NPORT-EX 2 0306PENN033125.htm
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
International Equity Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.8%
Canada — 4.5%
Constellation Software, Inc. 1,688 $5,345,777
Intact Financial Corp. 17,846 3,646,088
The Descartes Systems Group, Inc.* 12,369 1,245,194
    10,237,059
China — 4.4%
Tencent Holdings Ltd. 158,209 10,108,915
Denmark — 0.3%
Novo Nordisk A/S, Class B 10,572 722,896
France — 9.7%
Air Liquide S.A. 54,880 10,424,194
Hermes International SCA 2,046 5,383,271
L'Oreal S.A. 12,150 4,516,069
Schneider Electric S.E. 7,349 1,696,483
    22,020,017
Germany — 11.2%
CTS Eventim AG & Co., KGaA 32,620 3,272,514
Rheinmetall AG 8,099 11,589,045
SAP S.E. 39,420 10,562,576
    25,424,135
India — 0.3%
ICICI Bank Ltd. 46,053 723,862
Ireland — 2.8%
Accenture PLC, Class A 5,785 1,805,151
Experian PLC 99,493 4,610,041
    6,415,192
Italy — 1.5%
Ferrari N.V. 8,173 3,490,366
Japan — 5.9%
Keyence Corp. 2,994 1,177,271
MonotaRO Co., Ltd. 265,094 4,952,153
Nomura Research Institute Ltd. 124,130 4,040,724
Obic Co., Ltd. 56,778 1,637,081
Terumo Corp. 84,959 1,598,592
    13,405,821
Netherlands — 4.3%
Universal Music Group N.V. 199,950 5,521,220
Wolters Kluwer N.V. 27,839 4,334,430
    9,855,650
Spain — 3.1%
Amadeus IT Group S.A. 90,909 6,962,084
Sweden — 12.4%
Atlas Copco AB, Class A 73,189 1,169,080
Beijer Ref AB 139,221 1,958,469
Epiroc AB, Class A 379,186 7,634,658
Lifco AB, Class B 215,234 7,635,165
Svenska Handelsbanken AB, Class A 861,023 9,730,864
    28,128,236
  Number of
Shares 		Value†
 
Switzerland — 8.5%
Alcon AG 32,454 $3,079,398
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates 256 3,460,978
Galderma Group AG* 56,925 6,020,653
Schindler Holding AG, Participation Certificates 21,676 6,793,511
    19,354,540
Taiwan — 0.9%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 11,658 1,935,228
United Kingdom — 15.7%
Aon PLC, Class A 12,906 5,150,655
Coca-Cola Europacific Partners PLC 121,488 10,573,101
Games Workshop Group PLC 52,524 9,543,697
Halma PLC 66,587 2,234,101
London Stock Exchange Group PLC 27,310 4,056,280
RELX PLC 83,418 4,190,144
    35,747,978
United States — 13.3%
Flutter Entertainment PLC* 16,408 3,637,439
Mastercard, Inc., Class A 2,228 1,221,211
Philip Morris International, Inc. 97,214 15,430,778
RB Global, Inc. 90,935 9,120,781
Schlumberger N.V. 18,148 758,587
    30,168,796
TOTAL COMMON STOCKS
(Cost $218,845,142) 		  224,700,775
SHORT-TERM INVESTMENTS — 2.8%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.230%)
(Cost $6,446,120) 		6,446,120 6,446,120
TOTAL INVESTMENTS — 101.6%
(Cost $225,291,262) 		  $231,146,895
Other Assets & Liabilities — (1.6)% (3,729,591)
TOTAL NET ASSETS — 100.0%   $227,417,304
† See Security Valuation Note in the most recent semi-annual or annual report.
* Non-income producing security.
A/S— Aktieselskab.
AB— Aktiebolag.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
KGaA— Kommanditgesellschaft auf Aktien.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
    
 
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Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
International Equity Fund
Country Weightings as of 3/31/2025††
United States 16%
United Kingdom 16
Sweden 12
Germany 11
France 10
Switzerland 8
Japan 6
Other 21
Total 100%
†† % of total investments as of March 31, 2025.
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Aerospace & Defense 5.2%   $11,589,045
Agriculture 6.9   15,430,778
Apparel 2.4   5,383,271
Auto Manufacturers 1.6   3,490,366
Banks 4.7   10,454,726
Beverages 4.7   10,573,101
Chemicals 4.6   10,424,194
Commercial Services 9.9   22,255,396
Computers 3.3   7,482,956
Cosmetics & Personal Care 2.0   4,516,069
Diversified Financial Services 2.4   5,277,491
Electrical Components & Equipment 0.8   1,696,483
Electronics 1.0   2,234,101
Entertainment 5.5   12,431,173
Food 1.5   3,460,978
Hand & Machine Tools 3.0   6,793,511
Healthcare Products 5.5   12,313,155
Insurance 3.9   8,796,743
Internet 6.7   15,061,068
Leisure Time 3.1   6,962,084
Machinery — Construction & Mining 3.4   7,634,658
Machinery — Diversified 1.9   4,304,820
Oil & Gas Services 0.3   758,587
Pharmaceuticals 3.0   6,743,549
Semiconductors 0.9   1,935,228
Software 7.6   17,153,547
Toys, Games & Hobbies 4.2   9,543,697
  100.0%   $224,700,775
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