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      <seriesName>Penn Series Moderately Conservative Allocation Fund</seriesName>
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        <lei>N/A</lei>
        <title>HIGH YIELD BOND FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="1062T"/>
          <other otherDesc="Internal" value="707593109"/>
        </identifiers>
        <balance>291832.37770000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4675154.69000000</valUSD>
        <pctVal>4.957508806405</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>177667.05720000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2832012.89000000</valUSD>
        <pctVal>3.003051187174</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>23217.32010000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>934264.96000000</valUSD>
        <pctVal>0.990689522343</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>LIMITED MATURITY BOND FUND</name>
        <lei>N/A</lei>
        <title>LIMITED MATURITY BOND FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="707599502"/>
        </identifiers>
        <balance>1605659.15390000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21403436.52000000</valUSD>
        <pctVal>22.69608859407</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>97654.51790000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7531116.42000000</valUSD>
        <pctVal>7.985955214289</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>175653.14830000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5675353.22000000</valUSD>
        <pctVal>6.018113930602</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>71147.16980000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1876150.87000000</valUSD>
        <pctVal>1.989460258943</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>32351.75300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>931083.45000000</valUSD>
        <pctVal>0.987315866306</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>1557609.58670000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27040102.43000000</valUSD>
        <pctVal>28.67317870990</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>2021-02-18</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>
