UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03459

Penn Series Funds, Inc.

(Exact name of registrant as specified in charter)

600 Dresher Road

Horsham, PA 19044

(Address of principal executive offices) (Zip code)

Timothy P. Demetres

Penn Series Funds, Inc.

600 Dresher Road

Horsham, PA 19044

(Name and address of agent for service)

Registrant’s telephone number, including area code: (215) 956-7949

Date of fiscal year end: December 31

Date of reporting period: June 30, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

Item 1. Reports to Shareholders

PennMutual®
Semi-Annual Reports June 30, 2015
Penn Mutual Variable Products

Dear Investor:

Thank you for your continued affiliation with The Penn Mutual Life Insurance Company. The confidence and trust you place in us reaffirms our commitment to helping policyholders take advantage of all life’s possibilities. We also take pride in being a financially strong mutual insurance company that delivers on our promises, and I’m very pleased to bring you the following capital markets summary. Please remember that regardless of what the markets may bring, short-term performance changes should not distract you from your long-term financial plan, and it’s a good idea to meet with your investment professional regularly to make sure that your asset allocation remains on target.

Stocks moved higher in the first half of 2015 despite producing negative returns for the months of January, March and June. U.S. growth contracted at an annualized rate of 0.2% in the first quarter and stock market volatility, which has been extremely low the last several years, increased as the second quarter came to a close. This first quarter weakness was blamed on a combination of factors, which included weak consumer spending hampered by inclement weather, the West Coast port works’ strike, and a larger trade deficit exacerbated by a strong dollar. However, this weakness, deemed transitory in nature, appeared to fade as strengthening economic data was reported during the second quarter. From a sector perspective, Health Care and Consumer Discretionary, had the strongest returns and more defensive sectors, such as Utilities and Energy, experienced relatively weaker returns during the first half of the year. In this environment, the U.S. stock market, as measured by the Wilshire 5000 Equity Index, returned a modest 1.67 percent during the six month period ending June 30.

On a relative basis, small capitalization stocks provided higher returns than did mid and large capitalization stocks during the six month period. Small capitalization stocks, as measured by the Russell 2000 Index, returned 4.75 percent, while mid capitalization stocks, as measured by the Russell Midcap Index returned 2.35 percent and large capitalization stocks, as measured by the Russell 1000 Index, returned 1.71 percent. From a style perspective, growth stocks outperformed value stocks in the all market capitalizations, with the widest disparity being in the small capitalization space. For instance, small cap growth stocks, as measured by the Russell 2000 Growth Index returned 8.74 percent while small cap value stocks, as measured by the Russell 2000 Value Index returned 0.76 percent. Much of the relative underperformance within value stocks can be attributed to the relatively weak performance within the Utilities and Energy sectors. Lastly, Real Estate Investment Trusts (REITs), which have experienced some of the best returns of any asset class since 2009, suffered a nearly 10.00 percent loss during the second quarter on the prospects of rising interest rates, bringing its year-to-date return to a negative 5.67 percent.

International markets, both developed and emerging, ended the six month period ahead of U.S. equities. Developed international stocks, as measured by the MSCI EAFE Index, returned 5.88 percent while emerging market stocks, as measured by the MSCI Emerging Markets Index, end the period with a return of 3.12 percent. International markets started the second quarter off strong, but weakened as the Greek debt crisis escalated and China’s stock-market selloff intensified. Greece highlights the foundational challenges of the single currency for very different economies — for example Germany. The pace of economic growth abroad, particularly in China and other emerging market economies, will be closely monitored for the remainder of the year. The European Central Bank (ECB) quantitative easing program that commenced in March 2015 appears to be having a positive impact. The ECB intends to continue this program until September 2016 or when the eurozone achieves its inflation target of 2.00 percent.

Investment-grade fixed-income securities underperformed high yield bonds during the first six months of the year. Investment-grade bonds, as measured by the Barclays Capital U.S. Aggregate Index, returned a negative 0.10 percent and the Credit Suisse High Yield Bond Index, returned 2.90 percent. The second quarter saw U.S. Treasury yields rise resulting in their first quarterly loss since 2013. Fears of an imminent Federal Reserve rate increase outweighed demand for safe-haven assets and as a result bond prices suffered. The U.S. Treasury 30-year yield increased almost 60 basis points during the second quarter, from 2.54 percent to 3.11 percent, producing a negative 10.44 percent return for the quarter and a negative 5.97 percent for the year-to-date period. Despite the backdrop of global turbulence and soft spots in the domestic economy, expectations are for the Federal Reserve to raise short-term U.S. interest rates this year.

Once again, we thank you for the privilege of serving your financial needs and encourage you to work closely with your financial professional to continue to explore your options throughout all life’s stages.

Sincerely,

David M. O’Malley

Chief Operating Officer

The Penn Mutual Life Insurance Company

President

Penn Series Funds, Inc.

Material in this letter and the report that follows is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are subject to change as subsequent conditions vary. All economic and performance information is historical and not indicative of future results.

Table of Contents

Penn Series Funds, Inc. Semi-Annual Report

Management’s Discussion of Fund Performance (Unaudited)
Limited Maturity Bond Fund	2
Quality Bond Fund	3
High Yield Bond Fund	4
Flexibly Managed Fund	5
Balanced Fund	6
Large Growth Stock Fund	7
Large Cap Growth Fund	8
Large Core Growth Fund	9
Large Cap Value Fund	11
Large Core Value Fund	13
Index 500 Fund	15
Mid Cap Growth Fund	16
Mid Cap Value Fund	18
Mid Core Value Fund	19
SMID Cap Growth Fund	21
SMID Cap Value Fund	23
Small Cap Growth Fund	24
Small Cap Value Fund	26
Small Cap Index Fund	28
Developed International Index Fund	29
International Equity Fund	31
Emerging Markets Equity Fund	33
Real Estate Securities Fund	35
Aggressive Allocation Fund	37
Moderately Aggressive Allocation Fund	38
Moderate Allocation Fund	39
Moderately Conservative Allocation Fund	40
Conservative Allocation Fund	41
Important Information about Fund Expenses	42
Schedules of Investments	45
Statements of Assets and Liabilities	157
Statements of Operations	165
Statements of Changes in Net Assets	169
Financial Highlights	177
Notes to Financial Statements	192
Disclosure of Portfolio Holdings	217
Voting Proxies on Fund Portfolio Securities	217
Board Approval of Investment Advisory and Sub-Advisory Agreements	218

1

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Limited Maturity Bond Fund

The Penn Series Limited Maturity Bond Fund returned 0.87% for the six-month period ending June 30, 2015. The Fund’s benchmark, the Barclays U.S. Government/Credit 1-3 year Bond Index, returned 0.72% during the same period.

Our active management strategies focus on identifying the best relative value among short duration bonds as well as tactical duration and yield curve positioning as sources of value added performance for the Limited Maturity Bond Fund.

Asset allocation was an important contributor to the Fund’s performance as we have overweight positions in two structured product sectors: asset backed securities (ABS) and Agency commercial mortgage backed securities (CMBS). The former continue to offer compelling relative value versus other short duration structured and corporate bond investments and will benefit directly from Federal Reserve tightening due to their floating rate coupons. The latter are securities linked to multifamily housing, a sector with strong supply and demand fundamentals.

Within the corporate sector, we maintained overweight positions in electric utilities, financials, and airlines; industries benefiting from stable business trends and positive operating momentum, and have generally avoided much of the shareholder friendly activity, which results in wider credit spreads. Another area of focus was on higher yielding short maturity corporate debt. The Fund seeks to identify high yield issuers with the potential for upgrades into the investment grade rate category; the upgrade of General Motors in June was one such example adding to performance.

From an interest rate perspective, the two-year Treasury note ended the second quarter at 0.66%, five basis points lower than the start of the year. Positive economic data in the United States, particularly in the labor markets, has been offset by negative headlines across the globe in Greece, China and Puerto Rico. We expect front-end yields to gradually move higher for the remainder of 2015 as investors begin to focus more on the prospects for Federal Reserve tightening.

We utilized derivatives to manage our portfolio duration. The predominance of floating rate CLO’s, which carry no duration, reduced our overall portfolio duration materially and we bought Treasury future contracts to offset this impact. Throughout most of the period, we maintained a modest short duration position versus our index, which

detracted from performance in the first quarter when rates deceased but benefited performance in the second quarter when rates rose.

Penn Mutual Asset Management, Inc.

Investment Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Corporate bonds		35.9	%
Asset Backed Securities		33.7	%
Commercial Mortgage Backed		15.9	%
U.S. Treasury Obligations		7.4	%
Residential Mortgage Backed		3.7	%
Collateralized Mortgage Obligations		3.2	%
Municipal Note		0.2	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments.

2

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Quality Bond Fund

The Quality Bond Fund returned 0.37% for the six-month period ending June 30, 2015. The Fund’s index, the Barclays Capital U.S. Aggregate Bond Index, returned -0.10% over the same period.

Asset allocation and security selection, as well as our duration and yield curve positioning all contributed to the Fund’s positive relative performance.

We continue to emphasize asset-backed floating rate debt at the front end of the yield curve, commercial mortgage backed securities (CMBS) among the intermediate maturities, and high quality corporate bonds at the long end of the yield curve.

Our overweight positions in two structured product sectors, asset backed securities (ABS) and Agency CMBS have outperformed investment grade corporates. ABS’s continue to offer compelling relative value versus other short duration structured and corporate bond investments and will benefit directly from Federal Reserve tightening due to their floating rate coupons. The Agency CMBS positions we have purchased are linked to multifamily housing, a sector with strong supply and demand fundamentals.

In the investment grade corporate sector, record new issuance and merger and acquisition activity have caused the asset class to post negative total and excess returns year to date. We maintained overweight positions in health care, financials, and railroad industries benefiting from stable business trends and positive operating momentum. Moreover, we have generally avoided credits engaged in material shareholder friendly activity, which results in wider credit spreads. We have taken advantage of the significant new issue discounts of companies that have come to market to finance large acquisitions. For example, we initiated positions in high quality credits such as CVS and Cardinal Health after they experienced the above mentioned spread widening. From a credit quality perspective, we have limited energy and metal and mining exposure, two volatile and underperforming sectors in the period, and we continue to keep the Fund’s high yield exposure modest until better value emerges.

