Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Emerging Markets Equity Fund
| Number of Shares | Value† | |
| COMMON STOCKS — 98.1% | ||
| Brazil — 7.9% | ||
| Banco BTG Pactual S.A. | 211,271 | $1,304,222 |
| Lojas Renner S.A. | 203,592 | 542,745 |
| Raia Drogasil S.A. | 536,591 | 2,947,405 |
| TOTVS S.A. | 242,807 | 1,300,368 |
| WEG S.A. | 92,017 | 665,247 |
| 6,759,987 | ||
| China — 23.9% | ||
| Alibaba Group Holding Ltd.* | 136,168 | 1,476,359 |
| Alibaba Group Holding Ltd., ADR* | 25,689 | 2,228,263 |
| Chacha Food Co., Ltd., Class A | 172,178 | 772,096 |
| China Tourism Group Duty Free Corp. Ltd., Class A | 39,741 | 581,819 |
| ENN Energy Holdings Ltd. | 74,995 | 617,974 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 222,401 | 811,304 |
| JD.com, Inc., Class A | 58,084 | 845,054 |
| Kweichow Moutai Co., Ltd., Class A | 3,886 | 963,777 |
| Meituan, Class B* | 47,088 | 681,655 |
| Midea Group Co., Ltd., Class A | 68,311 | 521,107 |
| NetEase, Inc. | 24,007 | 481,370 |
| NetEase, Inc., ADR | 6,471 | 648,135 |
| Shanghai M&G Stationery, Inc., Class A | 155,160 | 775,817 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 52,403 | 478,869 |
| Shenzhou International Group Holdings Ltd. | 70,998 | 675,164 |
| Tencent Holdings Ltd. | 119,959 | 4,650,086 |
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 212,921 | 796,705 |
| Yum China Holdings, Inc. | 26,565 | 1,480,202 |
| Yum China Holdings, Inc. | 18,678 | 1,045,377 |
| 20,531,133 | ||
| Colombia — 0.7% | ||
| Bancolombia S.A., ADR | 23,536 | 627,940 |
| Hong Kong — 3.4% | ||
| Galaxy Entertainment Group Ltd. | 87,313 | 522,448 |
| Hong Kong Exchanges & Clearing Ltd. | 54,593 | 2,026,097 |
| Techtronic Industries Co., Ltd. | 41,717 | 402,719 |
| 2,951,264 | ||
| India — 23.1% | ||
| APL Apollo Tubes Ltd. | 34,026 | 664,615 |
| Cipla Ltd. | 95,593 | 1,363,347 |
| Eicher Motors Ltd. | 47,072 | 1,950,143 |
| HDFC Bank Ltd. | 240,004 | 4,401,653 |
| Hindustan Unilever Ltd. | 36,843 | 1,092,655 |
| Infosys Ltd. | 70,298 | 1,208,093 |
| Kotak Mahindra Bank Ltd. | 65,441 | 1,363,791 |
| Max Healthcare Institute Ltd. | 141,826 | 968,815 |
| Polycab India Ltd. | 15,954 | 1,024,415 |
| Power Grid Corp. of India Ltd. | 349,595 | 839,132 |
| Reliance Industries Ltd. | 75,416 | 2,123,313 |
| Tata Consultancy Services Ltd. | 18,416 | 779,774 |
| Titan Co., Ltd. | 29,030 | 1,098,119 |
| Number of Shares | Value† | |
| India — (continued) | ||
| Voltas Ltd. | 85,732 | $889,310 |
| 19,767,175 | ||
| Indonesia — 7.1% | ||
| Avia Avian Tbk PT | 24,148,357 | 874,997 |
| Bank Central Asia Tbk PT | 2,594,983 | 1,478,452 |
| Bank Rakyat Indonesia Persero Tbk PT | 7,611,280 | 2,570,580 |
| Telekom Indonesia Persero Tbk PT | 4,920,172 | 1,192,684 |
| 6,116,713 | ||
| Macao — 0.8% | ||
| Sands China Ltd.* | 225,299 | 685,130 |
| Mexico — 4.4% | ||
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 40,450 | 664,121 |
| Wal-Mart de Mexico S.A.B. de C.V. | 826,634 | 3,120,125 |
| 3,784,246 | ||
| Netherlands — 2.0% | ||
| Heineken N.V. | 19,225 | 1,694,905 |
| Poland — 1.4% | ||
| Dino Polska S.A.* | 15,172 | 1,229,594 |
| Singapore — 1.0% | ||
| United Overseas Bank Ltd. | 41,373 | 861,721 |
