PENN SERIES FUNDS, INC.

SCHEDULE OF INVESTMENTS — MARCH 31, 2020 (Unaudited)

MODERATELY CONSERVATIVE ALLOCATION FUND

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 31.9%
Penn Series Flexibly Managed Fund*		114,276	$	6,565,182
Penn Series Index 500 Fund*		146,588		3,223,463
Penn Series Large Cap Growth Fund*		78,163		1,603,898
Penn Series Large Cap Value Fund*		197,947		4,713,129
Penn Series Large Core Value Fund*		287,636		4,786,262
Penn Series Mid Core Value Fund*		123,463		2,412,458
Penn Series Real Estate Securities Fund*		70,969		1,488,921
Penn Series Small Cap Value Fund*		30,945		778,577
Penn Series SMID Cap Value Fund*		42,791		754,838
TOTAL AFFILIATED EQUITY FUNDS (Cost $25,514,429)				26,326,728
AFFILIATED FIXED INCOME FUNDS — 57.2%
Penn Series High Yield Bond Fund*		181,852		2,444,096
Penn Series Limited Maturity Bond Fund*		1,636,849		20,575,194
Penn Series Quality Bond Fund*		1,490,262		24,097,536
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $42,763,177)				47,116,826
AFFILIATED INTERNATIONAL EQUITY FUNDS — 10.0%
Penn Series Developed International Index Fund*		224,355		2,553,154
Penn Series Emerging Markets Equity Fund*		155,682		1,536,579
Penn Series International Equity Fund*		151,114		4,149,593
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $8,219,271)				8,239,326
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.330%) (Cost $460,560)		460,560		460,560
TOTAL INVESTMENTS — 99.7% (Cost $76,957,437)				82,143,440
Other Assets & Liabilities — 0.3%				266,277
TOTAL NET ASSETS — 100.0%			$	82,409,717

† See Security Valuation Note in the most recent semi-annual or annual report.

* Non-income producing security.