgage Trust144A @• 4.479%, 12/25/44, Series 2012-K17 Class B		4,000		4,180,805
4.167%, 05/25/45, Series 2012-K19 Class C		4,500		4,651,052

	Par (000)		Value†
3.576%, 08/25/45, Series 2012-K711 Class C	$	6,000	$	5,988,064
3.782%, 10/25/45, Series 2012-K23 Class C		5,000		5,123,067
5.553%, 12/25/46, Series 2010-K6 Class B		7,795		7,889,896
3.159%, 10/25/47, Series 2014-K503 Class B		5,000		4,991,430
3.762%, 08/25/48, Series 2015-K48 Class B		5,000		5,100,180
4.567%, 12/25/48, Series 2011-K11 Class B		3,000		3,074,623
4.058%, 01/25/49, Series 2016-K52 Class B		5,065		5,297,343
Government National Mortgage Association, Series 2011-77 Class D 5.212%, 10/16/45•		1,203		1,275,150
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $67,292,602)				68,914,624
CORPORATE BONDS — 56.6%
Aerospace & Defense — 1.5%
General Dynamics Corp. 3.500%, 05/15/25		3,000		3,196,535
Lockheed Martin Corp. 3.100%, 01/15/23		3,000		3,077,877
				6,274,412
Agriculture — 0.7%
Cargill, Inc. 3.250%, 03/01/23 144A @		3,000		3,088,927
Airlines — 6.6%
Air Canada Pass Through Trust, Series 2013-1 Class B 5.375%, 11/15/22 144A @		3,338		3,446,459
American Airlines Pass Through Trust, Series 2013-2 Class B 5.600%, 07/15/20 144A @		2,272		2,312,480
Continental Airlines Pass Through Trust 6.250%, 10/11/21, Series 2012-1 Class B		794		809,277
5.500%, 04/29/22, Series 2012-2 Class B		1,500		1,539,606
Delta Air Lines Pass Through Trust 6.821%, 02/10/24, Series 2007-1 Class A		3,118		3,431,148
8.021%, 02/10/24, Series 2007-1 Class B		3,760		4,148,337
4.250%, 01/30/25, Series 2015-1 Class B		2,316		2,453,739
Delta Air Lines, Inc. 3.800%, 04/19/23		2,000		2,053,161
Northwest Airlines Pass Through Trust, Series 2007-1 Class A 7.027%, 05/01/21		3,242		3,286,646
United Airlines Pass Through Trust 4.750%, 10/11/23, Series 2014-1 Class B		1,847		1,902,393
3.100%, 01/07/30, Series 2016-1 Class AA		2,763		2,775,387
				28,158,633
Auto Manufacturers — 1.0%
BMW US Capital LLC 3.450%, 04/12/23 144A @		4,000		4,121,960

51

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Banks — 5.5%
BAC Capital Trust XIII (3 M ICE LIBOR + 0.400%) 4.000% µ,•	$	3,896	$	3,194,720
JPMorgan Chase & Co. (3 M ICE LIBOR + 0.500%) 3.079%, 02/01/2•		2,950		2,684,500
KeyCorp. Capital I (3 M ICE LIBOR + 0.740%) 3.059%, 07/01/28•		2,640		2,376,000
NTC Capital I (3 M ICE LIBOR + 0.520%) 3.117%, 01/15/27•		5,595		5,168,661
PNC Capital Trust C (3 M ICE LIBOR + 0.570%) 3.090%, 06/01/28•		2,235		2,013,465
State Street Corp. (3 M ICE LIBOR + 0.560%) 3.078%, 05/15/28•		2,500		2,295,500
USB Capital IX (3 M ICE LIBOR + 1.020%) 3.617% µ,•		4,000		3,270,000
Wachovia Capital Trust III (3 M ICE LIBOR + 0.930%) 5.570% µ,•		2,510		2,511,155
				23,514,001
Biotechnology — 2.0%
Amgen, Inc. 2.700%, 05/01/22		3,000		3,030,042
2.650%, 05/11/22		2,000		2,015,217
Celgene Corp.
4.625%, 05/15/44		3,000		3,420,136
				8,465,395
Building Materials — 1.6%
Martin Marietta Materials, Inc. 4.250%, 07/02/24		3,000		3,184,644
Vulcan Materials Co. 4.500%, 04/01/25		3,565		3,800,269
				6,984,913
Chemicals — 0.7%
Methanex Corp. 3.250%, 12/15/19		3,159		3,162,329
Commercial Services — 1.3%
Drawbridge Special Opportunities Fund LP 5.000%, 08/01/21 144A @		2,000		2,026,243
ERAC USA Finance LLC 2.350%, 10/15/19 144A @		1,000		998,818
IHS Markit Ltd. 5.000%, 11/01/22 144A @		2,500		2,648,750
				5,673,811
Computers — 0.8%
Dell International LLC 5.450%, 06/15/23 144A @		3,000		3,233,375

	Par (000)		Value†
Diversified Financial Services — 2.5%
Air Lease Corp. 3.750%, 02/01/22	$	2,000	$	2,044,189
Avolon Holdings Funding, Ltd. 3.625%, 05/01/22 144A @		3,000		3,040,800
GE Capital International Funding Co. 4.418%, 11/15/35		3,000		2,969,270
Raymond James Financial, Inc. 3.625%, 09/15/26		2,500		2,570,966
				10,625,225
Electric — 3.8%
ComEd Financing III 6.350%, 03/15/33		3,355		3,417,853
Dominion Energy, Inc. 4.250%, 06/01/28		3,000		3,263,077
FirstEnergy Corp. 3.900%, 07/15/27		4,000		4,201,017
Vistra Operations Co., LLC 3.550%, 07/15/24 144A @		3,000		3,017,648
5.000%, 07/31/27 144A @		2,000		2,072,500
				15,972,095
Food — 4.4%
General Mills, Inc. 4.000%, 04/17/25		3,000		3,190,777
JM Smucker Co. 3.375%, 12/15/27		2,000		2,043,910
Kellogg Co. 2.650%, 12/01/23		3,000		3,033,316
Land O’ Lakes, Inc. 6.000%, 11/15/22 144A @		3,500		3,659,678
Mars, Inc. 3.875%, 04/01/39 144A @		3,500		3,706,072
Smithfield Foods, Inc. 3.350%, 02/01/22 144A @		3,000		2,992,528
				18,626,281
Forest Products & Paper — 0.6%
Georgia-Pacific LLC 3.163%, 11/15/21 144A @		2,500		2,536,114
Gas — 0.6%
The Brooklyn Union Gas Co. 3.407%, 03/10/26 144A @		2,500		2,573,895
Healthcare Products — 1.8%
Becton Dickinson and Co. 3.700%, 06/06/27		1,956		2,042,413
Boston Scientific Corp. 3.750%, 03/01/26		3,000		3,190,805
Zimmer Biomet Holdings, Inc. 4.625%, 11/30/19		1,000		1,008,046
(3 M ICE LIBOR + 0.750%) 3.169%, 03/19/21•		1,500		1,498,400
				7,739,664

52

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Services — 0.5%
HCA Healthcare, Inc. 6.250%, 02/15/21	$	2,000	$	2,095,000
Home Builders — 0.2%
Lennar Corp. 2.950%, 11/29/20		1,000		995,000
Housewares — 0.6%
Newell Brands, Inc. 4.200%, 04/01/26		2,500		2,484,580
Internet — 1.0%
Alibaba Group Holding Ltd. 3.400%, 12/06/27		1,000		1,015,942
Tencent Holdings Ltd. 2.875%, 02/11/20 144A @		3,000		3,006,448
				4,022,390
Lodging — 0.9%
Marriott International, Inc. 4.500%, 10/01/34		3,500		3,775,236
Media — 2.0%
Charter Communications Operating LLC 4.464%, 07/23/22		3,000		3,152,321
Comcast Cable Holdings LLC 9.875%, 06/15/22		1,000		1,206,676
Comcast Corp. 3.950%, 10/15/25		4,000		4,315,520
				8,674,517
Mining — 0.2%
Newmont Goldcorp Corp. 3.625%, 06/09/21 144A @		1,000		1,018,274
Oil & Gas — 1.4%
BG Energy Capital PLC 4.000%, 10/15/21 144A @		1,000		1,033,651
BP Capital Markets PLC 2.500%, 11/06/22		2,500		2,513,920
Newfield Exploration Co. 5.375%, 01/01/26		2,000		2,191,541
				5,739,112
Packaging and Containers — 0.7%
Ball Corp. 4.375%, 12/15/20		3,000		3,066,000
Pharmaceuticals — 2.8%
AbbVie, Inc. 2.300%, 05/14/21		3,000		2,981,860
CVS Health Corp. 4.100%, 03/25/25		2,000		2,109,380
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34		1,000		1,264,165
Mead Johnson Nutrition Co. 4.125%, 11/15/25		2,000		2,164,139
Zoetis, Inc. 4.500%, 11/13/25		3,000		3,291,977
				11,811,521

	Par (000)		Value†
Pipelines — 2.9%
Energy Transfer Operating LP 7.500%, 10/15/20	$	3,000	$	3,182,129
Energy Transfer Partners LP 5.875%, 03/01/22		2,000		2,145,412
Midcontinent Express Pipeline LLC 6.700%, 09/15/19 144A @		4,000		4,018,611
Transcanada Trust (3 M ICE LIBOR + 4.640%) 5.875%, 08/15/76•		3,000		3,079,200
				12,425,352
Real Estate Investment Trusts — 2.0%
American Tower Corp. 4.700%, 03/15/22		2,500		2,644,020
Kimco Realty Corp. 2.800%, 10/01/26		3,000		2,929,293
SBA Tower Trust 3.156%, 10/10/45 144A @		3,000		3,004,673
				8,577,986
Retail — 1.5%
Alimentation Couche-Tard, Inc. 3.550%, 07/26/27 144A @		3,000		3,060,686
Starbucks Corp. 3.100%, 03/01/23		3,000		3,085,622
				6,146,308
Software — 1.5%
CDK Global, Inc. 3.800%, 10/15/19		3,500		3,504,375
VMware, Inc. 2.950%, 08/21/22		3,000		3,024,123
				6,528,498
Telecommunications — 1.4%
Crown Castle Towers LLC 3.663%, 05/15/45 144A @		4,000		4,153,389
Sprint Spectrum Co., LLC 3.360%, 03/20/23 144A @		1,688		1,687,939
				5,841,328
Transportation — 1.6%
BNSF Railway Co. Pass Through Trust, Series 2015-1 3.442%, 06/16/28 144A @		2,549		2,665,654
Federal Express Corp. Pass Through Trust, Series 1999 7.650%, 07/15/24		670		722,732
Union Pacific Corp. 3.375%, 02/01/35		3,336		3,320,235
				6,708,621
TOTAL CORPORATE BONDS (Cost $235,006,271)				240,660,753

53

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
MUNICIPAL BONDS — 4.8%
Florida Governmental Utility Authority, Lindrick Utility System, Build America Bonds, Series B 7.630%, 10/01/30	$	2,250	$	2,340,450
Los Angeles Department of Water & Power, Power System Revenue, Build America Bonds, Series A 6.166%, 07/01/40		5,000		5,185,800
Northeast Ohio Regional Sewer District, Build America Bonds 6.038%, 11/15/40		3,755		3,942,938
State of Texas, Public Finance Authority 3.952%, 10/01/37		3,500		3,778,005
University of Texas System, Build America Bonds, Series B 6.276%, 08/15/41		5,020		5,044,849
Total MUNICIPAL BONDS (Cost $20,010,909)				20,292,042
RESIDENTIAL MORTGAGE BACKED SECURITIES — 8.4%
Collateralized Mortgage Obligation — 1.1%
Agate Bay Mortgage Trust, Series 2016-3 Class A5 3.500%, 08/25/46 144A @•		4,847		4,925,380
Fannie Mae Pool — 4.4%
2.500%, 01/01/43		2,193		2,186,096
2.500%, 02/01/43		6,320		6,300,852
3.500%, 09/01/43		1,059		1,098,938
3.500%, 09/01/47		8,750		9,008,360
				18,594,246
Freddie Mac Gold Pool — 0.3%
3.500%, 01/01/41		1,387		1,432,274
Freddie Mac REMICS — 2.6%
3.500%, 09/15/43, Series 4640 Class LG		5,899		6,098,627
5.000%, 11/15/45, Series 4800 Class KB		4,935		5,247,283
				11,345,910
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $35,304,728)				36,297,810
U.S. TREASURY OBLIGATION — 2.6%
U.S. Treasury Bond 1.625%, 05/15/26		1,500		1,476,328
2.875%, 05/15/43		3,000		3,208,594
3.625%, 08/15/43		2,000		2,414,140
U.S. Treasury Inflation Indexed Bonds 0.375%, 07/15/25		970		980,436
1.000%, 02/15/46		2,157		2,259,928
U.S. Treasury Note 2.000%, 07/31/22(a)		600		604,969
Total U.S. TREASURY OBLIGATION (Cost $10,348,540)				10,944,395

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $738,044)		738,044	$	738,044
TOTAL INVESTMENTS — 99.3% (Cost $413,370,711)				422,494,867
Other Assets & Liabilities — 0.7%				2,922,051
TOTAL NET ASSETS — 100.0%			$	425,416,918

µ Perpetual security with no stated maturity date.

† See Security Valuation Note.

144A @ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $161,289,729, which represents 37.91% of the Fund’s net assets.

• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

(a) All or portion of securities segregated as collateral for futures contracts.

CLO — Collateralized Loan Obligation.

ICE — Intercontinental Exchange.

LIBOR — London Interbank Offered Rate.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

REMICS — Real Estate Mortgage Investment Conduits.

Country Weightings as of 6/30/2019††
United States	87	%
Cayman Islands	7
Canada	3
Bangladesh	1
Ireland	1
United Kingdom	1
Total	100	%

†† % of total investments as of June 30, 2019.

54

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Quality Bond Fund

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S. TREASURY OBLIGATION	$	10,944,395	$	—	$	10,944,395	$	—
ASSET BACKED SECURITIES		44,647,199		—		44,647,199		—
COMMERCIAL MORTGAGE BACKED SECURITIES		68,914,624		—		68,914,624		—
CORPORATE BONDS		240,660,753		—		240,660,753		—
MUNICIPAL BONDS		20,292,042		—		20,292,042		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		36,297,810		—		36,297,810		—
SHORT-TERM INVESTMENTS		738,044		738,044		—		—
TOTAL INVESTMENTS	$	422,494,867	$	738,044	$	421,756,823	$	—
OTHER FINANCIAL INSTRUMENTS(1)
Futures Contracts	$	2,374,461	$	2,374,461	$	—	$	—
TOTAL ASSETS — OTHER FINANCIAL INSTRUMENTS	$	2,374,461	$	2,374,461	$	—	$	—

⁽¹⁾  Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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.

Open futures contracts held by the Fund at June 30, 2019 were as follows:

Futures Contracts:

Type	Futures Contract	Expiration Date	Numbers of Contracts		Units per Contract		Closing Price		Notional Value		Unrealized Appreciation		Unrealized Depreciation
Buy/Long	US Treasury 2 year Note	9/30/2019		155		2,000	$	108	$	33,352,852	$	214,336	$	—
Buy/Long	US Treasury 5 year Note	9/30/2019		545		1,000		118		64,395,156		936,719		—
Buy/Long	US Treasury 10 year Note	9/19/2019		100		1,000		128		12,796,875		275,781		—
Buy/Long	US Treasury Ultra Bond	9/19/2019		133		1,000		178		23,615,813		947,625		—
Total											$	2,374,461	$	—

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

55

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

High Yield Bond Fund

	Number of Shares		Value†
COMMON STOCKS — 0.0%
Entertainment — 0.0%
New Cotai Participation, Class B*(1)		1	$	0
Telecommunications — 0.0%
T-Mobile USA, Inc. (Escrow)*		455,000		0
T-Mobile USA, Inc. (Escrow)*		405,000		0
				0
TOTAL COMMON STOCKS (Cost $24,225)				0
PREFERRED STOCKS — 0.8%
Oil & Gas — 0.8%
Targa Resources Corp. CONV*		1,175		1,268,067
Packaging and Containers — 0.0%
Smurfit-Stone Container Corp. (Escrow) CONV.*(1)		725		0
TOTAL PREFERRED STOCKS (Cost $1,304,279)				1,268,067
	Par (000)
CORPORATE BONDS — 87.7%
Advertising — 1.5%
Lamar Media Corp. 5.750%, 02/01/26	$	350		367,937
Outfront Media Capital LLC 5.625%, 02/15/24		1,000		1,028,750
5.000%, 08/15/27 144A @		1,000		1,023,700
				2,420,387
Airlines — 0.9%
American Airlines Pass Through Trust, Series 2013-2 Class B 5.600%, 07/15/20 144A @		1,409		1,433,738
Auto Parts & Equipment — 0.6%
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 6.250%, 05/15/26 144A @		1,000		1,038,750
Banks — 0.7%
CIT Group, Inc. 6.125%, 03/09/28		1,000		1,137,500
Building Materials — 0.5%
Norbord, Inc. 5.750%, 07/15/27 144A @		750		754,688
Chemicals — 1.0%
GCP Applied Technologies, Inc. 5.500%, 04/15/26 144A @		1,500		1,522,500
Coal — 1.1%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. 7.500%, 05/01/25 144A @		1,750		1,837,500

	Par (000)		Value†
Commercial Services — 3.4%
Aramark Services, Inc. 5.000%, 02/01/28 144A @	$	1,000	$	1,028,750
Harsco, Corp. 5.750%, 07/31/27 144A @		1,000		1,041,360
Service Corp. International 7.500%, 04/01/27		1,500		1,792,500
5.125%, 06/01/29		750		789,375
United Rentals North America, Inc. 6.500%, 12/15/26		750		811,875
				5,463,860
Diversified Financial Services — 2.1%
Ally Financial, Inc. 3.875%, 05/21/24		750		767,813
Lions Gate Capital Holdings LLC 6.375%, 02/01/24 144A @		750		788,437
LPL Holdings, Inc. 5.750%, 09/15/25 144A @		825		844,594
Vantiv LLC/Vantiv Issuer Corp. 4.375%, 11/15/25 144A @		1,000		1,038,750
				3,439,594
Electric — 8.1%
AES Corp. 6.000%, 05/15/26		1,000		1,060,000
DPL, Inc. 7.250%, 10/15/21		732		786,900
4.350%, 04/15/29 144A @		1,500		1,526,442
Itron, Inc. 5.000%, 01/15/26 144A @		1,000		1,022,500
NRG Energy, Inc. 7.250%, 05/15/26		1,500		1,651,875
5.250%, 06/15/29 144A @		1,150		1,227,625
Resideo Funding, Inc. 6.125%, 11/01/26 144A @		1,000		1,040,000
Talen Energy Supply LLC 6.625%, 01/15/28 144A @		1,000		993,750
Vistra Energy Corp. 8.000%, 01/15/25 144A @		1,000		1,057,500
Vistra Operations Co., LLC 5.500%, 09/01/26 144A @		750		792,188
5.625%, 02/15/27 144A @		750		794,062
5.000%, 07/31/27 144A @		1,000		1,036,250
				12,989,092
Energy-Alternate Sources — 0.7%
TerraForm Power Operating LLC 5.000%, 01/31/28 144A @		1,089		1,093,084
Entertainment — 6.1%
AMC Entertainment Holdings, Inc. 6.125%, 05/15/27		750		667,500
Cedar Fair LP 5.250%, 07/15/29 144A @		1,000		1,020,310
Churchill Downs, Inc. 5.500%, 04/01/27 144A @		750		785,156

56

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Entertainment — (continued)
Cinemark USA, Inc. 4.875%, 06/01/23	$	600	$	607,500
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500%, 02/15/23 144A @		850		898,875
International Game Technology PLC 6.500%, 02/15/25 144A @		1,315		1,436,638
Penn National Gaming, Inc. 5.625%, 01/15/27 144A @		1,000		987,500
Scientific Games International, Inc. 5.000%, 10/15/25 144A @		750		757,500
8.250%, 03/15/26 144A @		1,500		1,574,985
Six Flags Entertainment Corp. 4.875%, 07/31/24 144A @		1,000		1,015,625
				9,751,589
Environmental Control — 2.6%
Clean Harbors, Inc. 4.875%, 07/15/27 144A @		750		762,262
5.125%, 07/15/29 144A @		750		765,000
Stericycle, Inc. 5.375%, 07/15/24 144A @		1,500		1,565,805
Waste Pro USA, Inc. 5.500%, 02/15/26 144A @		1,000		1,022,500
				4,115,567
Food — 1.9%
Lamb Weston Holdings, Inc. 4.875%, 11/01/26 144A @		1,000		1,040,000
Post Holdings, Inc. 8.000%, 07/15/25 144A @		370		395,900
Smithfield Foods, Inc. 5.200%, 04/01/29 144A @		1,500		1,635,248
				3,071,148
Gas — 0.6%
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%) 5.650% µ,•		1,000		975,000
Healthcare Products — 0.6%
Hill-Rom Holdings, Inc. 5.750%, 09/01/23 144A @		1,000		1,033,550
Healthcare Services — 3.5%
Centene Corp. 5.375%, 06/01/26 144A @		1,000		1,051,250
HCA, Inc. 5.375%, 09/01/26		1,500		1,616,250
4.125%, 06/15/29		750		770,985
MPH Acquisition Holdings LLC 7.125%, 06/01/24 144A @		1,500		1,406,550
WellCare Health Plans, Inc. 5.375%, 08/15/26 144A @		750		795,000
				5,640,035

	Par (000)		Value†
Housewares — 1.6%
American Greetings Corp. 8.750%, 04/15/25 144A @	$	1,500	$	1,387,500
Newell Brands, Inc. 4.200%, 04/01/26		1,100		1,093,215
				2,480,715
Insurance — 1.0%
CNO Financial Group, Inc. 5.250%, 05/30/25		750		808,125
5.250%, 05/30/29		750		811,875
				1,620,000
Internet — 1.0%
Go Daddy Operating Co., LLC/GD Finance Co., Inc. 5.250%, 12/01/27 144A @		750		776,250
Netflix, Inc. 5.375%, 11/15/29 144A @		750		796,643
				1,572,893
Iron & Steel — 1.5%
Alcoa Nederland Holdings BV 7.000%, 09/30/26 144A @		1,000		1,070,000
Steel Dynamics, Inc. 5.000%, 12/15/26		1,300		1,355,250
				2,425,250
Leisure Time — 1.0%
Silversea Cruise Finance Ltd. 7.250%, 02/01/25 144A @		1,500		1,612,050
Lodging — 2.8%
Boyd Gaming Corp. 6.000%, 08/15/26		1,000		1,051,250
Golden Nugget, Inc. 6.750%, 10/15/24 144A @		750		772,500
MGM Resorts International 5.500%, 04/15/27		1,150		1,206,062
Wynn Macau Ltd. 5.500%, 10/01/27 144A @		1,430		1,390,675
				4,420,487
Machinery — Diversified — 2.4%
Mueller Water Products, Inc. 5.500%, 06/15/26 144A @		1,000		1,033,750
RBS Global, Inc./Rexnord LLC 4.875%, 12/15/25 144A @		1,500		1,518,750
Stevens Holding Co., Inc. 6.125%, 10/01/26 144A @		1,200		1,264,500
				3,817,000
Media — 8.5%
AMC Networks, Inc. 4.750%, 08/01/25		1,000		1,010,000

57

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Media — (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. 5.500%, 05/01/26 144A @	$	1,500	$	1,569,825
5.125%, 05/01/27 144A @		1,000		1,035,360
Clear Channel Worldwide Holdings, Inc. 9.250%, 02/15/24 144A @		125		135,625
CSC Holdings LLC 5.375%, 07/15/23 144A @		1,000		1,027,500
10.875%, 10/15/25 144A @		1,725		1,977,281
6.500%, 02/01/29 144A @		1,800		1,964,250
Entercom Media Corp. 7.250%, 11/01/24 144A @		750		790,313
Nexstar Escrow, Inc. 5.625%, 07/15/27 144A @		1,000		1,023,750
Sirius XM Radio, Inc. 5.500%, 07/01/29 144A @		750		768,900
Unitymedia GmbH 6.125%, 01/15/25 144A @		625		650,156
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.000%, 01/15/25 144A @		400		412,000
VTR Finance BV 6.875%, 01/15/24 144A @		1,150		1,190,250
				13,555,210
Mining — 1.3%
Novelis Corp. 5.875%, 09/30/26 144A @		1,000		1,012,500
TriMas Corp. 4.875%, 10/15/25 144A @		1,000		1,012,500
				2,025,000
Miscellaneous Manufacturing — 1.0%
Amsted Industries, Inc. 5.375%, 09/15/24 144A @		1,500		1,535,625
Oil & Gas — 3.1%
Denbury Resources, Inc. 9.000%, 05/15/21 144A @		1,500		1,477,500
Parkland Fuel Corp. 5.875%, 07/15/27 144A @		750		761,962
Sunoco LP/Sunoco Finance Corp. 6.000%, 04/15/27 144A @		1,150		1,207,500
Transocean, Inc. 8.375%, 12/15/21		1,500		1,576,875
				5,023,837
Oil & Gas Services — 1.2%
Archrock Partners LP/Archrock Partners Finance Corp. 6.875%, 04/01/27 144A @		1,000		1,045,100
Transocean Phoenix 2 Ltd. 7.750%, 10/15/24 144A @		750		800,625
				1,845,725

	Par (000)		Value†
Packaging and Containers — 0.5%
Berry Global Escrow Corp. 5.625%, 07/15/27 144A @	$	750	$	780,000
Reynolds Group Issuer, Inc. 5.750%, 10/15/20		7		6,801
				786,801
Pharmaceuticals — 2.0%
Bausch Health Americas, Inc. 8.500%, 01/31/27 144A @		2,000		2,199,040
Bausch Health Cos, Inc. 5.750%, 08/15/27 144A @		1,000		1,050,980
				3,250,020
Pipelines — 6.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.750%, 03/01/27 144A @		1,400		1,400,000
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/26 144A @		1,000		1,007,500
Cheniere Corpus Christi Holdings LLC 7.000%, 06/30/24		1,250		1,437,625
5.125%, 06/30/27		1,000		1,086,250
Cheniere Energy Partners LP 5.625%, 10/01/26 144A @		750		791,250
DCP Midstream Operating LP 5.125%, 05/15/29		750		770,625
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. 5.625%, 02/15/26 144A @		750		771,562
NGPL PipeCo LLC 4.875%, 08/15/27 144A @		1,000		1,058,750
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 5.500%, 09/15/24 144A @		1,350		1,393,875
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.500%, 07/15/27 144A @		1,000		1,091,250
				10,808,687
Real Estate — 4.3%
CyrusOne LP/CyrusOne Finance Corp. 5.375%, 03/15/27		1,750		1,841,875
Equinix, Inc. 5.875%, 01/15/26		2,000		2,117,500
ESH Hospitality, Inc. 5.250%, 05/01/25 144A @		1,000		1,023,750
Greystar Real Estate Partners LLC 5.750%, 12/01/25 144A @		750		765,000
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.750%, 02/01/27 144A @		1,000		1,077,500
				6,825,625

58

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Retail — 2.2%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 5.250%, 06/01/26 144A @	$	1,000	$	1,048,740
New Red Finance, Inc.
4.250%, 05/15/24 144A @		1,000		1,011,250
5.000%, 10/15/25 144A @		750		755,850
Party City Holdings, Inc. 6.625%, 08/01/26 144A @		750		727,500
				3,543,340
Semiconductors — 0.7%
Sensata Technologies BV 5.625%, 11/01/24 144A @		1,000		1,077,500
Software — 1.1%
ACI Worldwide, Inc. 5.750%, 08/15/26 144A @		750		782,100
IQVIA, Inc. 5.000%, 10/15/26 144A @		1,000		1,032,500
				1,814,600
Telecommunications — 5.8%
Hughes Satellite Systems Corp. 5.250%, 08/01/26		1,000		1,027,500
Level 3 Financing, Inc. 5.375%, 01/15/24		1,000		1,022,500
SoftBank Group Corp. 5.125%, 09/19/27		600		610,515
Sprint Corp. 7.250%, 09/15/21		1,000		1,062,500
7.125%, 06/15/24		750		795,225
7.625%, 03/01/26		1,000		1,066,000
T-Mobile USA, Inc. 6.375%, 03/01/25		750		778,875
ViaSat, Inc. 5.625%, 04/15/27 144A @		1,050		1,092,000
Virgin Media Secured Finance PLC 5.500%, 08/15/26 144A @		1,750		1,813,437
				9,268,552
Transportation — 2.0%
H&E Equipment Services, Inc. 5.625%, 09/01/25		1,000		1,028,500
IAA, Inc. 5.500%, 06/15/27 144A @		1,000		1,040,000
Park Aerospace Holdings Ltd. 5.250%, 08/15/22 144A @		1,100		1,161,380
				3,229,880
TOTAL CORPORATE BONDS (Cost $135,075,429)				140,256,379

	Par (000)		Value†
LOAN AGREEMENTS — 4.6%‡
Chemicals — 0.9%
Hexion International Holdings BV (3 M LIBOR + 2.750%) 5.350%, 10/03/20 •	$	750	$	749,535
Hexion, Inc. 0.000%, 06/26/26 •		750		745,312
				1,494,847
Insurance — 1.0%
Asurion LLC (1 M LIBOR + 6.500%) 8.902%, 08/04/25 •		1,495		1,514,629
Lodging — 0.6%
CCM Merger, Inc. (1 M LIBOR + 2.250%) 4.652%, 08/06/21 •		870		867,757
Golden Nugget, Inc. (1 M LIBOR + 2.750%) 5.144%, 10/04/23 •		4		0
				867,757
Packaging and Containers — 0.4%
Ball Metalpack Finco LLC (3 M LIBOR + 8.750%) 11.272%, 07/24/26 •		750		705,000
Pipelines — 0.9%
Prairie ECI Acquiror LP (3 M LIBOR + 4.750%) 7.080%, 03/11/26 •		1,496		1,501,113
Telecommunications — 0.8%
Intelsat Jackson Holdings S.A. (6 M LIBOR + 6.625%) 6.625%, 01/02/24 •		1,300		1,304,329
TOTAL LOAN AGREEMENTS‡ (Cost $7,408,052)				7,387,675
	Number of Shares
SHORT-TERM INVESTMENTS — 7.5%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $12,026,400)		12,026,400		12,026,400
TOTAL INVESTMENTS — 100.6% (Cost $155,838,385)				160,938,521
Other Assets & Liabilities — (0.6)%				(978,642	)
TOTAL NET ASSETS — 100.0%			$	159,959,879

µ Perpetual security with no stated maturity date.

(1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the valuation hierarchy table located at the end of the Schedule of Investments.

† See Security Valuation Note.

59

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

High Yield Bond Fund

‡ 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 Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2019. Loan Agreements, while exempt from registration under the Securities 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 exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $101,859,676, which represents 63.7% of the Fund’s net assets.

• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

CMT — Constant Maturity Treasury.

CONV — Convertible Security.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

LIBOR — London Interbank Offered Rate.

Country Weightings as of 6/30/2019††
United States	90	%
Canada	3
Cayman Islands	2
Netherlands	1
United Kingdom	2
Luxembourg	1
Other	1
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	—	$	—	$	—	$	—
PREFERRED STOCKS		1,268,067		1,268,067		—		—
CORPORATE BONDS		140,256,379		—		140,256,379		—
LOAN AGREEMENTS		7,387,675		—		7,387,675		—
SHORT-TERM INVESTMENTS		12,026,400		12,026,400		—		—
TOTAL INVESTMENTS	$	160,938,521	$	13,294,467	$	147,644,054	$	—

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 12/31/2018	$	4,965
Change in Appreciation/(Depreciation)		(4,965	)
Balance as of 6/30/2019	$	—

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

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

60

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
ASSET BACKED SECURITIES — 0.4%
Continental Airlines Pass Through Trust 7.250%, 05/10/21, Series 2009-2 Class A	$	466	$	472,272
4.150%, 10/11/25, Series 2012-1 Class A		1,557		1,630,711
Domino’s Pizza Master Issuer LLC 4.118%, 07/25/47, Series 2017-1A A23 144A @		4,927		5,116,838
4.116%, 07/25/48, Series 2018-1A A2I 144A @		4,628		4,766,218
Wendy’s Funding LLC, Series 2018-1A A21 3.573%, 03/15/48 144A @		3,163		3,180,990
TOTAL ASSET BACKED SECURITIES (Cost $14,620,910)				15,167,029
	Number of Shares
COMMON STOCKS — 60.1%
Auto Parts & Equipment — 0.9%
Aptiv PLC		481,815		38,945,106
Banks — 1.4%
The PNC Financial Services Group, Inc.		424,366		58,256,965
Beverages — 0.4%
Keurig Dr Pepper, Inc.		591,412		17,091,807
Chemicals — 0.2%
DuPont de Nemours, Inc.		109,732		8,237,581
Commercial Services — 3.0%
Equifax, Inc.		98,889		13,373,748
Global Payments, Inc.		204,100		32,682,533
S&P Global, Inc.		358,977		81,771,371
				127,827,652
Diversified Financial Services — 3.7%
Intercontinental Exchange, Inc.		543,971		46,748,868
Visa, Inc., Class A		642,731		111,545,965
				158,294,833
Electric — 4.1%
American Electric Power Co., Inc.		631,254		55,556,665
Eversource Energy		533,679		40,431,521
NextEra Energy, Inc.		142,371		29,166,123
Xcel Energy, Inc.		876,329		52,132,812
				177,287,121
Electronics — 7.0%
Fortive Corp.		1,119,387		91,252,428
PerkinElmer, Inc.		1,378,411		132,796,116
TE Connectivity Ltd.		791,681		75,827,206
				299,875,750
Environmental Control — 1.9%
Republic Services, Inc.		304,952		26,421,041
Waste Connections, Inc.		594,979		56,868,093
				83,289,134
Gas — 1.0%
NiSource, Inc.		1,493,052		42,999,898

	Number of Shares		Value†
Healthcare Products — 6.1%
Alcon, Inc.*		892,627	$	55,119,397
Avantor, Inc.*		603,318		11,517,341
Becton Dickinson & Co.		400,167		100,846,086
Thermo Fisher Scientific, Inc.		320,447		94,108,875
				261,591,699
Healthcare Services — 1.9%
Anthem, Inc.		104,600		29,519,166
UnitedHealth Group, Inc.		208,100		50,778,481
				80,297,647
Insurance — 2.5%
Marsh & McLennan Cos., Inc.		1,088,544		108,582,264
Internet — 5.7%
Alphabet, Inc., Class A*		6,699		7,253,677
Alphabet, Inc., Class C*		80,823		87,362,389
Amazon.com, Inc.*		48,637		92,100,482
Facebook, Inc., Class A*		296,600		57,243,800
				243,960,348
Lodging — 0.6%
Hilton Worldwide Holdings, Inc.		282,657		27,626,895
Machinery — Diversified — 1.9%
Roper Technologies, Inc.		225,644		82,644,371
Miscellaneous Manufacturing — 5.4%
Danaher Corp.		909,516		129,988,027
General Electric Co.		9,774,616		102,633,468
				232,621,495
Oil & Gas — 0.3%
Concho Resources, Inc.		145,200		14,981,736
Retail — 1.5%
McDonald’s Corp.		131,658		27,340,100
Yum! Brands, Inc.		316,807		35,061,031
				62,401,131
Semiconductors — 3.6%
Maxim Integrated Products, Inc.		944,192		56,481,565
Texas Instruments, Inc.		838,096		96,179,897
				152,661,462
Software — 6.3%
Fiserv, Inc.*		1,344,438		122,558,968
Microsoft Corp.		1,109,500		148,628,620
				271,187,588
Water — 0.7%
American Water Works Co., Inc.		252,338		29,271,208
TOTAL COMMON STOCKS (Cost $2,032,670,185)				2,579,933,691

61

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 0.5%
Diversified — 0.5%
American Tower Corp. (Cost $15,303,184)	$	109,100	$	22,305,495
	Number of Shares
PREFERRED STOCKS — 5.6%
Banks — 1.5%
JPMorgan Chase & Co., Series DD		325,000		8,749,000
State Street Corp., Series E		19,850		503,198
US Bancorp, Series K		175,000		4,539,500
US Bancorp, Series F, (3 M ICE LIBOR + 4.468%)•		71,000		1,902,800
Wells Fargo & Co., Series L, CONV		37,450		51,089,290
				66,783,788
Diversified Financial Services — 0.1%
The Charles Schwab Corp., Series C		150,000		3,909,000
The Charles Schwab Corp., Series D		12,000		316,200
				4,225,200
Electric — 1.7%
Alabama Power Co., Series A		100,000		2,554,000
American Electric Power Co., Inc., CONV		108,544		5,808,189
CMS Energy Corp. 2078		500,000		13,325,000
CMS Energy Corp. 2079		650,000		17,244,500
DTE Energy Co., Series E		340,000		8,724,400
Duke Energy Corp.		340,000		9,084,800
SCE Trust II		14,730		332,162
SCE Trust III, Series H (3 M ICE LIBOR + 2.990%)•		161,355		3,945,130
SCE Trust IV, Series J (3 M ICE LIBOR + 3.132%)•		340,000		8,245,000
SCE Trust V, Series K (3 M ICE LIBOR + 3.790%)•		100,000		2,422,000
SCE Trust VI		75,000		1,686,750
				73,371,931
Electronics — 0.3%
Fortive Corp., Series A, CONV		10,921		11,193,042
Gas — 0.2%
NiSource, Inc., Series B (UST Yield Curve CMT 5 Yr + 3.632%)•		325,000		8,531,250
Healthcare Products — 1.7%
Avantor, Inc., CONV*		591,736		39,131,501
Becton Dickinson & Co., Series A, CONV		581,403		35,994,660
				75,126,161
Internet — 0.1%
Aurora Innovation, Inc., Series B, CONV*(1)#		354,540		3,276,056
TOTAL PREFERRED STOCKS (Cost $218,863,949)				242,507,428

	Par (000)		Value†
CORPORATE BONDS — 19.1%
Aerospace & Defense — 0.1%
Moog, Inc. 5.250%, 12/01/22 144A @	$	170	$	172,975
Northrop Grumman Corp. 2.550%, 10/15/22		5,930		5,942,338
				6,115,313
Agriculture — 0.2%
Philip Morris International, Inc. 2.000%, 02/21/20		3,420		3,410,069
(3 M ICE LIBOR + 0.420%) 2.942%, 02/21/20•		2,285		2,288,009
2.625%, 02/18/22		4,270		4,305,904
				10,003,982
Airlines — 0.1%
Continental Airlines Pass Through Trust, Series 2012-1 Class B 6.250%, 10/11/21		182		185,834
Delta Air Lines Pass Through Trust, Series 2009-1 Class A 7.750%, 06/17/21		175		178,606
U.S. Airways Pass Through Trust 6.750%, 12/03/22, Series 2012-2 Class B		381		403,817
5.375%, 05/15/23, Series 2013-1 Class B		4		3,882
6.250%, 10/22/24, Series 2010-1 Class A		1,194		1,299,889
4.625%, 12/03/26, Series 2012-2 Class A		183		198,239
3.950%, 05/15/27, Series 2013-1 Class A		3		3,619
				2,273,886
Auto Parts & Equipment — 0.0%
Aptiv PLC 4.350%, 03/15/29		800		843,134
Banks — 0.7%
State Street Corp.,
(3 M ICE LIBOR + 3.597%) 5.250%, Class F•µ		4,360		4,472,444
(3 M ICE LIBOR + 2.539%) 5.625% , Class H•µ		7,185		7,247,869
The Bank of New York Mellon Corp.,
(3 M ICE LIBOR + 3.420%) 4.950% , Class E•µ		5,800		5,891,408
(3 M ICE LIBOR + 3.131%) 4.625% , Class F•µ		3,175		3,161,379
The PNC Financial Services Group, Inc., Class S (3 M ICE LIBOR + 3.300%) 5.000%•µ		7,085		7,208,988
US Bancorp, Class J (3 M ICE LIBOR + 2.914%) 5.300%•µ		3,010		3,122,875
				31,104,963
Building Materials — 0.0%
Lennox International, Inc. 3.000%, 11/15/23		760		763,169

62

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Commercial Services — 0.6%
Aramark Services, Inc. 5.000%, 04/01/25 144A @	$	6,315	$	6,409,725
5.000%, 02/01/28 144A @		2,310		2,376,413
Refinitiv US Holdings, Inc. 6.250%, 05/15/26 144A @		5,610		5,769,885
8.250%, 11/15/26 144A @		7,345		7,554,332
Service Corp. International 5.375%, 05/15/24		3,650		3,754,937
				25,865,292
Computers — 0.3%
Apple, Inc. 1.500%, 09/12/19		10,920		10,900,571
Cosmetics & Personal Care — 0.1%
Unilever Capital Corp. 3.000%, 03/07/22		2,305		2,356,830
Diversified Financial Services — 0.0%
Caterpillar Financial Services Corp. 2.250%, 12/01/19		1,155		1,154,314
Electric — 0.4%
American Electric Power Co., Inc., Class I 3.650%, 12/01/21		780		804,436
Berkshire Hathaway Energy Co. 2.400%, 02/01/20		2,550		2,548,966
Dominion Energy, Inc., STEP 2.962%, 07/01/19		350		350,000
DTE Energy Co., Class D 3.700%, 08/01/23		2,060		2,149,550
Edison International 2.125%, 04/15/20		1,605		1,597,925
Eversource Energy 2.750%, 03/15/22, Class K		2,550		2,580,571
3.800%, 12/01/23, Class N		1,255		1,324,205
2.900%, 10/01/24, Class L		1,540		1,565,386
NextEra Energy Capital Holdings, Inc. 2.900%, 04/01/22		2,400		2,441,620
Wisconsin Public Service Corp. 3.350%, 11/21/21		2,025		2,078,207
				17,440,866
Electronics — 0.1%
Amphenol Corp. 2.200%, 04/01/20		2,585		2,579,536
Entertainment — 0.3%
Cedar Fair LP/Canada’s Wonderland Co. /Magnum Management Corp. 5.375%, 06/01/24		5,350		5,497,125
5.375%, 04/15/27		5,850		6,069,375
Six Flags Entertainment Corp. 4.875%, 07/31/24 144A @		1,775		1,802,734
5.500%, 04/15/27 144A @		640		665,600
				14,034,834

	Par (000)		Value†
Food — 0.7%
B&G Foods, Inc. 4.625%, 06/01/21	$	2,525	$	2,528,156
Conagra Brands, Inc.
(3 M ICE LIBOR + 0.750%) 3.415%, 10/22/20•		1,710		1,710,272
3.800%, 10/22/21		10,030		10,309,436
Nestle Holdings, Inc. 3.100%, 09/24/21 144A @		14,330		14,627,969
				29,175,833
Gas — 0.4%
NiSource, Inc.
(UST Yield Curve CMT 5 Yr + 2.843%) 5.650%•µ		5,825		5,679,375
3.490%, 05/15/27		7,395		7,649,253
4.375%, 05/15/47		3,965		4,240,703
				17,569,331
Healthcare Products — 1.8%
Avantor, Inc. 6.000%, 10/01/24 144A @		6,580		7,001,120
9.000%, 10/01/25 144A @		30,008		33,458,920
Becton Dickinson & Co. 2.675%, 12/15/19		3,460		3,461,093
2.894%, 06/06/22		8,479		8,594,192
(3 M ICE LIBOR + 1.030%) 3.504%, 06/06/22•		3,685		3,709,650
3.363%, 06/06/24		5,782		5,955,068
Hologic, Inc. 4.375%, 10/15/25 144A @		4,550		4,612,562
Teleflex, Inc. 4.875%, 06/01/26		4,245		4,404,187
4.625%, 11/15/27		3,630		3,734,362
				74,931,154
Healthcare Services — 0.6%
Centene Corp. 5.625%, 02/15/21		1,290		1,314,187
Fresenius Medical Care U.S. Finance, Inc. 5.750%, 02/15/21 144A @		1,125		1,173,375
HCA Healthcare, Inc. 6.250%, 02/15/21		1,790		1,875,025
HCA, Inc. 4.250%, 10/15/19		3,781		3,796,341
6.500%, 02/15/20		16,715		17,099,708
				25,258,636
Household Products & Wares — 0.3%
Reckitt Benckiser Treasury Services PLC 2.375%, 06/24/22 144A @		7,375		7,368,041
(3 M ICE LIBOR + 0.560%) 2.903%, 06/24/22 144A @•		4,760		4,743,546
				12,111,587

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Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Insurance — 0.1%
Marsh & McLennan Cos., Inc. 2.350%, 03/06/20	$	1,205	$	1,204,417
2.750%, 01/30/22		1,705		1,720,973
3.300%, 03/14/23		525		539,632
Trinity Acquisition PLC 4.400%, 03/15/26		2,400		2,552,724
				6,017,746
Internet — 3.1%
Amazon.com, Inc. 2.600%, 12/05/19		4,155		4,160,113
Netflix, Inc. 5.375%, 02/01/21		2,685		2,775,619
5.500%, 02/15/22		2,015		2,118,269
5.875%, 02/15/25		7,510		8,279,775
4.375%, 11/15/26		15,590		15,945,452
4.875%, 04/15/28		29,958		30,894,187
5.875%, 11/15/28		28,915		32,012,375
6.375%, 05/15/29 144A @		18,670		21,219,388
Zayo Group LLC 5.750%, 01/15/27 144A @		14,205		14,473,190
				131,878,368
Lodging — 0.1%
Hilton Domestic Operating Co., Inc. 4.250%, 09/01/24		2,445		2,481,675
Marriott International, Inc. (3 M ICE LIBOR + 0.650%) 3.103%, 03/08/21•		1,435		1,438,927
				3,920,602
Machinery — Diversified — 0.3%
Roper Technologies, Inc. 3.650%, 09/15/23		4,120		4,291,451
4.200%, 09/15/28		3,700		3,961,759
Welbilt, Inc. 9.500%, 02/15/24		3,095		3,350,338
Xylem, Inc. 4.875%, 10/01/21		415		435,540
3.250%, 11/01/26		640		644,424
				12,683,512
Media — 2.8%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.250%, 03/15/21		2,135		2,144,341
5.250%, 09/30/22		7,165		7,273,192
5.125%, 02/15/23		2,645		2,686,791
4.000%, 03/01/23 144A @		3,975		3,983,695
5.125%, 05/01/23 144A @		7,659		7,819,356
5.750%, 09/01/23		3,600		3,679,848
5.750%, 01/15/24		4,225		4,319,534
5.875%, 04/01/24 144A @		2,962		3,095,290
5.125%, 05/01/27 144A @		17,325		17,937,612
5.000%, 02/01/28 144A @		25,486		26,026,303
Charter Communications Operating LLC 3.579%, 07/23/20		2,225		2,244,947

	Par (000)		Value†
Media — (continued)
Comcast Corp.
(3 M ICE LIBOR + 0.330%) 2.649%, 10/01/20•	$	3,405	$	3,411,382
3.300%, 10/01/20		6,930		7,025,006
(3 M ICE LIBOR + 0.440%) 2.759%, 10/01/21•		2,690		2,700,518
3.450%, 10/01/21		3,145		3,235,948
Sirius XM Radio, Inc. 3.875%, 08/01/22 144A @		4,805		4,817,013
4.625%, 05/15/23 144A @		4,030		4,070,300
6.000%, 07/15/24 144A @		4,820		4,953,755
Unitymedia GmbH 6.125%, 01/15/25 144A @		7,879		8,196,130
Virgin Media Secured Finance PLC 5.250%, 01/15/21		460		479,665
				120,100,626
Miscellaneous Manufacturing — 0.2%
General Electric Co., Class D (3 M ICE LIBOR + 3.330%) 5.000%•µ		9,368		9,035,061
Oil & Gas — 0.2%
Shell International Finance BV (3 M ICE LIBOR + 0.450%) 2.985%, 05/11/20•		6,720		6,744,192
Packaging and Containers — 0.6%
Reynolds Group Issuer, Inc. 5.750%, 10/15/20		15,622		15,661,071
6.875%, 02/15/21		2,736		2,742,752
(3 M ICE LIBOR + 3.500%) 6.097%, 07/15/21 144A @•		4,875		4,875,000
5.125%, 07/15/23 144A @		4,145		4,222,719
				27,501,542
Pharmaceuticals — 0.6%
Bristol-myers Squibb Co.
(3 M ICE LIBOR + 0.200%) 2.725%, 11/16/20 144A @		6,705		6,704,870
2.550%, 05/14/21 144A @		10,255		10,329,036
Elanco Animal Health, Inc. 3.912%, 08/27/21		4,225		4,316,667
4.272%, 08/28/23		1,680		1,763,262
4.900%, 08/28/28		4,030		4,498,645
				27,612,480
Pipelines — 0.1%
Enterprise Products Operating LLC 3.500%, 02/01/22		3,415		3,505,737
NuStar Logistics LP 4.800%, 09/01/20		2,380		2,415,700
				5,921,437
Real Estate — 1.2%
American Tower Corp. 3.300%, 02/15/21		3,575		3,619,415

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Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Real Estate — (continued)
Crown Castle International Corp. 4.875%, 04/15/22	$	7,850	$	8,345,847
5.250%, 01/15/23		13,865		15,076,414
Equinix, Inc. 5.375%, 01/01/22		1,305		1,339,256
5.375%, 04/01/23		930		948,600
SBA Communications Corp. 4.875%, 07/15/22		11,060		11,199,577
4.000%, 10/01/22		5,330		5,403,288
4.875%, 09/01/24		3,085		3,177,550
				49,109,947
Retail — 1.8%
AutoZone, Inc. 2.500%, 04/15/21		1,915		1,919,422
Dollar Tree, Inc. (3 M ICE LIBOR + 0.700%) 3.288%, 04/17/20•		1,290		1,290,149
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC 5.250%, 06/01/26 144A @		4,893		5,131,485
KFC Holding Co./Pizza Hut Holdings/ Taco Bell of America LLC 5.000%, 06/01/24 144A @		5,705		5,897,544
4.750%, 06/01/27 144A @		16,175		16,579,375
New Red Finance, Inc. 4.625%, 01/15/22 144A @		3,340		3,340,000
The Home Depot, Inc.
(3 M ICE LIBOR + 0.310%) 2.830%, 03/01/22•		2,435		2,439,233
3.250%, 03/01/22		2,020		2,084,690
Yum! Brands, Inc. 5.300%, 09/15/19		2,215		2,220,538
3.875%, 11/01/20		7,505		7,523,762
3.750%, 11/01/21		12,855		12,919,275
3.875%, 11/01/23		5,705		5,779,736
6.875%, 11/15/37		3,540		3,725,850
5.350%, 11/01/43		6,155		5,508,725
				76,359,784
Semiconductors — 0.2%
Sensata Technologies BV 4.875%, 10/15/23 144A @		2,595		2,705,288
5.625%, 11/01/24 144A @		880		948,200
5.000%, 10/01/25 144A @		3,150		3,283,875
Sensata Technologies UK Financing Co. PLC 6.250%, 02/15/26 144A @		2,000		2,125,000
				9,062,363
Software — 0.8%
Fiserv, Inc. 2.700%, 06/01/20		5,175		5,185,422
3.800%, 10/01/23		2,460		2,587,650
Solera LLC 10.500%, 03/01/24 144A @		26,196		28,324,425
				36,097,497

	Par (000)		Value†
Telecommunications — 0.3%
Level 3 Financing, Inc. 5.375%, 08/15/22	$	3,500	$	3,504,375
T-Mobile USA, Inc. 6.000%, 03/01/23		1,770		1,809,825
Verizon Communications, Inc.
3.125%, 03/16/22		4,300		4,406,547
(3 M ICE LIBOR + 1.000%) 3.410%, 03/16/22•		4,300		4,364,930
				14,085,677
TOTAL CORPORATE BONDS (Cost $797,911,225)				820,614,065
LOAN AGREEMENTS — 6.6%‡
Chemicals — 0.0%
HB Fuller Co. (1 M ICE LIBOR + 2.000%) 4.383%, 10/21/24•		2,145		2,106,346
Commercial Services — 0.9%
Financial & Risk U.S. Holdings, Inc. (1 M ICE LIBOR + 3.750%) 6.152%, 10/01/25•		25,960		25,156,555
Gartner, Inc. (1 M ICE LIBOR + 1.500%) 3.902%, 03/21/22•		884		883,664
Trans Union LLC
(1 M ICE LIBOR + 1.750%) 4.152%, 08/09/22•		8,076		8,048,697
(1 M ICE LIBOR + 2.000%) 4.402%, 06/19/25•		5,757		5,738,140
				39,827,056
Diversified Financial Services — 0.2%
Vantiv LLC
(1 M ICE LIBOR + 1.500%) 3.892%, 01/16/23•		2,944		2,938,481
(1 M ICE LIBOR + 1.750%) 4.144%, 08/09/24•		6,494		6,487,153
				9,425,634
Entertainment — 0.1%
Alpha Top Co. Ltd.—Delta 2 (Lux) Sarl (1 M ICE LIBOR + 2.500%) 4.902%, 02/01/24•		4,225		4,121,488
Household Products & Wares — 0.0%
Prestige Brands, Inc. (1 M ICE LIBOR + 2.000%) 4.402%, 01/26/24•		242		240,253
Insurance — 0.8%
HUB International Ltd. (3 M ICE LIBOR + 2.750%) 5.336%, 04/25/25•		34,308		33,423,328

65

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Flexibly Managed Fund

	Par (000)		Value†
LOAN AGREEMENTS‡ — (continued)
Internet — 0.2%
Zayo Group LLC
(1 M ICE LIBOR + 2.000%) 4.402%, 01/19/21•	$	2,382	$	2,379,130
(1 M ICE LIBOR + 2.250%) 4.652%, 01/19/24•		4,225		4,220,183
				6,599,313
Packaging and Containers — 0.0%
Berry Global, Inc. (3 M ICE LIBOR + 1.750%) 4.162%, 02/08/20•		1,062		1,060,273
Pharmaceuticals — 0.3%
Change Healthcare Holdings LLC (1 M ICE LIBOR + 2.750%) 5.152%, 03/01/24•		8,713		8,640,320
NVA Holdings, Inc. (1 M ICE LIBOR + 2.750%) 5.152%, 02/02/25•		3,263		3,258,011
				11,898,331
Software — 4.1%
Cypress Intermediate Holdings III, Inc. (1 M ICE LIBOR + 2.750%) 5.160%, 04/29/24•		11,447		11,278,509
First Data Corp.
(1 M ICE LIBOR + 2.000%) 4.404%, 07/08/22•		14,818		14,799,324
(1 M ICE LIBOR + 1.500%) 3.904%, 10/26/23•		39,550		39,463,785
(1 M ICE LIBOR + 2.000%) 4.404%, 04/26/24•		70,687		70,599,149
Kronos, Inc. (3 M ICE LIBOR + 3.000%) 5.579%, 11/01/23•		37,256		37,157,925
Ultimate Software Group, Inc. (3 M ICE LIBOR + 3.750%) 6.080%, 05/04/26•		1,765		1,767,206
				175,065,898
TOTAL LOAN AGREEMENTS (Cost $285,694,544)				283,767,920
U.S. TREASURY OBLIGATION — 3.2%
United States Treasury Note 2.625%, 12/31/23		14,175		14,708,777
2.500%, 01/31/24		95,832		98,976,591
2.375%, 02/29/24		22,750		23,390,732
Total U.S. TREASURY OBLIGATION (Cost $132,684,690)				137,076,100

		Number of Contracts			Value†
PURCHASED OPTIONS — 0.0%
Call Option — 0.0%
TOTAL PURCHASED OPTIONS (See open purchased options schedule) (Cost $352,543)		2,517		$	757,617
	Number of Shares
SHORT-TERM INVESTMENTS — 5.1%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%)		18,069,793			18,069,793
T. Rowe Price Investment, Ltd. (seven-day effective yield 2.487%)		202,868,033			202,868,033
TOTAL SHORT-TERM INVESTMENTS (Cost $220,937,826)					220,937,826
TOTAL INVESTMENTS — 100.6% (Cost $3,719,039,056)					4,323,067,171
Other Assets & Liabilities — (0.6)%					(27,630,096	)
TOTAL NET ASSETS — 100.0%				$	4,295,437,075
	Number of Contracts
WRITTEN OPTIONS
Call Options
TOTAL WRITTEN OPTIONS (See open written options schedule) (Premiums $(21,126,707))		(31,862	)		$ (33,371,925	)

µ Perpetual security with no stated maturity date.

† See Security Valuation Note.

* Non-income producing security.

144A @ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $321,860,092, which represents 7.5% of the Fund’s net assets.

• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

‡ 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

66

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Flexibly Managed Fund

more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2019. Loan Agreements, while exempt from registration under the Securities 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.

(1) The value of this security was determined using significant unobservable inputs and reported as a Level 3 security in the valuation hierarchy table located at the end of the Schedule of Investments.

# Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2019, the aggregate value of restricted securities was $3,276,056, which represented 0.1% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities.

Investment	Date of Acquisition		Cost		Value
Aurora Innovation, Inc., Series B		3/1/2019	$	3,276,056	$	3,276,056
Total			$	3,276,056	$	3,276,056

CMT — Constant Maturity Treasury.

CONV — Convertible Security.

ICE — Intercontinental Exchange.

LIBOR — London Interbank Offered Rate.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

STEP — Step Coupon Bond.

Country Weightings as of 6/30/2019††
United States	94	%
Switzerland	3
Canada	1
Ireland	1
United Kingdom	1
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
ASSET BACKED SECURITIES	$	15,167,029	$	—	$	15,167,029	$	—
COMMON STOCK		2,579,933,691		2,579,933,691		—		—
REAL ESTATE INVESTMENT TRUSTS		22,305,495		22,305,495		—		—
PREFERRED STOCK		—		—		—		—
Banks		66,783,788		66,783,788		—		—
Diversified Financial Services		4,225,200		4,225,200		—		—
Electric		73,371,931		73,371,931		—		—
Electronics		11,193,042		11,193,042		—		—
Gas		8,531,250		8,531,250		—		—
Healthcare Products		75,126,161		75,126,161		—		—
Internet		3,276,056		—		—		3,276,056
TOTAL PREFERRED STOCKS		242,507,428		239,231,372		—		3,276,056
U.S. TREASURY OBLIGATION		137,076,100		—		137,076,100		—
CORPORATE BONDS		820,614,065		—		820,614,065		—
LOAN AGREEMENTS		283,767,920		—		283,767,920		—
PURCHASED OPTIONS		757,617		757,617		—		—
SHORT-TERM INVESTMENTS		220,937,826		220,937,826		—		—
TOTAL INVESTMENTS	$	4,323,067,171	$	3,063,166,001	$	1,256,625,114	$	3,276,056

LIABILITIES TABLE
Description	Total Market Value at 6/30/2019			Level 1 Quoted Price			Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
OTHER FINANCIAL INSTRUMENTS(1)
Written Options	$	(33,371,925	)	$	(33,371,925	)	$	—	$	—
TOTAL LIABILITIES - OTHER FINANCIAL INSTRUMENTS	$	(33,371,925	)	$	(33,371,925	)	$	—	$	—

⁽¹⁾  Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments.

	Investments in Securities (Market Value)
Balance as of 12/31/2018	$	—
Purchases		3,276,056
Balance as of 06/30/2019	$	3,276,056

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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.

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Flexibly Managed Fund

Open purchased options contracts and open written options contracts held by the Fund at June 30, 2019 were as follows:

Open Purchased Options:

Call Options

Description	# of Contracts	Notional	Exercise Price		Expiration Date		Value
Conagra Brands, Inc.	2,517	$  6,292,500	$	25		1/17/2020	$	757,617
Total Purchased Options							$	757,617

Open Written Options:

Call Options

Description	# of Contracts		Notional		Exercise Price		Expiration Date		Value
Alphabet, Inc.		22	$	2,794,000		1,270		1/17/2020	$	(33,000	)
Alphabet, Inc.		196		25,480,000		1,300		1/17/2020		(231,280	)
Alphabet, Inc.		22		2,860,000		1,300		1/17/2020		(27,060	)
Alphabet, Inc.		47		6,298,000		1,340		1/17/2020		(35,250	)
Alphabet, Inc.		61		8,235,000		1,350		1/17/2020		(42,517	)
Alphabet, Inc.		22		2,970,000		1,350		1/17/2020		(15,400	)
Alphabet, Inc.		178		24,297,000		1,365		1/17/2020		(69,420	)
Alphabet, Inc.		47		6,580,000		1,400		1/17/2020		(8,930	)
Alphabet, Inc.		47		7,050,000		1,500		1/17/2020		(7,520	)
Amazon.com, Inc.		36		6,480,000		1,800		1/17/2020		(759,600	)
Amazon.com, Inc.		12		2,400,000		2,000		1/17/2020		(133,800	)
Amazon.com, Inc.		12		2,430,000		2,025		1/17/2020		(120,708	)
Amazon.com, Inc.		12		2,520,000		2,100		1/17/2020		(89,664	)
Amazon.com, Inc.		56		12,880,000		2,300		1/17/2020		(174,048	)
Amazon.com, Inc.		24		6,000,000		2,500		1/17/2020		(30,600	)
Amazon.com, Inc.		24		6,240,000		2,600		1/17/2020		(19,440	)
Amazon.com, Inc.		24		6,480,000		2,700		1/17/2020		(12,336	)
American Electric Power Co., Inc.		360		2,970,000		83		1/17/2020		(273,600	)
American Electric Power Co., Inc.		1,637		13,914,500		85		1/17/2020		(933,090	)
American Electric Power Co., Inc.		1,181		11,219,500		95		1/17/2020		(165,340	)
American Tower Corp.		284		4,828,000		170		1/17/2020		(1,050,800	)
American Tower Corp.		807		14,122,500		175		1/17/2020		(2,719,590	)
Anthem, Inc.		139		4,170,000		300		1/17/2020		(188,345	)
Anthem, Inc.		139		4,309,000		310		1/17/2020		(133,440	)
Anthem, Inc.		284		9,372,000		330		1/17/2020		(134,900	)
Danaher Corp.		199		2,985,000		150		1/17/2020		(107,460	)
Facebook, Inc.		583		11,660,000		200		1/17/2020		(890,824	)
Facebook, Inc.		975		21,450,000		220		1/17/2020		(780,000	)
Fiserv, Inc.		484		4,598,000		95		12/20/2019		(212,960	)
Hilton Worldwide Holdings, Inc.		476		4,522,000		95		1/17/2020		(366,520	)
Hilton Worldwide Holdings, Inc.		476		4,641,000		98		1/17/2020		(309,876	)
McDonald’s Corp.		366		7,137,000		195		1/17/2020		(672,342	)
McDonald’s Corp.		367		7,340,000		200		1/17/2020		(546,463	)
Microsoft Corp.		544		6,528,000		120		1/17/2020		(973,760	)
Microsoft Corp.		2,132		26,650,000		125		1/17/2020		(3,144,700	)
Microsoft Corp.		2,133		27,729,000		130		1/17/2020		(2,442,285	)
Microsoft Corp.		978		13,203,000		135		1/17/2020		(850,860	)
Microsoft Corp.		1,385		19,390,000		140		1/17/2020		(886,400	)
NextEra Energy, Inc.		192		3,744,000		195		1/17/2020		(286,080	)
NextEra Energy, Inc.		1,231		24,620,000		200		1/17/2020		(1,581,835	)

68

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Flexibly Managed Fund

Open Written Options:

Call Options

Description	# of Contracts		Notional		Exercise Price		Expiration Date		Value
S&P Global, Inc.		401	$	8,822,000		220		1/17/2020	$	(745,860	)
S&P Global, Inc.		401		9,223,000		230		1/17/2020		(505,260	)
Texas Instruments, Inc.		405		4,860,000		120		1/17/2020		(268,920	)
Texas Instruments, Inc.		1,872		23,400,000		125		1/17/2020		(864,864	)
Texas Instruments, Inc.		980		12,740,000		130		1/17/2020		(313,600	)
UnitedHealth Group, Inc.		415		11,205,000		270		1/17/2020		(273,900	)
UnitedHealth Group, Inc.		163		4,564,000		280		1/17/2020		(70,905	)
UnitedHealth Group, Inc.		284		8,236,000		290		1/17/2020		(72,420	)
UnitedHealth Group, Inc.		280		8,400,000		300		1/17/2020		(42,280	)
UnitedHealth Group, Inc.		734		22,754,000		310		1/17/2020		(58,720	)
Visa, Inc.		337		5,055,000		150		1/17/2020		(874,515	)
Visa, Inc.		336		5,208,000		155		1/17/2020		(732,480	)
Visa, Inc.		542		8,672,000		160		1/17/2020		(1,035,220	)
Visa, Inc.		465		7,672,500		165		1/17/2020		(732,375	)
Visa, Inc.		929		15,793,000		170		1/17/2020		(1,161,250	)
Visa, Inc.		1,579		27,632,500		175		1/17/2020		(1,428,995	)
Visa, Inc.		377		6,786,000		180		1/17/2020		(250,705	)
Yum! Brands, Inc.		516		5,160,000		100		1/17/2020		(642,420	)
Yum! Brands, Inc.		2,055		21,577,500		105		1/17/2020		(1,757,025	)
Yum! Brands, Inc.		298		3,576,000		120		1/17/2020		(50,660	)
Yum! Brands, Inc.		299		3,737,500		125		1/17/2020		(27,508	)
Total Written Options									$	(33,371,925	)

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

69

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Balanced Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 60.2%
Penn Series Index 500 Fund* (Cost $22,070,133)		1,999,730	$	49,313,332
AFFILIATED FIXED INCOME FUNDS — 39.7%
Penn Series Quality Bond Fund* (Cost $26,572,486)		2,077,793		32,517,468
SHORT-TERM INVESTMENTS — 0.1%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $92,534)		92,534		92,534
TOTAL INVESTMENTS — 100.0% (Cost $48,735,153)				81,923,334
Other Assets & Liabilities — 0.0%				(34,464	)
TOTAL NET ASSETS — 100.0%			$	81,888,870

† See Security Valuation Note.

* Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	49,313,332	$	49,313,332	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		32,517,468		32,517,468		—		—
SHORT-TERM INVESTMENTS		92,534		92,534		—		—
TOTAL INVESTMENTS	$	81,923,334	$	81,923,334	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

70

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Growth Stock Fund

	Number of Shares		Value†
COMMON STOCKS — 97.4%
Aerospace & Defense — 4.6%
Northrop Grumman Corp.		9,543	$	3,083,439
The Boeing Co.		32,954		11,995,585
				15,079,024
Agriculture — 0.7%
Philip Morris International, Inc.		30,716		2,412,127
Apparel — 1.1%
NIKE, Inc., Class B		41,908		3,518,177
Auto Manufacturers — 1.0%
Ferrari N.V.		19,484		3,145,107
Auto Parts & Equipment — 1.1%
Aptiv PLC		45,136		3,648,343
Banks — 0.2%
Morgan Stanley		14,101		617,765
Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc.*		12,704		1,663,970
Vertex Pharmaceuticals, Inc.*		26,501		4,859,753
				6,523,723
Chemicals — 0.9%
Dow, Inc.		12,250		604,048
DuPont de Nemours, Inc.		12,250		919,607
Linde PLC		7,400		1,485,920
				3,009,575
Commercial Services — 4.9%
Equifax, Inc.		10,201		1,379,583
PayPal Holdings, Inc.*		33,529		3,837,730
S&P Global, Inc.		2,500		569,475
Total System Services, Inc.		11,700		1,500,759
TransUnion		43,072		3,166,223
Worldpay, Inc., Class A*		46,515		5,700,413
				16,154,183
Computers — 0.8%
Apple, Inc.		12,721		2,517,740
Diversified Financial Services — 9.6%
Ant International Co. Ltd., Class C*(1)#		189,827		1,064,929
Intercontinental Exchange, Inc.		21,825		1,875,641
Mastercard, Inc., Class A		40,333		10,669,289
TD Ameritrade Holding Corp.		59,931		2,991,756
The Charles Schwab Corp.		60,312		2,423,939
Visa, Inc., Class A		71,395		12,390,602
				31,416,156
Electric — 1.8%
NextEra Energy, Inc.		12,379		2,535,962
Sempra Energy		24,928		3,426,104
				5,962,066
Electronics — 1.3%
Fortive Corp.		38,374		3,128,248
Honeywell International, Inc.		7,378		1,288,125
				4,416,373

	Number of Shares		Value†
Healthcare Products — 5.5%
Alcon, Inc.*		29,389	$	1,814,760
Becton Dickinson & Co.		20,897		5,266,253
Intuitive Surgical, Inc.*		9,085		4,765,537
Stryker Corp.		30,410		6,251,688
				18,098,238
Healthcare Services — 4.2%
Anthem, Inc.		10,762		3,037,144
Centene Corp.*		49,768		2,609,834
HCA Healthcare, Inc.		14,821		2,003,355
UnitedHealth Group, Inc.		17,106		4,174,035
WellCare Health Plans, Inc.*		6,419		1,829,864
				13,654,232
Home Builders — 0.5%
NVR, Inc.*		488		1,644,682
Insurance — 0.7%
Chubb Ltd.		15,300		2,253,537
Internet — 29.4%
Alibaba Group Holding Ltd. ADR*		44,341		7,513,583
Alphabet, Inc., Class A*		8,226		8,907,113
Alphabet, Inc., Class C*		8,040		8,690,516
Amazon.com, Inc.*		15,515		29,379,670
Booking Holdings, Inc.*		1,761		3,301,364
Facebook, Inc., Class A*		98,432		18,997,376
IAC/InterActive Corp.*		9,971		2,168,992
MercadoLibre, Inc.*		1,604		981,279
Netflix, Inc.*		14,643		5,378,667
Symantec Corp.		173,790		3,781,670
Tencent Holdings Ltd.		152,500		6,899,011
				95,999,241
Lodging — 2.1%
Las Vegas Sands Corp.		39,563		2,337,778
MGM Resorts International		56,100		1,602,777
Wynn Resorts Ltd.		24,799		3,074,828
				7,015,383
Machinery — Diversified — 2.0%
Roper Technologies, Inc.		11,437		4,188,916
Wabtec Corp.		30,804		2,210,495
				6,399,411
Media — 1.6%
The Walt Disney Co.		37,115		5,182,739
Oil & Gas — 0.4%
Pioneer Natural Resources Co.		9,100		1,400,126
Pharmaceuticals — 0.9%
Cigna Corp.		14,596		2,299,600
Elanco Animal Health, Inc.*		4,173		141,047
Eli Lilly & Co.		5,875		650,891
				3,091,538
Retail — 2.9%
Dollar General Corp.		9,550		1,290,778
Dollar Tree, Inc.*		25,142		2,700,000

71

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Growth Stock Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Dollarama, Inc.		89,451	$	3,146,888
McDonald’s Corp.		10,950		2,273,877
				9,411,543
Semiconductors — 1.7%
ASML Holding N.V.		13,801		2,869,642
Marvell Technology Group Ltd.		108,267		2,584,333
				5,453,975
Software — 15.1%
Atlassian Corp. PLC, Class A*		2,364		309,306
Electronic Arts, Inc.*		19,584		1,983,076
Fidelity National Information Services, Inc.		13,333		1,635,692
Fiserv, Inc.*		32,072		2,923,683
Intuit, Inc.		19,358		5,058,826
Microsoft Corp.		140,964		18,883,537
salesforce.com, Inc.*		27,193		4,125,994
ServiceNow, Inc.*		7,917		2,173,771
Slack Technologies, Inc., Class A*		954		35,775
Splunk, Inc.*		23,459		2,949,969
Temenos AG*		5,521		988,557
Tencent Music Entertainment Group ADR*		96,806		1,451,122
VMware, Inc., Class A		19,355		3,236,350
Workday, Inc., Class A*		16,448		3,381,380
Zoom Video Communications, Inc., Class A*		1,033		91,720
				49,228,758
Transportation — 0.4%
J.B. Hunt Transport Services, Inc.		13,703		1,252,591
TOTAL COMMON STOCKS (Cost $219,882,717)				318,506,353
PREFERRED STOCKS — 1.6%
Electronics — 0.2%
GM Cruise, Class F, CONV*#(1)		272		496,400
Internet — 0.4%
Aurora Innovation, Inc., Series B, CONV*(1)#		27,730		256,234
Uber Technologies, Inc.*#(1)		13,941		614,254
Xiaoju Kuaizhi, Inc. (didi), CONV*(1)#		11,920		572,041
				1,442,529
Lodging — 0.5%
Airbnb, Inc., Series D, CONV*(1)#		9,999		1,178,582
Airbnb, Inc., Series E, CONV*(1)#		3,694		435,412
				1,613,994
Real Estate — 0.1%
WeWork Companies, Inc., Series E, CONV*(1)#		7,802		421,308
Software — 0.4%
Magic Leap, Inc., Series C, CONV*(1)#		15,808		426,816
Magic Leap, Inc., Series D, CONV*(1)#		10,934		295,218
Uipath, Inc., Series D-1, CONV*#		9,746		383,521
Uipath, Inc., Series D-2, CONV*#(1)		1,637		64,419
				1,169,974
TOTAL PREFERRED STOCKS (Cost $3,854,266)				5,144,205

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 0.4%
Diversified — 0.4%
Crown Castle International Corp. (Cost $1,087,262)		10,425	$	1,358,899
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%)		1,085,088		1,085,088
T. Rowe Price Investment, Ltd. (seven-day effective yield 2.487%)		105,623		105,623
TOTAL SHORT-TERM INVESTMENTS (Cost $1,190,711)				1,190,711
TOTAL INVESTMENTS — 99.7% (Cost $226,014,956)				326,200,168
Other Assets & Liabilities — 0.3%				855,536
TOTAL NET ASSETS — 100.0%			$	327,055,704

(1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the valuation hierarchy table located at the end of the Schedule of Investments.

† See Security Valuation Note.

* Non-income producing security.

# Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2019, the aggregate value of restricted securities was $6,209,134, which represented 1.9% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities.

Investment	Date of Acquisition		Cost		Value
Airbnb, Inc., Series D		4/16/2014	$	407,090	$	1,178,582
Airbnb, Inc., Series E		7/14/2015		343,891		435,412
Ant International Co. Ltd., Class C		6/7/2018		1,064,929		1,064,929
Aurora Innovation, Inc., Series B		3/1/2019		256,234		256,234
GM Cruise Class F		5/7/2019		496,400		496,400
Magic Leap, Inc., Series C		1/20/2016		364,106		426,816
Magic Leap, Inc., Series D		10/12/2017		295,218		295,218
Uber Technologies		1/16/2018		659,863		614,254
Upath, Inc., Series D-1		4/26/2019		383,521		383,521
Upath, Inc., Series D-2		4/26/2019		64,419		64,419
WeWork Companies Series E		6/23/2015		256,605		421,308
Xiaoju Kuaizhi Series A		10/19/2015		326,920		572,041
Total			$	4,919,196	$	6,209,134

ADR — American Depositary Receipt.

CONV — Convertible Security.

PLC — Public Limited Company.

72

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Growth Stock Fund

Country Weightings as of 6/30/2019††
United States	89	%
China	5
Canada	1
Ireland	1
Italy	1
Netherlands	1
Switzerland	1
Other	1
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	15,079,024	$	15,079,024	$	—	$	—
Agriculture		2,412,127		2,412,127		—		—
Apparel		3,518,177		3,518,177		—		—
Auto Manufacturers		3,145,107		3,145,107		—		—
Auto Parts & Equipment		3,648,343		3,648,343		—		—
Banks		617,765		617,765		—		—
Biotechnology		6,523,723		6,523,723		—		—
Chemicals		3,009,575		3,009,575		—		—
Commercial Services		16,154,183		16,154,183		—		—
Computers		2,517,740		2,517,740		—		—
Diversified Financial Services		31,416,156		30,351,227		—		1,064,929
Electric		5,962,066		5,962,066		—		—
Electronics		4,416,373		4,416,373		—		—
Healthcare Products		18,098,238		18,098,238		—		—
Healthcare Services		13,654,232		13,654,232		—		—
Home Builders		1,644,682		1,644,682		—		—
Insurance		2,253,537		2,253,537		—		—
Internet		95,999,241		89,100,230		6,899,011		—
Lodging		7,015,383		7,015,383		—		—
Machinery — Diversified		6,399,411		6,399,411		—		—
Media		5,182,739		5,182,739		—		—
Oil & Gas		1,400,126		1,400,126		—		—
Pharmaceuticals		3,091,538		3,091,538		—		—
Retail		9,411,543		9,411,543		—		—
Semiconductors		5,453,975		5,453,975		—		—
Software		49,228,758		48,240,201		988,557		—
Transportation		1,252,591		1,252,591		—		—
TOTAL COMMON STOCKS		318,506,353		309,553,856		7,887,568		1,064,929
PREFERRED STOCK
Electronics		496,400		—		—		496,400
Internet		1,442,529		—		614,254		828,275
Lodging		1,613,994		—		—		1,613,994
Real Estate		421,308		—		—		421,308
Software		1,169,974		—		—		1,169,974
TOTAL PREFERRED STOCKS		5,144,205		—		614,254		4,529,951

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
REAL ESTATE INVESTMENT TRUSTS	$	1,358,899	$	1,358,899	$	—	$	—
SHORT-TERM INVESTMENTS		1,190,711		1,190,711		—		—
TOTAL INVESTMENTS	$	326,200,168	$	312,103,466	$	8,501,822	$	5,594,880

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 12/31/2018	$	4,926,096
Change in Appreciation/(Depreciation)		137,779
Purchases		1,200,574
Sales/Exchange		(686,964	)
Realized Gain (Loss)		17,395
Balance as of 6/30/2019	$	5,594,880

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

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

73

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 99.5%
Aerospace & Defense — 1.8%
United Technologies Corp.		8,236	$	1,072,327
Apparel — 6.1%
adidas AG		2,036		629,878
LVMH Moet Hennessy Louis Vuitton S.E.		3,029		1,287,705
NIKE, Inc., Class B		12,475		1,047,276
VF Corp.		7,755		677,399
				3,642,258
Beverages — 1.7%
PepsiCo, Inc.		7,958		1,043,532
Chemicals — 4.9%
Ecolab, Inc.		4,403		869,328
PPG Industries, Inc.		8,500		992,035
The Sherwin-Williams Co.		2,310		1,058,650
				2,920,013
Commercial Services — 4.9%
Equifax, Inc.		4,334		586,130
Experian PLC		15,133		458,374
Moody’s Corp.		5,661		1,105,650
Verisk Analytics, Inc.		5,437		796,303
				2,946,457
Computers — 7.8%
Accenture PLC, Class A		11,974		2,212,436
Apple, Inc.		7,807		1,545,162
Cognizant Technology Solutions Corp., Class A		14,903		944,701
				4,702,299
Cosmetics & Personal Care — 4.3%
Colgate-Palmolive Co.		17,135		1,228,065
L’Oreal S.A.		1,392		395,785
The Estee Lauder Cos., Inc., Class A		5,168		946,313
				2,570,163
Diversified Financial Services — 9.7%
CME Group, Inc.		1,454		282,236
Mastercard, Inc., Class A		3,923		1,037,751
TD Ameritrade Holding Corp.		17,522		874,698
The Blackstone Group, Inc., Class A		25,926		1,151,633
The Charles Schwab Corp.		10,223		410,862
Visa, Inc., Class A		12,081		2,096,658
				5,853,838
Electronics — 5.8%
Amphenol Corp., Class A		9,176		880,345
Fortive Corp.		8,386		683,627
Mettler-Toledo International, Inc.*		1,229		1,032,360
Waters Corp.*		4,087		879,686
				3,476,018
Entertainment — 0.6%
Flutter Entertainment PLC		4,751		357,961

	Number of Shares		Value†
Healthcare Products — 6.3%
Abbott Laboratories		14,563	$	1,224,749
Becton Dickinson & Co.		3,712		935,461
Thermo Fisher Scientific, Inc.		5,446		1,599,381
				3,759,591
Household Products & Wares — 1.6%
Church & Dwight Co., Inc.		4,103		299,765
Reckitt Benckiser Group PLC		8,250		651,379
				951,144
Insurance — 2.8%
Aon PLC		8,857		1,709,224
Internet — 7.2%
Alibaba Group Holding Ltd. ADR*		5,855		992,130
Alphabet, Inc., Class A*		3,058		3,311,202
				4,303,332
Lodging — 2.1%
Marriott International, Inc., Class A		8,969		1,258,261
Machinery — Diversified — 2.0%
Nordson Corp.		8,398		1,186,721
Media — 2.6%
Comcast Corp., Class A		30,695		1,297,785
The Walt Disney Co.		1,894		264,478
				1,562,263
Miscellaneous Manufacturing — 1.5%
Danaher Corp.		6,538		934,411
Oil & Gas Services — 0.1%
Schlumberger Ltd.		1,324		52,616
Pharmaceuticals — 3.7%
Cigna Corp.		3,076		484,624
Elanco Animal Health, Inc.*		28,472		962,354
Eli Lilly & Co.		2,438		270,106
Zoetis, Inc.		4,721		535,786
				2,252,870
Retail — 4.5%
AutoZone, Inc.*		323		355,129
Starbucks Corp.		14,664		1,229,283
The TJX Cos., Inc.		21,091		1,115,292
				2,699,704
Semiconductors — 5.2%
Analog Devices, Inc.		8,469		955,896
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		18,164		711,484
Texas Instruments, Inc.		12,696		1,456,993
				3,124,373

74

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — 10.5%
Electronic Arts, Inc.*		9,540	$	966,020
Fidelity National Information Services, Inc.		10,486		1,286,423
Fiserv, Inc.*		11,415		1,040,591
Microsoft Corp.		22,394		2,999,900
				6,292,934
Transportation — 1.8%
Union Pacific Corp.		6,267		1,059,812
TOTAL COMMON STOCKS (Cost $41,635,648)				59,732,122
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $344,489)		344,489		344,489
TOTAL INVESTMENTS — 100.1% (Cost $41,980,137)				60,076,611
Other Assets & Liabilities — (0.1)%				(67,055	)
TOTAL NET ASSETS — 100.0%			$	60,009,556

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depositary Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	1,072,327	$	1,072,327	$	—	$	—
Apparel		3,642,258		1,724,675		1,917,583		—
Beverages		1,043,532		1,043,532		—		—
Chemicals		2,920,013		2,920,013		—		—
Commercial Services		2,946,457		2,488,083		458,374		—
Computers		4,702,299		4,702,299		—		—
Cosmetics & Personal Care		2,570,163		2,174,378		395,785		—
Diversified Financial Services		5,853,838		5,853,838		—		—
Electronics		3,476,018		3,476,018		—		—
Entertainment		357,961		—		357,961		—
Healthcare Products		3,759,591		3,759,591		—		—
Household Products & Wares		951,144		299,765		651,379		—
Insurance		1,709,224		1,709,224		—		—
Internet		4,303,332		4,303,332		—		—
Lodging		1,258,261		1,258,261		—		—
Machinery - Diversified		1,186,721		1,186,721		—		—
Media		1,562,263		1,562,263		—		—
Miscellaneous Manufacturing		934,411		934,411		—		—
Oil & Gas Services		52,616		52,616		—		—
Pharmaceuticals		2,252,870		2,252,870		—		—
Retail		2,699,704		2,699,704		—		—
Semiconductors		3,124,373		3,124,373		—		—
Software		6,292,934		6,292,934		—		—
Transportation		1,059,812		1,059,812		—		—
TOTAL COMMON STOCKS		59,732,122		55,951,040		3,781,082		—
SHORT-TERM INVESTMENTS		344,489		344,489		—		—
TOTAL INVESTMENTS	$	60,076,611	$	56,295,529	$	3,781,082	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

75

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Core Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 97.9%
Aerospace & Defense — 1.5%
HEICO Corp., Class A		20,740	$	2,143,894
Apparel — 3.5%
LVMH Moet Hennessy Louis Vuitton S.E.		11,831		5,029,661
Chemicals — 5.2%
Ecolab, Inc.		38,141		7,530,559
Commercial Services — 9.9%
Gartner, Inc.*		22,674		3,649,154
Rollins, Inc.		101,178		3,629,255
S&P Global, Inc.		9,708		2,211,385
ServiceMaster Global Holdings, Inc.*		46,063		2,399,422
Verisk Analytics, Inc.		15,549		2,277,306
				14,166,522
Cosmetics & Personal Care — 2.6%
The Estee Lauder Cos., Inc., Class A		20,628		3,777,193
Electronics — 1.5%
Fortive Corp.		26,894		2,192,399
Environmental Control — 1.6%
Waste Connections, Inc.		23,576		2,253,394
Healthcare Products — 5.0%
Intuitive Surgical, Inc.*		13,751		7,213,087
Internet — 21.4%
Alphabet, Inc., Class C*		3,013		3,256,782
Amazon.com, Inc.*		5,568		10,543,732
Facebook, Inc., Class A*		11,080		2,138,440
MercadoLibre, Inc.*		5,495		3,361,676
Spotify Technology S.A.*		34,224		5,004,233
Twitter, Inc.*		182,440		6,367,156
				30,672,019
Media — 5.1%
The Walt Disney Co.		51,962		7,255,974
Miscellaneous Manufacturing — 1.6%
Danaher Corp.		16,172		2,311,302
Packaging and Containers — 1.5%
Ball Corp.		31,485		2,203,635
Pharmaceuticals — 5.4%
Elanco Animal Health, Inc.*		110,542		3,736,320
Zoetis, Inc.		35,239		3,999,274
				7,735,594
Retail — 4.2%
Copart, Inc.*		49,009		3,662,933
Starbucks Corp.		27,712		2,323,097
				5,986,030
Software — 25.5%
Adobe, Inc.*		17,788		5,241,234
Autodesk, Inc.*		13,174		2,146,045
Broadridge Financial Solutions, Inc.		27,921		3,564,953
Constellation Software, Inc.		5,726		5,396,751

	Number of Shares		Value†
Software — (continued)
Intuit, Inc.		7,972	$	2,083,323
MSCI, Inc.		9,384		2,240,805
salesforce.com, Inc.*		23,116		3,507,391
ServiceNow, Inc.*		22,839		6,270,904
Workday, Inc., Class A*		30,167		6,201,732
				36,653,138
Transportation — 2.4%
Union Pacific Corp.		19,940		3,372,053
TOTAL COMMON STOCKS (Cost $110,200,111)				140,496,454
SHORT-TERM INVESTMENTS — 2.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $3,213,389)		3,213,389		3,213,389
TOTAL INVESTMENTS — 100.1% (Cost $113,413,500)				143,709,843
Other Assets & Liabilities — (0.1)%				(117,765	)
TOTAL NET ASSETS — 100.0%			$	143,592,078

† See Security Valuation Note.

* Non-income producing security.

Country Weightings as of 6/30/2019††
United States	85	%
Canada	5
France	4
Sweden	4
Argentina	2
Total	100	%

†† % of total investments as of June 30, 2019.

76

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Core Growth Fund

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	2,143,894	$	2,143,894	$	—	$	—
Apparel		5,029,661		—		5,029,661		—
Chemicals		7,530,559		7,530,559		—		—
Commercial Services		14,166,522		14,166,522		—		—
Cosmetics & Personal Care		3,777,193		3,777,193		—		—
Electronics		2,192,399		2,192,399		—		—
Environmental Control		2,253,394		2,253,394		—		—
Healthcare Products		7,213,087		7,213,087		—		—
Internet		30,672,019		30,672,019		—		—
Media		7,255,974		7,255,974		—		—
Miscellaneous Manufacturing		2,311,302		2,311,302		—		—
Packaging and Containers		2,203,635		2,203,635		—		—
Pharmaceuticals		7,735,594		7,735,594		—		—
Retail		5,986,030		5,986,030		—		—
Software		36,653,138		36,653,138		—		—
Transportation		3,372,053		3,372,053		—		—
TOTAL COMMON STOCKS		140,496,454		135,466,793		5,029,661		—
SHORT-TERM INVESTMENTS		3,213,389		3,213,389		—		—
TOTAL INVESTMENTS	$	143,709,843	$	138,680,182	$	5,029,661	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

77

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 89.3%
Aerospace & Defense — 3.5%
Curtiss-Wright Corp.		11,250	$	1,430,213
Raytheon Co.		30,580		5,317,250
				6,747,463
Airlines — 1.6%
Delta Air Lines, Inc.		30,970		1,757,547
Southwest Airlines Co.		25,510		1,295,398
				3,052,945
Apparel — 0.6%
Tapestry, Inc.		35,380		1,122,607
Auto Manufacturers — 0.4%
PACCAR, Inc.		10,480		750,997
Auto Parts & Equipment — 1.6%
Altra Industrial Motion Corp.		65,690		2,356,957
BorgWarner, Inc.		17,310		726,674
				3,083,631
Banks — 8.6%
Citigroup, Inc.		80,026		5,604,221
JPMorgan Chase & Co.		67,505		7,547,059
Northern Trust Corp.		18,650		1,678,500
The Goldman Sachs Group, Inc.		7,570		1,548,822
				16,378,602
Biotechnology — 3.9%
Amgen, Inc.		6,390		1,177,549
Biogen, Inc.*		7,320		1,711,929
Celgene Corp.*		17,430		1,611,229
Gilead Sciences, Inc.		43,580		2,944,265
				7,444,972
Chemicals — 0.4%
LyondellBasell Industries N.V., Class A		8,750		753,638
Commercial Services — 0.4%
Robert Half International, Inc.		12,100		689,821
Computers — 0.6%
Leidos Holdings, Inc.		14,280		1,140,258
Diversified Financial Services — 4.5%
Capital One Financial Corp.		61,050		5,539,677
TD Ameritrade Holding Corp.		60,920		3,041,126
				8,580,803
Electrical Components & Equipment — 1.2%
Acuity Brands, Inc.		5,190		715,753
Hubbell, Inc.		5,750		749,800
Littelfuse, Inc.		5,140		909,317
				2,374,870
Electronics — 3.6%
Dolby Laboratories, Inc., Class A		47,646		3,077,932
FLIR Systems, Inc.		13,810		747,121
Garmin Ltd.		16,440		1,311,912
Gentex Corp.		21,230		522,470
Keysight Technologies, Inc.*		12,750		1,145,077
				6,804,512

	Number of Shares		Value†
Engineering & Construction — 0.9%
EMCOR Group, Inc.		18,540	$	1,633,374
Healthcare Services — 1.7%
Anthem, Inc.		11,180		3,155,108
Home Builders — 0.8%
D.R. Horton, Inc.		37,170		1,603,142
Insurance — 9.5%
Aflac, Inc.		20,110		1,102,229
Berkshire Hathaway, Inc., Class B*		30,430		6,486,763
Fidelity National Financial, Inc.		70,624		2,846,147
Reinsurance Group of America, Inc.		23,390		3,649,542
The Allstate Corp.		38,880		3,953,707
				18,038,388
Internet — 3.1%
Expedia Group, Inc.		21,370		2,842,851
F5 Networks, Inc.*		21,520		3,133,958
				5,976,809
Media — 5.1%
Comcast Corp., Class A		126,378		5,343,262
Discovery, Inc., Class A*		95,320		2,926,324
The Walt Disney Co.		10,760		1,502,526
				9,772,112
Miscellaneous Manufacturing — 2.3%
Crane Co.		27,810		2,320,467
Hexcel Corp.		15,680		1,268,198
Parker-Hannifin Corp.		4,290		729,343
				4,318,008
Oil & Gas — 9.2%
Chevron Corp.		8,940		1,112,494
ConocoPhillips		69,340		4,229,740
Exxon Mobil Corp.		34,480		2,642,202
Murphy USA, Inc.*		31,670		2,661,230
Occidental Petroleum Corp.		18,020		906,046
Phillips 66		63,760		5,964,110
				17,515,822
Oil & Gas Services — 0.4%
Dril-Quip, Inc.*		16,080		771,840
Pharmaceuticals — 8.7%
AmerisourceBergen Corp.		8,970		764,782
Bristol-Myers Squibb Co.		21,570		978,200
Cigna Corp.		14,260		2,246,663
Pfizer, Inc.		150,207		6,506,967
Roche Holding AG ADR		172,170		6,043,167
				16,539,779
Real Estate — 2.4%
CBRE Group, Inc., Class A*		87,712		4,499,626
Retail — 4.6%
Advance Auto Parts, Inc.		14,830		2,285,896
Walmart, Inc.		58,140		6,423,889
				8,709,785
Software — 0.4%
Akamai Technologies, Inc.*		9,010		722,061

78

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Telecommunications — 7.0%
Cisco Systems, Inc.		84,010	$	4,597,868
Verizon Communications, Inc.		151,447		8,652,167
				13,250,035
Transportation — 2.3%
Kansas City Southern		12,380		1,508,131
Knight-Swift Transportation Holdings, Inc.		29,070		954,659
Norfolk Southern Corp.		4,245		846,156
Saia, Inc.*		16,415		1,061,558
				4,370,504
TOTAL COMMON STOCKS (Cost $156,707,276)				169,801,512
REAL ESTATE INVESTMENT TRUSTS — 2.1%
Apartments — 0.6%
Mid-America Apartment Communities, Inc.		10,240		1,205,863
Strip Centers — 1.5%
Regency Centers Corp.		41,680		2,781,723
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,804,437)				3,987,586
SHORT-TERM INVESTMENTS — 10.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $19,335,959)		19,335,959		19,335,959
TOTAL INVESTMENTS — 101.6% (Cost $179,847,672)				193,125,057
Other Assets & Liabilities — (1.6)%				(3,081,115	)
TOTAL NET ASSETS — 100.0%			$	190,043,942

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depositary Receipt.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	169,801,512	$	169,801,512	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		3,987,586		3,987,586		—		—
SHORT-TERM INVESTMENTS		19,335,959		19,335,959		—		—
TOTAL INVESTMENTS	$	193,125,057	$	193,125,057	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

79

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — 94.5%
Apparel — 0.6%
Tapestry, Inc.		36,919	$	1,171,440
Banks — 11.2%
Bank of America Corp.		215,121		6,238,509
JPMorgan Chase & Co.		11,836		1,323,265
KeyCorp.		81,628		1,448,897
Northern Trust Corp.		21,616		1,945,440
The Goldman Sachs Group, Inc.		10,117		2,069,938
The PNC Financial Services Group, Inc.		39,786		5,461,822
U.S. Bancorp		65,252		3,419,205
				21,907,076
Beverages — 2.9%
Constellation Brands, Inc., Class A		13,584		2,675,233
PepsiCo, Inc.		22,472		2,946,753
				5,621,986
Biotechnology — 1.4%
Gilead Sciences, Inc.		40,791		2,755,840
Chemicals — 1.2%
DuPont de Nemours, Inc.		31,741		2,382,797
Commercial Services — 0.7%
S&P Global, Inc.		5,874		1,338,039
Computers — 1.4%
Cognizant Technology Solutions Corp., Class A		44,811		2,840,569
Cosmetics & Personal Care — 3.3%
The Procter & Gamble Co.		58,844		6,452,245
Diversified Financial Services — 2.9%
American Express Co.		19,822		2,446,828
Discover Financial Services		14,273		1,107,442
Raymond James Financial, Inc.		26,094		2,206,248
				5,760,518
Electric — 6.7%
CMS Energy Corp.		43,983		2,547,055
Edison International		40,206		2,710,286
NextEra Energy, Inc.		23,946		4,905,578
Sempra Energy		21,849		3,002,927
				13,165,846
Electronics — 1.1%
FLIR Systems, Inc.		40,335		2,182,124
Food — 2.3%
Mondelez International, Inc., Class A		84,246		4,540,859
Hand & Machine Tools — 0.9%
Stanley Black & Decker, Inc.		11,704		1,692,516
Healthcare Products — 2.9%
Abbott Laboratories		36,597		3,077,808
Baxter International, Inc.		31,006		2,539,391
				5,617,199

	Number of Shares		Value†
Healthcare Services — 1.0%
Anthem, Inc.		6,659	$	1,879,236
Home Builders — 0.9%
D.R. Horton, Inc.		40,569		1,749,741
Insurance — 7.2%
American International Group, Inc.		66,139		3,523,886
Berkshire Hathaway, Inc., Class B*		25,844		5,509,166
The Allstate Corp.		32,930		3,348,652
The Progressive Corp.		22,252		1,778,602
				14,160,306
Iron & Steel — 1.1%
Steel Dynamics, Inc.		72,155		2,179,081
Lodging — 0.8%
Marriott International, Inc., Class A		11,817		1,657,807
Machinery — Diversified — 1.3%
Gardner Denver Holdings, Inc.*		74,307		2,571,022
Media — 4.0%
Fox Corp., Class A		47,872		1,754,030
The Walt Disney Co.		43,632		6,092,773
				7,846,803
Miscellaneous Manufacturing — 5.5%
A.O. Smith Corp.		39,680		1,871,309
Eaton Corp. PLC		23,940		1,993,723
Hexcel Corp.		20,805		1,682,708
Parker-Hannifin Corp.		15,392		2,616,794
Textron, Inc.		48,425		2,568,462
				10,732,996
Oil & Gas — 8.7%
ConocoPhillips		59,673		3,640,053
EOG Resources, Inc.		28,054		2,613,511
Exxon Mobil Corp.		77,876		5,967,638
Phillips 66		39,210		3,667,703
Pioneer Natural Resources Co.		7,512		1,155,796
				17,044,701
Packaging and Containers — 1.9%
Ball Corp.		21,250		1,487,287
Packaging Corp. of America		23,534		2,243,261
				3,730,548
Pharmaceuticals — 8.9%
Bristol-Myers Squibb Co.		64,461		2,923,306
GlaxoSmithKline PLC ADR		86,047		3,443,601
Johnson & Johnson		45,410		6,324,705
Merck & Co., Inc.		40,109		3,363,140
Sanofi ADR		33,272		1,439,679
				17,494,431
Retail — 4.4%
Best Buy Co., Inc.		22,050		1,537,547
The Home Depot, Inc.		5,063		1,052,952
The TJX Cos., Inc.		36,572		1,933,927

80

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Large Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Tiffany & Co.		16,014	$	1,499,551
Tractor Supply Co.		23,918		2,602,278
				8,626,255
Savings & Loans — 0.7%
Sterling Bancorp		67,187		1,429,739
Semiconductors — 1.9%
NXP Semiconductors N.V.		13,263		1,294,601
QUALCOMM, Inc.		32,449		2,468,396
				3,762,997
Shipbuilding — 0.8%
Huntington Ingalls Industries, Inc.		6,870		1,543,964
Software — 1.7%
Fidelity National Information Services, Inc.		27,022		3,315,059
Telecommunications — 4.2%
Verizon Communications, Inc.		143,825		8,216,722
TOTAL COMMON STOCKS (Cost $168,220,814)				185,370,462
REAL ESTATE INVESTMENT TRUSTS — 4.8%
Apartments — 2.7%
AvalonBay Communities, Inc.		11,932		2,424,344
Mid-America Apartment Communities, Inc.		24,882		2,930,104
				5,354,448
Office Property — 1.2%
Boston Properties, Inc.		18,049		2,328,321
Storage & Warehousing — 0.9%
CubeSmart		50,179		1,677,986
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $8,394,888)				9,360,755
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $1,134,615)		1,134,615		1,134,615
TOTAL INVESTMENTS — 99.9% (Cost $177,750,317)				195,865,832
Other Assets & Liabilities — 0.1%				192,801
TOTAL NET ASSETS — 100.0%			$	196,058,633

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depositary Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	185,370,462	$	185,370,462	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		9,360,755		9,360,755		—		—
SHORT-TERM INVESTMENTS		1,134,615		1,134,615		—		—
TOTAL INVESTMENTS	$	195,865,832	$	195,865,832	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

81

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — 96.5%
Advertising — 0.1%
Omnicom Group, Inc.		4,257	$	348,861
The Interpublic Group of Cos., Inc.		6,992		157,949
				506,810
Aerospace & Defense — 2.5%
Arconic, Inc.		7,949		205,243
General Dynamics Corp.		5,229		950,737
L3 Technologies, Inc.*		1,509		369,962
L3Harris Technologies, Inc.		2,225		420,814
Lockheed Martin Corp.		4,730		1,719,544
Northrop Grumman Corp.		3,276		1,058,508
Raytheon Co.		5,291		919,999
The Boeing Co.		10,011		3,644,104
TransDigm Group, Inc.*		931		450,418
United Technologies Corp.		15,622		2,033,985
				11,773,314
Agriculture — 1.0%
Altria Group, Inc.		36,110		1,709,809
Archer-Daniels-Midland Co.		10,735		437,988
Philip Morris International, Inc.		29,783		2,338,859
				4,486,656
Airlines — 0.4%
Alaska Air Group, Inc.		2,219		141,816
American Airlines Group, Inc.		7,921		258,304
Delta Air Lines, Inc.		11,258		638,891
Southwest Airlines Co.		9,192		466,770
United Airlines Holdings, Inc.*		4,258		372,788
				1,878,569
Apparel — 0.7%
Capri Holdings Ltd.*		3,128		108,479
Hanesbrands, Inc.		6,506		112,033
NIKE, Inc., Class B		24,152		2,027,561
PVH Corp.		1,500		141,960
Ralph Lauren Corp.		1,060		120,406
Tapestry, Inc.		5,884		186,699
Under Armour, Inc., Class A*		3,900		98,865
Under Armour, Inc., Class C*		3,927		87,179
VF Corp.		6,301		550,392
				3,433,574
Auto Manufacturers — 0.5%
Ford Motor Co.		74,974		766,984
General Motors Co.		25,324		975,734
PACCAR, Inc.		6,728		482,128
				2,224,846
Auto Parts & Equipment — 0.1%
Aptiv PLC		4,939		399,219
BorgWarner, Inc.		3,814		160,112
				559,331
Banks — 6.3%
Bank of America Corp.		169,268		4,908,772
BB&T Corp.		14,869		730,514

	Number of Shares		Value†
Banks — (continued)
Citigroup, Inc.		44,215	$	3,096,376
Citizens Financial Group, Inc.		8,863		313,396
Comerica, Inc.		3,037		220,608
Fifth Third Bancorp		14,385		401,341
First Republic Bank		3,200		312,480
Huntington Bancshares, Inc.		20,019		276,663
JPMorgan Chase & Co.		62,134		6,946,581
KeyCorp.		19,650		348,788
M&T Bank Corp.		2,685		456,638
Morgan Stanley		24,305		1,064,802
Northern Trust Corp.		4,246		382,140
Regions Financial Corp.		19,761		295,229
State Street Corp.		7,394		414,508
SunTrust Banks, Inc.		8,615		541,453
SVB Financial Group*		999		224,365
The Bank of New York Mellon Corp.		17,068		753,552
The Goldman Sachs Group, Inc.		6,598		1,349,951
The PNC Financial Services Group, Inc.		8,749		1,201,063
U.S. Bancorp		28,523		1,494,605
Wells Fargo & Co.		77,376		3,661,432
Zions Bancorp NA		3,433		157,849
				29,553,106
Beverages — 1.9%
Brown-Forman Corp., Class B		3,179		176,212
Constellation Brands, Inc., Class A		3,166		623,512
Molson Coors Brewing Co., Class B		3,554		199,024
Monster Beverage Corp.*		7,655		488,619
PepsiCo, Inc.		26,817		3,516,513
The Coca-Cola Co.		73,459		3,740,532
				8,744,412
Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc.*		4,262		558,237
Amgen, Inc.		11,647		2,146,309
Biogen, Inc.*		3,679		860,408
Celgene Corp.*		13,599		1,257,091
Corteva, Inc.*		14,425		426,547
Gilead Sciences, Inc.		24,391		1,647,856
Illumina, Inc.*		2,838		1,044,810
Incyte Corp.*		3,306		280,878
Regeneron Pharmaceuticals, Inc.*		1,492		466,996
Vertex Pharmaceuticals, Inc.*		4,875		893,977
				9,583,109
Building Materials — 0.3%
Fortune Brands Home & Security, Inc.		2,768		158,136
Johnson Controls International PLC		15,603		644,560
Martin Marietta Materials, Inc.		1,195		274,981
Masco Corp.		5,522		216,683
Vulcan Materials Co.		2,473		339,568
				1,633,928
Chemicals — 1.9%
Air Products & Chemicals, Inc.		4,182		946,679
Albemarle Corp.		2,152		151,522
Celanese Corp.		2,400		258,720
CF Industries Holdings, Inc.		4,309		201,273

82

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
Dow, Inc.		14,640	$	721,899
DuPont de Nemours, Inc.		14,425		1,082,885
Eastman Chemical Co.		2,620		203,915
Ecolab, Inc.		4,911		969,628
FMC Corp.		2,517		208,785
International Flavors & Fragrances, Inc.		1,980		287,278
Linde PLC		10,336		2,075,469
LyondellBasell Industries N.V., Class A		5,891		507,392
PPG Industries, Inc.		4,614		538,500
The Mosaic Co.		6,834		171,055
The Sherwin-Williams Co.		1,552		711,266
				9,036,266
Commercial Services — 2.1%
Alliance Data Systems Corp.		862		120,792
Automatic Data Processing, Inc.		8,292		1,370,916
Cintas Corp.		1,668		395,800
Equifax, Inc.		2,264		306,183
FleetCor Technologies, Inc.*		1,622		455,539
Gartner, Inc.*		1,667		268,287
Global Payments, Inc.		3,078		492,880
H&R Block, Inc.		4,166		122,064
IHS Markit Ltd.*		7,000		446,040
MarketAxess Holdings, Inc.		700		224,994
Moody’s Corp.		3,173		619,718
Nielsen Holdings PLC		6,921		156,414
PayPal Holdings, Inc.*		22,621		2,589,200
Quanta Services, Inc.		2,677		102,235
Robert Half International, Inc.		2,394		136,482
Rollins, Inc.		3,000		107,610
S&P Global, Inc.		4,749		1,081,775
Total System Services, Inc.		3,177		407,514
United Rentals, Inc.*		1,505		199,608
Verisk Analytics, Inc.		3,158		462,521
				10,066,572
Computers — 5.1%
Accenture PLC, Class A		12,286		2,270,084
Apple, Inc.		83,789		16,583,519
Cognizant Technology Solutions Corp., Class A		10,772		682,837
DXC Technology Co.		5,058		278,949
Fortinet, Inc.*		2,900		222,807
Hewlett Packard Enterprise Co.		25,058		374,617
HP, Inc.		29,359		610,373
International Business Machines Corp.		16,938		2,335,750
NetApp, Inc.		4,787		295,358
Seagate Technology PLC		5,158		243,045
Western Digital Corp.		5,783		274,982
				24,172,321
Cosmetics & Personal Care — 1.6%
Colgate-Palmolive Co.		16,667		1,194,524
Coty, Inc., Class A		5,413		72,534
The Estee Lauder Cos., Inc., Class A		4,226		773,823
The Procter & Gamble Co.		48,025		5,265,941
				7,306,822

	Number of Shares		Value†
Distribution & Wholesale — 0.2%
Fastenal Co.		11,020	$	359,142
Genuine Parts Co.		2,777		287,642
LKQ Corp.*		6,400		170,304
W.W. Grainger, Inc.		902		241,943
				1,059,031
Diversified Financial Services — 4.3%
Affiliated Managers Group, Inc.		1,047		96,470
American Express Co.		13,222		1,632,124
Ameriprise Financial, Inc.		2,646		384,093
BlackRock, Inc.		2,262		1,061,557
Capital One Financial Corp.		8,916		809,038
Cboe Global Markets, Inc.		2,130		220,732
CME Group, Inc.		6,855		1,330,624
Discover Financial Services		6,089		472,445
E*TRADE Financial Corp.		4,776		213,010
Franklin Resources, Inc.		5,827		202,780
Intercontinental Exchange, Inc.		10,935		939,754
Invesco Ltd.		8,067		165,051
Jefferies Financial Group, Inc.		5,017		96,477
Mastercard, Inc., Class A		17,203		4,550,710
Nasdaq, Inc.		2,199		211,478
Raymond James Financial, Inc.		2,553		215,856
Synchrony Financial		12,566		435,663
T. Rowe Price Group, Inc.		4,495		493,146
The Charles Schwab Corp.		22,804		916,493
The Western Union Co.		8,445		167,971
Visa, Inc., Class A		33,299		5,779,041
				20,394,513
Electric — 3.0%
AES Corp.		12,844		215,266
Alliant Energy Corp.		4,717		231,510
Ameren Corp.		4,650		349,262
American Electric Power Co., Inc.		9,386		826,062
CMS Energy Corp.		5,427		314,278
Consolidated Edison, Inc.		6,116		536,251
Dominion Energy, Inc.		15,466		1,195,831
DTE Energy Co.		3,514		449,370
Duke Energy Corp.		14,074		1,241,890
Edison International		6,120		412,549
Entergy Corp.		3,563		366,740
Evergy, Inc.		4,528		272,359
Eversource Energy		5,991		453,878
Exelon Corp.		18,664		894,752
FirstEnergy Corp.		9,503		406,823
NextEra Energy, Inc.		9,186		1,881,844
NRG Energy, Inc.		5,461		191,790
Pinnacle West Capital Corp.		2,115		199,000
PPL Corp.		13,998		434,078
Public Service Enterprise Group, Inc.		9,817		577,436
Sempra Energy		5,254		722,110
The Southern Co.		19,994		1,105,268
WEC Energy Group, Inc.		5,996		499,887
Xcel Energy, Inc.		9,763		580,801
				14,359,035

83

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		4,456	$	404,783
Emerson Electric Co.		11,793		786,829
				1,191,612
Electronics — 1.3%
Agilent Technologies, Inc.		6,128		457,578
Allegion PLC		1,732		191,472
Amphenol Corp., Class A		5,786		555,109
FLIR Systems, Inc.		2,637		142,662
Fortive Corp.		5,606		457,001
Garmin Ltd.		2,400		191,520
Honeywell International, Inc.		13,905		2,427,674
Keysight Technologies, Inc.*		3,700		332,297
Mettler-Toledo International, Inc.*		474		398,160
PerkinElmer, Inc.		2,050		197,497
TE Connectivity Ltd.		6,500		622,570
Waters Corp.*		1,358		292,296
				6,265,836
Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc.		2,268		191,397
Environmental Control — 0.3%
Republic Services, Inc.		4,226		366,141
Waste Management, Inc.		7,558		871,966
				1,238,107
Food — 1.3%
Campbell Soup Co.		3,498		140,165
Conagra Brands, Inc.		9,483		251,489
General Mills, Inc.		11,497		603,823
Hormel Foods Corp.		5,195		210,605
Kellogg Co.		4,799		257,082
Lamb Weston Holdings, Inc.		2,900		183,744
McCormick & Co., Inc.		2,419		374,969
Mondelez International, Inc., Class A		27,709		1,493,515
Sysco Corp.		8,991		635,844
The Hershey Co.		2,607		349,416
The J.M. Smucker Co.		2,231		256,989
The Kraft Heinz Co.		12,139		376,795
The Kroger Co.		15,301		332,185
Tyson Foods, Inc., Class A		5,580		450,529
				5,917,150
Forest Products & Paper — 0.1%
International Paper Co.		7,487		324,337
Gas — 0.2%
Atmos Energy Corp.		2,300		242,788
CenterPoint Energy, Inc.		9,796		280,459
NiSource, Inc.		7,422		213,754
				737,001
Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,093		181,045
Stanley Black & Decker, Inc.		2,871		415,175
				596,220

	Number of Shares		Value†
Healthcare Products — 3.7%
Abbott Laboratories		33,726	$	2,836,357
ABIOMED, Inc.*		833		216,988
Align Technology, Inc.*		1,380		377,706
Baxter International, Inc.		9,249		757,493
Becton Dickinson & Co.		5,210		1,312,972
Boston Scientific Corp.*		26,783		1,151,133
DENTSPLY SIRONA, Inc.		4,472		260,986
Edwards Lifesciences Corp.*		4,031		744,687
Henry Schein, Inc.*		2,784		194,602
Hologic, Inc.*		5,358		257,291
IDEXX Laboratories, Inc.*		1,641		451,817
Intuitive Surgical, Inc.*		2,217		1,162,927
Medtronic PLC		25,850		2,517,531
ResMed, Inc.		2,704		329,969
Stryker Corp.		5,948		1,222,790
Teleflex, Inc.		900		298,035
The Cooper Cos., Inc.		940		316,677
Thermo Fisher Scientific, Inc.		7,640		2,243,715
Varian Medical Systems, Inc.*		1,751		238,364
Zimmer Biomet Holdings, Inc.		3,888		457,773
				17,349,813
Healthcare Services — 2.0%
Anthem, Inc.		4,937		1,393,271
Centene Corp.*		7,798		408,927
DaVita, Inc.*		2,416		135,924
HCA Healthcare, Inc.		5,179		700,045
Humana, Inc.		2,572		682,352
IQVIA Holdings, Inc.*		3,049		490,584
Laboratory Corp. of America Holdings*		1,903		329,029
Quest Diagnostics, Inc.		2,587		263,383
UnitedHealth Group, Inc.		18,190		4,438,542
Universal Health Services, Inc., Class B		1,596		208,102
WellCare Health Plans, Inc.*		900		256,563
				9,306,722
Home Builders — 0.1%
D.R. Horton, Inc.		6,401		276,075
Lennar Corp., Class A		5,536		268,275
PulteGroup, Inc.		5,063		160,092
				704,442
Home Furnishings — 0.0%
Whirlpool Corp.		1,260		179,374
Household Products & Wares — 0.4%
Avery Dennison Corp.		1,601		185,204
Church & Dwight Co., Inc.		4,777		349,007
Kimberly-Clark Corp.		6,693		892,043
The Clorox Co.		2,410		368,995
				1,795,249
Housewares — 0.0%
Newell Brands, Inc.		6,989		107,770
Insurance — 4.2%
Aflac, Inc.		14,491		794,252
American International Group, Inc.		16,592		884,022
Aon PLC		4,613		890,217

84

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
Arthur J. Gallagher & Co.		3,515	$	307,879
Assurant, Inc.		1,274		135,528
Berkshire Hathaway, Inc., Class B*		37,122		7,913,297
Chubb Ltd.		8,788		1,294,385
Cincinnati Financial Corp.		2,992		310,181
Everest Re Group Ltd.		800		197,744
Lincoln National Corp.		3,830		246,843
Loews Corp.		5,425		296,585
Marsh & McLennan Cos., Inc.		9,723		969,869
MetLife, Inc.		18,037		895,898
Principal Financial Group, Inc.		4,871		282,128
Prudential Financial, Inc.		7,693		776,993
The Allstate Corp.		6,434		654,273
The Hartford Financial Services Group, Inc.		6,953		387,421
The Progressive Corp.		11,231		897,694
The Travelers Cos., Inc.		5,097		762,103
Torchmark Corp.		2,044		182,856
Unum Group		4,002		134,267
Willis Towers Watson PLC		2,441		467,549
				19,681,984
Internet — 9.2%
Alphabet, Inc., Class A*		5,735		6,209,858
Alphabet, Inc., Class C*		5,870		6,344,942
Amazon.com, Inc.*		7,927		15,010,805
Booking Holdings, Inc.*		825		1,546,636
eBay, Inc.		15,477		611,341
Expedia Group, Inc.		2,268		301,712
F5 Networks, Inc.*		1,163		169,368
Facebook, Inc., Class A*		46,031		8,883,983
Netflix, Inc.*		8,360		3,070,795
Symantec Corp.		11,399		248,042
TripAdvisor, Inc.*		1,994		92,302
Twitter, Inc.*		14,124		492,928
VeriSign, Inc.*		1,984		414,973
				43,397,685
Iron & Steel — 0.1%
Nucor Corp.		5,968		328,837
Leisure Time — 0.2%
Carnival Corp.		7,676		357,318
Harley-Davidson, Inc.		2,878		103,119
Norwegian Cruise Line Holdings Ltd.*		4,185		224,441
Royal Caribbean Cruises Ltd.		3,270		396,357
				1,081,235
Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		5,553		542,750
Marriott International, Inc., Class A		5,232		733,997
MGM Resorts International		10,210		291,700
Wynn Resorts Ltd.		1,824		226,158
				1,794,605
Machinery — Construction & Mining — 0.3%
Caterpillar, Inc.		10,995		1,498,509

	Number of Shares		Value†
Machinery — Diversified — 0.7%
Cummins, Inc.		2,758	$	472,556
Deere & Co.		6,094		1,009,837
Flowserve Corp.		2,355		124,085
Rockwell Automation, Inc.		2,269		371,730
Roper Technologies, Inc.		2,008		735,450
Wabtec Corp.		3,294		236,378
Xylem, Inc.		3,538		295,918
				3,245,954
Media — 2.4%
CBS Corp., Class B		6,512		324,949
Charter Communications, Inc., Class A*		3,276		1,294,610
Comcast Corp., Class A		86,657		3,663,858
Discovery, Inc., Class A*		2,889		88,692
Discovery, Inc., Class C*		6,876		195,622
DISH Network Corp., Class A*		4,352		167,160
Fox Corp., Class A		6,968		255,308
Fox Corp., Class B		3,120		113,974
News Corp., Class A		7,615		102,726
News Corp., Class B		2,500		34,900
The Walt Disney Co.		33,416		4,666,210
Viacom, Inc., Class B		6,606		197,321
				11,105,330
Mining — 0.2%
Freeport-McMoRan, Inc.		27,831		323,118
Newmont Goldcorp Corp.		15,930		612,827
				935,945
Miscellaneous Manufacturing — 1.9%
3M Co.		11,070		1,918,874
A.O. Smith Corp.		2,818		132,897
Danaher Corp.		12,016		1,717,327
Dover Corp.		2,703		270,841
Eaton Corp. PLC		8,106		675,068
General Electric Co.		167,209		1,755,694
Illinois Tool Works, Inc.		5,756		868,062
Ingersoll-Rand PLC		4,712		596,869
Leggett & Platt, Inc.		2,436		93,469
Parker-Hannifin Corp.		2,548		433,185
Pentair PLC		2,783		103,528
Textron, Inc.		4,577		242,764
				8,808,578
Office & Business Equipment — 0.0%
Xerox Corp.		3,886		137,603
Oil & Gas — 4.2%
Anadarko Petroleum Corp.		9,677		682,809
Apache Corp.		7,042		204,007
Cabot Oil & Gas Corp.		7,932		182,119
Chevron Corp.		36,616		4,556,495
Cimarex Energy Co.		1,861		110,413
Concho Resources, Inc.		3,890		401,370
ConocoPhillips		21,667		1,321,687
Devon Energy Corp.		8,350		238,142
Diamondback Energy, Inc.		3,000		326,910
EOG Resources, Inc.		11,218		1,045,069

85

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Exxon Mobil Corp.		81,029	$	6,209,252
Helmerich & Payne, Inc.		1,976		100,025
Hess Corp.		4,866		309,332
HollyFrontier Corp.		3,193		147,772
Marathon Oil Corp.		15,667		222,628
Marathon Petroleum Corp.		12,989		725,825
Noble Energy, Inc.		9,538		213,651
Occidental Petroleum Corp.		14,236		715,786
Phillips 66		7,961		744,672
Pioneer Natural Resources Co.		3,268		502,814
Valero Energy Corp.		7,909		677,090
				19,637,868
Oil & Gas Services — 0.4%
Baker Hughes a GE Co.		10,034		247,137
Halliburton Co.		16,889		384,056
National Oilwell Varco, Inc.		7,802		173,439
Schlumberger Ltd.		26,826		1,066,065
TechnipFMC PLC		8,262		214,316
				2,085,013
Packaging and Containers — 0.3%
Amcor PLC*		31,332		360,005
Ball Corp.		6,325		442,687
Packaging Corp. of America		1,747		166,524
Sealed Air Corp.		2,786		119,185
Westrock Co.		5,037		183,699
				1,272,100
Pharmaceuticals — 5.5%
AbbVie, Inc.		28,432		2,067,575
Allergan PLC		5,973		1,000,059
AmerisourceBergen Corp.		3,104		264,647
Bristol-Myers Squibb Co.		31,207		1,415,237
Cardinal Health, Inc.		5,709		268,894
Cigna Corp.		7,294		1,149,170
Eli Lilly & Co.		16,569		1,835,680
Johnson & Johnson		50,858		7,083,502
McKesson Corp.		3,741		502,753
Merck & Co., Inc.		49,270		4,131,290
Mylan N.V.*		9,842		187,392
Nektar Therapeutics*		3,300		117,414
Perrigo Co. PLC		2,383		113,478
Pfizer, Inc.		106,267		4,603,486
Zoetis, Inc.		9,193		1,043,314
				25,783,891
Pipelines — 0.4%
Kinder Morgan, Inc.		37,377		780,432
ONEOK, Inc.		7,989		549,723
The Williams Cos., Inc.		23,217		651,005
				1,981,160
Real Estate — 0.1%
CBRE Group, Inc., Class A*		6,061		310,929

	Number of Shares		Value†
Retail — 5.7%
Advance Auto Parts, Inc.		1,441	$	222,116
AutoZone, Inc.*		483		531,044
Best Buy Co., Inc.		4,363		304,232
CarMax, Inc.*		3,183		276,380
Chipotle Mexican Grill, Inc.*		468		342,988
Copart, Inc.*		3,900		291,486
Costco Wholesale Corp.		8,488		2,243,039
CVS Health Corp.		25,123		1,368,952
Darden Restaurants, Inc.		2,428		295,560
Dollar General Corp.		4,887		660,527
Dollar Tree, Inc.*		4,529		486,369
Foot Locker, Inc.		2,248		94,236
Kohl’s Corp.		3,093		147,072
L Brands, Inc.		4,435		115,753
Lowe’s Cos., Inc.		14,924		1,505,981
Macy’s, Inc.		6,263		134,404
McDonald’s Corp.		14,599		3,031,628
Nordstrom, Inc.		1,856		59,132
O’Reilly Automotive, Inc.*		1,484		548,071
Ross Stores, Inc.		7,190		712,673
Starbucks Corp.		23,120		1,938,150
Target Corp.		9,717		841,589
The Gap, Inc.		4,382		78,745
The Home Depot, Inc.		21,059		4,379,640
The TJX Cos., Inc.		23,084		1,220,682
Tiffany & Co.		2,105		197,112
Tractor Supply Co.		2,334		253,939
Ulta Beauty, Inc.*		1,059		367,357
Walgreens Boots Alliance, Inc.		14,728		805,180
Walmart, Inc.		26,744		2,954,945
Yum! Brands, Inc.		5,938		657,158
				27,066,140
Savings & Loans — 0.0%
People’s United Financial, Inc.		7,929		133,049
Semiconductors — 3.8%
Advanced Micro Devices, Inc.*		17,000		516,290
Analog Devices, Inc.		7,049		795,621
Applied Materials, Inc.		17,737		796,569
Broadcom, Inc.		7,637		2,198,387
Intel Corp.		85,669		4,100,975
IPG Photonics Corp.*		667		102,885
KLA-Tencor Corp.		3,117		368,429
Lam Research Corp.		2,824		530,460
Maxim Integrated Products, Inc.		5,100		305,082
Microchip Technology, Inc.		4,518		391,711
Micron Technology, Inc.*		21,644		835,242
NVIDIA Corp.		11,681		1,918,371
Qorvo, Inc.*		2,470		164,527
QUALCOMM, Inc.		23,143		1,760,488
Skyworks Solutions, Inc.		3,287		253,986
Texas Instruments, Inc.		18,086		2,075,549
Xilinx, Inc.		4,884		575,921
				17,690,493
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		814		182,938

86

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — 7.7%
Activision Blizzard, Inc.		14,643	$	691,150
Adobe, Inc.*		9,345		2,753,504
Akamai Technologies, Inc.*		3,053		244,667
ANSYS, Inc.*		1,561		319,724
Autodesk, Inc.*		4,186		681,899
Broadridge Financial Solutions, Inc.		2,226		284,216
Cadence Design Systems, Inc.*		5,481		388,110
Cerner Corp.		6,300		461,790
Citrix Systems, Inc.		2,355		231,120
Electronic Arts, Inc.*		5,829		590,244
Fidelity National Information Services, Inc.		6,149		754,359
Fiserv, Inc.*		7,443		678,504
Intuit, Inc.		4,979		1,301,162
Jack Henry & Associates, Inc.		1,500		200,880
Microsoft Corp.		146,903		19,679,126
MSCI, Inc.		1,622		387,317
Oracle Corp.		46,376		2,642,041
Paychex, Inc.		6,141		505,343
Red Hat, Inc.*		3,377		634,065
salesforce.com, Inc.*		14,834		2,250,763
Synopsys, Inc.*		2,823		363,292
Take-Two Interactive Software, Inc.*		2,094		237,732
				36,281,008
Telecommunications — 3.3%
Arista Networks, Inc.*		1,000		259,620
AT&T, Inc.		140,384		4,704,268
CenturyLink, Inc.		18,914		222,429
Cisco Systems, Inc.		81,940		4,484,576
Corning, Inc.		15,368		510,679
Juniper Networks, Inc.		6,771		180,312
Motorola Solutions, Inc.		3,148		524,866
Verizon Communications, Inc.		79,158		4,522,296
				15,409,046
Textiles — 0.0%
Mohawk Industries, Inc.*		1,128		166,346
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		2,209		233,447
Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		2,589		218,382
CSX Corp.		14,625		1,131,536
Expeditors International of Washington, Inc.		3,212		243,662
FedEx Corp.		4,635		761,021
J.B. Hunt Transport Services, Inc.		1,592		145,525
Kansas City Southern		2,001		243,762
Norfolk Southern Corp.		5,152		1,026,948
Union Pacific Corp.		13,520		2,286,367
United Parcel Service, Inc., Class B		13,291		1,372,562
				7,429,765
Water — 0.1%
American Water Works Co., Inc.		3,534		409,944
TOTAL COMMON STOCKS (Cost $205,634,084)			$	454,766,647

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 2.9%
Apartments — 0.4%
Apartment Investment & Management Co., Class A		2,663	$	133,470
AvalonBay Communities, Inc.		2,638		535,989
Equity Residential		7,144		542,372
Essex Property Trust, Inc.		1,233		359,950
Mid-America Apartment Communities, Inc.		2,116		249,180
UDR, Inc.		5,105		229,163
				2,050,124
Building & Real Estate — 0.1%
Realty Income Corp.		5,734		395,474
Commercial Services — 0.0%
Iron Mountain, Inc.		5,224		163,511
Diversified — 0.9%
American Tower Corp.		8,471		1,731,896
Crown Castle International Corp.		7,939		1,034,848
Digital Realty Trust, Inc.		3,992		470,218
Duke Realty Corp.		6,867		217,066
SBA Communications Corp.*		2,164		486,554
Vornado Realty Trust		3,299		211,466
Weyerhaeuser Co.		14,392		379,085
				4,531,133
Healthcare — 0.3%
HCP, Inc.		9,163		293,033
Ventas, Inc.		6,860		468,881
Welltower, Inc.		7,930		646,533
				1,408,447
Hotels & Resorts — 0.1%
Host Hotels & Resorts, Inc.		14,025		255,535
Industrial — 0.2%
Prologis, Inc.		12,127		971,373
Office Property — 0.2%
Alexandria Real Estate Equities, Inc.		2,110		297,700
Boston Properties, Inc.		2,909		375,261
SL Green Realty Corp.		1,608		129,235
				802,196
Regional Malls — 0.2%
Simon Property Group, Inc.		5,974		954,406
The Macerich Co.		2,223		74,448
				1,028,854
Storage & Warehousing — 0.2%
Extra Space Storage, Inc.		2,412		255,913
Public Storage		2,915		694,266
				950,179
Strip Centers — 0.1%
Federal Realty Investment Trust		1,416		182,324
Kimco Realty Corp.		8,160		150,797
Regency Centers Corp.		3,253		217,105
				550,226

87

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Telecommunications — 0.2%
Equinix, Inc.		1,599	$	806,360
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $8,820,569)				13,913,412
	Par (000)
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bill¤(a) 2.110%, 11/29/19 (Cost $249,770)	$	252		249,817
	Number of Shares
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $2,850,147)		2,850,147		2,850,147
TOTAL INVESTMENTS — 100.1% (Cost $217,554,570)				471,780,023
Other Assets & Liabilities — (0.1)%				(695,250	)
TOTAL NET ASSETS — 100.0%			$	471,084,773

† See Security Valuation Note.

* Non-income producing security.

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

(a) All or portion of securities segregated as collateral for futures contracts.

NA — National Association.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	454,766,647	$	454,766,647	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		13,913,412		13,913,412		—		—
U.S. TREASURY OBLIGATION		249,817		—		249,817		—
SHORT-TERM INVESTMENTS		2,850,147		2,850,147		—		—
TOTAL INVESTMENTS	$	471,780,023	$	471,530,206	$	249,817	$	—
OTHER FINANCIAL INSTRUMENTS(1)
Futures Contracts	$	57,708	$	57,708	$	—	$	—
TOTAL ASSETS - OTHER FINANCIAL INSTRUMENTS	$	57,708	$	57,708	$	—	$	—

⁽¹⁾  Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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.

