X0404 N-CEN LIVE 0000702340 XXXXXXXX 811-03459 false false false N-1A true Penn Series Funds Inc 811-03459 0000702340 549300GLJSCMRCVZWX45 600 Dresher Road Horsham 19044 US-PA US 215-956-8000 T. Rowe Price Investment Management, Inc. 100 E. Pratt Street Baltimore 21202 410-345-2000 Records related to its functions as Sub-Adviser Janus Henderson Investors US LLC 151 Detroit Street Denver 80206-4921 303-333-3863 Records related to its functions as Sub-Adviser The Bank of New York Mellon 240 Greenwich Street New York 10286 212-495-1784 Records related to its functions as Custodian Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington 20004 202-739-3000 Records related to its functions as Counsel Delaware Investments Fund Advisers 100 Independence 610 Market Street Philadelphia 19106 215-255-2300 Records related to its functions as Sub-Adviser SSGA Funds Management, Inc. One Iron Street Boston 02210 617-786-3000 Records related to its functions as Sub-Adviser Penn Series Funds, Inc. 600 Dresher Road Horsham 19044 215-956-8000 Records related to its functions as Registrant Eaton Vance Management Two International Place Boston 02110 617-482-8260 Records related to its functions as Sub-Adviser Penn Mutual Asset Management, LLC 600 Dresher Rd. Suite 31 Horsham 19044 215-956-8000 Records related to its functions as Adviser The Bank of New York Mellon 301 Bellevue Parkway Wilmington 19809 302-791-1700 Records related to its functions as Administrator Cohen & Steers Capital Management, Inc. 280 Park Avenue New York 10017 212-832-3232 Records related to its functions as Sub-Adviser BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington 19809 1-302-791-1700 Records related to its functions as Transfer Agent T. Rowe Price Associates, Inc. 100 East Pratt Street Baltimore 21202 410-345-2000 Records related to its functions as Sub-Adviser Massachusetts Financial Services Company 111 Huntington Avenue Boston 02199-7632 617-954-5000 Records related to its functions as Sub-Adviser Goldman Sachs Asset Management, L.P. 200 West Street New York 10282 312-655-4400 Records related to its functions as Sub-Adviser Penn Mutual Life Insurance Co. 600 Dresher Road Horsham 19044 215-956-8000 Records related to its functions as Administrator AllianceBernstein L.P. 501 Commerce Street Nashville 37203 615-622-0000 Records related to its functions as Sub-Adviser American Century Investment Management, Inc. 4500 Main Street Kansas City 64111-7709 816-531-5575 Records related to its functions as Sub-Adviser Vontobel Asset Management, Inc. 1540 Broadway 38th Floor New York 10036 212-415-7000 Records related to its functions as Sub-Adviser N N N N-1A 29 Y Marie K. Karpinski N/A N Archie C. MacKinlay N/A N Joanne B. Mack N/A N David O'Malley N/A Y David B. Pudlin N/A N Rebecca C. Matthias N/A N Victoria Robinson 004556827 600 Dresher Road Horsham 19044 XXXXXX N N N N N N N N KPMG LLP 185 5493003PVCIGA21K0K42 N N N N N N N Penn Series SMID Cap Value Fund S000022080 D3ZVMHV52Z0PYV1PDK09 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 10f-3 (17 CFR 270.10f-3) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N AllianceBernstein L.P. 801-56720 000108477 0JK55UGWSWNF3X7KLQ85 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 2176.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 1432.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 1206.00000000 VIRTU AMERICAS LLC 008-68193 000149823 549300RA02N3BNSWBV74 2139.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 2803.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 3024.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 1022.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 1748.00000000 NATIONAL FINANCIAL SERVICES LLC 008-26740 000013041 549300JRHF1MHHWUAW04 1169.00000000 BMO CAPITAL MARKETS CORP. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 1396.00000000 21436.00000000 0.00000000 Y 52119780.00000000 0.00000000 N N N N Penn Series Quality Bond Fund S000006730 6EJYQY10X26QDQ79NP61 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17a-7 (17 CFR 270.17a-7) Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17e-1 (17 CFR 270.17e-1) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 18f-4 (17 CFR 270.18f-4) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 17156.00000000 17156.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 61321143.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 43397524.00000000 BMO CAPITAL MARKETS CORP. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 25170783.00000000 PERSHING LLC 008-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 22690101.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 17212949.00000000 Goldman Sachs & Co. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 23976327.00000000 NOMURA SECURITIES INTERNATIONAL, INC. 008-15255 000004297 OXTKY6Q8X53C9ILVV871 15762678.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 23342690.00000000 BNP PARIBAS SECURITIES CORP. 008-32682 000015794 RCNB6OTYUAMMP879YW96 17829380.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 23329116.00000000 396769484.00000000 N 379022209.00000000 0.00000000 N N N N Penn Series Large Growth Stock Fund S000006732 8WG0CRQMLYYT2J1ND284 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17a-7 (17 CFR 270.17a-7) Rule 10f-3 (17 CFR 270.10f-3) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N T. Rowe Price Associates, Inc. 801-00856 000105496 7HTL8AEQSEDX602FBU63 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Euroclear France 54930060MY6S68NEUP16 FR N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe PLC (Portugal) N1FBEDJ5J41VKZLO2475 PT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Oslo Branch F3JS33DEI6XQ4ZBPTN86 NO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) HSBC Bank (Taiwan) Limited 549300SG184IVNYDMN03 TW N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Copenhagen Branch F3JS33DEI6XQ4ZBPTN86 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank N.A., Brazilian Branch 1P0UUG7LC1S92QTNHG39 BR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG, Seoul Branch 529900BSQ2VSODGMGR72 KR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Penn Mutual Asset Management, LLC N/A 000107518 549300O3G37UC4C5EV40 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 3488.