NPORT-EX 2 0309PENN033125.htm
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — 97.3%
Advertising — 0.1%
Omnicom Group, Inc. 3,279 $271,862
The Interpublic Group of Cos., Inc. 6,222 168,989
    440,851
Aerospace & Defense — 1.9%
General Dynamics Corp. 4,293 1,170,186
General Electric Co. 18,103 3,623,315
Howmet Aerospace, Inc. 6,824 885,278
L3Harris Technologies, Inc. 3,161 661,629
Lockheed Martin Corp. 3,548 1,584,927
Northrop Grumman Corp. 2,290 1,172,503
RTX Corp. 22,514 2,982,204
The Boeing Co.* 12,643 2,156,264
TransDigm Group, Inc. 952 1,316,892
    15,553,198
Agriculture — 0.8%
Altria Group, Inc. 28,613 1,717,352
Archer-Daniels-Midland Co. 8,013 384,704
Bunge Global S.A. 2,323 177,524
Philip Morris International, Inc. 26,288 4,172,694
    6,452,274
Airlines — 0.1%
Delta Air Lines, Inc. 10,851 473,103
Southwest Airlines Co. 10,153 340,938
United Airlines Holdings, Inc.* 5,560 383,918
    1,197,959
Apparel — 0.2%
Deckers Outdoor Corp.* 2,566 286,904
NIKE, Inc., Class B 19,999 1,269,537
Ralph Lauren Corp. 667 147,234
Tapestry, Inc. 3,459 243,548
    1,947,223
Auto Manufacturers — 1.9%
Cummins, Inc. 2,328 729,688
Ford Motor Co. 66,168 663,665
General Motors Co. 16,811 790,622
PACCAR, Inc. 8,814 858,219
Tesla, Inc.* 47,237 12,241,941
    15,284,135
Auto Parts & Equipment — 0.0%
Aptiv PLC* 3,955 235,322
Banks — 4.3%
Bank of America Corp. 111,964 4,672,258
Citigroup, Inc. 31,639 2,246,053
Citizens Financial Group, Inc. 7,456 305,472
Fifth Third Bancorp 11,340 444,528
Huntington Bancshares, Inc. 24,603 369,291
JPMorgan Chase & Co. 47,198 11,577,669
KeyCorp 16,995 271,750
M&T Bank Corp. 2,808 501,930
Morgan Stanley 20,907 2,439,220
Northern Trust Corp. 3,335 328,998
  Number of
Shares 		Value†
 
Banks — (continued)
Regions Financial Corp. 15,399 $334,620
State Street Corp. 4,837 433,057
The Bank of New York Mellon Corp. 12,136 1,017,846
The Goldman Sachs Group, Inc. 5,262 2,874,578
The PNC Financial Services Group, Inc. 6,719 1,180,999
Truist Financial Corp. 22,122 910,320
US Bancorp 26,247 1,108,148
Wells Fargo & Co. 55,479 3,982,837
    34,999,574
Beverages — 1.3%
Brown-Forman Corp., Class B 3,065 104,026
Constellation Brands, Inc., Class A 2,644 485,227
Keurig Dr Pepper, Inc. 20,042 685,837
Molson Coors Beverage Co., Class B 2,883 175,488
Monster Beverage Corp.* 11,866 694,399
PepsiCo, Inc. 23,184 3,476,209
The Coca-Cola Co. 65,468 4,688,818
    10,310,004
Biotechnology — 1.2%
Amgen, Inc. 9,078 2,828,251
Biogen, Inc.* 2,466 337,447
Corteva, Inc. 11,688 735,526
Gilead Sciences, Inc. 21,055 2,359,213
Incyte Corp.* 2,645 160,155
Moderna, Inc.* 5,763 163,381
Regeneron Pharmaceuticals, Inc. 1,782 1,130,198
Vertex Pharmaceuticals, Inc.* 4,338 2,103,149
    9,817,320
Building Materials — 0.6%
Builders FirstSource, Inc.* 1,940 242,384
Carrier Global Corp. 13,650 865,410