Open futures contracts held by the Fund at June 30, 2019 were as follows:

Futures Contracts:

Type	Futures Contract	Expiration Date	Numbers of Contracts		Units per Contract		Closing Price		Notional Value		Unrealized Appreciation		Unrealized Depreciation
Buy/Long	E-Mini S&P 500 Index	9/20/2019		24		50	$	2,944	$	3,533,040	$	57,708	$	—
Total											$	57,708	$	—

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

88

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Mid Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 97.8%
Aerospace & Defense — 1.6%
L3Harris Technologies, Inc.		11,658	$	2,204,877
Apparel — 1.1%
Burberry Group PLC		63,314		1,500,686
Auto Parts & Equipment — 1.7%
BorgWarner, Inc.		54,689		2,295,844
Banks — 2.7%
First Republic Bank		23,126		2,258,254
SVB Financial Group*		5,995		1,346,417
				3,604,671
Biotechnology — 1.0%
Seattle Genetics, Inc.*		19,728		1,365,375
Building Materials — 1.2%
Trex Co., Inc.*		22,047		1,580,770
Chemicals — 2.9%
Axalta Coating Systems Ltd.*		79,249		2,359,243
RPM International, Inc.		26,829		1,639,520
				3,998,763
Commercial Services — 9.7%
CoStar Group, Inc.*		8,504		4,711,726
MarketAxess Holdings, Inc.		9,092		2,922,351
Square, Inc., Class A*		37,619		2,728,506
TransUnion		40,183		2,953,852
				13,316,435
Distribution & Wholesale — 2.0%
Fastenal Co.		83,038		2,706,208
Diversified Financial Services — 0.5%
Cboe Global Markets, Inc.		6,622		686,238
Electrical Components & Equipment — 1.7%
Novanta, Inc.*		5,295		499,319
Universal Display Corp.		9,708		1,825,686
				2,325,005
Electronics — 5.8%
Agilent Technologies, Inc.		20,852		1,557,019
Coherent, Inc.*		6,584		897,860
Fortive Corp.		30,818		2,512,283
Keysight Technologies, Inc.*		33,261		2,987,171
				7,954,333
Food — 2.4%
Sprouts Farmers Market, Inc.*		86,000		1,624,540
The Hershey Co.		12,295		1,647,899
				3,272,439
Healthcare Products — 6.3%
ABIOMED, Inc.*		7,934		2,066,728
Edwards Lifesciences Corp.*		13,967		2,580,264
Glaukos Corp.*		22,940		1,729,676
Intuitive Surgical, Inc.*		4,310		2,260,810
				8,637,478

	Number of Shares		Value†
Healthcare Services — 1.3%
Laboratory Corp. of America Holdings*		10,213	$	1,765,828
Household Products & Wares — 1.2%
The Scotts Miracle-Gro Co.		17,030		1,677,455
Internet — 6.6%
GrubHub, Inc.*		28,021		2,185,358
MercadoLibre, Inc.*		4,260		2,606,140
Palo Alto Networks, Inc.*		8,998		1,833,432
Proofpoint, Inc.*		9,706		1,167,147
Twitter, Inc.*		36,389		1,269,976
				9,062,053
Machinery — Diversified — 4.4%
Gardner Denver Holdings, Inc.*		29,603		1,024,264
IDEX Corp.		14,050		2,418,567
The Middleby Corp.*		19,135		2,596,619
				6,039,450
Miscellaneous Manufacturing — 1.4%
A.O. Smith Corp.		41,115		1,938,983
Pharmaceuticals — 5.5%
BioMarin Pharmaceutical, Inc.*		15,066		1,290,403
DexCom, Inc.*		16,229		2,431,753
Zoetis, Inc.		33,905		3,847,879
				7,570,035
Retail — 15.6%
Chipotle Mexican Grill, Inc.*		5,116		3,749,414
Dunkin’ Brands Group, Inc.		30,652		2,441,738
Lululemon Athletica, Inc.*		14,098		2,540,601
National Vision Holdings, Inc.*		41,097		1,262,911
Nordstrom, Inc.		14,935		475,829
O’Reilly Automotive, Inc.*		6,143		2,268,733
Tiffany & Co.		20,379		1,908,290
Tractor Supply Co.		36,298		3,949,222
Ulta Beauty, Inc.*		7,961		2,761,591
				21,358,329
Semiconductors — 6.8%
Maxim Integrated Products, Inc.		38,071		2,277,407
Microchip Technology, Inc.		26,756		2,319,745
Monolithic Power Systems, Inc.		15,150		2,057,067
Teradyne, Inc.		56,072		2,686,410
				9,340,629
Software — 12.8%
Cerner Corp.		33,806		2,477,980
Crowdstrike Holdings, Inc.,, Class A*		1,010		68,973
DocuSign, Inc.*		16,619		826,130
Electronic Arts, Inc.*		36,121		3,657,612
Guidewire Software, Inc.*		26,586		2,695,289
Jack Henry & Associates, Inc.		8,117		1,087,029
ServiceNow, Inc.*		11,851		3,253,929
Twilio, Inc., Class A*		14,559		1,985,120
Tyler Technologies, Inc.*		6,808		1,470,664
				17,522,726

89

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Mid Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Telecommunications — 1.6%
Arista Networks, Inc.*		8,386	$	2,177,173
TOTAL COMMON STOCKS (Cost $90,878,566)				133,901,783
SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $2,570,821)		2,570,821		2,570,821
TOTAL INVESTMENTS — 99.7% (Cost $93,449,387)				136,472,604
Other Assets & Liabilities — 0.3%				385,811
TOTAL NET ASSETS — 100.0%			$	136,858,415

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

Country Weightings as of 6/30/2019††
United States	95	%
Argentina	2
Canada	2
United Kingdom	1
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	2,204,877	$	2,204,877	$	—	$	—
Apparel		1,500,686		—		1,500,686		—
Auto Parts & Equipment		2,295,844		2,295,844		—		—
Banks		3,604,671		3,604,671		—		—
Biotechnology		1,365,375		1,365,375		—		—
Building Materials		1,580,770		1,580,770		—		—
Chemicals		3,998,763		3,998,763		—		—
Commercial Services		13,316,435		13,316,435		—		—
Distribution & Wholesale		2,706,208		2,706,208		—		—
Diversified Financial Services		686,238		686,238		—		—
Electrical Components & Equipment		2,325,005		2,325,005		—		—
Electronics		7,954,333		7,954,333		—		—
Food		3,272,439		3,272,439		—		—
Healthcare Products		8,637,478		8,637,478		—		—
Healthcare Services		1,765,828		1,765,828		—		—
Household Products & Wares		1,677,455		1,677,455		—		—
Internet		9,062,053		9,062,053		—		—
Machinery - Diversified		6,039,450		6,039,450		—		—
Miscellaneous Manufacturing		1,938,983		1,938,983		—		—
Pharmaceuticals		7,570,035		7,570,035		—		—
Retail		21,358,329		21,358,329		—		—
Semiconductors		9,340,629		9,340,629		—		—
Software		17,522,726		17,522,726		—		—
Telecommunications		2,177,173		2,177,173		—		—
TOTAL COMMON STOCKS		133,901,783		132,401,097		1,500,686		—
SHORT-TERM INVESTMENTS		2,570,821		2,570,821		—		—
TOTAL INVESTMENTS	$	136,472,604	$	134,971,918	$	1,500,686	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

90

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Mid Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 94.0%
Aerospace & Defense — 9.2%
AerCap Holdings N.V.*		119,000	$	6,189,190
General Dynamics Corp.		29,350		5,336,417
Spirit AeroSystems Holdings, Inc., Class A		25,700		2,091,209
				13,616,816
Airlines — 2.2%
American Airlines Group, Inc.		44,900		1,464,189
JetBlue Airways Corp.*		93,900		1,736,211
				3,200,400
Auto Parts & Equipment — 1.1%
Aptiv PLC		21,000		1,697,430
Banks — 10.0%
BankUnited, Inc.		97,000		3,272,780
BB&T Corp.		52,200		2,564,586
Comerica, Inc.		53,400		3,878,976
KeyCorp.		180,000		3,195,000
State Street Corp.		32,700		1,833,162
				14,744,504
Beverages — 2.1%
Molson Coors Brewing Co., Class B		54,100		3,029,600
Biotechnology — 2.3%
Alexion Pharmaceuticals, Inc.*		26,300		3,444,774
Building Materials — 3.3%
Johnson Controls International PLC		119,829		4,950,136
Chemicals — 3.1%
Ashland Global Holdings, Inc.		33,900		2,710,983
The Chemours Co.		79,200		1,900,800
				4,611,783
Computers — 4.5%
Conduent, Inc.*		168,600		1,616,874
Teradata Corp.*		68,000		2,437,800
Western Digital Corp.		53,923		2,564,039
				6,618,713
Distribution & Wholesale — 1.4%
IAA, Inc.*		32,900		1,275,862
KAR Auction Services, Inc.		32,900		822,500
				2,098,362
Electric — 2.9%
AES Corp.		92,400		1,548,624
Evergy, Inc.		44,900		2,700,735
				4,249,359
Electronics — 2.7%
Itron, Inc.*		64,600		4,042,022
Entertainment — 4.2%
International Game Technology PLC		243,400		3,156,898
Lions Gate Entertainment Corp., Class A		39,100		478,975
Lions Gate Entertainment Corp., Class B		219,200		2,544,912
				6,180,785

	Number of Shares		Value†
Environmental Control — 3.1%
Covanta Holding Corp.		254,500	$	4,558,095
Food — 4.0%
The Hain Celestial Group, Inc.*		135,300		2,963,070
TreeHouse Foods, Inc.*		54,700		2,959,270
				5,922,340
Healthcare Products — 2.7%
Zimmer Biomet Holdings, Inc.		34,000		4,003,160
Healthcare Services — 0.6%
Molina Healthcare, Inc.*		6,500		930,410
Lodging — 5.7%
MGM Resorts International		118,500		3,385,545
Wyndham Destinations, Inc.		98,300		4,315,370
Wyndham Hotels & Resorts, Inc.		13,200		735,768
				8,436,683
Media — 0.9%
MSG Networks, Inc., Class A*		63,300		1,312,842
Miscellaneous Manufacturing — 3.6%
Hexcel Corp.		29,800		2,410,224
Valmont Industries, Inc.		22,600		2,865,906
				5,276,130
Oil & Gas — 4.4%
Cabot Oil & Gas Corp.		148,400		3,407,264
Devon Energy Corp.		108,100		3,083,012
				6,490,276
Pipelines — 4.6%
ONEOK, Inc.		50,000		3,440,500
The Williams Cos., Inc.		120,500		3,378,820
				6,819,320
Retail — 7.1%
Best Buy Co., Inc.		26,600		1,854,818
Chico’s FAS, Inc.		363,100		1,223,647
Party City Holdco, Inc.*		634,800		4,653,084
The Children’s Place, Inc.		29,100		2,775,558
				10,507,107
Semiconductors — 3.4%
Entegris, Inc.		28,400		1,059,888
ON Semiconductor Corp.*		109,300		2,208,953
Skyworks Solutions, Inc.		22,800		1,761,756
				5,030,597
Software — 2.3%
Nuance Communications, Inc.*		213,788		3,414,194
Telecommunications — 2.6%
Amdocs Ltd.		27,200		1,688,848
Ciena Corp.*		50,900		2,093,517
				3,782,365
TOTAL COMMON STOCKS (Cost $125,643,830)				138,968,203

91

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Mid Cap Value Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 4.1%
Building & Real Estate — 3.1%
Starwood Property Trust, Inc.		201,900	$	4,587,168
Diversified — 1.0%
CoreCivic, Inc.		70,200		1,457,352
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,353,358)				6,044,520
SHORT-TERM INVESTMENTS — 1.1%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $1,615,380)		1,615,380		1,615,380
TOTAL INVESTMENTS — 99.2% (Cost $132,612,568)				146,628,103
Other Assets & Liabilities — 0.8%				1,244,828
TOTAL NET ASSETS — 100.0%			$	147,872,931

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

Country Weightings as of 6/30/2019††
United States	89	%
Ireland	4
Netherlands	4
United Kingdom	3
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	138,968,203	$	138,968,203	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		6,044,520		6,044,520		—		—
SHORT-TERM INVESTMENTS		1,615,380		1,615,380		—		—
TOTAL INVESTMENTS	$	146,628,103	$	146,628,103	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

92

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Schedule of Investments — June 30, 2019 (Unaudited)

Mid Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — 91.4%
Aerospace & Defense — 0.9%
BAE Systems PLC		127,264	$	799,842
Airlines — 1.5%
Southwest Airlines Co.		25,964		1,318,452
Auto Manufacturers — 1.7%
Honda Motor Co. Ltd. ADR		33,692		870,601
PACCAR, Inc.		8,483		607,892
				1,478,493
Auto Parts & Equipment — 1.3%
Aptiv PLC		2,656		214,685
BorgWarner, Inc.		20,401		856,434
				1,071,119
Banks — 13.9%
BB&T Corp.		38,660		1,899,366
Comerica, Inc.		14,940		1,085,241
Commerce Bancshares, Inc.		14,824		884,400
First Hawaiian, Inc.		41,887		1,083,617
M&T Bank Corp.		6,445		1,096,101
Northern Trust Corp.		28,230		2,540,700
Prosperity Bancshares, Inc.		7,012		463,143
State Street Corp.		13,086		733,601
SunTrust Banks, Inc.		6,383		401,171
UMB Financial Corp.		15,472		1,018,367
Westamerica Bancorporation		10,883		670,502
				11,876,209
Beverages — 0.5%
Molson Coors Brewing Co., Class B		7,181		402,136
Building Materials — 1.3%
Johnson Controls International PLC		27,778		1,147,509
Computers — 0.8%
HP, Inc.		31,355		651,870
Distribution & Wholesale — 0.8%
Genuine Parts Co.		6,581		681,660
Diversified Financial Services — 2.2%
Ameriprise Financial, Inc.		8,793		1,276,392
Invesco Ltd.		29,911		611,979
				1,888,371
Electric — 8.3%
Ameren Corp.		13,431		1,008,802
Edison International		8,731		588,557
Eversource Energy		8,535		646,611
NorthWestern Corp.		15,747		1,136,146
Pinnacle West Capital Corp.		12,045		1,133,314
WEC Energy Group, Inc.		8,686		724,152
Xcel Energy, Inc.		31,130		1,851,924
				7,089,506
Electrical Components & Equipment — 5.0%
Emerson Electric Co.		21,947		1,464,304
Hubbell, Inc.		15,454		2,015,202
Schneider Electric S.E.		8,333		753,994
				4,233,500

	Number of Shares		Value†
Electronics — 1.9%
nVent Electric PLC		30,110	$	746,427
TE Connectivity Ltd.		9,216		882,708
				1,629,135
Environmental Control — 0.5%
Republic Services, Inc.		5,278		457,286
Food — 6.0%
Conagra Brands, Inc.		29,448		780,961
Kellogg Co.		8,171		437,720
Koninklijke Ahold Delhaize N.V.		38,109		855,536
Mondelez International, Inc., Class A		10,512		566,597
Orkla ASA		137,735		1,222,388
Sysco Corp.		11,675		825,656
The J.M. Smucker Co.		4,120		474,583
				5,163,441
Food Service — 1.0%
Sodexo S.A.		6,947		812,062
Gas — 1.6%
Atmos Energy Corp.		6,432		678,962
Spire, Inc.		8,531		715,921
				1,394,883
Healthcare Products — 5.1%
Henry Schein, Inc.*		8,935		624,556
Hologic, Inc.*		12,845		616,817
Siemens Healthineers AG 144A @		15,185		639,865
Zimmer Biomet Holdings, Inc.		21,296		2,507,391
				4,388,629
Healthcare Services — 2.3%
Quest Diagnostics, Inc.		11,739		1,195,148
Universal Health Services, Inc., Class B		6,188		806,853
				2,002,001
Home Builders — 1.8%
PulteGroup, Inc.		30,024		949,359
Thor Industries, Inc.		10,327		603,613
				1,552,972
Household Products & Wares — 1.0%
Kimberly-Clark Corp.		6,325		842,996
Insurance — 5.6%
Aflac, Inc.		11,022		604,116
Arthur J. Gallagher & Co.		2,648		231,938
Brown & Brown, Inc.		13,222		442,937
Chubb Ltd.		8,883		1,308,377
ProAssurance Corp.		15,894		573,932
Reinsurance Group of America, Inc.		5,945		927,599
The Travelers Cos., Inc.		2,273		339,859
Torchmark Corp.		3,613		323,219
				4,751,977
Leisure Time — 1.0%
Carnival Corp.		17,362		808,201

93

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Mid Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Machinery — Construction & Mining — 0.8%
Atlas Copco AB, B Shares		22,977	$	660,599
Machinery — Diversified — 1.4%
Cummins, Inc.		6,973		1,194,754
Miscellaneous Manufacturing — 2.5%
Eaton Corp. PLC		10,959		912,665
IMI PLC		70,771		933,722
Textron, Inc.		6,119		324,552
				2,170,939
Oil & Gas — 3.0%
Cimarex Energy Co.		5,185		307,626
Devon Energy Corp.		20,199		576,076
EQT Corp.		31,682		500,892
Imperial Oil Ltd.		15,490		428,901
Noble Energy, Inc.		33,297		745,853
				2,559,348
Oil & Gas Services — 1.3%
Baker Hughes a GE Co.		35,146		865,646
Halliburton Co.		5,650		128,481
National Oilwell Varco, Inc.		6,871		152,742
				1,146,869
Packaging and Containers — 3.0%
Graphic Packaging Holding Co.		79,602		1,112,836
Packaging Corp. of America		8,142		776,095
Sonoco Products Co.		6,528		426,540
Westrock Co.		7,073		257,952
				2,573,423
Pharmaceuticals — 2.4%
Cardinal Health, Inc.		24,116		1,135,864
McKesson Corp.		6,752		907,401
				2,043,265
Pipelines — 0.5%
Equitrans Midstream Corp.		23,071		454,729
Retail — 3.4%
Advance Auto Parts, Inc.		7,004		1,079,596
MSC Industrial Direct Co., Inc., Class A		17,241		1,280,317
Target Corp.		6,706		580,807
				2,940,720
Savings & Loans — 1.0%
Capitol Federal Financial, Inc.		62,298		857,844
Semiconductors — 4.2%
Applied Materials, Inc.		32,454		1,457,509
Maxim Integrated Products, Inc.		19,762		1,182,163
Microchip Technology, Inc.		7,668		664,816
Teradyne, Inc.		6,567		314,625
				3,619,113

	Number of Shares		Value†
Software — 0.9%
Cerner Corp.		10,609	$	777,640
Transportation — 1.0%
Heartland Express, Inc.		46,101		833,045
TOTAL COMMON STOCKS (Cost $74,686,343)				78,274,538
REAL ESTATE INVESTMENT TRUSTS — 5.2%
Diversified — 2.5%
American Tower Corp.		1,994		407,673
Weyerhaeuser Co.		64,643		1,702,697
				2,110,370
Hotels & Resorts — 1.1%
MGM Growth Properties LLC, Class A		30,077		921,860
Office Property — 1.6%
Empire State Realty Trust, Inc., Class A		43,296		641,214
Piedmont Office Realty Trust, Inc., Class A		38,765		772,586
				1,413,800
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,357,012)				4,446,030
EXCHANGE TRADED FUNDS — 3.2%
Investment Companies — 3.2%
iShares Russell Mid-Cap Value ETF (Cost $2,596,559)		30,457		2,714,632
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $188,944)		188,944		188,944
TOTAL INVESTMENTS — 100.0% (Cost $81,828,858)				85,624,144
Other Assets & Liabilities — 0.0%				7,237
TOTAL NET ASSETS — 100.0%			$	85,631,381

144A @ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $639,865, which represents 0.7% of the Fund’s net assets.

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depositary Receipt.

ETF — Exchange-Traded Fund.

LLC — Limited Liability Company.

PLC — Public Limited Company.

94

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Schedule of Investments — June 30, 2019 (Unaudited)

Mid Core Value Fund

Country Weightings as of 06/30/2019††
United States	86	%
United Kingdom	3
France	2
Ireland	2
Switzerland	2
Japan	1
Norway	1
Other	3
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	799,842	$	—	$	799,842	$	—
Airlines		1,318,452		1,318,452		—		—
Auto Manufacturers		1,478,493		1,478,493		—		—
Auto Parts & Equipment		1,071,119		1,071,119		—		—
Banks		11,876,209		11,876,209		—		—
Beverages		402,136		402,136		—		—
Building Materials		1,147,509		1,147,509		—		—
Computers		651,870		651,870		—		—
Distribution & Wholesale		681,660		681,660		—		—
Diversified Financial Services		1,888,371		1,888,371		—		—
Electric		7,089,506		7,089,506		—		—
Electrical Components & Equipment		4,233,500		3,479,506		753,994		—
Electronics		1,629,135		1,629,135		—		—
Environmental Control		457,286		457,286		—		—
Food		5,163,441		3,085,517		2,077,924		—
Food Service		812,062		812,062		—		—
Gas		1,394,883		1,394,883		—		—
Healthcare Products		4,388,629		3,748,764		639,865		—
Healthcare Services		2,002,001		2,002,001		—		—
Home Builders		1,552,972		1,552,972		—		—
Household Products & Wares		842,996		842,996		—		—
Insurance		4,751,977		4,751,977		—		—
Leisure Time		808,201		808,201		—		—
Machinery - Construction & Mining		660,599		—		660,599		—
Machinery - Diversified		1,194,754		1,194,754		—		—
Miscellaneous Manufacturing		2,170,939		1,237,217		933,722		—
Oil & Gas		2,559,348		2,559,348		—		—
Oil & Gas Services		1,146,869		1,146,869		—		—
Packaging and Containers		2,573,423		2,573,423		—		—
Pharmaceuticals		2,043,265		2,043,265		—		—
Pipelines		454,729		454,729		—		—
Retail		2,940,720		2,940,720		—		—
Savings & Loans		857,844		857,844		—		—

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Semiconductors	$	3,619,113	$	3,619,113	$	—	$	—
Software		777,640		777,640		—		—
Transportation		833,045		833,045		—		—
TOTAL COMMON STOCKS		78,274,538		72,408,592		5,865,946		—
REAL ESTATE INVESTMENT TRUSTS	$	4,446,030	$	4,446,030	$	—	$	—
EXCHANGE TRADED FUNDS		2,714,632		2,714,632		—		—
SHORT-TERM INVESTMENTS		188,944		188,944		—		—
TOTAL INVESTMENTS	$	85,624,144	$	79,758,198	$	5,865,946	$	—
OTHER FINANCIAL INSTRUMENTS(1)
Forward Foreign Currency Contracts	$	879	$	—	$	879	$	—
TOTAL ASSETS -OTHER FINANCIAL INSTRUMENTS	$	879	$	—	$	879	$	—

LIABILITIES TABLE
Description	Total Market Value at 6/30/2019			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
OTHER FINANCIAL INSTRUMENTS(1)
Forward Foreign Currency Contracts	$	(25,841	)	$	—	$	(25,841	)	$	—
TOTAL LIABILITIES - OTHER FINANCIAL INSTRUMENTS	$	(25,841	)	$	—	$	(25,841	)	$	—

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

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

95

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Mid Core Value Fund

Open forward foreign currency contracts held by the Fund at June 30, 2019 were as follows:

Forward Foreign Currency Contracts:

	Currency	Counterparty	Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Appreciation		Unrealized Depreciation
Buy	Canadian Dollar	Morgan Stanley		9/30/2019		14,220			1.30741	$	10,850		$	10,876		$	26	$	—
Sell	Canadian Dollar	Morgan Stanley		9/30/2019		(493,217	)		1.30741		(373,901	)		(377,247	)		—		(3,346	)
Sell	Euro	Credit Suisse		9/30/2019		(2,234,323	)		0.87303		(2,548,357	)		(2,559,284	)		—		(10,927	)
Sell	Japanese Yen	Bank of America		9/30/2019		(56,333,217	)		107.08131		(526,932	)		(526,079	)		853		—
Sell	Norwegian Krone	Goldman Sachs		9/30/2019		(8,942,169	)		8.50941		(1,048,597	)		(1,050,857	)		—		(2,260	)
Sell	Pound Sterling	JP Morgan		9/30/2019		(1,148,182	)		0.78422		(1,461,031	)		(1,464,104	)		—		(3,073	)
Sell	Swedish Krona	Goldman Sachs		9/30/2019		(5,200,959	)		9.22542		(557,528	)		(563,763	)		—		(6,235	)
	Total															$	879	$	(25,841	)

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

96

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

SMID Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 93.1%
Aerospace & Defense — 2.9%
Aerojet Rocketdyne Holdings, Inc.*		17,508	$	783,833
HEICO Corp., Class A		5,540		572,670
Teledyne Technologies, Inc.*		2,684		735,067
				2,091,570
Apparel — 0.4%
Canada Goose Holdings, Inc.*		2,753		106,624
Columbia Sportswear Co.		1,998		200,119
				306,743
Banks — 1.7%
Amalgamated Bank, Class A		17,480		305,026
Eagle Bancorp, Inc.		6,979		377,773
First Republic Bank		2,043		199,499
Glacier Bancorp, Inc.		8,952		363,004
				1,245,302
Beverages — 1.0%
MGP Ingredients, Inc.		11,356		753,016
Biotechnology — 7.2%
ACADIA Pharmaceuticals, Inc.*		16,248		434,309
Alder Biopharmaceuticals, Inc.*		39,074		459,901
Amarin Corp. PLC ADR*		16,282		315,708
Atreca, Inc., Class A*		11,426		215,266
Bluebird Bio, Inc.*		4,570		581,304
Evelo Biosciences, Inc.*		8,443		75,818
Exelixis, Inc.*		25,992		555,449
Guardant Health, Inc.*		6,692		577,721
Incyte Corp.*		6,820		579,427
Moderna, Inc.*		17,063		249,802
Rigel Pharmaceuticals, Inc.*		59,335		154,864
Stemline Therapeutics, Inc.*		39,936		611,820
Synthorx, Inc.*		14,949		201,961
UNITY Biotechnology, Inc.*		8,869		84,256
Y-mAbs Therapeutics, Inc.*		7,036		160,913
				5,258,519
Building Materials — 0.7%
Fortune Brands Home & Security, Inc.		8,976		512,799
Chemicals — 2.0%
Ashland Global Holdings, Inc.		10,342		827,050
RPM International, Inc.		10,527		643,305
				1,470,355
Commercial Services — 6.8%
Bright Horizons Family Solutions, Inc.*		10,013		1,510,661
Euronet Worldwide, Inc.*		5,287		889,485
Gartner, Inc.*		3,252		523,377
Global Payments, Inc.		4,432		709,696
Green Dot Corp., Class A*		6,100		298,290
HealthEquity, Inc.*		5,597		366,044
Rollins, Inc.		8,020		287,677
WEX, Inc.*		1,515		315,272
				4,900,502

	Number of Shares		Value†
Computers — 0.5%
ForeScout Technologies, Inc.*		11,665	$	394,977
Distribution & Wholesale — 0.6%
SiteOne Landscape Supply, Inc.*		6,332		438,808
Diversified Financial Services — 2.3%
Cboe Global Markets, Inc.		8,243		854,222
Evercore, Inc., Class A		9,080		804,216
				1,658,438
Electrical Components & Equipment — 1.2%
Novanta, Inc.*		9,565		901,979
Electronics — 4.8%
Allegion PLC		9,409		1,040,165
Badger Meter, Inc.		12,598		751,975
Keysight Technologies, Inc.*		4,346		390,314
nVent Electric PLC		13,177		326,658
PerkinElmer, Inc.		10,466		1,008,294
				3,517,406
Entertainment — 1.1%
Vail Resorts, Inc.		3,647		813,937
Environmental Control — 0.3%
U.S. Ecology, Inc.		3,035		180,704
Food — 0.8%
Beyond Meat, Inc.*		1,212		194,744
McCormick & Co., Inc.		2,625		406,901
				601,645
Healthcare Products — 7.9%
ABIOMED, Inc.*		798		207,871
Axonics Modulation Technologies, Inc.*		11,227		459,970
Glaukos Corp.*		4,651		350,686
IDEXX Laboratories, Inc.*		2,616		720,263
Silk Road Medical, Inc.*		4,953		240,022
Tandem Diabetes Care, Inc.*		7,532		485,965
Teleflex, Inc.		3,240		1,072,926
The Cooper Cos., Inc.		2,583		870,187
West Pharmaceutical Services, Inc.		10,848		1,357,627
				5,765,517
Healthcare Services — 1.3%
Medpace Holdings, Inc.*		6,613		432,622
SI-BONE, Inc.*		6,926		140,875
Teladoc Health, Inc.*		5,514		366,185
				939,682
Household Products & Wares — 1.0%
Avery Dennison Corp.		5,989		692,807
Internet — 6.5%
GoDaddy, Inc., Class A*		14,715		1,032,257
IAC/InterActive Corp.*		3,405		740,690
Proofpoint, Inc.*		4,126		496,151
RingCentral, Inc., Class A*		2,572		295,574
The Trade Desk, Inc., Class A*		1,383		315,020

97

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

SMID Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — (continued)
Wix.com Ltd.*		7,400	$	1,051,540
Zendesk, Inc.*		8,485		755,420
				4,686,652
Leisure Time — 0.4%
Planet Fitness, Inc., Class A*		4,465		323,445
Lodging — 1.4%
Choice Hotels International, Inc.		11,553		1,005,226
Machinery—Diversified — 3.4%
Cognex Corp.		13,668		655,791
IDEX Corp.		4,196		722,299
Welbilt, Inc.*		31,635		528,305
Xylem, Inc.		6,814		569,923
				2,476,318
Metal Fabricate/Hardware — 0.8%
RBC Bearings, Inc.*		3,325		554,643
Miscellaneous Manufacturing — 3.3%
Colfax Corp.*		18,561		520,265
Hexcel Corp.		4,504		364,284
Hillenbrand, Inc.		12,737		504,003
John Bean Technologies Corp.		4,802		581,666
Standex International Corp.		5,421		396,492
				2,366,710
Office & Business Equipment — 1.0%
Zebra Technologies Corp., Class A*		3,333		698,230
Oil & Gas — 0.3%
Diamondback Energy, Inc.		1,678		182,852
Pharmaceuticals — 6.6%
Agios Pharmaceuticals, Inc.*		10,661		531,771
Alector, Inc.*		12,415		235,885
Alkermes PLC*		13,153		296,469
BioSpecifics Technologies Corp.*		2,943		175,726
DexCom, Inc.*		4,694		703,349
Elanco Animal Health, Inc.*		15,840		535,392
GW Pharmaceuticals PLC ADR*		2,202		379,603
Marinus Pharmaceuticals, Inc.*		56,085		232,753
Neogen Corp.*		6,889		427,876
Neurocrine Biosciences, Inc.*		5,124		432,619
Sarepta Therapeutics, Inc.*		5,353		813,388
				4,764,831
Retail — 7.6%
Burlington Stores, Inc.*		6,256		1,064,458
Domino’s Pizza, Inc.		3,239		901,349
Dunkin’ Brands Group, Inc.		9,732		775,251
Five Below, Inc.*		6,068		728,281
Floor & Decor Holdings, Inc., Class A*		11,114		465,677
Ollie’s Bargain Outlet Holdings, Inc.*		4,077		355,147
Papa John’s International, Inc.		7,055		315,500
Texas Roadhouse, Inc.		4,922		264,164

	Number of Shares		Value†
Retail — (continued)
Wingstop, Inc.		7,164	$	678,789
				5,548,616
Semiconductors — 2.6%
Entegris, Inc.		18,594		693,928
Marvell Technology Group Ltd.		34,381		820,675
MKS Instruments, Inc.		4,625		360,241
				1,874,844
Shipbuilding — 0.9%
Huntington Ingalls Industries, Inc.		2,762		620,732
Software — 11.8%
Black Knight Inc.*		20,091		1,208,474
Cadence Design Systems, Inc.*		9,098		644,229
Coupa Software, Inc.*		6,043		765,104
HubSpot, Inc.*		3,739		637,574
InterXion Holding N.V.*		14,939		1,136,709
MSCI, Inc.		2,033		485,460
Paycom Software, Inc.*		1,931		437,796
PTC, Inc.*		11,336		1,017,519
Slack Technologies, Inc., Class A*		773		28,988
Splunk, Inc.*		2,172		273,129
Tableau Software, Inc., Class A*		5,443		903,647
Take-Two Interactive Software, Inc.*		8,844		1,004,059
				8,542,688
Telecommunications — 1.6%
Viavi Solutions, Inc.*		69,822		927,935
Zayo Group Holdings, Inc.*		6,597		217,107
				1,145,042
Transportation — 0.4%
Old Dominion Freight Line, Inc.		2,171		324,043
TOTAL COMMON STOCKS (Cost $56,820,815)				67,559,578
REAL ESTATE INVESTMENT TRUSTS — 3.2%
Building & Real Estate — 1.0%
Equity LifeStyle Properties, Inc.		6,252		758,618
Diversified — 1.0%
SBA Communications Corp.*		3,207		721,062
Hotels & Resorts — 0.7%
Ryman Hospitality Properties, Inc.		6,191		502,028
Storage & Warehousing — 0.5%
Terreno Realty Corp.		7,628		374,077
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,959,045)				2,355,785

98

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

SMID Cap Growth Fund

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $1,356,018)		1,356,018	$	1,356,018
TOTAL INVESTMENTS — 98.2% (Cost $60,135,878)				71,271,381
Other Assets & Liabilities — 1.8%				1,331,573
TOTAL NET ASSETS — 100.0%			$	72,602,954

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depositary Receipt.

PLC — Public Limited Company.

Country Weightings as of 06/30/2019 ††
United States	92	%
Ireland	2
Israel	2
Netherlands	2
Canada	1
United Kingdom	1
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	67,559,578	$	67,559,578	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		2,355,785		2,355,785		—		—
SHORT-TERM INVESTMENTS		1,356,018		1,356,018		—		—
TOTAL INVESTMENTS	$	71,271,381	$	71,271,381	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

99

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

SMID Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 86.2%
Aerospace & Defense — 0.8%
AAR Corp.		19,412	$	714,168
Airlines — 3.9%
Alaska Air Group, Inc.		21,618		1,381,606
Hawaiian Holdings, Inc.		31,416		861,741
SkyWest, Inc.		18,721		1,135,803
				3,379,150
Apparel — 1.7%
Capri Holdings Ltd.*		18,119		628,367
Skechers U.S.A., Inc., Class A*		27,046		851,678
				1,480,045
Auto Parts & Equipment — 2.3%
Cooper-Standard Holdings, Inc.*		10,384		475,795
Dana, Inc.		34,662		691,160
Lear Corp.		6,053		843,002
				2,009,957
Banks — 9.9%
Associated Banc-Corp.		42,040		888,726
BankUnited, Inc.		34,576		1,166,594
Comerica, Inc.		13,725		996,984
Synovus Financial Corp.		30,044		1,051,540
Texas Capital Bancshares, Inc.*		16,322		1,001,681
Umpqua Holdings Corp.		64,534		1,070,619
Webster Financial Corp.		19,998		955,304
Zions Bancorp NA		29,752		1,367,997
				8,499,445
Beverages — 1.2%
Cott Corp.		76,581		1,022,356
Building Materials — 0.5%
Masonite International Corp.*		7,838		412,906
Chemicals — 1.6%
Orion Engineered Carbons S.A.		30,574		654,590
Westlake Chemical Corp.		10,942		760,031
				1,414,621
Commercial Services — 3.3%
Booz Allen Hamilton Holding Corp.		7,917		524,185
Quanta Services, Inc.		26,341		1,005,963
Sotheby’s*		22,995		1,336,699
				2,866,847
Computers — 3.5%
Genpact Ltd.		24,032		915,379
NCR Corp.*		40,203		1,250,313
NetScout Systems, Inc.*		34,910		886,365
				3,052,057
Diversified Financial Services — 0.9%
OneMain Holdings, Inc.		21,683		733,102

	Number of Shares		Value†
Electric — 4.6%
Alliant Energy Corp.		27,578	$	1,353,528
Black Hills Corp.		10,201		797,412
PNM Resources, Inc.		16,726		851,521
Portland General Electric Co.		18,155		983,456
				3,985,917
Electrical Components & Equipment — 1.1%
EnerSys		14,186		971,741
Electronics — 1.9%
Avnet, Inc.		26,060		1,179,736
TTM Technologies, Inc.*		44,522		454,125
				1,633,861
Engineering & Construction — 1.2%
Granite Construction, Inc.		10,771		518,947
Tutor Perini Corp.*		34,270		475,325
				994,272
Food — 3.8%
Ingredion, Inc.		6,135		506,076
Nomad Foods Ltd.*		63,188		1,349,696
The Hain Celestial Group, Inc.*		2,644		57,903
US Foods Holding Corp.*		39,039		1,396,035
				3,309,710
Gas — 1.1%
Southwest Gas Holdings, Inc.		10,360		928,463
Hand & Machine Tools — 1.8%
Kennametal, Inc.		17,724		655,611
Regal Beloit Corp.		11,107		907,553
				1,563,164
Healthcare Services — 2.9%
ICON PLC*		6,400		985,408
Molina Healthcare, Inc.*		7,120		1,019,157
WellCare Health Plans, Inc.*		1,819		518,542
				2,523,107
Home Builders — 2.4%
Lennar Corp., Class A		19,807		959,847
Taylor Morrison Home Corp., Class A*		51,217		1,073,509
				2,033,356
Insurance — 10.4%
American Financial Group, Inc.		10,184		1,043,554
Essent Group Ltd.*		20,424		959,724
Everest Re Group Ltd.		6,287		1,554,021
First American Financial Corp.		18,568		997,101
Kemper Corp.		6,320		545,353
Old Republic International Corp.		37,530		839,921
Reinsurance Group of America, Inc.		10,357		1,616,003
Selective Insurance Group, Inc.		9,846		737,367
The Hanover Insurance Group, Inc.		5,370		688,971
				8,982,015

100

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

SMID Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — 0.7%
Criteo SA ADR*		36,620	$	630,230
Iron & Steel — 0.7%
Carpenter Technology Corp.		12,518		600,614
Leisure Time — 0.6%
Callaway Golf Co.		30,269		519,416
Machinery — Construction & Mining — 0.9%
Terex Corp.		23,350		733,190
Media — 0.8%
Houghton Mifflin Harcourt Co.*		67,730		390,125
Scholastic Corp.		8,148		270,839
				660,964
Mining — 0.7%
Alcoa Corp.*		27,165		635,933
Miscellaneous Manufacturing — 0.9%
Trinseo SA		18,730		793,028
Office Furnishings — 0.7%
Steelcase, Inc., Class A		33,130		566,523
Oil & Gas — 2.4%
Cimarex Energy Co.		6,398		379,594
Oasis Petroleum, Inc.*		88,690		503,759
QEP Resources, Inc.*		94,508		683,293
SM Energy Co.		38,860		486,527
				2,053,173
Oil & Gas Services — 3.4%
Dril-Quip, Inc.*		14,675		704,400
MRC Global, Inc.*		37,329		639,072
Oil States International, Inc.*		32,270		590,541
Patterson-UTI Energy, Inc.		56,309		648,117
RPC, Inc.		50,650		365,187
				2,947,317
Packaging and Containers — 2.0%
Graphic Packaging Holding Co.		69,744		975,021
Sealed Air Corp.		17,611		753,399
				1,728,420
Retail — 2.2%
Bloomin’ Brands, Inc.		33,543		634,298
BMC Stock Holdings, Inc.*		24,037		509,584
Signet Jewelers Ltd.		19,220		343,654
The Michaels Cos, Inc.*		50,330		437,871
				1,925,407
Savings & Loans — 1.3%
Sterling Bancorp		52,750		1,122,520
Semiconductors — 2.9%
Cypress Semiconductor Corp.		49,240		1,095,098
Kulicke & Soffa Industries, Inc.		26,642		600,777
MaxLinear, Inc.*		32,733		767,261
				2,463,136

	Number of Shares		Value†
Software — 3.2%
CommVault Systems, Inc.*		15,625	$	775,312
Nuance Communications, Inc.*		69,315		1,106,961
Verint Systems, Inc.*		15,812		850,369
				2,732,642
Telecommunications — 1.6%
Amdocs Ltd.		15,012		932,095
Finisar Corp.*		18,995		434,416
				1,366,511
Transportation — 0.4%
Atlas Air Worldwide Holdings, Inc.*		8,141		363,414
TOTAL COMMON STOCKS (Cost $73,848,491)				74,352,698
REAL ESTATE INVESTMENT TRUSTS — 12.6%
Apartments — 2.9%
American Campus Communities, Inc.		24,826		1,145,968
Camden Property Trust		13,248		1,382,959
				2,528,927
Diversified — 0.8%
Cousins Properties, Inc.		19,923		720,615
Hotels & Resorts — 2.3%
MGM Growth Properties LLC, Class A		32,692		1,002,010
Park Hotels & Resorts, Inc.		34,758		957,930
				1,959,940
Industrial — 2.0%
Americold Realty Trust		15,750		510,615
STAG lndustrial, Inc.		41,160		1,244,678
				1,755,293
Manufactured Homes — 1.6%
Sun Communities, Inc.		10,420		1,335,740
Office Property — 1.5%
Easterly Government Properties, Inc.		13,455		243,670
Empire State Realty Trust, Inc., Class A		69,598		1,030,747
				1,274,417
Storage & Warehousing — 1.5%
CubeSmart		38,998		1,304,093
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,232,088)				10,879,025
SHORT-TERM INVESTMENTS — 1.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $1,058,165)		1,058,165		1,058,165
TOTAL INVESTMENTS — 100.0% (Cost $85,138,744)				86,289,888
Other Assets & Liabilities — 0.0%				37,735
TOTAL NET ASSETS — 100.0%			$	86,327,623

† See Security Valuation Note.

101

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

SMID Cap Value Fund

* Non-income producing security.

ADR — American Depositary Receipt.

LLC — Limited Liability Company.

NA — National Association.

PLC — Public Limited Company.

Country Weightings as of 06/30/2019 ††
United States	92	%
Bermuda	2
United Kingdom	2
Canada	1
France	1
Ireland	1
Slovenia	1
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	74,352,698	$	74,352,698	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		10,879,025		10,879,025		—		—
SHORT-TERM INVESTMENTS		1,058,165		1,058,165		—		—
TOTAL INVESTMENTS	$	86,289,888	$	86,289,888	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

102

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 95.2%
Advertising — 0.7%
Yext, Inc.*		38,980	$	783,108
Aerospace & Defense — 2.3%
HEICO Corp., Class A		24,532		2,535,873
Apparel — 0.6%
Carter’s, Inc.		7,178		700,142
Auto Parts & Equipment — 0.5%
Visteon Corp.*		8,980		526,048
Banks — 0.5%
Kearny Financial Corp.		45,941		610,556
Biotechnology — 3.2%
AnaptysBio, Inc.*		5,542		312,680
Biohaven Pharmaceutical Holding Co., Ltd.*		3,827		167,584
Insmed, Inc.*		30,445		779,392
Ligand Pharmaceuticals, Inc.*		7,809		891,397
NeoGenomics, Inc.*		54,236		1,189,938
WaVe Life Sciences Ltd.*		10,644		277,702
				3,618,693
Building Materials — 0.7%
Summit Materials, Inc., Class A*		37,659		724,936
Chemicals — 4.7%
CSW Industrials, Inc.		19,546		1,332,060
H.B. Fuller Co.		18,835		873,944
Rogers Corp.*		7,176		1,238,434
Sensient Technologies Corp.		24,302		1,785,711
				5,230,149
Commercial Services — 12.5%
Avalara, Inc.*		10,864		784,381
Clarivate Analytics PLC*		87,871		1,351,456
Euronet Worldwide, Inc.*		15,409		2,592,410
Healthcare Services Group, Inc.		25,326		767,884
HealthEquity, Inc.*		7,601		497,105
K12, Inc.*		26,699		811,917
LendingTree, Inc.*		2,130		894,664
MarketAxess Holdings, Inc.		2,219		713,231
MAXIMUS, Inc.		8,969		650,611
ServiceMaster Global Holdings, Inc.*		42,722		2,225,389
TriNet Group, Inc.*		18,555		1,258,029
WEX, Inc.*		6,789		1,412,791
				13,959,868
Computers — 1.4%
Kornit Digital Ltd.*		27,251		862,767
LivePerson, Inc.*		26,361		739,162
				1,601,929
Diversified Financial Services — 2.5%
LPL Financial Holdings, Inc.		27,394		2,234,529
SLM Corp.		58,557		569,174
				2,803,703

	Number of Shares		Value†
Electrical Components & Equipment — 2.3%
Belden, Inc.		22,955	$	1,367,429
EnerSys		6,935		475,048
Novanta, Inc.*		8,128		766,470
				2,608,947
Electronics — 1.8%
National Instruments Corp.		10,044		421,748
OSI Systems, Inc.*		10,129		1,140,829
Sensata Technologies Holding PLC*		8,846		433,454
				1,996,031
Engineering & Construction — 0.8%
frontdoor, Inc.*		20,888		909,672
Entertainment — 1.8%
AMC Entertainment Holdings, Inc., Class A		48,973		456,918
Cedar Fair LP		19,959		951,845
Manchester United PLC, Class A		31,028		560,986
				1,969,749
Food — 0.5%
Hostess Brands, Inc.*		41,027		592,430
Forest Products & Paper — 0.5%
Neenah, Inc.		8,526		575,931
Hand & Machine Tools — 0.6%
Kennametal, Inc.		18,775		694,487
Healthcare Products — 9.6%
AngioDynamics, Inc.*		38,957		767,063
Bio-Techne Corp.		6,063		1,264,075
Bruker Corp.		28,150		1,406,092
Cantel Medical Corp.		4,721		380,701
Glaukos Corp.*		9,142		689,307
Globus Medical, Inc., Class A*		22,289		942,825
ICU Medical, Inc.*		4,435		1,117,221
Integra LifeSciences Holdings Corp.*		26,505		1,480,304
Natus Medical, Inc.*		25,810		663,059
STERIS PLC		13,404		1,995,588
				10,706,235
Healthcare Services — 2.7%
Catalent, Inc.*		56,290		3,051,481
Home Builders — 0.5%
Thor Industries, Inc.		9,251		540,721
Hotels & Resorts — 0.2%
Playa Hotels & Resorts N.V.*		31,507		242,919
Household Products & Wares — 0.4%
Ontex Group N.V.		29,513		476,355
Insurance — 1.0%
RLI Corp.		12,525		1,073,518
Internet — 3.3%
ChannelAdvisor Corp.*		48,722		426,804

103

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — (continued)
Farfetch Ltd., Class A*		20,751	$	431,621
MakeMyTrip Ltd.*		18,500		458,800
The Trade Desk, Inc., Class A*		5,342		1,216,801
Zendesk, Inc.*		12,728		1,133,174
				3,667,200
Machinery — Diversified — 1.7%
Gates Industrial Corp. PLC*		42,516		485,108
Nordson Corp.		6,249		883,046
Wabtec Corp.		8,125		583,050
				1,951,204
Metal Fabricate/Hardware — 1.3%
Rexnord Corp.*		49,038		1,481,928
Miscellaneous Manufacturing — 4.9%
Carlisle Cos., Inc.		13,250		1,860,432
Hillenbrand, Inc.		14,775		584,647
ITT, Inc.		21,342		1,397,474
Proto Labs, Inc.*		4,089		474,406
Standex International Corp.		15,119		1,105,804
				5,422,763
Oil & Gas — 0.5%
Magnolia Oil & Gas Corp., Class A*		50,867		589,040
Pharmaceuticals — 6.0%
Amicus Therapeutics, Inc.*		34,683		432,844
Eagle Pharmaceuticals, Inc.*		12,438		692,548
Enanta Pharmaceuticals, Inc.*		5,768		486,704
FibroGen, Inc.*		9,990		451,348
Global Blood Therapeutics, Inc.*		8,860		466,036
GW Pharmaceuticals PLC ADR*		3,659		630,775
Heron Therapeutics, Inc.*		23,514		437,125
Heska Corp.*		4,992		425,169
Ironwood Pharmaceuticals, Inc.*		30,631		335,103
Knight Therapeutics, Inc.*		64,282		378,952
Neurocrine Biosciences, Inc.*		8,833		745,770
Prestige Consumer Healthcare, Inc.*		23,061		730,573
Sarepta Therapeutics, Inc.*		3,239		492,166
				6,705,113
Publishing / Newspapers — 0.6%
Cimpress N.V.*		7,677		697,763
Real Estate — 0.5%
Jones Lang LaSalle, Inc.		3,844		540,812
Retail — 3.4%
Casey’s General Stores, Inc.		4,670		728,473
Dunkin’ Brands Group, Inc.		11,445		911,709
Texas Roadhouse, Inc.		10,417		559,081
The Lovesac Co.*		28,275		878,504
Williams-Sonoma, Inc.		10,332		671,580
				3,749,347
Savings & Loans — 0.5%
Pacific Premier Bancorp, Inc.		18,536		572,392

	Number of Shares		Value†
Semiconductors — 2.7%
CTS Corp.		16,764	$	462,351
Entegris, Inc.		23,537		878,401
ON Semiconductor Corp.*		82,160		1,660,454
				3,001,206
Software — 13.8%
ACI Worldwide, Inc.*		15,541		533,678
Blackbaud, Inc.		22,059		1,841,927
Broadridge Financial Solutions, Inc.		15,279		1,950,823
Cadence Design Systems, Inc.*		19,366		1,371,306
Cision Ltd.*		70,010		821,217
Envestnet, Inc.*		20,542		1,404,457
Guidewire Software, Inc.*		8,696		881,600
Instructure, Inc.*		18,085		768,613
Jack Henry & Associates, Inc.		5,439		728,391
RealPage, Inc.*		18,239		1,073,365
SailPoint Technologies Holding, Inc.*		34,259		686,550
SS&C Technologies Holdings, Inc.		33,410		1,924,750
The Descartes Systems Group, Inc.*		37,989		1,405,496
				15,392,173
Telecommunications — 2.4%
Nice Ltd. ADR*		19,625		2,688,625
Transportation — 1.3%
Old Dominion Freight Line, Inc.		4,643		693,014
Saia, Inc.*		11,578		748,749
				1,441,763
TOTAL COMMON STOCKS (Cost $71,200,861)				106,434,810
REAL ESTATE INVESTMENT TRUSTS — 0.9%
Diversified — 0.9%
Lamar Advertising Co., Class A (Cost $685,308)		12,399		1,000,723
SHORT-TERM INVESTMENTS — 3.9%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $4,293,410)		4,293,410		4,293,410
TOTAL INVESTMENTS — 100.0% (Cost $76,179,579)				111,728,943
Other Assets & Liabilities — 0.0%				49,389
TOTAL NET ASSETS — 100.0%			$	111,778,332

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depositary Receipt.

LP — Limited Partnership.

PLC — Public Limited Company.

104

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Growth Fund

Country Weightings as of 06/30/2019 ††
United States	90	%
Israel	3
Canada	2
United Kingdom	2
Belgium	1
Jersey	1
Netherlands	1
Total	100	%

†† % of total investments as of June 30, 2019.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Advertising	$	783,108	$	783,108	$	—	$	—
Aerospace & Defense		2,535,873		2,535,873		—		—
Apparel		700,142		700,142		—		—
Auto Parts & Equipment		526,048		526,048		—		—
Banks		610,556		610,556		—		—
Biotechnology		3,618,693		3,618,693		—		—
Building Materials		724,936		724,936		—		—
Chemicals		5,230,149		5,230,149		—		—
Commercial Services		13,959,868		13,959,868		—		—
Computers		1,601,929		1,601,929		—		—
Diversified Financial Services		2,803,703		2,803,703		—		—
Electrical Components & Equipment		2,608,947		2,608,947		—		—
Electronics		1,996,031		1,996,031		—		—
Engineering & Construction		909,672		909,672		—		—
Entertainment		1,969,749		1,969,749		—		—
Food		592,430		592,430		—		—
Forest Products & Paper		575,931		575,931		—		—
Hand & Machine Tools		694,487		694,487		—		—
Healthcare Products		10,706,235		10,706,235		—		—
Healthcare Services		3,051,481		3,051,481		—		—
Home Builders		540,721		540,721		—		—
Hotels & Resorts		242,919		242,919		—		—
Household Products & Wares		476,355		—		476,355		—
Insurance		1,073,518		1,073,518		—		—
Internet		3,667,200		3,667,200		—		—
Machinery - Diversified		1,951,204		1,951,204		—		—
Metal Fabricate/Hardware		1,481,928		1,481,928		—		—
Miscellaneous Manufacturing		5,422,763		5,422,763		—		—
Oil & Gas		589,040		589,040		—		—
Pharmaceuticals		6,705,113		6,705,113		—		—
Publishing / Newspapers		697,763		697,763		—		—
Real Estate		540,812		540,812		—		—
Retail		3,749,347		3,749,347		—		—
Savings & Loans		572,392		572,392		—		—
Semiconductors		3,001,206		3,001,206		—		—
Software		15,392,173		15,392,173		—		—

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Telecommunications	$	2,688,625	$	2,688,625	$	—	$	—
Transportation		1,441,763		1,441,763		—		—
TOTAL COMMON STOCKS		106,434,810		105,958,455		476,355		—
REAL ESTATE INVESTMENT TRUSTS	$	1,000,723	$	1,000,723	$	—	$	—
SHORT-TERM INVESTMENTS		4,293,410		4,293,410		—		—
TOTAL INVESTMENTS	$	111,728,943	$	111,252,588	$	476,355	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

105

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 85.9%
Aerospace & Defense — 1.4%
Aerojet Rocketdyne Holdings, Inc.*		12,795	$	572,832
Curtiss-Wright Corp.		3,619		460,084
Kaman Corp.		18,028		1,148,203
Moog, Inc., Class A		7,114		665,942
Triumph Group, Inc.		8,848		202,619
				3,049,680
Airlines — 0.8%
SkyWest, Inc.		30,988		1,880,042
Apparel — 0.7%
Columbia Sportswear Co.		9,115		912,958
Crocs, Inc.*		17,756		350,681
G-III Apparel Group Ltd.*		11,763		346,068
				1,609,707
Auto Manufacturers — 0.2%
Navistar International Corp.*		13,412		462,043
Auto Parts & Equipment — 1.1%
American Axle & Manufacturing Holdings, Inc.*		75,771		966,838
Dana, Inc.		39,478		787,191
Dorman Products, Inc.*		6,255		545,061
Standard Motor Products, Inc.		2,422		109,814
				2,408,904
Banks — 17.6%
Amalgamated Bank, Class A		25,142		438,728
Ameris Bancorp		16,594		650,319
Atlantic Union Bankshares Corp.		42,605		1,505,235
BancorpSouth Bank		47,615		1,382,740
Bank of Hawaii Corp.		3,055		253,290
Banner Corp.		33,359		1,806,390
Bryn Mawr Bank Corp.		13,998		522,405
CenterState Bank Corp.		79,197		1,823,907
Chemical Financial Corp.		17,950		737,924
Columbia Banking System, Inc.		47,470		1,717,465
Community Bank System, Inc.		26,134		1,720,663
ConnectOne Bancorp, Inc.		35,402		802,209
CVB Financial Corp.		89,010		1,871,880
FB Financial Corp.		22,174		811,568
First Financial Bankshares, Inc.		47,794		1,471,577
First Merchants Corp.		43,014		1,630,231
First Midwest Bancorp, Inc.		46,889		959,818
Glacier Bancorp, Inc.		47,750		1,936,262
Great Western Bancorp, Inc.		49,143		1,755,388
Heritage Financial Corp.		27,316		806,915
Home BancShares, Inc.		39,484		760,462
Independent Bank Corp.		23,161		1,763,710
Independent Bank Group, Inc.		27,237		1,496,946
Lakeland Financial Corp.		24,748		1,158,949
LegacyTexas Financial Group, Inc.		37,516		1,527,276
Old Line Bancshares, Inc.		11,399		303,327
Pinnacle Financial Partners, Inc.		17,669		1,015,614
Renasant Corp.		47,158		1,694,859
Sandy Spring Bancorp, Inc.		16,396		571,892
South State Corp.		16,479		1,214,008

	Number of Shares		Value†
Banks — (continued)
Texas Capital Bancshares, Inc.*		3,643	$	223,571
The First of Long Island Corp.		14,822		297,626
Towne Bank		25,729		701,887
TriCo Bancshares		18,683		706,217
United Community Banks, Inc.		47,077		1,344,519
				39,385,777
Beverages — 0.1%
MGP Ingredients, Inc.		3,777		250,453
Biotechnology — 0.5%
Cambrex Corp.*		12,971		607,172
Emergent BioSolutions, Inc.*		10,189		492,231
				1,099,403
Building Materials — 0.7%
Armstrong World Industries, Inc.		8,608		836,698
Boise Cascade Co.		4,564		128,294
Summit Materials, Inc., Class A*		28,489		548,413
				1,513,405
Chemicals — 2.3%
H.B. Fuller Co.		13,747		637,861
Ingevity Corp.*		14,757		1,551,994
Innospec, Inc.		2,108		192,334
Kraton Corp.*		3,499		108,714
PolyOne Corp.		7,393		232,066
Quaker Chemical Corp.		2,952		598,902
Rogers Corp.*		3,999		690,147
Sensient Technologies Corp.		2,464		181,055
Tronox Holdings PLC, Class A		10,618		135,698
Univar, Inc.*		40,800		899,232
				5,228,003
Commercial Services — 3.5%
Aaron’s, Inc.		17,903		1,099,423
ABM Industries, Inc.		22,210		888,400
Adtalem Global Education, Inc.*		14,172		638,449
AMN Healthcare Services, Inc.*		12,511		678,722
ASGN, Inc.*		16,322		989,113
Chegg, Inc.*		10,800		416,772
HMS Holdings Corp.*		17,099		553,837
James River Group Holdings Ltd.		27,846		1,305,977
LiveRamp Holdings, Inc.*		23,904		1,158,866
				7,729,559
Computers — 2.0%
CACI International, Inc., Class A*		4,325		884,852
Lumentum Holdings, Inc.*		22,969		1,226,774
Mercury Systems, Inc.*		5,742		403,950
NetScout Systems, Inc.*		56,384		1,431,590
Parsons Corp.*		13,838		510,068
				4,457,234
Distribution & Wholesale — 1.0%
Beacon Roofing Supply, Inc.*		39,099		1,435,715
H&E Equipment Services, Inc.		25,990		756,049
				2,191,764

106

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Diversified Financial Services — 1.6%
Houlihan Lokey, Inc.		21,571	$	960,557
PJT Partners, Inc., Class A		10,506		425,703
Stifel Financial Corp.		30,124		1,779,123
Virtu Financial, Inc., Class A		17,949		390,929
				3,556,312
Electric — 3.5%
ALLETE, Inc.		26,198		2,179,935
El Paso Electric Co.		3,217		210,392
IDACORP, Inc.		10,607		1,065,261
PNM Resources, Inc.		36,656		1,866,157
Portland General Electric Co.		44,492		2,410,132
				7,731,877
Electronics — 1.4%
Brady Corp., Class A		17,363		856,343
FARO Technologies, Inc.*		7,501		394,403
II-VI, Inc.*		19,988		730,761
Watts Water Technologies, Inc., Class A		12,669		1,180,497
				3,162,004
Engineering & Construction — 2.3%
EMCOR Group, Inc.		14,172		1,248,553
Granite Construction, Inc.		18,715		901,689
KBR, Inc.		71,068		1,772,436
TopBuild Corp.*		14,232		1,177,840
				5,100,518
Entertainment — 1.1%
Eldorado Resorts, Inc.*		22,908		1,055,371
Live Nation Entertainment, Inc.*		21,551		1,427,754
				2,483,125
Environmental Control — 0.0%
Advanced Disposal Services, Inc.*		11		351
Food — 2.5%
Darling Ingredients, Inc.*		48,615		966,952
Grocery Outlet Holding Corp.*		13,522		444,603
Hostess Brands, Inc.*		53,748		776,121
Nomad Foods Ltd.*		50,213		1,072,550
Performance Food Group Co.*		17,979		719,700
The Simply Good Foods Co.*		63,821		1,536,810
				5,516,736
Gas — 1.7%
Chesapeake Utilities Corp.		19,317		1,835,501
New Jersey Resources Corp.		40,609		2,021,110
				3,856,611
Hand & Machine Tools — 0.5%
Kennametal, Inc.		29,123		1,077,260
Healthcare Products — 1.7%
Avanos Medical, Inc.*		30,092		1,312,312
CONMED Corp.		13,711		1,173,250
Orthofix Medical, Inc.*		11,122		588,132
Wright Medical Group N.V.*		21,918		653,595
				3,727,289

	Number of Shares		Value†
Healthcare Services — 0.9%
Acadia Healthcare Co., Inc.*		15,631	$	546,303
Syneos Health, Inc.*		30,384		1,552,319
				2,098,622
Home Builders — 1.2%
Foundation Building Materials, Inc.*		22,642		402,575
KB Home		46,586		1,198,658
Meritage Homes Corp.*		19,781		1,015,556
				2,616,789
Household Products & Wares — 0.1%
Central Garden & Pet Co., Class A*		5,753		141,754
Insurance — 5.2%
AMERISAFE, Inc.		10,704		682,594
CNO Financial Group, Inc.		33,692		561,983
Enstar Group Ltd.*		5,197		905,733
Kemper Corp.		12,643		1,090,964
Kinsale Capital Group, Inc.		18,685		1,709,304
MGIC Investment Corp.*		139,072		1,827,406
Primerica, Inc.		8,267		991,627
ProAssurance Corp.		11,916		430,287
RLI Corp.		15,002		1,285,821
Selective Insurance Group, Inc.		27,015		2,023,153
				11,508,872
Internet — 1.0%
Cars.com, Inc.*		42,845		844,903
Liberty Expedia Holdings, Inc., Class A*		22,934		1,096,016
Revolve Group, Inc.*		8,316		286,902
				2,227,821
Investment Companies — 0.1%
BrightSphere Investment Group PLC		30,233		344,959
Iron & Steel — 1.4%
Allegheny Technologies, Inc.*		57,419		1,446,959
Carpenter Technology Corp.		17,001		815,708
Cleveland-Cliffs, Inc.		82,213		877,213
				3,139,880
Leisure Time — 0.3%
OneSpaWorld Holdings Ltd.*		49,322		764,491
Lodging — 0.3%
Boyd Gaming Corp.		26,145		704,346
Machinery — Construction & Mining — 0.3%
Terex Corp.		25,014		785,440
Machinery — Diversified — 0.8%
Alamo Group, Inc.		4,406		440,292
Cactus, Inc., Class A*		43,811		1,451,020
				1,891,312
Media — 0.9%
Gray Television, Inc.*		53,527		877,308
MSG Networks, Inc., Class A*		5,414		112,286
Nexstar Media Group, Inc., Class A		8,778		886,578

107

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Media — (continued)
TEGNA, Inc.		7,374	$	111,716
				1,987,888
Metal Fabricate/Hardware — 2.4%
CIRCOR International, Inc.*		16,663		766,498
RBC Bearings, Inc.*		5,964		994,855
Rexnord Corp.*		71,078		2,147,977
TriMas Corp.*		45,181		1,399,256
				5,308,586
Mining — 0.5%
Constellium S.E.*		54,300		545,172
Royal Gold, Inc.		5,205		533,460
				1,078,632
Miscellaneous Manufacturing — 1.0%
Federal Signal Corp.		40,818		1,091,881
ITT, Inc.		17,179		1,124,881
				2,216,762
Oil & Gas — 4.3%
Brigham Minerals, Inc., Class A*		17,845		382,954
Callon Petroleum Co.*		209,874		1,383,070
Centennial Resource Development, Inc., Class A*		23,550		178,744
Delek US Holdings, Inc.		23,578		955,381
Falcon Minerals Corp.*		67,777		569,327
Matador Resources Co.*		54,836		1,090,140
PBF Energy, Inc., Class A		9,781		306,145
PDC Energy, Inc.*		32,888		1,185,941
Viper Energy Partners LP		62,928		1,939,441
WPX Energy, Inc.*		142,026		1,634,719
				9,625,862
Oil & Gas Services — 1.0%
Apergy Corp.*		52,220		1,751,459
ProPetro Holding Corp.*		22,303		461,672
				2,213,131
Pharmaceuticals — 0.4%
Prestige Consumer Healthcare, Inc.*		28,937		916,724
Pipelines — 0.3%
Rattler Midstream LP*		33,014		640,141
Real Estate — 0.5%
Kennedy-Wilson Holdings, Inc.		55,419		1,139,969
Retail — 3.3%
Abercrombie & Fitch Co., Class A		22,490		360,740
Asbury Automotive Group, Inc.*		11,012		928,752
Bed Bath & Beyond, Inc.		24,243		281,704
BJ’s Wholesale Club Holdings, Inc.*		33,179		875,926
Burlington Stores, Inc.*		7,747		1,318,152
Designer Brands, Inc., Class A		13,926		266,961
Dine Brands Global, Inc.		6,867		655,592
Guess?, Inc.		41,586		671,614
Jack in the Box, Inc.		5,244		426,809
Sally Beauty Holdings, Inc.*		30,333		404,642

	Number of Shares		Value†
Retail — (continued)
Shoe Carnival, Inc.		4,445	$	122,682
The Wendy’s Co.		48,878		957,031
				7,270,605
Savings & Loans — 2.5%
Brookline Bancorp, Inc.		53,043		815,801
Flushing Financial Corp.		19,280		428,016
OceanFirst Financial Corp.		49,106		1,220,284
Pacific Premier Bancorp, Inc.		18,575		573,596
Provident Financial Services, Inc.		40,511		982,392
Washington Federal, Inc.		43,791		1,529,620
				5,549,709
Semiconductors — 2.5%
Cree, Inc.*		11,364		638,430
CTS Corp.		28,942		798,220
Entegris, Inc.		24,029		896,762
Lattice Semiconductor Corp.*		54,579		796,308
Nanometrics, Inc.*		19,568		679,205
Semtech Corp.*		17,427		837,367
Silicon Laboratories, Inc.*		5,572		576,145
Synaptics, Inc.*		13,585		395,867
				5,618,304
Software — 3.2%
Allscripts Healthcare Solutions, Inc.*		130,332		1,515,761
Avaya Holdings Corp.*		31,053		369,841
Bottomline Technologies DE, Inc.*		10,502		464,608
CommVault Systems, Inc.*		25,217		1,251,268
Cornerstone OnDemand, Inc.*		19,728		1,142,843
SYNNEX Corp.		12,392		1,219,373
Verint Systems, Inc.*		20,655		1,110,826
				7,074,520
Telecommunications — 1.7%
Ciena Corp.*		16,033		659,437
Knowles Corp.*		44,109		807,636
Liberty Latin America Ltd., Class C*		49,419		849,513
Plantronics, Inc.		10,914		404,254
Viavi Solutions, Inc.*		83,013		1,103,243
				3,824,083
Transportation — 1.6%
Air Transport Services Group, Inc.*		27,354		667,438
Atlas Air Worldwide Holdings, Inc.*		11,751		524,565
Golar LNG Ltd.		74,726		1,380,936
Saia, Inc.*		16,461		1,064,533
				3,637,472
TOTAL COMMON STOCKS (Cost $167,021,271)				191,804,731
REAL ESTATE INVESTMENT TRUSTS — 12.8%
Apartments — 0.2%
Preferred Apartment Communities, Inc., Class A		32,601		487,385

108

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Building & Real Estate — 1.0%
MFA Financial, Inc.		190,505	$	1,367,826
PennyMac Mortgage Investment Trust		42,066		918,301
				2,286,127
Diversified — 0.9%
PS Business Parks, Inc.		12,652		2,132,242
Diversified Financial Services — 1.3%
Granite Point Mortgage Trust, Inc.		23,971		460,003
Redwood Trust, Inc.		62,224		1,028,563
Two Harbors Investment Corp.		104,815		1,328,006
				2,816,572
Healthcare — 2.1%
Healthcare Realty Trust, Inc.		78,566		2,460,687
National Health Investors, Inc.		27,348		2,133,964
				4,594,651
Hotels & Resorts — 3.1%
Chatham Lodging Trust		25,155		474,675
Chesapeake Lodging Trust		89,646		2,547,739
Pebblebrook Hotel Trust		75,723		2,133,874
RLJ Lodging Trust		98,811		1,752,907
				6,909,195
Industrial — 1.6%
CyrusOne, Inc.		35,607		2,055,236
STAG lndustrial, Inc.		50,203		1,518,139
				3,573,375
Office Property — 1.2%
Columbia Property Trust, Inc.		69,326		1,437,821
Hudson Pacific Properties, Inc.		35,332		1,175,496
				2,613,317
Storage & Warehousing — 0.4%
Life Storage, Inc.		8,860		842,409
Strip Centers — 1.0%
Acadia Realty Trust		81,090		2,219,433
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $27,099,467)				28,474,706
SHORT-TERM INVESTMENTS — 1.8%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $4,104,680)		4,104,680		4,104,680
TOTAL INVESTMENTS — 100.5% (Cost $198,225,418)				224,384,117
Other Assets & Liabilities — (0.5)%				(1,147,236	)
TOTAL NET ASSETS — 100.0%			$	223,236,881

† See Security Valuation Note.

* Non-income producing security.