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 2043.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 842.00000000 BMO CAPITAL MARKETS CORP. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 1683.00000000 VIRTU AMERICAS LLC 008-68193 000149823 549300RA02N3BNSWBV74 1282.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 1138.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 2254.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 913.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 2703.00000000 RBC CAPITAL MARKETS, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 1555.00000000 24195.00000000 Goldman Sachs & Co. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 1135872.00000000 THE BANK OF NEW YORK MELLON 008-35255 000112559 HPFHU0OQ28E4N0NFVK49 203417.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 155820.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 107940.00000000 BNY MELLON CAPITAL MARKETS, LLC 008-35255 000017454 VJW2DOOHGDT6PR0ZRO63 507477.00000000 2110526.00000000 N 282202256.00000000 0.00000000 N N N N Penn Series International Equity Fund S000006735 1M74GDLH06HJWJRYBR07 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 17a-7 (17 CFR 270.17a-7) Rule 32a-4 (17 CFR 270.32a-4) Rule 17e-1 (17 CFR 270.17e-1) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 12d1-1 (17 CFR 270.12d1-1) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Vontobel Asset Management, Inc. 801-21953 000105007 529900PRE50EJ9PW6187 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N N The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Citibank N.A., Brazilian Branch 1P0UUG7LC1S92QTNHG39 BR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banque Nationale de Belgique SA/NV CGYP50QBGGR6NCHTSN68 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG (India) 529900XJG4R4MYZD2W75 IN N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank (Istanbul) 789000N5SE3LWDK7OI11 TR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank (China) Company Limited 2CZOJRADNJXBLT55G526 CN N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG, Seoul Branch 529900BSQ2VSODGMGR72 KR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe plc, pobocka zahranicnej banky N1FBEDJ5J41VKZLO2475 SK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Bank Polska Kasa Opieki S.A. 5493000LKS7B3UTF7H35 PL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Copenhagen Branch F3JS33DEI6XQ4ZBPTN86 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear France 54930060MY6S68NEUP16 FR N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank (Taiwan) Limited 549300SG184IVNYDMN03 TW N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited - Colombo Branch 2HI3YI5320L3RW6NJ957 LK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 43593.00000000 CLSA AMERICAS, LLC 008-69166 000165533 213800M2DXATWY7JMS07 13539.00000000 SANFORD C. BERNSTEIN & CO., LLC 008-52942 000104474 549300I7JYZHT7D5CO04 43610.00000000 HSBC SECURITIES (USA) INC. 008-41562 000019585 CYYGQCGNHMHPSMRL3R97 16476.00000000 PERSHING LLC 008-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 40245.00000000 BNP Paribas Securities Corp. 008-32682 000015794 RCNB6OTYUAMMP879YW96 53479.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 31555.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 23286.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 14731.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 25026.00000000 375036.00000000 0.00000000 Y 260563932.00000000 0.00000000 N N N N Penn Series Real Estate Securities Fund S000006729 UZWBS4K4GGB4DCZL3T29 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 17e-1 (17 CFR 270.17e-1) Rule 10f-3 (17 CFR 270.10f-3) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Cohen & Steers Capital Management, Inc. 801-27721 000106266 FW2FPJ6GDBIAYMEK6K90 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 LIQUIDNET, INC. 008-52461 000103987 213800HSKBBO1GCVRG79 2025.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 2620.00000000 EVERCORE GROUP L.L.C. 008-49830 000042405 5493008F0LRLS5N8LZ81 2438.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 2008.00000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 1971.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 1588.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 1632.00000000 SANFORD C. BERNSTEIN & CO., LLC 008-52942 000104474 549300I7JYZHT7D5CO04 1831.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 1307.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 11673.00000000 31992.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 984915.00000000 984915.00000000 Y 98970072.00000000 0.00000000 N N N N Penn Series Large Core Value Fund S000022086 4FKXVT5S9CTYOK78N347 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Eaton Vance Management 801-15930 000104859 549300RJ0CSL5M1B7J96 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 6668.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 2761.00000000 JONESTRADING INSTITUTIONAL SERVICES LLC 008-26089 000006888 2138008JJ5PA8H5UIL69 2157.00000000 RBC CAPITAL MARKETS, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 5008.00000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 2061.