Johnson Controls International PLC 11,097 888,981
Lennox International, Inc. 550 308,456
Martin Marietta Materials, Inc. 1,028 491,518
Masco Corp. 3,602 250,483
Mohawk Industries, Inc.* 878 100,250
Trane Technologies PLC 3,775 1,271,873
Vulcan Materials Co. 2,235 521,425
    4,940,780
Chemicals — 1.2%
Air Products and Chemicals, Inc. 3,755 1,107,425
Albemarle Corp. 1,997 143,824
CF Industries Holdings, Inc. 2,933 229,214
Dow, Inc. 11,816 412,615
DuPont de Nemours, Inc. 7,043 525,971
Eastman Chemical Co. 1,915 168,731
Ecolab, Inc. 4,263 1,080,756
International Flavors & Fragrances, Inc. 4,325 335,663
Linde PLC 8,050 3,748,402
LyondellBasell Industries N.V., Class A 4,388 308,915
PPG Industries, Inc. 3,906 427,121
 
1
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
The Mosaic Co. 5,250 $141,802
The Sherwin-Williams Co. 3,924 1,370,221
    10,000,660
Commercial Services — 1.5%
Automatic Data Processing, Inc. 6,872 2,099,602
Cintas Corp. 5,791 1,190,224
Corpay, Inc.* 1,165 406,259
Equifax, Inc. 2,078 506,118
Global Payments, Inc. 4,140 405,389
MarketAxess Holdings, Inc. 642 138,897
Moody's Corp. 2,605 1,213,122
PayPal Holdings, Inc.* 16,737 1,092,089
Quanta Services, Inc. 2,505 636,721
Rollins, Inc. 4,790 258,804
S&P Global, Inc. 5,311 2,698,519
United Rentals, Inc. 1,099 688,743
Verisk Analytics, Inc. 2,371 705,657
    12,040,144
Computers — 8.7%
Accenture PLC, Class A 10,572 3,298,887
Apple, Inc. 253,640 56,341,053
Cognizant Technology Solutions Corp., Class A 8,404 642,906
Crowdstrike Holdings, Inc., Class A* 4,171 1,470,611
Dell Technologies, Inc., Class C 5,169 471,154
EPAM Systems, Inc.* 955 161,242
Fortinet, Inc.* 10,701 1,030,078
Gartner, Inc.* 1,305 547,761
Hewlett Packard Enterprise Co. 21,812 336,559
HP, Inc. 15,780 436,948
International Business Machines Corp. 15,632 3,887,053
Leidos Holdings, Inc. 2,244 302,806
NetApp, Inc. 3,475 305,244
Seagate Technology Holdings PLC 3,558 302,252
Super Micro Computer, Inc.* 8,435 288,815
Western Digital Corp.* 5,927 239,629
    70,062,998
Cosmetics & Personal Care — 1.1%
Colgate-Palmolive Co. 13,690 1,282,753
Kenvue, Inc. 32,442 777,959
The Estee Lauder Cos., Inc., Class A 3,981 262,746
The Procter & Gamble Co. 39,571 6,743,690
    9,067,148
Distribution & Wholesale — 0.3%
Copart, Inc.* 14,883 842,229
Fastenal Co. 9,715 753,398
LKQ Corp. 4,294 182,667
Pool Corp. 639 203,426
W.W. Grainger, Inc. 744 734,945
    2,716,665
Diversified Financial Services — 4.2%
American Express Co. 9,378 2,523,151
  Number of
Shares 		Value†
 
Diversified Financial Services — (continued)
Ameriprise Financial, Inc. 1,620 $784,258
Apollo Global Management, Inc. 7,519 1,029,652
Blackrock, Inc. 2,460 2,328,341
Capital One Financial Corp. 6,459 1,158,099
Cboe Global Markets, Inc. 1,770 400,533
CME Group, Inc. 6,083 1,613,759
