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        <name>INTERNATIONAL EQUITY FUND</name>
        <lei>N/A</lei>
        <title>INTERNATIONAL EQUITY FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599205"/>
        </identifiers>
        <balance>656453.39810000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18026210.31000000</valUSD>
        <pctVal>10.20687910955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LARGE CAP VALUE FUND</name>
        <lei>N/A</lei>
        <title>LARGE CAP VALUE FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707613105"/>
        </identifiers>
        <balance>645276.28180000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15364028.27000000</valUSD>
        <pctVal>8.699486830055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLEXIBLY MANAGED FUND</name>
        <lei>N/A</lei>
        <title>FLEXIBLY MANAGED FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707583100"/>
        </identifiers>
        <balance>186193.67210000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10696826.46000000</valUSD>
        <pctVal>6.056803546363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REIT FUND</name>
        <lei>N/A</lei>
        <title>REIT FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599866"/>
        </identifiers>
        <balance>231452.50930000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4855873.65000000</valUSD>
        <pctVal>2.749513872548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMALL CAP GROWTH FUND</name>
        <lei>N/A</lei>
        <title>SMALL CAP GROWTH FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599385"/>
        </identifiers>
        <balance>100893.47270000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3505039.24000000</valUSD>
        <pctVal>1.984638544745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MID CAP VALUE FUND</name>
        <lei>N/A</lei>
        <title>MID CAP VALUE FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599809"/>
        </identifiers>
        <balance>102800.37790000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1659198.10000000</valUSD>
        <pctVal>0.939478355919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMID CAP VALUE FUND</name>
        <lei>N/A</lei>
        <title>SMID CAP VALUE FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599825"/>
        </identifiers>
        <balance>371946.35240000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6561133.66000000</valUSD>
        <pctVal>3.715073603246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMALL CAP VALUE FUND</name>
        <lei>N/A</lei>
        <title>SMALL CAP VALUE FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707596706"/>
        </identifiers>
        <balance>134516.14460000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3384426.20000000</valUSD>
        <pctVal>1.916344505280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMERGING MARKETS EQUITY FUND</name>
        <lei>N/A</lei>
        <title>EMERGING MARKETS EQUITY FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599817"/>
        </identifiers>
        <balance>1014587.23160000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10013975.98000000</valUSD>
        <pctVal>5.670156981200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LARGE CORE VALUE FUND</name>
        <lei>N/A</lei>
        <title>LARGE CORE VALUE FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599841"/>
        </identifiers>
        <balance>937711.59910000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15603521.01000000</valUSD>
        <pctVal>8.835093449681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUALITY BOND FUND</name>
        <lei>N/A</lei>
        <title>QUALITY BOND FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707603106"/>
        </identifiers>
        <balance>558025.56840000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9023273.44000000</valUSD>
        <pctVal>5.109197085281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDEX 500 FUND</name>
        <lei>N/A</lei>
        <title>INDEX 500 FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599403"/>
        </identifiers>
        <balance>557454.28740000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12258419.78000000</valUSD>
        <pctVal>6.941015699745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEVELOPED INTERNATIONAL INDEX</name>
        <lei>N/A</lei>
        <title>DEVELOPED INTERNATIONAL INDEX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599791"/>
        </identifiers>
        <balance>1461691.66450000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16634051.14000000</valUSD>
        <pctVal>9.418604696625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMID CAP GROWTH FUND</name>
        <lei>N/A</lei>
        <title>SMID CAP GROWTH FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="707599833"/>
        </identifiers>
        <balance>63276.21570000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1793247.95000000</valUSD>
        <pctVal>1.015380644313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MID CORE VALUE FUND</name>
        <lei>N/A</lei>
        <title>MID CORE VALUE FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599874"/>
        </identifiers>
        <balance>536609.85540000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10485356.57000000</valUSD>
        <pctVal>5.937064146599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LARGE GROWTH STOCK</name>
        <lei>N/A</lei>
        <title>LARGE GROWTH STOCK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707563102"/>
        </identifiers>
        <balance>40185.60740000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1783035.40000000</valUSD>
        <pctVal>1.009598049888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Penn Series Funds Inc</ncom:nameOfApplicant>
      <ncom:signature>Steve Viola</ncom:signature>
      <ncom:signerName>Steve Viola</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