From an interest rate perspective, the 30-year Treasury bond rose by 33 basis points to 3.13% while the two-year Treasury note declined five basis points to 0.66% during the period. The yield curve steepening so far this year represents a reversal of the flattening trend during 2014. Generally improving economic conditions in the U.S.

(despite a second consecutive weather-related slowdown during the first quarter), stabilization of energy prices, and a sell-off in European interest rates (albeit from very low levels) have contributed to the recent increase in longer-term U.S. rates. We expect a flatter yield curve going forward as front-end yields respond to the prospects for Federal Reserve tightening in 2015, while long term rates are anchored by yield focused intuitional investors and sluggish global growth.

We utilized derivatives to manage our portfolio duration during the first six months of 2015. Given our view for higher short term rates we maintained a modest short duration position versus our index, which detracted from performance in the first quarter when rates decreased but benefited performance in the second quarter when rates rose.

Penn Mutual Asset Management, Inc.

Investment Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Corporate Bonds		34.7	%
Commercial Mortgage Backed		22.5	%
Asset Backed Securities		18.3	%
Residential Mortgage Backed		10.6	%
U.S. Treasury Obligations		8.3	%
Municipal Bonds		4.6	%
Agency Obligations		1.0	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments.

3

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

High Yield Bond Fund

The Penn Series High Yield Bond Fund returned 3.55% in the first half of 2015 while its benchmark, the Credit Suisse High Yield Bond Index, returned 2.90%.

The Fund outperformed the Credit Suisse High Yield Index during the six-month period due mainly to solid credit selection in the media/telecom sector. Conversely, credit selection in the services sector weighed on performance.

High yield bonds posted positive results during the first six months of the calendar year. Investors took notice of marked improvement in valuations after the fourth-quarter sell-off, and money poured into the asset class early in the period. However, factors such as rising Treasury rates, uncertainty about Greece’s future in the eurozone, volatility in equities, and outflows all pressured high yield bonds later in the second quarter.

The energy sector continued its rebound from the first quarter but languished in June while metals and mining names, particularly in the coal industry, have yet to recover from last year’s weakness. From a quality perspective, B rated bonds were well positioned to outperform as rising Treasuries weighed on higher qualities and general risk-aversion sentiment impacted lower-rated credits. The average spread-to-worst for the J.P. Morgan Global High Yield Index finished the period at 562 basis points. The yield-to-worst on the index ended at a compelling 7.09%, considering the relatively rich valuations in 2013 and the majority of last year.

Year-to-date issuance totals are slightly trailing the same period last year. With an overall increase in merger and acquisition related activity year-to-date at the expense of refinancing, net new issuance is above last year’s levels through June. This year, of the 21 companies that have defaulted so far, two-thirds are energy- or metals and mining-related, including credits in the coal industry.

Credit selection within the media/telecommunications sector was the largest contributor to relative performance. We have positioned our portfolio to benefit from mergers and acquisitions in the broad media space. Many of the recent transactions have been strategic in nature and have been positive for bond holders. For example, our high-conviction overweight position in Altice, which has been a key player in European cable industry consolidation, performed strongly in the period as a result of accretive acquisitions and earnings growth from improved margins.

In the services sector, our position in Transworld Systems, a debt collection services company, weighed on relative performance. The bonds have traded lower as the company has experienced ongoing weakness in its student loan and health care segments from 2014. While the student loan outlook remains murky based on Department of Education contract renewals, the health care segment has seen improvements this year. We remain holders of the name at these levels based on valuations.

We are cautious in the near term as reduced liquidity and volatile rates along with global risks from Greece and China could produce a challenging environment. Valuations are compelling, though, and aside from the uncertainty emanating from the energy sector, the fundamentals underpinning the companies in the high yield market appear solid. Issuers have repaired their balance sheets, reduced capital costs, and extended maturities through refinancing activity over the past several years.

Penn Mutual Asset Management, Inc.

Investment Adviser

T. Rowe Price Associates, Inc.

Investment Sub-Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Bonds
BBB/BB Rated & Above		2.7	%
BB Rated		20.8	%
BB/B Rated		15.6	%
B Rated		34.1	%
B/CCC Rated		11.0	%
CCC and Below		13.3	%
Not rated		0.9	%
Equity securities		1.6	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments.

4

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Flexibly Managed Fund

The Penn Series Flexibly Managed Fund returned 3.47% for the six-month period ending June 30, 2015, compared to its benchmarks the S&P 500 Index’s return of 1.23% and the Merrill Lynch Corporate/Government Index’s return of –0.19%.

For the six-month period, the Fund outperformed its all-equity benchmark, the S&P 500 Index. The Fund’s equity holdings drove outperformance as the equity portion significantly outperformed the S&P 500 Index. The Fund’s fixed income segment posted a positive return for the period.

U.S. stocks generated mixed performance in 2015’s second quarter. Major indexes reached all-time highs in May or June, but they closed below their highs after a sharp sell-off at the end of June. For most of the period, merger activity and a strengthening economy supported the stock market. U.S. bond returns were mostly negative.

During the period, our equity weight remained relatively unchanged. We rotated into the traditionally defensive health care, consumer staples, and utilities sectors, while we lowered our exposure to the more cyclical consumer discretionary and energy sectors. We continued to maintain exposure to covered calls, which give us the benefits of owning a stock while providing downside protection.

Our overall weight to fixed income securities decreased during the period. High yield securities outperformed their investment-grade counterparts, supported by rising oil prices and moderate levels of new issuance. As a result, we were able to trim select high yield energy holdings. High yield remains our largest fixed income asset class. Given our concern about rates rising over the intermediate term, we continued to lower the portfolio’s duration in order to provide protection from rising rates.

On a relative basis, the health care sector boosted relative performance, due to our sizable overweight and stock selection. Cigna’s shares rose as Anthem made several bids to acquire the company at progressively higher prices because the insurer is an attractive target for a larger managed care company. In both information technology and consumer staples, stock selection and favorable underweights aided relative results. The telecommunication services sector detracted on a relative basis due to our underweight allocation. Stock selection in the energy sector also detracted but this was offset by a favorable underweight.

After reaching its sixth year in March, the bull market in U.S. equities continued during the second quarter, reaching record highs before the sell-off in late June. Given the market’s extended strength, rich valuations across asset classes, and mounting uncertainty around the globe, our outlook remains cautious and we expect more modest returns than in recent years.

With the extended market advance, the portfolio remains more conservatively positioned and focused on our highest-quality ideas, bearing in mind our commitment to capital preservation. As always, we remain committed to finding the best risk-adjusted opportunities across the asset class spectrum.

Penn Mutual Asset Management, Inc.

Investment Adviser

T. Rowe Price Associates, Inc.

Investment Sub-Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Fixed Income		22.4	%
Health Care		20.0	%
Financials		13.8	%
Industrials		12.1	%
Technology		9.7	%
Consumer Discretionary		7.3	%
Consumer Staples		6.2	%
Energy		4.6	%
Utilities		2.2	%
Materials & Processing		0.9	%
Telecommunications		0.8	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

5

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Balanced Fund

The Penn Series Balanced Fund returned 0.68% for the six-month period ending June 30, 2015, compared to its benchmarks, the S&P 500 Index’s return of 1.23% and the Barclays Capital U.S. Aggregate Bond Index’s return of –0.10% for the same time period.

The Balanced Fund is comprised of a target allocation of 60% to an equity fund and 40% to a fixed income fund. The equity allocation of the Fund is comprised of the Penn Series Index 500 Fund which seeks a total return that corresponds to that of the S&P 500 Index. The fixed income allocation of the Fund consists of an allocation to the Penn Series Quality Bond Fund.

At the broad asset class level, the Balanced Fund’s equity allocation performed in line with the S&P 500 Index for the year-to-date period. The Fund’s fixed income allocation outperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. Contributing to performance of the fixed income allocation of the Fund was the more conservative duration, or interest rate exposure, and sector allocation of the underlying individual fixed income fund versus the broad market Index.

Penn Mutual Asset Management, Inc.

Investment Adviser

Asset Allocation Target as of 6/30/15

Index 500	60.0	%
Intermediate Bonds	40.0	%
	100.0	%

6

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Growth Stock Fund

The Penn Series Large Growth Stock Fund returned 6.95% for the six-month period ending June 30, 2015, compared to the 3.96% return for its benchmark, the Russell 1000 Growth Index.

The Fund delivered positive returns for the six months ended June 30, 2015, notably outpacing the benchmark Russell 1000 Growth Index. Stock selection was the main reason for relative outperformance, but group weighting was also positive. Health care, consumer discretionary, and consumer staples were the leading relative outperformers. Information technology and industrials and business services were the largest detractors.

U.S. stocks generated gains in the six months ended June 30, 2015. Several major indexes reached all-time highs in May or June, but they retreated in the sharp sell-off at the end of June amid worries about the financial crisis in Greece. During the first three months, stocks rose on optimism about stabilizing oil prices and monetary stimulus overseas. In the second quarter, stock market performance was mixed. Sector performance in the Standard & Poor’s 500 Stock Index was mixed. Health care and telecommunication services outperformed, while utilities, energy, and industrials posted losses. As measured by Russell indexes, large-cap stocks underperformed small- and mid-caps, while growth stocks outperformed value shares.

Health care was the leading outperformer, largely driven by stock selection, but notable overweighting of the strongest-performing sector in the benchmark also benefited results. Holdings in the pharmaceuticals and biotechnology industries strongly contributed to relative performance. Shares of Valeant Pharmaceuticals rose following the release of better-than-expected results for the first quarter, driven by gains in Asia and Mexico, despite currency headwinds. Management raised its outlook for the year and expects Salix Pharmaceuticals, acquired in February, to contribute $1 billion in revenue this year.

Consumer discretionary outperformed mainly on stock selection, but overweighting the second-strongest performer in the Russell index also helped. Shares of Amazon.com soared after the company announced strong Amazon Prime membership growth and said that it would break out financial results for its Amazon Web Services unit for the first time. The stock rose further after the profitability of Amazon Web Services reported by the firm was much higher than expected.