Discover Financial Services 4,252 725,816
Franklin Resources, Inc. 5,022 96,674
Intercontinental Exchange, Inc. 9,701 1,673,423
Invesco Ltd. 7,869 119,373
Mastercard, Inc., Class A 13,744 7,533,361
Nasdaq, Inc. 7,040 534,054
Raymond James Financial, Inc. 3,109 431,871
Synchrony Financial 6,609 349,880
T. Rowe Price Group, Inc. 3,727 342,400
The Charles Schwab Corp. 28,789 2,253,603
Visa, Inc., Class A 29,089 10,194,531
    34,092,779
Electric — 2.4%
Alliant Energy Corp. 4,298 276,576
Ameren Corp. 4,529 454,712
American Electric Power Co., Inc. 8,966 979,715
CenterPoint Energy, Inc. 11,143 403,711
CMS Energy Corp. 5,121 384,638
Consolidated Edison, Inc. 5,892 651,596
Constellation Energy Corp. 5,289 1,066,421
Dominion Energy, Inc. 14,112 791,260
DTE Energy Co. 3,509 485,189
Duke Energy Corp. 13,152 1,604,150
Edison International 6,573 387,281
Entergy Corp. 7,249 619,717
Evergy, Inc. 3,855 265,802
Eversource Energy 6,233 387,132
Exelon Corp. 16,933 780,273
FirstEnergy Corp. 8,548 345,510
NextEra Energy, Inc. 34,744 2,463,002
NRG Energy, Inc. 3,408 325,328
PG&E Corp. 37,367 641,965
Pinnacle West Capital Corp. 1,930 183,833
PPL Corp. 12,520 452,097
Public Service Enterprise Group, Inc. 8,364 688,357
Sempra 10,663 760,912
The AES Corp. 11,741 145,823
The Southern Co. 18,498 1,700,891
Vistra Corp. 5,726 672,462
WEC Energy Group, Inc. 5,378 586,094
Xcel Energy, Inc. 9,671 684,610
    19,189,057
Electrical Components & Equipment — 0.5%
AMETEK, Inc. 3,915 673,928
Eaton Corp. PLC 6,674 1,814,193
Emerson Electric Co. 9,507 1,042,348
Generac Holdings, Inc.* 1,021 129,310
    3,659,779
 
2
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Electronics — 0.9%
Allegion PLC 1,451 $189,297
Amphenol Corp., Class A 20,538 1,347,087
Fortive Corp. 5,706 417,565
Garmin Ltd. 2,596 563,670
Honeywell International, Inc. 10,986 2,326,286
Hubbell, Inc. 910 301,128
Jabil, Inc. 1,824 248,192
Keysight Technologies, Inc.* 2,929 438,676
Mettler-Toledo International, Inc.* 356 420,404
TE Connectivity PLC 5,010 708,013
Trimble, Inc.* 4,180 274,417
    7,234,735
Energy-Alternate Sources — 0.0%
Enphase Energy, Inc.* 2,283 141,660
First Solar, Inc.* 1,775 224,413
    366,073
Engineering & Construction — 0.0%
Jacobs Solutions, Inc. 2,036 246,132
Entertainment — 0.1%
Caesars Entertainment, Inc.* 3,498 87,450
Live Nation Entertainment, Inc.* 2,643 345,123
TKO Group Holdings, Inc. 1,103 168,549
    601,122
Environmental Control — 0.4%
Pentair PLC 2,785 243,632
Republic Services, Inc. 3,452 835,936
Veralto Corp. 4,191 408,413
Waste Management, Inc. 6,173 1,429,111
    2,917,092
Food — 0.8%
Conagra Brands, Inc. 8,271 220,588
General Mills, Inc. 9,422 563,341
Hormel Foods Corp. 4,837 149,657
Kellanova 4,490 370,380
Lamb Weston Holdings, Inc. 2,445 130,319
McCormick & Co., Inc. 4,247 349,571
