Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Large Cap Value Fund
| Number of Shares | Value† | |
| COMMON STOCKS — 92.4% | ||
| Aerospace & Defense — 1.5% | ||
| Curtiss-Wright Corp. | 3,048 | $596,280 |
| RTX Corp. | 25,487 | 1,834,300 |
| 2,430,580 | ||
| Agriculture — 4.0% | ||
| Philip Morris International, Inc. | 67,788 | 6,275,813 |
| Auto Manufacturers — 1.6% | ||
| PACCAR, Inc. | 29,759 | 2,530,110 |
| Auto Parts & Equipment — 1.4% | ||
| BorgWarner, Inc. | 55,352 | 2,234,560 |
| Banks — 6.3% | ||
| Bank OZK | 16,446 | 609,653 |
| JPMorgan Chase & Co. | 39,353 | 5,706,972 |
| Wells Fargo & Co. | 89,186 | 3,644,140 |
| 9,960,765 | ||
| Biotechnology — 8.3% | ||
| Amgen, Inc. | 12,885 | 3,462,973 |
| Gilead Sciences, Inc. | 61,743 | 4,627,020 |
| Regeneron Pharmaceuticals, Inc.* | 6,174 | 5,080,955 |
| 13,170,948 | ||
| Building Materials — 0.7% | ||
| Builders FirstSource, Inc.* | 8,498 | 1,057,916 |
| Chemicals — 1.7% | ||
| LyondellBasell Industries N.V., Class A | 14,681 | 1,390,291 |
| PPG Industries, Inc. | 9,699 | 1,258,930 |
| 2,649,221 | ||
| Commercial Services — 1.2% | ||
| PayPal Holdings, Inc.* | 10,398 | 607,867 |
| Robert Half, Inc. | 16,821 | 1,232,643 |
| 1,840,510 | ||
| Computers — 3.0% | ||
| Accenture PLC, Class A | 9,052 | 2,779,960 |
| EPAM Systems, Inc.* | 2,541 | 649,708 |
| Maximus, Inc. | 18,425 | 1,375,979 |
| 4,805,647 | ||
| Distribution & Wholesale — 2.8% | ||
| Ferguson PLC | 12,117 | 1,992,883 |
| LKQ Corp. | 50,751 | 2,512,682 |
| 4,505,565 | ||
| Diversified Financial Services — 4.3% | ||
| Houlihan Lokey, Inc. | 8,603 | 921,553 |
| Mastercard, Inc., Class A | 13,360 | 5,289,358 |
| Raymond James Financial, Inc. | 5,759 | 578,377 |
| 6,789,288 | ||
| Electrical Components & Equipment — 1.5% | ||
| Emerson Electric Co. | 25,261 | 2,439,455 |
| Electronics — 3.5% | ||
| Allegion PLC | 13,478 | 1,404,408 |
| Number of Shares | Value† | |
| Electronics — (continued) | ||
| Keysight Technologies, Inc.* | 4,045 | $535,194 |
| nVent Electric PLC | 44,696 | 2,368,441 |
| Sensata Technologies Holding PLC | 34,197 | 1,293,330 |
| 5,601,373 | ||
| Engineering & Construction — 0.9% | ||
| EMCOR Group, Inc. | 6,598 | 1,388,153 |
| Healthcare Services — 5.8% | ||
| Elevance Health, Inc. | 15,871 | 6,910,551 |
| Quest Diagnostics, Inc. | 18,790 | 2,289,749 |
| 9,200,300 | ||
| Home Builders — 0.4% | ||
| D.R. Horton, Inc. | 5,858 | 629,559 |
| Insurance — 7.9% | ||
| American International Group, Inc. | 32,603 | 1,975,742 |
| Axis Capital Holdings Ltd. | 53,707 | 3,027,463 |
| Berkshire Hathaway, Inc., Class B* | 17,666 | 6,188,400 |
| MetLife, Inc. | 21,503 | 1,352,754 |
| 12,544,359 | ||
| Internet — 3.3% | ||
| Alphabet, Inc., Class C* | 34,880 | 4,598,928 |
| Booking Holdings, Inc.* | 198 | 610,622 |
| 5,209,550 | ||
| Machinery — Diversified — 1.9% | ||