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 7949.00000000 VIRTU AMERICAS LLC 008-68193 000149823 549300RA02N3BNSWBV74 10670.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 5490.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 3180.00000000 Stifel, Nicolaus & Company, Incorporated 008-01447 000000793 5WUVMA08EYG4KEUPW589 2654.00000000 58964.00000000 0.00000000 Y 149358558.00000000 0.00000000 N N N N Penn Series Small Cap Index Fund S000022078 6EEH1OZZM7NLFZKZRH59 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 10f-3 (17 CFR 270.10f-3) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17e-1 (17 CFR 270.17e-1) Rule 18f-4 (17 CFR 270.18f-4) Y Y Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N SSGA Funds Management, Inc. 801-60103 000111242 FT3UGI3NU6B7EELQF380 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 133.00000000 THE WILLIAMS CAPITAL GROUP L.P. 008-46623 000035149 254900QGK3PNRGR9BD85 150.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 1013.00000000 CASTLEOAK SECURITIES, LP 008-65786 000125334 549300MXL7C60HZ59S65 151.00000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 205.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 145.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 251.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 269.00000000 VIRTU AMERICAS LLC 008-68193 000149823 549300RA02N3BNSWBV74 143.00000000 PIPER SANDLER & CO. 008-15204 000000665 549300GRQCWQ3XGH0H10 1266.00000000 4190.00000000 VIRTU AMERICAS LLC 008-68193 000149823 549300RA02N3BNSWBV74 4969.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 36.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 2614.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 20756.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 146783.00000000 175158.00000000 N 81685439.00000000 0.00000000 N N N N Penn Series Moderately Aggressive Allocation Fund S000022088 549300ZHYPEVYWYMOQ42 N 1 0 0 Fund of Funds Underlying fund N N N N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 10f-3 (17 CFR 270.10f-3) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 0.00000000 0.00000000 N 197730549.00000000 0.00000000 N N N N Penn Series Aggressive Allocation Fund S000022076 5493006KTEI1RWT9DP39 N 1 0 0 Fund of Funds Underlying fund N N N N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 0.00000000 0.00000000 N 57656046.00000000 0.00000000 N N N N Penn Series Large Cap Value Fund S000006733 T4ZMVT2X0OKJVCEE0P88 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 10f-3 (17 CFR 270.10f-3) Rule 32a-4 (17 CFR 270.32a-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 12d1-1 (17 CFR 270.12d1-1) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N AllianceBernstein L.P. 801-56720 000108477 0JK55UGWSWNF3X7KLQ85 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank N.A., Brazilian Branch 1P0UUG7LC1S92QTNHG39 BR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Deutsche Bank AG, Jakarta N/A ID N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Stanbic Bank Botswana Limited 254900CFACP5V9H8W758 BW N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Copenhagen Branch F3JS33DEI6XQ4ZBPTN86 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Argentina 579100KKDGKCFFKKF005 AR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG, Manila Branch Philippines 7LTWFZYICNSX8D621K86 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Oslo Branch F3JS33DEI6XQ4ZBPTN86 NO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Bank Polska Kasa Opieki S.A. 5493000LKS7B3UTF7H35 PL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 1980.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 3241.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 3195.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 2174.00000000 NATIONAL FINANCIAL SERVICES LLC 008-26740 000013041 549300JRHF1MHHWUAW04 2078.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 2912.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 3454.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 1893.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 1905.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 7517.00000000 36401.00000000 0.00000000 Y 162087651.00000000 0.00000000 N N N N Penn Series Small Cap Growth Fund S000006737 4D7MG2P308L6RBUJ4M59 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 10f-3 (17 CFR 270.10f-3) Rule 32a-4 (17 CFR 270.32a-4) Rule 17e-1 (17 CFR 270.17e-1) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Janus Henderson Investors US LLC 801-13991 000104652 G7D5LKZKIBRMES6BO437 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banque Nationale de Belgique SA/NV CGYP50QBGGR6NCHTSN68 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 740.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 1205.00000000 CANTOR FITZGERALD & CO. 008-00201 000000134 5493004J7H4GCPG6OB62 752.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 2640.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 1094.00000000 WILLIAM BLAIR & COMPANY, L.L.C. 008-02698 000001252 549300J0P7XYE8BMZ775 1029.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 1555.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 3082.00000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 2088.00000000 CREDIT SUISSE SECURITIES (USA) LLC 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 979.00000000 20073.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 376472.00000000 PERSHING LLC 008-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 29640.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 302680.00000000 KAUFMAN & COMPANY LLC 008-27911 000010924 N/A 341460.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 223615.