Mondelez International, Inc., Class A 21,897 1,485,711
Sysco Corp. 8,305 623,207
The Campbell's Company 3,250 129,740
The Hershey Co. 2,472 422,786
The J.M. Smucker Co. 1,767 209,230
The Kraft Heinz Co. 14,598 444,217
The Kroger Co. 11,181 756,842
Tyson Foods, Inc., Class A 4,894 312,286
    6,167,875
Forest Products & Paper — 0.1%
International Paper Co. 8,948 477,376
Gas — 0.1%
Atmos Energy Corp. 2,656 410,564
  Number of
Shares 		Value†
 
Gas — (continued)
NiSource, Inc. 7,851 $314,747
    725,311
Hand & Machine Tools — 0.1%
Snap-on, Inc. 886 298,591
Stanley Black & Decker, Inc. 2,641 203,040
    501,631
Healthcare Products — 3.1%
Abbott Laboratories 29,322 3,889,563
Agilent Technologies, Inc. 4,783 559,515
Align Technology, Inc.* 1,212 192,538
Baxter International, Inc. 8,726 298,691
Bio-Techne Corp. 2,630 154,197
Boston Scientific Corp.* 24,902 2,512,114
Danaher Corp. 10,787 2,211,335
Edwards Lifesciences Corp.* 9,903 717,770
GE HealthCare Technologies, Inc. 7,729 623,808
Hologic, Inc.* 3,856 238,185
IDEXX Laboratories, Inc.* 1,387 582,471
Insulet Corp.* 1,200 315,132
Intuitive Surgical, Inc.* 6,028 2,985,488
Medtronic PLC 21,655 1,945,918
ResMed, Inc. 2,486 556,491
Revvity, Inc. 2,019 213,610
Solventum Corp.* 2,284 173,675
STERIS PLC 1,660 376,239
Stryker Corp. 5,801 2,159,422
The Cooper Cos., Inc.* 3,420 288,477
Thermo Fisher Scientific, Inc. 6,465 3,216,984
Waters Corp.* 1,016 374,467
West Pharmaceutical Services, Inc. 1,247 279,179
Zimmer Biomet Holdings, Inc. 3,373 381,756
    25,247,025
Healthcare Services — 1.9%
Centene Corp.* 8,325 505,411
Charles River Laboratories International, Inc.* 849 127,792
DaVita, Inc.* 742 113,504
Elevance Health, Inc. 3,916 1,703,303
HCA Healthcare, Inc. 3,024 1,044,943
Humana, Inc. 2,025 535,815
IQVIA Holdings, Inc.* 2,818 496,814
Labcorp Holdings, Inc. 1,415 329,327
Molina Healthcare, Inc.* 925 304,686
Quest Diagnostics, Inc. 1,882 318,434
The Cigna Group. 4,636 1,525,244
UnitedHealth Group, Inc. 15,532 8,134,885
Universal Health Services, Inc., Class B 976 183,390
    15,323,548
Home Builders — 0.2%
D.R. Horton, Inc. 4,784 608,190
Lennar Corp., Class A 3,931 451,200
NVR, Inc.* 50 362,219
 
3
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Home Builders — (continued)
PulteGroup, Inc. 3,471 $356,819
    1,778,428
Household Products & Wares — 0.2%
Avery Dennison Corp. 1,382 245,955
Church & Dwight Co., Inc. 4,100 451,369
Kimberly-Clark Corp. 5,584 794,156
The Clorox Co. 2,086 307,164
    1,798,644
Insurance — 4.4%
Aflac, Inc. 8,366 930,216
American International Group, Inc. 10,025 871,573
Aon PLC, Class A 3,650 1,456,678
Arch Capital Group Ltd. 6,347 610,454
Arthur J. Gallagher & Co. 4,306 1,486,603
Assurant, Inc. 884 185,419
Berkshire Hathaway, Inc., Class B* 30,943 16,479,623
Brown & Brown, Inc. 3,973 494,241