LP — Limited Partnership.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	191,804,731	$	191,804,731	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		28,474,706		28,474,706		—		—
SHORT-TERM INVESTMENTS		4,104,680		4,104,680		—		—
TOTAL INVESTMENTS	$	224,384,117	$	224,384,117	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

109

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — 90.2%
Advertising — 0.2%
Adesto Technologies Corp.*		1,000	$	8,150
Boston Omaha Corp., Class A*		400		9,260
Clear Channel Outdoor Holdings, Inc.*		600		2,832
Fluent, Inc.*		1,700		9,146
Marchex, Inc., Class B*		1,500		7,455
MDC Partners, Inc., Class A*		1,800		4,536
SharpSpring, Inc.*		400		5,240
Telaria, Inc.*		1,300		9,776
Yext, Inc.*		3,300		66,297
				122,692
Aerospace & Defense — 0.9%
AAR Corp.		1,069		39,328
Aerojet Rocketdyne Holdings, Inc.*		2,440		109,239
AeroVironment, Inc.*		718		40,761
Astronics Corp.*		895		35,997
Cubic Corp.		1,069		68,929
Ducommun, Inc.*		400		18,028
Kaman Corp.		948		60,378
Kratos Defense & Security Solutions, Inc.*		3,122		71,463
Moog, Inc., Class A		1,091		102,128
National Presto Industries, Inc.		190		17,725
Triumph Group, Inc.		1,600		36,640
				600,616
Agriculture — 0.3%
22nd Century Group, Inc.*		3,700		7,733
Alico, Inc.		151		4,581
Cadiz, Inc.*		800		9,000
Limoneira Co.		600		11,964
Pyxus International, Inc.*		300		4,560
Tejon Ranch Co.*		825		13,687
The Andersons, Inc.		1,132		30,836
Turning Point Brands, Inc.		300		14,694
Universal Corp.		855		51,958
Vector Group Ltd.		3,388		33,033
				182,046
Airlines — 0.5%
Allegiant Travel Co.		455		65,293
Hawaiian Holdings, Inc.		1,626		44,601
Mesa Air Group, Inc.*		900		8,442
SkyWest, Inc.		1,681		101,986
Spirit Airlines, Inc.*		2,300		109,779
				330,101
Apparel — 0.8%
Crocs, Inc.*		2,200		43,450
Deckers Outdoor Corp.*		1,000		175,970
Delta Apparel, Inc.*		300		7,023
G-III Apparel Group Ltd.*		1,508		44,366
Kontoor Brands, Inc.*		1,600		46,672
Oxford Industries, Inc.		608		46,087
Rocky Brands, Inc.		200		5,456
Steven Madden Ltd.		2,973		100,933
Superior Group of Cos, Inc.		200		3,426
Unifi, Inc.*		660		11,992
Weyco Group, Inc.		200		5,342

	Number of Shares		Value†
Apparel — (continued)
Wolverine World Wide, Inc.		3,182	$	87,632
				578,349
Auto Manufacturers — 0.2%
Blue Bird Corp.*		392		7,718
Navistar International Corp.*		1,600		55,120
REV Group, Inc.		1,000		14,410
Wabash National Corp.		1,800		29,286
				106,534
Auto Parts & Equipment — 1.1%
Adient PLC		3,100		73,222
Altra Industrial Motion Corp.		2,203		79,044
American Axle & Manufacturing Holdings, Inc.*		3,716		47,416
Commercial Vehicle Group, Inc.*		1,000		8,020
Cooper Tire & Rubber Co.		1,749		55,181
Cooper-Standard Holdings, Inc.*		600		27,492
Dana, Inc.		4,996		99,620
Dorman Products, Inc.*		892		77,729
Douglas Dynamics, Inc.		700		27,853
Gentherm, Inc.*		1,168		48,857
Meritor, Inc.*		2,645		64,141
Miller Industries, Inc.		443		13,622
Modine Manufacturing Co.*		1,577		22,567
Motorcar Parts of America, Inc.*		700		14,987
Spartan Motors, Inc.		1,000		10,960
Standard Motor Products, Inc.		700		31,738
Tenneco, Inc., Class A		1,600		17,744
Titan International, Inc.		1,913		9,355
Tower International, Inc.		800		15,600
Visteon Corp.*		1,000		55,300
				800,448
Banks — 9.3%
1st Constitution Bancorp		400		7,388
1st Source Corp.		488		22,643
ACNB Corp.		300		11,871
Allegiance Bancshares, Inc.*		700		23,338
Amalgamated Bank, Class A		300		5,235
Amerant Bancorp, Inc.*		700		14,028
American National Bankshares, Inc.		400		15,500
Ameris Bancorp		1,647		64,546
Ames National Corp.		299		8,103
Arrow Financial Corp.		412		14,309
Atlantic Capital Bancshares, Inc.*		800		13,696
Atlantic Union Bankshares Corp.		2,807		99,171
BancFirst Corp.		620		34,509
Banco Latinoamericano de Comercio Exterior S.A.		1,110		23,121
BancorpSouth Bank		3,249		94,351
Bank First Corp.		200		14,200
Bank of Commerce Holdings		300		3,207
Bank of Marin Bancorp		480		19,690
Bankwell Financial Group, Inc.		300		8,610
Banner Corp.		1,200		64,980
Bar Harbor Bankshares		597		15,874
Baycom Corp.*		400		8,760

110

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
BCB Bancorp, Inc.		700	$	9,695
Boston Private Financial Holdings, Inc.		2,758		33,289
Bridge Bancorp, Inc.		507		14,936
Bridgewater Bancshares Inc.*		700		8,078
Bryn Mawr Bank Corp.		732		27,318
Business First Bancshares, Inc.		400		10,180
Byline Bancorp, Inc.*		900		17,208
C&F Financial Corp.		100		5,461
Cadence BanCorp		4,406		91,645
Cambridge Bancorp		200		16,300
Camden National Corp.		539		24,724
Capital City Bank Group, Inc.		469		11,655
Capstar Financial Holdings, Inc.		600		9,090
Carolina Financial Corp.		700		24,563
Carter Bank & Trust*		800		15,920
Cass Information Systems, Inc.		498		24,143
Cathay General Bancorp		2,650		95,162
CBTX, Inc.		700		19,698
CenterState Bank Corp.		4,405		101,447
Central Pacific Financial Corp.		900		26,964
Central Valley Community Bancorp		400		8,588
Century Bancorp, Inc., Class A		69		6,065
Chemical Financial Corp.		2,400		98,664
Chemung Financial Corp.		100		4,834
Citizens & Northern Corp.		356		9,373
City Holding Co.		548		41,790
Civista Bancshares, Inc.		400		8,980
CNB Financial Corp.		474		13,386
Coastal Financial Corp.*		300		4,641
Codorus Valley Bancorp, Inc.		263		6,049
Colony Bankcorp, Inc.		300		5,088
Columbia Banking System, Inc.		2,468		89,292
Community Bank System, Inc.		1,737		114,364
Community Trust Bancorp, Inc.		583		24,655
ConnectOne Bancorp, Inc.		1,060		24,020
Customers Bancorp, Inc.*		980		20,580
CVB Financial Corp.		4,592		96,570
DNB Financial Corp.		100		4,487
Eagle Bancorp, Inc.		1,173		63,494
Enterprise Bancorp, Inc.		313		9,925
Enterprise Financial Services Corp.		782		32,531
Equity Bancshares, Inc., Class A*		500		13,330
Esquire Financial Holdings, Inc.*		300		7,545
Evans Bancorp, Inc.		200		7,546
Farmers & Merchants Bancorp, Inc.		400		11,648
Farmers National Banc Corp.		700		10,381
FB Financial Corp.		500		18,300
Fidelity D&D Bancorp, Inc.		100		6,720
Fidelity Southern Corp.		707		21,896
Financial Institutions, Inc.		440		12,826
First Bancorp		924		33,652
First BanCorp Puerto Rico		7,200		79,488
First Bancorp, Inc.		434		11,653
First Bank/Hamilton NJ		800		9,392
First Busey Corp.		1,813		47,881
First Business Financial Services, Inc.		400		9,400

	Number of Shares		Value†
Banks — (continued)
First Choice Bancorp		300	$	6,822
First Commonwealth Financial Corp.		3,321		44,734
First Community Bankshares, Inc.		426		14,382
First Financial Bancorp		3,282		79,490
First Financial Bankshares, Inc.		4,504		138,678
First Financial Corp.		380		15,261
First Foundation, Inc.		1,200		16,128
First Internet Bancorp		300		6,462
First Interstate BancSystem, Inc., Class A		1,287		50,978
First Merchants Corp.		1,838		69,660
First Mid Bancshares, Inc.		500		17,460
First Midwest Bancorp, Inc.		3,614		73,979
First Northwest Bancorp		200		3,250
FNCB Bancorp, Inc.		800		6,424
Franklin Financial Network, Inc.		400		11,144
Franklin Financial Services Corp.		200		7,650
Fulton Financial Corp.		5,703		93,358
FVCBankcorp, Inc.*		500		9,560
German American Bancorp, Inc.		738		22,229
Glacier Bancorp, Inc.		2,821		114,392
Great Southern Bancorp, Inc.		371		22,204
Great Western Bancorp, Inc.		1,900		67,868
Guaranty Bancshares, Inc.		300		9,345
Hancock Whitney Corp.		2,872		115,052
Hanmi Financial Corp.		913		20,333
HarborOne Bancorp, Inc.*		600		11,238
Hawthorn Bancshares, Inc.		200		5,438
Heartland Financial USA, Inc.		1,117		49,963
Heritage Commerce Corp.		1,200		14,700
Heritage Financial Corp.		1,230		36,334
Home BancShares, Inc.		5,335		102,752
Hope Bancorp, Inc.		4,067		56,043
Horizon Bancorp, Inc.		1,350		22,059
Howard Bancorp, Inc.*		500		7,585
IBERIABANK Corp.		1,846		140,019
Independent Bank Corp.		1,155		87,953
Independent Bank Corp.		800		17,432
Independent Bank Group, Inc.		1,250		68,700
International Bancshares Corp.		1,825		68,821
Investar Holding Corp.		300		7,155
Kearny Financial Corp.		2,745		36,481
Lakeland Bancorp, Inc.		1,711		27,633
Lakeland Financial Corp.		791		37,043
LCNB Corp.		400		7,600
LegacyTexas Financial Group, Inc.		1,566		63,752
Level One Bancorp, Inc.		200		4,998
Live Oak Bancshares, Inc.		900		15,435
Luther Burbank Corp.		800		8,712
Macatawa Bank Corp.		800		8,208
Mackinac Financial Corp.		400		6,344
MainStreet Bancshares, Inc.*		300		6,930
MBT Financial Corp.		700		7,231
Mercantile Bank Corp.		500		16,290
Merchants Bancorp		600		10,218
Metropolitan Bank Holding Corp.*		200		8,800
Mid Penn Bancorp, Inc.		200		4,990

111

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Midland States Bancorp, Inc.		700	$	18,704
MidSouth Bancorp, Inc.		700		8,295
MidWestOne Financial Group, Inc.		400		11,184
MVB Financial Corp.		200		3,392
National Bankshares, Inc.		219		8,526
NBT Bancorp, Inc.		1,469		55,102
Nicolet Bankshares, Inc.*		300		18,618
Northeast Bank		300		8,274
Northrim BanCorp, Inc.		300		10,698
Norwood Financial Corp.		200		6,962
Oak Valley Bancorp		113		2,209
OFG Bancorp		1,810		43,024
Ohio Valley Banc Corp.		200		7,714
Old Line Bancshares, Inc.		500		13,305
Old National Bancorp		5,961		98,893
Old Second Bancorp, Inc.		800		10,216
OP Bancorp		700		7,588
Opus Bank		700		14,777
Origin Bancorp, Inc.		600		19,800
Orrstown Financial Services, Inc.		400		8,796
Pacific Mercantile Bancorp*		800		6,600
Park National Corp.		524		52,080
Parke Bancorp, Inc.		400		9,580
PCB Bancorp		300		5,112
PCSB Financial Corp.		700		14,175
Peapack Gladstone Financial Corp.		636		17,884
Penns Woods Bancorp, Inc.		168		7,602
People’s Utah Bancorp		600		17,640
Peoples Bancorp of North Carolina, Inc.		200		6,010
Peoples Bancorp, Inc.		572		18,453
Peoples Financial Services Corp.		300		13,497
Preferred Bank		500		23,625
Premier Financial Bancorp, Inc.		550		8,250
Provident Bancorp, Inc.*		200		5,468
QCR Holdings, Inc.		500		17,435
RBB Bancorp		600		11,604
Reliant Bancorp, Inc.		400		9,452
Renasant Corp.		2,035		73,138
Republic Bancorp, Inc., Class A		287		14,278
Republic First Bancorp, Inc.*		1,700		8,347
S&T Bancorp, Inc.		1,159		43,439
Sandy Spring Bancorp, Inc.		1,150		40,112
SB One Bancorp		200		4,470
Seacoast Banking Corp of Florida*		1,740		44,266
Select Bancorp, Inc.*		300		3,432
ServisFirst Bancshares, Inc.		1,600		54,816
Shore Bancshares, Inc.		600		9,804
Sierra Bancorp		412		11,173
Simmons First National Corp., Class A		3,096		72,013
SmartFinancial, Inc.*		400		8,676
South State Corp.		1,180		86,931
Southern First Bancshares, Inc.*		300		11,748
Southern National Bancorp of Virginia, Inc.		600		9,186
Southside Bancshares, Inc.		1,071		34,679
Spirit of Texas Bancshares, Inc.*		400		9,000
Sterling Bancorp, Inc.		700		6,979

	Number of Shares		Value†
Banks — (continued)
Stock Yards Bancorp, Inc.		767	$	27,727
Summit Financial Group, Inc.		400		10,740
The Bancorp, Inc.*		1,512		13,487
The Bank of NT Butterfield & Son Ltd.		1,900		64,524
The Bank of Princeton		300		9,000
The Community Financial Corp.		100		3,373
The First Bancshares, Inc.		500		15,170
The First of Long Island Corp.		889		17,851
Tompkins Financial Corp.		558		45,533
Towne Bank		2,177		59,389
TriCo Bancshares		898		33,944
TriState Capital Holdings, Inc.*		700		14,938
Triumph Bancorp, Inc.*		900		26,145
TrustCo Bank Corp.		3,252		25,756
Trustmark Corp.		2,230		74,148
UMB Financial Corp.		1,481		97,479
Union Bankshares, Inc., Morrisville VT		100		3,701
United Bankshares, Inc.		3,356		124,474
United Community Banks, Inc.		2,678		76,484
United Security Bancshares		700		7,973
Unity Bancorp, Inc.		400		9,080
Univest Corp.		1,087		28,545
Valley National Bancorp		11,035		118,957
Veritex Holdings, Inc.		1,853		48,085
Walker & Dunlop, Inc.		900		47,889
Washington Trust Bancorp, Inc.		470		24,525
WesBanco, Inc.		1,738		67,000
West Bancorporation, Inc.		478		10,143
Westamerica Bancorporation		873		53,786
Western New England Bancorp, Inc.		1,000		9,340
				6,503,557
Beverages — 0.3%
Coca-Cola Consolidated, Inc.		152		45,486
Craft Brew Alliance, Inc.*		200		2,798
Farmer Brothers Co.*		204		3,340
MGP Ingredients, Inc.		400		26,524
National Beverage Corp.		442		19,726
New Age Beverages Corp.*		2,800		12,824
Primo Water Corp.*		1,000		12,300
The Boston Beer Co., Inc., Class A*		280		105,773
				228,771
Biotechnology — 5.4%
Abeona Therapeutics, Inc.*		900		4,302
ACADIA Pharmaceuticals, Inc.*		3,900		104,247
Acceleron Pharma, Inc.*		1,500		61,620
Achillion Pharmaceuticals, Inc.*		4,300		11,524
Acorda Therapeutics, Inc.*		1,731		13,277
ADMA Biologics, Inc.*		1,300		5,018
Aduro Biotech, Inc.*		2,800		4,312
Adverum Biotechnologies, Inc.*		1,700		20,213
Affimed NV*		2,600		7,540
Agenus, Inc.*		3,200		9,600
AgeX Therapeutics, Inc.*		310		1,138
Albireo Pharma, Inc.*		300		9,672
Alder Biopharmaceuticals, Inc.*		2,600		30,602

112

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Aldeyra Therapeutics, Inc.*		400	$	2,400
Allakos, Inc.*		600		25,998
Allogene Therapeutics, Inc.*		1,400		37,590
AMAG Pharmaceuticals, Inc.*		956		9,550
AnaptysBio, Inc.*		900		50,778
Anavex Life Sciences Corp.*		1,900		7,410
ANI Pharmaceuticals, Inc.*		300		24,660
Arcus Biosciences, Inc.*		1,200		9,540
Ardelyx, Inc.*		1,400		3,766
Arena Pharmaceuticals, Inc.*		1,750		102,603
ArQule, Inc.*		3,300		36,333
Arrowhead Pharmaceuticals, Inc.*		3,100		82,150
Assembly Biosciences, Inc.*		700		9,443
Atara Biotherapeutics, Inc.*		1,400		28,154
Athersys, Inc.*		3,600		6,048
Audentes Therapeutics, Inc.*		1,500		56,790
Avid Bioservices, Inc.*		1,100		6,160
Avrobio, Inc.*		500		8,130
BioCryst Pharmaceuticals, Inc.*		3,400		12,886
Biohaven Pharmaceutical Holding Co., Ltd.*		1,200		52,548
BioTime, Inc.*		3,100		3,410
Blueprint Medicines Corp.*		1,700		160,361
Calyxt, Inc.*		300		3,744
Cambrex Corp.*		1,167		54,627
CASI Pharmaceuticals, Inc.*		1,600		5,120
CEL-SCI Corp.*		1,100		8,965
Cellular Biomedicine Group, Inc.*		300		4,959
Cerecor, Inc.*		1,000		5,090
ChromaDex Corp.*		800		3,720
Coherus Biosciences, Inc.*		2,200		48,620
Constellation Pharmaceuticals, Inc.*		700		8,596
Cortexyme, Inc.*		100		4,031
Crinetics Pharmaceuticals, Inc.*		300		7,500
Cue Biopharma, Inc.*		700		6,293
Cymabay Therapeutics, Inc.*		2,600		18,616
Cytokinetics, Inc.*		2,000		22,500
CytomX Therapeutics, Inc.*		1,500		16,830
Deciphera Pharmaceuticals, Inc.*		600		13,530
Denali Therapeutics, Inc.*		1,500		31,140
Dermira, Inc.*		1,700		16,252
Dicerna Pharmaceuticals, Inc.*		1,700		26,775
Dynavax Technologies Corp.*		2,320		9,257
Editas Medicine, Inc.*		1,800		44,532
Eidos Therapeutics, Inc.*		600		18,648
Eiger BioPharmaceuticals, Inc.*		900		9,477
Eloxx Pharmaceuticals, Inc.*		800		7,976
Emergent BioSolutions, Inc.*		1,558		75,267
Enzo Biochem, Inc.*		1,800		6,066
Epizyme, Inc.*		2,800		35,140
Evelo Biosciences, Inc.*		700		6,286
EyePoint Pharmaceuticals, Inc.*		3,000		4,890
Fate Therapeutics, Inc.*		1,900		38,570
Five Prime Therapeutics, Inc.*		1,100		6,633
Forty Seven, Inc.*		400		4,240
Geron Corp.*		6,550		9,236
GlycoMimetics, Inc.*		1,300		15,496

	Number of Shares		Value†
Biotechnology — (continued)
Gossamer Bio, Inc.*		700	$	15,526
Halozyme Therapeutics, Inc.*		4,989		85,711
Homology Medicines, Inc.*		900		17,613
ImmunoGen, Inc.*		4,863		10,553
Immunomedics, Inc.*		6,136		85,106
Innoviva, Inc.*		2,300		33,488
Inovio Pharmaceuticals, Inc.*		2,500		7,350
Insmed, Inc.*		2,600		66,560
Intellia Therapeutics, Inc.*		1,300		21,281
Intercept Pharmaceuticals, Inc.*		865		68,828
Intrexon Corp.*		2,700		20,682
Iovance Biotherapeutics, Inc.*		4,000		98,080
Karyopharm Therapeutics, Inc.*		1,900		11,381
Kezar Life Sciences, Inc.*		300		2,313
Kiniksa Pharmaceuticals Ltd., Class A*		300		4,062
Krystal Biotech, Inc.*		300		13,245
Kura Oncology, Inc.*		1,100		21,659
Lexicon Pharmaceuticals, Inc.*		1,760		11,070
Ligand Pharmaceuticals, Inc.*		710		81,047
Liquidia Technologies, Inc.*		600		4,686
Logicbio Therapeutics, Inc.*		400		4,720
MacroGenics, Inc.*		1,700		28,849
Magenta Therapeutics, Inc.*		600		8,850
Marker Therapeutics, Inc.*		1,100		8,657
MEI Pharma, Inc.*		2,800		6,552
MeiraGTx Holdings PLC*		500		13,440
Molecular Templates, Inc.*		800		6,352
Momenta Pharmaceuticals, Inc.*		3,282		40,861
Myriad Genetics, Inc.*		2,300		63,894
NeoGenomics, Inc.*		3,100		68,014
Novavax, Inc.*		811		4,752
Omeros Corp.*		1,500		23,535
Pacific Biosciences of California, Inc.*		4,600		27,830
Palatin Technologies, Inc.*		4,900		5,684
Paratek Pharmaceuticals, Inc.*		900		3,591
PDL BioPharma, Inc.*		4,517		14,183
Pfenex, Inc.*		500		3,370
Pieris Pharmaceuticals, Inc.*		1,300		6,110
PolarityTE, Inc.*		300		1,710
Precision BioSciences, Inc.*		400		5,316
Prothena Corp. PLC*		1,400		14,798
PTC Therapeutics, Inc.*		2,000		90,000
Puma Biotechnology, Inc.*		900		11,439
REGENXBIO, Inc.*		1,100		56,507
Repligen Corp.*		1,600		137,520
Replimune Group, Inc.*		500		7,330
resTORbio, Inc.*		600		6,168
Retrophin, Inc.*		1,500		30,135
Rigel Pharmaceuticals, Inc.*		6,090		15,895
RTI Surgical Holdings, Inc.*		2,035		8,649
Rubius Therapeutics, Inc.*		1,300		20,449
Sangamo Therapeutics, Inc.*		3,603		38,804
Savara, Inc.*		1,000		2,370
Scholar Rock Holding Corp.*		600		9,516
Senseonics Holdings, Inc.*		2,500		5,100
Solid Biosciences, Inc.*		400		2,300

113

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Spark Therapeutics, Inc.*		1,100	$	112,618
Spectrum Pharmaceuticals, Inc.*		4,014		34,561
Stemline Therapeutics, Inc.*		1,400		21,448
Strongbridge Biopharma PLC*		1,700		5,542
Syndax Pharmaceuticals, Inc.*		800		7,224
Synlogic, Inc.*		600		5,460
Synthorx, Inc.*		300		4,053
The Medicines Co.*		2,492		90,883
Theravance Biopharma, Inc.*		1,500		24,495
Tocagen, Inc.*		1,000		6,680
Translate Bio, Inc.*		1,100		13,893
TransMedics Group, Inc.*		300		8,079
Twist Bioscience Corp.*		800		23,208
Ultragenyx Pharmaceutical, Inc.*		1,900		120,650
UNITY Biotechnology, Inc.*		900		8,550
Veracyte, Inc.*		1,600		45,616
Vericel Corp.*		1,400		26,446
Viking Therapeutics, Inc.*		2,400		19,920
WaVe Life Sciences Ltd.*		700		18,263
X4 Pharmaceuticals, Inc.*		300		4,524
XBiotech, Inc.*		700		5,159
Y-mAbs Therapeutics, Inc.*		800		18,296
ZIOPHARM Oncology, Inc.*		5,727		33,388
				3,760,842
Building Materials — 1.6%
AAON, Inc.		1,385		69,499
Apogee Enterprises, Inc.		843		36,620
Armstrong Flooring, Inc.*		500		4,925
Boise Cascade Co.		1,400		39,354
Builders FirstSource, Inc.*		3,973		66,985
Caesarstone Ltd.		600		9,018
Comfort Systems USA, Inc.		1,227		62,565
Continental Building Products, Inc.*		1,200		31,884
Cornerstone Building Brands, Inc.*		1,664		9,701
Forterra, Inc.*		900		4,473
Gibraltar Industries, Inc.*		1,101		44,436
Griffon Corp.		1,256		21,252
JELD-WEN Holding, Inc.*		2,300		48,829
Louisiana-Pacific Corp.		4,294		112,589
Masonite International Corp.*		900		47,412
Patrick Industries, Inc.*		775		38,122
PGT Innovations, Inc.*		1,900		31,768
Quanex Building Products Corp.		1,025		19,362
Select Interior Concepts, Inc., Class A*		900		10,575
Simpson Manufacturing Co., Inc.		1,585		105,339
Summit Materials, Inc., Class A*		3,805		73,246
Trex Co., Inc.*		2,024		145,121
Universal Forest Products, Inc.		2,049		77,985
US Concrete, Inc.*		600		29,814
				1,140,874
Chemicals — 2.0%
AdvanSix, Inc.*		1,000		24,430
American Vanguard Corp.		1,078		16,612
Amyris, Inc.*		1,500		5,340
Balchem Corp.		1,105		110,467

	Number of Shares		Value†
Chemicals — (continued)
Codexis, Inc.*		1,700	$	31,331
CSW Industrials, Inc.		500		34,075
Ferro Corp.*		2,838		44,840
GCP Applied Technologies, Inc.*		1,900		43,016
H.B. Fuller Co.		1,680		77,952
Hawkins, Inc.		349		15,150
Ingevity Corp.*		1,500		157,755
Innophos Holdings, Inc.		596		17,350
Innospec, Inc.		800		72,992
Intrepid Potash, Inc.*		3,700		12,432
Kraton Corp.*		1,041		32,344
Kronos Worldwide, Inc.		900		13,788
Landec Corp.*		718		6,728
Minerals Technologies, Inc.		1,228		65,710
Oil-Dri Corp of America		97		3,302
OMNOVA Solutions, Inc.*		1,268		7,900
Orion Engineered Carbons S.A.		2,100		44,961
PolyOne Corp.		2,755		86,479
PQ Group Holdings, Inc.*		1,100		17,435
Quaker Chemical Corp.		456		92,513
Rayonier Advanced Materials, Inc.		1,900		12,331
Rogers Corp.*		624		107,690
Sensient Technologies Corp.		1,458		107,134
Stepan Co.		708		65,072
Tronox Holdings PLC, Class A		3,400		43,452
				1,370,581
Coal — 0.3%
Arch Coal, Inc., Class A		600		56,526
CONSOL Energy, Inc.*		900		23,949
Hallador Energy Co.		900		5,067
Peabody Energy Corp.		2,700		65,070
SunCoke Energy, Inc.*		2,341		20,788
Warrior Met Coal, Inc.		1,800		47,016
				218,416
Commercial Services — 5.6%
Aaron’s, Inc.		2,300		141,243
ABM Industries, Inc.		2,239		89,560
Acacia Research Corp.*		1,880		5,565
Adtalem Global Education, Inc.*		1,900		85,595
Alarm.com Holdings, Inc.*		1,300		69,550
American Public Education, Inc.*		555		16,417
AMN Healthcare Services, Inc.*		1,609		87,288
Arlo Technologies, Inc.*		2,433		9,756
ASGN, Inc.*		1,752		106,171
Avis Budget Group, Inc.*		2,200		77,352
B. Riley Financial, Inc.		800		16,688
Barrett Business Services, Inc.		242		19,989
BG Staffing, Inc.		400		7,552
BrightView Holdings, Inc.*		900		16,839
Cardtronics PLC, Class A*		1,363		37,237
Care.com, Inc.*		800		8,784
Career Education Corp.*		2,300		43,861
Carriage Services, Inc.		600		11,406
CBIZ, Inc.*		1,740		34,087
Chegg, Inc.*		4,000		154,360

114

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Commercial Services — (continued)
Collectors Universe, Inc.		300	$	6,618
CorVel Corp.*		362		31,498
CRA International, Inc.		274		10,502
Cross Country Healthcare, Inc.*		1,084		10,168
Deluxe Corp.		1,607		65,341
Emerald Expositions Events, Inc.		700		7,805
Ennis, Inc.		858		17,606
Everi Holdings, Inc.*		2,400		28,632
EVERTEC, Inc.		2,039		66,675
Evo Payments, Inc., Class A*		1,100		34,683
ExlService Holdings, Inc.*		1,100		72,743
Forrester Research, Inc.		375		17,636
Franklin Covey Co.*		397		13,498
FTI Consulting, Inc.*		1,256		105,303
Great Lakes Dredge & Dock Corp.*		1,951		21,539
Green Dot Corp., Class A*		1,642		80,294
Healthcare Services Group, Inc.		2,480		75,194
HealthEquity, Inc.*		2,100		137,340
Heidrick & Struggles International, Inc.		669		20,050
Herc Holdings, Inc.*		800		36,664
Hertz Global Holdings, Inc.*		1,700		3,315
Hertz Global Holdings, Inc.*		1,700		27,132
HMS Holdings Corp.*		3,015		97,656
Huron Consulting Group, Inc.*		728		36,677
I3 Verticals, Inc., Class A*		400		11,780
ICF International, Inc.		648		47,174
Information Services Group, Inc.*		1,600		5,056
Insperity, Inc.		1,339		163,545
International Money Express, Inc.*		500		7,300
James River Group Holdings Ltd.		1,000		46,900
K12, Inc.*		1,252		38,073
Kelly Services, Inc., Class A		1,014		26,557
Kforce, Inc.		686		24,072
Korn/Ferry International		1,890		75,732
Laureate Education, Inc., Class A*		3,200		50,272
LiveRamp Holdings, Inc.*		2,267		109,904
LSC Communications, Inc.		1,300		4,771
Matthews International Corp., Class A		1,005		35,024
MAXIMUS, Inc.		2,188		158,718
McGrath RentCorp		853		53,014
Medifast, Inc.		397		50,935
Monro Inc		1,137		96,986
Multi-Color Corp.		467		23,336
National Research Corp.		387		22,287
Navigant Consulting, Inc.		1,384		32,095
PRGX Global, Inc.*		1,100		7,392
Quad/Graphics, Inc.		1,300		10,283
Rent-A-Center, Inc.*		1,753		46,682
Resources Connection, Inc.		922		14,761
RR Donnelley & Sons Co.		2,700		5,319
SEACOR Marine Holdings, Inc.*		603		9,021
Sotheby’s*		1,141		66,326
SP Plus Corp.*		693		22,128
StarTek, Inc.*		700		5,768
Strategic Education, Inc.		738		131,364
Team, Inc.*		1,183		18,124

	Number of Shares		Value†
Commercial Services — (continued)
The Brink’s Co.		1,710	$	138,818
The Hackett Group, Inc.		716		12,022
The Providence Service Corp.*		400		22,936
TriNet Group, Inc.*		1,500		101,700
TrueBlue, Inc.*		1,376		30,355
Vectrus, Inc.*		300		12,168
Viad Corp.		671		44,447
Weight Watchers International, Inc.*		1,700		32,470
Willdan Group, Inc.*		300		11,175
				3,890,659
Computers — 2.4%
3D Systems Corp.*		3,600		32,760
A10 Networks, Inc.*		2,000		13,640
Agilysys, Inc.*		476		10,220
Carbon Black, Inc.*		2,000		33,440
Carbonite, Inc.*		1,100		28,644
Conduent, Inc.*		6,100		58,499
Cray, Inc.*		1,399		48,713
Diebold Nixdorf, Inc.*		2,400		21,984
Digimarc Corp.*		400		17,756
Electronics For Imaging, Inc.*		1,424		52,560
ForeScout Technologies, Inc.*		1,400		47,404
Immersion Corp.*		842		6,408
Insight Enterprises, Inc.*		1,243		72,343
LivePerson, Inc.*		2,025		56,781
Lumentum Holdings, Inc.*		2,613		139,560
Mercury Systems, Inc.*		1,836		129,163
Mitek Systems, Inc.*		1,400		13,916
MTS Systems Corp.		560		32,777
NetScout Systems, Inc.*		2,565		65,125
OneSpan, Inc.*		1,028		14,567
PAR Technology Corp.*		300		8,460
Parsons Corp.*		700		25,802
Perspecta, Inc.		4,800		112,368
PlayAGS, Inc.*		800		15,560
Presidio, Inc.		1,400		19,138
Qualys, Inc.*		1,200		104,496
Rimini Street, Inc.*		900		4,743
Science Applications International Corp.		2,015		174,418
Stratasys Ltd.*		1,800		52,866
Sykes Enterprises, Inc.*		1,336		36,686
Tenable Holdings, Inc.*		1,300		37,102
TTEC Holdings, Inc.		507		23,621
Unisys Corp.*		1,624		15,785
USA Technologies, Inc.*		1,800		13,374
Varonis Systems, Inc.*		1,000		61,940
Virtusa Corp.*		989		43,941
Vocera Communications, Inc.*		1,100		35,112
				1,681,672
Cosmetics & Personal Care — 0.2%
Edgewell Personal Care Co.*		1,800		48,510
elf Beauty, Inc.*		800		11,280
Inter Parfums, Inc.		624		41,490
Revlon, Inc., Class A*		270		5,219
				106,499

115

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Distribution & Wholesale — 0.6%
Beacon Roofing Supply, Inc.*		2,281	$	83,758
BlueLinx Holdings, Inc.*		300		5,943
Core-Mark Holding Co., Inc.		1,564		62,122
EVI Industries, Inc.		200		7,654
Fossil Group, Inc.*		1,700		19,550
H&E Equipment Services, Inc.		1,159		33,715
Owens & Minor, Inc.		2,276		7,283
ScanSource, Inc.*		881		28,686
SiteOne Landscape Supply, Inc.*		1,400		97,020
Titan Machinery, Inc.*		523		10,763
Triton International Ltd.		1,993		65,291
Veritiv Corp.*		500		9,710
				431,495
Diversified Financial Services — 1.9%
Aircastle Ltd.		1,676		35,632
Altisource Portfolio Solutions SA*		300		5,898
Ares Management Corp., Class A		2,300		61,985
Artisan Partners Asset Management, Inc., Class A		1,700		46,784
Cohen & Steers, Inc.		717		36,882
Cowen, Inc., Class A*		947		16,279
Curo Group Holdings Corp.*		400		4,420
Diamond Hill Investment Group, Inc.		107		15,164
Elevate Credit, Inc.*		1,100		4,532
Encore Capital Group, Inc.*		1,097		37,155
Enova International, Inc.*		1,229		28,328
Federal Agricultural Mortgage Corp., Class C		300		21,798
Federated Investors, Inc., Class B		3,300		107,250
Focus Financial Partners, Inc., Class A*		1,100		30,041
GAIN Capital Holdings, Inc.		800		3,304
GAMCO Investors, Inc., Class A		215		4,122
Greenhill & Co., Inc.		500		6,795
Hamilton Lane, Inc., Class A		800		45,648
Houlihan Lokey, Inc.		1,100		48,983
INTL. FCStone, Inc.*		593		23,477
Ladenburg Thalmann Financial Services, Inc.		4,000		13,720
LendingClub Corp.*		11,800		38,704
Marlin Business Services Corp.		200		4,986
Mma Capital Holdings, Inc.*		200		6,660
Moelis & Co., Class A		1,700		59,415
Mr. Cooper Group, Inc.*		2,792		22,364
Nelnet, Inc., Class A		599		35,473
Och-Ziff Capital Management Group, Inc., Class A		600		14,082
Ocwen Financial Corp.*		3,800		7,866
On Deck Capital, Inc.*		2,200		9,130
Oppenheimer Holdings, Inc., Class A		238		6,478
PennyMac Financial Services, Inc.		900		19,962
Piper Jaffray Cos.		487		36,170
PJT Partners, Inc., Class A		800		32,416
PRA Group, Inc.*		1,448		40,747
Pzena Investment Management, Inc., Class A		830		7,130
R1 RCM, Inc.*		3,600		45,288
Regional Management Corp.*		300		7,911

	Number of Shares		Value†
Diversified Financial Services — (continued)
Silvercrest Asset Management Group, Inc., Class A		400	$	5,612
Stifel Financial Corp.		2,306		136,192
Teton Advisors, Inc., Class A		2		103
Virtus Investment Partners, Inc.		240		25,776
Waddell & Reed Financial, Inc., Class A		2,400		40,008
WageWorks, Inc.*		1,400		71,106
Westwood Holdings Group, Inc.		311		10,947
WisdomTree Investments, Inc.		4,800		29,616
World Acceptance Corp.*		262		42,997
				1,355,336
Electric — 1.9%
ALLETE, Inc.		1,751		145,701
Ameresco, Inc., Class A*		600		8,838
Atlantic Power Corp.*		4,127		9,987
Avista Corp.		2,239		99,859
Black Hills Corp.		2,048		160,092
Clearway Energy, Inc., Class A		1,100		17,798
Clearway Energy, Inc., Class C		2,400		40,464
El Paso Electric Co.		1,377		90,056
Genie Energy Ltd., Class B		600		6,840
MGE Energy, Inc.		1,242		90,765
NorthWestern Corp.		1,780		128,427
Ormat Technologies, Inc.		1,400		88,746
Otter Tail Corp.		1,292		68,231
PNM Resources, Inc.		2,710		137,966
Portland General Electric Co.		3,056		165,544
Spark Energy, Inc., Class A		400		4,476
Unitil Corp.		463		27,729
				1,291,519
Electrical Components & Equipment — 0.9%
Advanced Energy Industries, Inc.*		1,293		72,757
American Superconductor Corp.*		900		8,595
Belden, Inc.		1,355		80,717
Encore Wire Corp.		671		39,307
Energous Corp.*		700		3,059
EnerSys		1,523		104,326
Generac Holdings, Inc.*		2,049		142,221
Graham Corp.		266		5,376
Insteel Industries, Inc.		691		14,387
nLight, Inc.*		1,200		23,040
Novanta, Inc.*		1,200		113,160
Powell Industries, Inc.		229		8,702
SunPower Corp.*		2,300		24,587
Vicor Corp.*		622		19,313
				659,547
Electronics — 2.0%
Akoustis Technologies, Inc.*		1,100		6,501
Allied Motion Technologies, Inc.		200		7,580
Applied Optoelectronics, Inc.*		700		7,196
AVX Corp.		1,600		26,560
Badger Meter, Inc.		1,018		60,764
Bel Fuse, Inc., Class B		269		4,619
Benchmark Electronics, Inc.		1,413		35,495
Brady Corp., Class A		1,657		81,723

116

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
Control4 Corp.*		1,000	$	23,750
ESCO Technologies, Inc.		834		68,905
FARO Technologies, Inc.*		620		32,600
Fitbit, Inc., Class A*		7,100		31,240
Fluidigm Corp.*		2,500		30,800
GoPro, Inc., Class A*		3,700		20,202
II-VI, Inc.*		2,156		78,823
IMAX Corp.*		1,800		36,360
IntriCon Corp.*		200		4,672
Iteris, Inc.*		1,200		6,204
Itron, Inc.*		1,200		75,084
KEMET Corp.		1,900		35,739
Kimball Electronics, Inc.*		933		15,152
Mesa Laboratories, Inc.		122		29,809
Methode Electronics, Inc.		1,160		33,141
Napco Security Technologies, Inc.*		300		8,904
NVE Corp.		209		14,553
OSI Systems, Inc.*		557		62,735
Park Electrochemical Corp.		533		8,896
Plexus Corp.*		1,003		58,545
Sanmina Corp.*		2,326		70,431
ShotSpotter, Inc.*		300		13,260
Stoneridge, Inc.*		873		27,543
Tech Data Corp.*		1,271		132,947
Transcat, Inc.*		300		7,800
TTM Technologies, Inc.*		3,129		31,916
Vishay Intertechnology, Inc.		4,500		74,340
Vishay Precision Group, Inc.*		300		12,189
Watts Water Technologies, Inc., Class A		917		85,446
ZAGG, Inc.*		900		6,264
				1,368,688
Energy-Alternate Sources — 0.5%
Clean Energy Fuels Corp.*		4,200		11,214
Enphase Energy, Inc.*		3,200		58,336
FutureFuel Corp.		1,100		12,859
Green Plains, Inc.		1,467		15,814
Pattern Energy Group, Inc., Class A		3,100		71,579
Plug Power, Inc.*		6,800		15,300
Renewable Energy Group, Inc.*		1,200		19,032
REX American Resources Corp.*		192		13,997
Sunrun, Inc.*		3,900		73,164
TerraForm Power, Inc., Class A		2,279		32,590
TPI Composites, Inc.*		1,000		24,720
Vivint Solar, Inc.*		1,700		12,410
				361,015
Engineering & Construction — 1.4%
Aegion Corp.*		1,255		23,092
Arcosa, Inc.		1,700		64,396
Argan, Inc.		536		21,740
Construction Partners, Inc., Class A*		500		7,475
Dycom Industries, Inc.*		1,053		61,990
EMCOR Group, Inc.		1,963		172,940
Exponent, Inc.		1,780		104,201
Granite Construction, Inc.		1,533		73,860
IES Holdings, Inc.*		400		7,540

	Number of Shares		Value†
Engineering & Construction — (continued)
KBR, Inc.		4,800	$	119,712
MasTec, Inc.*		2,164		111,511
Mistras Group, Inc.*		800		11,496
MYR Group, Inc.*		483		18,040
NV5 Global, Inc.*		400		32,560
Sterling Construction Co.*		1,000		13,420
TopBuild Corp.*		1,200		99,312
Tutor Perini Corp.*		1,397		19,377
VSE Corp.		308		8,837
WillScot Corp.*		1,900		28,576
				1,000,075
Entertainment — 1.0%
AMC Entertainment Holdings, Inc., Class A		1,655		15,441
Churchill Downs, Inc.		1,202		138,314
Eldorado Resorts, Inc.*		2,200		101,354
Eros International PLC*		1,200		1,620
Golden Entertainment, Inc.*		800		11,200
International Speedway Corp., Class A		758		34,027
Marriott Vacations Worldwide Corp.		1,479		142,576
National CineMedia, Inc.		2,374		15,573
Penn National Gaming, Inc.*		3,732		71,878
RCI Hospitality Holdings, Inc.		400		7,004
Reading International, Inc., Class A*		700		9,086
Red Rock Resorts, Inc., Class A		2,300		49,404
Scientific Games Corp.*		1,900		37,658
SeaWorld Entertainment, Inc.*		1,800		55,800
Speedway Motorsports, Inc.		316		5,862
Twin River Worldwide Holdings, Inc.		800		23,352
				720,149
Environmental Control — 0.9%
Advanced Disposal Services, Inc.*		2,400		76,584
Advanced Emissions Solutions, Inc.		800		10,112
AquaVenture Holdings Ltd.*		400		7,988
Casella Waste Systems, Inc., Class A*		1,500		59,445
CECO Environmental Corp.*		1,309		12,553
Covanta Holding Corp.		4,000		71,640
Energy Recovery, Inc.*		1,500		15,630
Evoqua Water Technologies Corp.*		2,700		38,448
Heritage-Crystal Clean, Inc.*		600		15,786
MSA Safety, Inc.		1,221		128,681
NRC Group Holdings Corp.*		500		5,585
Pure Cycle Corp.*		400		4,240
Tetra Tech, Inc.		1,864		146,417
U.S. Ecology, Inc.		742		44,179
				637,288
Food — 1.4%
B&G Foods, Inc.		2,172		45,178
Cal-Maine Foods, Inc.		1,046		43,639
Calavo Growers, Inc.		551		53,304
Darling Ingredients, Inc.*		5,567		110,728
Dean Foods Co.		3,700		3,418
Fresh Del Monte Produce, Inc.		1,016		27,381
HF Foods Group, Inc.*		300		7,215
Hostess Brands, Inc.*		3,300		47,652
Ingles Markets, Inc., Class A		404		12,576

117

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Food — (continued)
J&J Snack Foods Corp.		509	$	81,924
John B Sanfilippo & Son, Inc.		300		23,907
Lancaster Colony Corp.		642		95,401
Performance Food Group Co.*		3,600		144,108
Sanderson Farms, Inc.		672		91,768
Seneca Foods Corp., Class A*		211		5,872
SpartanNash Co.		1,130		13,187
The Chefs’ Warehouse, Inc.*		750		26,302
The Simply Good Foods Co.*		2,500		60,200
Tootsie Roll Industries, Inc.		519		19,167
United Natural Foods, Inc.*		1,900		17,043
Village Super Market, Inc., Class A		268		7,105
Weis Markets, Inc.		366		13,326
				950,401
Forest Products & Paper — 0.2%
Clearwater Paper Corp.*		678		12,536
Neenah, Inc.		574		38,774
P.H. Glatfelter Co.		1,359		22,940
Schweitzer-Mauduit International, Inc.		976		32,383
Verso Corp., Class A*		1,300		24,765
				131,398
Gas — 1.2%
Chesapeake Utilities Corp.		535		50,836
New Jersey Resources Corp.		3,064		152,495
Northwest Natural Holding Co.		950		66,025
ONE Gas, Inc.		1,800		162,540
RGC Resources, Inc.		200		6,104
South Jersey Industries, Inc.		3,180		107,261
Southwest Gas Holdings, Inc.		1,886		169,023
Spire, Inc.		1,756		147,364
				861,648
Hand & Machine Tools — 0.3%
Franklin Electric Co., Inc.		1,570		74,575
Kennametal, Inc.		2,800		103,572
Luxfer Holdings PLC		1,000		25,330
Milacron Holdings Corp.*		2,500		34,500
				237,977
Healthcare Products — 4.1%
Accelerate Diagnostics, Inc.*		951		21,759
Accuray, Inc.*		2,738		10,596
Alphatec Holdings, Inc.*		1,300		6,045
AngioDynamics, Inc.*		1,158		22,801
Apyx Medical Corp.*		1,400		9,744
AtriCure, Inc.*		1,200		35,808
Atrion Corp.		51		43,490
Avanos Medical, Inc.*		1,600		69,776
Avedro, Inc.*		200		3,926
Axogen, Inc.*		1,200		23,760
Axonics Modulation Technologies, Inc.*		600		24,582
BioLife Solutions, Inc.*		300		5,013
BioSig Technologies, Inc.*		700		6,097
BioTelemetry, Inc.*		1,100		52,965
Cardiovascular Systems, Inc.*		1,100		47,223
CareDx, Inc.*		1,400		50,386

	Number of Shares		Value†
Healthcare Products — (continued)
Celcuity, Inc.*		300	$	7,500
Cerus Corp.*		5,000		28,100
Conformis, Inc.*		2,500		10,250
CONMED Corp.		903		77,270
Corindus Vascular Robotics, Inc.*		3,600		10,620
CryoLife, Inc.*		1,199		35,886
Cutera, Inc.*		500		10,390
CytoSorbents Corp.*		1,100		7,271
GenMark Diagnostics, Inc.*		1,700		11,033
Genomic Health, Inc.*		909		52,877
Glaukos Corp.*		1,239		93,421
Globus Medical, Inc., Class A*		2,600		109,980
Haemonetics Corp.*		1,746		210,114
Hanger, Inc.*		1,300		22,178
Inogen, Inc.*		600		40,056
Inspire Medical Systems, Inc.*		500		30,325
Integer Holdings Corp.*		1,093		91,725
Intersect ENT, Inc.*		1,100		25,036
Invacare Corp.		1,190		6,176
iRhythm Technologies, Inc.*		900		71,172
Lantheus Holdings, Inc.*		1,200		33,960
LeMaitre Vascular, Inc.		500		13,990
LivaNova PLC*		1,700		122,332
Luminex Corp.		1,353		27,926
Meridian Bioscience, Inc.		1,360		16,157
Merit Medical Systems, Inc.*		1,875		111,675
Misonix, Inc.*		300		7,623
NanoString Technologies, Inc.*		1,200		36,420
Natus Medical, Inc.*		1,175		30,186
Nevro Corp.*		1,000		64,830
Novocure Ltd.*		2,900		183,367
NuVasive, Inc.*		1,806		105,723
Ocular Therapeutix, Inc.*		700		3,080
OPKO Health, Inc.*		12,301		30,014
OraSure Technologies, Inc.*		2,201		20,425
Orthofix Medical, Inc.*		571		30,194
OrthoPediatrics Corp.*		300		11,700
Patterson Cos., Inc.		2,800		64,120
Pulse Biosciences, Inc.*		400		5,280
Quanterix Corp.*		400		13,516
Quidel Corp.*		1,251		74,209
Rockwell Medical, Inc.*		1,800		5,418
SeaSpine Holdings Corp.*		600		7,950
Shockwave Medical, Inc.*		300		16,263
Sientra, Inc.*		1,000		6,160
Silk Road Medical, Inc.*		300		14,538
STAAR Surgical Co.*		1,500		44,070
Surmodics, Inc.*		473		20,419
Tactile Systems Technology, Inc.*		600		34,152
Tandem Diabetes Care, Inc.*		1,900		122,588
TransEnterix, Inc.*		6,000		8,160
Utah Medical Products, Inc.		100		9,570
Varex Imaging Corp.*		1,300		39,845
ViewRay, Inc.*		2,200		19,382
Wright Medical Group N.V.*		4,404		131,327

118

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
Zynex, Inc.		700	$	6,538
				2,878,458
Healthcare Services — 1.9%
Addus HomeCare Corp.*		400		29,980
Amedisys, Inc.*		1,106		134,279
American Renal Associates Holdings, Inc.*		400		2,976
Apollo Medical Holdings, Inc.*		100		1,671
Brookdale Senior Living, Inc.*		6,200		44,702
Catasys, Inc.*		300		5,679
Community Health Systems, Inc.*		3,600		9,612
Evolus, Inc.*		300		4,386
Genesis Healthcare, Inc.*		1,861		2,308
Invitae Corp.*		3,000		70,500
LHC Group, Inc.*		1,043		124,722
Magellan Health, Inc.*		841		62,427
Medpace Holdings, Inc.*		1,000		65,420
Natera, Inc.*		2,000		55,160
National HealthCare Corp.		406		32,947
Neuronetics, Inc.*		400		5,004
RadNet, Inc.*		1,500		20,685
Select Medical Holdings Corp.*		3,600		57,132
SI-BONE, Inc.*		400		8,136
Surgery Partners, Inc.*		700		5,698
Syneos Health, Inc.*		2,100		107,289
Teladoc Health, Inc.*		2,500		166,025
Tenet Healthcare Corp.*		3,600		74,376
The Ensign Group, Inc.		1,680		95,626
The Joint Corp.*		500		9,480
Tivity Health, Inc.*		1,689		27,767
Triple-S Management Corp., Class B*		791		18,865
U.S. Physical Therapy, Inc.		491		60,182
Vapotherm, Inc.*		200		4,400
				1,307,434
Holding Companies — 0.1%
GTY Technology Holdings, Inc.*		1,200		8,388
National Bank Holdings Corp., Class A		1,000		36,300
Tiptree, Inc.		1,100		6,930
				51,618
Home Builders — 1.0%
Beazer Homes USA, Inc.*		924		8,880
Cavco Industries, Inc.*		301		47,419
Century Communities, Inc.*		800		21,264
Foundation Building Materials, Inc.*		500		8,890
Green Brick Partners, Inc.*		1,100		9,141
Installed Building Products, Inc.*		800		47,376
KB Home		2,900		74,617
LGI Homes, Inc.*		700		50,001
M/I Homes, Inc.*		836		23,859
MDC Holdings, Inc.		1,637		53,661
Meritage Homes Corp.*		1,290		66,229
Skyline Corp.*		1,800		49,284
Tailored Brands, Inc.		1,956		11,286
Taylor Morrison Home Corp., Class A*		3,900		81,744
TRI Pointe Group, Inc.*		4,800		57,456
William Lyon Homes, Class A*		1,000		18,230

	Number of Shares		Value†
Home Builders — (continued)
Winnebago Industries, Inc.		1,122	$	43,365
				672,702
Home Furnishings — 0.5%
American Woodmark Corp.*		569		48,149
Bassett Furniture Industries, Inc.		300		4,575
Daktronics, Inc.		1,209		7,459
Ethan Allen Interiors, Inc.		928		19,544
Flexsteel Industries, Inc.		200		3,412
Hamilton Beach Brands Holding Co., Class A		144		2,743
Hooker Furniture Corp.		300		6,186
iRobot Corp.*		919		84,217
Kimball International, Inc., Class B		1,244		21,683
La-Z-Boy, Inc.		1,562		47,891
Sleep Number Corp.*		1,172		47,337
Sonos, Inc.*		2,500		28,350
Universal Electronics, Inc.*		400		16,408
				337,954
Household Products & Wares — 0.4%
ACCO Brands Corp.		3,393		26,703
Central Garden & Pet Co.*		300		8,085
Central Garden & Pet Co., Class A*		1,402		34,545
Helen of Troy Ltd.*		854		111,524
Tupperware Brands Corp.		1,600		30,448
WD-40 Co.		463		73,635
				284,940
Housewares — 0.0%
Lifetime Brands, Inc.		400		3,784
Insurance — 2.9%
Ambac Financial Group, Inc.*		1,700		28,645
American Equity Investment Life Holding Co.		3,076		83,544
AMERISAFE, Inc.		608		38,772
Argo Group International Holdings Ltd.		1,132		83,825
Citizens, Inc.*		1,466		10,702
CNO Financial Group, Inc.		5,593		93,291
Crawford & Co., Class A		700		7,077
Donegal Group, Inc., Class A		283		4,321
eHealth, Inc.*		820		70,602
EMC Insurance Group, Inc.		250		9,007
Employers Holdings, Inc.		1,082		45,736
Enstar Group Ltd.*		407		70,932
Essent Group Ltd.*		3,300		155,067
FBL Financial Group, Inc., Class A		327		20,863
FedNat Holding Co.		500		7,135
FGL Holdings		4,600		38,640
Genworth Financial, Inc., Class A*		17,000		63,070
Global Indemnity Ltd.		283		8,762
Goosehead Insurance, Inc., Class A		400		19,120
Greenlight Capital Re Ltd., Class A*		1,128		9,577
Hallmark Financial Services, Inc.*		255		3,629
HCI Group, Inc.		300		12,141
Health Insurance Innovations, Inc., Class A*		400		10,368
Heritage Insurance Holdings, Inc.		800		12,328

119

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
Hilltop Holdings, Inc.		2,383	$	50,686
Horace Mann Educators Corp.		1,380		55,600
Independence Holding Co.		100		3,872
Investors Title Co.		39		6,513
Kinsale Capital Group, Inc.		700		64,036
MBIA, Inc.*		3,300		30,723
National General Holdings Corp.		2,200		50,468
National Western Life Group, Inc., Class A		74		19,018
NI Holdings, Inc.*		200		3,522
NMI Holdings, Inc., Class A*		2,300		65,297
Palomar Holdings, Inc.*		300		7,218
ProAssurance Corp.		1,800		64,998
Protective Insurance Corp., Class B		325		5,645
Radian Group, Inc.		7,203		164,588
RLI Corp.		1,422		121,880
Safety Insurance Group, Inc.		482		45,853
Selective Insurance Group, Inc.		1,975		147,908
State Auto Financial Corp.		676		23,660
Stewart Information Services Corp.		808		32,716
Third Point Reinsurance Ltd.*		2,400		24,768
Trupanion, Inc.*		900		32,517
United Fire Group, Inc.		680		32,953
United Insurance Holdings Corp.		800		11,408
Universal Insurance Holdings, Inc.		1,051		29,323
Watford Holdings Ltd.*		700		18,795
				2,021,119
Internet — 2.1%
1-800-Flowers.com, Inc., Class A*		1,037		19,579
Blucora, Inc.*		1,596		48,471
Boingo Wireless, Inc.*		1,400		25,158
Box, Inc., Class A*		5,000		88,050
Brightcove, Inc.*		1,200		12,396
Cardlytics, Inc.*		500		12,990
Cargurus, Inc.*		2,600		93,886
Cars.com, Inc.*		2,300		45,356
ChannelAdvisor Corp.*		900		7,884
Cogent Communications Holdings, Inc.		1,419		84,232
comScore, Inc.*		1,900		10,507
DHI Group, Inc.*		2,100		8,211
eGain Corp.*		900		7,326
Endurance International Group Holdings, Inc.*		2,700		12,960
ePlus, Inc.*		430		29,644
Eventbrite, Inc., Class A*		1,300		21,580
EverQuote, Inc., Class A*		400		5,476
Groupon, Inc.*		15,000		53,700
HealthStream, Inc.*		900		23,274
Leaf Group Ltd.*		900		6,669
Liberty Expedia Holdings, Inc., Class A*		1,800		86,022
Limelight Networks, Inc.*		3,372		9,104
Liquidity Services, Inc.*		1,035		6,303
LiveXLive Media, Inc.*		1,500		6,225
New Media Investment Group, Inc.		2,300		21,712
NIC, Inc.		2,129		34,149
OptimizeRx Corp.*		500		8,035
Overstock.com, Inc.*		871		11,846

	Number of Shares		Value†
Internet — (continued)
Perficient, Inc.*		1,145	$	39,296
Q2 Holdings, Inc.*		1,400		106,904
QuinStreet, Inc.*		1,615		25,598
Quotient Technology, Inc.*		2,700		28,998
Rapid7, Inc.*		1,700		98,328
Safeguard Scientifics, Inc.*		850		10,260
Shutterfly, Inc.*		1,190		60,154
Shutterstock, Inc.		600		23,514
Stamps.com, Inc.*		562		25,442
Stitch Fix, Inc.*		1,500		47,100
TechTarget, Inc.*		800		17,000
The Meet Group, Inc.*		2,900		10,092
The Rubicon Project, Inc.*		1,900		12,388
TrueCar, Inc.*		3,500		19,110
Tucows, Inc., Class A*		300		18,306
Upwork, Inc.*		2,000		32,160
VirnetX Holding Corp.*		1,583		9,830
Yelp, Inc.*		2,800		95,704
Zix Corp.*		1,848		16,798
				1,497,727
Investment Companies — 0.2%
Altus Midstream Co., Class A*		2,100		8,232
Arlington Asset Investment Corp., Class A		900		6,192
BrightSphere Investment Group PLC		2,500		28,525
Cannae Holdings, Inc.*		2,300		66,654
Columbia Financial, Inc.*		1,600		24,160
Ellington Financial, Inc.		1,000		17,950
Medallion Financial Corp.*		900		5,859
PDL Community Bancorp*		400		5,716
Rafael Holdings, Inc., Class B*		400		9,816
				173,104
Iron & Steel — 0.6%
AK Steel Holding Corp.*		9,700		22,989
Allegheny Technologies, Inc.*		4,300		108,360
Carpenter Technology Corp.		1,600		76,768
Cleveland-Cliffs, Inc.		10,000		106,700
Commercial Metals Co.		3,900		69,615
Ryerson Holding Corp.*		800		6,664
Schnitzer Steel Industries, Inc., Class A		900		23,553
TimkenSteel Corp.*		1,400		11,382
				426,031
Leisure Time — 0.7%
Acushnet Holdings Corp.		1,100		28,886
Callaway Golf Co.		3,146		53,985
Camping World Holdings, Inc., Class A		1,200		14,904
Clarus Corp.		700		10,108
Drive Shack, Inc.*		2,400		11,256
Escalade, Inc.		600		6,882
Fox Factory Holding Corp.*		1,300		107,263
Johnson Outdoors, Inc., Class A		200		14,914
LCI Industries		891		80,190
Liberty TripAdvisor Holdings, Inc., Class A*		2,400		29,760
Lindblad Expeditions Holdings, Inc.*		700		12,565
Malibu Boats, Inc., Class A*		700		27,195
Marine Products Corp.		88		1,359

120

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Leisure Time — (continued)
MasterCraft Boat Holdings, Inc.*		500	$	9,795
OneSpaWorld Holdings Ltd.*		1,600		24,800
Vista Outdoor, Inc.*		2,200		19,536
YETI Holdings, Inc.*		1,000		28,950
				482,348
Lodging — 0.2%
BBX Capital Corp.		2,500		12,275
Bluegreen Vacations Corp.		400		4,676
Boyd Gaming Corp.		2,766		74,516
Century Casinos, Inc.*		1,100		10,670
Monarch Casino & Resort, Inc.*		385		16,455
Red Lion Hotels Corp.*		800		5,688
Target Hospitality Corp.*		1,300		12,350
The Marcus Corp.		833		27,456
				164,086
Machinery — Construction & Mining — 0.2%
Astec Industries, Inc.		798		25,983
Bloom Energy Corp., Class A*		2,000		25,260
Hyster-Yale Materials Handling, Inc.		344		19,009
Terex Corp.		2,200		69,080
				139,332
Machinery — Diversified — 1.1%
Alamo Group, Inc.		317		31,678
Albany International Corp., Class A		1,032		85,563
Applied Industrial Technologies, Inc.		1,282		78,881
Briggs & Stratton Corp.		1,636		16,753
Cactus, Inc., Class A*		1,700		56,304
Chart Industries, Inc.*		1,177		90,488
Columbus McKinnon Corp.		785		32,946
DXP Enterprises, Inc.*		522		19,779
Gencor Industries, Inc.*		500		6,500
Hurco Cos., Inc.		200		7,112
Ichor Holdings Ltd.*		800		18,912
Kadant, Inc.		399		36,233
Lindsay Corp.		355		29,185
NACCO Industries, Inc., Class A		122		6,337
SPX FLOW, Inc.*		1,400		58,604
Tennant Co.		636		38,923
The Gorman-Rupp Co.		551		18,089
The Manitowoc Co., Inc.*		1,325		23,585
Twin Disc, Inc.*		400		6,040
Welbilt, Inc.*		4,500		75,150
				737,062
Media — 0.8%
Central European Media Enterprises Ltd., Class A*		3,100		13,516
Cumulus Media, Inc., Class A*		600		11,088
Daily Journal Corp.*		41		9,758
Entercom Communications Corp., Class A		4,100		23,780
Entravision Communications Corp., Class A		2,800		8,736
Gannett Co., Inc.		3,600		29,376
Gray Television, Inc.*		3,200		52,448
Hemisphere Media Group, Inc.*		400		5,168

	Number of Shares		Value†
Media — (continued)
Houghton Mifflin Harcourt Co.*		3,900	$	22,464
Lee Enterprises, Inc.*		2,400		5,376
Liberty Media Corp.-Liberty Braves, Class A*		300		8,340
Liberty Media Corp.-Liberty Braves, Class C*		1,300		36,361
Meredith Corp.		1,400		77,084
MSG Networks, Inc., Class A*		2,000		41,480
Saga Communications, Inc., Class A		133		4,155
Scholastic Corp.		956		31,777
TEGNA, Inc.		7,400		112,110
The E.W. Scripps Co., Class A		1,929		29,494
TiVo Corp.		4,023		29,650
Tribune Publishing Co.		700		5,579
WideOpenWest, Inc.*		800		5,808
				563,548
Metal Fabricate/Hardware — 1.0%
Advanced Drainage Systems, Inc.		1,300		42,627
Atkore International Group, Inc.*		1,600		41,392
CIRCOR International, Inc.*		735		33,810
Global Brass & Copper Holdings, Inc.		700		30,611
Haynes International, Inc.		364		11,579
Helios Technologies, Inc.		959		44,507
L.B. Foster Co., Class A*		400		10,936
Lawson Products, Inc.*		200		7,346
Mueller Industries, Inc.		1,888		55,262
Mueller Water Products, Inc., Class A		5,192		50,985
NN, Inc.		1,600		15,616
Northwest Pipe Co.*		300		7,734
Olympic Steel, Inc.		231		3,153
Omega Flex, Inc.		59		4,532
RBC Bearings, Inc.*		814		135,783
Rexnord Corp.*		3,600		108,792
The Eastern Co.		100		2,802
TriMas Corp.*		1,495		46,300
Worthington Industries, Inc.		1,384		55,720
				709,487
Mining — 0.6%
Century Aluminum Co.*		1,754		12,120
Coeur Mining, Inc.*		6,928		30,068
Compass Minerals International, Inc.		1,200		65,940
Contura Energy, Inc.*		700		34,118
Covia Holdings, Corp.*		1,220		2,391
Energy Fuels, Inc.*		2,800		8,764
Ferroglobe Representation & Warranty Insurance Trust Units*		2,414		0
Gold Resource Corp.		2,400		8,112
Hecla Mining Co.		15,191		27,344
Kaiser Aluminum Corp.		516		50,367
Livent Corp.*		5,000		34,600
Materion Corp.		657		44,551
Novagold Resources, Inc.*		8,200		47,642
Ring Energy, Inc.*		2,400		7,800
Smart Sand, Inc.*		700		1,708
United States Lime & Minerals, Inc.		29		2,320
Uranium Energy Corp.*		5,300		7,261

121

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Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Mining — (continued)
US Silica Holdings, Inc.		2,600	$	33,254
				418,360
Miscellaneous Manufacturing — 1.6%
Actuant Corp., Class A		2,006		49,769
American Outdoor Brands Corp.*		1,579		14,227
AZZ, Inc.		876		40,314
Barnes Group, Inc.		1,665		93,806
Chase Corp.		300		32,292
EnPro Industries, Inc.		717		45,773
Fabrinet*		1,200		59,604
Federal Signal Corp.		2,043		54,650
GP Strategies Corp.*		400		6,032
Harsco Corp.*		2,700		74,088
Hillenbrand, Inc.		2,174		86,025
John Bean Technologies Corp.		1,129		136,756
Koppers Holdings, Inc.*		620		18,203
LSB Industries, Inc.*		749		2,921
Lydall, Inc.*		600		12,120
Movado Group, Inc.		460		12,420
Myers Industries, Inc.		1,125		21,679
NL Industries, Inc.*		90		329
Park-Ohio Holdings Corp.		200		6,518
Proto Labs, Inc.*		922		106,970
Raven Industries, Inc.		1,246		44,706
SPX Corp.*		1,400		46,228
Standex International Corp.		400		29,256
Sturm Ruger & Co., Inc.		519		28,275
Synalloy Corp.		400		6,248
Tredegar Corp.		761		12,648
Trinseo SA		1,400		59,276
				1,101,133
Office & Business Equipment — 0.0%
AstroNova, Inc.		300		7,800
Pitney Bowes, Inc.		6,300		26,964
				34,764
Office Furnishings — 0.4%
Herman Miller, Inc.		2,032		90,831
HNI Corp.		1,443		51,053
Interface, Inc.		1,995		30,583
Knoll, Inc.		1,553		35,688
Steelcase, Inc., Class A		3,031		51,830
				259,985
Oil & Gas — 2.0%
Abraxas Petroleum Corp.*		4,100		4,223
Berry Petroleum Corp.		2,100		22,260
Bonanza Creek Energy, Inc.*		500		10,440
Brigham Minerals, Inc., Class A*		600		12,876
California Resources Corp.*		1,700		33,456
Callon Petroleum Co.*		7,700		50,743
Carrizo Oil & Gas, Inc.*		2,765		27,705
Chaparral Energy, Inc., Class A*		1,400		6,580
CNX Resources Corp.*		6,900		47,403
Cobalt International Energy, Inc.*		1		0
CVR Energy, Inc.		1,000		49,990

	Number of Shares		Value†
Oil & Gas — (continued)
Delek US Holdings, Inc.		2,779	$	112,605
Denbury Resources, Inc.*		16,800		20,832
Diamond Offshore Drilling, Inc.*		2,000		17,740
DMC Global, Inc.		500		31,675
Earthstone Energy, Inc., Class A*		700		4,284
Evolution Petroleum Corp.		1,200		8,580
Extraction Oil & Gas, Inc.*		3,700		15,614
Falcon Minerals Corp.*		1,500		12,600
Goodrich Petroleum Corp.*		500		6,495
Gulfport Energy Corp.*		5,800		28,478
HighPoint Resources Corp.*		3,725		6,780
Isramco, Inc.*		21		2,489
Jagged Peak Energy, Inc.*		2,200		18,194
Laredo Petroleum, Inc.*		5,900		17,110
Magnolia Oil & Gas Corp., Class A*		3,600		40,932
Matador Resources Co.*		3,900		77,532
Midstates Petroleum Co., Inc.*		293		1,726
Montage Resources Corp.*		993		6,057
Murphy USA, Inc.*		1,020		85,711
Nabors Industries Ltd.		12,600		35,658
Noble Corp. PLC*		9,500		17,765
Northern Oil & Gas, Inc.*		10,300		19,879
Oasis Petroleum, Inc.*		11,200		63,616
Pacific Drilling S.A.*		1,100		13,486
Panhandle Oil and Gas, Inc., Class A		634		8,267
Par Pacific Holdings, Inc.*		1,218		24,993
Parker Drilling Co.*		400		7,676
PDC Energy, Inc.*		2,212		79,765
Penn Virginia Corp.*		400		12,272
QEP Resources, Inc.*		8,400		60,732
SandRidge Energy, Inc.*		800		5,536
Seadrill Ltd.*		2,400		10,800
SilverBow Resources, Inc.*		300		4,155
SM Energy Co.		4,000		50,080
Southwestern Energy Co.*		20,000		63,200
Talos Energy, Inc.*		600		14,430
Trecora Resources*		1,000		9,570
Unit Corp.*		1,700		15,113
W&T Offshore, Inc.*		3,543		17,573
Whiting Petroleum Corp.*		3,200		55,616
				1,371,292
Oil & Gas Services — 1.2%
Archrock, Inc.		4,200		44,520
C&J Energy Services, Inc.*		2,100		24,738
Dril-Quip, Inc.*		1,200		57,600
Exterran Corp.*		1,300		18,486
Flotek Industries, Inc.*		2,000		6,620
Forum Energy Technologies, Inc.*		2,700		9,234
Frank’s International N.V.*		3,900		21,294
FTS International, Inc.*		800		4,464
Geospace Technologies Corp.*		600		9,090
Helix Energy Solutions Group, Inc.*		5,001		43,159
Independence Contract Drilling, Inc.*		1,100		1,738
Keane Group, Inc.*		1,600		10,752
KLX Energy Services Holdings, Inc.*		600		12,258
Liberty Oilfield Services, Inc., Class A		1,400		22,652