Information technology was the leading relative detractor, due to stock selection. Alibaba shares exhibited weakness after Chinese government officials said early in the year that the company did not take sufficient measures to prevent the sale of counterfeit goods. The stock has recovered some of its loss. Despite temporary headwinds, we have a favorable outlook on Alibaba as the dominant e-commerce platform in China. Underweighting Apple hurt relative performance as strong iPhone sales continued. We remain underweight as we believe that a decelerating product cycle will eventually hamper iPhone growth.

Industrials and business services underperformed mainly due to stock selection.

The outlook for U.S. equities remains generally positive, but after a six-year bull run during which the S&P 500 rose more than 200% without a significant correction, investors may have grown too complacent about the risk of short-term market volatility. Equities still appear attractive when measured against very low Treasury yields, but their valuations make them vulnerable to increased interest rates. Companies will have a harder time expanding margins by cutting costs, and only companies that are executing well will be able to achieve solid profit growth.

Penn Mutual Asset Management, Inc.

Investment Adviser

T. Rowe Price Associates, Inc.

Investment Sub-Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Technology		28.3	%
Consumer Discretionary		24.7	%
Health Care		24.2	%
Industrials		11.0	%
Financials		6.2	%
Consumer Staples		2.7	%
Materials & Processing		1.6	%
Energy		1.3	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

7

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Cap Growth Fund

The Penn Series Large Cap Growth Fund returned 1.07% for the six-month period ending June 30, 2015, compared to the 3.96% return for its benchmark, the Russell 1000 Growth Index.

Early in the period, the European Central Bank cut policy interest rates deeper into negative territory and announced non-conventional easing measures, a notable highlight amid a mini-wave of global easing due to declining inflation and inflation expectations.

A dominant trend for most of the period was the ongoing rise in US equities alongside a decline in US and global bond yields. A rising dollar and a sharp decline in commodity prices, particularly crude oil prices, negatively impacted credit markets, notably U.S. high yield and emerging market debt. The higher weightings of oil and gas credits in these asset classes resulted in widening spreads and increased volatility. Toward the end of the period, global bond yields rose abruptly, shrugging off concerns over a Greek debt default. The rise tempered the equity advance, as odds of a 2015 U.S. Federal Reserve rate hike increased. At the end of the period, the stronger U.S. dollar slowed revenues in many U.S.-based multinational companies.

Stock selection in the leisure and technology sectors detracted from performance relative to the Russell 1000 Growth Index. Within the leisure sector an overweight position in global media company 21st Century Fox hampered relative returns. Within the technology sector an underweight position in computer and personal electronics maker Apple, and overweight positions in data storage systems provider EMC and enterprise software products maker Oracle also weighed on relative results.

Weak security selection in the health care sector was another factor for relative underperformance. Here, not holding biotech firm Gilead Sciences hurt relative returns as the stock outpaced the index during the reporting period.

Stock selection in the consumer staples sector also weighed on relative results led by overweight positions in global consumer products company Colgate-Palmolive and nutrition company Mead Johnson Nutrition.

A combination of overweight position and weak stock selection in the industrial goods & services sector dampened relative performance. Within this sector, an overweight position in facilities maintenance products supplier W.W. Grainger weakened relative results.

In other sectors, the Fund’s avoidance of strong performing internet retailer Amazon.com and an overweight position in investment management firm Franklin Resources also detracted from relative returns.

During the reporting period, the Fund’s relative currency exposure, resulting primarily from differences between the Fund’s and the benchmark’s exposure to holdings of securities denominated in foreign currencies, detracted from relative performance. All investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.

An underweight allocation to the transportation sector contributed to relative performance. The Fund’s avoidance of poor-performing transportation services provider Union Pacific bolstered relative results.

A combination of strong stock selection and overweight position in the special products & services sector also aided relative returns. Within this sector, overweight positions in consumer credit reporting company Equifax and management consulting firm Accenture helped relative performance.

Elsewhere, the Fund’s avoidance of wireless communications software company QUALCOMM, software giant Microsoft, financial services company American Express, semiconductor manufacturer Micron Technology and beverage maker Coca-Cola supported relative results. Additionally, overweight positions in polpropylene manufacturer Lyondellbasell Industries and precision instruments manufacturer Mettler-Toledo International also aided relative returns.

Penn Mutual Asset Management, Inc.

Investment Adviser

MFS Investments

Investment Sub-Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Technology		30.5	%
Consumer Discretionary		16.1	%
Healthcare		13.7	%
Consumer Staples		13.3	%
Industrials		12.7	%
Materials & Processing		7.9	%
Financials		4.3	%
Energy		1.5	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

8

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Core Growth Fund

The Penn Series Large Core Growth Fund returned 2.06% for the six-month period ending June 30, 2015, compared to the 3.96% return for its benchmark, the Russell 1000 Growth Index.

Challenged stock selection in the information technology sector was the primary source of weakness during the first half of the year. While sector performance in consumer discretionary was mixed and overall hurt performance, stock selection within the sector provided some positive offset. Health care also had mixed results but select names were strong performers. An underweight, along with some selection benefit, to consumer staples and materials provided a tailwind to performance.

Our position in Union Pacific weighed heavily on performance. A material slowdown, coupled with a general softness in the transportation and agricultural sector, has caused tonnage volumes to be weaker than expected. These headwinds were exacerbated by a plunge in coal prices during the most recent quarter. As coal prices dropped, some rail stocks saw valuation compression and disconnection from longer-term fundamentals.

As we seek to identify firms with direct leverage to improving consumer confidence, exposure to the media industry was reduced. Advertising trends for traditional broadcast networks have shown signs of weakness and ratings began to reflect the shift from the networks to other viewing media. Ratings at Twenty-First Century Fox suffered the largest hit among the major networks. We sold our position in the stock.

Positioning within the technology sector detracted from performance in the quarter on concerns of a weakening personal computer cycle. Caught up in the sell-off of personal computer related stocks were portfolio holdings Western Digital and Micron Technology. We believe Western Digital remains well positioned to benefit from cloud storage growth going forward, so maintained our position in the stock. Micron is a leading provider of DRAM memory to not only PCs, but to faster growing market segments such as cloud computing and smart phones. Rapid, instantaneous computing requires DRAM memory, and that need continues to expand with the proliferation of smart phones globally and computing in the cloud. Therefore we maintained our position in Micron as well.

The materials sector is not typically rich in opportunities for our true growth style. During the first half, however,

Vulcan Materials proved to be a significant contributor to absolute and relative performance. The provider of raw materials into asphalt and cement construction gained over 20% as investors began to appreciate strength in the company’s end markets.

Amazon.com and Nike were strong contributors within the consumer discretionary sector. Shares of Amazon.com continued to outperform after a difficult 2014. The company has, at least temporarily, been quiet about new spending initiatives and delivered operating leverage and profit margins that surprised to the upside. More importantly, for the first time Amazon reported financial results for its Amazon Web Services segment. Shares of Nike rose after the company showed accelerating sales in its women’s division. This key segment had historically underperformed peers, but Nike is executing a strategy for new product development, distribution, and branding targeted to female customers.

Palo Alto Networks continued a strong run of outperformance. Due to the proliferation of high profile hacks and data breaches, Palo Alto’s network firewall solutions are proving to be highly valuable to enterprise and governmental customers. Spending on security and data protection has exploded in recent years and Palo Alto has been a key beneficiary.

Regeneron Pharmaceuticals was a strong contributor within health care. For a company that has independently developed multiple successful drugs, most notably Eylea to treat macular degeneration and blindness, investor excitement grew at the likelihood of a new drug to manage cholesterol.

Penn Mutual Asset Management, Inc.

Investment Adviser

Wells Capital Management

Investment Sub-Adviser

9

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Technology		31.6	%
Consumer Discretionary		25.3	%
Healthcare		20.5	%
Financials		8.3	%
Industrials		5.2	%
Materials & Processing		3.6	%
Telecommunications		2.9	%
Consumer Staples		1.8	%
Energy		0.8	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

10

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Cap Value Fund

The Penn Series Large Cap Value Fund returned 0.52% for the six-month period ending June 30, 2015, compared to the –0.61% return for its benchmark, the Russell 1000 Value Index.

The Fund turned in strong performance on an absolute and relative basis over the past six months. Contribution to return, as well as individual stock selection, was particularly strong in the health care, materials, consumer staples and financials sectors. Detracting from absolute performance were the information technology, energy, consumer discretionary and utilities sectors. However, stock selection within information technology and large underweights in the energy and utilities sectors offset this on a relative basis.

The most significant individual contributors were UnitedHealth Group, Eli Lilly and Company and Vulcan Materials. The stock valuation of United Health Group, a managed care company, continued to move higher as investors became less concerned regarding margins in their commercial business and more focused on the growth opportunities in their Medicare, Pharmacy Benefits, and Healthcare information technology businesses. Eli Lilly’s shares outperformed due to increased investor optimism regarding its late-stage pipeline of potential new therapies, particularly Evacetrapib for statin-intolerant high cholesterol patients and Solanezumab, which is being studied in mild Alzheimer’s patients. Vulcan Materials Company, a producer of construction aggregates, benefited from a good earnings report, a well-received analyst day and a profitable US-Centric business model.

Laggards included Norfolk Southern, National Oilwell and Knowles Corporation. The profitability of Norfolk Southern, a rail transportation company, has been impacted by worse-than-expected volumes, driven by weak coal demand and higher investment in rail service; earnings estimates have been trending down materially for the entire railroad group. National Oilwell Varco, an equipment provider in the oil and gas industry, underperformed on concerns that the offshore capital equipment market may face a protracted downturn, augmented by the Petrobras corruption scandal in Brazil, which has increased cancellation risk for a portion of the company’s revenue backlog tied to Petrobras. Knowles, an advanced acoustic component company, reported first-quarter guidance that was substantially lower than investors anticipated due to lost fixed-cost leverage from

another quarter of not selling its microphones, due to a design flaw, into the iPhone. Management did not articulate the issue well or provide full-year guidance; causing investors to question whether subsequent quarters will also face substantial margin pressure, even though Knowles is once again selling into the iPhone.