| South Africa — 1.7% | ||
| Clicks Group Ltd. | 105,578 | 1,442,279 |
| South Korea — 7.4% | ||
| Orion Corp. | 14,871 | 1,417,531 |
| Samsung Electronics Co., Ltd. | 82,196 | 4,155,348 |
| Samsung SDI Co., Ltd. | 2,061 | 778,878 |
| 6,351,757 | ||
| Taiwan — 10.1% | ||
| Accton Technology Corp. | 59,111 | 906,892 |
| Airtac International Group | 23,601 | 717,061 |
| President Chain Store Corp. | 273,756 | 2,225,458 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 294,443 | 4,801,260 |
| 8,650,671 | ||
| Thailand — 0.2% | ||
| SCB X PCL | 62,083 | 174,401 |
| United Arab Emirates — 1.7% | ||
| Americana Restaurants International PLC | 1,270,193 | 1,417,838 |
| Uruguay — 1.3% | ||
| MercadoLibre, Inc.* | 862 | 1,092,913 |
| TOTAL COMMON STOCKS (Cost $94,231,454) | 84,139,667 | |
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Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Emerging Markets Equity Fund
| Number of Shares | Value† | |
| SHORT-TERM INVESTMENTS — 2.0% | ||
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.236%) (Cost $1,674,550) | 1,674,550 | $1,674,550 |
| TOTAL INVESTMENTS — 100.1% (Cost $95,906,004) | $85,814,217 | |
| Other Assets & Liabilities — (0.1)% | (43,720) | |
| TOTAL NET ASSETS — 100.0% | $85,770,497 | |
| † | See Security Valuation Note in the most recent semi-annual or annual report. |
| * | Non-income producing security. |
| ADR— American Depositary Receipt. |
| N.V.— Naamloze Vennootschap. |
| PCL— Public Company Limited. |
| PLC— Public Limited Company. |
| S.A.— Societe Anonyme. |
| S.A.B. de C.V.— Sociedad Anonima de Capital Variable. |
| Tbk PT— Terbuka Perseroan Terbatas. |
| Country Weightings as of 9/30/2023†† | |
| China | 24% |
| India | 23 |
| Taiwan | 10 |
| Brazil | 8 |
| South Korea | 7 |
| Indonesia | 7 |
| Mexico | 4 |
| Other | 17 |
| Total | 100% |
| †† | % of total investments as of September 30, 2023. |
| COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† |
| Apparel | 0.8% | $675,164 |
| Banks | 13.6 | 11,478,538 |
| Beverages | 3.2 | 2,658,682 |
| Building Materials | 1.1 | 889,310 |
| Chemicals | 1.0 | 874,997 |
| Computers | 2.4 | 1,987,867 |
| Diversified Financial Services | 4.0 | 3,330,319 |
| Electric | 1.0 | 839,132 |
| Electrical Components & Equipment | 2.2 | 1,821,120 |
| Electronics | 0.6 | 478,869 |
| Engineering & Construction | 0.8 | 664,121 |
| Food | 5.0 | 4,230,525 |
| Gas | 0.7 | 617,974 |
| Hand & Machine Tools | 0.5 | 402,719 |
| Healthcare Services | 1.2 | 968,815 |
| Home Furnishings | 0.6 | 521,107 |
| Household Products & Wares | 1.3 | 1,092,655 |
| Internet | 13.0 | 10,974,330 |
| Leisure Time | 2.3 | 1,950,143 |
| COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
| Lodging | 1.4% | $1,207,578 | |
| Machinery — Diversified | 0.8 | 665,247 | |
| Metal Fabricate/Hardware | 0.8 | 664,615 | |
| Miscellaneous Manufacturing | 0.9 | 717,061 | |
| Oil & Gas | 2.5 | 2,123,313 | |
| Pharmaceuticals | 1.6 | 1,363,347 | |
| Retail | 19.8 | 16,677,184 | |
| Semiconductors | 10.6 | 8,956,608 | |
| Software | 2.9 | 2,429,873 | |
| Telecommunications | 3.4 | 2,878,454 | |
| 100.0% | $84,139,667 |
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