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        <name>Sunshine Luxembourg VII SARL</name>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <name>Atmos Energy Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>YUM! BRANDS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <title>NiSource Inc</title>
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        <name>LIFE TIME INC</name>
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        <title>Life Time Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <title>Avantor Inc</title>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Loire US Holdco 1 Inc</name>
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        <name>ELANCO ANIMAL HEALTH INC</name>
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        <name>SENSATA TECHNOLOGIES BV</name>
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        <name>SIX FLAGS ENTERTAINMENT</name>
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      </invstOrSec>
      <invstOrSec>
        <name>DUKE ENERGY CORP</name>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Dominos Pizza Master Issuer LL</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alcon Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK STOCK EXCHANGE</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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          <isin value="US48128B6552"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SIRIUS XM RADIO INC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>Sirius XM Radio Inc</title>
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          <isin value="US82967NAL29"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NISOURCE INC</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Visa Inc</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa Inc</title>
        <cusip>92826C839</cusip>
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          <isin value="US92826C8394"/>
          <ticker value="V"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Facebook Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Facebook Inc</title>
        <cusip>30303M102</cusip>
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          <isin value="US30303M1027"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARRIOTT INTERNATIONAL</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International Inc/MD</title>
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          <isin value="US571900BA65"/>
          <other otherDesc="Sedol" value="BJNXWV3"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK STOCK EXCHANGE</name>
        <lei>549300HIIRNTNKXV3M12</lei>
        <title>UNITEDHEALTH GROUP INC</title>
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          <ticker value="UNH 1 C330"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00M0778L7"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Exelon Corp</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp</title>
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      <invstOrSec>
        <name>NEW YORK STOCK EXCHANGE</name>
        <lei>549300HIIRNTNKXV3M12</lei>
        <title>VISA INC</title>
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          <other otherDesc="ID_BB_GLOBAL" value="BBG00NLJPBB0"/>
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        <name>PerkinElmer Inc</name>
        <lei>549300IKL1SDPFI7N655</lei>
        <title>PerkinElmer Inc</title>
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        <name>Waste Connections Inc</name>
        <lei>549300HDLRTPBQU69P29</lei>
        <title>Waste Connections Inc</title>
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        <name>NEW YORK STOCK EXCHANGE</name>
        <lei>549300HIIRNTNKXV3M12</lei>
        <title>ROPER TECHNOLOGIES INC</title>
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      <invstOrSec>
        <name>CHARLES SCHWAB CORP</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The</title>
        <cusip>808513600</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WELBILT INC</name>
        <lei>549300UR3W71YLZWI068</lei>
        <title>Welbilt Inc</title>
        <cusip>56356XAE9</cusip>
        <identifiers>
          <isin value="US56356XAE94"/>
          <other otherDesc="INTERNAL" value="BL2823484"/>
        </identifiers>
        <balance>1825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1569500.00000000</valUSD>
        <pctVal>0.036833536235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.49140000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NVA Holdings Inc</name>
        <lei>N/A</lei>
        <title>NVA Holdings TL A-3 1L Bank Debt</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="62943X9A7"/>
        </identifiers>
        <balance>9100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8918000.00000000</valUSD>
        <pctVal>0.209290523193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.43750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STOCK EXCHANGE</name>
        <lei>549300HIIRNTNKXV3M12</lei>
        <title>APTIV PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="APTV 1 C100"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00LZS4LQ4"/>
        </identifiers>
        <balance>-261.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-120060.00000000</valUSD>
        <pctVal>-0.00281760711</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>NEW YORK STOCK EXCHANGE</counterpartyName>
              <counterpartyLei>549300HIIRNTNKXV3M12</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Aptiv PLC</issuerName>
                <issueTitle>Aptiv PLC</issueTitle>
                <identifiers>
                  <isin value="JE00B783TY65"/>
                  <ticker value="0YCP"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>100.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>17030.97000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Microsoft Corp</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp</title>
        <cusip>594918104</cusip>
        <identifiers>
          <isin value="US5949181045"/>
          <ticker value="MSFT"/>
        </identifiers>
        <balance>1066600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217063766.00000000</valUSD>
        <pctVal>5.094123026743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENSATA TECHNOLOGIES BV</name>
        <lei>PUCKW5P5O3XMOZVH7T53</lei>
        <title>Sensata Technologies BV</title>
        <cusip>81725WAJ2</cusip>
        <identifiers>
          <isin value="US81725WAJ27"/>
          <other otherDesc="Sedol" value="BWFV670"/>
        </identifiers>
        <balance>3150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3353805.00000000</valUSD>
        <pctVal>0.078708186043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yum! Brands Inc</name>
        <lei>549300JE8XHZZ7OHN517</lei>
        <title>Yum! Brands Inc</title>
        <cusip>988498101</cusip>
        <identifiers>
          <isin value="US9884981013"/>
          <ticker value="YUM"/>
        </identifiers>
        <balance>749352.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65126182.32000000</valUSD>
        <pctVal>1.528402418855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US AIRWAYS 2012-2B PTT</name>
        <lei>N/A</lei>
        <title>US Airways 2012-2 Class B Pass Through Trust</title>
        <cusip>90345WAE4</cusip>
        <identifiers>
          <isin value="US90345WAE49"/>
          <other otherDesc="SEDOL" value="B9B9FY7"/>
        </identifiers>
        <balance>354262.72780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>286132.87000000</valUSD>
        <pctVal>0.006715059213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hilton Worldwide Holdings Inc</name>
        <lei>549300HVGPK36ICB0B89</lei>
        <title>Hilton Worldwide Holdings Inc</title>
        <cusip>43300A203</cusip>
        <identifiers>
          <isin value="US43300A2033"/>
          <ticker value="HLT"/>
        </identifiers>
        <balance>890895.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65436237.75000000</valUSD>
        <pctVal>1.535678900483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>2020-08-20</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>
</edgarSubmission>