On a sector level, the Russell reconstitution (annual rebalance of their benchmarks) occurred at the very end of second quarter. On a relative basis, this resulted in increasing our overweight in consumer discretionary and health care and increasing our large underweight in the energy sector. It also converted our modest overweight in the information technology sector to an underweight. Therefore, with no action taken in the Fund, there are fairly large differences in variation from the benchmark quarter over quarter, as our sector weights are driven by bottom-up stock selection not sector allocation.

Looking ahead, mergers and acquisitions continue unabated. Despite attempts by the U.S. Government, tax-related “synergies” continue to be a driving force, and the insurance industry is the latest group to jump into the fray. Overall, fundamentals are reasonably good, but valuations reflect that stocks aren’t absolutely cheap, and tensions appear high as well. We would be more cautious on the equity markets if we sensed euphoria, or complacency, on the part of investors. Instead, every mention of “caution,” “over-valuation” or even “bubble” by pundits has the effect of mitigating the very issue being written or spoken about. Therefore, we continue to believe the market will be range bound over the near term.

Penn Mutual Asset Management, Inc.

Investment Adviser

Loomis, Sayles & Co.

Investment Sub-Adviser

11

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Financials		27.7	%
Healthcare		17.2	%
Consumer Discretionary		10.8	%
Industrials		10.6	%
Technology		9.8	%
Energy		8.7	%
Consumer Staples		5.3	%
Materials & Processing		4.3	%
Utilities		3.0	%
Telecommunications		2.6	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

12

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Core Value Fund

The Penn Series Large Core Value Fund returned 0.60% for the six-month period ending June 30, 2015, compared to the –0.61% return for its benchmark, the Russell 1000 Value Index.

Under the backdrop of conflicting economic signals and ongoing geopolitical issues, equity markets registered fairly choppy results over the six month period, with a host of competing factors impacting investors’ collective psyche.

On the positive front, the job and housing markets continued to strengthen, with new and existing home sales hitting multiyear highs during the period. Additionally, consumer confidence rose, and both retail sales and auto sales exhibited strength.

At the same time, several factors weighed on investor sentiment including developments in China and Greece. China’s stock market, a top global performer earlier in 2015, plunged in June on worries about slowing economic growth and excessive equity valuations. In Europe, stimulus measures by the European Central Bank spurred stock gains early in the period before shares retreated amid mounting anxiety over the Greek crisis.

The Fund’s outperformance during the period was primarily driven by strong stock selection, most notably in consumer staples and financials, which more than offset unfavorable sector allocation results.

In consumer staples, overweight positions in Reynolds American and Kroger, as well as not owning Procter & Gamble, a large constituent of the Index, benefited relative performance. In financials, an overweight position in JPMorgan and not owning Berkshire Hathaway contributed to relative results. Among other top individual relative contributors included overweight positions in Eli Lilly, Home Depot, and XL Group.

Stock selection within health care detracted from performance, most notably the Fund’s underweight exposures to strong-performing UnitedHealth Group and Pfizer. Elsewhere, the Fund’s holding in QUALCOMM, C.H. Robinson, and Oracle were among the top detracting positions. From a sector allocation perspective, the Fund’s modest overweight exposure to Consumer Staples detracted from relative performance.

The second quarter of 2015 was a fairly active period for the Fund, as a number of bottom-up decisions led to

portfolio changes. Of note, the Fund saw an increase in its industrials exposure. Specifically, we saw opportunity in some of the industrial conglomerates. To that end, we increased our position in General Electric, as we believe we may be entering a new cycle that rewards sound capital allocation and potential divestitures. In Information Technology, we initiated a position in chipmaker Intel. The company had seen its stock price under pressure, which provided a solid entry point into a leading franchise that we believe is poised to improve as the personal computer market rebounds and Intel gains share in the cloud.

Sales activity during the quarter included trimming some winners in consumer staples, such as grocery retailer Kroger, which has seen its valuation expand in 2015. In energy, we consolidated our holdings by stepping away from Chevron and seeking to add to existing positions with what we perceive to be more compelling valuations and more attractive risk/reward profiles.

We believe the characteristics of the Fund’s underlying portfolio have continued to reflect strength when compared to its benchmark, including data that suggested a higher expected long-term earnings per share (EPS) growth rate and higher profitability ratios, combined with similar valuation metrics.

Going forward, many investors will be focused on the Fed for a possible September increase in short-term interest rates, which have been anchored near zero since 2008. While some market observers warn that the Fed’s first rate hike could have a negative impact on stocks, others believe the likelihood of rising rates may already be built into equity valuations. These latter observers point to stocks’ fairly muted reaction to the ongoing rate discussion, along with the market’s positive response to the Fed’s pledge to raise rates slowly.

Penn Mutual Asset Management, Inc.

Investment Adviser

Eaton Vance Management

Investment Sub-Adviser

13

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Financials		29.9	%
Energy		13.7	%
Technology		11.7	%
Healthcare		10.7	%
Industrials		10.6	%
Consumer Staples		7.2	%
Utilities		5.7	%
Materials & Processing		4.7	%
Consumer Discretionary		3.8	%
Telecommunications		2.0	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

14

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Index 500 Fund

The Penn Series Index 500 Fund returned 1.06% for the six-month period ending June 30, 2015, compared to the 1.23% return for its benchmark, the S&P 500 Index.

After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated. After the Royal Bank of Australia cut rates on February 3, the remainder of the month was moderately quiet from a central bank standpoint. Data releases in the U.S. remained upbeat for the month, beginning on February 6, with the release of stronger than expected U.S. Non-Farm Payroll numbers. The positive tone of economic U.S. economic data pushed yields on U.S. 10 year bonds higher after having fallen sharply the prior month. U.S. equity markets traded down slightly on the jobs report as expectations increased that the U.S. economy is gaining strength and that the Federal Reserve may have an opportunity to raise rates in the not too distant future.

In April, the first quarter 2015 U.S. gross domestic product (GDP) report indicating a less than expected 0.2% annualized rate of growth disappointed expectations on negative impacts from net exports and non-residential construction. However, the disruptions in West Coast ports and poor weather likely contributed to the plunge in non-residential construction. After April’s bumpy ride for equity investors, May offered some respite as volatility subsided. Also housing started to rebound impressively in April to the highest rate so far in this recovery and the highest since November 2007. It is unclear if this is the start of a new and stronger trend in home starts or merely reflects starts that may have been delayed due to poor winter weather. In June, U.S. Large Cap Indices continued to trade in a tight range in June with the S&P 500 Index hitting a high on June 23 for the month and a low on June 29, a mere 3.2% spread. For all of 2015 in fact the U.S. market as gauged by the S&P 500 Index has been extremely tentative in direction, never up more than 3.5% or down more than 3.2% during the first six months of 2015, the tightest mid-year trading range on record, according to a Ben Levinson dispatch in Barron’s. For the month, the S&P Total Return Index finished the month down 1.9%.

Looking ahead, we anticipate that global growth will continue to proceed at a modest pace led by the United States. As the Federal Reserve contemplates a “lift-off” in rates, policy divergence will continue to play an important

role in relative return outcomes both on a local and currency adjusted basis.

Penn Mutual Asset Management, Inc.

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Technology		19.6	%
Financials		16.6	%
Healthcare		15.4	%
Consumer Discretionary		12.8	%
Industrials		10.1	%
Consumer Staples		9.4	%
Energy		7.8	%
Materials & Processing		3.2	%
Utilities		2.8	%
Telecommunications		2.3	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

15

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Mid Cap Growth Fund

The Penn Series Mid Cap Growth Fund returned 3.49% for the six-month period ending June 30, 2015, compared to the 4.18% return for its benchmark, the Russell Midcap Growth Index.

Consumer discretionary and information technology were the two significant detractors in the first half of the year. In our consumer discretionary group, several of our specialty retailer stocks were quite weak, including Kate Spade, Ralph Lauren, and DSW, all over concern about sales growth related to consumer spending, in general, and some company specific issues. Signals that the handbag category is weakening across many retail concepts has been problematic for the stock of Kate Spade, although that company is still in an early phase of growth and is likely to take market share within the category. Negative currency trends and weaker sales trends have pushed out the earnings recovery at Ralph Lauren. The stock of shoe retailer DSW has been weak related to concerns about consumer spending and the company’s ability to realize sales and margin gains in a competitive environment.

Despite having many strong names in information technology, including Electronic Arts, ServiceNow, and Ansys, the strength was superseded by weakness in three particular names: Sandisk, Pandora Media, and Teradata. Sandisk was weak after the news of the sluggish fourth quarter and 2015 outlook, and then weakened further with another soft business outlook late in the first quarter. The stock of Pandora Media continues to struggle under controversy surrounding the outcome of a royalty board decision expected later this year, in addition to concerns about the pace of growth of their business. We think that Pandora represents one of the best internet media properties, with the opportunity to continue building a vibrant business around a sizable streaming music user base, and that the royalty board outcome will not be unfavorable to the company. Teradata has fallen victim to a tight information technology spending environment with security solutions taking share from data analytics given the high profile security breaches in corporate America.

Our financial stocks generated the greatest contribution of outperformance on the basis of strong stock selection, as we were slightly overweight this underperforming sector. The Fund is well-invested in bank stocks, particularly regional and trust banks, while the Index is only lightly invested in bank stocks. Strong returns from Signature Bank of New York, First Republic Bank, and Northern Trust,

all potential beneficiaries of the rate increases seen in the first half of the year, led our financials sector to an 13.5% gain. The index is heavily weighted in real estate investment trust stocks, which struggled, in contrast to bank stocks, as rates rose.

We were overweight health care, financials, information technology, and energy in the first half of 2015. The materials sector was our largest absolute underweight sector, followed by consumer discretionary, industrials, telecommunications services, consumer staples, and utilities.

Our outlook for the stock market remains cautiously constructive, as it has been for much of the year. The U.S. economy is in a growth — albeit a slow growth — mode. Economies elsewhere in the world remain challenged, which restricts the ultimate strength of U.S. companies and the economy. Our preference for high quality growth companies with stable and sustainable earnings profiles and strong balance sheets will serve our investors well should the economy struggle to regain a faster growth rate as it progresses through 2015. We will continue to invest in well-managed growth companies in the key growth areas of the economy, including health care, information technology, consumer discretionary, some aspects of consumer staples, financials and industrials. Health care remains our biggest overweight sector, as we continue to find many opportunities to invest in interesting long term growth companies in that sector.