122

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Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas Services — (continued)
Mammoth Energy Services, Inc.		500	$	3,440
Matrix Service Co.*		987		19,997
McDermott International, Inc.*		6,013		58,085
MRC Global, Inc.*		2,800		47,936
National Energy Services Reunited Corp.*		1,000		8,420
Natural Gas Services Group, Inc.*		594		9,801
NCS Multistage Holdings, Inc.*		400		1,420
Newpark Resources, Inc.*		2,712		20,123
Nine Energy Service, Inc.*		400		6,932
NOW, Inc.*		3,600		53,136
Oceaneering International, Inc.*		3,300		67,287
Oil States International, Inc.*		2,000		36,600
ProPetro Holding Corp.*		2,800		57,960
RPC, Inc.#		2,200		15,862
SEACOR Holdings, Inc.*		600		28,506
Select Energy Services, Inc., Class A*		2,100		24,381
Solaris Oilfield Infrastructure, Inc., Class A		1,100		16,478
SRC Energy, Inc.*		8,500		42,160
Superior Energy Services, Inc.*		4,600		5,980
TETRA Technologies, Inc.*		5,379		8,768
Thermon Group Holdings, Inc.*		1,100		28,215
				848,092
Packaging and Containers — 0.1%
Greif, Inc., Class A		800		26,040
Greif, Inc., Class B		200		8,730
UFP Technologies, Inc.*		200		8,322
				43,092
Pharmaceuticals — 4.3%
AcelRx Pharmaceuticals, Inc.*		3,300		7,986
Aclaris Therapeutics, Inc.*		800		1,752
Adamas Pharmaceuticals, Inc.*		700		4,340
Aeglea BioTherapeutics, Inc.*		900		6,165
Aerie Pharmaceuticals, Inc.*		1,500		44,325
Aimmune Therapeutics, Inc.*		1,400		29,148
Akcea Therapeutics, Inc.*		400		9,380
Akebia Therapeutics, Inc.*		4,310		20,860
Akorn, Inc.*		3,600		18,540
Alector, Inc.*		200		3,800
Amicus Therapeutics, Inc.*		8,000		99,840
Amneal Pharmaceuticals, Inc.*		2,937		21,058
Amphastar Pharmaceuticals, Inc.*		1,100		23,221
Anika Therapeutics, Inc.*		500		20,310
Antares Pharma, Inc.*		5,600		18,424
Apellis Pharmaceuticals, Inc.*		1,700		43,078
Aratana Therapeutics, Inc.*		2,100		10,836
Array BioPharma, Inc.*		7,648		354,332
Arvinas, Inc.*		700		15,393
Assertio Therapeutics, Inc.*		2,283		7,876
Athenex, Inc.*		2,100		41,580
Axsome Therapeutics, Inc.*		900		24,678
Beyondspring, Inc.*		400		9,356
BioDelivery Sciences International, Inc.*		3,100		14,601
BioScrip, Inc.*		4,411		11,469
BioSpecifics Technologies Corp.*		200		11,942
Calithera Biosciences, Inc.*		1,200		4,680

	Number of Shares		Value†
Pharmaceuticals — (continued)
Cara Therapeutics, Inc.*		1,000	$	21,500
Catalyst Pharmaceuticals, Inc.*		2,800		10,752
ChemoCentryx, Inc.*		1,500		13,950
Chiasma, Inc.*		1,100		8,690
Chimerix, Inc.*		1,700		7,344
Clovis Oncology, Inc.*		1,700		25,279
Collegium Pharmaceutical, Inc.*		1,000		13,150
Concert Pharmaceuticals, Inc.*		900		10,800
Corbus Pharmaceuticals Holdings, Inc.*		1,700		11,781
Corcept Therapeutics, Inc.*		3,100		34,565
CorMedix, Inc.*		1,000		9,420
Cyclerion Therapeutics, Inc.*		976		11,175
Diplomat Pharmacy, Inc.*		2,300		14,007
Dova Pharmaceuticals, Inc.*		500		7,050
Eagle Pharmaceuticals, Inc.*		400		22,272
Enanta Pharmaceuticals, Inc.*		600		50,628
Endo International PLC*		7,600		31,312
Esperion Therapeutics, Inc.*		800		37,216
FibroGen, Inc.*		2,600		117,468
Flexion Therapeutics, Inc.*		1,200		14,760
G1 Therapeutics, Inc.*		1,200		36,792
Galectin Therapeutics, Inc.*		1,400		5,474
Global Blood Therapeutics, Inc.*		1,900		99,940
Gritstone Oncology, Inc.*		1,000		11,250
Heron Therapeutics, Inc.*		2,600		48,334
Heska Corp.*		216		18,397
Intra-Cellular Therapies, Inc.*		1,400		18,172
Ironwood Pharmaceuticals, Inc.*		5,361		58,649
Jounce Therapeutics, Inc.*		400		1,980
Kadmon Holdings, Inc.*		2,700		5,562
Kala Pharmaceuticals, Inc.*		300		1,914
KalVista Pharmaceuticals, Inc.*		500		10,305
Kindred Biosciences, Inc.*		1,400		11,662
Kodiak Sciences, Inc.*		900		11,430
La Jolla Pharmaceutical Co.*		700		6,475
Lannett Co., Inc.*		997		6,042
Lifevantage Corp.*		600		8,112
Madrigal Pharmaceuticals, Inc.*		281		29,452
Mallinckrodt PLC*		2,800		25,704
MannKind Corp.*		5,401		6,211
Marinus Pharmaceuticals, Inc.*		1,400		5,810
MediciNova, Inc.*		1,400		13,482
Mersana Therapeutics, Inc.*		500		2,025
Millendo Therapeutics, Inc.*		400		5,040
Minerva Neurosciences, Inc.*		800		4,504
Mirati Therapeutics, Inc.*		900		92,700
MyoKardia, Inc.*		1,600		80,224
Natural Grocers by Vitamin Cottage, Inc.*		400		4,020
Nature’s Sunshine Products, Inc.*		200		1,858
Neogen Corp.*		1,769		109,873
Odonate Therapeutics, Inc.*		300		11,007
Optinose, Inc.*		600		4,248
Pacira BioSciences, Inc.*		1,400		60,886
PhaseBio Pharmaceuticals, Inc.*		600		8,250
Phibro Animal Health Corp., Class A		700		22,239
Portola Pharmaceuticals, Inc.*		2,200		59,686

123

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Prestige Consumer Healthcare, Inc.*		1,772	$	56,137
Principia Biopharma, Inc.*		500		16,595
Progenics Pharmaceuticals, Inc.*		2,601		16,048
Protagonist Therapeutics, Inc.*		600		7,488
Ra Pharmaceuticals, Inc.*		1,100		33,077
Radius Health, Inc.*		1,600		38,976
Reata Pharmaceuticals, Inc., Class A*		700		66,045
Recro Pharma, Inc.*		500		5,085
Revance Therapeutics, Inc.*		1,300		16,861
Rhythm Pharmaceuticals, Inc.*		800		17,600
Rocket Pharmaceuticals, Inc.*		1,100		16,500
Seres Therapeutics, Inc.*		800		2,576
SIGA Technologies, Inc.*		2,000		11,360
Sorrento Therapeutics, Inc.*		3,300		8,811
Spero Therapeutics, Inc.*		400		4,512
Supernus Pharmaceuticals, Inc.*		1,700		56,253
Sutro Biopharma, Inc.*		500		5,810
Syros Pharmaceuticals, Inc.*		1,400		12,964
TG Therapeutics, Inc.*		2,900		25,085
TherapeuticsMD, Inc.*		5,700		14,820
Tricida, Inc.*		800		31,568
Turning Point Therapeutics, Inc.*		300		13,080
Tyme Technologies, Inc.*		4,600		5,612
UroGen Pharma Ltd.*		700		24,430
USANA Health Sciences, Inc.*		448		35,585
Vanda Pharmaceuticals, Inc.*		1,841		25,940
Verrica Pharmaceuticals, Inc.*		600		6,942
Voyager Therapeutics, Inc.*		900		24,498
Xencor, Inc.*		1,600		65,488
Xeris Pharmaceuticals, Inc.*		800		9,152
Zogenix, Inc.*		1,475		70,475
Zynerba Pharmaceuticals, Inc.*		800		11,392
				3,016,563
Pipelines — 0.1%
Primoris Services Corp.		1,490		31,186
SemGroup Corp., Class A		2,500		30,000
Tellurian, Inc.*		2,800		21,980
				83,166
Publishing / Newspapers — 0.1%
Cimpress N.V.*		742		67,440
Real Estate — 0.7%
Consolidated-Tomoka Land Co.		124		7,403
Cushman & Wakefield PLC*		3,600		64,368
eXp World Holdings, Inc.*		700		7,609
Forestar Group, Inc.*		460		8,993
FRP Holdings, Inc.*		269		15,002
HFF, Inc., Class A		1,300		59,124
Kennedy-Wilson Holdings, Inc.		4,281		88,060
Marcus & Millichap, Inc.*		700		21,595
Newmark Group, Inc., Class A		4,700		42,206
RE/MAX Holdings, Inc., Class A		600		18,456
Realogy Holdings Corp.		4,100		26,527
Redfin Corp.*		3,100		55,738
Stratus Properties, Inc.*		300		9,729

	Number of Shares		Value†
Real Estate — (continued)
The RMR Group, Inc., Class A		267	$	12,544
The St. Joe Co.*		1,200		20,736
				458,090
Retail — 4.2%
Abercrombie & Fitch Co., Class A		2,200		35,288
America’s Car-Mart, Inc.*		180		15,494
American Eagle Outfitters, Inc.		5,500		92,950
Asbury Automotive Group, Inc.*		649		54,737
Ascena Retail Group, Inc.*		6,713		4,095
At Home Group, Inc.*		1,400		9,324
Barnes & Noble Education, Inc.*		1,737		5,836
Barnes & Noble, Inc.		1,800		12,042
Bed Bath & Beyond, Inc.		4,400		51,128
Big Lots, Inc.		1,300		37,193
Biglari Holdings, Inc., Class B*		40		4,154
BJ’s Restaurants, Inc.		720		31,637
BJ’s Wholesale Club Holdings, Inc.*		3,900		102,960
Bloomin’ Brands, Inc.		3,200		60,512
BMC Stock Holdings, Inc.*		2,200		46,640
Boot Barn Holdings, Inc.*		900		32,076
Brinker International, Inc.		1,300		51,155
Caleres, Inc.		1,354		26,972
Carrols Restaurant Group, Inc.*		1,113		10,050
Chico’s FAS, Inc.		4,000		13,480
Chuy’s Holdings, Inc.*		600		13,752
Citi Trends, Inc.		503		7,354
Conn’s, Inc.*		704		12,545
Cracker Barrel Old Country Store, Inc.		668		114,048
Dave & Buster’s Entertainment, Inc.		1,300		52,611
Del Frisco’s Restaurant Group, Inc.*		1,000		7,960
Del Taco Restaurants, Inc.*		1,100		14,102
Denny’s Corp.*		1,952		40,075
Designer Brands, Inc., Class A		2,200		42,174
Dillard’s, Inc., Class A		400		24,912
Dine Brands Global, Inc.		571		54,513
Duluth Holdings, Inc., Class B*		200		2,718
El Pollo Loco Holdings, Inc.*		900		9,594
Express, Inc.*		1,654		4,515
EZCORP, Inc., Class A*		1,766		16,724
Fiesta Restaurant Group, Inc.*		1,013		13,311
FirstCash, Inc.		1,439		143,929
Freshpet, Inc.*		1,100		50,061
Gaia, Inc.*		400		3,032
GameStop Corp., Class A		3,100		16,957
Genesco, Inc.*		695		29,392
GMS, Inc.*		1,200		26,400
GNC Holdings, Inc., Class A*		2,800		4,200
Group 1 Automotive, Inc.		607		49,707
Guess?, Inc.		1,900		30,685
Haverty Furniture Cos., Inc.		750		12,773
Hibbett Sports, Inc.*		555		10,101
Hudson Ltd., Class A*		1,500		20,685
J Alexander’s Holdings, Inc.*		483		5,424
J. Jill, Inc.		800		1,592
J.C. Penney Co., Inc.*		12,100		13,794
Jack in the Box, Inc.		914		74,391

124

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Lands’ End, Inc.*		300	$	3,666
Lithia Motors, Inc., Class A		794		94,311
Lumber Liquidators Holdings, Inc.*		1,033		11,931
MarineMax, Inc.*		700		11,508
Nathan’s Famous, Inc.		100		7,812
National Vision Holdings, Inc.*		2,400		73,752
Noodles & Co.*		1,200		9,456
Office Depot, Inc.		17,700		36,462
Papa John’s International, Inc.		710		31,751
Party City Holdco, Inc.*		2,100		15,393
PC Connection, Inc.		365		12,768
PetIQ, Inc.*		700		23,072
PetMed Express, Inc.		713		11,173
PMC, Inc.*		400		13,984
Potbelly Corp.*		1,000		5,090
PriceSmart, Inc.		731		37,369
Red Robin Gourmet Burgers, Inc.*		520		15,896
Regis Corp.*		1,032		17,131
RH*		645		74,562
Rite Aid Corp.*		2,010		16,100
Rush Enterprises, Inc., Class A		935		34,146
Rush Enterprises, Inc., Class B		100		3,691
Ruth’s Hospitality Group, Inc.		895		20,325
Sally Beauty Holdings, Inc.*		4,100		54,694
Shake Shack, Inc., Class A*		1,000		72,200
Shoe Carnival, Inc.		258		7,121
Signet Jewelers Ltd.		1,700		30,396
Sonic Automotive, Inc., Class A		734		17,139
Sportsman’s Warehouse Holdings, Inc.*		600		2,268
Systemax, Inc.		362		8,022
Texas Roadhouse, Inc.		2,370		127,198
The Buckle, Inc.		1,049		18,158
The Cato Corp., Class A		704		8,673
The Cheesecake Factory, Inc.		1,416		61,908
The Children’s Place, Inc.		494		47,118
The Container Store Group, Inc.*		600		4,392
The Habit Restaurants, Inc., Class A*		500		5,245
The Lovesac Co.*		100		3,107
The Michaels Cos, Inc.*		3,100		26,970
Tile Shop Holdings, Inc.		1,300		5,200
Tilly’s, Inc., Class A		800		6,104
Vera Bradley, Inc.*		800		9,600
Waitr Holdings, Inc.*		2,000		12,800
Wingstop, Inc.		1,000		94,750
Winmark Corp.		99		17,142
World Fuel Services Corp.		2,300		82,708
Zumiez, Inc.*		703		18,348
				2,944,364
Savings & Loans — 1.6%
Axos Financial, Inc.*		2,000		54,500
Banc of California, Inc.		1,700		23,749
BankFinancial Corp.		609		8,520
Berkshire Hills Bancorp, Inc.		1,542		48,403
Brookline Bancorp, Inc.		2,522		38,788
Capitol Federal Financial, Inc.		4,400		60,588
Community Bankers Trust Corp.		600		5,082

	Number of Shares		Value†
Savings & Loans — (continued)
Dime Community Bancshares, Inc.		930	$	17,661
Entegra Financial Corp.*		300		9,036
ESSA Bancorp, Inc.		500		7,625
First Capital, Inc.		100		5,188
First Defiance Financial Corp.		600		17,142
First Financial Northwest, Inc.		100		1,415
Flagstar Bancorp, Inc.		900		29,826
Flushing Financial Corp.		838		18,604
FS Bancorp, Inc.		100		5,187
Hingham Institution for Savings		43		8,514
Home Bancorp, Inc.		300		11,544
HomeStreet, Inc.*		900		26,676
HomeTrust Bancshares, Inc.		500		12,570
Investors Bancorp, Inc.		8,055		89,813
Malvern Bancorp, Inc.*		400		8,804
Meridian Bancorp, Inc.		1,474		26,370
Meta Financial Group, Inc.		1,300		36,465
MutualFirst Financial, Inc.		200		6,808
Northfield Bancorp, Inc.		1,293		20,184
Northwest Bancshares, Inc.		3,475		61,195
OceanFirst Financial Corp.		1,710		42,493
Oritani Financial Corp.		1,218		21,607
Pacific Premier Bancorp, Inc.		2,116		65,342
Paysign, Inc.*		1,100		15,059
Provident Financial Holdings, Inc.		300		6,408
Provident Financial Services, Inc.		2,103		50,998
Prudential Bancorp, Inc.		100		1,892
Riverview Bancorp, Inc.		500		4,270
Southern Missouri Bancorp, Inc.		300		10,449
Territorial Bancorp, Inc.		243		7,509
Timberland Bancorp, Inc.		300		8,964
United Community Financial Corp.		1,700		16,269
United Financial Bancorp, Inc.		1,631		23,128
Washington Federal, Inc.		2,700		94,311
Waterstone Financial, Inc.		1,000		17,060
WSFS Financial Corp.		1,806		74,588
				1,120,604
Semiconductors — 2.0%
Alpha & Omega Semiconductor Ltd.*		900		8,406
Ambarella, Inc.*		1,100		48,543
Amkor Technology, Inc.*		3,411		25,446
Aquantia Corp.*		800		10,424
Axcelis Technologies, Inc.*		1,025		15,426
AXT, Inc.*		1,500		5,940
Brooks Automation, Inc.		2,377		92,109
Cabot Microelectronics Corp.		961		105,787
CEVA, Inc.*		671		16,339
Cirrus Logic, Inc.*		1,981		86,570
Cohu, Inc.		1,424		21,972
CTS Corp.		1,063		29,317
Diodes, Inc.*		1,399		50,882
DSP Group, Inc.*		800		11,000
FormFactor, Inc.*		2,629		41,196
GSI Technology, Inc.*		700		6,104
Impinj, Inc.*		500		14,310
Inphi Corp.*		1,500		75,150

125

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Lattice Semiconductor Corp.*		4,324	$	63,087
MACOM Technology Solutions Holdings, Inc.*		1,622		24,541
MaxLinear, Inc.*		2,243		52,576
Nanometrics, Inc.*		700		24,297
Photronics, Inc.*		2,092		17,154
Power Integrations, Inc.		995		79,779
Rambus, Inc.*		3,523		42,417
Rudolph Technologies, Inc.*		1,054		29,122
Semtech Corp.*		2,209		106,142
Silicon Laboratories, Inc.*		1,464		151,378
SMART Global Holdings, Inc.*		400		9,196
Synaptics, Inc.*		1,116		32,520
Ultra Clean Holdings, Inc.*		1,300		18,096
Veeco Instruments, Inc.*		1,654		20,212
Xperi Corp.		1,523		31,359
				1,366,797
Software — 4.0%
ACI Worldwide, Inc.*		3,927		134,853
Allscripts Healthcare Solutions, Inc.*		5,900		68,617
Altair Engineering, Inc., Class A*		1,400		56,546
Amber Road, Inc.*		600		7,836
American Software, Inc., Class A		893		11,743
Appfolio, Inc., Class A*		500		51,135
Appian Corp.*		1,100		39,083
Avaya Holdings Corp.*		3,900		46,449
Avid Technology, Inc.*		1,100		10,032
Bandwidth, Inc., Class A*		600		45,192
Benefitfocus, Inc.*		900		24,435
Blackbaud, Inc.		1,650		137,775
Blackline, Inc.*		1,500		80,265
Bottomline Technologies DE, Inc.*		1,445		63,927
Castlight Health, Inc., Class B*		3,900		12,597
Cision Ltd.*		3,300		38,709
Cloudera, Inc.*		8,293		43,621
CommVault Systems, Inc.*		1,248		61,926
Computer Programs & Systems, Inc.		447		12,422
Cornerstone OnDemand, Inc.*		1,900		110,067
CSG Systems International, Inc.		1,081		52,785
Digi International, Inc.*		1,157		14,671
Digital Turbine Inc*		2,900		14,819
Domo, Inc., Class B*		600		16,392
Donnelley Financial Solutions, Inc.*		1,000		13,340
Ebix, Inc.		836		41,984
Envestnet, Inc.*		1,613		110,281
Everbridge, Inc.*		1,100		98,362
Evolent Health, Inc., Class A*		2,100		16,695
Exela Technologies, Inc.*		1,800		3,942
Five9, Inc.*		2,000		102,580
Glu Mobile, Inc.*		4,000		28,720
InnerWorkings, Inc.*		1,724		6,586
Inovalon Holdings, Inc., Class A*		2,500		36,275
Instructure, Inc.*		1,100		46,750
Intelligent Systems Corp.*		300		8,649
ManTech International Corp., Class A		939		61,833
MicroStrategy, Inc., Class A*		288		41,273

	Number of Shares		Value†
Software — (continued)
MobileIron, Inc.*		2,700	$	16,740
Model N, Inc.*		1,200		23,400
Monotype Imaging Holdings, Inc.		1,499		25,243
NextGen Healthcare, Inc.*		1,804		35,900
Omnicell, Inc.*		1,435		123,453
Pareteum Corp.*		4,200		10,962
PDF Solutions, Inc.*		800		10,496
pdvWireless, Inc.*		300		14,100
Progress Software Corp.		1,526		66,564
PROS Holdings, Inc.*		1,117		70,662
QAD, Inc., Class A		392		15,762
Ribbon Communications, Inc.*		1,843		9,012
Rosetta Stone, Inc.*		700		16,016
SailPoint Technologies Holding, Inc.*		3,000		60,120
Secureworks Corp., Class A*		100		1,329
Simulations Plus, Inc.		300		8,568
SPS Commerce, Inc.*		628		64,188
SVMK, Inc.*		3,000		49,530
Synchronoss Technologies, Inc.*		1,500		12,300
Tabula Rasa HealthCare, Inc.*		700		34,951
Upland Software, Inc.*		800		36,424
Verint Systems, Inc.*		2,195		118,047
Verra Mobility Corp.*		3,500		46,130
Workiva, Inc.*		1,200		69,708
Zuora, Inc., Class A*		3,000		47,550
				2,760,322
Storage & Warehousing — 0.1%
Mobile Mini, Inc.		1,477		44,945
Wesco Aircraft Holdings, Inc.*		1,540		17,094
				62,039
Telecommunications — 2.1%
8X8, Inc.*		3,100		74,710
Acacia Communications, Inc.*		1,300		61,308
ADTRAN, Inc.		1,705		26,001
Aerohive Networks, Inc.*		1,300		5,759
Airgain, Inc.*		400		5,760
Anixter International, Inc.*		1,034		61,740
ATN International, Inc.		335		19,340
CalAmp Corp.*		1,000		11,680
Calix, Inc.*		1,487		9,755
Casa Systems, Inc.*		1,200		7,716
Cincinnati Bell, Inc.*		1,682		8,326
Clearfield, Inc.*		400		5,300
Comtech Telecommunications Corp.		852		23,950
Consolidated Communications Holdings, Inc.		2,571		12,675
Extreme Networks, Inc.*		4,147		26,831
Finisar Corp.*		4,021		91,960
Frontier Communications Corp.*		3,073		5,378
Gogo, Inc.*		2,200		8,756
GTT Communications, Inc.*		1,400		24,640
Harmonic, Inc.*		2,870		15,929
IDT Corp., Class B*		700		7,665
Infinera Corp.*		5,194		15,115
Inseego Corp.*		1,800		8,586

126

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Telecommunications — (continued)
Intelsat SA*		2,400	$	46,680
InterDigital, Inc.		1,094		70,454
Iridium Communications, Inc.*		3,300		76,758
j2 Global, Inc.		1,574		139,913
Knowles Corp.*		2,952		54,051
KVH Industries, Inc.*		354		3,848
Liberty Latin America Ltd., Class A*		1,700		29,291
Liberty Latin America Ltd., Class C*		3,900		67,041
Loral Space & Communications, Inc.*		346		11,940
Maxar Technologies, Inc.		2,200		17,204
NeoPhotonics Corp.*		1,300		5,434
NETGEAR, Inc.*		1,029		26,023
Ooma, Inc.*		400		4,192
ORBCOMM, Inc.*		2,700		19,575
Plantronics, Inc.		1,067		39,522
Preformed Line Products Co.		145		8,050
RigNet, Inc.*		500		5,040
Shenandoah Telecommunications Co.		1,618		62,325
Spok Holdings, Inc.		612		9,204
Telenav, Inc.*		1,000		8,000
TESSCO Technologies, Inc.		300		5,652
Viavi Solutions, Inc.*		7,700		102,333
Vonage Holdings Corp.*		7,500		84,975
				1,436,385
Textiles — 0.1%
Culp, Inc.		500		9,500
UniFirst Corp.		477		89,948
				99,448
Toys, Games & Hobbies — 0.0%
Funko, Inc., Class A*		600		14,532
Transportation — 1.2%
Air Transport Services Group, Inc.*		1,885		45,994
ArcBest Corp.		795		22,347
Ardmore Shipping Corp.*		800		6,520
Atlas Air Worldwide Holdings, Inc.*		848		37,855
CAI International, Inc.*		660		16,381
Costamare, Inc.		1,200		6,156
Covenant Transportation Group, Inc., Class A*		400		5,884
CryoPort, Inc.*		1,000		18,320
Daseke, Inc.*		1,800		6,480
DHT Holdings, Inc.		2,500		14,775
Diamond S Shipping, Inc.*		900		12,141
Dorian LPG Ltd.*		1,032		9,309
Eagle Bulk Shipping, Inc.*		1,500		7,860
Echo Global Logistics, Inc.*		1,000		20,870
Era Group, Inc.*		800		6,672
Forward Air Corp.		996		58,913
GasLog Ltd.		1,300		18,720
Genco Shipping & Trading Ltd.*		700		6,013
Golar LNG Ltd.		3,200		59,136
Heartland Express, Inc.		1,567		28,316
Hub Group, Inc., Class A*		1,143		47,983

	Number of Shares		Value†
Transportation — (continued)
International Seaways, Inc.*		733	$	13,927
Marten Transport Ltd.		1,451		26,336
Matson, Inc.		1,400		54,390
Nordic American Tankers Ltd.		3,567		8,347
Overseas Shipholding Group, Inc., Class A*		1,600		3,008
PAM Transportation Services, Inc.*		50		3,100
Radiant Logistics, Inc.*		1,000		6,140
Safe Bulkers, Inc.*		2,600		4,056
Saia, Inc.*		861		55,681
Scorpio Bulkers, Inc.		1,500		6,900
Scorpio Tankers, Inc.		1,420		41,918
Ship Finance International Ltd.		2,684		33,577
Teekay Corp.		1,900		6,536
Teekay Tankers Ltd., Class A*		5,293		6,775
Tidewater, Inc.*		1,400		32,872
Universal Logistics Holdings, Inc.		300		6,741
US Xpress Enterprises, Inc., Class A*		1,200		6,168
Werner Enterprises, Inc.		1,552		48,236
YRC Worldwide, Inc.*		1,300		5,239
				826,592
Trucking and Leasing — 0.2%
GATX Corp.		1,200		95,148
General Finance Corp.*		400		3,348
Textainer Group Holdings Ltd.*		812		8,185
The Greenbrier Cos., Inc.		1,047		31,829
Willis Lease Finance Corp.*		100		5,832
				144,342
Water — 0.5%
American States Water Co.		1,224		92,094
Artesian Resources Corp., Class A		313		11,634
California Water Service Group		1,666		84,349
Connecticut Water Service, Inc.		419		29,213
Consolidated Water Co., Ltd.		300		4,278
Global Water Resources, Inc.		500		5,125
Middlesex Water Co.		531		31,462
PICO Holdings, Inc.*		792		9,203
SJW Group		888		53,964
The York Water Co.		397		14,181
				335,503
TOTAL COMMON STOCKS (Cost $50,857,238)				62,892,832
REAL ESTATE INVESTMENT TRUSTS — 8.3%
Apartments — 0.2%
Bluerock Residential Growth REIT, Inc.		600		7,050
BRT Apartments Corp.		500		7,065
Front Yard Residential Corp.		1,600		19,552
Independence Realty Trust, Inc.		2,892		33,460
Investors Real Estate Trust		361		21,180
Preferred Apartment Communities, Inc., Class A		1,400		20,930
				109,237

127

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Building & Real Estate — 0.7%
Agree Realty Corp.		1,296	$	83,009
Anworth Mortgage Asset Corp.		3,731		14,141
Apollo Commercial Real Estate Finance, Inc.		5,256		96,658
Ares Commercial Real Estate Corp.		1,000		14,860
Capstead Mortgage Corp.		2,775		23,171
Getty Realty Corp.		1,169		35,958
Invesco Mortgage Capital, Inc.		4,307		69,429
iStar, Inc.		1,918		23,822
New York Mortgage Trust, Inc.		7,400		45,880
PennyMac Mortgage Investment Trust		2,692		58,766
Ready Capital Corp.		1,100		16,390
				482,084
Diversified — 1.3%
AG Mortgage Investment Trust, Inc.		1,188		18,889
American Finance Trust, Inc.		3,800		41,990
Armada Hoffler Properties, Inc.		1,600		26,480
Blackstone Mortgage Trust, Inc., Class A		4,400		156,552
CatchMark Timber Trust, Inc., Class A		1,400		14,630
Clipper Realty, Inc.		600		6,708
Colony Credit Real Estate, Inc.		2,800		43,400
CoreCivic, Inc.		4,000		83,040
CorEnergy Infrastructure Trust, Inc.		400		15,864
Exantas Capital Corp.		1,175		13,289
Four Corners Property Trust, Inc.		2,300		62,859
NexPoint Residential Trust, Inc.		600		24,840
NorthStar Realty Europe Corp.		1,600		26,288
PotlatchDeltic Corp.		2,237		87,198
PS Business Parks, Inc.		665		112,072
Spirit MTA REIT		1,600		13,344
The GEO Group, Inc.		4,052		85,133
UMH Properties, Inc.		968		12,013
Uniti Group, Inc.		6,500		60,385
Whitestone REIT		1,400		17,766
				922,740
Diversified Financial Services — 0.5%
ARMOUR Residential REIT, Inc.		2,075		38,678
Cherry Hill Mortgage Investment Corp.		500		8,000
Dynex Capital, Inc.		769		12,881
Granite Point Mortgage Trust, Inc.		1,900		36,461
Great Ajax Corp.		600		8,400
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,100		59,178
KKR Real Estate Finance Trust, Inc.		900		17,928
Ladder Capital Corp.		3,576		59,397
Orchid Island Capital, Inc.		1,500		9,540
Redwood Trust, Inc.		3,277		54,169
TPG RE Finance Trust, Inc.		1,800		34,722
Western Asset Mortgage Capital Corp.		1,597		15,938
				355,292
Healthcare — 1.1%
CareTrust REIT, Inc.		3,295		78,355
Community Healthcare Trust, Inc.		600		23,646
Global Medical REIT, Inc.		900		9,450

	Number of Shares		Value†
Healthcare — (continued)
Healthcare Realty Trust, Inc.		4,472	$	140,063
LTC Properties, Inc.		1,317		60,134
National Health Investors, Inc.		1,457		113,690
New Senior Investment Group, Inc.		2,700		18,144
Physicians Realty Trust		6,200		108,128
Sabra Health Care REIT, Inc.		6,093		119,971
Senior Housing Properties Trust		8,300		69,720
Universal Health Realty Income Trust		420		35,671
				776,972
Hotels & Resorts — 1.0%
Ashford Hospitality Trust, Inc.		3,020		8,970
Braemar Hotels & Resorts, Inc.		987		9,771
Chatham Lodging Trust		1,500		28,305
Chesapeake Lodging Trust		1,989		56,527
DiamondRock Hospitality Co.		7,023		72,618
Hersha Hospitality Trust		1,117		18,475
Pebblebrook Hotel Trust		4,393		123,795
RLJ Lodging Trust		5,880		104,311
Ryman Hospitality Properties, Inc.		1,612		130,717
Summit Hotel Properties, Inc.		3,400		38,998
Sunstone Hotel Investors, Inc.		7,747		106,211
				698,698
Industrial — 1.0%
EastGroup Properties, Inc.		1,275		147,875
First Industrial Realty Trust, Inc.		4,329		159,047
Monmouth Real Estate Investment Corp.		2,949		39,959
QTS Realty Trust, Inc., Class A		1,943		89,728
Rexford Industrial Realty, Inc.		3,600		145,332
STAG lndustrial, Inc.		4,400		133,056
				714,997
Mixed Industrial/Office — 0.5%
Axon Enterprise, Inc.*		2,011		129,126
Gladstone Commercial Corp.		1,052		22,324
Lexington Realty Trust		8,015		75,421
One Liberty Properties, Inc.		503		14,567
Washington Real Estate Investment Trust		2,706		72,331
				313,769
Office Property — 0.5%
American Assets Trust, Inc.		1,600		75,392
City Office REIT, Inc.		1,100		13,189
Easterly Government Properties, Inc.		2,400		43,464
Franklin Street Properties Corp.		3,145		23,210
Mack-Cali Realty Corp.		3,100		72,199
Office Properties Income Trust		1,669		43,845
Piedmont Office Realty Trust, Inc., Class A		4,300		85,699
				356,998
Real Estate — 0.4%
Alexander & Baldwin, Inc.		2,256		52,114
CorePoint Lodging, Inc.		1,550		19,205
Essential Properties Realty Trust, Inc.		1,800		36,072
Farmland Partners, Inc.		1,400		9,870
Gladstone Land Corp.		700		8,071

128

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Real Estate — (continued)
Global Net Lease, Inc.		2,933	$	57,545
Innovative Industrial Properties, Inc.		300		37,068
Safehold Inc.		200		6,040
Xenia Hotels & Resorts, Inc.		3,800		79,230
				305,215
Regional Malls — 0.2%
CBL & Associates Properties, Inc.		6,900		7,176
Pennsylvania Real Estate Investment Trust		2,715		17,647
Tanger Factory Outlet Centers, Inc.		3,100		50,251
Washington Prime Group, Inc.		5,800		22,156
				97,230
Storage & Warehousing — 0.3%
Industrial Logistics Properties Trust		2,158		44,930
Jernigan Capital, Inc.		600		12,300
National Storage Affiliates Trust		2,000		57,880
Terreno Realty Corp.		2,175		106,662
				221,772
Strip Centers — 0.6%
Acadia Realty Trust		2,720		74,446
Alexander’s, Inc.		69		25,551
Cedar Realty Trust, Inc.		2,826		7,489
Kite Realty Group Trust		2,751		41,623
Retail Opportunity Investments Corp.		3,800		65,094
Retail Value, Inc.		600		20,964
RPT Realty		2,641		31,982
Saul Centers, Inc.		351		19,702
Seritage Growth Properties, Class A		1,100		47,256
Urban Edge Properties		4,000		69,320
Urstadt Biddle Properties, Inc., Class A		916		19,236
				422,663
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,213,266)				5,777,667
RIGHTS — 0.0%
A. Schulman, Inc. CVR*		1,188		621
Babcock & Wilcox Enterprises*		1,220		49
Chelsea Therapeutics International Ltd. CVR*		1,600		0
Corium International, Inc. CVR*		900		162
Cubist Pharmaceuticals, Inc.*		1,200		0
Durata Therapeutics CVR Shares*		500		0
Media General CVR*		4,400		440
Newstar Financial, Inc. CVR*		1,300		338
Tobira Therapeutic, Inc. CVR*		400		4,708
TOTAL RIGHTS (Cost $2,159)				6,318

	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%¤
U.S. Treasury Bill 2.110%, 11/29/19 ¤,(a) (Cost $109,026)	$	110	$	109,047
SHORT-TERM INVESTMENTS — 1.5%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $1,040,225)		1,040,225		1,040,225
TOTAL INVESTMENTS — 100.1% (Cost $57,221,914)				69,826,089
Other Assets & Liabilities — (0.1)%				(86,462	)
TOTAL NET ASSETS — 100.0%			$	69,739,627

† See Security Valuation Note.

* Non-income producing security.

# Security position is either entirely or partially on loan.

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

(a) All or portion of securities segregated as collateral for futures contracts.

PLC — Public Limited Company.

CVR — Contingent Valued Rights.

REIT — Real Estate Investment Trust.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	62,892,832	$	62,892,832	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		5,777,667		5,777,667		—		—
U.S. TREASURY OBLIGATION		109,047		—		109,047		—
RIGHTS		6,318		—		6,318		—
SHORT-TERM INVESTMENTS		1,040,225		1,040,225		—		—
TOTAL INVESTMENTS	$	69,826,089	$	69,710,724	$	115,365	$	—
OTHER FINANCIAL INSTRUMENTS(1)
Futures Contracts	$	27,451	$	27,451	$	—	$	—
TOTAL ASSETS — OTHER FINANCIAL INSTRUMENTS	$	27,451	$	27,451	$	—	$	—

⁽¹⁾  Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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.

129

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Small Cap Index Fund

Open futures contracts held by the Fund at June 30, 2019 were as follows:

Futures Contracts:

Type	Futures Contract	Expiration Date	Numbers of Contracts		Units per Contract		Closing Price		Notional Value		Unrealized Appreciation		Unrealized Depreciation
Buy/Long	Russell 2000 Mini Index	9/20/2019		16		50	$	1,567	$	1,253,680	$	27,451	$	—
Total											$	27,451	$	—

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

130

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — 95.9%
Australia — 7.2%
AGL Energy Ltd.		4,795	$	67,434
Alumina Ltd.		20,068		32,941
AMP Ltd.		21,837		32,574
APA Group		9,267		70,275
Aristocrat Leisure Ltd.		4,617		99,802
ASX Ltd.		1,560		90,382
Aurizon Holdings Ltd.		15,495		58,822
AusNet Services		12,142		16,002
Australia & New Zealand Banking Group Ltd.		22,462		445,856
Bank of Queensland Ltd.		3,738		25,030
Bendigo & Adelaide Bank Ltd.		4,040		32,884
BHP Group Ltd.		23,115		671,920
BHP Group PLC		16,614		424,894
BlueScope Steel Ltd.		4,455		37,881
Boral Ltd.		9,502		34,268
Brambles Ltd.		12,161		110,137
Caltex Australia Ltd.		2,100		36,555
Challenger Ltd.		4,465		20,841
CIMIC Group Ltd.		829		26,068
Coca-Cola Amatil Ltd.		3,824		27,453
Cochlear Ltd.		418		60,859
Coles Group Ltd.*		8,554		80,315
Commonwealth Bank of Australia		13,881		807,715
Computershare Ltd.		3,381		38,559
Crown Resorts Ltd.		2,801		24,482
CSL Ltd.		3,558		538,766
Dexus		8,813		80,398
Domino’s Pizza Enterprises Ltd.		473		12,500
Flight Centre Travel Group Ltd.		439		12,806
Fortescue Metals Group Ltd.		11,253		71,564
Goodman Group		13,020		137,619
Harvey Norman Holdings Ltd.		3,235		9,257
Incitec Pivot Ltd.		13,612		32,624
Insurance Australia Group Ltd.		17,303		100,461
Lendlease Group		4,333		39,595
Macquarie Group Ltd.		2,558		225,631
Medibank Pvt. Ltd.		21,209		52,041
Mirvac Group		31,732		69,853
National Australia Bank Ltd.		22,508		422,793
Newcrest Mining Ltd.		5,921		133,023
Oil Search Ltd.		10,741		53,564
Orica Ltd.		2,861		40,764
Origin Energy Ltd.		14,077		72,385
QBE Insurance Group Ltd.		9,844		81,894
Ramsay Health Care Ltd.		1,058		53,713
REA Group Ltd.		400		27,021
Rio Tinto Ltd.		2,823		206,715
Santos Ltd.		12,884		64,324
Scentre Group		41,172		111,114
SEEK Ltd.		2,700		40,188
Sonic Healthcare Ltd.		3,657		69,680
South32 Ltd.		13,128		29,144
South32 Ltd.		24,967		55,967
Stockland		18,731		54,920
Suncorp Group Ltd.		9,789		92,698

	Number of Shares		Value†
Australia — (continued)
Sydney Airport		8,538	$	48,235
Tabcorp Holdings Ltd.		13,929		43,520
Telstra Corp. Ltd.		30,674		82,946
The GPT Group		13,907		60,090
The GPT Group, In Specie		16,419		0
TPG Telecom Ltd.		2,240		10,138
Transurban Group		21,171		219,213
Treasury Wine Estates Ltd.		5,300		55,663
Vicinity Centres		25,092		43,201
Washington H Soul Pattinson & Co., Ltd.		819		12,664
Wesfarmers Ltd.		8,968		227,968
Westpac Banking Corp.		27,078		539,671
Woodside Petroleum Ltd.		7,252		186,003
Woolworths Group Ltd.		10,039		234,423
WorleyParsons Ltd.		2,442		25,385
				8,156,091
Austria — 0.2%
ANDRITZ AG		564		21,234
Erste Group Bank AG*		2,258		83,736
OMV AG		1,135		55,325
Raiffeisen Bank International AG		1,156		27,144
Verbund AG		518		27,136
voestalpine AG		888		27,452
				242,027
Belgium — 0.9%
Ageas		1,453		75,615
Anheuser-Busch InBev N.V.		5,985		529,615
Colruyt S.A.		375		21,770
Groupe Bruxelles Lambert S.A.		597		58,656
KBC Group N.V.		1,908		125,213
Proximus SADP		1,133		33,486
Solvay S.A.		600		62,310
Telenet Group Holding N.V.		377		21,007
UCB S.A.		1,013		84,069
Umicore S.A.		1,648		52,887
				1,064,628
Bermuda — 0.1%
Jardine Strategic Holdings Ltd.		1,700		64,867
China — 0.1%
BeiGene Ltd. ADR*		300		37,185
Sands China Ltd.		19,600		93,631
Yangzijiang Shipbuilding Holdings Ltd.		19,000		21,526
				152,342
Denmark — 1.7%
A.P. Moller — Maersk A/S, B Shares		51		63,460
A.P. Moller — Maersk A/S, A Shares		31		36,052
Carlsberg A/S, B Shares		840		111,466
Chr Hansen Holding A/S		775		72,932
Coloplast A/S, B Shares		905		102,300
Danske Bank A/S		5,371		85,094
Demant A/S*		713		22,192
DSV A/S		1,404		138,252

131

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Denmark — (continued)
Genmab A/S*		496	$	91,284
H Lundbeck A/S		500		19,805
ISS A/S		1,307		39,514
Novo Nordisk A/S, B Shares		13,502		689,644
Novozymes A/S, B Shares		1,690		78,799
Orsted A/S144A @		1,454		125,784
Pandora A/S		825		29,353
Tryg A/S		965		31,402
Vestas Wind Systems A/S		1,558		134,975
				1,872,308
Finland — 1.1%
Elisa OYJ		1,000		48,793
Fortum OYJ		3,489		77,113
Kone OYJ, B Shares		2,641		155,960
Metso OYJ		784		30,855
Neste OYJ		3,173		107,874
Nokia OYJ		44,580		222,044
Nokian Renkaat OYJ		902		28,170
Nordea Bank Abp		23,020		167,153
Orion OYJ, B Shares		750		27,503
Sampo OYJ, A Shares		3,451		162,902
Stora Enso OYJ, R Shares		4,323		50,872
UPM-Kymmene OYJ		4,158		110,632
Wartsila OYJ Abp		3,552		51,574
				1,241,445
France — 10.2%
Accor S.A.		1,399		60,049
Aeroports de Paris		215		37,933
Air Liquide S.A.		3,376		472,196
Alstom S.A.		1,201		55,667
Amundi S.A.144A @		462		32,257
Arkema S.A.		503		46,761
Atos S.E.		732		61,156
AXA S.A.		15,263		400,833
BioMerieux		318		26,349
BNP Paribas S.A.		8,847		419,395
Bollore S.A.		7,225		31,879
Bouygues S.A.		1,817		67,289
Bureau Veritas S.A.		2,356		58,153
Capgemini S.E.		1,222		151,935
Carrefour S.A.		4,581		88,416
Casino Guichard Perrachon S.A.		468		15,965
Cie de Saint-Gobain		3,700		144,484
Cie Generale des Etablissements Michelin SCA		1,357		171,581
CNP Assurances		1,195		27,125
Covivio		381		39,865
Credit Agricole S.A.		8,891		106,094
Danone S.A.		4,850		410,660
Dassault Aviation S.A.		18		25,871
Dassault Systemes S.E.		999		159,346
Edenred		1,884		96,017
Eiffage S.A.		567		56,036
Electricite de France S.A.		4,450		56,105

	Number of Shares		Value†
France — (continued)
Engie S.A.		14,037	$	212,850
EssilorLuxottica S.A.		2,223		289,706
Eurazeo S.E.		333		23,204
Eutelsat Communications S.A.		1,342		25,063
Faurecia S.A.		580		26,902
Gecina S.A.		364		54,484
Getlink S.E.		3,609		57,811
Hermes International		251		180,946
ICADE		232		21,253
Iliad S.A.		205		23,021
Imerys S.A.		213		11,291
Ingenico Group S.A.		455		40,268
Ipsen S.A.		293		39,964
JCDecaux S.A.		510		15,443
Kering S.A.		597		352,363
Klepierre S.A.		1,645		55,112
L’Oreal S.A.		1,980		562,970
Legrand S.A.		2,123		155,210
LVMH Moet Hennessy Louis Vuitton S.E.		2,177		925,498
Natixis S.A.		7,282		29,322
Orange S.A.		15,761		248,600
Pernod Ricard S.A.		1,674		308,311
Peugeot S.A.		4,412		108,590
Publicis Groupe S.A.		1,588		83,816
Remy Cointreau S.A.		159		22,925
Renault S.A.		1,498		94,175
Safran S.A.		2,577		376,994
Sanofi		8,804		760,862
Sartorius Stedim Biotech		210		33,113
Schneider Electric S.E.		4,329		391,701
SCOR S.E.		1,198		52,519
SEB S.A.		179		32,203
Societe BIC S.A.		226		17,216
Societe Generale S.A.		6,496		163,955
Sodexo S.A.		698		81,592
Suez		2,717		39,205
Teleperformance		442		88,517
Thales S.A.		831		102,647
TOTAL S.A.		18,629		1,044,971
Ubisoft Entertainment S.A.*		622		48,646
Unibail-Rodamco-Westfield		5,440		39,277
Unibail-Rodamco-Westfield		772		115,656
Valeo S.A.		1,888		61,466
Veolia Environnement S.A.		4,205		102,393
Vinci S.A.		4,000		408,503
Vivendi S.A.		7,242		198,740
Wendel S.A.		185		25,221
Worldline S.A.*144A @		621		45,118
				11,519,030
Germany — 7.9%
1&1 Drillisch AG		408		13,614
adidas AG		1,419		438,996
Allianz S.E.		3,328		802,635
Axel Springer S.E.		327		22,999
BASF S.E.		7,216		524,959

132

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Germany — (continued)
Bayer AG		7,332	$	508,550
Bayerische Motoren Werke AG		2,505		185,163
Beiersdorf AG		792		94,966
Brenntag AG		1,140		55,937
Carl Zeiss Meditec AG		302		29,786
Commerzbank AG		7,915		56,840
Continental AG		879		127,999
Covestro AG144A @		1,214		61,804
Daimler AG		7,156		399,103
Delivery Hero S.E.*144A @		704		31,956
Deutsche Bank AG		15,234		117,470
Deutsche Boerse AG		1,504		212,320
Deutsche Lufthansa AG		1,773		30,400
Deutsche Post AG		7,816		257,122
Deutsche Telekom AG		26,198		453,871
Deutsche Wohnen S.E.		2,669		97,801
E.ON S.E.		17,438		189,204
Evonik Industries AG		1,319		38,433
Fraport AG Frankfurt Airport Services Worldwide		349		30,040
Fresenius Medical Care AG & Co., KGaA		1,627		127,774
Fresenius S.E. & Co., KGaA		3,201		173,814
GEA Group AG		1,137		32,269
Hannover Rueck S.E.		474		76,643
HeidelbergCement AG		1,153		93,307
Henkel AG & Co., KGaA		773		71,044
HOCHTIEF AG		160		19,485
HUGO BOSS AG		454		30,257
Infineon Technologies AG		9,051		160,833
Innogy S.E.		1,102		47,179
KION Group AG		553		34,972
Knorr-Bremse AG		363		40,492
LANXESS AG		691		41,038
Merck KGaA		1,036		108,212
METRO AG		1,204		22,000
MTU Aero Engines AG		398		94,927
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,179		295,525
Puma S.E.		680		45,350
RWE AG		4,378		108,030
SAP S.E.		7,701		1,055,744
Siemens AG		6,001		714,451
Siemens Healthineers AG144A @		1,145		48,248
Symrise AG		1,032		99,372
Telefonica Deutschland Holding AG		5,808		16,227
thyssenkrupp AG		3,349		48,898
TUI AG		3,515		34,512
Uniper S.E.		1,539		46,635
United Internet AG		908		29,915
Volkswagen AG		247		42,367
Vonovia S.E.		3,871		184,917
Wirecard AG		897		151,428
Zalando S.E.*144A @		869		38,476
				8,916,309

	Number of Shares		Value†
Hong Kong — 3.5%
AIA Group Ltd.		94,600	$	1,021,576
ASM Pacific Technology Ltd.		2,500		25,631
BOC Hong Kong Holdings Ltd.		28,000		110,240
CK Asset Holdings Ltd.		19,670		154,096
CK Hutchison Holdings Ltd.		20,628		203,469
CK Infrastructure Holdings Ltd.		5,000		40,751
CLP Holdings Ltd.		12,500		137,748
Dairy Farm International Holdings Ltd.		2,600		18,585
Galaxy Entertainment Group Ltd.		16,000		107,632
Hang Lung Properties Ltd.		14,000		33,306
Hang Seng Bank Ltd.		5,900		146,854
Henderson Land Development Co., Ltd.		11,891		65,559
HK Electric Investments & HK Electric Investments Ltd.		20,777		21,274
HKT Trust & HKT Ltd.		30,240		48,002
Hong Kong & China Gas Co., Ltd.		80,846		179,228
Hong Kong Exchanges & Clearing Ltd.		9,365		330,960
Hongkong Land Holdings Ltd.		9,000		58,012
Hysan Development Co., Ltd.		5,140		26,559
Kerry Properties Ltd.		5,509		23,141
Link REIT		16,676		205,205
Melco Resorts & Entertainment Ltd. ADR		1,367		29,691
MGM China Holdings Ltd.		8,400		14,270
MTR Corp., Ltd.		11,671		78,614
New World Development Co., Ltd.		45,832		71,689
NWS Holdings Ltd.		10,013		20,594
PCCW Ltd.		33,068		19,083
Power Assets Holdings Ltd.		10,500		75,538
Shangri-La Asia Ltd.		6,666		8,395
Sino Land Co., Ltd.		23,079		38,705
SJM Holdings Ltd.		17,000		19,331
Sun Hung Kai Properties Ltd.		12,161		206,312
Swire Pacific Ltd., A Shares		3,500		43,005
Swire Properties Ltd.		9,336		37,743
Techtronic Industries Co., Ltd.		10,000		76,608
The Bank of East Asia Ltd.		8,875		24,818
The Wharf Holdings Ltd.		9,000		23,853
Vitasoy International Holdings Ltd.		6,000		28,854
WH Group Ltd.144A @		77,323		78,436
Wharf Real Estate Investment Co., Ltd.		9,000		63,427
Wheelock & Co., Ltd.		6,000		43,084
Yue Yuen Industrial Holdings Ltd.		4,500		12,343
				3,972,221
Ireland — 0.7%
AIB Group PLC		6,225		25,472
Bank of Ireland Group PLC		7,345		38,426
CRH PLC		6,423		209,950
Experian PLC		6,923		209,695
Flutter Entertainment PLC		632		47,531
James Hardie Industries PLC		3,548		46,707
Kerry Group PLC, A Shares		1,262		150,683
Kingspan Group PLC		1,165		63,269
Smurfit Kappa Group PLC		1,724		52,241
				843,974

133

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Isle of Man — 0.0%
GVC Holdings PLC		4,148	$	34,385
Israel — 0.6%
Azrieli Group Ltd.		283		18,990
Bank Hapoalim BM		8,292		61,578
Bank Leumi Le-Israel BM		11,337		81,944
Check Point Software Technologies Ltd.*		1,012		116,997
CyberArk Software Ltd.*		300		38,352
Elbit Systems Ltd.		186		27,752
Israel Chemicals Ltd.		5,884		30,955
Israel Discount Bank Ltd., A Shares		8,729		35,592
Mizrahi Tefahot Bank Ltd.*		1,214		28,044
Nice Ltd.*		488		66,805
Teva Pharmaceutical Industries Ltd.*		7,232		66,293
Teva Pharmaceutical Industries Ltd. ADR*		1,100		10,153
Wix.com Ltd.*		400		56,840
				640,295
Italy — 2.0%
Assicurazioni Generali SpA		8,251		155,346
Atlantia SpA		3,881		101,202
Davide Campari-Milano SpA		4,464		43,732
Enel SpA		63,945		446,064
Eni SpA		20,048		333,345
Ferrari N.V.		972		157,600
FinecoBank Banca Fineco SpA		3,881		43,295
Intesa Sanpaolo SpA		117,586		251,728
Leonardo SpA		3,179		40,331
Mediobanca Banca di Credito Finanziario SpA		4,539		46,805
Moncler SpA		1,369		58,677
Pirelli & C SpA144A @		3,060		18,063
Poste Italiane SpA144A @		4,029		42,456
Prysmian SpA		1,822		37,646
Recordati SpA		813		33,886
Snam SpA		15,675		77,980
Telecom Italia SpA*		60,149		32,839
Telecom Italia SpA, RSP		40,890		21,202
Terna Rete Elettrica Nasionale SpA		10,172		64,812
UniCredit SpA		15,918		195,932
				2,202,941
Japan — 22.9%
ABC-Mart, Inc.		200		13,043
Acom Co., Ltd.		3,200		11,548
Advantest Corp.		1,500		41,296
Aeon Co., Ltd.		5,300		91,210
AEON Financial Service Co., Ltd.		700		11,298
Aeon Mall Co., Ltd.		710		10,698
AGC, Inc.		1,400		48,499
Air Water, Inc.		1,000		17,168
Aisin Seiki Co., Ltd.		1,200		41,394
Ajinomoto Co., Inc.		3,400		58,986
Alfresa Holdings Corp.		1,300		32,150
Alps Alpine Co., Ltd.		1,400		23,710
Amada Holdings Co., Ltd.		2,400		27,128

	Number of Shares		Value†
Japan — (continued)
ANA Holdings, Inc.		800	$	26,517
Aozora Bank Ltd.		1,000		24,045
Asahi Group Holdings Ltd.		2,900		130,554
Asahi Intecc Co., Ltd.		1,400		34,607
Asahi Kasei Corp.		9,500		101,560
Astellas Pharma, Inc.		14,900		212,336
Bandai Namco Holdings, Inc.		1,500		72,787
Benesse Holdings, Inc.		500		11,669
Bridgestone Corp.		4,600		181,465
Brother Industries Ltd.		1,800		34,094
Calbee, Inc.		600		16,205
Canon, Inc.		7,700		225,480
Casio Computer Co., Ltd.		1,500		18,702
Central Japan Railway Co.		1,100		220,559
Chubu Electric Power Co., Inc.		5,200		73,046
Chugai Pharmaceutical Co., Ltd.		1,700		111,338
Coca-Cola Bottlers Japan Holdings, Inc.		1,000		25,364
Concordia Financial Group Ltd.		8,800		32,843
Credit Saison Co., Ltd.		1,000		11,736
CyberAgent, Inc.		800		29,154
Dai Nippon Printing Co., Ltd.		2,000		42,714
Dai-ichi Life Holdings, Inc.		8,100		122,551
Daicel Corp.		2,000		17,824
Daifuku Co., Ltd.		800		45,187
Daiichi Sankyo Co., Ltd.		4,400		230,760
Daikin Industries Ltd.		2,000		261,878
Daito Trust Construction Co., Ltd.		600		76,519
Daiwa House Industry Co., Ltd.		4,300		125,649
Daiwa House REIT Investment Corp.		16		38,621
Daiwa Securities Group, Inc.		13,000		57,076
Denso Corp.		3,300		139,148
Dentsu, Inc.		1,700		59,455
Disco Corp.		200		33,003
East Japan Railway Co.		2,400		224,745
Eisai Co., Ltd.		1,900		107,685
Electric Power Development Co., Ltd.		1,000		22,756
FamilyMart UNY Holdings Co., Ltd.		2,000		47,749
FANUC Corp.		1,500		278,719
Fast Retailing Co., Ltd.		500		302,649
Fuji Electric Co., Ltd.		1,100		38,122
FUJIFILM Holdings Corp.		2,900		147,232
Fujitsu Ltd.		1,500		104,829
Fukuoka Financial Group, Inc.		1,200		21,976
GMO Payment Gateway, Inc.		300		20,732
Hakuhodo DY Holdings, Inc.		1,500		25,336
Hamamatsu Photonics K.K.		1,000		39,067
Hankyu Hanshin Holdings, Inc.		1,800		64,588
Hikari Tsushin, Inc.		200		43,693
Hino Motors Ltd.		2,000		16,880
Hirose Electric Co., Ltd.		220		24,618
Hisamitsu Pharmaceutical Co., Inc.		400		15,852
Hitachi Chemical Co., Ltd.		800		21,805
Hitachi Construction Machinery Co., Ltd.		700		18,313
Hitachi High-Technologies Corp.		500		25,705
Hitachi Ltd.		7,400		272,266

134

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Hitachi Metals Ltd.		1,400	$	15,876
Honda Motor Co., Ltd.		12,800		330,992
Hoshizaki Corp.		400		29,828
Hoya Corp.		3,000		230,563
Hulic Co., Ltd.		2,500		20,127
Idemitsu Kosan Co., Ltd.		1,356		41,012
IHI Corp.		1,200		29,010
Iida Group Holdings Co., Ltd.		1,000		16,190
Inpex Corp.		8,100		73,413
Isetan Mitsukoshi Holdings Ltd.		2,500		20,294
Isuzu Motors Ltd.		4,000		45,684
ITOCHU Corp.		10,700		204,980
Itochu Techno-Solutions Corp.		700		17,996
J. Front Retailing Co., Ltd.		2,000		22,977
Japan Airlines Co., Ltd.		800		25,533
Japan Airport Terminal Co., Ltd.		300		12,831
Japan Exchange Group, Inc.		4,000		63,707
Japan Post Bank Co., Ltd.		3,000		30,485
Japan Post Holdings Co., Ltd.		12,300		139,298
Japan Prime Realty Investment Corp.		6		26,004
Japan Real Estate Investment Corp.		10		60,868
Japan Retail Fund Investment Corp.		20		40,452
Japan Tobacco, Inc.		9,500		209,415
JFE Holdings, Inc.		3,800		55,954
JGC Corp.		1,600		21,890
JSR Corp.		1,500		23,760
JTEKT Corp.		1,500		18,239
JXTG Holdings, Inc.		24,090		120,062
Kajima Corp.		3,500		48,141
Kakaku.com, Inc.		1,100		21,274
Kamigumi Co., Ltd.		1,000		23,714
Kaneka Corp.		400		15,081
Kansai Paint Co., Ltd.		1,400		29,423
Kao Corp.		3,900		297,587
Kawasaki Heavy Industries Ltd.		1,000		23,584
KDDI Corp.		14,000		356,254
Keihan Holdings Co., Ltd.		800		34,904
Keikyu Corp.		1,600		27,588
Keio Corp.		800		52,723
Keisei Electric Railway Co., Ltd.		1,000		36,475
Keyence Corp.		682		420,605
Kikkoman Corp.		1,200		52,328
Kintetsu Group Holdings Co., Ltd.		1,300		62,325
Kirin Holdings Co., Ltd.		6,300		136,033
Kobayashi Pharmaceutical Co., Ltd.		400		28,698
Kobe Steel Ltd.		2,600		17,066
Koito Manufacturing Co., Ltd.		800		42,813
Komatsu Ltd.		7,000		169,945
Konami Holdings Corp.		700		32,927
Konica Minolta, Inc.		3,200		31,179
Kose Corp.		300		50,635
Kubota Corp.		8,400		140,335
Kuraray Co., Ltd.		2,600		31,146
Kurita Water Industries Ltd.		800		19,932
Kyocera Corp.		2,500		163,809

	Number of Shares		Value†
Japan — (continued)
Kyowa Kirin Co., Ltd.		2,000	$	36,087
Kyushu Electric Power Co., Inc.		2,900		28,491
Kyushu Railway Co.		1,200		35,007
Lawson, Inc.		400		19,217
LINE Corp.*		600		16,875
Lion Corp.		1,500		27,983
LIXIL Group Corp.		2,100		33,312
M3, Inc.		3,000		55,053
Makita Corp.		1,600		54,628
Marubeni Corp.		11,700		77,662
Marui Group Co., Ltd.		1,500		30,590
Maruichi Steel Tube Ltd.		300		8,349
Mazda Motor Corp.		4,500		46,581
McDonald’s Holdings Co., Japan Ltd.		400		17,648
Mebuki Financial Group, Inc.		7,020		18,344
Medipal Holdings Corp.		1,600		35,390
MEIJI Holdings Co., Ltd.		900		64,351
Mercari, Inc.*		600		15,983
MINEBEA MITSUMI, Inc.		3,000		51,113
MISUMI Group, Inc.		2,200		55,455
Mitsubishi Chemical Holdings Corp.		9,500		66,512
Mitsubishi Corp.		10,700		282,752
Mitsubishi Electric Corp.		14,000		185,081
Mitsubishi Estate Co., Ltd.		9,400		175,192
Mitsubishi Gas Chemical Co., Inc.		1,100		14,713
Mitsubishi Heavy Industries Ltd.		2,400		104,669
Mitsubishi Materials Corp.		900		25,640
Mitsubishi Motors Corp.		5,200		24,976
Mitsubishi Tanabe Pharma Corp.		1,900		21,144
Mitsubishi UFJ Financial Group, Inc.		96,700		460,580
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,500		18,599
Mitsui & Co., Ltd.		13,100		213,830
Mitsui Chemicals, Inc.		1,400		34,782
Mitsui Fudosan Co., Ltd.		7,100		172,560
Mitsui OSK Lines Ltd.		1,000		24,013
Mizuho Financial Group, Inc.		190,380		276,837
MonotaRO Co., Ltd.		1,000		24,496
MS&AD Insurance Group Holdings, Inc.		3,690		117,292
Murata Manufacturing Co., Ltd.		4,600		207,095
Nabtesco Corp.		900		25,143
Nagoya Railroad Co., Ltd.		1,400		38,772
NEC Corp.		2,000		78,922
Nexon Co., Ltd.*		3,700		54,056
NGK Insulators Ltd.		2,000		29,249
NGK Spark Plug Co., Ltd.		1,100		20,695
NH Foods Ltd.		800		34,300
Nidec Corp.		1,800		247,203
Nikon Corp.		2,400		34,127
Nintendo Co., Ltd.		900		330,209
Nippon Building Fund, Inc.		10		68,496
Nippon Electric Glass Co., Ltd.		700		17,791
Nippon Express Co., Ltd.		600		31,980
Nippon Paint Holdings Co., Ltd.		1,100		42,824
Nippon Prologis REIT, Inc.		15		34,648
Nippon Steel Corp.		6,517		112,158

135

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Nippon Telegraph & Telephone Corp.		5,100	$	237,607
Nippon Yusen K.K.		1,300		20,923
Nissan Chemical Corp.		1,000		45,178
Nissan Motor Co., Ltd.		18,100		129,641
Nisshin Seifun Group, Inc.		1,315		30,033
Nissin Foods Holdings Co., Ltd.		500		32,251
Nitori Holdings Co., Ltd.		600		79,621
Nitto Denko Corp.		1,300		64,345
Nomura Holdings, Inc.		26,000		92,045
Nomura Real Estate Holdings, Inc.		1,000		21,539
Nomura Real Estate Master Fund, Inc.		28		43,061
Nomura Research Institute Ltd.		2,730		43,902
NSK Ltd.		3,000		26,815
NTT Data Corp.		5,000		66,760
NTT DOCOMO, Inc.		10,500		244,985
Obayashi Corp.		5,000		49,394
Obic Co., Ltd.		500		56,823
Odakyu Electric Railway Co., Ltd.		2,100		51,462
Oji Holdings Corp.		6,000		34,756
Olympus Corp.		8,800		97,934
Omron Corp.		1,500		78,669
Ono Pharmaceutical Co., Ltd.		2,800		50,343
Oracle Corp. Japan		300		21,965
Oriental Land Co., Ltd.		1,600		198,493
ORIX Corp.		10,200		152,438
Osaka Gas Co., Ltd.		2,900		50,611
Otsuka Corp.		800		32,262
Otsuka Holdings Co., Ltd.		2,900		94,763
Pan Pacific International Holdings Corp.		800		50,864
Panasonic Corp.		17,100		142,839
Park24 Co., Ltd.		800		18,678
PeptiDream, Inc.*		700		35,953
Persol Holdings Co., Ltd.		1,400		33,007
Pigeon Corp.		900		36,293
Pola Orbis Holdings, Inc.		800		22,418
Rakuten, Inc.		6,300		75,317
Recruit Holdings Co., Ltd.		9,400		314,730
Renesas Electronics Corp.*		6,600		32,833
Resona Holdings, Inc.		16,400		68,414
Ricoh Co., Ltd.		5,000		50,021
Rinnai Corp.		300		19,110
Rohm Co., Ltd.		700		47,163
Ryohin Keikaku Co., Ltd.		200		36,237
Sankyo Co., Ltd.		400		14,503
Santen Pharmaceutical Co., Ltd.		3,000		49,875
SBI Holdings, Inc.		1,710		42,473
Secom Co., Ltd.		1,600		137,872
Sega Sammy Holdings, Inc.		1,200		14,610
Seibu Holdings, Inc.		1,600		26,710
Seiko Epson Corp.		2,200		34,857
Sekisui Chemical Co., Ltd.		3,000		45,172
Sekisui House Ltd.		4,600		75,792
Seven & i Holdings Co., Ltd.		6,000		203,288
Seven Bank Ltd.		5,300		13,890
SG Holdings Co., Ltd.		1,100		31,278