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 262416.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 234929.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 260239.00000000 2031451.00000000 Y 99614370.00000000 0.00000000 N N N N Penn Series Moderately Conservative Allocation Fund S000022077 549300PRTS3W6KKRQP30 N 1 0 0 Fund of Funds Underlying fund N N N N N/A N/A N/A Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 10f-3 (17 CFR 270.10f-3) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 12d1-1 (17 CFR 270.12d1-1) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 0.00000000 0.00000000 N 79047004.00000000 0.00000000 N N N N Penn Series Flexibly Managed Fund S000006734 PSPNMU185GM5CXHXXK14 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17e-1 (17 CFR 270.17e-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 32a-4 (17 CFR 270.32a-4) Rule 10f-3 (17 CFR 270.10f-3) Rule 18f-4 (17 CFR 270.18f-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N T. ROWE PRICE INVESTMENT MANAGEMENT, INC. 801-121434 000314590 549300JB5MWIPVHMEH37 N N T. Rowe Price Associates, Inc. 801-00856 000105496 7HTL8AEQSEDX602FBU63 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N S&P Global Market Intelligence Y6X4K52KMJMZE7I7MY94 N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 N N HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe PLC, Hungarian Branch Office N1FBEDJ5J41VKZLO2475 HU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe Plc, Sucursal em Portugal N1FBEDJ5J41VKZLO2475 PT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Copenhagen Branch F3JS33DEI6XQ4ZBPTN86 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe PLC (Czech Republic) N1FBEDJ5J41VKZLO2475 CZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Oslo Branch F3JS33DEI6XQ4ZBPTN86 NO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear France 54930060MY6S68NEUP16 FR N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 26685.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 58234.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 35135.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 31700.00000000 RBC CAPITAL MARKETS, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 29057.00000000 PERSHING LLC 008-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 28002.00000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 27031.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 25980.00000000 SANFORD C. BERNSTEIN & CO., LLC 008-52942 000104474 549300I7JYZHT7D5CO04 23648.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 47729.00000000 473887.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 349327253.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 396954467.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 343771085.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 340695381.00000000 Goldman Sachs & Co. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 88403162.00000000 UBS SECURITIES LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 95618211.00000000 Wells Fargo Securities LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 64037705.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 755142247.00000000 DEUTSCHE BANK SECURITIES, INC. 008-17822 000002525 9J6MBOOO7BECTDTUZW19 19897924.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 21743024.00000000 2532166715.00000000 N 4843226629.00000000 0.00000000 N N N N Penn Series Mid Cap Growth Fund S000006725 TVVTH60ZEU4DHK3OB609 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 18f-4 (17 CFR 270.18f-4) Rule 17e-1 (17 CFR 270.17e-1) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 32a-4 (17 CFR 270.32a-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Delaware Investments Fund Advisers 801-32108 000105390 549300FX8BEYC3JUAR23 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N Deutsche Bank AG, Seoul Branch 529900BSQ2VSODGMGR72 KR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 1591.00000000 RBC CAPITAL MARKETS, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 1598.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 1683.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 2858.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 3606.00000000 BMO CAPITAL MARKETS CORP. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 2184.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 1636.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 4514.00000000 LIQUIDNET, INC. 008-52461 000103987 213800HSKBBO1GCVRG79 1005.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 3456.00000000 30763.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 243798.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 175890.00000000 419688.00000000 Y 141997146.00000000 0.00000000 N N N N Penn Series SMID Cap Growth Fund S000022079 DCJO3UY2UM4SN7HA8Q94 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 10f-3 (17 CFR 270.10f-3) Rule 32a-4 (17 CFR 270.32a-4) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Goldman Sachs Asset Management, L.P. 801-37591 000107738 CF5M58QA35CFPUX70H17 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Penn Mutual Asset Management, LLC N/A 000107518 549300O3G37UC4C5EV40 0.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 3531.00000000 NATIONAL FINANCIAL SERVICES LLC 008-26740 000013041 549300JRHF1MHHWUAW04 4850.00000000 MIZUHO SECURITIES (USA) INC. 008-37710 000019647 5493004GRDTUI7EMIZ82 2147.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 2005.00000000 PERSHING LLC 008-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 2770.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 2019.