Penn Mutual Asset Management, Inc.

Investment Adviser

Ivy Investment Management

Investment Sub-Adviser

16

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Consumer Discretionary		21.0	%
Technology		18.5	%
Healthcare		18.0	%
Industrials		15.2	%
Financials		11.1	%
Consumer Staples		7.8	%
Energy		6.3	%
Materials & Processing		2.1	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

17

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Mid Cap Value Fund

The Penn Series Mid Cap Value Fund returned 3.04% for the six-month period ending June 30, 2015, compared to the 0.41% return for its benchmark, the Russell Micap Value Index.

Not much has changed with the investment environment during the last several months. Investors continue to wait for the Fed “lift off,” the domestic economy strengthened after a sluggish first quarter, corporate profits are stronger (excluding energy-related companies) than some analyst’s estimates, and easy monetary policies remain in place around the world. The international backdrop has recently become more of a concern, but it is our belief that the situation in Greece will be contained. The improving U.S. economy has led to a much more robust labor market and consumer income and wealth have increased meaningfully. We believe this improvement in financial conditions for consumers will likely result in sustained domestic growth, potentially outweighing the uncertainty created by the recent turmoil in foreign markets.

We continue to position the Fund for higher interest rates and stronger domestic growth. In what has become a stock pickers market, our emphasis remains on identifying financially strong companies that have dynamic management teams focused on creating shareholder value. We believe this focus is even more important given the market’s lofty valuation levels. Additionally, it is key as a contrarian value investor, to continue to initiate new investment ideas in higher-quality companies that could hold up better during the inevitable market declines.

The Fund benefited from our overweight position in the consumer discretionary sector, especially in the first quarter. We believe that lower oil prices and continued gains in employment and wages could eventually lead to higher consumer spending. Stock selection in this sector also helped, with several companies exceeding earnings expectations. The Fund was also aided by the general rise in interest rates, as we are underweighted relative to the benchmark in utilities and financial services. Most of the regional banks we own are interest rate sensitive and we are significantly underweighted REIT’s, which came under a lot of selling pressure during the second quarter. On the negative side, we have been (in recent quarters) and continue to be underweighted to the health care sector. In our opinion, the recent M&A frenzy in this sector has driven valuations way too high for the value buyer. Finally, our substantial overweight position in the producer durables area also hurt performance during the quarter. As

the period progressed, several stocks outperformed due to strong earnings reports and two of our energy related holdings benefitted from the bounce back in oil prices. On the negative side, some of our companies reported weaker earnings than expected and the stocks declined. We reviewed the investment cases for these companies and believe that our investment theses are still intact. One of our financial services holdings, a REIT, also came under pressure due to the rise in interest rates during the quarter.

With the domestic economy improving, the Fed is likely to raise rates sometime in 2015, in our opinion. As inflation appears under control, we believe any Fed hike will be slow and moderate. Additionally, investors may start to move their focus to next year’s earnings, which will likely benefit from the overlapping of the drop in oil prices and the strength of the U.S. dollar. Under this scenario, we think the market can move up during the second half of the year, but finding the right stocks will be the key to outperformance. We are confident that our focus on quality companies undergoing change will fare well in such an environment.

Penn Mutual Asset Management, Inc.

Investment Adviser

Neuberger Berman Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Industrials		22.7	%
Technology		19.4	%
Financials		17.7	%
Consumer Discretionary		12.0	%
Energy		9.6	%
Utilities		7.5	%
Materials & Processing		3.6	%
Health Care		3.2	%
Consumer Staples		3.0	%
Telecommunications		1.3	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

18

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Mid Core Value Fund

The Penn Series Mid Core Value Fund returned 0.67% for the six-month period ending June 30, 2015, compared to the 0.41% return for its benchmark, the Russell Midcap Value Index.

In the first quarter, the U.S. economy continued a solid, moderately paced recovery, oil prices stabilized following a significant decline, and the energy sector overall performed poorly. In March, the Federal Reserve issued a statement removing “patient” from its language, but also stressed it will be flexible regarding the pace and timing of rate increases. Over the second quarter, U.S. markets were generally flat, though multiple indices set new records.

Five of the 10 sectors in the Index generated positive returns. The health care sector performed well, driven by consolidation among managed care companies, while hospitals benefited from the U.S. Supreme Court decision upholding subsidies to states participating in federal health insurance exchanges. Among mid caps, the telecommunication services sector underperformed as some of the larger weights in the group have large exposure to the declining landline business. Utilities and REITs, both sensitive to interest rate changes, underperformed as interest rates rose. Conversely, several other industries in the financials sector performed well, as many financial institutions will benefit from higher rates.

The Fund generated positive absolute returns in five of the 10 sectors in which it was invested. On a relative basis, the Fund outperformed as a result of security selection.

In the financials sector, security selection contributed the most to relative performance. The Fund’s overweight position relative to the benchmark in Northern Trust contributed as the company benefited from increasing interest rates and continued success from cost-cutting efforts. The stock price for HCC Insurance Holdings rose after the announcement that it would be acquired by Tokio Marine Holdings at a significant premium to its price at the time.

Security selection in the food products industry led the contribution from the consumer staples sector. A position in Kraft appreciated after the company announced a merger with Heinz during the first quarter, and the team exited the position. ConAgra Foods contributed as activist hedge fund Jana Partners purchased a stake in the company.

Security selection in the industrials sector detracted overall, but the sector was the source of top contributor Exelis. During the first quarter, the aerospace and defense company was acquired by competitor Harris Corp. in a cash and stock deal at approximately a 35% premium over the company’s share price at the time.

Selection among information technology companies was the greatest detraction from relative performance. SanDisk’s stock sold off after the company reduced guidance earlier this year. The team believes the flash memory firm will benefit from increased use of solid state drives. A position in Micron Technology had a negative impact on relative results amid weakness in the PC-build segment. As a result, the semiconductor company’s prices dropped faster than its costs, hurting the share price.

The Fund’s position in CenturyLink detracted along with other companies in the telecommunication services sector with exposure to the declining landline business. A position in trucking company Heartland Express declined along with other transport companies that have underperformed across the industry this year. Additionally, the company’s integration of its acquisition of Gordon Trucking has moved more slowly than anticipated.

The Russell indices were reconstituted in late June, shifting some of the Fund’s relative weightings. The Fund’s largest overweights are in the consumer staples, information technology, health care, and industrials sectors. In the financials sector, the Fund remained significantly underweight in REITs, as the team continues to find valuations unattractive in the space. The Fund is also underweight in the materials and utilities sectors.

Penn Mutual Asset Management, Inc.

Investment Adviser

American Century Investment Management

Investment Sub-Adviser

19

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Financials		27.2	%
Industrials		11.5	%
Energy		11.3	%
Technology		10.9	%
Utilities		9.4	%
Consumer Staples		8.6	%
Consumer Discretionary		8.5	%
Health Care		8.2	%
Materials & Processing		2.9	%
Telecommunications		1.5	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

20

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

SMID Cap Growth Fund

The Penn Series SMID Cap Growth Fund returned 9.62% for the six-month period ending June 30, 2015, compared to the 8.09% return for its benchmark, the Russell 2500 Growth Index.

Positive contribution was primarily the result of stock selection in the information materials, energy, and consumer discretionary sectors. Stock selection in consumer staples provided a headwind to performance.

Among the strongest portfolio contributors in the information technology sector, Tableau Software, reported stellar results during the quarter. The business intelligence and data analytics software company is becoming the de facto standard across large enterprises. Palo Alto Networks continued a strong run of outperformance. Due to the proliferation of high profile hacks and data breaches, Palo Alto’s network firewall solutions are proving to be highly valuable to enterprise and governmental customers.

Weakness within technology was visible in the services industry as Yelp declined over 22%. The company’s longer term profitability potential was called into question after reporting decelerating growth trends. The disappointing top line sales growth coupled with higher marketing and acquisition costs caused us to determine to sell the position. Also within the technology sector, weakness was visible in portfolio holding Shutterstock. Despite reporting strong quarterly results, the provider of online digital photo content saw its share price moderate as investor concern mounted regarding increased competition and foreign exchange headwinds. In the technology hardware and equipment industry, Nimble Storage, proved to be a detractor. The data storage platform provider met quarterly financial expectations; however, management’s first quarter earnings guidance left investors somewhat disappointed.

Taser International was a strong contributor within the industrials sector. After declining in the first quarter, shares of Taser International posted strong returns in the second on better-than-expected financial results. In addition to manufacturing public safety equipment, the company sells body-worn camera systems and an associated cloud based video subscription service. Additionally, the company’s video subscription service is increasingly valuable in efforts to enhance public safety.

Axalta Coating Systems is a manufacturer of paint and performance coatings for the automotive industry. The global coatings industry is experiencing strong demand as the recovery in sales of trucks and automobiles gains momentum.

Selection within the health care sector generated mixed results during the quarter. BioMarin Pharmaceuticals and Novavax were examples of strength in the sector with both posting strong year to date advances. DexCom is a leader in the diabetes market. DexCom continues to deliver very strong results, and recently received approval for an integrated iPhone app. The app launch overcomes a significant hurdle, as the FDA had previously not allowed a medical app on a smartphone without the smartphone being approved as a medical device.

Further weakness was seen in shares of Align Technology. The maker of the clear Invisalign dental braces has an accelerating growth profile and should benefit from improving consumer spending. However, shares of Align lagged during the period as investors remained cautious given management’s description of 2015 as an “investment” year. We have maintained our position and feel the company still has the ability to exceed expectations this year.

While considerable uncertainty remains within the equity market, it is becoming increasingly clear that the U. S. consumer is well positioned. Lower gas prices, a strong U.S. dollar, and an improving job market with early signs of wage growth should provide tailwinds to those firms levered to U.S consumer spending. The portfolio benefitted from our anticipation of these trends by an increase in our consumer exposure during the period. ServiceMaster Global Holdings contributed to period returns. The company, which operates a number of business lines including pest control and home warranty issuance, is benefitting from improving U.S. household formation trends.

Penn Mutual Asset Management, Inc.