	Number of Shares		Value†
Japan — (continued)
Sharp Corp.		1,200	$	13,237
Shimadzu Corp.		1,600		39,389
Shimamura Co., Ltd.		200		14,973
Shimano, Inc.		600		89,406
Shimizu Corp.		4,000		33,305
Shin-Etsu Chemical Co., Ltd.		2,800		261,973
Shinsei Bank Ltd.		1,400		21,787
Shionogi & Co., Ltd.		2,100		121,344
Shiseido Co., Ltd.		3,200		242,037
Showa Denko K.K.		1,000		29,593
SMC Corp.		500		187,437
Softbank Corp.		12,700		164,984
SoftBank Group Corp.		13,000		626,149
Sohgo Security Services Co., Ltd.		500		23,111
Sompo Holdings, Inc.		2,725		105,407
Sony Corp.		10,000		525,500
Sony Financial Holdings, Inc.		1,200		28,878
Stanley Electric Co., Ltd.		1,000		24,657
Subaru Corp.		4,700		114,432
SUMCO Corp.		1,800		21,456
Sumitomo Chemical Co., Ltd.		12,000		55,876
Sumitomo Corp.		9,500		144,287
Sumitomo Dainippon Pharma Co., Ltd.		1,100		20,941
Sumitomo Electric Industries Ltd.		5,900		77,659
Sumitomo Heavy Industries Ltd.		800		27,638
Sumitomo Metal Mining Co., Ltd.		1,800		53,958
Sumitomo Mitsui Financial Group, Inc.		10,500		372,180
Sumitomo Mitsui Trust Holdings, Inc.		2,543		92,391
Sumitomo Realty & Development Co., Ltd.		2,700		96,592
Sumitomo Rubber Industries Ltd.		1,200		13,899
Sundrug Co., Ltd.		600		16,272
Suntory Beverage & Food Ltd.		1,000		43,482
Suzuken Co., Ltd.		640		37,609
Suzuki Motor Corp.		2,900		136,434
Sysmex Corp.		1,300		85,046
T&D Holdings, Inc.		4,300		46,799
Taiheiyo Cement Corp.		800		24,289
Taisei Corp.		1,600		58,282
Taisho Pharmaceutical Holdings Co., Ltd.		300		23,108
Taiyo Nippon Sanso Corp.		1,000		21,291
Takeda Pharmaceutical Co., Ltd.		11,695		416,024
TDK Corp.		1,000		77,894
Teijin Ltd.		1,200		20,501
Terumo Corp.		5,100		152,355
The Bank of Kyoto Ltd.		400		15,508
The Chiba Bank Ltd.		5,000		24,485
The Chugoku Electric Power Co., Inc.		2,100		26,483
The Kansai Electric Power Co., Inc.		5,400		61,902
The Shizuoka Bank Ltd.		3,200		23,631
The Yokohama Rubber Co., Ltd.		1,000		18,412
THK Co., Ltd.		1,000		24,053
Tobu Railway Co., Ltd.		1,400		40,858
Toho Co., Ltd.		900		38,344
Toho Gas Co., Ltd.		600		22,123
Tohoku Electric Power Co., Inc.		3,500		35,416

136

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Tokio Marine Holdings, Inc.		5,100	$	255,894
Tokyo Century Corp.		300		12,695
Tokyo Electric Power Co., Holdings, Inc.*		12,400		64,766
Tokyo Electron Ltd.		1,200		168,666
Tokyo Gas Co., Ltd.		3,000		70,716
Tokyu Corp.		4,000		71,019
Tokyu Fudosan Holdings Corp.		4,000		22,137
Toppan Printing Co., Ltd.		2,000		30,413
Toray Industries, Inc.		11,000		83,572
Toshiba Corp.		4,200		130,934
Tosoh Corp.		1,800		25,389
TOTO Ltd.		1,000		39,602
Toyo Seikan Group Holdings Ltd.		1,000		19,883
Toyo Suisan Kaisha Ltd.		600		24,731
Toyoda Gosei Co., Ltd.		400		7,817
Toyota Industries Corp.		1,200		66,183
Toyota Motor Corp.		17,868		1,108,957
Toyota Tsusho Corp.		1,600		48,603
Trend Micro, Inc.		900		40,216
Tsuruha Holdings, Inc.		300		27,823
Unicharm Corp.		3,000		90,446
United Urban Investment Corp.		21		35,199
USS Co., Ltd.		1,500		29,633
Welcia Holdings Co., Ltd.		400		16,320
West Japan Railway Co.		1,300		105,216
Yahoo Japan Corp.		21,700		63,832
Yakult Honsha Co., Ltd.		900		53,117
Yamada Denki Co., Ltd.		5,300		23,456
Yamaha Corp.		1,200		57,117
Yamaha Motor Co., Ltd.		2,100		37,430
Yamato Holdings Co., Ltd.		2,300		46,882
Yamazaki Baking Co., Ltd.		1,000		15,141
Yaskawa Electric Corp.		1,800		61,555
Yokogawa Electric Corp.		1,600		31,492
ZOZO, Inc.		1,500		28,150
				25,824,205
Luxembourg — 0.3%
ArcelorMittal		5,168		92,445
Aroundtown S.A.		5,880		48,511
Eurofins Scientific S.E.		87		38,390
Millicom International Cellular S.A.		489		27,526
RTL Group S.A.		294		15,048
SES S.A.		2,712		42,352
Tenaris S.A.		3,478		45,617
				309,889
Macau — 0.0%
Wynn Macau Ltd.		12,400		27,759
Netherlands — 6.0%
ABN AMRO Bank N.V.144A @		3,103		66,396
Adyen N.V.*144A @		78		60,168
Aegon N.V.		14,606		72,555
AerCap Holdings N.V.*		1,113		57,887
Airbus S.E.		4,569		646,612

	Number of Shares		Value†
Netherlands — (continued)
Akzo Nobel N.V.		1,808	$	169,898
ASML Holding N.V.		3,340		695,020
CNH Industrial N.V.		7,476		76,803
EXOR N.V.		848		59,410
Heineken Holding N.V.		885		92,700
Heineken N.V.		2,050		228,478
ING Groep N.V.		30,652		355,065
Koninklijke Ahold Delhaize N.V.		9,365		210,241
Koninklijke DSM N.V.		1,399		172,615
Koninklijke KPN N.V.		28,750		88,285
Koninklijke Philips N.V.		7,302		317,461
Koninklijke Vopak N.V.		584		26,894
NN Group N.V.		2,417		97,161
NXP Semiconductors N.V.		2,296		224,113
QIAGEN N.V.*		1,662		67,630
Randstad N.V.		923		50,657
Royal Dutch Shell PLC, A Shares		34,678		1,131,810
Royal Dutch Shell PLC, B Shares		29,351		961,739
Unilever N.V.*		11,433		694,648
Wolters Kluwer N.V.		2,186		159,034
				6,783,280
New Zealand — 0.2%
a2 Milk Co., Ltd.*		5,597		55,327
Auckland International Airport Ltd.		8,209		54,346
Fisher & Paykel Healthcare Corp. Ltd.		4,362		45,376
Fletcher Building Ltd.		5,870		19,127
Meridian Energy Ltd.		10,924		34,904
Ryman Healthcare Ltd.		2,831		22,359
Spark New Zealand Ltd.		14,196		38,192
				269,631
Norway — 0.7%
Aker BP ASA		827		23,852
DNB ASA		7,676		143,032
Equinor ASA		7,543		149,633
Gjensidige Forsikring ASA		1,418		28,580
Mowi ASA		3,540		82,832
Norsk Hydro ASA		10,203		36,544
Orkla ASA		6,430		57,066
Schibsted ASA, B Shares		698		18,214
Telenor ASA		5,795		123,122
Yara International ASA		1,445		70,199
				733,074
Portugal — 0.1%
Banco Espirito Santo S.A.		27,017		0
EDP — Energias de Portugal S.A.		18,562		70,544
Galp Energia SGPS S.A.		3,702		56,934
Jeronimo Martins SGPS S.A.		2,107		33,963
				161,441
Singapore — 1.4%
Ascendas Real Estate Investment Trust		19,362		44,677
CapitaLand Commercial Trust		18,656		29,937
CapitaLand Ltd.		18,600		48,569

137

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Singapore — (continued)
CapitaLand Mall Trust		21,700	$	42,202
City Developments Ltd.		3,000		21,015
ComfortDelGro Corp. Ltd.		15,200		29,892
DBS Group Holdings Ltd.		14,210		272,975
Genting Singapore Ltd.		46,800		31,841
Golden Agri-Resources Ltd.		65,000		13,955
Jardine Cycle & Carriage Ltd.		611		16,373
Jardine Matheson Holdings Ltd.		1,800		113,532
Keppel Corp. Ltd.		11,600		57,158
Oversea-Chinese Banking Corp. Ltd.		24,659		208,004
SATS Ltd.		5,300		20,449
Sembcorp Industries Ltd.		9,000		16,041
Singapore Airlines Ltd.		4,000		27,409
Singapore Exchange Ltd.		6,000		35,151
Singapore Press Holdings Ltd.		12,400		22,366
Singapore Technologies Engineering Ltd.		12,000		36,753
Singapore Telecommunications Ltd.		63,200		163,582
Suntec Real Estate Investment Trust		16,000		22,954
United Overseas Bank Ltd.		9,537		184,371
UOL Group Ltd.		4,307		24,059
Venture Corp. Ltd.		2,100		25,355
Wilmar International Ltd.		16,100		44,073
				1,552,693
Spain — 2.9%
ACS Actividades de Construccion y Servicios S.A.		1,971		78,858
Aena SME S.A.144A @		527		104,453
Amadeus IT Group S.A.		3,464		274,506
Banco Bilbao Vizcaya Argentaria S.A.		52,589		293,325
Banco de Sabadell S.A.		40,310		41,783
Banco Santander S.A.		127,473		590,793
Bankia S.A.		9,428		22,269
Bankinter S.A.		4,820		33,224
CaixaBank S.A.		28,028		80,385
Cellnex Telecom S.A.*144A @		1,456		53,862
Enagas S.A.		1,740		46,435
Endesa S.A.		2,463		63,350
Ferrovial S.A.		3,969		101,601
Grifols S.A.		2,429		71,883
Iberdrola S.A.		46,121		459,189
Industria de Diseno Textil S.A.		8,378		252,071
Mapfre S.A.		8,177		23,912
Naturgy Energy Group S.A.		2,261		62,310
Red Electrica Corp. S.A.		3,505		73,002
Repsol S.A.		11,129		174,646
Siemens Gamesa Renewable Energy S.A.		1,855		30,832
Telefonica S.A.		36,833		302,889
				3,235,578
Sweden — 2.3%
Alfa Laval AB		2,584		56,467
Assa Abloy AB, B Shares		7,608		171,657
Atlas Copco AB, A Shares		5,080		162,792
Atlas Copco AB, B Shares		2,942		84,584
Boliden AB		1,973		50,556

	Number of Shares		Value†
Sweden — (continued)
Electrolux AB, B Shares		1,720	$	44,090
Epiroc AB, A Shares		5,080		52,930
Epiroc AB, B Shares		2,942		29,183
Essity AB, B Shares		4,611		141,850
Hennes & Mauritz AB, B Shares		6,441		114,432
Hexagon AB, B Shares		1,938		107,760
Husqvarna AB, B Shares		2,834		26,539
ICA Gruppen AB		771		33,144
Industrivarden AB, C Shares		1,227		27,226
Investor AB, B Shares		3,449		165,859
Kinnevik AB, B Shares		1,832		47,686
L E Lundbergforetagen AB, B Shares		602		22,561
Lundin Petroleum AB		1,488		46,361
Sandvik AB		8,817		162,022
Securitas AB, B Shares		2,230		39,142
Skandinaviska Enskilda Banken AB, A Shares		12,734		117,903
Skanska AB, B Shares		2,417		43,673
SKF AB, B Shares		2,667		49,098
Svenska Handelsbanken AB, A Shares		11,598		114,457
Swedbank AB, A Shares		6,908		103,995
Swedish Match AB		1,295		54,750
Tele2 AB, B Shares		3,797		55,456
Telefonaktiebolaget LM Ericsson, B Shares		24,290		230,554
Telia Co., AB		22,078		97,879
Volvo AB, B Shares		11,785		187,260
				2,641,866
Switzerland — 9.4%
ABB Ltd.		14,542		291,540
Adecco Group AG		1,232		74,040
Alcon, Inc.*		3,304		204,021
Baloise Holding AG		370		65,529
Barry Callebaut AG		17		34,120
Chocoladefabriken Lindt & Spruengli AG		1		81,336
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		8		58,239
Cie Financiere Richemont S.A.		4,112		349,423
Clariant AG*		1,425		28,992
Coca-Cola HBC AG*		1,625		61,385
Credit Suisse Group AG*		20,206		241,849
Dufry AG*		370		31,355
EMS-Chemie Holding AG		65		42,195
Geberit AG		295		137,891
Givaudan S.A.		73		206,191
Glencore PLC*		87,716		303,580
Julius Baer Group Ltd.*		1,680		74,851
Kuehne + Nagel International AG		402		59,712
LafargeHolcim Ltd.*		3,784		185,010
Lonza Group AG*		590		199,180
Nestle S.A.		23,961		2,480,496
Novartis AG		16,971		1,549,313
Pargesa Holding S.A.		272		20,978
Partners Group Holding AG		150		117,963
Roche Holding AG		5,499		1,546,252
Schindler Holding AG		145		31,699

138

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Switzerland — (continued)
Schindler Holding AG, Participation Certificates		304	$	67,761
SGS S.A.		40		101,954
Sika AG		1,014		173,234
Sonova Holding AG		445		101,281
STMicroelectronics N.V.		5,335		94,622
Straumann Holding AG		74		65,392
Swiss Life Holding AG		273		135,350
Swiss Prime Site AG*		579		50,567
Swiss Re AG		2,408		244,695
Swisscom AG		202		101,462
Temenos AG*		515		92,213
The Swatch Group AG		234		67,079
The Swatch Group AG, Registered Shares		425		23,032
UBS Group AG*		30,362		360,860
Vifor Pharma AG		334		48,276
Zurich Insurance Group AG		1,191		414,408
				10,619,326
United Kingdom — 13.5%
3i Group PLC		7,597		107,482
Admiral Group PLC		1,518		42,567
Anglo American PLC		8,060		230,262
Antofagasta PLC		2,581		30,487
Ashtead Group PLC		3,679		105,409
Associated British Foods PLC		2,750		86,090
AstraZeneca PLC		9,935		812,206
Auto Trader Group PLC144A @		6,702		46,678
Aviva PLC		31,017		164,284
BAE Systems PLC		24,719		155,357
Barclays PLC		135,305		257,358
Barratt Developments PLC		7,726		56,222
Berkeley Group Holdings PLC		1,009		47,820
BP PLC		161,001		1,121,658
British American Tobacco PLC		15,425		538,580
British American Tobacco PLC ADR		2,624		91,499
BT Group PLC		66,929		167,345
Bunzl PLC		2,529		66,731
Burberry Group PLC		3,173		75,207
Carnival PLC		1,266		55,715
Centrica PLC		43,976		49,023
Coca-Cola European Partners PLC		1,676		93,288
Coca-Cola European Partners PLC		200		11,300
Compass Group PLC		12,504		299,744
Croda International PLC		1,021		66,413
DCC PLC		798		71,191
Diageo PLC		18,956		815,874
Direct Line Insurance Group PLC		9,937		41,887
easyJet PLC		1,334		16,151
Evraz PLC		3,788		32,074
Ferguson PLC		1,737		123,657
Fiat Chrysler Automobiles N.V.		8,682		120,493
Fresnillo PLC		1,565		17,321
G4S PLC		12,521		33,126
GlaxoSmithKline PLC		38,929		780,329
Halma PLC		2,847		73,119

	Number of Shares		Value†
United Kingdom — (continued)
Hargreaves Lansdown PLC		2,059	$	50,308
HSBC Holdings PLC		157,009		1,310,443
Imperial Brands PLC		7,583		177,937
Informa PLC		9,584		101,637
InterContinental Hotels Group PLC		1,282		84,317
Intertek Group PLC		1,257		87,877
Investec PLC		4,543		29,533
ITV PLC		27,237		37,354
J. Sainsbury PLC		12,992		32,285
John Wood Group PLC		5,233		30,132
Johnson Matthey PLC		1,520		64,262
Kingfisher PLC		16,836		45,890
Land Securities Group PLC		5,379		56,979
Legal & General Group PLC		46,330		158,728
Lloyds Banking Group PLC		561,187		403,057
London Stock Exchange Group PLC		2,487		173,306
Marks & Spencer Group PLC		15,574		41,641
Meggitt PLC		5,739		38,236
Melrose Industries PLC		36,991		85,034
Merlin Entertainments PLC144A @		5,527		31,593
Micro Focus International PLC		2,784		73,220
Mondi PLC		2,860		65,094
National Grid PLC		26,160		278,209
Next PLC		1,027		71,918
NMC Health PLC		796		24,354
Ocado Group PLC*		3,409		50,535
Pearson PLC		5,773		60,063
Persimmon PLC		2,313		58,762
Prudential PLC		20,395		445,244
Reckitt Benckiser Group PLC		5,561		439,069
RELX PLC		8,478		205,630
RELX PLC		6,969		168,567
Rentokil Initial PLC		13,868		70,015
Rio Tinto PLC		8,952		554,069
Rolls-Royce Holdings PLC*		12,875		137,543
Royal Bank of Scotland Group PLC		36,711		102,391
RSA Insurance Group PLC		7,501		54,972
Schroders PLC		960		37,242
Segro PLC		8,768		81,407
Severn Trent PLC		1,743		45,344
Smith & Nephew PLC		6,827		148,246
Smiths Group PLC		2,951		58,714
Spirax-Sarco Engineering PLC		552		64,441
SSE PLC		8,095		115,381
St. James’s Place PLC		4,100		57,246
Standard Chartered PLC		21,440		194,502
Standard Life Aberdeen PLC		18,172		67,992
Taylor Wimpey PLC		25,341		50,851
Tesco PLC		77,466		223,310
The British Land Co., PLC		6,815		46,642
The Sage Group PLC		8,761		89,350
The Weir Group PLC		1,767		34,768
Unilever PLC		8,717		541,112
United Utilities Group PLC		4,874		48,515
Vodafone Group PLC		210,442		344,929
Whitbread PLC		1,345		79,137

139

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
United Kingdom — (continued)
Wm Morrison Supermarkets PLC		19,571	$	50,095
WPP PLC		9,426		118,735
				15,302,110
TOTAL COMMON STOCKS (Cost $85,953,694)				108,383,715
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		454		28,130
FUCHS PETROLUB S.E.		492		19,316
Henkel AG & Co., KGaA		1,419		138,806
Porsche Automobil Holding S.E.		1,203		77,936
Sartorius AG		272		55,783
Volkswagen AG		1,467		247,098
TOTAL PREFERRED STOCKS (Cost $457,637)				567,069
RIGHTS — 0.0%
Spain — 0.0%
Repsol S.A.*		10,450		5,796
ACS Actividades de Construccion y Servicios S.A.*		1,971		3,093
TOTAL RIGHTS (Cost $9,165)				8,889
SHORT-TERM INVESTMENTS — 2.7%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $3,062,150)		3,062,150		3,062,150
TOTAL INVESTMENTS — 99.1% (Cost $89,482,646)				112,021,823
Other Assets & Liabilities — 0.9%				1,003,367
TOTAL NET ASSETS — 100.0%			$	113,025,190

† See Security Valuation Note.

* Non-income producing security.

144A @ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $885,748, which represents 0.8% of the Fund’s net assets.

PLC — Public Limited Company.

ADR — American Depositary Receipt.

REIT — Real Estate Investment Trust.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.3%		$	302,785
Aerospace & Defense		1.6%			1,756,751
Agriculture		1.0%			1,130,209
Airlines		0.1%			126,010
Apparel		2.0%			2,119,637
Auto Manufacturers		3.0%			3,249,328
Auto Parts & Equipment		1.0%			1,115,811
Banks		10.8%			11,735,895
Beverages		2.5%			2,766,477
Biotechnology		0.7%			781,987
Building & Real Estate		0.2%			165,835
Building Materials		1.4%			1,545,228
Chemicals		3.2%			3,428,318
Commercial Services		2.4%			2,638,584
Computers		0.7%			736,999
Cosmetics & Personal Care		2.6%			2,802,945
Distribution & Wholesale		1.1%			1,178,875
Diversified Financial Services		2.1%			2,310,955
Diversified Operations		0.2%			223,621
Electric		2.6%			2,780,704
Electrical Components & Equipment		1.2%			1,341,903
Electronics		1.6%			1,702,110
Energy-Alternate Sources		0.2%			233,241
Engineering & Construction		1.3%			1,419,984
Entertainment		0.5%			508,419
Environmental Control		—%	+		19,932
Food		5.0%			5,444,451
Food Service		0.1%			81,592
Forest Products & Paper		0.3%			313,595
Gas		0.8%			836,635
Hand & Machine Tools		0.6%			675,333
Healthcare Products		1.7%			1,847,008
Healthcare Services		0.5%			536,433
Holding Companies		0.4%			398,042
Home Builders		0.3%			310,623
Home Furnishings		0.7%			787,697
Hotels & Resorts		0.1%			158,556
Household Products & Wares		0.5%			527,329
Insurance		5.8%			6,238,379
Internet		0.6%			598,948
Investment Companies		0.3%			317,137
Iron & Steel		0.5%			511,368
Leisure Time		0.3%			301,596
Lodging		0.4%			442,746
Machinery — Construction & Mining		0.8%			913,956
Machinery — Diversified		1.1%			1,153,149
Media		0.6%			635,455
Metal Fabricate/Hardware		0.3%			356,991
Mining		2.7%			2,897,785
Miscellaneous Manufacturing		1.1%			1,200,991
Office & Business Equipment		0.3%			341,537
Oil & Gas		5.5%			5,982,174
Packaging and Containers		—%	+		19,883
Pharmaceuticals		8.1%			8,802,647
Pipelines		0.1%			97,169
Real Estate		1.8%			1,932,495
Real Estate Investment Trusts		1.5%			1,649,080
Real Estate Management Services		0.2%			184,917

140

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Developed International Index Fund

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Retail		2.2%		$	2,378,259
Semiconductors		1.4%			1,511,633
Shipbuilding		—%	+		21,526
Software		2.0%			2,146,342
Telecommunications		4.4%			4,777,272
Textiles		0.1%			135,219
Toys, Games & Hobbies		0.4%			402,996
Transportation		1.9%			2,049,289
Venture Capital		0.1%			107,482
Water		0.2%			235,457
+ Less than 0.05%		100.0%		$	108,383,715

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Australia	$	8,156,091	$	—	$	8,156,091	$	—
Austria		242,027		—		242,027		—
Belgium		1,064,628		—		1,064,628		—
Bermuda		64,867		—		64,867		—
China		152,342		37,185		115,157		—
Denmark		1,872,308		—		1,872,308		—
Finland		1,241,445		48,793		1,192,652		—
France		11,519,030		273,300		11,245,730		—
Germany		8,916,309		108,756		8,807,553		—
Hong Kong		3,972,221		77,693		3,894,528		—
Ireland		843,974		110,800		733,174		—
Isle of Man		34,385		—		34,385		—
Israel		640,295		222,342		417,953		—
Italy		2,202,941		—		2,202,941		—
Japan		25,824,205		—		25,824,205		—
Luxembourg		309,889		—		309,889		—
Macau		27,759		—		27,759		—
Netherlands		6,783,280		282,000		6,501,280		—
New Zealand		269,631		—		269,631		—
Norway		733,074		—		733,074		—
Portugal		161,441		—		161,441		—
Singapore		1,552,693		—		1,552,693		—
Spain		3,235,578		—		3,235,578		—
Sweden		2,641,866		33,144		2,608,722		—
Switzerland		10,619,326		285,357		10,333,969		—
United Kingdom		15,302,110		196,087		15,106,023		—
TOTAL COMMON STOCKS		108,383,715		1,675,457		106,708,258		—

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
PREFERRED STOCKS	$	567,069	$	—	$	567,069	$	—
RIGHTS		8,889		8,889		—		—
SHORT-TERM INVESTMENTS		3,062,150		3,062,150		—		—
TOTAL INVESTMENTS	$	112,021,823	$	4,746,496	$	107,275,327	$	—
OTHER FINANCIAL INSTRUMENTS(1)
Futures Contracts	$	114,063	$	114,063	$	—	$	—
TOTAL ASSETS — OTHER FINANCIAL INSTRUMENTS	$	114,063	$	114,063	$	—	$	—

⁽¹⁾  Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

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 12/31/2018	$	755
Change in Appreciation/(Depreciation)		(748	)
Realized Gain (Loss)		(7	)
Balance as of 6/30/19	$	—

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

An amount of $147,625 was transferred from Level 1 into Level 2 during the reporting period as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets.

An amount of $618,955 was transferred from Level 2 into Level 1 during the reporting period 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.

141

Open futures contracts held by the Fund at June 30, 2019 were as follows:

Futures Contracts:

Type	Futures Contract	Expiration Date	Numbers of Contracts		Units per Contract		Closing Price		Notional Value		Unrealized Appreciation		Unrealized Depreciation
Buy/Long	E-Mini MSCI EAFE Index	9/20/2019		45		50	$	1,923	$	4,327,425	$	114,063	$	—
Total											$	114,063	$	—

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

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

International Equity Fund

	Number of Shares		Value†
COMMON STOCKS — 95.5%
Australia — 1.2%
CSL Ltd.		26,628	$	4,032,115
Belgium — 3.4%
Anheuser-Busch InBev N.V.		127,641		11,295,000
Brazil — 1.2%
Equatorial Energia SA		159,175		3,828,955
Canada — 10.1%
Alimentation Couche-Tard, Inc., Class B		200,303		12,605,071
CAE, Inc.		183,654		4,937,923
Canadian National Railway Co.		79,264		7,335,953
Constellation Software, Inc.		9,081		8,558,836
				33,437,783
China — 3.2%
Alibaba Group Holding Ltd. ADR*		38,486		6,521,453
Tencent Holdings Ltd.		86,300		3,904,162
				10,425,615
France — 12.8%
Air Liquide S.A.		61,177		8,556,730
L’Oreal S.A.		11,738		3,337,444
LVMH Moet Hennessy Louis Vuitton S.E.		12,180		5,178,030
Safran S.A.		68,869		10,074,971
Teleperformance		39,619		7,934,327
Vinci S.A.		68,947		7,041,262
				42,122,764
Germany — 5.0%
adidas AG		23,094		7,144,594
SAP S.E.		68,286		9,361,455
				16,506,049
Hong Kong — 2.2%
Techtronic Industries Co., Ltd.		932,055		7,140,317
India — 10.9%
HDFC Bank Ltd.		452,767		16,037,571
Housing Development Finance Corp. Ltd.		224,470		7,127,629
Power Grid Corp. of India Ltd.		2,242,110		6,721,650
Tata Consultancy Services Ltd.		193,405		6,241,074
				36,127,924
Ireland — 4.0%
Flutter Entertainment PLC		36,485		2,743,957
Kingspan Group PLC		103,084		5,598,276
Medtronic PLC		51,052		4,971,954
				13,314,187
Japan — 2.4%
Keyence Corp.		12,825		7,909,466
Mexico — 1.9%
Wal-Mart de Mexico S.A.B. de C.V.		2,280,227		6,223,958
Netherlands — 6.5%
Heineken N.V.		30,249		3,371,325
Unilever N.V.*		187,983		11,421,507

	Number of Shares		Value†
Netherlands — (continued)
Wolters Kluwer N.V.		92,266	$	6,712,473
				21,505,305
Spain — 3.4%
Cellnex Telecom S.A.*144A @		89,938		3,327,119
Grifols S.A.		268,344		7,941,240
				11,268,359
Switzerland — 5.2%
Alcon, Inc.*		83,472		5,154,366
Nestle S.A.		116,531		12,063,551
				17,217,917
Taiwan — 1.3%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		105,989		4,151,589
United Kingdom — 12.5%
Ashtead Group PLC		172,797		4,950,886
Bunzl PLC		163,783		4,321,595
DCC PLC		69,636		6,212,349
Diageo PLC		120,445		5,184,004
London Stock Exchange Group PLC		76,014		5,297,010
RELX PLC		340,877		8,245,159
Rentokil Initial PLC		1,367,192		6,902,548
				41,113,551
United States — 8.3%
Alphabet, Inc., Class C*		6,453		6,975,112
Booking Holdings, Inc.*		5,587		10,474,005
Mastercard, Inc., Class A		37,228		9,847,923
				27,297,040
TOTAL COMMON STOCKS (Cost $259,974,409)				314,917,894
PREFERRED STOCKS — 1.3%
Brazil — 1.3%
Itau Unibanco Holding S.A. ADR (Cost $4,644,580)		462,895		4,360,471
SHORT-TERM INVESTMENTS — 2.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $8,766,279)		8,766,279		8,766,279
TOTAL INVESTMENTS — 99.4% (Cost $273,385,268)				328,044,644
Other Assets & Liabilities — 0.6%				1,852,078
TOTAL NET ASSETS — 100.0%			$	329,896,722

144A @ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $3,327,119, which represents 1.01% of the Fund’s net assets.

† See Security Valuation Note.

142

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

International Equity Fund

* Non-income producing security.

ADR — American Depositary Receipt.

PLC — Public Limited Company.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Aerospace & Defense		4.8%	$	15,012,894
Apparel		3.9%		12,322,624
Banks		5.1%		16,037,571
Beverages		6.3%		19,850,329
Biotechnology		1.3%		4,032,115
Building Materials		1.8%		5,598,276
Chemicals		2.7%		8,556,730
Commercial Services		6.4%		20,098,593
Computers		4.5%		14,175,401
Cosmetics & Personal Care		4.7%		14,758,951
Distribution & Wholesale		1.4%		4,321,595
Diversified Financial Services		7.1%		22,272,562
Electric		3.3%		10,550,605
Electronics		2.5%		7,909,466
Engineering & Construction		3.3%		10,368,381
Entertainment		0.9%		2,743,957
Food		3.8%		12,063,551
Hand & Machine Tools		2.3%		7,140,317
Healthcare Products		3.2%		10,126,320
Internet		8.8%		27,874,732
Media		2.1%		6,712,473
Oil & Gas		2.0%		6,212,349
Pharmaceuticals		2.5%		7,941,240
Retail		6.0%		18,829,029
Semiconductors		1.3%		4,151,589
Software		5.7%		17,920,291
Transportation		2.3%		7,335,953
		100.0%	$	314,917,894

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Australia	$	4,032,115	$	—	$	4,032,115	$	—
Belgium		11,295,000		—		11,295,000		—
Brazil		3,828,955		3,828,955		—		—
Canada		33,437,783		33,437,783		—		—
China		10,425,615		6,521,453		3,904,162		—
France		42,122,764		—		42,122,764		—
Germany		16,506,049		—		16,506,049		—
Hong Kong		7,140,317		—		7,140,317		—
India		36,127,924		—		36,127,924		—
Ireland		13,314,187		13,314,187		—		—
Japan		7,909,466		—		7,909,466		—
Mexico		6,223,958		6,223,958		—		—
Netherlands		21,505,305		—		21,505,305		—
Spain		11,268,359		—		11,268,359		—
Sweden		—		—		—		—
Switzerland		17,217,917		5,154,366		12,063,551		—
Taiwan		4,151,589		4,151,589		—		—
United Kingdom		41,113,551		—		41,113,551		—
United States		27,297,040		27,297,040		—		—
TOTAL COMMON STOCKS		314,917,894		99,929,331		214,988,563		—
PREFERRED STOCKS		4,360,471		4,360,471		—		—
SHORT-TERM INVESTMENTS		8,766,279		8,766,279		—		—
TOTAL INVESTMENTS	$	328,044,644	$	113,056,081	$	214,988,563	$	—

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

An amount of $7,667,356 was transferred from Level 2 into Level 1 during the reporting period 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 these financial statements.

143

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Emerging Markets Equity Fund

	Number of Shares		Value†
COMMON STOCKS — 92.7%
Argentina — 0.4%
Grupo Financiero Galicia S.A. ADR		17,711	$	628,741
Brazil — 6.1%
Ambev S.A.		466,334		2,171,396
Atacadao S.A.		286,018		1,640,156
B3 S.A. - Brasil Bolsa Balcao		197,230		1,927,640
Lojas Renner S.A.		137,947		1,688,436
Petroleo Brasileiro S.A.		203,896		1,587,648
				9,015,276
Chile — 1.0%
S.A.C.I. Falabella		216,921		1,416,497
China — 20.2%
Alibaba Group Holding Ltd. ADR*		30,897		5,235,497
Anhui Conch Cement Co., Ltd., Class H		206,500		1,292,135
Baidu, Inc. ADR*		5,000		586,800
Bank of China Ltd., Class H		6,473,000		2,731,406
China Construction Bank Corp., Class H		3,279,930		2,827,312
China International Capital Corp., Ltd., Class H144A @		257,200		519,155
China Life Insurance Co. Ltd., Class H		567,000		1,401,434
New Oriental Education & Technology Group, Inc. ADR*		13,759		1,328,844
PetroChina Co. Ltd., Class H		1,512,000		833,698
Pinduoduo, Inc. ADR*		24,100		497,183
Ping An Insurance Group Co. of China Ltd., Class H		148,000		1,779,682
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		183,500		360,762
Shenzhou International Group Holdings Ltd.		138,700		1,913,326
Sinopharm Group Co. Ltd., Class H		93,200		328,166
TAL Education Group ADR*		19,072		726,643
Tencent Holdings Ltd.		164,100		7,423,789
Yihai International Holding Ltd.*		43,000		223,079
				30,008,911
Egypt — 0.8%
Commercial International Bank Egypt S.A.E.		282,519		1,248,702
Germany — 0.9%
adidas AG		4,385		1,356,588
Hong Kong — 5.9%
China Mengniu Dairy Co. Ltd.*		413,000		1,601,253
China Mobile Ltd.		119,500		1,087,888
China Overseas Land & Investment Ltd.		304,000		1,121,977
China Resources Beer Holdings Co. Ltd.		400,000		1,900,330
China Resources Land Ltd.		178,000		783,696
China Unicom Hong Kong Ltd.		762,000		833,172
CSPC Pharmaceutical Group Ltd.		414,000		667,720
Sino Biopharmaceutical Ltd.		716,000		732,522
				8,728,558
Hungary — 2.0%
OTP Bank NYRT		46,467		1,850,381
Richter Gedeon NYRT		57,953		1,068,740
				2,919,121

	Number of Shares		Value†
India — 9.6%
Ashok Leyland Ltd.		916,223	$	1,157,626
Axis Bank Ltd.		122,218		1,431,167
Eicher Motors Ltd.		2,929		811,705
Housing Development Finance Corp. Ltd.		50,235		1,595,120
ICICI Bank Ltd.		193,242		1,223,368
ICICI Bank Ltd. ADR		67,400		848,566
ICICI Prudential Life Insurance Co. Ltd.144A @		154,830		871,914
IndusInd Bank Ltd.		55,026		1,124,395
L&T Finance Holdings Ltd.		280,341		467,533
Larsen & Toubro Ltd.		55,838		1,256,328
Marico Ltd.		118,256		635,312
Shree Cement Ltd.		4,917		1,552,929
Tata Consultancy Services Ltd.		40,353		1,302,169
				14,278,132
Indonesia — 5.2%
Astra International Tbk PT		2,258,300		1,191,102
Bank Central Asia Tbk PT		1,198,100		2,542,459
Bank Mandiri Persero Tbk PT		1,123,900		638,093
Bank Rakyat Indonesia Tbk PT		4,373,800		1,350,302
Telekomunikasi Indonesia Persero Tbk PT		4,478,800		1,312,672
Unilever Indonesia Tbk PT		199,100		634,624
				7,669,252
Malaysia — 1.3%
Malayan Banking Bhd		370,801		797,208
Public Bank Bhd		197,700		1,100,866
				1,898,074
Mexico — 5.5%
Alsea S.A.B.de C.V.*		315,778		623,536
Fomento Economico Mexicano S.A.B. de C.V. ADR		22,210		2,148,817
Grupo Financiero Banorte S.A.B. de C.V., Series O		420,868		2,444,461
Infraestructura Energetica Nova S.A.B. de C.V.		267,736		1,053,577
Wal-Mart de Mexico S.A.B. de C.V.		667,464		1,821,866
				8,092,257
Peru — 2.4%
Cia de Minas Buenaventura S.A.A. ADR		125,917		2,099,036
Credicorp Ltd.		6,423		1,470,289
				3,569,325
Philippines — 1.4%
Ayala Corp.		30,400		530,650
Ayala Land, Inc.		453,950		450,359
Jollibee Foods Corp.		61,370		337,614
SM Investments Corp.		41,380		782,826
				2,101,449
Poland — 1.7%
LPP S.A.		569		1,165,212
Santander Bank Polska S.A.		14,349		1,426,711
				2,591,923

144

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Emerging Markets Equity Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Portugal — 1.5%
Jeronimo Martins SGPS S.A.		138,340	$	2,229,926
Russia — 5.1%
MMC Norilsk Nickel PJSC ADR		70,949		1,597,771
Sberbank of Russia PJSC ADR		142,266		2,191,758
X5 Retail Group N.V. GDR		59,974		2,052,332
Yandex N.V., Class A*		46,330		1,760,540
				7,602,401
South Africa — 5.5%
AVI Ltd.		193,564		1,255,521
Capitec Bank Holdings Ltd.		20,110		1,854,289
Clicks Group Ltd.		87,000		1,268,032
Reunert Ltd.		116,615		559,106
Sanlam Ltd.		320,934		1,782,028
The Bidvest Group Ltd.		111,549		1,501,084
				8,220,060
South Korea — 4.0%
E-MART, Inc.		2,196		266,193
GS Retail Co. Ltd.		8,830		300,878
LG Household & Health Care Ltd.		813		925,979
NCSoft Corp.		876		362,381
S-Oil Corp.		6,055		439,779
Samsung Biologics Co. Ltd.*144A @		2,438		676,659
Samsung Electronics Co. Ltd.		70,980		2,890,330
				5,862,199
Taiwan — 8.5%
ASE Technology Holding Co. Ltd.*		294,258		587,312
Cathay Financial Holding Co., Ltd.		567,000		785,341
CTBC Financial Holding Co. Ltd.		1,278,000		878,768
Eclat Textile Co. Ltd.		38,000		486,877
Hon Hai Precision Industry Co. Ltd.		125,112		312,144
Largan Precision Co. Ltd.		3,000		374,681
MediaTek, Inc.		91,000		921,718
Mega Financial Holding Co. Ltd.		775,000		771,388
Nanya Technology Corp.		101,000		209,982
President Chain Store Corp.		18,000		174,201
Taiwan Cement Corp.		184,000		272,762
Taiwan Semiconductor Manufacturing Co. Ltd.		825,769		6,315,798
Vanguard International Semiconductor Corp.		210,000		442,201
				12,533,173
Thailand — 2.0%
Bangkok Dusit Medical Services PCL, Class F		920,100		772,563
CP ALL PCL		217,400		608,714
Muangthai Capital PCL		227,300		419,109
PTT PCL		770,000		1,226,123
				3,026,509
Turkey — 1.6%
Haci Omer Sabanci Holding A.S.		870,207		1,289,721
Tupras Turkiye Petrol Rafinerilieri A.S.		53,366		1,058,514
				2,348,235

	Number of Shares		Value†
United States — 0.1%
Frontage Holdings Corp.*144A @		190,000	$	75,886
TOTAL COMMON STOCKS (Cost $123,531,259)				137,421,195
PREFERRED STOCKS — 3.6%
Brazil — 3.6%
Banco Bradesco S.A.		131,653		1,297,005
Itau Unibanco Holding S.A.		261,773		2,468,470
Petroleo Brasileiro S.A.		227,480		1,616,669
TOTAL PREFERRED STOCKS (Cost $3,727,087)				5,382,144
SHORT-TERM INVESTMENTS — 3.7%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $5,407,889)		5,407,889		5,407,889
TOTAL INVESTMENTS — 100.0% (Cost $132,666,235)				148,211,228
Other Assets & Liabilities — 0.0%				68,600
TOTAL NET ASSETS — 100.0%			$	148,279,828

† See Security Valuation Note.

* Non-income producing security.

144A @ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2019, the aggregate value of Rule 144A securities was $2,143,614, which represents 1.4% of the Fund’s net assets.

ADR — American Depository Receipt.

GDR — Global Depository Receipt.

PCL — Public Company Limited.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Apparel		3.6%	$	4,922,003
Auto Manufacturers		1.4%		1,969,331
Banks		20.3%		27,876,185
Beverages		3.1%		4,320,213
Biotechnology		0.6%		752,545
Building Materials		2.3%		3,117,826
Commercial Services		1.5%		2,055,487
Computers		1.0%		1,302,169
Cosmetics & Personal Care		0.7%		925,979
Distribution & Wholesale		0.4%		559,106
Diversified Financial Services		6.1%		8,433,002
Electric		0.8%		1,053,577
Electronics		0.2%		312,144
Engineering & Construction		0.9%		1,256,328
Food		4.4%		6,106,590
Healthcare Services		0.6%		772,563
Holding Companies		3.2%		4,445,572
Household Products & Wares		0.9%		1,269,936

145

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Schedule of Investments — June 30, 2019 (Unaudited)

Emerging Markets Equity Fund

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Insurance		4.8%	$	6,620,399
Internet		11.2%		15,369,007
Mining		2.7%		3,696,807
Miscellaneous Manufacturing		0.3%		374,681
Oil & Gas		3.7%		5,145,762
Pharmaceuticals		2.0%		2,797,148
Real Estate		2.1%		2,886,682
Retail		10.5%		14,479,080
Semiconductors		8.3%		11,367,341
Telecommunications		2.4%		3,233,732
		100.0%	$	137,421,195

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Argentina	$	628,741	$	628,741	$	—	$	—
Brazil		9,015,276		9,015,276		—		—
Chile		1,416,497		1,416,497		—		—
China		30,008,911		8,374,967		21,633,944		—
Egypt		1,248,702		1,248,702		—		—
Germany		1,356,588		—		1,356,588		—
Hong Kong		8,728,558		—		8,728,558		—
Hungary		2,919,121		—		2,919,121		—
India		14,278,132		848,566		13,429,566		—
Indonesia		7,669,252		—		7,669,252		—
Malaysia		1,898,074		—		1,898,074		—
Mexico		8,092,257		8,092,257		—		—
Peru		3,569,325		3,569,325		—		—
Philippines		2,101,449		—		2,101,449		—
Poland		2,591,923		—		2,591,923		—
Portugal		2,229,926		—		2,229,926		—
Russia		7,602,401		3,358,311		4,244,090		—
South Africa		8,220,060		4,936,948		3,283,112		—
South Korea		5,862,199		—		5,862,199		—
Taiwan		12,533,173		—		12,533,173		—
Thailand		3,026,509		772,563		2,253,946		—

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Turkey	$	2,348,235	$	—	$	2,348,235	$	—
United States		75,886		75,886		—		—
TOTAL COMMON STOCKS		137,421,195		42,338,039		95,083,156		—
PREFERRED STOCKS		5,382,144		5,382,144		—		—
SHORT-TERM INVESTMENTS		5,407,889		5,407,889		—		—
TOTAL INVESTMENTS	$	148,211,228	$	53,128,072	$	95,083,156	$	—

LIABILITIES TABLE
Description	Total Market Value at 6/30/2019			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
OTHER FINANCIAL INSTRUMENTS(1)
Forward Foreign Currency Contracts	$	(82,528	)	$	—	$	(82,528	)	$	—
TOTAL LIABILITIES -OTHER FINANCIAL INSTRUMENTS	$	(82,528	)	$	—	$	(82,528	)	$	—

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

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

An amount of $6,092,282 was transferred from Level 2 into Level 1 during the reporting period 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.

Open forward foreign currency contracts held by the Fund at June 30, 2019 were as follows:

Forward Foreign Currency Contracts:

	Currency	Counterparty	Settlement Date	Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Appreciation		Unrealized Depreciation
Sell	Hong Kong Dollar	UBS Securities	8/16/2019		(172,369,161	)		7.80989	$	(21,988,106	)	$	(22,070,634	)	$	—	$	(82,528)
Total															$	—	$	(82,528)

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

146

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Schedule of Investments — June 30, 2019 (Unaudited)

Real Estate Securities Fund

	Number of Shares		Value†
COMMON STOCKS — 2.0%
Entertainment — 0.6%
Red Rock Resorts, Inc., Class A		39,337	$	844,959
Real Estate — 1.4%
CBRE Group, Inc., Class A*		34,348		1,762,052
TOTAL COMMON STOCKS (Cost $2,621,462)				2,607,011
REAL ESTATE INVESTMENT TRUSTS — 96.9%
Apartments — 18.2%
American Homes 4 Rent, Class A		92,297		2,243,740
Apartment Investment & Management Co., Class A		24,661		1,236,009
Equity Residential		25,788		1,957,825
Essex Property Trust, Inc.		20,553		6,000,037
Invitation Homes, Inc.		164,383		4,393,958
UDR, Inc.		169,158		7,593,503
				23,425,072
Building & Real Estate — 2.5%
Agree Realty Corp.		23,762		1,521,956
Spirit Realty Capital, Inc.		38,498		1,642,325
				3,164,281
Diversified — 14.1%
American Tower Corp.		32,802		6,706,369
Crown Castle International Corp.		26,132		3,406,306
Gaming and Leisure Properties, Inc.		20,829		811,914
Lamar Advertising Co., Class A		2,829		228,329
SBA Communications Corp.*		31,362		7,051,432
				18,204,350
Healthcare — 9.2%
Sabra Health Care REIT, Inc.		173,780		3,421,728
Welltower, Inc.		103,883		8,469,581
				11,891,309
Hotels & Resorts — 7.1%
Park Hotels & Resorts, Inc.		102,884		2,835,483
Pebblebrook Hotel Trust		45,639		1,286,107
VICI Properties, Inc.		226,878		5,000,391
				9,121,981
Industrial — 7.7%
CyrusOne, Inc.		51,954		2,998,785
Prologis, Inc.		86,526		6,930,732
				9,929,517
Manufactured Homes — 3.5%
Equity LifeStyle Properties, Inc.		8,259		1,002,147
Sun Communities, Inc.		27,145		3,479,718
				4,481,865
Office Property — 10.5%
Boston Properties, Inc.		10,584		1,365,336
Douglas Emmett, Inc.		53,543		2,133,153
Hudson Pacific Properties, Inc.		95,570		3,179,614
Kilroy Realty Corp.		36,440		2,689,636
VEREIT, Inc.		460,289		4,147,204
				13,514,943

	Number of Shares		Value†
Regional Malls — 2.1%
Taubman Centers, Inc.		24,561	$	1,002,826
The Macerich Co.		52,068		1,743,757
				2,746,583
Storage & Warehousing — 12.2%
Americold Realty Trust		37,414		1,212,962
Extra Space Storage, Inc.		54,392		5,770,991
Industrial Logistics Properties Trust		45,310		943,354
Iron Mountain, Inc.		47,757		1,494,794
Public Storage		26,390		6,285,307
				15,707,408
Strip Centers — 2.7%
SITE Centers Corp.		123,409		1,633,935
Urban Edge Properties		106,378		1,843,531
				3,477,466
Telecommunications — 7.1%
Equinix, Inc.		18,196		9,176,061
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $107,849,751)				124,840,836
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity FedFund — Institutional Shares (seven-day effective yield 2.290%) (Cost $612,878)		612,878		612,878
TOTAL INVESTMENTS — 99.4% (Cost $111,084,091)				128,060,725
Other Assets & Liabilities — 0.6%				771,770
TOTAL NET ASSETS — 100.0%			$	128,832,495

† See Security Valuation Note.

* Non-income producing security.

REIT — Real Estate Investment Trust.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	2,607,011	$	2,607,011	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		124,840,836		124,840,836		—		—
SHORT-TERM INVESTMENTS		612,878		612,878		—		—
TOTAL INVESTMENTS	$	128,060,725	$	128,060,725	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

147

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Schedule of Investments — June 30, 2019 (Unaudited)

Aggressive Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 57.6%
Penn Series Flexibly Managed Fund*		34,082	$	2,102,155
Penn Series Index 500 Fund*		113,939		2,809,745
Penn Series Large Cap Growth Fund*		94,867		2,108,891
Penn Series Large Cap Value Fund*		187,359		5,598,273
Penn Series Large Core Value Fund*		304,423		6,310,689
Penn Series Large Growth Stock Fund*		14,724		706,775
Penn Series Mid Cap Growth Fund*		58,619		1,415,643
Penn Series Mid Cap Value Fund*		137,687		3,542,680
Penn Series Mid Core Value Fund*		142,289		3,488,931
Penn Series Real Estate Securities Fund*		81,660		2,034,142
Penn Series Small Cap Growth Fund*		45,812		2,116,951
Penn Series Small Cap Value Fund*		57,147		2,117,886
Penn Series SMID Cap Growth Fund*		44,470		1,422,600
Penn Series SMID Cap Value Fund*		183,529		4,949,781
TOTAL AFFILIATED EQUITY FUNDS (Cost $30,994,316)				40,725,142
AFFILIATED FIXED INCOME FUNDS — 8.8%
Penn Series High Yield Bond Fund*		97,726		1,388,693
Penn Series Limited Maturity Bond Fund*		382,140		4,841,718
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $5,846,733)				6,230,411
AFFILIATED INTERNATIONAL EQUITY FUNDS — 33.3%
Penn Series Developed International Index Fund*		612,979		8,514,278
Penn Series Emerging Markets Equity Fund*		515,989		6,444,698
Penn Series International Equity Fund*		271,128		8,535,114
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $19,698,698)				23,494,090
SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $267,877)		267,877		267,877
TOTAL INVESTMENTS — 100.1% (Cost $56,807,624)				70,717,520
Other Assets & Liabilities — (0.1)%				(46,732	)
TOTAL NET ASSETS — 100.0%			$	70,670,788

* Non-income producing security.

† See Security Valuation Note.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	40,725,142	$	40,725,142	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		6,230,411		6,230,411		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		23,494,090		23,494,090		—		—
SHORT-TERM INVESTMENTS		267,877		267,877		—		—
TOTAL INVESTMENTS	$	70,717,520	$	70,717,520	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

148

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Schedule of Investments — June 30, 2019 (Unaudited)

Moderately Aggressive Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 56.7%
Penn Series Flexibly Managed Fund*		228,970	$	14,122,844
Penn Series Index 500 Fund*		382,735		9,438,235
Penn Series Large Cap Growth Fund*		318,668		7,083,989
Penn Series Large Cap Value Fund*		629,359		18,805,242
Penn Series Large Core Value Fund*		1,022,590		21,198,296
Penn Series Large Growth Stock Fund*		49,461		2,374,125
Penn Series Mid Cap Growth Fund*		196,909		4,755,344
Penn Series Mid Cap Value Fund*		370,016		9,520,506
Penn Series Mid Core Value Fund*		382,374		9,375,811
Penn Series Real Estate Securities Fund*		274,299		6,832,793
Penn Series Small Cap Growth Fund*		102,594		4,740,888
Penn Series Small Cap Index Fund*		100,899		2,382,232
Penn Series Small Cap Value Fund*		191,969		7,114,367
Penn Series SMID Cap Growth Fund*		74,692		2,389,396
Penn Series SMID Cap Value Fund*		528,432		14,251,811
TOTAL AFFILIATED EQUITY FUNDS (Cost $94,121,572)				134,385,879
AFFILIATED FIXED INCOME FUNDS — 17.7%
Penn Series High Yield Bond Fund*		328,275		4,664,790
Penn Series Limited Maturity Bond Fund*		2,017,180		25,557,671
Penn Series Quality Bond Fund*		745,596		11,668,571
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $38,616,879)				41,891,032
AFFILIATED INTERNATIONAL EQUITY FUNDS — 25.2%
Penn Series Developed International Index Fund*		1,544,306		21,450,411
Penn Series Emerging Markets Equity Fund*		1,155,544		14,432,743
Penn Series International Equity Fund*		758,947		23,891,652
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $47,809,476)				59,774,806
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $1,266,120)		1,266,120		1,266,120
TOTAL INVESTMENTS — 100.1% (Cost $181,814,047)				237,317,837
Other Assets & Liabilities — (0.1)%				(207,060	)
TOTAL NET ASSETS — 100.0%			$	237,110,777

† See Security Valuation Note.

* Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	134,385,879	$	134,385,879	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		41,891,032		41,891,032		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		59,774,806		59,774,806		—		—
SHORT-TERM INVESTMENTS		1,266,120		1,266,120		—		—
TOTAL INVESTMENTS	$	237,317,837	$	237,317,837	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

149

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Moderate Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 45.1%
Penn Series Flexibly Managed Fund*		295,989	$	18,256,583
Penn Series Index 500 Fund*		371,063		9,150,403
Penn Series Large Cap Growth Fund*		274,621		6,104,824
Penn Series Large Cap Value Fund*		508,485		15,193,543
Penn Series Large Core Value Fund*		881,274		18,268,807
Penn Series Large Growth Stock Fund*		63,934		3,068,843
Penn Series Mid Cap Growth Fund*		254,535		6,147,031
Penn Series Mid Cap Value Fund*		358,745		9,230,517
Penn Series Mid Core Value Fund*		617,892		15,150,720
Penn Series Real Estate Securities Fund*		236,408		5,888,926
Penn Series Small Cap Growth Fund*		66,312		3,064,265
Penn Series Small Cap Index Fund*		130,431		3,079,466
Penn Series Small Cap Value Fund*		248,160		9,196,808
Penn Series SMID Cap Growth Fund*		96,550		3,088,650
Penn Series SMID Cap Value Fund*		455,404		12,282,259
TOTAL AFFILIATED EQUITY FUNDS (Cost $93,795,462)				137,171,645
AFFILIATED FIXED INCOME FUNDS — 37.7%
Penn Series High Yield Bond Fund*		636,566		9,045,601
Penn Series Limited Maturity Bond Fund*		3,556,042		45,055,056
Penn Series Quality Bond Fund*		3,855,496		60,338,514
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $101,966,487)				114,439,171
AFFILIATED INTERNATIONAL EQUITY FUNDS — 17.3%
Penn Series Developed International Index Fund*		1,109,003		15,404,045
Penn Series Emerging Markets Equity Fund*		1,244,673		15,545,962
Penn Series International Equity Fund*		686,721		21,617,975
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $39,127,895)				52,567,982
TOTAL INVESTMENTS — 100.1% (Cost $234,889,844)				304,178,798
Other Assets & Liabilities — (0.1)%				(358,553	)
TOTAL NET ASSETS — 100.0%			$	303,820,245

† See Security Valuation Note.

* Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	137,171,645	$	137,171,645	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		114,439,171		114,439,171		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		52,567,982		52,567,982		—		—
TOTAL INVESTMENTS	$	304,178,798	$	304,178,798	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

150

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Moderately Conservative Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 33.0%
Penn Series Flexibly Managed Fund*		121,352	$	7,484,972
Penn Series Index 500 Fund*		76,068		1,875,828
Penn Series Large Cap Growth Fund*		84,447		1,877,257
Penn Series Large Cap Value Fund*		156,351		4,671,779
Penn Series Large Core Value Fund*		270,979		5,617,397
Penn Series Mid Cap Value Fund*		73,534		1,892,035
Penn Series Mid Core Value Fund*		75,993		1,863,354
Penn Series Real Estate Securities Fund*		72,682		1,810,501
Penn Series Small Cap Value Fund*		50,865		1,885,043
Penn Series SMID Cap Value Fund*		70,011		1,888,190
TOTAL AFFILIATED EQUITY FUNDS (Cost $23,140,379)				30,866,356
AFFILIATED FIXED INCOME FUNDS — 56.4%
Penn Series High Yield Bond Fund*		195,733		2,781,364
Penn Series Limited Maturity Bond Fund*		1,822,286		23,088,370
Penn Series Quality Bond Fund*		1,718,909		26,900,932
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $47,249,753)				52,770,666
AFFILIATED INTERNATIONAL EQUITY FUNDS — 10.1%
Penn Series Developed International Index Fund*		204,616		2,842,116
Penn Series Emerging Markets Equity Fund*		153,105		1,912,284
Penn Series International Equity Fund*		150,839		4,748,425
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $7,636,443)				9,502,825
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $535,834)		535,834		535,834
TOTAL INVESTMENTS — 100.1% (Cost $78,562,409)				93,675,681
Other Assets & Liabilities — (0.1)%				(97,356	)
TOTAL NET ASSETS — 100.0%			$	93,578,325

† See Security Valuation Note.

* Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	30,866,356	$	30,866,356	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		52,770,666		52,770,666		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		9,502,825		9,502,825		—		—
SHORT-TERM INVESTMENTS		535,834		535,834		—		—
TOTAL INVESTMENTS	$	93,675,681	$	93,675,681	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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 these financial statements.

151

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2019 (Unaudited)

Conservative Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 19.9%
Penn Series Flexibly Managed Fund*		76,431	$	4,714,275
Penn Series Large Cap Value Fund*		59,084		1,765,442
Penn Series Large Core Value Fund*		113,779		2,358,649
Penn Series Mid Cap Value Fund*		23,155		595,781
Penn Series Mid Core Value Fund*		47,858		1,173,479
Penn Series Real Estate Securities Fund*		22,884		570,038
Penn Series SMID Cap Value Fund*		22,046		594,579
TOTAL AFFILIATED EQUITY FUNDS (Cost $9,821,108)				11,772,243
AFFILIATED FIXED INCOME FUNDS — 75.8%
Penn Series High Yield Bond Fund*		123,270		1,751,661
Penn Series Limited Maturity Bond Fund*		1,606,577		20,355,336
Penn Series Quality Bond Fund*		1,455,738		22,782,294
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $41,112,050)				44,889,291
AFFILIATED INTERNATIONAL EQUITY FUNDS — 3.0%
Penn Series Developed International Index Fund*		85,927		1,193,520
Penn Series International Equity Fund*		19,004		598,230
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $1,566,171)				1,791,750
SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.290%) (Cost $804,939)		804,939		804,939
TOTAL INVESTMENTS — 100.0% (Cost $53,304,268)				59,258,223
Other Assets & Liabilities — 0.0%				(16,508	)
TOTAL NET ASSETS — 100.0%			$	59,241,715

† See Security Valuation Note.

* Non-income producing security.

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

Summary of inputs used to value the Fund’s investments as of 6/30/2019 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 6/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	11,772,243	$	11,772,243	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		44,889,291		44,889,291		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		1,791,750		1,791,750
SHORT-TERM INVESTMENTS		804,939		804,939		—		—
TOTAL INVESTMENTS	$	59,258,223	$	59,258,223	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out of the fair value hierarchy 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.