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 3026.00000000 LIQUIDNET, INC. 008-52461 000103987 213800HSKBBO1GCVRG79 2654.00000000 KEYBANC CAPITAL MARKETS, INC. 008-30177 000000566 2EQWV0180Z211YVAD813 1804.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 2218.00000000 39008.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 343804.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 130830.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 219646.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 284385.00000000 978665.00000000 Y 71044222.00000000 0.00000000 N N N N Penn Series Mid Cap Value Fund S000006726 1X7ODXGBP8XNEQCQAA95 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y Y Y Y Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Janus Henderson Investors US LLC 801-13991 000104652 G7D5LKZKIBRMES6BO437 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 4414.00000000 RBC CAPITAL MARKETS, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 2469.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 2545.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 2669.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 1073.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 1749.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 1500.00000000 LIQUIDNET, INC. 008-52461 000103987 213800HSKBBO1GCVRG79 987.00000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 2183.00000000 WILLIAM BLAIR & COMPANY, L.L.C. 008-02698 000001252 549300J0P7XYE8BMZ775 1345.00000000 26290.00000000 0.00000000 Y 87218674.00000000 0.00000000 N N N N Penn Series Index 500 Fund S000006724 Y1L6GM0COP2P8YF2C716 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 10f-3 (17 CFR 270.10f-3) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 18f-4 (17 CFR 270.18f-4) Rule 17a-7 (17 CFR 270.17a-7) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N SSGA Funds Management, Inc. 801-60103 000111242 FT3UGI3NU6B7EELQF380 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N N TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 VIRTU AMERICAS LLC 008-68193 000149823 549300RA02N3BNSWBV74 145.00000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 485.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 635.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 313.00000000 THE WILLIAMS CAPITAL GROUP L.P. 008-46623 000035149 254900QGK3PNRGR9BD85 251.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 4560.00000000 PIPER SANDLER & CO. 008-15204 000000665 549300GRQCWQ3XGH0H10 1728.00000000 CITADEL SECURITIES LLC 008-53574 000116797 12UUJYTN7D3SW8KCSG25 184.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 119.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 251.00000000 8944.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 512.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 1269.00000000 1782.00000000 N 674262743.00000000 0.00000000 N N N N Penn Series Money Market Fund S000006722 549300D7SWTALBULTE89 N 1 0 0 Money Market Fund Underlying fund N N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 10f-3 (17 CFR 270.10f-3) Rule 17e-1 (17 CFR 270.17e-1) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 0.00000000 MIZUHO SECURITIES (USA) INC. 008-37710 000019647 5493004GRDTUI7EMIZ82 49268733.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 98591642.00000000 NOMURA SECURITIES INTERNATIONAL, INC. 008-15255 000004297 OXTKY6Q8X53C9ILVV871 44102773.00000000 FHN FINANCIAL SECURITIES CORP 008-51393 000046346 PHDL2C07HIPM5DUL8S59 519343756.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 135635363.00000000 BMO CAPITAL MARKETS CORP. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 68460765.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 7586220.00000000 BMO HARRIS FINANCIAL ADVISORS, INC. 008-67064 000137115 3Y4U8VZURTYWI1W2K376 9945534.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 30796098.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 26545167.00000000 1001089050.00000000 N 156819978.00000000 N N N Penn Series Large Core Growth Fund S000022085 7HVKX6RS12C4SYHYRS41 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 10f-3 (17 CFR 270.10f-3) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y Y Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Delaware Investments Fund Advisers 801-32108 000105390 549300FX8BEYC3JUAR23 N Morgan Stanley Investment Management Inc. 801-15757 000110353 6N8SC06AK49F0N7KIX52 2023-05-01 BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N HSBC BANK (CHINA) CO., LTD. - Shanghai 2CZOJRADNJXBLT55G526 CN N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Oslo Branch F3JS33DEI6XQ4ZBPTN86 NO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Copenhagen Branch F3JS33DEI6XQ4ZBPTN86 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banque Nationale de Belgique SA/NV CGYP50QBGGR6NCHTSN68 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear France 54930060MY6S68NEUP16 FR N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Deutsche Bank (Istanbul) 789000N5SE3LWDK7OI11 TR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe Plc, Sucursal em Portugal N1FBEDJ5J41VKZLO2475 PT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank (China) Company Limited - Shenzhen 2CZOJRADNJXBLT55G526 CN N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Penn Mutual Asset Management, LLC N/A 000107518 549300O3G37UC4C5EV40 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 DASH FINANCIAL TECHNOLOGIES LLC 008-52503 000104031 549300VYG4AYVBIDN394 4313.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 4536.00000000 EVERCORE GROUP L.L.C. 008-49830 000042405 5493008F0LRLS5N8LZ81 5021.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 2289.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 4422.00000000 BTIG, LLC 008-65473 000122225 549300GTG9PL6WO3EC51 2320.