Investment Adviser

Wells Capital Management

Investment Sub-Adviser

21

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Consumer Discretionary		26.2	%
Technology		23.3	%
Healthcare		21.6	%
Industrials		16.4	%
Financials		4.6	%
Materials & Processing		2.9	%
Consumer Staples		2.1	%
Energy		1.7	%
Telecommunications		1.2	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

22

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

SMID Cap Value Fund

The Penn Series SMID Cap Value Fund returned 1.91% for the six-month period ending June 30, 2015, compared to the 1.71% return for its benchmark, the Russell 2500 Value Index.

U.S. equity markets have been strong over the last six months. However, recently increased anxiety about a potential Greek default and exit from the eurozone led to a sudden spike in volatility.

For the first half of the 2015 year, the Fund rose in absolute terms and outperformed its benchmark, the Russell 2500 Value Index. Sector allocation and security selection both contributed to returns. Security selection was positive due primarily to strong financials and materials holdings. Individual contributors varied by sector. Stocks that outperformed included Meritage Homes which reported better-than-expected sales and orders driven by lower mortgage rates and improvements in its key Arizona market. Spirit AeroSystems’ shares rose after reporting fourth quarter 2014 results that were ahead of expectations and introducing 2015 free cash flow guidance that was well ahead of consensus.

Security selection in the industrials and consumer-staples sectors detracted from relative performance. Individual detractors were companies where investors reacted to company-specific catalysts. For example, Bloomin’ Brands, an operator of restaurant chains, underperformed. The company reported same-store sales below consensus expectations, fueling fears of a further slowdown in traffic growth for its restaurants. Milk producer and direct-to-store distributor Dean Foods also underperformed. Dean reported lower-than-expected earnings and guidance as the stronger gross profit per gallon it achieved on milk sales was offset by higher-than-expected overhead expenses.

We believe that the smaller-cap market environment continues to overlook companies with the deeper-value characteristics that make up much of our portfolio. Instead, investor anxiety about Greece, volatile oil prices and potential future interest rate increases by the Federal Reserve has driven strong returns for stocks in sectors perceived to be sheltered from these pressures. As a result, health care stocks have been standouts in performance over the past year while more cyclical stocks have lagged. This sharp performance differential has created what we see as an opportunity to selectively add attractively valued, high-quality stocks with strong company catalysts.

Penn Mutual Asset Management, Inc.

Investment Adviser

AllianceBernstein

Investment Sub-Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Financials		27.9	%
Technology		19.5	%
Consumer Discretionary		18.0	%
Industrials		15.1	%
Utilities		4.9	%
Materials & Processing		4.8	%
Healthcare		3.8	%
Energy		3.3	%
Consumer Staples		2.7	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

23

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Small Cap Growth Fund

The Penn Series Small Cap Growth Fund returned 8.11% for the six-month period ending June 30, 2015, compared to the 8.74% return for its benchmark, the Russell 2000 Growth Index.

Our holdings in the health care and information technology sector were the largest detractors from relative results. Our stock selection in the consumer discretionary and materials sectors were the largest contributors to relative performance.

Stratasys was our largest detractor. The stock was down due to a slowdown in demand for some of its 3-D printers during the period, but we believe this is temporary and continue to like the stock. The company makes and sells 3-D printing services, which companies use in computer-assisted design. We believe that we are in the early innings of the use of 3-D printers, which should gain wider adoption since they speed up the design process from concept to physical product.

ChannelAdvisor was another large detractor. The company helps other businesses manage, monitor, and optimize their merchandise sales in various online channels. The stock was down after the company reported disappointing fourth quarter revenues. The fourth quarter saw a rapid shift in buying behavior, with consumers doing more of their holiday shopping on large e-commerce sites that offer a better mobile shopping experience. ChannelAdvisor makes less revenue from the shopping that takes place on these larger platforms. We are currently reviewing the position to assess how ChannelAdvisor will respond.

Rexnord Corp. was another detractor. The stock was down due to a challenging general industrial end-market and some weather-related project delays for one of its business segments. We continue to like the company. Rexnord conducts process and motion control, as well as water management operations. The company offers gears, seals, couplings, industrial and aerospace bearings, special components, industrial chain, conveying equipment, grade specification plumbing, water treatment and waste water control products. We consider Rexnord a high-quality industrial firm with stable core business segments and strengthening end markets.

While the aforementioned stocks disappointed during the period, we were pleased by the results of many other companies in the Fund. Synageva BioPharma was our top contributor to absolute performance. The stock was up

after the company was acquired by Alexion Pharmaceuticals. We believe Synageva has a strong platform for producing human proteins that are used in enzyme replacement therapy to treat orphan genetic diseases, and given the attractive series of drugs under development, we were not surprised to see Alexion pay a hefty price for the company in a heated acquisition market.

Blackbaud was another top contributor. The stock has been up the past few months as the market has received more confirmation about the growth potential of the company. Blackbaud provides technology solutions designed to improve fundraising for the nonprofit industry. Fundraising is clearly a critical function for that industry, and Blackbaud’s solutions have proved an effective proposition for improving those fundraising efforts.

Carter’s was another top contributor. The stock was up after the company reported strong sales growth and the market received more confirmation that margin expansion can continue for the company. Carter’s embodies many of the characteristics we typically look for in companies. We think there is more stability to Carter’s business than most clothing companies because there is less fashion risk in infants’ clothing. Carter’s already has a dominant market share in baby clothing, and is a trusted brand for new parents, but we believe there is great growth potential as Carter’s further monetizes its brand by operating its own direct-to-consumer web site and opening more of its own stores.

Penn Mutual Asset Management, Inc.

Investment Adviser

Janus Capital

Investment Sub-Adviser

24

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Technology		33.8	%
Healthcare		21.4	%
Industrials		18.1	%
Consumer Discretionary		14.4	%
Financials		6.0	%
Consumer Staples		2.3	%
Materials & Processing		2.2	%
Energy		1.8	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

25

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Small Cap Value Fund

The Penn Series Small Cap Value Fund returned 2.39% for the six-month period ending June 30, 2015, compared to the 0.76% return for its benchmark, the Russell 2000 Value Index.

During the first half of 2015, investments in the financials and consumer discretionary sectors contributed to results, whereas the information technology and utilities sectors detracted from results.

During the first quarter, SM Energy, an oil and natural gas exploration and production company, was a top contributor to performance. At the beginning of February, shares of SM Energy rose sharply after the company preannounced fourth quarter production and reserve growth that exceeded consensus expectations. Jack in the Box, a company that operates and franchises Jack in the Box and Qdoba Mexican Grill restaurants, was also a top contributor to returns. In February, its shares traded higher after Jack in the Box reported better-than-expected fiscal first quarter results, highlighted by robust same-store sales growth and market share gains at both Jack in the Box and Qdoba.

Virtus Investment Partners, an asset management company that operates a diversified sub-advisory and multi-manager platform and offers a broad array of investment products, was a top detractor from performance. Its shares underperformed after the company experienced above-trend quarterly outflows in a number of its key investment strategies. The outflows resulted in lower net operating revenues and margins, which caused Virtus’ fourth quarter earnings to fall short of expectations.

Chesapeake Lodging Trust, an owner of upscale hotels in key gateway markets in the U.S., was also a top detractor from returns. After posting impressive gains in 2014, with a particularly strong double-digit move in December, its shares traded lower in the first quarter as investors took profits and transitioned capital into weaker relative performers. We continue to have high conviction in the company’s strategy and assets over the remainder of this hotel cycle.

During the second quarter, Bank of the Ozarks, a regional bank with operations primarily located in the Southeastern U.S., was a top contributor to performance. Its shares rose steadily after the company announced better-than-expected first quarter earnings, largely driven by strong

loan growth. Investors also reacted positively to news that Bank of the Ozarks would be acquiring Bank of Carolinas, thus expanding its footprint in North Carolina.

Vanda Pharmaceuticals, a company focused on the development and production of treatments for central nervous system disorders, was also a top contributor. We initiated a position in the company when we believed its shares were trading at an undeserved valuation discount due to investor concern that one of the company’s products, Hetlioz, was being prescribed more slowly than expected.

Esterline Technologies, a specialized manufacturer of engineered technology serving the aerospace and defense markets, was a top detractor from performance during the second quarter. Its shares declined after the company missed earnings estimates and lowered earnings guidance for the year. Despite recent headwinds, we continue to believe shares of Esterline Technologies are attractively valued and we are positive on the long-term earnings potential of the company.

KapStone Paper & Packaging, a manufacturer of paper container products, was also a top detractor from returns. Its shares traded lower after the company announced disappointing earnings, which management attributed to industry headwinds, specifically a stronger U.S. dollar which hurt pricing and challenged operating performance.

We continue to believe U.S. equities have further upside potential as the U.S. economy accelerates and as real earnings growth serves as a fundamental driver of performance going forward. We believe that U.S. corporate fundamentals are strong, evidenced by both healthy balance sheets and earnings resilience, and could provide companies with a number of options to increase shareholder value. While we are cognizant of potential headwinds, such as foreign exchange volatility or unanticipated changes in monetary policy, we ultimately remain constructive on the direction of U.S. equity markets.

Penn Mutual Asset Management, Inc.

Investment Adviser

Goldman Sachs Asset Management

Investment Sub-Adviser

26

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Financials		38.9	%
Industrials		12.9	%
Consumer Discretionary		11.9	%
Technology		10.0	%
Healthcare		7.1	%
Materials & Processing		6.1	%
Utilities		5.3	%
Energy		5.2	%
Consumer Staples		2.3	%
Telecommunications		0.3	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

27

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Small Cap Index Fund

The Penn Series Small Cap Index Fund returned 4.26% for the six-month period ending June 30, 2015, compared to the 4.75% return for its benchmark, the Russell 2000 Index.

After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated. After the Royal Bank of Australia cut rates on February 3, the remainder of the month was moderately quiet from a central bank standpoint. Data releases in the U.S. remained upbeat for the month, beginning on February 6, with the release of stronger than expected U.S. Non-Farm Payroll numbers. The positive tone of U.S. economic data pushed yields on U.S. 10 year bonds higher after having fallen sharply the prior month. U.S. equity markets traded down slightly on the jobs report as expectations increased that the U.S. economy is gaining strength and that the Federal Reserve may have an opportunity to raise rates in the not too distant future.