152

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	Money Market Fund			Limited Maturity Bond Fund		Quality Bond Fund		High Yield Bond Fund
ASSETS
Investments at value	$	97,980,896		$	237,059,887	$	422,494,867	$	160,938,521
Foreign currency at value		—			—		—		112,438
Cash		4,032,500			—		630		100,007
Initial margin held by broker for open futures		—			306,379		517,169		—
Interest and dividends receivable		111,386			1,920,299		3,391,294		2,067,641
Receivable for investment securities sold		—			1,605,542		344,380		3,014,533
Receivable for capital stock sold		16,386			—		—		—
Other assets		1,105			3,099		6,006		2,173
Total Assets		102,142,273			240,895,206		426,754,346		166,235,313
LIABILITIES
Payable for investment securities purchased		—			—		462,052		5,771,351
Payable for capital stock redeemed		578,318			375,833		374,927		275,610
Futures variation margin payable		—			313		27,867		—
Payable to investment adviser (See Note 3)		26,025			89,930		155,975		60,363
Payable to the administrator (See Note 3)		7,206			17,866		31,573		11,952
Other liabilities		82,349			178,954		285,034		156,158
Total Liabilities		693,898			662,896		1,337,428		6,275,434
NET ASSETS	$	101,448,375		$	240,232,310	$	425,416,918	$	159,959,879
Investments at cost	$	97,980,896		$	237,814,391	$	413,370,711	$	155,838,385
Foreign currency at cost	$	—		$	—	$	—	$	112,601
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	101,448,454		$	236,965,097	$	408,466,989	$	160,282,377
Total distributable earnings (loss)		(79	)		3,267,213		16,949,929		(322,498	)
NET ASSETS	$	101,448,375		$	240,232,310	$	425,416,918	$	159,959,879
Shares outstanding, $0.10 par value, 500 million shares authorized		101,432,730
Shares outstanding, $0.10 par value, 250 million shares authorized							27,191,045		11,258,191
Shares outstanding, $0.0001 par value, 250 million shares authorized					18,965,903
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	1.00		$	12.67	$	15.65	$	14.21

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

153

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	Flexibly Managed Fund			Balanced Fund		Large Growth Stock Fund		Large Cap Growth Fund
ASSETS
Investments of affiliated issuers at value	$	—		$	81,830,800	$	—	$	—
Investments of unaffiliated issuers at value		4,323,067,171			92,534		326,200,168		60,076,611
Foreign currency at value		1,208			—		30		—
Cash		464,256			—		196		449
Interest and dividends receivable		12,848,647			—		75,738		33,975
Tax reclaims receivable		209,048			—		5,028		24,154
Receivable for investment securities sold		11,297,993			8,208		1,562,246		—
Receivable for capital stock sold		—			11,124		—		—
Other assets		50,648			1,076		4,103		764
Total Assets		4,347,938,971			81,943,742		327,847,509		60,135,953
LIABILITIES
Cash overdraft		—			39		—		—
Written options, at value		33,371,925			—		—		—
Payable for investment securities purchased		12,973,889			—		210,883		—
Payable for capital stock redeemed		1,400,727			6,506		114,169		25,699
Payable to investment adviser (See Note 3)		2,409,270			—		187,636		26,909
Payable to the administrator (See Note 3)		313,538			6,066		24,261		4,471
Other liabilities		2,032,547			42,261		254,856		69,318
Total Liabilities		52,501,896			54,872		791,805		126,397
NET ASSETS	$	4,295,437,075		$	81,888,870	$	327,055,704	$	60,009,556
Investments of affiliated issuers at cost	$	—		$	48,642,619	$	—	$	—
Investments of unaffiliated issuers at cost	$	3,719,039,056		$	92,534	$	226,014,956	$	41,980,137
Foreign currency at cost	$	1,208		$	—	$	30	$	—
Written options, premiums received	$	(21,126,707	)	$	—	$	—	$	—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	3,452,475,157		$	46,863,907	$	223,133,921	$	37,901,587
Total distributable earnings (loss)		842,961,918			35,024,963		103,921,783		22,107,969
NET ASSETS	$	4,295,437,075		$	81,888,870	$	327,055,704	$	60,009,556
Shares outstanding, $0.10 par value, 250 million shares authorized		69,636,831					6,814,242
Shares outstanding, $0.0001 par value, 250 million shares authorized					3,694,282				2,699,631
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	61.68		$	22.17	$	48.00	$	22.23

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

154

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	Large Core Growth Fund		Large Cap Value Fund		Large Core Value Fund		Index 500 Fund
ASSETS
Investments at value	$	143,709,843	$	193,125,057	$	195,865,832	$	471,780,023
Foreign currency at value		1,523		—		—		—
Interest and dividends receivable		45,457		108,722		289,191		393,679
Tax reclaims receivable		30,490		—		4,277		—
Receivable for investment securities sold		849,485		—		1,549,443		—
Receivable for capital stock sold		38,213		—		—		—
Futures variation margin receivable		—		—		—		36,083
Other assets		1,682		2,561		2,721		6,373
Total Assets		144,676,693		193,236,340		197,711,464		472,216,158
LIABILITIES
Cash overdraft		—		—		315		20,120
Initial margin due to broker for open futures		—		—		—		15
Payable for investment securities purchased		851,859		2,556,515		1,154,340		224,996
Payable for capital stock redeemed		37,518		381,521		230,779		496,301
Payable to investment adviser (See Note 3)		70,050		102,887		105,991		49,528
Payable to the administrator (See Note 3)		10,539		14,219		14,560		35,029
Other liabilities		114,649		137,256		146,846		305,396
Total Liabilities		1,084,615		3,192,398		1,652,831		1,131,385
NET ASSETS	$	143,592,078	$	190,043,942	$	196,058,633	$	471,084,773
Investments at cost	$	113,413,500	$	179,847,672	$	177,750,317	$	217,554,570
Foreign currency at cost	$	1,504	$	—	$	—	$	—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	102,368,061	$	179,597,435	$	172,768,949	$	208,594,779
Total distributable earnings (loss)		41,224,017		10,446,507		23,289,684		262,489,994
NET ASSETS	$	143,592,078	$	190,043,942	$	196,058,633	$	471,084,773
Shares outstanding, $0.10 par value, 250 million shares authorized				6,359,431
Shares outstanding, $0.0001 par value, 250 million shares authorized		5,034,675				9,458,710		19,104,021
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	28.52	$	29.88	$	20.73	$	24.66

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

155

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	Mid Cap Growth Fund		Mid Cap Value Fund		Mid Core Value Fund		SMID Cap Growth Fund
ASSETS
Investments at value	$	136,472,604	$	146,628,103	$	85,624,144	$	71,271,381
Cash		—		—		500		—
Foreign currency at value		—		—		17		—
Interest and dividends receivable		53,692		376,735		159,410		13,522
Tax reclaims receivable		—		—		18,607		—
Receivable for investment securities sold		157,564		1,828,403		281,979		3,837,352
Receivable for capital stock sold		443,797		—		—		—
Net unrealized appreciation of forward foreign currency contracts		—		—		879		—
Other assets		1,632		2,268		1,219		871
Total Assets		137,129,289		148,835,509		86,086,755		75,123,126
LIABILITIES
Payable for investment securities purchased		61,136		182,814		185,451		2,366,709
Payable for capital stock redeemed		15,779		580,053		86,078		38,992
Payable to investment adviser (See Note 3)		76,173		65,625		50,077		43,128
Payable to the administrator (See Note 3)		9,853		11,388		6,441		5,236
Net unrealized depreciation of forward foreign currency contracts		—		—		25,841		—
Other liabilities		107,933		122,698		101,486		66,107
Total Liabilities		270,874		962,578		455,374		2,520,172
NET ASSETS	$	136,858,415	$	147,872,931	$	85,631,381	$	72,602,954
Investments at cost	$	93,449,387	$	132,612,568	$	81,828,858	$	60,135,878
Foreign currency at cost	$	—	$	—	$	1	$	—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	89,045,225	$	135,872,754	$	82,113,013	$	57,867,764
Total distributable earnings (loss)		47,813,190		12,000,177		3,518,368		14,735,190
NET ASSETS	$	136,858,415	$	147,872,931	$	85,631,381	$	72,602,954
Shares outstanding, $0.0001 par value, 250 million shares authorized		5,667,606		5,746,855		3,492,935		2,269,373
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	24.15	$	25.73	$	24.52	$	31.99

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

156

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	SMID Cap Value Fund		Small Cap Growth Fund		Small Cap Value Fund		Small Cap Index Fund
ASSETS
Investments at value	$	86,289,888	$	111,728,943	$	224,384,117	$	69,826,089
Cash		4,571		—		—		693
Initial margin held by broker for open futures		—		—		—		4
Interest and dividends receivable		146,784		25,319		413,415		76,719
Tax reclaims receivable		—		9,977		685		—
Receivable for investment securities sold		203,388		493,749		11,762,542		5,845,861
Receivable for capital stock sold		—		406,227		—		24,456
Futures variation margin receivable		—		—		—		13,840
Other assets		1,179		1,405		3,340		1,075
Total Assets		86,645,810		112,665,620		236,564,099		75,788,737
LIABILITIES
Payable for investment securities purchased		128,178		697,737		11,983,639		5,935,703
Payable for capital stock redeemed		46,790		22,129		996,325		2,335
Payable to investment adviser (See Note 3)		58,039		65,192		130,043		16,785
Payable to the administrator (See Note 3)		6,456		8,014		17,080		5,242
Other liabilities		78,724		94,216		200,131		89,045
Total Liabilities		318,187		887,288		13,327,218		6,049,110
NET ASSETS	$	86,327,623	$	111,778,332	$	223,236,881	$	69,739,627
Investments at cost	$	85,138,744	$	76,179,579	$	198,225,418	$	57,221,914
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	82,511,496	$	73,248,166	$	190,669,324	$	49,419,459
Total distributable earnings (loss)		3,816,127		38,530,166		32,567,557		20,320,168
NET ASSETS	$	86,327,623	$	111,778,332	$	223,236,881	$	69,739,627
Shares outstanding, $0.10 par value, 500 million shares authorized		3,200,526				6,024,395
Shares outstanding, $0.0001 par value, 250 million shares authorized				2,419,161				2,953,455
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	26.97	$	46.21	$	37.06	$	23.61

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

157

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	Developed International Index Fund		International Equity Fund		Emerging Markets Equity Fund		Real Estate Securities Fund
ASSETS
Investments at value	$	112,021,823	$	328,044,644	$	148,211,228	$	128,060,725
Foreign currency at value		373,996		43,648		136,878		—
Cash		384		—		14,753		—
Initial margin held by broker for open futures		202,506		—		—		—
Interest and dividends receivable		193,413		415,612		508,257		472,383
Tax reclaims receivable		485,806		1,323,558		69,289		—
Receivable for investment securities sold		—		1,042,697		30,961		633,002
Receivable for capital stock sold		24,406		—		9,878		—
Future variation margin receivable		21,600		—		—		—
Other assets		1,451		4,446		2,130		1,678
Total Assets		113,325,385		330,874,605		148,983,374		129,167,788
LIABILITIES
Cash overdraft		—		—		—		22
Payable for investment securities purchased		11,882		—		29,579		124,047
Payable for capital stock redeemed		84,599		390,044		91,447		15,469
Payable to investment adviser (See Note 3)		26,457		214,941		111,830		75,229
Payable to the administrator (See Note 3)		7,955		24,232		11,349		9,708
Deferred Indian capital gains tax		—		64,464		140,442		—
Net unrealized depreciation of forward foreign currency contracts		—		—		82,528		—
Other liabilities		169,302		284,202		236,371		110,818
Total Liabilities		300,195		977,883		703,546		335,293
NET ASSETS	$	113,025,190	$	329,896,722	$	148,279,828	$	128,832,495
Investments at cost	$	89,482,646	$	273,385,268	$	132,666,235	$	111,084,091
Foreign currency at cost	$	373,255	$	44,451	$	136,568	$	—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	89,431,970	$	273,186,038	$	130,876,876	$	104,722,616
Total distributable earnings (loss)		23,593,220		56,710,684		17,402,952		24,109,879
NET ASSETS	$	113,025,190	$	329,896,722	$	148,279,828	$	128,832,495
Shares outstanding, $0.10 par value, 250 million shares authorized				10,480,447
Shares outstanding, $0.0001 par value, 250 million shares authorized		8,134,804				11,873,930		5,171,138
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	13.89	$	31.48	$	12.49	$	24.91

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

158

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	Aggressive Allocation Fund		Moderately Aggressive Allocation Fund		Moderate Allocation Fund		Moderately Conservative Allocation Fund
ASSETS
Investments of affiliated issuers at value	$	70,449,643	$	236,051,717	$	304,178,798	$	93,139,847
Investments of unaffiliated issuers at value		267,877		1,266,120		—		535,834
Interest and dividends receivable		—		90		—		9
Receivable for investment securities sold		13,155		88,237		145,075		15,111
Receivable for capital stock sold		—		—		—		—
Other assets		932		3,279		4,250		1,270
Total Assets		70,731,607		237,409,443		304,328,123		93,692,071
LIABILITIES
Cash overdraft		—		—		28,057		—
Payable for capital stock redeemed		12,834		154,651		296,782		50,613
Payable to investment adviser (See Note 3)		6,906		22,896		28,862		9,218
Payable to the administrator (See Note 3)		5,297		17,683		22,655		7,016
Other liabilities		35,782		103,436		131,522		46,899
Total Liabilities		60,819		298,666		507,878		113,746
NET ASSETS	$	70,670,788	$	237,110,777	$	303,820,245	$	93,578,325
Investments of affiliated issuers at cost	$	56,539,747	$	180,547,927	$	234,889,844	$	78,026,575
Investments at unaffiliated issuers at cost	$	267,877	$	1,266,120	$	—	$	535,834
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	54,296,282	$	172,469,308	$	222,542,797	$	75,317,937
Total distributable earnings (loss)		16,374,506		64,641,469		81,277,448		18,260,388
NET ASSETS	$	70,670,788	$	237,110,777	$	303,820,245	$	93,578,325
Shares outstanding, $0.0001 par value, 250 million shares authorized		3,528,148		11,440,149		16,385,026		5,553,148
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	20.03	$	20.73	$	18.54	$	16.85

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

159

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	Conservative Allocation Fund
ASSETS
Investments of affiliated issuers at value	$	58,453,284
Investments of unaffiliated issuers at value		804,939
Interest and dividends receivable		85
Receivable for investment securities sold		3,416
Receivable for capital stock sold		26,568
Other assets		760
Total Assets		59,289,052
LIABILITIES
Cash overdraft		3
Payable for capital stock redeemed		2,368
Payable to investment adviser (See Note 3)		5,890
Payable to the administrator (See Note 3)		4,412
Other liabilities		34,664
Total Liabilities		47,337
NET ASSETS	$	59,241,715
Investments of affiliated issuers at cost	$	52,499,329
Investments of unaffiliated issuers at cost	$	804,939
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	51,647,036
Total distributable earnings (loss)		7,594,679
NET ASSETS	$	59,241,715
Shares outstanding, $0.0001 par value, 250 million shares authorized		3,934,056
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	15.06

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

160

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2019

	Money Market Fund		Limited Maturity Bond Fund			Quality Bond Fund			High Yield Bond Fund
INVESTMENT INCOME:
Dividends	$	75,340	$	29,628		$	46,958		$	138,814
Interest		1,133,961		4,328,461			7,559,770			4,370,321
Foreign tax withheld		—		(2,651	)		—			(1,538	)
Total Investment Income		1,209,301		4,355,438			7,606,728			4,507,597
EXPENSES
Investment advisory fees (See Note 3)		165,605		535,065			923,937			360,173
Shareholder servicing fees (See Note 3)		45,165		105,388			186,298			70,469
Administration fees (See Note 3)		15,055		35,129			62,099			23,489
Accounting fees (See Note 3)		34,804		68,467			101,770			49,067
Directors’ fees and expenses		3,100		7,068			12,476			4,689
Custodian fees and expenses		3,091		8,641			16,342			5,875
Pricing fees		4,038		12,526			13,471			23,601
Professional fees		5,937		13,458			24,156			8,956
Printing fees		3,365		7,632			13,487			5,080
Other expenses		16,141		29,648			41,500			30,506
Total Expenses		296,301		823,022			1,395,536			581,905
Net investment income (loss)		913,000		3,532,416			6,211,192			3,925,692
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment transactions		—		198,610			80,927			(168,962	)
Futures contracts		—		1,028,485			4,585,751			—
Net realized gain (loss)		—		1,227,095			4,666,678			(168,962	)
Net change in unrealized appreciation (depreciation) of:
Investments		—		2,655,354			16,389,156			11,533,175
Futures contracts		—		373,192			(11,844	)		—
Net unrealized appreciation (depreciation)		—		3,028,546			16,377,312			11,533,175
Net Realized and Unrealized Gain (Loss)		—		4,255,641			21,043,990			11,364,213
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	913,000	$	7,788,057		$	27,255,182		$	15,289,905

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

161

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2019

	Flexibly Managed Fund			Balanced Fund			Large Growth Stock Fund			Large Cap Growth Fund
INVESTMENT INCOME:
Dividends	$	25,043,373		$	622		$	1,277,246		$	391,960
Interest		24,568,769			—			(2,497	)		977
Foreign tax withheld		(35,107	)		—			(14,750	)		(10,927	)
Total Investment Income		49,577,035			622			1,259,999			382,010
EXPENSES
Investment advisory fees (See Note 3)		14,032,819			—			1,120,882			160,696
Shareholder servicing fees (See Note 3)		1,820,129			35,761			141,789			26,296
Administration fees (See Note 3)		606,710			11,920			47,263			8,765
Accounting fees (See Note 3)		473,898			5,951			86,845			20,452
Directors’ fees and expenses		116,936			2,360			9,189			1,729
Custodian fees and expenses		145,854			2,848			12,052			2,364
Pricing fees		12,354			1,498			4,239			3,356
Professional fees		227,370			4,447			17,912			3,367
Printing fees		127,325			2,564			10,033			1,889
Other expenses		324,837			12,488			58,313			29,672
Total Expenses		17,888,232			79,837			1,508,517			258,586
Net investment income (loss)		31,688,803			(79,215	)		(248,518	)		123,424
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Affiliated investment transactions		—			3,757,668			—			—
Unaffiliated investment transactions		213,695,034			—			5,505,259			4,163,771
Written options		8,177,319			—			—			—
Foreign currencies		76,724			—			2,696			(1,495	)
Forward foreign currency contracts		(87,029	)		—			(1,942	)		1,362
Net realized gain (loss)		221,862,048			3,757,668			5,506,013			4,163,638
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		—			6,375,493			—			—
Unaffiliated investments and foreign currencies		408,832,708			—			51,257,697			8,284,435
Foreign currencies		1,149			—			53			42
Purchased options		405,075			—			—			—
Written options		(22,200,403	)		—			—			—
Net unrealized appreciation (depreciation)		387,038,529			6,375,493			51,257,750			8,284,477
Net Realized and Unrealized Gain (Loss)		608,900,577			10,133,161			56,763,763			12,448,115
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	640,589,380		$	10,053,946		$	56,515,245		$	12,571,539

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

162

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2019

	Large Core Growth Fund			Large Cap Value Fund			Large Core Value Fund			Index 500 Fund
INVESTMENT INCOME:
Dividends	$	483,118		$	1,857,425		$	2,304,179		$	4,665,438
Foreign tax withheld		(46,049	)		(57,165	)		(1,584	)		—
Total Investment Income		437,069			1,800,260			2,302,595			4,665,438
EXPENSES
Investment advisory fees (See Note 3)		404,315			628,428			631,581			295,466
Shareholder servicing fees (See Note 3)		60,647			84,953			85,390			204,863
Administration fees (See Note 3)		20,216			28,318			28,463			68,288
Accounting fees (See Note 3)		43,611			57,114			57,357			107,959
Directors’ fees and expenses		3,847			5,710			5,666			13,566
Custodian fees and expenses		5,278			6,815			7,164			16,877
Pricing fees		1,945			3,621			2,145			6,024
Professional fees		7,507			10,870			11,011			25,857
Printing fees		4,206			6,207			6,168			14,773
Other expenses		28,377			25,744			27,759			69,155
Total Expenses		579,949			857,780			862,704			822,828
Net investment income (loss)		(142,880	)		942,480			1,439,891			3,842,610
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment transactions		12,406,758			(1,300,042	)		4,100,642			11,342,640
Futures contracts		—			—			—			642,429
Foreign currencies		(2,968	)		—			—			—
Forward foreign currency contracts		(235	)		—			—			—
Net realized gain (loss)		12,403,555			(1,300,042	)		4,100,642			11,985,069
Net change in unrealized appreciation (depreciation) of:
Investments		19,604,261			24,970,806			27,304,734			59,701,982
Foreign currencies		198			—			—			—
Futures contracts		—			—			—			272,103
Net unrealized appreciation (depreciation)		19,604,459			24,970,806			27,304,734			59,974,085
Net Realized and Unrealized Gain (Loss)		32,008,014			23,670,764			31,405,376			71,959,154
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	31,865,134		$	24,613,244		$	32,845,267		$	75,801,764
	Mid Cap Growth Fund			Mid Cap Value Fund			Mid Core Value Fund			SMID Cap Growth Fund
INVESTMENT INCOME:
Dividends	$	420,427		$	1,359,298		$	1,165,227		$	101,371
Foreign tax withheld		—			—			(22,546	)		(931	)
Total Investment Income		420,427			1,359,298			1,142,681			100,440
EXPENSES
Investment advisory fees (See Note 3)		448,077			423,556			306,619			254,928
Shareholder servicing fees (See Note 3)		57,610			69,309			38,328			30,591
Administration fees (See Note 3)		19,203			23,103			12,776			10,197
Accounting fees (See Note 3)		41,923			48,423			29,810			23,793
Directors’ fees and expenses		3,728			4,784			2,576			1,968
Custodian fees and expenses		4,617			5,941			3,887			2,378
Pricing fees		2,815			2,614			3,147			2,368
Professional fees		7,260			9,286			5,007			3,836
Printing fees		4,083			5,223			2,807			2,154
Other expenses		27,796			22,477			50,363			22,660
Total Expenses		617,112			614,716			455,320			354,873
Net investment income (loss)		(196,685	)		744,582			687,361			(254,433	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment transactions		6,291,992			(510,237	)		228,539			3,990,058
Purchased options		(76,738	)		—			—			—
Written options		36,008			—			—			—
Foreign currencies		156			—			(2,785	)		—
Forward foreign currency contracts		—			—			45,476			—
Net realized gain (loss)		6,251,418			(510,237	)		271,230			3,990,058
Net change in unrealized appreciation (depreciation) of:
Investments		23,946,268			19,355,779			12,425,805			12,849,869
Foreign currencies		85			—			598			—
Forward foreign currency contracts		—			—			13,475			—
Net unrealized appreciation (depreciation)		23,946,353			19,355,779			12,439,878			12,849,869
Net Realized and Unrealized Gain (Loss)		30,197,771			18,845,542			12,711,108			16,839,927
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	30,001,086		$	19,590,124		$	13,398,469		$	16,585,494

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

163

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2019

	SMID Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Small Cap Index Fund
INVESTMENT INCOME:
Dividends	$	807,150		$	334,190		$	1,943,621		$	498,994
Interest		—			—			—			1,344
Foreign tax withheld		(3,739	)		(2,028	)		—			(69	)
Total Investment Income		803,411			332,162			1,943,621			500,269
EXPENSES
Investment advisory fees (See Note 3)		363,291			385,008			816,773			109,553
Shareholder servicing fees (See Note 3)		38,924			47,110			102,623			32,866
Administration fees (See Note 3)		12,975			15,703			34,208			10,955
Accounting fees (See Note 3)		30,274			36,047			66,930			25,563
Directors’ fees and expenses		2,663			3,081			7,009			2,340
Custodian fees and expenses		3,274			4,019			8,779			2,889
Pricing fees		2,422			3,601			4,122			16,474
Professional fees		5,166			5,999			13,624			4,549
Printing fees		2,901			3,373			7,652			2,557
Other expenses		20,589			25,534			59,098			40,421
Total Expenses		482,479			529,475			1,120,818			248,167
Net investment income (loss)		320,932			(197,313	)		822,803			252,102
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment transactions		2,672,397			3,313,514			7,305,195			7,393,616
Futures contracts		—			—			—			175,961
Foreign currencies		—			(139	)		—			—
Foreign currency contracts		—			97			—			—
Net realized gain (loss)		2,672,397			3,313,472			7,305,195			7,569,577
Net change in unrealized appreciation (depreciation) of:
Investments		8,247,442			19,694,454			25,148,771			3,548,529
Foreign currencies		—			(24	)		—			—
Futures contracts		—			—			—			101,817
Net unrealized appreciation (depreciation)		8,247,442			19,694,430			25,148,771			3,650,346
Net Realized and Unrealized Gain (Loss)		10,919,839			23,007,902			32,453,966			11,219,923
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,240,771		$	22,810,589		$	33,276,769		$	11,472,025
	Developed International Index Fund			International Equity Fund			Emerging Markets Equity Fund			Real Estate Securities Fund
INVESTMENT INCOME:
Dividends	$	2,625,676		$	4,149,509		$	2,536,056		$	2,333,633
Foreign tax withheld		(236,471	)		(393,565	)		(302,293	)		—
Total Investment Income		2,389,205			3,755,944			2,233,763			2,333,633
EXPENSES
Investment advisory fees (See Note 3)		156,423			1,271,098			695,863			441,419
Shareholder servicing fees (See Note 3)		46,927			141,725			68,073			56,754
Administration fees (See Note 3)		15,642			47,242			22,691			18,918
Accounting fees (See Note 3)		41,198			104,401			55,300			41,448
Directors’ fees and expenses		3,103			9,291			4,601			3,731
Custodian fees and expenses		13,017			42,737			41,405			4,445
Pricing fees		51,331			7,437			11,537			2,345
Professional fees		5,910			22,450			21,483			7,288
Printing fees		3,367			10,097			4,989			4,078
Other expenses		94,317			44,323			103,218			28,140
Total Expenses		431,235			1,700,801			1,029,160			608,566
Net investment income (loss)		1,957,970			2,055,143			1,204,603			1,725,067
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment transactions		562,891			5,330,691			3,783,184			5,591,430
Futures contracts		252,190			—			—			—
Foreign currencies		(540	)		(42,586	)		41,811			—
Forward foreign currency contracts		3,771			(202,777	)		(448,925	)		—
Net realized gain (loss)		818,312			5,085,328			3,376,070			5,591,430
Net change in unrealized appreciation (depreciation) of:
Investments		10,505,832			47,111,592			9,058,006	1		16,396,130
Foreign currencies		3,319			(97,502	)		(166	)		—
Forward foreign currency contracts		—			—			164,282			—
Futures contracts		183,344			—			—			—
Net unrealized appreciation (depreciation)		10,692,495			47,014,090			9,222,122			16,396,130
Net Realized and Unrealized Gain (Loss)		11,510,807			52,099,418			12,598,192			21,987,560
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	13,468,777		$	54,154,561		$	13,802,795		$	23,712,627

¹  Includes increase in capital gains taxes accrued of $(84,145).

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

164

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2019

	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
INVESTMENT INCOME:
Dividends	$	2,449		$	12,079		$	467		$	4,893
Total Investment Income		2,449			12,079			467			4,893
EXPENSES
Investment advisory fees (See Note 3)		41,577			137,456			175,277			55,324
Shareholder servicing fees (See Note 3)		31,183			104,349			135,294			41,493
Administration fees (See Note 3)		10,394			34,783			45,098			13,831
Accounting fees (See Note 3)		5,951			11,594			15,033			5,951
Directors’ fees and expenses		2,063			6,944			9,137			2,766
Custodian fees and expenses		2,492			8,518			13,891			3,339
Pricing fees		1,499			1,499			1,498			1,501
Professional fees		3,882			13,073			17,199			5,208
Printing fees		2,243			7,547			9,915			3,000
Other expenses		13,133			23,002			27,967			13,487
Total Expenses		114,417			348,765			450,309			145,900
Net investment income (loss)		(111,968	)		(336,686	)		(449,842	)		(141,007	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on affiliated investment transactions		2,753,646			10,049,985			13,183,920			3,447,475
Net change in unrealized appreciation (depreciation) of investments		7,112,350			21,212,892			22,769,892			5,527,981
Net Realized and Unrealized Gain (Loss)		9,865,996			31,262,877			35,953,812			8,975,456
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,754,028		$	30,926,191		$	35,503,970		$	8,834,449
	Conservative Allocation Fund
INVESTMENT INCOME:
Dividends	$	7,715
Total Investment Income		7,715
EXPENSES
Investment advisory fees (See Note 3)		34,951
Shareholder servicing fees (See Note 3)		26,213
Administration fees (See Note 3)		8,738
Accounting fees (See Note 3)		5,951
Directors’ fees and expenses		1,743
Custodian fees and expenses		2,030
Pricing fees		1,498
Professional fees		3,283
Printing fees		1,890
Other expenses		11,157
Total Expenses		97,454
Net investment income (loss)		(89,739	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on affiliated investment transactions		1,794,633
Net change in unrealized appreciation (depreciation) of investments		2,608,328
Net Realized and Unrealized Gain (Loss)		4,402,961
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,313,222

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

165

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Money Market Fund						Limited Maturity Bond Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	913,000		$	509,542		$	3,532,416		$	6,160,785
Net realized gain (loss)		—			(70	)		1,227,095			(768,110	)
Net change in unrealized appreciation (depreciation)		—			—			3,028,546			(2,056,883	)
Net Increase (Decrease) in Net Assets Resulting from Operations		913,000			509,472			7,788,057			3,335,792
Distributions from:
Distributable earnings		(913,000	)		(510,090	)		—			—
Total Distributions		(913,000	)		(510,090	)		—			—
Capital Share Transactions (1):
Shares issued		47,075,679			94,951,160			18,635,881			41,604,193
Shares issued in lieu of cash distributions		912,375			510,090			—			—
Shares redeemed		(57,472,756	)		(76,094,058	)		(19,407,662	)		(40,908,148	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(9,484,702	)		19,367,192			(771,781	)		696,045
Total Increase (Decrease)		(9,484,702	)		19,366,574			7,016,276			4,031,837
Net Assets:
Beginning of period		110,933,077			91,566,503			233,216,034			229,184,197
End of period	$	101,448,375		$	110,933,077		$	240,232,310		$	233,216,034
(1) Shares Issued and Redeemed:
Shares issued		47,075,679			94,951,160			1,496,567			3,431,282
Shares issued in lieu of cash distributions		912,375			510,090			—			—
Shares redeemed		(57,472,756	)		(76,094,058	)		(1,559,298	)		(3,364,472	)
		(9,484,702	)		19,367,192			(62,731	)		66,810
	Quality Bond Fund						High Yield Bond Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	6,211,192		$	12,733,827		$	3,925,692		$	8,348,655
Net realized gain (loss)		4,666,678			(4,866,464	)		(168,962	)		(1,565,749	)
Net change in unrealized appreciation (depreciation)		16,377,312			(9,305,916	)		11,533,175			(10,363,034	)
Net Increase (Decrease) in Net Assets Resulting from Operations		27,255,182			(1,438,553	)		15,289,905			(3,580,128	)
Capital Share Transactions (1):
Shares issued		20,984,194			29,933,168			5,020,799			10,512,961
Shares redeemed		(31,849,702	)		(105,065,567	)		(10,674,772	)		(28,075,680	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(10,865,508	)		(75,132,399	)		(5,653,973	)		(17,562,719	)
Total Increase (Decrease)		16,389,674			(76,570,952	)		9,635,932			(21,142,847	)
Net Assets:
Beginning of period		409,027,244			485,598,196			150,323,947			171,466,794
End of period	$	425,416,918		$	409,027,244		$	159,959,879		$	150,323,947
(1) Shares Issued and Redeemed:
Shares issued		1,393,853			2,064,380			364,224			800,275
Shares redeemed		(2,106,616	)		(7,245,939	)		(774,126	)		(2,137,330	)
		(712,763	)		(5,181,559	)		(409,902	)		(1,337,055	)

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

166

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Flexibly Managed Fund						Balanced Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	31,688,803		$	89,026,940		$	(79,215	)	$	(158,831	)
Net realized gain (loss)		221,862,048			226,716,756			3,757,668			7,340,398
Net change in unrealized appreciation (depreciation)		387,038,529			(291,949,022	)		6,375,493			(9,285,064	)
Net Increase (Decrease) in Net Assets Resulting from Operations		640,589,380			23,794,674			10,053,946			(2,103,497	)
Capital Share Transactions (1):
Shares issued		67,988,830			44,963,034			2,001,958			2,793,291
Shares redeemed		(111,391,370	)		(268,804,302	)		(4,998,861	)		(10,261,420	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(43,402,540	)		(223,841,268	)		(2,996,903	)		(7,468,129	)
Total Increase (Decrease)		597,186,840			(200,046,594	)		7,057,043			(9,571,626	)
Net Assets:
Beginning of period		3,698,250,235			3,898,296,829			74,831,827			84,403,453
End of period	$	4,295,437,075		$	3,698,250,235		$	81,888,870		$	74,831,827
(1) Shares Issued and Redeemed:
Shares issued		1,179,328			837,156			96,855			137,432
Shares redeemed		(1,909,604	)		(4,996,105	)		(234,040	)		(501,881	)
		(730,276	)		(4,158,949	)		(137,185	)		(364,449	)
	Large Growth Stock Fund						Large Cap Growth Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(248,518	)	$	(173,836	)	$	123,424		$	236,110
Net realized gain (loss)		5,506,013			36,073,552			4,163,638			5,066,815
Net change in unrealized appreciation (depreciation)		51,257,750			(37,694,955	)		8,284,477			(4,596,077	)
Net Increase (Decrease) in Net Assets Resulting from Operations		56,515,245			(1,795,239	)		12,571,539			706,848
Capital Share Transactions (1):
Shares issued		5,144,766			15,239,087			2,106,338			6,027,806
Shares redeemed		(17,278,828	)		(37,900,582	)		(8,112,201	)		(11,679,501	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(12,134,062	)		(22,661,495	)		(6,005,863	)		(5,651,695	)
Total Increase (Decrease)		44,381,183			(24,456,734	)		6,565,676			(4,944,847	)
Net Assets:
Beginning of period		282,674,521			307,131,255			53,443,880			58,388,727
End of period	$	327,055,704		$	282,674,521		$	60,009,556		$	53,443,880
(1) Shares Issued and Redeemed:
Shares issued		113,800			353,101			101,787			320,123
Shares redeemed		(375,854	)		(864,885	)		(387,934	)		(617,878	)
		(262,054	)		(511,784	)		(286,147	)		(297,755	)

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

167

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Large Core Growth Fund						Large Cap Value Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(142,880	)	$	(119,646	)	$	942,480		$	2,373,356
Net realized gain (loss)		12,403,555			14,858,391			(1,300,042	)		45,011,251
Net change in unrealized appreciation (depreciation)		19,604,459			(10,094,918	)		24,970,806			(62,082,127	)
Net Increase (Decrease) in Net Assets Resulting from Operations		31,865,134			4,643,827			24,613,244			(14,697,520	)
Capital Share Transactions (1):
Shares issued		4,006,358			7,252,351			2,600,916			22,876,266
Shares redeemed		(10,643,924	)		(18,024,928	)		(16,610,809	)		(29,956,659	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(6,637,566	)		(10,772,577	)		(14,009,893	)		(7,080,393	)
Total Increase (Decrease)		25,227,568			(6,128,750	)		10,603,351			(21,777,913	)
Net Assets:
Beginning of period		118,364,510			124,493,260			179,440,591			201,218,504
End of period	$	143,592,078		$	118,364,510		$	190,043,942		$	179,440,591
(1) Shares Issued and Redeemed:
Shares issued		157,760			302,245			90,045			807,607
Shares redeemed		(405,558	)		(764,611	)		(574,275	)		(1,045,816	)
		(247,798	)		(462,366	)		(484,230	)		(238,209	)
	Large Core Value Fund						Index 500 Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,439,891		$	2,873,672		$	3,842,610		$	7,526,956
Net realized gain (loss)		4,100,642			21,239,641			11,985,069			34,214,884
Net change in unrealized appreciation (depreciation)		27,304,734			(35,212,678	)		59,974,085			(61,067,957	)
Net Increase (Decrease) in Net Assets Resulting from Operations		32,845,267			(11,099,365	)		75,801,764			(19,326,117	)
Capital Share Transactions (1):
Shares issued		2,544,264			9,421,815			13,851,991			23,774,377
Shares redeemed		(15,402,882	)		(38,464,272	)		(35,433,324	)		(73,333,744	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(12,858,618	)		(29,042,457	)		(21,581,333	)		(49,559,367	)
Total Increase (Decrease)		19,986,649			(40,141,822	)		54,220,431			(68,885,484	)
Net Assets:
Beginning of period		176,071,984			216,213,806			416,864,342			485,749,826
End of period	$	196,058,633		$	176,071,984		$	471,084,773		$	416,864,342
(1) Shares Issued and Redeemed:
Shares issued		128,811			508,888			597,848			1,066,716
Shares redeemed		(786,135	)		(1,989,565	)		(1,503,851	)		(3,268,680	)
		(657,324	)		(1,480,677	)		(906,003	)		(2,201,964	)

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

168

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(196,685	)	$	(357,178	)	$	744,582		$	1,469,897
Net realized gain (loss)		6,251,418			9,997,554			(510,237	)		17,904,839
Net change in unrealized appreciation (depreciation)		23,946,353			(8,393,504	)		19,355,779			(44,175,166	)
Net Increase (Decrease) in Net Assets Resulting from Operations		30,001,086			1,246,872			19,590,124			(24,800,430	)
Capital Share Transactions (1):
Shares issued		5,152,160			10,493,912			2,695,468			7,809,360
Shares redeemed		(10,796,805	)		(20,527,297	)		(16,184,065	)		(21,933,682	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(5,644,645	)		(10,033,385	)		(13,488,597	)		(14,124,322	)
Total Increase (Decrease)		24,356,441			(8,786,513	)		6,101,527			(38,924,752	)
Net Assets:
Beginning of period		112,501,974			121,288,487			141,771,404			180,696,156
End of period	$	136,858,415		$	112,501,974		$	147,872,931		$	141,771,404
(1) Shares Issued and Redeemed:
Shares issued		224,448			506,448			106,357			312,155
Shares redeemed		(474,973	)		(984,438	)		(633,546	)		(819,626	)
		(250,525	)		(477,990	)		(527,189	)		(507,471	)
	Mid Core Value Fund						SMID Cap Growth Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	687,361		$	1,082,476		$	(254,433	)	$	(235,752	)
Net realized gain (loss)		271,230			8,890,688			3,990,058			8,994,654
Net change in unrealized appreciation (depreciation)		12,439,878			(21,608,277	)		12,849,869			(11,904,900	)
Net Increase (Decrease) in Net Assets Resulting from Operations		13,398,469			(11,635,113	)		16,585,494			(3,145,998	)
Capital Share Transactions (1):
Shares issued		1,047,783			5,645,058			3,027,932			9,313,190
Shares redeemed		(8,107,001	)		(13,728,887	)		(6,892,136	)		(11,068,549	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(7,059,218	)		(8,083,829	)		(3,864,204	)		(1,755,359	)
Total Increase (Decrease)		6,339,251			(19,718,942	)		12,721,290			(4,901,357	)
Net Assets:
Beginning of period		79,292,130			99,011,072			59,881,664			64,783,021
End of period	$	85,631,381		$	79,292,130		$	72,602,954		$	59,881,664
(1) Shares Issued and Redeemed:
Shares issued		44,480			247,998			100,506			341,407
Shares redeemed		(342,538	)		(571,822	)		(233,509	)		(394,886	)
		(298,058	)		(323,824	)		(133,003	)		(53,479	)

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

169

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	SMID Cap Value Fund						Small Cap Growth Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	320,932		$	336,642		$	(197,313	)	$	(387,152	)
Net realized gain (loss)		2,672,397			10,570,032			3,313,472			10,582,699
Net change in unrealized appreciation (depreciation)		8,247,442			(24,741,810	)		19,694,430			(14,099,568	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,240,771			(13,835,136	)		22,810,589			(3,904,021	)
Capital Share Transactions (1):
Shares issued		2,210,963			24,848,843			5,540,310			10,662,667
Shares redeemed		(8,042,728	)		(15,418,102	)		(9,815,610	)		(15,895,475	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(5,831,765	)		9,430,741			(4,275,300	)		(5,232,808	)
Total Increase (Decrease)		5,409,006			(4,404,395	)		18,535,289			(9,136,829	)
Net Assets:
Beginning of period		80,918,617			85,323,012			93,243,043			102,379,872
End of period	$	86,327,623		$	80,918,617		$	111,778,332		$	93,243,043
(1) Shares Issued and Redeemed:
Shares issued		83,888			912,594			124,483			261,259
Shares redeemed		(302,498	)		(551,662	)		(225,224	)		(380,158	)
		(218,610	)		360,932			(100,741	)		(118,899	)
	Small Cap Value Fund						Small Cap Index Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	822,803		$	1,177,178		$	252,102		$	485,242
Net realized gain (loss)		7,305,195			20,932,520			7,569,577			6,734,796
Net change in unrealized appreciation (depreciation)		25,148,771			(55,561,077	)		3,650,346			(15,734,623	)
Net Increase (Decrease) in Net Assets Resulting from Operations		33,276,769			(33,451,379	)		11,472,025			(8,514,585	)
Capital Share Transactions (1):
Shares issued		3,283,262			17,807,215			2,355,637			11,381,200
Shares redeemed		(24,608,349	)		(35,798,757	)		(14,811,598	)		(13,781,178	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(21,325,087	)		(17,991,542	)		(12,455,961	)		(2,399,978	)
Total Increase (Decrease)		11,951,682			(51,442,921	)		(983,936	)		(10,914,563	)
Net Assets:
Beginning of period		211,285,199			262,728,120			70,723,563			81,638,126
End of period	$	223,236,881		$	211,285,199		$	69,739,627		$	70,723,563
(1) Shares Issued and Redeemed:
Shares issued		92,200			495,797			102,207			497,918
Shares redeemed		(679,370	)		(963,526	)		(639,063	)		(578,759	)
		(587,170	)		(467,729	)		(536,856	)		(80,841	)

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

170

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Developed International Index Fund						International Equity Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,957,970		$	2,513,313		$	2,055,143		$	2,261,356
Net realized gain (loss)		818,312			784,755			5,085,328			39,485,265
Net change in unrealized appreciation (depreciation)		10,692,495			(19,388,036	)		47,014,090			(84,337,632	)
Net Increase (Decrease) in Net Assets Resulting from Operations		13,468,777			(16,089,968	)		54,154,561			(42,591,011	)
Capital Share Transactions (1):
Shares issued		8,805,315			12,149,439			2,097,085			15,623,800
Shares redeemed		(7,720,333	)		(14,518,453	)		(23,247,342	)		(51,961,438	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,084,982			(2,369,014	)		(21,150,257	)		(36,337,638	)
Total Increase (Decrease)		14,553,759			(18,458,982	)		33,004,304			(78,928,649	)
Net Assets:
Beginning of period		98,471,431			116,930,413			296,892,418			375,821,067
End of period	$	113,025,190		$	98,471,431		$	329,896,722		$	296,892,418
(1) Shares Issued and Redeemed:
Shares issued		654,596			881,613			71,612			535,648
Shares redeemed		(577,275	)		(1,046,984	)		(792,382	)		(1,753,809	)
		77,321			(165,371	)		(720,770	)		(1,218,161	)
	Emerging Markets Equity Fund						Real Estate Securities Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,204,603		$	1,238,255		$	1,725,067		$	2,616,656
Net realized gain (loss)		3,376,070			12,654,422			5,591,430			4,807,690
Net change in unrealized appreciation (depreciation)		9,222,122			(45,234,597	)		16,396,130			(12,543,521	)
Net Increase (Decrease) in Net Assets Resulting from Operations		13,802,795			(31,341,920	)		23,712,627			(5,119,175	)
Capital Share Transactions (1):
Shares issued		3,437,449			22,675,525			1,335,365			5,919,254
Shares redeemed		(15,933,064	)		(28,717,460	)		(10,581,213	)		(24,276,489	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(12,495,615	)		(6,041,935	)		(9,245,848	)		(18,357,235	)
Total Increase (Decrease)		1,307,180			(37,383,855	)		14,466,779			(23,476,410	)
Net Assets:
Beginning of period		146,972,648			184,356,503			114,365,716			137,842,126
End of period	$	148,279,828		$	146,972,648		$	128,832,495		$	114,365,716
(1) Shares Issued and Redeemed:
Shares issued		281,842			1,785,301			55,806			288,555
Shares redeemed		(1,316,054	)		(2,240,746	)		(444,742	)		(1,149,756	)
		(1,034,212	)		(455,445	)		(388,936	)		(861,201	)

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

171

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Aggressive Allocation Fund						Moderately Aggressive Allocation Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(111,968	)	$	(231,621	)	$	(336,686	)	$	(723,890	)
Net realized gain (loss)		2,753,646			6,339,269			10,049,985			26,371,720
Net change in unrealized appreciation (depreciation)		7,112,350			(12,907,243	)		21,212,892			(44,118,799	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,754,028			(6,799,595	)		30,926,191			(18,470,969	)
Capital Share Transactions (1):
Shares issued		1,265,543			4,910,588			3,904,210			4,387,154
Shares redeemed		(4,952,988	)		(8,585,976	)		(15,637,949	)		(34,696,555	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,687,445	)		(3,675,388	)		(11,733,739	)		(30,309,401	)
Total Increase (Decrease)		6,066,583			(10,474,983	)		19,192,452			(48,780,370	)
Net Assets:
Beginning of period		64,604,205			75,079,188			217,918,325			266,698,695
End of period	$	70,670,788		$	64,604,205		$	237,110,777		$	217,918,325
(1) Shares Issued and Redeemed:
Shares issued		65,581			258,171			194,730			222,830
Shares redeemed		(257,382	)		(448,319	)		(783,806	)		(1,758,352	)
		(191,801	)		(190,148	)		(589,076	)		(1,535,522	)
	Moderate Allocation Fund						Moderately Conservative Allocation Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18			Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(449,842	)	$	(952,916	)		$ (141,007	)	$	(287,663	)
Net realized gain (loss)		13,183,920			28,132,709			3,447,475			7,097,540
Net change in unrealized appreciation (depreciation)		22,769,892			(45,299,219	)		5,527,981			(10,061,170	)
Net Increase (Decrease) in Net Assets Resulting from Operations		35,503,970			(18,119,426	)		8,834,449			(3,251,293	)
Capital Share Transactions (1):
Shares issued		1,525,401			6,839,230			3,737,236			6,618,291
Shares redeemed		(24,827,209	)		(39,757,796	)		(7,920,557	)		(12,854,172	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(23,301,808	)		(32,918,566	)		(4,183,321	)		(6,235,881	)
Total Increase (Decrease)		12,202,162			(51,037,992	)		4,651,128			(9,487,174	)
Net Assets:
Beginning of period		291,618,083			342,656,075			88,927,197			98,414,371
End of period	$	303,820,245		$	291,618,083		$	93,578,325		$	88,927,197
(1) Shares Issued and Redeemed:
Shares issued		86,448			389,787			231,670			417,209
Shares redeemed		(1,392,049	)		(2,270,510	)		(486,162	)		(815,373	)
		(1,305,601	)		(1,880,723	)		(254,492	)		(398,164	)

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

172

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Conservative Allocation Fund
	Six Months Ended 6/30/19 (Unaudited)			Year Ended 12/31/18
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(89,739	)	$	(178,329	)
Net realized gain (loss)		1,794,633			3,191,807
Net change in unrealized appreciation (depreciation)		2,608,328			(3,779,634	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,313,222			(766,156	)
Capital Share Transactions (1):
Shares issued		5,208,056			8,235,287
Shares redeemed		(7,371,478	)		(9,036,706	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(2,163,422	)		(801,419	)
Total Increase (Decrease)		2,149,800			(1,567,575	)
Net Assets:
Beginning of period		57,091,915			58,659,490
End of period	$	59,241,715		$	57,091,915
(1) Shares Issued and Redeemed:
Shares issued		356,437			582,959
Shares redeemed		(502,166	)		(639,328	)
		(145,729	)		(56,369	)

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

173

Penn Series Funds, Inc.

Financial Highlights

MONEY MARKET FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss) 1		0.01			0.01			—	(a)		—	(a)		—	(a)		—	(a)
Net realized and unrealized gain (loss) on investment transactions		—			—			—			—			—			—
Total from investment operations		0.01			0.01			—			—			—			—
Less distributions:
Net investment income		(0.01	)		(0.01	)		—	(a)		—	(a)		—	(a)		—	(a)
Total distributions		(0.01	)		(0.01	)		—			—			—			—
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return 2		0.91%	#		0.55%			0.01%			0.01%			0.01%			0.01%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	101,448		$	110,933		$	91,567		$	123,865		$	133,645		$	132,731
Ratio of net expenses to average net assets 3		0.59%	*		1.26%			0.85%			0.45%			0.23%			0.12%
Ratio of total expenses to average net assets 4		0.59%	*		0.59%			0.59%			0.58%			0.61%			0.57%
Ratio of net investment income (loss) to average net assets 3		1.82%	*		0.55%			0.01%			0.01%			0.01%			0.01%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 3   The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 4   The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. (a)  Less than one penny per share.
LIMITED MATURITY BOND FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.26		$	12.09		$	11.89		$	11.59		$	11.50		$	11.48
Income (loss) from investment operations:
Net investment income (loss) 1		0.19			0.32			0.24			0.18			0.13			0.08
Net realized and unrealized gain (loss) on investment transactions		0.22			(0.15	)		(0.04	)		0.12			(0.04	)		(0.06	)
Total from investment operations		0.41			0.17			0.20			0.30			0.09			0.02
Net asset value, end of period	$	12.67		$	12.26		$	12.09		$	11.89		$	11.59		$	11.50
Total return 2		3.34%	#		1.41%			1.68%			2.59%			0.78%			0.17%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	240,232		$	233,216		$	229,184		$	210,476		$	189,846		$	222,062
Ratio of total expenses to average net assets		0.70%	*		0.70%			0.70%			0.70%			0.73%			0.67%
Ratio of net investment income (loss) to average net assets		3.02%	*		2.61%			1.98%			1.55%			1.10%			0.67%
Portfolio turnover rate		24%	#		79%			97%			105%			127%			82%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

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

174

Penn Series Funds, Inc.

Financial Highlights

QUALITY BOND FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016		2015			2014
Net asset value, beginning of period	$	14.66		$	14.68		$	14.03	$	13.45	$	13.40		$	12.75
Income (loss) from investment operations:
Net investment income (loss) 1		0.27			0.41			0.36		0.36		0.33			0.26
Net realized and unrealized gain (loss) on investment transactions		0.72			(0.43	)		0.29		0.22		(0.28	)		0.39
Total from investment operations		0.99			(0.02	)		0.65		0.58		0.05			0.65
Net asset value, end of period	$	15.65		$	14.66		$	14.68	$	14.03	$	13.45		$	13.40
Total return 2		6.75%	#		(0.14%	)		4.63%		4.31%		0.37%			5.10%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	425,417		$	409,027		$	485,598	$	504,849	$	534,675		$	559,616
Ratio of total expenses to average net assets		0.67%	*		0.66%			0.66%		0.66%		0.68%			0.64%
Ratio of net investment income (loss) to average net assets		3.67%	*		2.81%			2.48%		2.58%		2.46%			1.95%
Portfolio turnover rate		20%	#		59%			72%		77%		131%			135%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
HIGH YIELD BOND FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016		2015			2014
Net asset value, beginning of period	$	12.88		$	13.18		$	12.29	$	10.61	$	10.98		$	10.78
Income (loss) from investment operations:
Net investment income (loss) 1		0.34			0.66			0.69		0.69		0.66			0.62
Net realized and unrealized gain (loss) on investment transactions		0.99			(0.96	)		0.20		0.99		(1.03	)		(0.42	)
Total from investment operations		1.33			(0.30	)		0.89		1.68		(0.37	)		0.20
Net asset value, end of period	$	14.21		$	12.88		$	13.18	$	12.29	$	10.61		$	10.98
Total return 2		10.33%	#		(2.35%	)		7.42%		15.83%		(3.37%	)		1.86%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	159,960		$	150,324		$	171,467	$	168,650	$	173,033		$	194,504
Ratio of total expenses to average net assets		0.74%	*		0.77%			0.86%		0.86%		0.87%			0.85%
Ratio of net investment income (loss) to average net assets		5.01%	*		5.02%			5.39%		6.03%		5.88%			5.58%
Portfolio turnover rate		66%	#		115%			78%		81%		72%			56%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

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

175

Penn Series Funds, Inc.

Financial Highlights

FLEXIBLY MANAGED FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	52.56		$	52.31		$	45.44		$	42.05		$	40.04		$	35.72
Income (loss) from investment operations:
Net investment income (loss) 1		0.45			1.22			0.53			0.54			0.46			0.45
Net realized and unrealized gain (loss) on investment transactions		8.67			(0.97	)		6.34			2.85			1.55			3.87
Total from investment operations		9.12			0.25			6.87			3.39			2.01			4.32
Net asset value, end of period	$	61.68		$	52.56		$	52.31		$	45.44		$	42.05		$	40.04
Total return 2		17.35%	#		0.48%			15.12%			8.06%			5.02%			12.09%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	4,295,437		$	3,698,250		$	3,898,297		$	3,494,596		$	3,322,196		$	3,074,188
Ratio of total expenses to average net assets		0.88%	*		0.89%			0.89%			0.89%			0.92%			0.89%
Ratio of net investment income (loss) to average net assets		1.57%	*		2.28%			1.07%			1.24%			1.10%			1.18%
Portfolio turnover rate		26%	#		69%			61%			66%			69%			74%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
BALANCED FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	19.53		$	20.12		$	17.60		$	16.24		$	16.13		$	14.71
Income (loss) from investment operations:
Net investment income (loss) 1		(0.02	)		(0.04	)		(0.04	)		(0.03	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		2.66			(0.55	)		2.56			1.39			0.14			1.45
Total from investment operations		2.64			(0.59	)		2.52			1.36			0.11			1.42
Net asset value, end of period	$	22.17		$	19.53		$	20.12		$	17.60		$	16.24		$	16.13
Total return 2		13.52%	#		(2.93%	)		14.32%			8.37%			0.68%			9.65%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	81,889		$	74,832		$	84,403		$	77,801		$	76,587		$	81,794
Ratio of net expenses to average net assets 3, 4		0.20%	*		0.20%			0.19%			0.19%			0.21%			0.20%
Ratio of total expenses to average net assets 3, 5		0.20%	*		0.20%			0.19%			0.19%			0.21%			0.21%
Ratio of net investment income (loss) to average net assets 4		(0.20%	)*		(0.19%	)		(0.19%	)		(0.19%	)		(0.21%	)		(0.20%	)
Portfolio turnover rate		4%	#		8%			9%			7%			8%			8%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

³  The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

⁴  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁵ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

176

Penn Series Funds, Inc.

Financial Highlights

LARGE GROWTH STOCK FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	39.95		$	40.48		$	30.40		$	30.07		$	27.21		$	25.11
Income (loss) from investment operations:
Net investment income (loss) 1		(0.04	)		(0.02	)		(0.03	)		(0.04	)		(0.09	)		(0.07	)
Net realized and unrealized gain (loss) on investment transactions		8.09			(0.51	)		10.11			0.37			2.95			2.17
Total from investment operations		8.05			(0.53	)		10.08			0.33			2.86			2.10
Net asset value, end of period	$	48.00		$	39.95		$	40.48		$	30.40		$	30.07		$	27.21
Total return 2		20.15%	#		(1.31%	)		33.16%			1.10%			10.51%			8.36%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	327,056		$	282,675		$	307,131		$	259,278		$	296,703		$	280,682
Ratio of total expenses to average net assets		0.96%	*		0.95%			0.96%			0.96%			0.98%			0.96%
Ratio of net investment income (loss) to average net assets		(0.16%	)*		(0.05%	)		(0.08%	)		(0.15%	)		(0.30%	)		(0.26%	)
Portfolio turnover rate		11%	#		42%			52%			42%			37%			38%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
LARGE CAP GROWTH FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	17.90		$	17.78		$	13.87		$	13.09		$	13.11		$	11.78
Income (loss) from investment operations:
Net investment income (loss) 1		0.04			0.08			0.07			0.07			0.05			0.06
Net realized and unrealized gain (loss) on investment transactions		4.29			0.04			3.84			0.71			(0.07	)		1.27
Total from investment operations		4.33			0.12			3.91			0.78			(0.02	)		1.33
Net asset value, end of period	$	22.23		$	17.90		$	17.78		$	13.87		$	13.09		$	13.11
Total return 2		24.19%	#		0.68%			28.19%			5.96%			(0.15%	)		11.29%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	60,010		$	53,444		$	58,389		$	42,791		$	43,702		$	57,663
Ratio of net expenses to average net assets 3		0.89%	*		0.87%			0.89%			0.89%			0.89%			0.89%
Ratio of total expenses to average net assets 4		0.89%	*		0.87%			0.89%			0.89%			0.89%			0.90%
Ratio of net investment income (loss) to average net assets 3		0.42%	*		0.40%			0.43%			0.55%			0.39%			0.47%
Portfolio turnover rate		10%	#		25%			28%			25%			29%			25%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

177

Penn Series Funds, Inc.

Financial Highlights

LARGE CORE GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016		2015			2014
Net asset value, beginning of period	$	22.41		$	21.67		$	16.32		$	16.30	$	16.03		$	14.88
Income (loss) from investment operations:
Net investment income (loss) 1		(0.03	)		(0.02	)		(0.03	)		0.01		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		6.14			0.76			5.38			0.01		0.30			1.18
Total from investment operations		6.11			0.74			5.35			0.02		0.27			1.15
Net asset value, end of period	$	28.52		$	22.41		$	21.67		$	16.32	$	16.30		$	16.03
Total return 2		27.27%	#		3.42%			32.78%			0.12%		1.68%			7.73%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	143,592		$	118,365		$	124,493		$	101,020	$	111,680		$	125,980
Ratio of total expenses to average net assets		0.86%	*		0.86%			0.86%			0.85%		0.87%			0.87%
Ratio of net investment income (loss) to average net assets		(0.21%	)*		(0.09%	)		(0.18%	)		0.06%		(0.20%	)		(0.19%	)
Portfolio turnover rate		47%	#		72%			64%			141%		124%			83%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
LARGE CAP VALUE FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016		2015			2014
Net asset value, beginning of period	$	26.22		$	28.41		$	24.79		$	22.21	$	23.22		$	20.86
Income (loss) from investment operations:
Net investment income (loss) 1		0.14			0.35			0.41			0.36		0.27			0.30
Net realized and unrealized gain (loss) on investment transactions		3.52			(2.54	)		3.21			2.22		(1.28	)		2.06
Total from investment operations		3.66			(2.19	)		3.62			2.58		(1.01	)		2.36
Net asset value, end of period	$	29.88		$	26.22		$	28.41		$	24.79	$	22.21		$	23.22
Total return 2		13.96%	#		(7.71%	)		14.60%			11.62%		(4.35%	)		11.31%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	190,044		$	179,441		$	201,219		$	202,553	$	207,692		$	229,080
Ratio of total expenses to average net assets		0.91%	*		0.90%			0.90%			0.90%		0.92%			0.90%
Ratio of net investment income (loss) to average net assets		1.00%	*		1.22%			1.57%			1.60%		1.17%			1.38%
Portfolio turnover rate		34%	#		108%			17%			22%		19%			22%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

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

178

Penn Series Funds, Inc.

Financial Highlights

LARGE CORE VALUE FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016		2015			2014
Net asset value, beginning of period	$	17.41		$	18.64		$	16.18	$	14.77	$	14.89		$	13.38
Income (loss) from investment operations:
Net investment income (loss) 1		0.15			0.26			0.25		0.22		0.22			0.19
Net realized and unrealized gain (loss) on investment transactions		3.17			(1.49	)		2.21		1.19		(0.34	)		1.32
Total from investment operations		3.32			(1.23	)		2.46		1.41		(0.12	)		1.51
Net asset value, end of period	$	20.73		$	17.41		$	18.64	$	16.18	$	14.77		$	14.89
Total return 2		19.07%	#		(6.60%	)		15.21%		9.55%		(0.81%	)		11.29%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	196,059		$	176,072		$	216,214	$	191,386	$	203,012		$	192,695
Ratio of total expenses to average net assets		0.91%	*		0.90%			0.90%		0.90%		0.92%			0.91%
Ratio of net investment income (loss) to average net assets		1.52%	*		1.39%			1.44%		1.47%		1.47%			1.33%
Portfolio turnover rate		40%	#		76%			106%		87%		98%			80%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
INDEX 500 FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016		2015			2014
Net asset value, beginning of period	$	20.83		$	21.87		$	18.00	$	16.14	$	15.98		$	14.11
Income (loss) from investment operations:
Net investment income (loss) 1		0.20			0.35			0.33		0.29		0.27			0.24
Net realized and unrealized gain (loss) on investment transactions		3.63			(1.39	)		3.54		1.57		(0.11	)		1.63
Total from investment operations		3.83			(1.04	)		3.87		1.86		0.16			1.87
Net asset value, end of period	$	24.66		$	20.83		$	21.87	$	18.00	$	16.14		$	15.98
Total return 2		18.39%	#		(4.76%	)		21.50%		11.52%		1.00%			13.25%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	471,085		$	416,864		$	485,750	$	432,873	$	417,965		$	442,835
Ratio of total expenses to average net assets		0.36%	*		0.36%			0.36%		0.36%		0.38%			0.38%
Ratio of net investment income (loss) to average net assets		1.69%	*		1.56%			1.64%		1.75%		1.68%			1.63%
Portfolio turnover rate		2%	#		3%			2%		3%		3%			3%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

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

179

Penn Series Funds, Inc.

Financial Highlights

MID CAP GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	19.01		$	18.96		$	14.92		$	14.02		$	14.88		$	13.59
Income (loss) from investment operations:
Net investment income (loss) 1		(0.03	)		(0.06	)		(0.03	)		—	(a)		—	(a)		(0.02	)
Net realized and unrealized gain (loss) on investment transactions		5.17			0.11			4.07			0.90			(0.86	)		1.31
Total from investment operations		5.14			0.05			4.04			0.90			(0.86	)		1.29
Net asset value, end of period	$	24.15		$	19.01		$	18.96		$	14.92		$	14.02		$	14.88
Total return 2		27.04%	#		0.26%			27.08%			6.42%			(5.78%	)		9.49%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	136,858		$	112,502		$	121,288		$	103,325		$	111,742		$	128,486
Ratio of total expenses to average net assets		0.96%	*		0.96%			0.96%			0.97%			1.00%			0.97%
Ratio of net investment income (loss) to average net assets		(0.31%	)*		(0.28%	)		(0.20%	)		0.00%			(0.02%	)		(0.14%	)
Portfolio turnover rate		10%	#		42%			25%			28%			43%			140%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. (a)  Less than one penny per share.
MID CAP VALUE FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	22.60		$	26.65		$	22.69		$	19.36		$	21.04		$	18.51
Income (loss) from investment operations:
Net investment income (loss) 1		0.12			0.23			0.20			0.20			0.20			0.17
Net realized and unrealized gain (loss) on investment transactions		3.01			(4.28	)		3.76			3.13			(1.88	)		2.36
Total from investment operations		3.13			(4.05	)		3.96			3.33			(1.68	)		2.53
Net asset value, end of period	$	25.73		$	22.60		$	26.65		$	22.69		$	19.36		$	21.04
Total return 2		13.85%	#		(15.20%	)		17.45%			17.20%			(7.98%	)		13.67%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	147,873		$	141,771		$	180,696		$	170,374		$	165,849		$	185,293
Ratio of total expenses to average net assets		0.80%	*		0.79%			0.78%			0.78%			0.81%			0.81%
Ratio of net investment income (loss) to average net assets		0.97%	*		0.85%			0.83%			0.97%			0.93%			0.86%
Portfolio turnover rate		9%	#		33%			31%			33%			42%			32%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

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

180

Penn Series Funds, Inc.

Financial Highlights

MID CORE VALUE FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	20.92		$	24.06		$	21.57		$	17.57		$	17.84		$	15.33
Income (loss) from investment operations:
Net investment income (loss) 1		0.19			0.28			0.33			0.19			0.19			0.21
Net realized and unrealized gain (loss) on investment transactions		3.41			(3.42	)		2.16			3.81			(0.46	)		2.30
Total from investment operations		3.60			(3.14	)		2.49			4.00			(0.27	)		2.51
Net asset value, end of period	$	24.52		$	20.92		$	24.06		$	21.57		$	17.57		$	17.84
Total return 2		17.21%	#		(13.05%	)		11.55%			22.77%			(1.51%	)		16.37%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	85,631		$	79,292		$	99,011		$	96,177		$	90,550		$	90,229
Ratio of total expenses to average net assets		1.07%	*		1.06%			1.02%			1.04%			1.07%			1.05%
Ratio of net investment income (loss) to average net assets		1.61%	*		1.16%			1.48%			1.01%			1.06%			1.27%
Portfolio turnover rate		18%	#		60%			45%			64%			77%			69%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
SMID CAP GROWTH FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	24.93		$	26.38		$	20.68		$	19.46		$	19.76		$	19.64
Income (loss) from investment operations:
Net investment income (loss) 1		(0.11	)		(0.10	)		(0.11	)		(0.10	)		(0.15	)		(0.15	)
Net realized and unrealized gain (loss) on investment transactions		7.17			(1.35	)		5.81			1.32			(0.15	)		0.27
Total from investment operations		7.06			(1.45	)		5.70			1.22			(0.30	)		0.12
Net asset value, end of period	$	31.99		$	24.93		$	26.38		$	20.68		$	19.46		$	19.76
Total return 2		28.32%	#		(5.50%	)		27.56%			6.27%			(1.52%	)		0.61%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	72,603		$	59,882		$	64,783		$	52,713		$	56,002		$	55,602
Ratio of net expenses to average net assets 3		1.04%	*		1.03%			1.05%			1.05%			1.07%			1.06%
Ratio of total expenses to average net assets 4		1.04%	*		1.03%			1.04%			1.04%			1.07%			1.06%
Ratio of net investment income (loss) to average net assets 3		(0.75%	)*		(0.35%	)		(0.47%	)		(0.52%	)		(0.71%	)		(0.81%	)
Portfolio turnover rate		36%	#		83%			68%			160%			103%			89%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴  The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

181

Penn Series Funds, Inc.

Financial Highlights

SMID CAP VALUE FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	23.67		$	27.90		$	24.69		$	19.72		$	20.91		$	19.14
Income (loss) from investment operations:
Net investment income (loss) 1		0.10			0.10			0.03			0.02			—			0.05
Net realized and unrealized gain (loss) on investment transactions		3.20			(4.33	)		3.18			4.95			(1.19	)		1.72
Total from investment operations		3.30			(4.23	)		3.21			4.97			(1.19	)		1.77
Net asset value, end of period	$	26.97		$	23.67		$	27.90		$	24.69		$	19.72		$	20.91
Total return 2		13.94%	#		(15.16%	)		13.00%			25.20%			(5.69%	)		9.25%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	86,328		$	80,919		$	85,323		$	82,032		$	67,959		$	73,906
Ratio of net expenses to average net assets 3		1.12%	*		1.10%			1.18%			1.21%			1.23%			1.20%
Ratio of total expenses to average net assets 4		1.12%	*		1.10%			1.18%			1.21%			1.23%			1.24%
Ratio of net investment income (loss) to average net assets 3		0.74%	*		0.36%			0.11%			0.10%			(0.02%	)		0.24%
Portfolio turnover rate		16%	#		47%			37%			62%			48%			51%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 3   The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 4   The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
SMALL CAP GROWTH FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	37.00		$	38.80		$	31.08		$	28.59		$	28.47		$	26.42
Income (loss) from investment operations:
Net investment income (loss) 1		(0.08	)		(0.15	)		(0.16	)		(0.10	)		(0.14	)		(0.11	)
Net realized and unrealized gain (loss) on investment transactions		9.29			(1.65	)		7.88			2.59			0.26			2.16
Total from investment operations		9.21			(1.80	)		7.72			2.49			0.12			2.05
Net asset value, end of period	$	46.21		$	37.00		$	38.80		$	31.08		$	28.59		$	28.47
Total return 2		24.89%	#		(4.64%	)		24.84%			8.71%			0.42%			7.76%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	111,778		$	93,243		$	102,380		$	85,958		$	91,666		$	102,678
Ratio of total expenses to average net assets		1.01%	*		1.00%			1.01%			1.02%			1.03%			1.02%
Ratio of net investment income (loss) to average net assets		(0.38%	)*		(0.36%	)		(0.46%	)		(0.35%	)		(0.48%	)		(0.42%	)
Portfolio turnover rate		8%	#		22%			25%			17%			26%			33%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

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

182

Penn Series Funds, Inc.

Financial Highlights

SMALL CAP VALUE FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016		2015			2014
Net asset value, beginning of period	$	31.96		$	37.11		$	33.06	$	26.50	$	28.03		$	26.16
Income (loss) from investment operations:
Net investment income (loss) 1		0.13			0.17			0.18		0.23		0.17			0.19
Net realized and unrealized gain (loss) on investment transactions		4.97			(5.32	)		3.87		6.33		(1.70	)		1.68
Total from investment operations		5.10			(5.15	)		4.05		6.56		(1.53	)		1.87
Net asset value, end of period	$	37.06		$	31.96		$	37.11	$	33.06	$	26.50		$	28.03
Total return 2		15.96%	#		(13.88%	)		12.25%		24.75%		(5.46%	)		7.15%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	223,237		$	211,285		$	262,728	$	244,968	$	227,139		$	246,127
Ratio of total expenses to average net assets		0.98%	*		0.97%			0.97%		0.97%		0.99%			1.03%
Ratio of net investment income (loss) to average net assets		0.72%	*		0.46%			0.56%		0.83%		0.62%			0.70%
Portfolio turnover rate		27%	#		55%			59%		57%		47%			45%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
SMALL CAP INDEX FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016		2015			2014
Net asset value, beginning of period	$	20.26		$	22.86		$	20.09	$	16.69	$	17.59		$	16.88
Income (loss) from investment operations:
Net investment income (loss) 1		0.08			0.14			0.13		0.12		0.12			0.12
Net realized and unrealized gain (loss) on investment transactions		3.27			(2.74	)		2.64		3.28		(1.02	)		0.59
Total from investment operations		3.35			(2.60	)		2.77		3.40		(0.90	)		0.71
Net asset value, end of period	$	23.61		$	20.26		$	22.86	$	20.09	$	16.69		$	17.59
Total return 2		16.53%	#		(11.37%	)		13.79%		20.37%		(5.12%	)		4.21%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	69,740		$	70,724		$	81,638	$	76,355	$	65,480		$	66,658
Ratio of net expenses to average net assets 3		0.68%	*		0.65%			0.65%		0.66%		0.69%			0.64%
Ratio of total expenses to average net assets 4		0.68%	*		0.65%			0.65%		0.66%		0.69%			0.69%
Ratio of net investment income (loss) to average net assets 3		0.69%	*		0.59%			0.62%		0.70%		0.66%			0.72%
Portfolio turnover rate		13%	#		14%			13%		18%		18%			20%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

183

Penn Series Funds, Inc.

Financial Highlights

DEVELOPED INTERNATIONAL INDEX FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016			2015			2014
Net asset value, beginning of period	$	12.22		$	14.22		$	11.42	$	11.38		$	11.54		$	12.29
Income (loss) from investment operations:
Net investment income (loss) 1		0.25			0.31			0.27		0.26			0.24			0.30
Net realized and unrealized gain (loss) on investment transactions		1.42			(2.31	)		2.53		(0.22	)		(0.40	)		(1.05	)
Total from investment operations		1.67			(2.00	)		2.80		0.04			(0.16	)		(0.75	)
Net asset value, end of period	$	13.89		$	12.22		$	14.22	$	11.42		$	11.38		$	11.54
Total return 2		13.67%	#		(14.07%	)		24.52%		0.35%			(1.39%	)		(6.10%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	113,025		$	98,471		$	116,930	$	97,813		$	98,109		$	101,510
Ratio of net expenses to average net assets 3		0.83%	*		0.79%			0.82%		0.81%			0.83%			0.75%
Ratio of total expenses to average net assets 4		0.83%	*		0.79%			0.82%		0.81%			0.83%			0.82%
Ratio of net investment income (loss) to average net assets 3		3.76%	*		2.24%			2.05%		2.35%			2.02%			2.47%
Portfolio turnover rate		3%	#		3%			4%		7%			2%			7%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 3   The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 4   The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
INTERNATIONAL EQUITY FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016			2015			2014
Net asset value, beginning of period	$	26.51		$	30.26		$	22.98	$	24.23		$	23.39		$	22.72
Income (loss) from investment operations:
Net investment income (loss) 1		0.19			0.19			0.15		0.26			0.28			0.27
Net realized and unrealized gain (loss) on investment transactions		4.78			(3.94	)		7.13		(1.51	)		0.56			0.40
Total from investment operations		4.97			(3.75	)		7.28		(1.25	)		0.84			0.67
Net asset value, end of period	$	31.48		$	26.51		$	30.26	$	22.98		$	24.23		$	23.39
Total return 2		18.75%	#		(12.39%	)		31.68%		(5.16%	)		3.59%			2.95%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	329,897		$	296,892		$	375,821	$	319,322		$	375,175		$	380,898
Ratio of total expenses to average net assets		1.08%	*		1.11%			1.12%		1.12%			1.15%			1.15%
Ratio of net investment income (loss) to average net assets		1.31%	*		(0.66%	)		0.56%		1.10%			1.17%			1.14%
Portfolio turnover rate		36%	#		50%			32%		34%			27%			31%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

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

184

Penn Series Funds, Inc.