| Dover Corp. | 13,474 | 1,879,758 |
| The Middleby Corp.* | 4,366 | 558,848 |
| Westinghouse Air Brake Technologies Corp. | 5,546 | 589,373 |
| 3,027,979 | ||
| Media — 1.7% | ||
| Comcast Corp., Class A | 59,228 | 2,626,170 |
| Mining — 0.4% | ||
| BHP Group Ltd., ADR | 10,966 | 623,746 |
| Miscellaneous Manufacturing — 0.9% | ||
| Textron, Inc. | 18,840 | 1,472,158 |
| Oil & Gas — 7.6% | ||
| Chevron Corp. | 24,548 | 4,139,284 |
| ConocoPhillips | 12,637 | 1,513,913 |
| EOG Resources, Inc. | 17,677 | 2,240,736 |
| Helmerich & Payne, Inc. | 22,941 | 967,192 |
| Phillips 66 | 26,072 | 3,132,551 |
| 11,993,676 | ||
| Oil & Gas Services — 0.7% | ||
| ChampionX Corp. | 29,705 | 1,058,092 |
| Pharmaceuticals — 5.7% | ||
| Cencora, Inc. | 21,137 | 3,804,026 |
| Roche Holding AG, ADR | 137,090 | 4,651,463 |
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Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Large Cap Value Fund
| Number of Shares | Value† | |
| COMMON STOCKS — (continued) | ||
| Pharmaceuticals — (continued) | ||
| The Cigna Group. | 2,210 | $632,215 |
| 9,087,704 | ||
| Retail — 4.3% | ||
| BJ's Wholesale Club Holdings, Inc.* | 17,682 | 1,261,964 |
| Lowe's Cos., Inc. | 11,027 | 2,291,852 |
| MSC Industrial Direct Co., Inc., Class A | 6,493 | 637,288 |
| Ross Stores, Inc. | 23,029 | 2,601,126 |
| 6,792,230 | ||
| Semiconductors — 4.3% | ||
| IPG Photonics Corp.* | 8,548 | 867,964 |
| NXP Semiconductors N.V. | 6,003 | 1,200,120 |
| QUALCOMM, Inc. | 34,243 | 3,803,027 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 10,212 | 887,423 |
| 6,758,534 | ||
| Software — 2.6% | ||
| Fiserv, Inc.* | 36,222 | 4,091,637 |
| Telecommunications — 1.8% | ||
| Cisco Systems, Inc. | 53,937 | 2,899,653 |
| Transportation — 0.4% | ||
| Expeditors International of Washington, Inc. | 5,355 | 613,844 |
| TOTAL COMMON STOCKS (Cost $134,437,005) | 146,309,095 | |
| REAL ESTATE INVESTMENT TRUSTS — 2.6% | ||
| Diversified — 2.6% | ||
| Weyerhaeuser Co. (Cost $4,479,528) | 133,203 | 4,084,004 |
| SHORT-TERM INVESTMENTS — 4.7% | ||
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.236%) (Cost $7,469,268) | 7,469,268 | 7,469,268 |
| TOTAL INVESTMENTS — 99.7% (Cost $146,385,801) | $157,862,367 | |
| Other Assets & Liabilities — 0.3% | 429,669 | |
| TOTAL NET ASSETS — 100.0% | $158,292,036 | |
| † | See Security Valuation Note in the most recent semi-annual or annual report. |
| * | Non-income producing security. |
| ADR— American Depositary Receipt. |
| AG— Aktiengesellschaft. |
| N.V.— Naamloze Vennootschap. |
| PLC— Public Limited Company. |
| Country Weightings as of 9/30/2023†† | |
| United States | 88% |
| Switzerland | 3 |
| United Kingdom | 3 |
| Ireland | 3 |
| Bermuda | 2 |
| Netherlands | 1 |
| Total | 100% |
| †† | % of total investments as of September 30, 2023. |
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