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 4321.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 3536.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 5869.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 8607.00000000 52868.00000000 0.00000000 Y 107868991.00000000 0.00000000 N N N N Penn Series Conservative Allocation Fund S000022082 549300UC1BL7DD8DVH05 N 1 0 0 Fund of Funds Underlying fund N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Rule 17a-7 (17 CFR 270.17a-7) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17e-1 (17 CFR 270.17e-1) Rule 10f-3 (17 CFR 270.10f-3) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 0.00000000 0.00000000 N 46859987.00000000 0.00000000 N N N N Penn Series Moderate Allocation Fund S000022087 549300T0ZXOAXTMKBR43 N 1 0 0 Fund of Funds Underlying fund N N N N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Rule 17a-7 (17 CFR 270.17a-7) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 10f-3 (17 CFR 270.10f-3) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 0.00000000 0.00000000 N 216801460.00000000 0.00000000 N N N N Penn Series Balanced Fund S000022081 549300WC17JLR6DT6576 N 1 0 0 Fund of Funds Underlying fund N N N N N/A N/A N/A Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 10f-3 (17 CFR 270.10f-3) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-1 (17 CFR 270.12d1-1) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 0.00000000 0.00000000 N 73078937.00000000 0.00000000 N N N N Penn Series Small Cap Value Fund S000006736 E0OL9R5FEYCKFXTPRB77 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 10f-3 (17 CFR 270.10f-3) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Goldman Sachs Asset Management, L.P. 801-37591 000107738 CF5M58QA35CFPUX70H17 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Penn Mutual Asset Management, LLC N/A 000107518 549300O3G37UC4C5EV40 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 6028.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 15823.00000000 PERSHING LLC 008-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 7526.00000000 RBC CAPITAL MARKETS, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 8983.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 18016.00000000 EVERCORE GROUP L.L.C. 008-49830 000042405 5493008F0LRLS5N8LZ81 8801.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 7228.00000000 NATIONAL FINANCIAL SERVICES LLC 008-26740 000013041 549300JRHF1MHHWUAW04 5678.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 8902.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 13688.00000000 156697.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 698782.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 791764.00000000 1490546.00000000 Y 150922191.00000000 0.00000000 N N N N Penn Series Limited Maturity Bond Fund S000006723 4PEJU9I40YGN3EB70B53 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 10f-3 (17 CFR 270.10f-3) Rule 18f-4 (17 CFR 270.18f-4) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 10748.00000000 10748.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 9849712.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 11108345.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 14740079.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 6855451.00000000 PERSHING LLC 008-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 7745732.00000000 BMO CAPITAL MARKETS CORP. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 19468240.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 12325589.00000000 BNP PARIBAS SECURITIES CORP. 008-32682 000015794 RCNB6OTYUAMMP879YW96 6968989.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 13697150.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 9491338.00000000 147657163.00000000 N 199096043.00000000 0.00000000 N N N N Penn Series High Yield Bond Fund S000006731 PYMGCS7VD6DE680QME20 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 10f-3 (17 CFR 270.10f-3) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17a-7 (17 CFR 270.17a-7) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N S&P Global Market Intelligence Y6X4K52KMJMZE7I7MY94 N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 N N The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 0.00000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 8173682.00000000 DEUTSCHE BANK SECURITIES, INC. 008-17822 000002525 9J6MBOOO7BECTDTUZW19 9589089.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 41160806.00000000 RBC CAPITAL MARKETS LLC 008-45411 000031194 549300LCO2FLSSVFFR64 8283712.00000000 Goldman Sachs & Co. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 29282093.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 10158978.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 17477489.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 11024219.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 11672235.