Chubb Ltd. 6,313 1,906,463
Cincinnati Financial Corp. 2,646 390,867
Erie Indemnity Co., Class A 412 172,649
Everest Group Ltd. 737 267,774
Globe Life, Inc. 1,399 184,276
Loews Corp. 3,047 280,050
Marsh & McLennan Cos., Inc. 8,295 2,024,229
MetLife, Inc. 9,748 782,667
Principal Financial Group, Inc. 3,523 297,235
Prudential Financial, Inc. 5,941 663,491
The Allstate Corp. 4,455 922,497
The Hartford Insurance Group, Inc. 4,824 596,874
The Progressive Corp. 9,899 2,801,516
The Travelers Cos., Inc. 3,822 1,010,766
W.R. Berkley Corp. 5,079 361,422
Willis Towers Watson PLC 1,705 576,205
    35,753,788
Internet — 12.1%
Airbnb, Inc., Class A* 7,307 872,894
Alphabet, Inc., Class A 98,469 15,227,246
Alphabet, Inc., Class C 79,800 12,467,154
Amazon.com, Inc.* 159,245 30,297,954
Booking Holdings, Inc. 559 2,575,263
CDW Corp. 2,242 359,303
DoorDash, Inc., Class A* 5,738 1,048,734
eBay, Inc. 8,146 551,729
Expedia Group, Inc. 2,073 348,471
F5, Inc.* 977 260,146
Gen Digital, Inc. 9,125 242,177
GoDaddy, Inc., Class A* 2,365 426,031
Match Group, Inc. 4,171 130,135
Meta Platforms, Inc., Class A 36,971 21,308,606
Netflix, Inc.* 7,219 6,731,934
Palo Alto Networks, Inc.* 11,219 1,914,410
Uber Technologies, Inc.* 35,220 2,566,129
  Number of
Shares 		Value†
 
Internet — (continued)
VeriSign, Inc.* 1,395 $354,149
    97,682,465
Iron & Steel — 0.1%
Nucor Corp. 3,989 480,036
Steel Dynamics, Inc. 2,391 299,067
    779,103
Leisure Time — 0.2%
Carnival Corp.* 17,809 347,810
Norwegian Cruise Line Holdings Ltd.* 7,409 140,475
Royal Caribbean Cruises Ltd. 4,194 861,615
    1,349,900
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. 4,054 922,488
Las Vegas Sands Corp. 5,884 227,299
Marriott International, Inc., Class A 3,847 916,355
MGM Resorts International* 3,709 109,935
Wynn Resorts Ltd. 1,551 129,508
    2,305,585
Machinery — Construction & Mining — 0.5%
Caterpillar, Inc. 8,058 2,657,528
GE Vernova, Inc. 4,646 1,418,331
    4,075,859
Machinery — Diversified — 0.7%
Deere & Co. 4,292 2,014,450
Dover Corp. 2,309 405,645
IDEX Corp. 1,298 234,899
Ingersoll Rand, Inc. 6,815 545,405
Nordson Corp. 927 186,994
Otis Worldwide Corp. 6,656 686,899
Rockwell Automation, Inc. 1,911 493,764
Westinghouse Air Brake Technologies Corp. 2,925 530,449
Xylem, Inc. 4,101 489,906
    5,588,411
Media — 0.9%
Charter Communications, Inc., Class A* 1,637 603,284
Comcast Corp., Class A 63,577 2,345,991
FactSet Research Systems, Inc. 633 287,787
Fox Corp., Class A 3,705 209,703
Fox Corp., Class B 2,152 113,432
News Corp., Class A 6,413 174,562
News Corp., Class B 1,762 53,512
Paramount Global, Class B 9,710 116,132
The Walt Disney Co. 30,554 3,015,680
Warner Bros Discovery, Inc.* 37,506 402,439
    7,322,522
Mining — 0.2%
Freeport-McMoRan, Inc. 24,162 914,773
Newmont Corp. 19,141 924,128
    1,838,901
 
4