In April, the first quarter 2015 U.S. gross domestic product (GDP) report indicating a less than expected 0.2% annualized rate of growth disappointed expectations on negative impacts from net exports and non-residential construction. However, the disruptions in West Coast ports and poor weather likely contributed to the plunge in non-residential construction. After April’s bumpy ride for equity investors, May offered some respite as volatility subsided. Also housing started to rebound impressively in April to the highest rate so far in this recovery and the highest since November 2007. It is unclear if this is the start of a new and stronger trend in home starts or merely reflects starts that may have been delayed due to poor winter weather. In June, U.S. Large Cap Indices continued to trade in a tight range in June with the S&P 500 Index hitting a high on June 23 for the month and a low on June 29, a mere 3.2% spread. For all of 2015 in fact the U.S. market as gauged by the S&P 500 Index has been extremely tentative in direction, never up more than 3.5% or down more than 3.2% during the first six months of 2015, the tightest mid-year trading range on record, according to a Ben Levinson dispatch in Barron’s. For the month, the S&P Total Return Index finished the month down 1.9%.

Looking ahead, we anticipate that global growth will continue to proceed at a modest pace led by the United States. As the Federal Reserve contemplates a “lift-off” in rates, policy divergence will continue to play an important role in relative return outcomes both on a local and currency adjusted basis.

Penn Mutual Asset Management, Inc.

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Financials		24.2	%
Technology		17.2	%
Healthcare		15.7	%
Consumer Discretionary		14.6	%
Industrials		13.1	%
Materials & Processing		4.1	%
Energy		3.9	%
Utilities		3.3	%
Consumer Staples		3.1	%
Telecommunications		0.8	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

28

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Developed International Index Fund

The Penn Series Developed International Index Fund returned 5.98% for the six-month period ending June 30, 2015, compared to the 5.88% return for its benchmark, the MSCI EAFE Index.

2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). The Swiss National Bank delivered an early surprise for global markets on January 15 by removing the peg between the Swiss Franc and the Euro in place since 2011. The Bank of Canada (BoC) provided further shock therapy on January 21 by unexpectedly cutting overnight rates by 0.25% to 0.75%. Canadian stocks and bonds rallied, but the Canadian dollar traded down 2.5% on the news. On January 22, the ECB announced a larger than expected Quantitative Easing (QE) program scheduled to begin in March and set to continue through September 2016. The Eurostoxx Index had its strongest monthly performance since June of 2012. By the end of January, Denmark, Singapore, India and Turkey also eased policy by cutting interest rates while Brazil hiked rates.

Coming in to March, the outlook for global investors appeared to be improving with equity market volatility declining substantially in February. The improvement in mood was supported by anticipation of a larger than initially expected quantitative easing program from the ECB and a late February agreement between the European troika and Greece to extend bailout terms for four months. Very quickly into the month, however, fresh news came into the markets that raised uncertainties anew. On March 1, China eased administered rates, and maybe more consequentially, lowered its GDP forecast for 2015 to “about” 7%. Emerging market equities, commodities and indeed global equities traded lower on the news.

April provided a bumpy ride for investors exposed to a number of recent popular trends in the market. After rising for nine consecutive months on anticipated policy divergence, the U.S. dollar declined nearly 4% for the month reflecting in part a softening in U.S. data and a later expected start to possible Fed rate hikes. Oil prices rose sharply in April with West Texas crude up 25.3% and Brent crude up 21.2%, the largest upward monthly move for Brent since 2009. In Europe, German 10 year bond yields capped a long stretch of continuous declines to as low as 5

basis points on April 19th before pacing a global bond sell off to end the month at 37 basis points. U.S. yields also moved sharply higher at the end of the month.

Markets in June were unsettled by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, ECB and International Monetary Fund) to extend an existing bailout agreement came to an impasse. Near the end of the month a framework to release bailout funds to Greece to make that IMF payment still seemed possible with a hoped for last minute agreement. Those expectations were quickly dashed, however, by a surprise announcement by the Greek government to hold a referendum on a final set of austerity proposals by Greece’s creditors to unlock a final tranche of bailout funds.

Looking ahead, we anticipate that global growth will continue to proceed at a modest pace led by the United States. Europe shows the most potential to contribute more to global growth given the initiation of aggressive policy support from the ECB in March of this year. As the Federal Reserve contemplates a “lift-off” in rates, policy divergence will continue to play an important role in relative return outcomes both on a local and currency adjusted basis.

Penn Mutual Asset Management, Inc.

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

29

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Japan		22.9	%
United Kingdom		17.9	%
Switzerland		9.8	%
France		9.2	%
Germany		8.9	%
Australia		6.8	%
Netherlands		4.5	%
Spain		3.4	%
Hong Kong		3.2	%
Sweden		2.9	%
Italy		2.2	%
Denmark		1.7	%
Singapore		1.4	%
Belgium		1.4	%
Ireland		0.9	%
Finland		0.8	%
Israel		0.6	%
Norway		0.6	%
Luxembourg		0.3	%
Austria		0.2	%
China		0.1	%
New Zealand		0.1	%
Portugal		0.1	%
South Africa		0.1	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated.

30

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

International Equity Fund

The Penn Series International Equity Fund returned 2.78% for the six-month period ending June 30, 2015, compared to the 4.35% return for its benchmark, the MSCI ACWI ex-U.S. Index.

Novo Nordisk reported robust results for the first quarter. Novo Nordisk has both dominant market share as well as industry leading products. The group is the leading drug company focused on diabetes care. Novo Nordisk is highly focused on its few core therapeutic areas and rewards shareholders with industry leading growth rates and cash returns.

Housing Development Finance released numbers that were in-line with expectations, but were muted by a deferred tax charge. It is well-placed for long-term growth as it is the leader in mortgage lending in India, with margins supported by industry-leading low costs from both efficient operations and low borrowing costs due to its excellent credit history. HDFC has been around since 1977 and is usually considered a “gold standard” in terms of corporate governance and risk management.

Sands China, as well as other Macau-exposed gaming stocks, were weak for the first half of 2015 for largely the same reasons that they have been weak over the past year. Gross gaming revenue in Macau is still under pressure as the Chinese government crackdown on corruption as well as the economic weakness on the mainland has hurt visitation growth and gambling appetite. However, as we have detailed before, our conviction on the Macau space has not changed over the long term, even while the nearer and medium term horizon has been cloudy. We still believe it presents tremendous opportunities for highly profitable growth and strong cash returns for shareholders.

Going forward, the environment in Macau is starting to look better. The local Macau government, having now felt the industry’s pain via meaningfully lower gaming tax levels, has recently signaled that it is ready to try and do its part to help support the industry. Roughly one year ago, the government tightened restrictions for tourists in Macau on transit visas, and they have now moved to reverse those restrictions. This positive change, while merely incremental and certainly not a cure for what really is hurting Macau, essentially allows for longer and more frequent stays for those that use transit visas.

After a hefty tax increase in the first quarter, ITC’s stock continued to decline in the second quarter. This excise

increase came after four years of large duty hikes. Over that time period, volumes declined, but profits increased as ITC passed the tax increases onto its customers and we expect that formula to continue. Over the long term, as incomes rise, we expect tobacco use to switch to manufactured cigarettes, which only represent 15% of tobacco use, giving a long runway of growth to ITC. As India’s dominant tobacco franchise, ITC has, we believe, the distribution, brands, wide price points and management to capture this demand. Additionally, British American Tobacco (BAT) is a large minority owner of the company, and ITC has access to BAT’s innovation pipeline, global industry knowledge and international brands.

China’s extraordinary equity rally has largely been fueled by speculative activity, not improving economic fundamentals. Our China Internet holdings remain well-positioned, and we still remain cautious about adding exposure to other sectors.

While we remain significantly overweight, we expect Brazilian stocks to remain under pressure and have trimmed our holdings in the banking sector. We have been net sellers of Indian stocks due to valuations, though we have maintained a large exposure to Financials. We expect elevated market volatility and sluggish growth to persist globally through year-end. That said, our portfolios are positioned to be resilient in this challenging macroeconomic environment.

Penn Mutual Asset Management, Inc.

Investment Adviser

Vontobel Asset Management

Investment Sub-Adviser

31

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
United Kingdom		20.8	%
Switzerland		15.7	%
India		11.8	%
France		8.7	%
United States		6.2	%
Canada		6.1	%
China		5.8	%
Netherlands		4.5	%
Denmark		4.2	%
Australia		3.9	%
Spain		2.5	%
Germany		2.3	%
Japan		1.8	%
South Africa		1.6	%
Hong Kong		1.4	%
Brazil		1.2	%
Ireland		1.1	%
South Korea		0.4	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated.

32

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Emerging Markets Equity Fund

The Penn Series Emerging Markets Equity Fund returned 4.34% for the six-month period ending June 30, 2015, compared to its benchmarks the MSCI Emerging Markets Index’s return of 3.12%.

During the reporting period, overall Fund performance benefited from our stock selection. Stock selection in India was the top contributor to performance. India was one of the best-performing markets over the period, as economic growth recovers and the fiscal and current accounts are aided by the drop in oil prices. Stock selection in Taiwan and South Africa were additive as well.

The Fund’s underweight allocation to Malaysia as well as stock selection there were beneficial to performance. Malaysia was among the weaker performers in emerging markets, as lower oil prices were a headwind for the market. The Fund had no holdings in Turkey, which was an additional contributor to performance. Turkey underperformed on macroeconomic concerns surrounding its chronic current account deficit, combined with declining foreign direct investment and political concerns that current Prime Minister Erdogan would overstay his term.

The Fund’s overall country allocation detracted from performance over the reporting period. The Fund’s large underweight position in China was the primary detractor from performance over the reporting period. The Chinese market performed well, driven by strong demand for equities. However, from mid-June to the end of the period the Chinese market declined. The Fund’s underweight allocation to Russia as well as stock selection in the market dampened returns. The growth outlook for the Russian economy remains poor, in our view, as it continues to be hurt by capital outflows, a weaker currency and low oil prices, as well as the impact of economic sanctions. The Fund’s stock selection in Mexico hurt returns, particularly holdings in a cement company and an industrial conglomerate. Both were hit by falling oil prices and a delay in new infrastructure and energy projects related to implementation of the country’s new energy reform.