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 18956413.00000000 197890433.00000000 N 132177191.00000000 0.00000000 N N N N Penn Series Emerging Markets Equity Fund S000022084 DT74AQBKRGCSEQFXTZ04 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 17e-1 (17 CFR 270.17e-1) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Vontobel Asset Management, Inc. 801-21953 000105007 529900PRE50EJ9PW6187 N N Morgan Stanley Investment Management Inc. 801-15757 000110353 6N8SC06AK49F0N7KIX52 N N Morgan Stanley Investment Management Company ("MSIM Company") 801-62173 000126896 N/A N SG N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Bank Polska Kasa Opieki S.A. 5493000LKS7B3UTF7H35 PL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank (Taiwan) Limited 549300SG184IVNYDMN03 TW N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe plc, pobocka zahranicnej banky N1FBEDJ5J41VKZLO2475 SK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) HSBC Bank (China) Company Limited - Shenzhen 2CZOJRADNJXBLT55G526 CN N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banque Nationale de Belgique SA/NV CGYP50QBGGR6NCHTSN68 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Standard Chartered Bank Malaysia Berhad 549300JTJBG2QBI8KD48 MY N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG, Jakarta N/A ID N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank N.A., Sucursal De Lima MYTK5NHHP1G8TVFGT193 PE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Argentina 579100KKDGKCFFKKF005 AR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Middle East Limited - Dubai Branch 549300F99IL9YJDWH369 AE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank (Istanbul) 789000N5SE3LWDK7OI11 TR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe PLC, Hungarian Branch Office N1FBEDJ5J41VKZLO2475 HU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank N.A., Brazilian Branch 1P0UUG7LC1S92QTNHG39 BR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Clearstream Banking S.A. (Luxembourg) 549300OL514RA0SXJJ44 LU N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG (India) 529900XJG4R4MYZD2W75 IN N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC BANK (CHINA) CO., LTD. - Shanghai 2CZOJRADNJXBLT55G526 CN N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Egypt S.A.E. 2138001Q77JDLESS4Y50 EG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Cititrust Colombia S A Sociedad Fiduciaria 549300242J3IJCOSGI49 CO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe Plc, Sucursal em Portugal N1FBEDJ5J41VKZLO2475 PT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG, Seoul Branch 529900BSQ2VSODGMGR72 KR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Oman Branch RILFO74KP1CM8P6PCT96 OM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Bank Hapoalim B.M. B6ARUI4946ST4S7WOU88 IL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe PLC (Czech Republic) N1FBEDJ5J41VKZLO2475 CZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Saudi Arabia Limited 558600MV09XWUB38H245 SA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Stanbic IBTC Bank Plc 029200098C3K8BI2D551 NG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Penn Mutual Asset Management, LLC N/A 000107518 549300O3G37UC4C5EV40 0.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 7918.00000000 ITAU BBA USA SECURITIES, INC. 008-53702 000118817 5493008E85XK12EKYI22 4513.00000000 CLSA AMERICAS, LLC 008-69166 000165533 213800M2DXATWY7JMS07 7438.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 4057.00000000 CREDIT AGRICOLE SECURITIES (USA), INC. 008-13753 000000190 549300WO2DKF0Q3YMV43 5165.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 3142.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 4894.00000000 SANFORD C. BERNSTEIN & CO., LLC 008-52942 000104474 549300I7JYZHT7D5CO04 6758.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 10735.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 4257.00000000 75107.00000000 DAIWA SECURITIES AMERICA, INC. 008-12242 000001576 M67H5PRC0NQKM73ZAS82 304.00000000 304.00000000 Y 90962266.00000000 0.00000000 N N N N Penn Series Large Cap Growth Fund S000006727 65AY30C034LH6Q4Q2797 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 17e-1 (17 CFR 270.17e-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 32a-4 (17 CFR 270.32a-4) Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 18f-4 (17 CFR 270.18f-4) Y Y Y Y Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N Massachusetts Financial Services Company 801-17352 000110045 1G3OSH3GLGJ7X1JC5I61 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Copenhagen Branch F3JS33DEI6XQ4ZBPTN86 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe plc, pobocka zahranicnej banky N1FBEDJ5J41VKZLO2475 SK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear France 54930060MY6S68NEUP16 FR N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG, Seoul Branch 529900BSQ2VSODGMGR72 KR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Bank Hapoalim B.M. B6ARUI4946ST4S7WOU88 IL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) CACEIS BANK SPAIN S.A. 95980020140005970915 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Argentina 579100KKDGKCFFKKF005 AR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Oslo Branch F3JS33DEI6XQ4ZBPTN86 NO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 134.00000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 93.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 176.00000000 BTIG, LLC 008-65473 000122225 549300GTG9PL6WO3EC51 192.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 70.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 1055.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 343.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 76.00000000 VIRTU AMERICAS LLC 008-68193 000149823 549300RA02N3BNSWBV74 68.00000000 BMO CAPITAL MARKETS CORP. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 51.00000000 2491.00000000 NOMURA SECURITIES INTERNATIONAL, INC. 008-15255 000004297 OXTKY6Q8X53C9ILVV871 218975.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 202944.00000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 650905.