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — 0.6%
3M Co. 9,140 $1,342,301
A.O. Smith Corp. 1,998 130,589
Axon Enterprise, Inc.* 1,216 639,555
Illinois Tool Works, Inc. 4,494 1,114,557
Parker-Hannifin Corp. 2,168 1,317,819
Teledyne Technologies, Inc.* 790 393,191
Textron, Inc. 3,028 218,773
    5,156,785
Office & Business Equipment — 0.0%
Zebra Technologies Corp., Class A* 884 249,783
Oil & Gas — 2.9%
APA Corp. 6,475 136,105
Chevron Corp. 28,260 4,727,615
ConocoPhillips 21,505 2,258,455
Coterra Energy, Inc. 12,278 354,834
Devon Energy Corp. 10,971 410,315
Diamondback Energy, Inc. 3,158 504,901
EOG Resources, Inc. 9,503 1,218,665
EQT Corp. 10,184 544,131
Expand Energy Corp. 3,533 393,294
Exxon Mobil Corp. 73,470 8,737,787
Hess Corp. 4,678 747,217
Marathon Petroleum Corp. 5,338 777,693
Occidental Petroleum Corp. 11,490 567,146
Phillips 66 6,941 857,075
Texas Pacific Land Corp. 318 421,347
Valero Energy Corp. 5,315 701,952
    23,358,532
Oil & Gas Services — 0.3%
Baker Hughes Co. 16,626 730,713
Halliburton Co. 14,694 372,787
Schlumberger N.V. 23,559 984,766
    2,088,266
Packaging and Containers — 0.1%
Amcor PLC 24,482 237,475
Ball Corp. 4,961 258,319
Packaging Corp. of America 1,532 303,367
Smurfit WestRock PLC 8,378 377,513
    1,176,674
Pharmaceuticals — 4.9%
AbbVie, Inc. 29,790 6,241,601
Becton Dickinson & Co. 4,857 1,112,544
Bristol-Myers Squibb Co. 34,274 2,090,371
Cardinal Health, Inc. 4,113 566,648
Cencora, Inc. 2,906 808,130
CVS Health Corp. 21,230 1,438,332
Dexcom, Inc.* 6,641 453,514
Eli Lilly & Co. 13,300 10,984,603
Henry Schein, Inc.* 2,134 146,158
Johnson & Johnson 40,630 6,738,079
McKesson Corp. 2,122 1,428,085
Merck & Co., Inc. 42,764 3,838,497
  Number of
Shares 		Value†
 
Pharmaceuticals — (continued)
Pfizer, Inc. 95,743 $2,426,128
Viatris, Inc. 20,378 177,492
Zoetis, Inc. 7,554 1,243,766
    39,693,948
Pipelines — 0.5%
Kinder Morgan, Inc. 32,501 927,254
ONEOK, Inc. 10,493 1,041,115
Targa Resources Corp. 3,708 743,343
The Williams Cos., Inc. 20,588 1,230,339
    3,942,051
Private Equity — 0.4%
Blackstone, Inc. 12,399 1,733,132
KKR & Co., Inc. 11,414 1,319,573
    3,052,705
Real Estate — 0.1%
CoStar Group, Inc.* 7,208 571,090
Real Estate — 0.1%
CBRE Group, Inc., Class A* 4,971 650,107
Retail — 4.9%
AutoZone, Inc.* 283 1,079,017
Best Buy Co., Inc. 3,284 241,735
CarMax, Inc.* 2,657 207,033
Chipotle Mexican Grill, Inc.* 22,857 1,147,650
Costco Wholesale Corp. 7,491 7,084,838
Darden Restaurants, Inc. 1,991 413,650
Dollar General Corp. 3,752 329,913
Dollar Tree, Inc.* 3,406 255,688
Domino's Pizza, Inc. 575 264,184
Genuine Parts Co. 2,315 275,809
Lowe's Cos., Inc. 9,517 2,219,650
Lululemon Athletica, Inc.* 1,896 536,682
McDonald's Corp. 12,115 3,784,363
O'Reilly Automotive, Inc.* 970 1,389,603
Ross Stores, Inc. 5,580 713,068