Financial Highlights

EMERGING MARKETS EQUITY FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016		2015			2014
Net asset value, beginning of period	$	11.39		$	13.80		$	10.22	$	9.66	$	10.84		$	11.40
Income (loss) from investment operations:
Net investment income (loss) 1		0.10			0.09			0.03		0.03		0.03			0.02
Net realized and unrealized gain (loss) on investment transactions		1.00			(2.50	)		3.55		0.53		(1.21	)		(0.58	)
Total from investment operations		1.10			(2.41	)		3.58		0.56		(1.18	)		(0.56	)
Net asset value, end of period	$	12.49		$	11.39		$	13.80	$	10.22	$	9.66		$	10.84
Total return 2		9.66%	#		(17.46%	)		35.03%		5.80%		(10.89%	)		(4.91%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	148,280		$	146,973		$	184,357	$	150,270	$	147,819		$	157,027
Ratio of net expenses to average net assets 3		1.36%	*		1.32%			1.51%		1.65%		1.74%			1.75%
Ratio of total expenses to average net assets 4		1.36%	*		1.32%			1.51%		1.65%		1.68%			1.69%
Ratio of net investment income (loss) to average net assets 3		1.59%	*		0.73%			0.25%		0.28%		0.24%			0.19%
Portfolio turnover rate		18%	#		45%			41%		46%		41%			42%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 3   The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 4   The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
REAL ESTATE SECURITIES FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017		2016		2015			2014
Net asset value, beginning of period	$	20.57		$	21.47		$	19.99	$	18.95	$	18.01		$	13.83
Income (loss) from investment operations:
Net investment income (loss) 1		0.32			0.43			0.39		0.32		0.26			0.23
Net realized and unrealized gain (loss) on investment transactions		4.02			(1.33	)		1.09		0.72		0.68			3.95
Total from investment operations		4.34			(0.90	)		1.48		1.04		0.94			4.18
Net asset value, end of period	$	24.91		$	20.57		$	21.47	$	19.99	$	18.95		$	18.01
Total return 2		21.10%	#		(4.19%	)		7.40%		5.49%		5.22%			30.22%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	128,832		$	114,366		$	137,842	$	137,257	$	137,644		$	136,861
Ratio of total expenses to average net assets		0.97%	*		0.96%			0.95%		0.95%		0.97%			0.97%
Ratio of net investment income (loss) to average net assets		2.74%	*		2.05%			1.86%		1.65%		1.42%			1.43%
Portfolio turnover rate		37%	#		66%			75%		81%		61%			54%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

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

185

Penn Series Funds, Inc.

Financial Highlights

AGGRESSIVE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	17.37		$	19.20		$	15.99		$	14.88		$	15.12		$	14.16
Income (loss) from investment operations:
Net investment income (loss) 1		(0.03	)		(0.06	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investment transactions		2.69			(1.77	)		3.26			1.16			(0.19	)		1.01
Total from investment operations		2.66			(1.83	)		3.21			1.11			(0.24	)		0.96
Net asset value, end of period	$	20.03		$	17.37		$	19.20		$	15.99		$	14.88		$	15.12
Total return 2		15.32%	#		(9.53%	)		20.08%			7.46%			(1.59%	)		6.78%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	70,671		$	64,604		$	75,079		$	61,867		$	61,119		$	64,505
Ratio of net expenses to average net assets 3, 4		0.33%	*		0.32%			0.31%			0.32%			0.34%			0.34%
Ratio of total expenses to average net assets 3, 5		0.33%	*		0.32%			0.31%			0.32%			0.34%			0.34%
Ratio of net investment income (loss) to average net assets 4		(0.32%	)*		(0.32%	)		(0.31%	)		(0.32%	)		(0.34%	)		(0.34%	)
Portfolio turnover rate		7%	#		19%			20%			20%			24%			20%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 3   The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. 4   The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 5   The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	18.12		$	19.66		$	16.72		$	15.55		$	15.73		$	14.80
Income (loss) from investment operations:
Net investment income (loss) 1		(0.03	)		(0.06	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investment transactions		2.64			(1.48	)		2.99			1.22			(0.13	)		0.98
Total from investment operations		2.61			(1.54	)		2.94			1.17			(0.18	)		0.93
Net asset value, end of period	$	20.73		$	18.12		$	19.66		$	16.72		$	15.55		$	15.73
Total return 2		14.41%	#		(7.83%	)		17.58%			7.52%			(1.14%	)		6.28%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	237,111		$	217,918		$	266,699		$	230,243		$	238,908		$	250,402
Ratio of total expenses to average net assets 3		0.30%	*		0.30%			0.29%			0.30%			0.32%			0.32%
Ratio of net investment income (loss) to average net assets		(0.29%	)*		(0.29%	)		(0.29%	)		(0.30%	)		(0.32%	)		(0.32%	)
Portfolio turnover rate		6%	#		14%			16%			14%			20%			17%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

²  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

³  The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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

186

Penn Series Funds, Inc.

Financial Highlights

MODERATE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	16.48		$	17.51		$	15.36		$	14.36		$	14.44		$	13.67
Income (loss) from investment operations:
Net investment income (loss) 1		(0.03	)		(0.05	)		(0.05	)		(0.04	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		2.09			(0.98	)		2.20			1.04			(0.03	)		0.81
Total from investment operations		2.06			(1.03	)		2.15			1.00			(0.08	)		0.77
Net asset value, end of period	$	18.54		$	16.48		$	17.51		$	15.36		$	14.36		$	14.44
Total return 2		12.50%	#		(5.88%	)		14.00%			6.96%			(0.55%	)		5.63%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	303,820		$	291,618		$	342,656		$	332,347		$	342,152		$	364,044
Ratio of total expenses to average net assets 3		0.30%	*		0.29%			0.29%			0.29%			0.32%			0.31%
Ratio of net investment income (loss) to average net assets		(0.30%	)*		(0.29%	)		(0.29%	)		(0.29%	)		(0.32%	)		(0.31%	)
Portfolio turnover rate		4%	#		14%			12%			12%			17%			17%
#  Non-annualized. *  Annualized. 1   The net investment income (loss) per share was calculated using the average shares outstanding method. 2   Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. 3   The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period
	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	15.31		$	15.86		$	14.42		$	13.60		$	13.63		$	12.98
Income (loss) from investment operations:
Net investment income (loss) 1		(0.02	)		(0.05	)		(0.05	)		(0.04	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		1.56			(0.50	)		1.49			0.86			0.02			0.69
Total from investment operations		1.54			(0.55	)		1.44			0.82			(0.03	)		0.65
Net asset value, end of period	$	16.85		$	15.31		$	15.86		$	14.42		$	13.60		$	13.63
Total return 2		10.06%	#		(3.47%	)		9.99%			6.03%			(0.22%	)		5.01%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	93,578		$	88,927		$	98,414		$	97,741		$	102,101		$	107,669
Ratio of total expenses to average net assets 3		0.32%	*		0.31%			0.30%			0.30%			0.33%			0.32%
Ratio of net investment income (loss) to average net assets		(0.31%	)*		(0.30%	)		(0.30%	)		(0.30%	)		(0.33%	)		(0.32%	)
Portfolio turnover rate		7%	#		17%			15%			15%			23%			20%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

³ The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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

187

Penn Series Funds, Inc.

Financial Highlights

CONSERVATIVE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended 6/30/19 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.99		$	14.18		$	13.33		$	12.73		$	12.72		$	12.26
Income (loss) from investment operations:
Net investment income (loss) 1		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		1.09			(0.15	)		0.89			0.64			0.05			0.50
Total from investment operations		1.07			(0.19	)		0.85			0.60			0.01			0.46
Net asset value, end of period	$	15.06		$	13.99		$	14.18		$	13.33		$	12.73		$	12.72
Total return 2		7.65%	#		(1.34%	)		6.38%			4.71%			0.08%			3.75%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	59,242		$	57,092		$	58,659		$	56,092		$	61,217		$	65,183
Ratio of total expenses to average net assets 3		0.33%	*		0.33%			0.32%			0.31%			0.34%			0.33%
Ratio of net investment income (loss) to average net assets		(0.31%	)*		(0.31%	)		(0.31%	)		(0.31%	)		(0.34%	)		(0.33%	)
Portfolio turnover rate		10%	#		23%			23%			26%			24%			26%

# Non-annualized.

* Annualized.

¹  The net investment income (loss) per share was calculated using the average shares outstanding method.

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

³ The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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

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1 — ORGANIZATION

Penn Series Funds, Inc. (“Penn Series”) was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company (“Penn Mutual”) and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual’s employee benefit plans.

Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a “Fund” and collectively, the “Funds”). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.

Fund of Funds (“FOFs”) – Each Penn Series FOF seeks to achieve its investment objective by investing in other Penn Series Funds (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. Each of the following is a Penn Series FOFs: Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds.

2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are followed by Penn Series in the preparation of its financial statements. The preparation of financial statements in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 946.

SECURITY VALUATION:

Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.

Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Securities valued according to these evaluation methods are categorized as Level 1 in the fair value hierarchy described below. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing valuation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these valuation methods are generally categorized as Level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the valuation date.

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Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded. Although derivatives may be subject to netting provisions, as discussed further in Note 7, derivatives held are valued at their gross amounts.

To assess the continuing appropriateness of third party pricing service security valuations, Penn Mutual Asset Management, LLC (“PMAM” or the “Adviser”), the investment adviser to each of the Funds, or the Fund’s 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 the market by the Adviser or sub-adviser, as applicable.

Securities for which market quotations are not readily available are valued at fair value prices determined using methods approved by the Penn Series Board of Directors (the “Board of Directors”). The Penn Series Valuation Committee (the “Valuation Committee”), established by and subject to oversight by the Board of Directors, monitors pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from PMAM and Penn Mutual, the administrator to the Funds (the “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 publicly traded security prices, discount rates, publicly 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 been halted, suspended or has not begun, 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.

Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund’s NAV is calculated. These securities are valued at a fair value utilizing an independent third party valuation service in accordance with procedures adopted by the Fund’s Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval”, which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.

Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Funds’ investments. Inputs refer broadly to the assumptions that

190

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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 six months ended June 30, 2019, if any, are shown as notes on the Schedule of Investments of the individual Fund.

Significant Level 3 items at June 30, 2019 consist of $5,594,880 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.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of all securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the Fund is subject to nonperformance by the counterparty.

191

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

SECURITY TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums are accreted and amortized using the effective interest method. The cost of investment securities sold is determined by using the specific identification method for both financial reporting and income tax purposes. Expenses directly attributable to a Fund are directly charged. Common expenses of the Funds are allocated using methods approved by the Board of Directors, generally based on average net assets. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds of the FOFs.

DIVIDENDS TO SHAREHOLDERS — Except for the Money Market Fund, all or a portion of each Fund’s undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2018 were deemed distributed as consent dividends to each respective Fund’s shareholders in place of regular distributions. As consent dividends, shareholders of each Fund agree to treat their share of undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2018, respectively, as dividend income and net capital gains for tax purposes. In the case of the Money Market Fund, dividends paid from undistributed net investment income and accumulated net realized gain on investments are declared daily and paid monthly.

Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations which may differ from net investment income and net realized capital gains recorded in accordance with accounting principles generally accepted in the United States. To the extent that these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. Distributions from net realized gains may involve short-term capital gains, which are included as ordinary income for tax purposes.

The character of distributions received from Real Estate Investment Trusts (“REITs”) held by a Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from the underlying REITs based on historical data provided by the REITs.

3 — INVESTMENT ADVISORY AND OTHER CORPORATE SERVICES

Investment Advisory Services

PMAM serves as investment adviser to each series of Penn Series. With the exception of the Money Market, Limited Maturity, Quality Bond, High Yield Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds, PMAM has entered into sub-advisory agreements to provide investment management services to each of the Funds.

Each of the Funds pay PMAM, on a monthly basis, an advisory fee accrued daily based on the average daily net assets of the Fund, at the following rates pursuant to the investment advisory agreements:

Fund	Sub-Adviser	Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund)
Money Market Fund	None	0.33% of the first $200,000,000; 0.31% of the next $150,000,000; 0.29% of the next $150,000,000; 0.27% over $500,000,000.
Limited Maturity Bond Fund	None	0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000.

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Fund	Sub-Adviser	Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund)
Quality Bond Fund	None	0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000.
High Yield Bond Fund	None	0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000.
Flexibly Managed Fund	T. Rowe Price Associates, Inc.	0.72% of the first $500,000,000; 0.70% of the next $2,000,000,000; 0.68% of the next $1,500,000,000; 0.65% of the next $1,000,000,000; 0.62% over $5,000,000,000.
Balanced Fund	None	None
Large Growth Stock Fund	T. Rowe Price Associates, Inc.	0.72% of the first $250,000,000; 0.68% of the next $250,000,000; 0.65% over $500,000,000.
Large Cap Growth Fund	Massachusetts Financial Services Company	0.55%
Large Core Growth Fund	Morgan Stanley Investment Management Inc.	0.60%
Large Cap Value Fund	AllianceBernstein, LP	0.67% of the first $150,000,000; 0.65% over $150,000,000.
Large Core Value Fund	Eaton Vance Management	0.67% of the first $150,000,000; 0.65% of the next $250,000,000; 0.60% over $400,000,000.
Index 500 Fund	SSgA Fund Management, Inc.	0.14% of the first $150,000,000; 0.13% of the next $150,000,000; 0.12% over $300,000,000.
Mid Cap Growth Fund	Ivy Investment Management Company	0.70%
Mid Cap Value Fund	Neuberger Berman Management, Inc.	0.55% of the first $250,000,000; 0.525% of the next $250,000,000; 0.50% of the next $250,000,000; 0.475% of the next $250,000,000; 0.45% of the next $500,000,000; 0.425% over $1,500,000,000.
Mid Core Value Fund	American Century Investment Management, Inc.	0.72%
SMID Cap Growth Fund	Goldman Sachs Asset Management, LP	0.75%
SMID Cap Value Fund	AllianceBernstein, LP	0.84%
Small Cap Growth Fund	Janus Capital Management LLC	0.80% of the first $25,000,000; 0.75% of the next $25,000,000; 0.70% over $50,000,000.
Small Cap Value Fund	Goldman Sachs Asset Management, LP	0.75% of the first $50,000,000; 0.725% of the next $50,000,000; 0.70% over $100,000,000.
Small Cap Index Fund	SSgA Fund Management, Inc.	0.30%
Developed International Index Fund	SSgA Fund Management, Inc.	0.30%

193

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Notes to Financial Statements — June 30, 2019 (Unaudited)

Fund	Sub-Adviser	Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund)
International Equity Fund	Vontobel Asset Management, Inc.	0.83% of the first $227,000,000; 0.75% over $227,000,000.
Emerging Markets Equity Fund	Morgan Stanley Investment Management Inc.	0.92%
Real Estate Securities Fund	Cohen & Steers Capital Management, Inc.	0.70%
Aggressive Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.
Moderately Aggressive Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.
Moderate Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.
Moderately Conservative Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.
Conservative Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.

For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a sub-advisory fee.

Administrative and Corporate, Co-Administrative and Shareholder Services

Each of the Funds pays Penn Mutual, on a quarterly basis, 0.01% of the Fund’s average daily net assets under a revised administrative and corporate services agreement and 0.09% under a shareholder servicing agreement. Each of the Funds pays PMAM, on a quarterly basis, 0.02% of the Fund’s average daily assets under a co-administrative agreement. These fees are accrued daily.

Fund Administration and Accounting Services

Under a fund administration and accounting agreement, BNY Mellon Investment Servicing (US), Inc. (“BNY Mellon”) serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee accrued daily based on the average daily net assets of the Fund equal to 0.070% for the first $100 million, 0.050% for the next $200

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million, 0.030% for the next $300 million and 0.020% thereafter. With the exception of the FOFs, International Equity Fund, Emerging Markets Equity Fund, Developed International Index Fund and Money Market Fund, the minimum annual fee each Fund must pay is $27,500. The annual accounting fee for each of the FOFs is an asset based fee of 0.010% of FOF’s average daily net assets, exclusive of out-of-pocket expenses. Each FOF’s minimum annual fee is $12,000. The minimum annual fee is $48,000 for each of the International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund. The Money Market Fund pays no minimum annual fee. Each of the International Equity, Emerging Markets Equity and Developed International Index Funds pays BNY Mellon, on a monthly basis, an annual 0.080% for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter. In addition, each of the Funds pays BNY Mellon approximately 0.010% of the Fund’s average daily net assets for tax and regulatory administration services.

Transfer Agent Services

Under a transfer agency agreement, BNY Mellon serves as transfer agent for Penn Series.

Custodial Services

The Bank of New York Mellon, Inc., serves as custodian for Penn Series. In addition to transaction charges and out-of-pocket expenses, each of the Funds pay The Bank of New York Mellon, Inc., on a monthly basis, an annual custody fee of 0.007% for U.S. securities. The Bank of New York Mellon, Inc. serves as foreign custodian for Penn Series. There is a separate custody fee schedule for foreign securities.

Expenses and Limitations Thereon

Each Fund bears all expenses of its operations other than those incurred by PMAM and, if applicable its sub-adviser under its respective investment advisory agreement and those incurred by Penn Mutual under its administrative and corporate services agreement. PMAM and Penn Mutual have agreed to waive fees or reimburse expenses to the extent the Fund’s total expense ratio (excluding nonrecurring account fees, fees on portfolio transactions, such as exchange fees, dividends and interest on securities sold short, acquired fund fees and expenses, service fees, interest, taxes, brokerage commissions, other capitalized expenses and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund’s business, but including investment advisory and administrative and corporate services fees) exceeds the applicable expense limitation for the Fund. The expense limitations for the Funds are as follows:

Fund	Expense Limitation		Fund	Expense Limitation
Money Market Fund		0.64%	SMID Cap Growth Fund		1.07%
Limited Maturity Bond Fund		0.74%	SMID Cap Value Fund		1.26%
Quality Bond Fund		0.73%	Small Cap Growth Fund		1.13%
High Yield Bond Fund		0.92%	Small Cap Value Fund		1.02%
Flexibly Managed Fund		0.94%	Small Cap Index Fund		0.74%
Balanced Fund		0.79%	Developed International Index Fund		0.94%
Large Growth Stock Fund		1.02%	International Equity Fund		1.20%
Large Cap Growth Fund		0.89%	Emerging Markets Equity Fund		1.78%
Large Core Growth Fund		0.90%	Real Estate Securities Fund		1.02%
Large Cap Value Fund		0.96%	Aggressive Allocation Fund*		0.40%
Large Core Value Fund		0.96%	Moderately Aggressive Allocation Fund*		0.34%
Index 500 Fund		0.42%	Moderate Allocation Fund*		0.34%
Mid Cap Growth Fund		1.00%	Moderately Conservative Allocation Fund*		0.35%
Mid Cap Value Fund		0.83%	Conservative Allocation Fund*		0.38%
Mid Core Value Fund		1.11%

* For FOFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds.

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Notes to Financial Statements — June 30, 2019 (Unaudited)

Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are considered “extraordinary expenses” and are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund’s future yield.

If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM’s election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.

Total fees of $260,000 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2019. Directors who are also employees of PMAM or its affiliates and officers of the Company receive no compensation from the Company for their services.

4 — RELATED PARTY TRANSACTIONS

Certain benefit plans of Penn Mutual own annuity contracts that are invested in the Penn Series Funds. The benefit plan assets that are invested in the Penn Series Funds at June 30, 2019 are as follows:

Money Market Fund	$	4,623,589
Limited Maturity Bond Fund		34,887,892
Quality Bond Fund		13,397,109
Large Growth Stock Fund		21,374,856
Large Core Value Fund		28,840,225
Index 500 Fund		20,549,547
SMID Cap Growth Fund		5,891,085
SMID Cap Value Fund		5,013,433
Small Cap Index Fund		4,324,356
Developed International Index Fund		3,147,770
International Equity Fund		8,460,059

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Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the six months ended June 30, 2019 were as follows:

SMID Cap Growth Fund	$	1,989
Small Cap Value Fund		10,420

The Funds may purchase securities from or sell to other funds that have a common adviser. These interfund transactions are primarily used for transactional cost purposes and are made pursuant to Rule 17a-7 of the Investment Company Act of 1940.

A Summary of the FOF’s total long-term and short-term purchases and sales of the shares of the underlying Funds during the period ended June 30, 2019 as follows:

Balanced Fund	Total Value at 12/31/18		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Total Value at 6/30/19		Number of Shares		Dividend Income
Affiliated Equity Funds — 60.2%
Penn Series Index 500 Fund*	$	44,163,211	$	1,208,806	$	4,105,485	$	3,132,130	$	4,914,670	$	49,313,332		1,999,730	$	—
Affiliated Fixed Income Funds — 39.7%
Penn Series Quality Bond Fund*		30,748,755		1,823,711		2,141,359		625,538		1,460,823		32,517,468		2,077,793		—
	$	74,911,966	$	3,032,517	$	6,246,844	$	3,757,668	$	6,375,493	$	81,830,800			$	—

* Non-income producing security.

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Aggressive Allocation Fund	Total Value at 12/31/18		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Total Value at 6/30/19		Number of Shares		Dividend Income
Affiliated Equity Funds — 57.6%
Penn Series Flexibly Managed Fund*	$	1,929,310	$	45,970	$	203,243	$	100,909	$	229,209		$	2,102,155		34,082	$	—
Penn Series Index 500 Fund*		1,895,349		748,349		210,736		141,326		235,457			2,809,745		113,939		—
Penn Series Large Cap Growth Fund*		1,912,178		45,970		300,093		124,150		326,686			2,108,891		94,867		—
Penn Series Large Cap Value Fund*		5,083,605		197,681		389,236		198,855		507,368			5,598,273		187,359		—
Penn Series Large Core Value Fund*		5,687,697		137,909		586,103		177,490		893,696			6,310,689		304,423		—
Penn Series Large Growth Stock Fund*		631,286		15,323		65,388		25,794		99,760			706,775		14,724		—
Penn Series Mid Cap Growth Fund*		1,267,007		30,647		215,841		80,541		253,289			1,415,643		58,619		—
Penn Series Mid Cap Value Fund*		3,083,098		270,148		243,272		117,944		314,762			3,542,680		137,687		—
Penn Series Mid Core Value Fund*		3,130,494		88,103		265,649		78,618		457,365			3,488,931		142,289		—
Penn Series Real Estate Securities Fund*		1,834,243		69,987		259,325		122,008		267,229			2,034,142		81,660		—
Penn Series Small Cap Growth Fund*		1,912,313		45,970		307,508		126,842		339,334			2,116,951		45,812		—
Penn Series Small Cap Index Fund*#		626,679		9,811		732,722		272,638		(176,406	)		—		—		—
Penn Series Small Cap Value Fund*		1,881,483		83,365		146,932		81,127		218,843			2,117,886		57,147		—
Penn Series SMID Cap Growth Fund*		1,278,895		30,647		237,150		85,159		265,049			1,422,600		44,470		—
Penn Series SMID Cap Value Fund*		4,406,956		266,128		340,581		190,751		426,527			4,949,781		183,529		—
Affiliated Fixed Income Funds — 8.8%
Penn Series High Yield Bond Fund*		1,282,819		89,844		117,211		15,592		117,649			1,388,693		97,726		—
Penn Series Limited Maturity Bond Fund*		4,599,119		438,698		354,130		16,853		141,178			4,841,718		382,140		—
Affiliated International Equity Funds — 33.3%
Penn Series Developed International Index Fund*		6,453,488		1,647,057		503,477		166,412		750,798			8,514,278		612,979		—
Penn Series Emerging Markets Equity Fund*		7,241,704		227,852		1,672,690		276,528		371,304			6,444,698		515,989		—
Penn Series International Equity Fund*		7,779,045		183,879		855,171		354,108		1,073,253			8,535,114		271,128		—
	$	63,916,768	$	4,673,338	$	8,006,458	$	2,753,645	$	7,112,350		$	70,449,643			$	—

* Non-income producing security.

# Issuer was not an investment of the Fund at June 30, 2019.

198

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Moderately Aggressive Allocation Fund	Total Value at 12/31/18		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Total Value at 6/30/19		Number of Shares		Dividend Income
Affiliated Equity Funds — 56.7%
Penn Series Flexibly Managed Fund*	$	13,050,710	$	200,846	$	1,343,022	$	734,346	$	1,479,964		$	14,122,844		228,970	$	—
Penn Series Index 500 Fund*		6,409,945		2,410,362		647,729		463,900		801,757			9,438,235		382,735		—
Penn Series Large Cap Growth Fund*		6,467,011		100,423		996,293		518,265		994,583			7,083,989		318,668		—
Penn Series Large Cap Value Fund*		17,192,975		453,287		1,213,175		708,515		1,663,640			18,805,242		629,359		—
Penn Series Large Core Value Fund*		19,235,422		301,269		1,932,177		583,585		3,010,197			21,198,296		1,022,590		—
Penn Series Large Growth Stock Fund*		2,134,929		33,474		216,285		80,633		341,374			2,374,125		49,461		—
Penn Series Mid Cap Growth Fund*		4,284,855		66,949		716,518		267,159		852,899			4,755,344		196,909		—
Penn Series Mid Cap Value Fund*		8,340,801		667,668		654,894		315,722		851,209			9,520,506		370,016		—
Penn Series Mid Core Value Fund*		8,469,538		133,898		666,248		391,639		1,046,984			9,375,811		382,374		—
Penn Series Real Estate Securities Fund*		6,202,521		139,673		810,857		476,532		824,924			6,832,793		274,299		—
Penn Series Small Cap Growth Fund*		4,311,635		66,949		680,219		280,262		762,261			4,740,888		102,594		—
Penn Series Small Cap Index Fund*		4,238,633		125,316		2,653,140		1,601,938		(930,515	)		2,382,232		100,899		—
Penn Series Small Cap Value Fund*		6,362,925		245,666		501,005		324,542		682,239			7,114,367		191,969		—
Penn Series SMID Cap Growth Fund*		2,162,614		33,474		393,804		108,334		478,778			2,389,396		74,692		—
Penn Series SMID Cap Value Fund*		12,774,835		669,805		971,126		594,928		1,183,369			14,251,811		528,432		—
Affiliated Fixed Income Funds — 17.7%
Penn Series High Yield Bond Fund*		4,338,952		234,595		355,408		69,811		376,840			4,664,790		328,275		—
Penn Series Limited Maturity Bond Fund*		24,446,952		1,948,299		1,668,114		77,462		753,072			25,557,671		2,017,180		—
Penn Series Quality Bond Fund*		11,159,994		719,971		968,841		148,871		608,576			11,668,571		745,596		—
Affiliated International Equity Funds — 25.2%
Penn Series Developed International Index Fund*		15,279,512		5,191,229		1,221,667		403,906		1,797,431			21,450,411		1,544,306		—
Penn Series Emerging Markets Equity Fund*		17,814,962		280,879		5,203,780		884,592		656,090			14,432,743		1,155,544		—
Penn Series International Equity Fund*		21,926,365		334,744		2,361,719		1,015,042		2,977,220			23,891,652		758,947		—
	$	216,606,086	$	14,358,776	$	26,176,021	$	10,049,984	$	21,212,892		$	236,051,717			$	—

* Non-income producing security.

199

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Moderate Allocation Fund	Total Value at 12/31/18		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Total Value at 6/30/19		Number of Shares		Dividend Income
Affiliated Equity Funds — 45.1%
Penn Series Flexibly Managed Fund*	$	17,481,348	$	73,516	$	2,216,385	$	1,158,243	$	1,759,861		$	18,256,583		295,989	$	—
Penn Series Index 500 Fund*		5,724,443		2,953,229		688,155		459,933		700,953			9,150,403		371,063		—
Penn Series Large Cap Growth Fund*		5,775,331		24,505		1,026,654		530,394		801,248			6,104,824		274,621		—
Penn Series Large Cap Value Fund*		14,394,220		229,143		1,397,732		764,245		1,203,667			15,193,543		508,485		—
Penn Series Large Core Value Fund*		17,178,234		73,515		2,149,127		638,521		2,527,664			18,268,807		881,274		—
Penn Series Large Growth Stock Fund*		2,859,977		18,020		368,451		270,556		288,741			3,068,843		63,934		—
Penn Series Mid Cap Growth Fund*		5,740,014		24,505		1,102,082		408,163		1,076,431			6,147,031		254,535		—
Penn Series Mid Cap Value Fund*		8,380,415		582,157		911,917		442,669		737,193			9,230,517		358,745		—
Penn Series Mid Core Value Fund*		14,182,196		61,262		1,481,678		433,851		1,955,089			15,150,720		617,892		—
Penn Series Real Estate Securities Fund*		5,539,718		24,505		819,640		536,571		607,772			5,888,926		236,408		—
Penn Series Small Cap Growth Fund*		2,887,864		17,112		533,106		326,315		366,080			3,064,265		66,312		—
Penn Series Small Cap Index Fund*		5,678,175		131,768		3,628,652		2,250,807		(1,352,632	)		3,079,466		130,431		—
Penn Series Small Cap Value Fund*		8,523,801		253,211		924,070		594,081		749,785			9,196,808		248,160		—
Penn Series SMID Cap Growth Fund*		2,896,968		12,253		596,999		162,088		614,340			3,088,650		96,550		—
Penn Series SMID Cap Value Fund*		11,408,695		490,993		1,204,256		719,727		867,100			12,282,259		455,404		—
Affiliated Fixed Income Funds — 37.7%
Penn Series High Yield Bond Fund*		8,717,684		260,324		815,599		284,935		598,257			9,045,601		636,566		—
Penn Series Limited Maturity Bond Fund*		44,650,282		2,664,430		3,734,812		341,202		1,133,954			45,055,056		3,556,042		—
Penn Series Quality Bond Fund*		59,788,481		2,452,386		5,841,604		835,672		3,103,579			60,338,514		3,855,496		—
Affiliated International Equity Funds — 17.3%
Penn Series Developed International Index Fund*		14,618,842		369,220		1,534,960		540,487		1,410,456			15,404,045		1,109,003		—
Penn Series Emerging Markets Equity Fund*		14,913,341		622,621		1,420,485		175,499		1,254,986			15,545,962		1,244,673		—
Penn Series International Equity Fund*		20,558,450		85,768		2,701,572		1,309,961		2,365,368			21,617,975		686,721		—
	$	291,898,479	$	11,424,443	$	35,097,936	$	13,183,920	$	22,769,892		$	304,178,798			$	—

* Non-income producing security.

200

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Moderately Conservative Allocation Fund	Total Value at 12/31/18		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Total Value at 6/30/19		Number of Shares		Dividend Income
Affiliated Equity Funds — 33.0%
Penn Series Flexibly Managed Fund*	$	7,022,276	$	277,336	$	1,000,763	$	554,119	$	632,004		$	7,484,972		121,352	$	—
Penn Series Index 500 Fund*		862,158		946,089		130,451		95,269		102,763			1,875,828		76,068		—
Penn Series Large Cap Growth Fund*		1,739,752		69,334		337,538		167,502		238,207			1,877,257		84,447		—
Penn Series Large Cap Value Fund*		4,336,130		243,995		505,998		193,748		403,904			4,671,779		156,351		—
Penn Series Large Core Value Fund*		5,174,525		208,003		728,707		216,549		747,027			5,617,397		270,979		—
Penn Series Mid Cap Value Fund*		1,682,493		189,244		216,298		76,244		160,352			1,892,035		73,534		—
Penn Series Mid Core Value Fund*		1,708,694		76,931		212,147		61,345		228,531			1,863,354		75,993		—
Penn Series Real Estate Securities Fund*		1,668,219		69,334		275,589		160,279		188,258			1,810,501		72,682		—
Penn Series Small Cap Index Fund*#		855,059		18,320		1,004,185		409,200		(278,394	)		—		—		—
Penn Series Small Cap Value Fund*		1,711,531		121,657		219,160		62,514		208,501			1,885,043		50,865		—
Penn Series SMID Cap Value Fund*		1,718,215		145,307		214,970		137,018		102,620			1,888,190		70,011		—
Affiliated Fixed Income Funds — 56.4%
Penn Series High Yield Bond Fund*		2,626,558		130,671		244,948		97,615		171,468			2,781,364		195,733		—
Penn Series Limited Maturity Bond Fund*		22,425,986		1,864,848		1,956,212		189,504		564,244			23,088,370		1,822,286		—
Penn Series Quality Bond Fund*		26,126,530		1,573,922		2,552,487		565,858		1,187,109			26,900,932		1,718,909		—
Affiliated International Equity Funds — 10.1%
Penn Series Developed International Index Fund*		2,642,592		172,284		329,157		126,168		230,229			2,842,116		204,616		—
Penn Series Emerging Markets Equity Fund*		1,797,538		146,370		205,304		17,982		155,698			1,912,284		153,105		—
Penn Series International Equity Fund*		4,424,280		173,335		651,211		316,561		485,460			4,748,425		150,839		—
	$	88,522,536	$	6,426,980	$	10,785,125	$	3,447,475	$	5,527,981		$	93,139,847			$	—

* Non-income producing security.

# Issuer was not an investment of the Fund at June 30, 2019.

201

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Conservative Allocation Fund	Total Value at 12/31/18		Purchases		Sales Proceeds		Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)		Total Value at 6/30/19		Number of Shares		Dividend Income
Affiliated Equity Funds — 19.9%
Penn Series Flexibly Managed Fund*	$	4,440,448	$	397,948	$	876,308	$	515,344		$	236,843	$	4,714,275		76,431	$	—
Penn Series Large Cap Value Fund*		1,645,387		177,963		285,786		62,131			165,747		1,765,442		59,084		—
Penn Series Large Core Value Fund*		2,181,812		198,974		428,866		85,038			321,691		2,358,649		113,779		—
Penn Series Mid Cap Value Fund*		532,229		87,998		99,860		(3,839	)		79,253		595,781		23,155		—
Penn Series Mid Core Value Fund*		1,080,786		106,257		196,967		57,594			125,809		1,173,479		47,858		—
Penn Series Real Estate Securities Fund*		527,722		49,744		117,850		17,110			93,312		570,038		22,884		—
Penn Series SMID Cap Value Fund*		543,382		74,506		99,283		(4,322	)		80,296		594,579		22,046		—
Affiliated Fixed Income Funds — 75.8%
Penn Series High Yield Bond Fund*		1,660,755		149,230		228,517		68,793			101,400		1,751,661		123,270		—
Penn Series Limited Maturity Bond Fund*		19,846,212		2,387,698		2,542,821		240,019			424,228		20,355,336		1,606,577		—
Penn Series Quality Bond Fund*		22,208,980		2,125,113		3,035,481		706,511			777,171		22,782,294		1,455,738		—
Affiliated International Equity Funds — 3.0%
Penn Series Developed International Index Fund*		1,113,967		129,431		201,092		31,049			120,165		1,193,520		85,927		—
Penn Series International Equity Fund*		559,493		49,743		112,624		19,205			82,413		598,230		19,004		—
	$	56,341,173	$	5,934,605	$	8,225,455	$	1,794,633		$	2,608,328	$	58,453,284			$	—

* Non-income producing security.

5 — PURCHASES AND SALES OF SECURITIES

During the six months ended June 30, 2019, the Funds made the following purchases and sales of portfolio securities, other than short-term securities:

	U.S. Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
Limited Maturity Bond Fund	$	3,008,613	$	12,497,807	$	52,165,140	$	43,722,444
Quality Bond Fund		11,059,593		34,252,428		72,809,434		62,957,822
High Yield Bond Fund		—		—		99,292,701		108,928,030
Flexibly Managed Fund		135,124,318		82,291,907		854,798,194		1,072,649,040
Balanced Fund		—		—		3,032,516		6,246,844
Large Growth Stock Fund		—		—		34,674,061		45,899,643
Large Cap Growth Fund		—		—		5,989,731		11,757,886
Large Core Growth Fund		—		—		62,454,461		70,402,028
Large Cap Value Fund		—		—		57,287,926		74,877,607

202

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

	U.S. Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
Large Core Value Fund	$	—	$	—	$	75,338,603	$	87,388,927
Index 500 Fund		—		—		8,212,604		20,888,399
Mid Cap Growth Fund		—		—		13,070,769		19,278,104
Mid Cap Value Fund		—		—		13,893,268		23,830,357
Mid Core Value Fund		—		—		15,377,016		19,043,139
SMID Cap Growth Fund		—		—		23,997,980		28,164,877
SMID Cap Value Fund		—		—		13,523,080		18,844,072
Small Cap Growth Fund		—		—		8,481,342		12,997,415
Small Cap Value Fund		—		—		60,637,985		77,793,101
Small Cap Index Fund		—		—		9,128,828		18,982,909
Developed International Index Fund		—		—		5,312,747		2,773,887
International Equity Fund		—		—		109,550,340		124,347,150
Emerging Markets Fund		—		—		26,124,776		38,197,086
Real Estate Securities Fund		—		—		46,136,012		55,239,324
Aggressive Allocation Fund		—		—		4,673,337		8,006,458
Moderately Aggressive Allocation Fund		—		—		14,358,777		26,176,022
Moderate Allocation Fund		—		—		11,424,442		35,097,935
Moderately Conservative Allocation Fund		—		—		6,426,981		10,785,125
Conservative Allocation Fund		—		—		5,934,606		8,225,456

6 — FEDERAL INCOME TAXES

Each Fund has qualified and intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2018, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.

On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:

The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 (“post-enactment losses”) to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of the Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.

The Act provides that a RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term “qualified late-year loss” means any post-October capital loss and any late-year ordinary loss.

The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests.

Reclassification of Capital Accounts:

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are

203

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2018, primarily attributable to consent dividends, were reclassed between the following accounts:

	Total distributable earnings (loss)			Increase (Decrease) Paid-in Capital
Money Market Fund	$	549		$	(549	)
Limited Maturity Bond Fund		(6,315,701	)		6,315,701
Quality Bond Fund		(13,040,425	)		13,040,425
High Yield Bond Fund		(8,362,253	)		8,362,253
Flexibly Managed Fund		(310,060,004	)		310,060,004
Balanced Fund		(6,475,525	)		6,475,525
Large Growth Stock Fund		(36,539,499	)		36,539,499
Large Cap Growth Fund		(5,363,372	)		5,363,372
Large Core Growth Fund		(16,061,173	)		16,061,173
Large Cap Value Fund		(48,292,656	)		48,292,656
Large Core Value Fund		(24,100,351	)		24,100,351
Index 500 Fund		(41,347,160	)		41,347,160
Mid Cap Growth Fund		(10,454,343	)		10,454,343
Mid Cap Value Fund		(20,103,454	)		20,103,454
Mid Core Value Fund		(10,151,424	)		10,151,424
SMID Cap Growth Fund		(8,830,589	)		8,830,589
SMID Cap Value Fund		(11,161,759	)		11,161,759
Small Cap Growth Fund		(10,172,560	)		10,172,560
Small Cap Value Fund		(23,126,162	)		23,126,162
Small Cap Index Fund		(7,077,680	)		7,077,680
Developed International Index Fund		(2,950,956	)		2,950,956
International Equity Fund		(44,005,423	)		44,005,423
Emerging Markets Equity Fund		(14,738,525	)		14,738,525
Real Estate Securities Fund		(6,809,037	)		6,809,037
Aggressive Allocation Fund		(5,986,883	)		5,986,883
Moderately Aggressive Allocation Fund		(25,362,818	)		25,362,818
Moderate Allocation Fund		(26,951,467	)		26,951,467
Moderately Conservative Allocation Fund		(6,722,196	)		6,722,196
Conservative Allocation Fund		(2,998,435	)		2,998,435

These reclassifications had no effect on net assets or net asset value per share.

204

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Tax character of distributions:

The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2018 and 2017 were as follows:

	Ordinary Income and Short-Term Capital Gains				Long-Term Capital Gains				Total
	2018		2017		2018		2017		2018		2017
Money Market Fund	$	510,090	$	10,464	$	—	$	67	$	510,090	$	10,531
Limited Maturity Bond Fund		6,315,701		4,233,777		—		—		6,315,701		4,233,777
Quality Bond Fund		13,040,425		13,597,499		—		1,219,536		13,040,425		14,817,035
High Yield Bond Fund		8,362,253		8,255,829		—		—		8,362,253		8,255,829
Flexibly Managed Fund		89,066,857		104,915,023		220,993,192		208,128,887		310,060,049		313,043,910
Balanced Fund		1,618,911		1,606,660		10,217,792		7,967,890		11,836,703		9,574,550
Large Growth Stock Fund		—		1,075,448		36,763,217		51,039,107		36,763,217		52,114,555
Large Cap Growth Fund		362,647		445,139		5,000,739		3,084,063		5,363,386		3,529,202
Large Core Growth Fund		1,333,604		6,153,058		14,727,569		10,961,685		16,061,173		17,114,743
Large Cap Value Fund		2,815,584		4,123,354		45,477,072		10,697,686		48,292,656		14,821,040
Large Core Value Fund		7,011,734		7,880,939		17,088,617		15,251,888		24,100,351		23,132,827
Index 500 Fund		7,526,980		7,860,846		33,820,180		16,586,730		41,347,160		24,447,576
Mid Cap Growth Fund		—		443,281		10,785,921		2,443,718		10,785,921		2,886,999
Mid Cap Value Fund		4,999,980		1,397,474		15,103,474		11,670,301		20,103,454		13,067,775
Mid Core Value Fund		2,270,928		2,651,933		7,880,710		8,481,515		10,151,638		11,133,448
SMID Cap Growth Fund		1,006,750		3,697,969		7,823,839		1,321,078		8,830,589		5,019,047
SMID Cap Value Fund		1,362,793		357,939		9,798,966		9,245,718		11,161,759		9,603,657
Small Cap Growth Fund		873,747		610,391		9,301,326		8,246,693		10,175,073		8,857,084
Small Cap Value Fund		1,177,178		7,020,337		21,948,984		20,620,173		23,126,162		27,640,510
Small Cap Index Fund		1,036,352		1,050,349		6,041,328		5,036,917		7,077,680		6,087,266
Developed International Index Fund		2,350,632		2,474,911		600,324		—		2,950,956		2,474,911
International Equity Fund		2,499,808		1,766,962		41,505,615		41,510,124		44,005,423		43,277,086
Emerging Markets Equity Fund		1,647,468		406,498		13,091,057		—		14,738,525		406,498
Real Estate Securities Fund		2,616,827		4,326,082		4,192,210		3,691,359		6,809,037		8,017,441
Aggressive Allocation Fund		1,038,455		1,092,797		12,328,888		9,233,911		13,367,343		10,326,708
Moderately Aggressive Allocation Fund		3,861,611		4,199,292		44,887,924		31,884,835		48,749,535		36,084,127
Moderate Allocation Fund		6,036,319		6,271,347		46,404,803		43,919,512		52,441,122		50,190,859
Moderately Conservative Allocation Fund		2,086,905		1,986,943		10,926,807		11,224,977		13,013,712		13,211,920
Conservative Allocation Fund		1,486,148		1,292,069		4,400,064		4,205,025		5,886,212		5,497,094

Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.

205

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Capital loss carryforwards:

At December 31, 2018, the following Funds had capital loss carryforwards (post-enactment losses) available to offset future realized capital gains:

	Short-Term Capital Loss		Long-Term Capital Loss
Money Market Fund	$	10	$	—
Limited Maturity Bond Fund		150,089		930,253
Quality Bond Fund		329,688		2,669,971
High Yield Bond Fund		4,967,505		3,688,910

During the year ended December 31, 2018, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:

High Yield Bond Fund	$	322,990
Developed International Index Fund		291,137

Qualified Late-Year Losses:

The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2019:

	Late-Year Ordinary Losses		Late-Year Capital Losses
Money Market Fund	$	—	$	70
Limited Maturity Bond Fund		—		23,868
High Yield Bond Fund		—		522,789
Large Growth Stock Fund		88		467,939
Large Core Growth Fund		401		755,430
Large Cap Value Fund		—		851,804
Large Core Value Fund		—		34,062
Index 500 Fund		—		175,703
Mid Cap Growth Fund		—		960,795
Mid Cap Value Fund		—		1,493,518
Mid Core Value Fund		—		29,874
SMID Cap Value Fund		—		160,098
Small Cap Value Fund		—		867,907
Small Cap Index Fund		3,669		—
Developed International Index Fund		93,118		242,706
International Equity Fund		128,153		1,364,582
Emerging Markets Equity Fund		346,653		1,335,204
Conservative Allocation Fund		—		3,457

Tax cost of securities:

At June 30, 2019, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at June 30, 2019 were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Money Market Fund	$	97,980,896	$	—	$	—		$	—
Limited Maturity Bond Fund		237,821,166		2,814,555		(2,759,897	)		54,658

206

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Quality Bond Fund	$	413,411,306	$	13,817,837	$	(2,359,815	)	$	11,458,022
High Yield Bond Fund		155,838,385		5,523,421		(423,285	)		5,100,136
Flexibly Managed Fund		3,702,237,430		627,150,291		(39,692,475	)		587,457,816
Balanced Fund		49,978,882		33,188,181		(1,243,729	)		31,944,452
Large Growth Stock Fund		226,517,614		105,218,288		(5,535,734	)		99,682,554
Large Cap Growth Fund		42,140,059		18,507,640		(571,088	)		17,936,552
Large Core Growth Fund		113,468,765		30,758,176		(517,098	)		30,241,078
Large Cap Value Fund		180,923,462		17,831,547		(5,629,952	)		12,201,595
Large Core Value Fund		178,432,144		20,449,708		(3,016,020	)		17,433,688
Index 500 Fund		225,386,072		264,056,281		(17,604,622	)		246,451,659
Mid Cap Growth Fund		93,678,196		44,358,222		(1,563,814	)		42,794,408
Mid Cap Value Fund		132,612,568		26,139,230		(12,123,695	)		14,015,535
Mid Core Value Fund		82,982,000		8,898,460		(6,281,278	)		2,617,182
SMID Cap Growth Fund		60,216,013		13,055,882		(2,000,514	)		11,055,368
SMID Cap Value Fund		85,331,133		9,777,383		(8,818,628	)		958,755
Small Cap Growth Fund		76,246,290		39,498,979		(4,016,326	)		35,482,653
Small Cap Value Fund		199,140,707		35,286,556		(10,043,146	)		25,243,410
Small Cap Index Fund		57,398,506		21,016,369		(8,561,335	)		12,455,034
Developed International Index Fund		90,064,380		31,187,961		(9,116,455	)		22,071,506
International Equity Fund		275,989,962		57,693,179		(5,638,497	)		52,054,682
Emerging Markets Equity Fund		133,367,285		22,567,703		(7,806,288	)		14,761,415
Real Estate Securities Fund		111,221,693		19,232,337		(2,393,305	)		16,839,032
Aggressive Allocation Fund		56,948,618		13,909,896		(140,994	)		13,768,902
Moderately Aggressive Allocation Fund		182,224,136		55,503,790		(410,089	)		55,093,701
Moderate Allocation Fund		235,360,831		69,288,954		(470,987	)		68,817,967
Moderately Conservative Allocation Fund		78,694,130		15,113,272		(131,721	)		14,981,551
Conservative Allocation Fund		53,331,152		5,964,651		(37,580	)		5,927,071

The differences between book basis and tax basis appreciation are primarily due to wash sales, Passive Foreign Investment Companies, Partnership Investments, Trust Preferred Securities, real estate investment trust adjustments, and the treatment of certain corporate actions.

It is each Fund’s policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

7 — DERIVATIVE FINANCIAL INSTRUMENTS

The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include purchase options, written options, forward foreign currency exchange contracts and futures contracts.

The notional or contractual amounts of these instruments represent the investment the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

207

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Futures Contracts — A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.

To the extent permitted by the investment objective, restrictions and policies set forth in the Funds’ Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn “market-like” returns with the Funds’ excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the Funds’ investment objectives.

Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of greater loss than if these techniques had not been used by a Fund. These investments can also increase the Fund’s share price and expose the Fund to significant additional costs.

The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the six months ended June 30, 2019. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at June 30, 2019 are listed after the Fund’s Schedule of Investments.

Options — An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statements of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statements of Operations.

The Flexibly Managed and Mid Cap Growth Funds received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.

The total market value of written options held in the Flexibly Managed Fund as of June 30, 2019 can be found on the Schedule of Investments.

Forward Foreign Currency Contracts — A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.

208

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

The Mid Core Value Fund and Emerging Markets Equity Fund entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Fund hedged currencies in times of base currency weakness in order to reduce the volatility of returns for the local securities which the Fund owns.

Foreign forward currency contracts involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the portfolio manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between the Fund’s portfolio holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position. These investments can also increase the volatility of the Fund’s share price and expose the Fund to significant additional costs. The forward foreign currency contracts outstanding are listed after the Fund’s Schedule of Investments.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of June 30, 2019:

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Equity contracts	Investments at value Futures variation margin receivable*	Call options written, at value Futures variation margin payable*
Foreign currency contracts	Net unrealized appreciation of forward foreign currency contracts	Net unrealized depreciation of forward foreign currency contracts
Interest rate contracts	Futures variation margin receivable*	Futures variation margin payable*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The following is a summary of the gross amount of each Fund’s derivative instrument holdings categorized by primary risk exposure as of June 30, 2019:

	ASSET DERIVATIVE VALUE						LIABILITY DERIVATIVE VALUE
	Equity Contracts		Foreign currency contracts		Interest rate contracts		Equity Contracts			Foreign currency contracts			Interest rate contracts
Limited Maturity Bond Fund	$	—	$	—	$	—	$	—		$	—		$	(815,937	)
Quality Bond Fund		—		—		2,374,461		—			—			—
Flexibly Managed Fund		757,617		—				(33,371,925	)		—			—
Index 500 Fund		57,708		—		—		—			—			—
Mid Core Value Fund		—		879		—		—			(25,841	)		—
Small Cap Index Fund		27,451		—		—		—			—			—
Developed International Index Fund		114,063		—		—		—			—			—
Emerging Markets Fund		—		—		—		—			(82,528	)		—

209

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement” or “ISDA”) with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts (“Fx Letters”). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange contracts. Fx Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and Fx Letters containing netting provisions may be referred to as Master Netting Agreements (“MNA”).

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

210

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

The following table presents derivative assets and liabilities net of amounts available for offset under a MNA and, as applicable, the related collateral and potential loss exposure to each Fund as of June 30, 2019:

		Gross Amounts Presented on Statements of Assets and Liabilities
Fund and Counterparty	Form of Master Netting Agreement	Value of Assets		Value of Liabilities			Net Amount Due (to)/from Counterparty			Collateral Pledged (Received by Fund		Loss Exposure, After Collateral (note less than $0)
Flexibly Managed Fund
Citigroup	ISDA	$	757,617	$	(14,839,459	)	$	(14,081,842	)	$	—	$	(14,081,842	)
Credit Suisse	ISDA		—		(11,810,853	)		(11,810,853	)		—		(11,810,853	)
Goldman Sachs	ISDA		—		(2,139,580	)		(2,139,580	)		—		(2,139,580	)
JP Morgan	ISDA		—		(2,284,224	)		(2,284,224	)		—		(2,284,224	)
Merrill Lynch	ISDA		—		(396,720	)		(396,720	)		—		(396,720	)
RBC Capital	ISDA		—		(1,901,089	)		(1,901,089	)		—		(1,901,089	)
Total		$	757,617	$	(33,371,925	)	$	(32,614,308	)	$	—	$	(32,614,308	)
Mid Core Value Fund
Bank of America	Fx Letter	$	853	$	—		$	853		$	—	$	853
Credit Suisse	Fx Letter		—		(10,927	)		(10,927	)		—		(10,927	)
Goldman Sachs	Fx Letter		—		(8,495	)		(8,495	)		—		(8,495	)
JP Morgan	Fx Letter		—		(3,073	)		(3,073	)		—		(3,073	)
Morgan Stanley	Fx Letter		26		(3,346	)		(3,320	)		—		(3,320	)
Total		$	879	$	(25,841	)	$	(24,962	)	$	—	$	(24,962	)
Emerging Markets Equity Fund
UBS Securities	Fx Letter	$	—	$	(82,528	)	$	(82,528	)	$	—	$	(82,528	)

The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2019:

Derivative Type	Location of Gain (Loss) on Derivatives Recognized in Income
Equity contracts	Net realized gain (loss) on futures contracts
	Net realized gain (loss) on purchased options
	Net realized gain (loss) on written options
	Net change in unrealized appreciation (depreciation) of futures contracts
	Net change in unrealized appreciation (depreciation) of purchased options
	Net change in unrealized appreciation (depreciation) of written options
Interest rate contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) of futures contracts
Foreign currency contracts	Net realized gain (loss) on forward foreign currency contracts
	Net change in unrealized appreciation (depreciation) of forward foreign currency contracts

Fund	Realized Gain (Loss) on Derivatives Recognized in Income
	Equity Contracts		Foreign currency contracts			Interest rate contracts
Limited Maturity Bond Fund	$	—	$	—		$	1,028,485
Quality Bond Fund		—		—			4,585,751
Flexibly Managed Fund		8,177,319		(87,029	)		—
Large Growth Stock Fund		—		(1,942	)		—
Large Cap Growth Fund		—		1,362			—
Large Core Growth Fund		—		(235	)		—

211

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2019 (Unaudited)

Fund	Realized Gain (Loss) on Derivatives Recognized in Income
	Equity Contracts			Foreign currency contracts			Interest rate contracts
Index 500 Fund	$	642,429		$	—		$	—
Mid Cap Growth Fund		(40,730	)		—			—
Mid Core Value Fund		—			45,476			—
Small Cap Growth Fund		—			97			—
Small Cap Index Fund		175,961			—			—
Developed International Index Fund		252,190			3,771			—
International Equity Fund		—			(202,777	)		—
Emerging Markets Equity Fund		—			(448,925	)		—

Fund	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Equity contracts		Foreign currency contracts			Interest rate contracts
Limited Maturity Bond Fund	$	—	$	—		$	373,192
Quality Bond Fund		—		—			(11,844	)
Flexibly Managed Fund		405,075		(22,200,403	)		—
Index 500 Fund		272,103		—			—
Mid Core Value Fund		—		13,475			—
Small Cap Index Fund		101,817		—			—
Developed International Index Fund		183,344		—			—
Emerging Markets Equity Fund		—		164,452			—

The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2019. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Average Derivative Volume
Fund	Forward foreign currency contracts (average cost)			Futures contracts (average notional value) long		Purchased options (average notional cost)		Written options (premiums received)
Limited Maturity Bond Fund	$	—		$	54,170,188	$	—	$	—
Quality Bond Fund		—			122,793,758		—		—
Flexibly Managed Fund		—			—		235,029		21,663,616
Index 500 Fund		—			4,667,260		—		—
Mid Core Value Fund		(5,270,662	)		—		—		—
Small Cap Index Fund		—			1,623,227		—		—
Developed International Index Fund		—			3,122,808		—		—
Emerging Markets Equity Fund		(24,997,589	)		—		—		—

8 — CREDIT AND MARKET RISK

The Funds may invest a portion of their assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds’ ability to dispose of them in a timely manner and at a fair price when it is necessary or preferable to do so.

The high yield securities in which the High Yield Bond Fund may invest are predominantly speculative as to the issuer’s continuing ability to meet principal and interest payments. The value of the lower quality securities in which the High Yield

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Notes to Financial Statements — June 30, 2019 (Unaudited)

Bond Fund may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.

The Flexibly Managed, Large Growth Stock, Large Cap Growth, Mid Cap Growth, Mid Core Value, Small Cap Growth, Developed International Index, International Equity and the Emerging Markets Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

9 — CONTRACTUAL OBLIGATIONS

In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.

10 — RECENT ACCOUNTING PRONOUNCEMENTS and REPORTING UPDATES

In August 2018, the FASB issued an ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

11 — SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that no additional subsequent events require recognition or disclosure in the financial statements.

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Disclosure of Portfolio Holdings

Pursuant to applicable law, the Funds are required to disclose to the SEC their complete portfolio holdings monthly on Form N-PORT, within 60 days of the end of each month and within 5 days after the end of each month for the Money Market Fund on Form N-MFP. Portfolio holdings reported for the last month of each fiscal quarter are made publicly available by the SEC 60 days after the end of the fiscal quarter. Holdings reports filed with the SEC on Forms N-PORT and N-MFP are not distributed to Fund shareholders, but are available, free of charge, on the EDGAR database on the SEC’s website at http://www.sec.gov.

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, on the Fund’s website at http://www.pennmutual.com or on the SEC’s website at http://www.sec.gov. Information regarding how the Fund voted proxies for the most recent twelve-month period ended June 30, 2018 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.

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Board Approval of Investment Advisory and Sub-Advisory Agreements

The Penn Series Funds, Inc. (the “Company”) and Penn Mutual Asset Management, LLC (“PMAM”) have entered into an investment advisory agreement (the “Advisory Agreement”) pursuant to which PMAM (i) provides day-to-day investment management services to certain of the Company’s Funds (collectively, the “Directly Managed Funds”) and (ii) is responsible for the selection and oversight of various investment sub-advisers who perform day-to-day investment management services for other of the Company’s Funds (collectively, the “Sub-Advised Funds” and, together with the Directly Managed Funds, the “Funds”). The Directly Managed Funds are: the Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation, and Conservative Allocation Funds. The Sub-Advised Funds are: the Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Value, Small Cap Growth, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, and Real Estate Securities Funds.

PMAM acts as a “manager of managers” for the Sub-Advised Funds. In this capacity, PMAM has entered into, and the Company’s Board of Directors (the “Board”) has approved, separate sub-advisory agreements (each, a “Sub-Advisory Agreement” and, collectively with the Advisory Agreement, the “Agreements”) with each of the sub-advisers identified below (each, a “Sub-Adviser” and, collectively, the “Sub-Advisers”). The Sub-Advisers provide their services to the Sub-Advised Funds subject to the oversight of PMAM and the Board. Each Sub-Adviser is selected based primarily upon the research and recommendations of PMAM, which quantitatively and qualitatively evaluates, among other factors, each Sub-Adviser’s (i) investment expertise and resources, (ii) investment results in managing assets for relevant asset classes, investment styles and strategies, and (iii) regulatory compliance infrastructure and culture. PMAM oversees each Sub-Adviser’s activities with respect to the Fund it manages to ensure compliance with the Fund’s investment policies and guidelines, and monitors each Sub-Adviser’s adherence to its investment style and investment performance.

Sub-Adviser	Fund
AllianceBernstein L.P.	SMID Cap Value Fund
AllianceBernstein L.P.	Large Cap Value Fund
American Century Investment Management, Inc.	Mid Core Value Fund
Cohen & Steers Capital Management, Inc.	Real Estate Securities Fund
Eaton Vance Management	Large Core Value Fund
Goldman Sachs Asset Management, L.P.	Small Cap Value Fund
Goldman Sachs Asset Management, L.P.	SMID Cap Growth Fund
Ivy Investment Management Company	Mid Cap Growth Fund
Janus Capital Management LLC	Small Cap Growth Fund
Massachusetts Financial Services Company	Large Cap Growth Fund
Morgan Stanley Investment Management Inc. Morgan Stanley Investment Management Company	Emerging Markets Equity Fund
Morgan Stanley Investment Management Inc.	Large Core Growth Fund
Neuberger Berman Investment Advisers LLC	Mid Cap Value Fund
SSGA Funds Management, Inc.	Index 500 Fund
SSGA Funds Management, Inc.	Small Cap Index Fund
SSGA Funds Management, Inc.	Developed International Index Fund
T. Rowe Price Associates, Inc.	Flexibly Managed Fund
T. Rowe Price Associates, Inc.	Large Growth Stock Fund
Vontobel Asset Management, Inc.	International Equity Fund

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of, as well as the continuation of, each Fund’s Agreement(s) be specifically approved by: (i) the vote of the Board or by a vote of the shareholders of the Fund; and (ii) the vote of a majority of the Company’s Directors who are not “interested persons,” as defined in the 1940 Act (collectively, the “Independent Directors”), cast in person at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approvals, the Board must request and evaluate, and

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PMAM and each Sub-Adviser (collectively, the “Advisers”) are required to furnish, such information as may be reasonably necessary for the Board to evaluate the terms of the Agreements.

Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements

The Board held a special telephonic meeting on May 9, 2019 and an in-person meeting on May 16, 2019 (together, the “Meeting”) to consider the approval of each Agreement with respect to each Fund. In preparation for the Meeting, the Board provided PMAM with a written request for information relating to both PMAM and each Sub-Adviser and received and reviewed, in advance of the Meeting, extensive written materials in response to that request. Those materials included information pertaining to (i) PMAM’s and each Sub-Adviser’s leadership, organizational structure, corporate changes, and financial condition, (ii) the performance of each Fund versus its benchmark and peer universe, (iii) the level of the investment advisory and sub-advisory fees charged to each Fund, as applicable, as well as comparisons of such fees with the aggregate investment advisory fees incurred by comparable funds, (iv) the costs to each Adviser of providing such services, including a detailed profitability analysis applicable to PMAM and its affiliates and profitability information applicable to each Sub-Adviser, (v) each Adviser’s compliance program, and (vi) various other matters relevant to the operations of and services provided by each Adviser.

Board Considerations. The information provided by each Adviser in connection with the Meeting was in addition to the detailed information about the Funds that the Board receives and reviews during the course of the year, including information about each Fund’s performance and fees and expenses. In connection with the Meeting, the Board also received a memorandum from legal counsel discussing the responsibilities of the Independent Directors in connection with their consideration of the Agreements. In addition, the Independent Directors met in executive session outside the presence of management to discuss the information submitted to the Board in connection with the renewal of the Agreements. The Independent Directors also had an opportunity to speak with senior representatives of PMAM during the special telephonic meeting and after receipt of the information pertaining to the Advisers to discuss the written materials and request additional materials, if desired.

With respect to each Adviser, the Board evaluated and discussed a number of factors, including among others: (a) the nature, extent and quality of each Adviser’s investment management and other services and, with respect to PMAM, its services as a “manager of managers” of the Sub-Advised Funds; (b) the quantity and quality of each Adviser’s investment management personnel; (c) each Adviser’s operations and financial condition; (d) each Adviser’s brokerage practices (including best execution policies, evaluating execution quality, average commission rates on fund trades, soft dollar arrangements, if any, and affiliated and directed brokerage arrangements) and investment strategies; (e) a comparison of the Funds’ advisory and sub-advisory fees to the fees charged to comparable funds or accounts, including breakpoints; (f) the level of each Adviser’s cost of services provided and estimated profitability from its fund-related operations; (g) other benefits that may accrue to each Adviser and its affiliates as a result of their relationship with the Funds; (h) the extent to which the Funds’ advisory and sub-advisory fees reflect economies of scale and the extent to which any such economies of scale are shared with fund investors; (i) each Adviser’s risk management and compliance programs and, if applicable, a description of the material changes made to, and material compliance violations of, the compliance program; (j) each Adviser’s investment reputation, expertise and resources; and (k) an independently-prepared report of each Fund’s performance compared with that of similar mutual funds and benchmark indices. In its deliberations, the Directors did not identify any single piece of information that was all-important or controlling, noting that each Director could attribute different weights to the various factors considered.

At the Meeting, representatives from PMAM commented on the information delivered to the Board and answered questions from Board members to help the Board evaluate each Adviser’s fees and other aspects of the services provided, including the services provided by PMAM’s affiliates and the fees related to such services. The Board then deliberated on the renewal of the Agreements in light of all of the information provided.

Based on the Board’s deliberations at the Meeting, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of each Agreement are fair and reasonable; (b) concluded that each Adviser’s fees are reasonable in light of the services that it provides to the Funds, as well as the costs incurred and benefits realized by the

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Adviser and its affiliates in providing such services; (c) concluded that PMAM’s fees are reasonable in comparison to the fees charged by investment advisers to comparable funds; and (d) agreed to approve each Agreement based upon the following considerations, among others:

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by each Adviser to the Funds. In this regard, the Board evaluated, among other things, each Adviser’s business, personnel, experience, investment decision process, past performance, brokerage practices, compliance program, and resources to be dedicated to each Fund, as applicable. The Board reviewed the scope of services to be provided by each Adviser under the Agreements and noted that there would be no significant differences between the scope of services required to be provided by the Advisers for the past year and the scope of services required to be provided during the upcoming year. The Board also considered each Adviser’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by each Adviser to the Funds supported renewal of the Agreements.

Fund Performance. The Board considered fund performance in determining whether to renew the Agreements. PMAM engaged an independent third party to prepare a report (the “Comparative Report”) to help the Board evaluate, among other information, the Funds’ performance and the performance of a peer group of comparable funds selected by the independent third party (“peer group”). Specifically, the Board considered each Fund’s recent and long-term performance relative to its peer group and appropriate indices/benchmarks, in light of total return, yield and economic and market trends. In evaluating performance, the Board considered both market risk and shareholder risk expectations for a given Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Funds (both actual performance and comparable performance) supported renewal of the Agreements.

Costs of Advisory and Sub-Advisory Services. The Board considered the cost of the advisory and sub-advisory services provided to the Funds by each Adviser. The Board considered, in particular, the peer expense information included in the Comparative Report. The Board evaluated (a) the advisory and sub-advisory services provided; (b) the advisory and sub-advisory fees paid, including breakpoint schedules; (c) the advisory and sub-advisory fees paid in comparison to the advisory and sub-advisory fees charged to the peer group funds; and (d) the fact that each Sub-Adviser is compensated by PMAM and not directly by the relevant Sub-Advised Fund, and that such compensation reflects an arms-length negotiation between each Sub-Adviser and PMAM. The Board also considered PMAM and its affiliates’ agreement to waive certain of the Funds’ management and other fees to prevent total fund expenses from exceeding a specified cap. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees charged to the Funds are fair and reasonable and supported renewal of the Agreements.

Profitability and Other Benefits. With regard to profitability, the Board considered all compensation paid, directly or indirectly, to each Adviser and its affiliates, and any benefits derived or to be derived by each Adviser and its affiliates, as well as the cost of Fund services provided by each Adviser. In its consideration of the profitability of PMAM and its affiliates, the Board was provided with information about, and considered the profitability of, the various administrative and servicing arrangements between the Funds and PMAM and its affiliates. The Board also considered the methodology used to determine the profitability of PMAM and its affiliates, and the peer expense information included in the Comparative Report, which included servicing-related expenses. The Board noted that while such information may not constitute a perfect comparison due differences in services provided, the information nonetheless provided a useful data point. When considering the profitability of each Sub-Adviser, the Board took into account the fact that each Sub-Adviser is compensated by PMAM, and not by the Funds directly, and such compensation reflects an arms-length negotiation between the Sub-Adviser and PMAM. In evaluating the other or fall-out benefits that may accrue to the Advisers and their affiliates because of their relationship with the Funds, the Board noted that they may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Funds’ assets. In addition, the Board considered that the Sub-Advisers may benefit from the development of additional investment advisory business with PMAM or the Company as a result of their relationships with the Funds. Based on this evaluation, the Board concluded, within the context of its full

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deliberations, that the profitability of and any fall-out benefits realized by the Advisers are reasonable in relation to the quality of their respective services and supported renewal of the Agreements.

Economies of Scale. The Board considered the existence of any economies of scale and whether such economies of scale are shared with a Fund’s shareholders through a graduated investment advisory fee schedule (i.e., breakpoints) or other means, including any fee waivers by PMAM and its affiliates or the Sub-Adviser. The Board, in particular, considered instances in which PMAM’s and a Sub-Adviser’s breakpoints were not the same. The Board closely considered new breakpoints, noting that it was too early to determine whether benefits would be realized but that any such economies would be considered in the future as assets grew. The Board also considered the recent instances in which PMAM had successfully negotiated reductions in the sub-advisory fees charged to certain of the Funds and its decision to lower its advisory fee by at least the same amount for those Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Funds and their shareholders obtain a reasonable benefit from the realization of any economies of scale by the Advisers.

*    *     *

On the basis of the information provided to it in advance of the Meeting and its evaluation of that information, as well as additional information provided by PMAM in response to the Board’s questions during the Meeting, the Board, including the Independent Directors, concluded that the terms of each Agreement were fair and reasonable, and that approval of each Agreement was in the best interests of each Fund and its shareholders.

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Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. 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”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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    9/4/2019                         

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    9/4/2019                         

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

Date    9/4/2019                         

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