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 100956.00000000 UBS SECURITIES LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 50552569.00000000 51726349.00000000 N 66310797.00000000 0.00000000 N N N N Penn Series Developed International Index Fund S000022083 BY7CEU9NOL272QRF4869 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 32a-4 (17 CFR 270.32a-4) Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17e-1 (17 CFR 270.17e-1) Rule 17a-7 (17 CFR 270.17a-7) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N SSGA Funds Management, Inc. 801-60103 000111242 FT3UGI3NU6B7EELQF380 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N N The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banque Nationale de Belgique SA/NV CGYP50QBGGR6NCHTSN68 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Bank Hapoalim B.M. B6ARUI4946ST4S7WOU88 IL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Oslo Branch F3JS33DEI6XQ4ZBPTN86 NO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Bilbao Vizcaya Argentaria SA, Madrid K8MS7FD7N5Z2WQ51AZ71 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe Plc, Sucursal em Portugal N1FBEDJ5J41VKZLO2475 PT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear France 54930060MY6S68NEUP16 FR N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) HSBC Bank Bermuda Limited 0W1U67PTV5WY3WYWKD79 BM N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibanamex, Mexico City 5493004NLEXB8DK06353 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank, Philippines Branch RILFO74KP1CM8P6PCT96 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Copenhagen Branch F3JS33DEI6XQ4ZBPTN86 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 162.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 122.00000000 EXANE, INC. 008-49569 000041784 6SDWK6FV8H98XAGSYS75 126.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 1335.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 523.00000000 CREDIT SUISSE SECURITIES (USA) LLC 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 106.00000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 102.00000000 CLSA AMERICAS, LLC 008-69166 000165533 213800M2DXATWY7JMS07 118.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 326.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 420.00000000 3843.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 15866.00000000 UBS SECURITIES LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 2662.00000000 18528.00000000 N 86845973.00000000 0.00000000 N N N N Penn Series Mid Core Value Fund S000006728 4PRPSBP7MI34M0MDHF77 N 1 0 0 Underlying fund N N N N N/A N/A N/A Rule 18f-4 (17 CFR 270.18f-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 10f-3 (17 CFR 270.10f-3) Rule 17e-1 (17 CFR 270.17e-1) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y N Y N Penn Mutual Asset Management, LLC 801-35477 000107518 549300O3G37UC4C5EV40 N American Century Investment Management, Inc. 801-8174 000105778 EM2U0UPRO83F878KCP52 N N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N N The Bank of New York Mellon (Ireland) HPFHU0OQ28E4N0NFVK49 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) MUFG Bank, Ltd. C3GTMMZIHMY46P4OIX74 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Oslo Branch F3JS33DEI6XQ4ZBPTN86 NO N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV (Belgium) 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) UniCredit Bank Austria AG D1HEB8VEU6D9M8ZUXG17 AT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STANDARD CHARTERED BANK (SINGAPORE) LIMITED 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) CACEIS BANK SPAIN S.A. 95980020140005970915 ES N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Credit Suisse (Switzerland) Ltd. 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe Plc, Sucursal em Portugal N1FBEDJ5J41VKZLO2475 PT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear France 54930060MY6S68NEUP16 FR N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC New Zealand 213800NHDWIZKO5KIH05 NZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main 5299008ORSGF0TGLSC98 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon, SA/NV (Italy) MMYX0N4ZEZ13Z4XCG897 IT N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banque Nationale de Belgique SA/NV CGYP50QBGGR6NCHTSN68 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon, SA/NV (Netherlands) MMYX0N4ZEZ13Z4XCG897 NL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Bank Hapoalim B.M. B6ARUI4946ST4S7WOU88 IL N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Copenhagen Branch F3JS33DEI6XQ4ZBPTN86 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) TMX GROUP LIMITED 549300N65GFVKSHGJW59 CA N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) The Bank of New York Mellon (United Kingdom) HPFHU0OQ28E4N0NFVK49 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Australia Limited DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N Penn Mutual Asset Management, LLC 549300O3G37UC4C5EV40 Y N The Penn Mutual Life Insurance Company BIYXEJSLUQ3IWFUXX074 Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Hornor, Townsend & Kent, Inc. 008-14715 000004031 N/A 0.00000000 Janney Montgomery Scott LLC 008-00462 000000463 549300QQRY1JCFQHYS08 0.00000000 SANFORD C. BERNSTEIN & CO., LLC 008-52942 000104474 549300I7JYZHT7D5CO04 2468.00000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 2239.00000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 601.00000000 NATIONAL FINANCIAL SERVICES LLC 008-26740 000013041 549300JRHF1MHHWUAW04 1537.00000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 911.00000000 ROBERT W. BAIRD & CO. INC. 008-00497 000008158 549300772UJAHRD6LO53 506.00000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 978.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 1170.00000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 2088.00000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 2219.00000000 19406.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 79420.00000000 79420.00000000 Y 82363860.00000000 0.00000000 N N N N false false true false false false