Starbucks Corp. 19,140 1,877,443
Target Corp. 7,777 811,608
The Home Depot, Inc. 16,763 6,143,472
The TJX Cos., Inc. 18,948 2,307,866
Tractor Supply Co. 9,062 499,316
Ulta Beauty, Inc.* 785 287,734
Walgreens Boots Alliance, Inc. 11,874 132,633
Walmart, Inc. 73,204 6,426,579
Williams-Sonoma, Inc. 2,065 326,476
Yum! Brands, Inc. 4,687 737,546
    39,493,556
Semiconductors — 9.8%
Advanced Micro Devices, Inc.* 27,386 2,813,638
Analog Devices, Inc. 8,376 1,689,188
Applied Materials, Inc. 13,771 1,998,448
Broadcom, Inc. 79,126 13,248,066
Intel Corp. 73,410 1,667,141
 
5
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
KLA Corp. 2,250 $1,529,550
Lam Research Corp. 21,670 1,575,409
Microchip Technology, Inc. 9,070 439,079
Micron Technology, Inc. 18,868 1,639,441
Monolithic Power Systems, Inc. 803 465,724
NVIDIA Corp. 413,495 44,814,588
NXP Semiconductors N.V. 4,271 811,746
ON Semiconductor Corp.* 7,235 294,392
QUALCOMM, Inc. 18,649 2,864,673
Skyworks Solutions, Inc. 2,753 177,926
Teradyne, Inc. 2,754 227,480
Texas Instruments, Inc. 15,384 2,764,505
    79,020,994
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. 640 130,586
Software — 10.0%
Adobe, Inc.* 7,340 2,815,110
Akamai Technologies, Inc.* 2,562 206,241
ANSYS, Inc.* 1,487 470,725
Autodesk, Inc.* 3,631 950,596
Broadridge Financial Solutions, Inc. 1,982 480,556
Cadence Design Systems, Inc.* 4,644 1,181,108
Dayforce, Inc.* 2,737 159,649
Electronic Arts, Inc. 3,977 574,756
Fair Isaac Corp.* 416 767,171
Fidelity National Information Services, Inc. 8,938 667,490
Fiserv, Inc.* 9,610 2,122,176
Intuit, Inc. 4,731 2,904,787
Jack Henry & Associates, Inc. 1,246 227,520
Microsoft Corp. 125,518 47,118,202
MSCI, Inc. 1,307 739,108
Oracle Corp. 27,364 3,825,761
Palantir Technologies, Inc., Class A* 34,645 2,924,038
Paychex, Inc. 5,425 836,969
Paycom Software, Inc. 777 169,759
PTC, Inc.* 2,063 319,662
Roper Technologies, Inc. 1,804 1,063,602
Salesforce, Inc. 16,181 4,342,333
ServiceNow, Inc.* 3,481 2,771,363
Synopsys, Inc.* 2,596 1,113,295
Take-Two Interactive Software, Inc.* 2,777 575,533
Tyler Technologies, Inc.* 725 421,508
Workday, Inc., Class A* 3,602 841,175
    80,590,193
Telecommunications — 2.0%
Arista Networks, Inc.* 17,476 1,354,041
AT&T, Inc. 121,337 3,431,410
Cisco Systems, Inc. 67,337 4,155,366
Corning, Inc. 13,035 596,742
Juniper Networks, Inc. 5,477 198,213
Motorola Solutions, Inc. 2,813 1,231,560
T-Mobile US, Inc. 8,082 2,155,550
  Number of
Shares 		Value†
 
Telecommunications — (continued)
Verizon Communications, Inc. 71,153 $3,227,500
    16,350,382
Toys, Games & Hobbies — 0.0%
Hasbro, Inc. 2,270 139,582
Transportation — 1.0%
C.H. Robinson Worldwide, Inc. 1,971 201,830
CSX Corp. 32,563 958,329
Expeditors International of Washington, Inc. 2,357 283,429
FedEx Corp. 3,733 910,031
J.B. Hunt Transport Services, Inc. 1,331 196,922
Norfolk Southern Corp. 3,806 901,451
Old Dominion Freight Line, Inc. 3,176 525,469
Union Pacific Corp. 10,187 2,406,577
United Parcel Service, Inc., Class B 12,313 1,354,307
    7,738,345
Water — 0.1%
American Water Works Co., Inc. 3,264 481,505
TOTAL COMMON STOCKS
(Cost $370,358,025) 		785,974,480
REAL ESTATE INVESTMENT TRUSTS — 2.1%
Apartments — 0.3%
AvalonBay Communities, Inc. 2,416 518,522
Camden Property Trust 1,783 218,061
Equity Residential 5,727 409,939
Essex Property Trust, Inc. 1,085 332,628
Invitation Homes, Inc. 9,617 335,152
Mid-America Apartment Communities, Inc. 1,967 329,630
UDR, Inc. 5,040 227,657
    2,371,589
Diversified — 0.8%
American Tower Corp. 7,889 1,716,646
Crown Castle, Inc. 7,391 770,364
Digital Realty Trust, Inc. 5,345 765,885
Equinix, Inc. 1,643 1,339,620
SBA Communications Corp. 1,802 396,458
VICI Properties, Inc. 17,727 578,255
Weyerhaeuser Co. 12,301 360,173
    5,927,401
Healthcare — 0.3%
Alexandria Real Estate Equities, Inc. 2,673 247,279
Healthpeak Properties, Inc. 11,724 237,059
Ventas, Inc. 7,361 506,142
Welltower, Inc. 10,316 1,580,515
    2,570,995
Hotels & Resorts — 0.0%
Host Hotels & Resorts, Inc. 11,991 170,392
 
6
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Industrial — 0.2%
Prologis, Inc. 15,615 $1,745,601
Office Property — 0.0%
BXP, Inc. 2,451 164,683
Regional Malls — 0.1%
Simon Property Group, Inc. 5,208 864,945
Single Tenant — 0.1%
Realty Income Corp. 14,853 861,622
Storage & Warehousing — 0.2%
Extra Space Storage, Inc. 3,605 535,306
Iron Mountain, Inc. 4,990 429,340
Public Storage 2,675 800,601
    1,765,247
Strip Centers — 0.1%
Federal Realty Investment Trust 1,251 122,373
Kimco Realty Corp. 11,234 238,610
Regency Centers Corp. 2,764 203,873
    564,856
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $12,829,926) 		  17,007,331
     
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.230%)
(Cost $1,773,999) 		1,773,999 1,773,999
TOTAL INVESTMENTS — 99.6%
(Cost $384,961,950) 		  $804,755,810
Other Assets & Liabilities — 0.4% 3,405,304
TOTAL NET ASSETS — 100.0%   $808,161,114
† See Security Valuation Note in the most recent semi-annual or annual report.
* Non-income producing security.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S&P— Standards & Poor's
S.A.— Societe Anonyme.
7
Penn Series Funds, Inc.
Schedule of Investments — March 31, 2025 (Unaudited)
Index 500 Fund
Futures contracts held by the Fund at March 31, 2025 are as follows:
Futures Contracts:
Exchange Traded
Type   Futures Contract   Expiration
Date 		  Numbers
of
Contracts 		  Units per
Contract 		  Closing
Price 		  Notional
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Long   E-mini S&P 500 Index   06/20/25   10   50   $5,653   $2,826,625   $—   $(6,295)
                            $—   $(6,295)
8