The Fund is underweight Russia, given the poor growth outlook for the economy, which we believe over the medium term will continue to be hurt by capital outflows, a weaker currency and the lower oil price environment, as well as the impact of economic sanctions.

We believe that while the Brazilian government’s policy mix appears to be improving at the margin, much of the adjustment that needs to be made by the Brazilian

economy still lies ahead. Growth continues to decline while inflation moves higher. The economy is in recession, and very weak consumer and business sentiment, as well as a softening labor market, will further weigh on sentiment.

The Fund’s biggest regional overweight position is in Eastern Europe, particularly in Poland. After two recessions in five years, Western European growth is recovering and we expect the continuation of this trend to benefit Central Europe. Early signs have been encouraging; deflation in Europe looks to have bottomed and consumer confidence and retail sales in Poland in particular are picking up.

India is another area of opportunity for the Fund given our view that the market’s low weight in the benchmark does not reflect the still positive trend from improving economic growth, a narrowing current account deficit and compelling earnings prospects among select companies. India is not likely to undertake a big bang reform under the Modi administration, but incremental improvements should be supportive to the market’s longer-term prospects.

The Philippines has remained a country of growth under the reformist Aquino administration, though we note that valuations have become extended and 2015 is the president’s penultimate year in office. The Fund remains overweight the market as we believe that earnings growth will likely respond to the country’s strong economic growth.

Penn Mutual Asset Management, Inc.

Investment Adviser

Morgan Stanley Investment Management

Investment Sub-Adviser

33

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
China		13.5	%
South Korea		12.3	%
India		10.4	%
Taiwan		9.6	%
Mexico		6.9	%
South Africa		6.5	%
Brazil		6.0	%
Hong Kong		4.6	%
Phillippines		4.1	%
Thailand		3.7	%
Poland		2.8	%
Indonesia		2.5	%
United States		2.3	%
Autria		2.2	%
Russia		1.8	%
Switzerland		1.4	%
Argentina		1.1	%
Czech Republic		1.1	%
Peru		1.1	%
Portugal		0.9	%
United Kingdom		0.9	%
Malaysia		0.8	%
Pakistan		0.7	%
Columbia		0.6	%
Chile		0.5	%
Egypt		0.5	%
Japan		0.5	%
Panama		0.3	%
Spain		0.3	%
Qatar		0.1	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated.

34

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Real Estate Securities Fund

The Penn Series Real Estate Securities Fund returned –4.94% for the six-month period ending June 30, 2015, compared to the –5.67% return for its benchmark, the FTSE NAREIT Equity REIT Index.

Following a strong start to the year, U.S. real estate investment trusts (REITs) fell back in the second quarter to post negative returns for the six-month period. The group came under pressure amid a difficult combination of mixed economic signals and rising bond yields. Gross domestic product (GDP) contracted at an annualized rate of 0.2% in the first quarter, a sharp contrast with the previous quarter’s 2.2% growth. However, other aspects of the U.S. economy were relatively healthy, including job growth, housing activity, bank lending, and consumer confidence and spending.

Sovereign bond yields moved higher in response to generally improving global economic conditions. Better economic data in Europe and Japan helped lift bond yields off record lows reached earlier in the year, and U.S. bond yields rose in tandem, but also in anticipation of a possible Federal Reserve interest-rate hike in 2015. Although rate concerns often weigh on REIT returns in the short term, over longer periods REIT performance has been positively associated with rising rates, both of which tend to be propelled by stronger economic growth.

Returns were negative for most property types, despite continued strong fundamentals for U.S. commercial real estate, as reflected in earnings that generally met high expectations. Health care property REITs were among the poorest performers in the quarter. The sector underperformed due to its perceived bond-like characteristics in a period of rising yields, even as health care REITs have been transitioning to more economically sensitive business models over the years.

The shopping center and regional mall sectors underperformed, even as tenants continued to exhibit strong interest in proven assets. Self storage companies were top performers, drawing support from strong earnings, with year-over-year rental growth running as high as 10%. Apartment landlords (0.8%) also outperformed with a gain, amid sustained household formation that has kept demand ahead of supply. Even apartments in markets vulnerable to lower oil prices, such as Houston, have so far shown a fair degree of resilience.

The Fund had a negative total return for the period, although it outperformed its benchmark. Our overweight and stock selection in the apartment sector helped relative performance. In the hotel sector, we had beneficial positions in certain out-of-index companies that performed well. Our underweight and stock selection in health care REITs also contributed to relative performance. Stock selection in the office sector detracted from performance, as it did in the shopping center sector.

We expect U.S. economic activity to accelerate after a slow start to the year, with GDP expanding nearly 2.5% in 2015. Continued employment and wage growth should support further strength in consumer confidence, in our view, and we expect to see a more-pronounced benefit from lower gasoline prices in the coming months. These potentially favorable demand trends should be met with continued low levels of new supply in most sectors.

Based on our view of a resumed expansion in the U.S. economy, we believe commercial real estate fundamentals will continue to strengthen, driving further increases in cash flows, net asset values and dividend distributions. This top-down perspective has led us to prefer cyclically sensitive short-lease sectors. However, our bottom-up analysis has also identified companies offering compelling relative value in traditionally noncyclical sectors. We believe that one area of potential opportunity at present is health care, where certain stocks are trading at discounts to underlying property values for the first time in years.

Penn Mutual Asset Management, Inc.

Investment Adviser

Cohen & Steers Capital Management

Investment Sub-Adviser

35

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/15

	Percent of Total Investments1
Apartments		19.7	%
Regional Malls		14.2	%
Diversified		13.4	%
Office Property		11.6	%
Healthcare		9.7	%
Storage & Warehousing		9.5	%
Hotels and Resorts		8.2	%
Strip Centers		7.5	%
Industrial		2.0	%
Building & Real Estate		1.9	%
Manufactured Homes		1.3	%
Lodging		1.0	%
		100.0	%

¹  Portfolio holdings are presented as a percentage of total investments before short-term investments.

36

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Aggressive Allocation Fund

The Penn Series Aggressive Allocation Fund returned 2.51% for the six-month period ending June 30, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 1.94% and the Barclays Capital U.S. Aggregate Bond Index’s return of –0.10% for the same time period.

The Aggressive Allocation Fund is comprised of a target allocation of 95% equity funds, both active and passive, and 5% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term bond funds.

At the broad asset class level, the Aggressive Allocation Fund’s equity allocation outperformed its broad equity benchmark, the Russell 3000 Index for the year-to-date period. Contributing to the Fund’s performance versus its equity benchmark at the asset class level was the Fund’s allocation to developed international equity asset class as developed international stocks, as represented by the MSCI EAFE Index, outperformed domestic equity indices for the period. Also contributing to performance was exposure within the small cap growth asset class. Negatively impacting performance at the asset class level was exposure to real estate and large cap value. From an underlying fund perspective, the strongest year-to-date contribution within equity came from its allocation to the Mid Cap Value Fund.

The Fund’s fixed income allocation performed in line with the Barclays Capital U.S. Aggregate Bond Index for the first six months of the year.

The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.

Penn Mutual Asset Management, Inc.

Investment Adviser

Asset Allocation Target as of 6/30/15

International Stocks	21.0	%
Large Cap Value Stocks	17.0	%
Large Cap Growth Stocks	15.0	%
Emerging Markets	10.0	%
Mid Cap Value Stocks	9.0	%
Mid Cap Growth Stocks	7.0	%
Small Cap Value Stocks	6.0	%
Small Cap Growth Stocks	5.0	%
REITs	5.0	%
Intermediate Bonds	5.0	%
	100.0	%

37

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Moderately Aggressive Allocation Fund

The Penn Series Moderately Aggressive Allocation Fund returned 2.29% for the six-month period ending June 30, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 1.94% and the Barclays Capital U.S. Aggregate Bond Index’s return of –0.10% for the same time period.

The Moderately Aggressive Allocation Fund is comprised of a target allocation of 80% equity funds, both active and passive, and 20% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds. The fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

At the broad asset class level, the Moderately Aggressive Allocation Fund’s equity allocation outperformed its broad equity benchmark, the Russell 3000 Index for the six-month period. The strongest year-to-date contribution to performance within equity at the asset class level came from its allocation to developed international equity. This performance was due to the fact that developed international stocks, as represented by the MSCI EAFE Index, outperformed domestic equity stocks. While at the asset class level developed international exposure helped performance, at the underlying fund level, this international exposure detracted from the Fund’s performance.

In addition to developed international equity, contributing to the Fund’s equity performance versus its benchmark was the Fund’s asset class allocation to small cap growth and large cap growth. Asset class exposure to real estate and large cap value were the largest detractors from Fund performance during the period.

The Fund’s fixed income allocation slightly outperformed the Barclays Capital U.S. Aggregate Bond Index for the six-month time period.

The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.

Penn Mutual Asset Management, Inc.

Investment Adviser

Asset Allocation Target as of 6/30/15

International Stocks	18.0	%
Large Cap Value Stocks	15.0	%
Large Cap Growth Stocks	13.0	%
Intermediate Bonds	13.0	%
Mid Cap Value Stocks	8.0	%
Emerging Markets	7.0	%
Mid Cap Growth Stocks	6.0	%
Small Cap Value Stocks	5.0	%
Short Term Bonds	4.0	%
Small Cap Growth Stocks	4.0	%
REITs	4.0	%
High Yield Bonds	3.0	%
	100.0	%

38

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Moderate Allocation Fund

The Penn Series Moderate Allocation Fund returned 1.80% for the six-month period ending June 30, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 1.94% and the Barclays Capital U.S. Aggregate Bond Index’s return of –0.10% for the same time period.

The Moderate Allocation Fund is comprised of a target allocation of 60% equity funds, both active and passive, and 40% fixed income funds. The equity allocation of the Fund is comprised of domestic equity funds ranging from large capitalization funds to small capitalization funds as well as developed international and emerging markets equity funds and the fixed income portion is primarily allocated to intermediate-term and short-term bond funds.

The Fund’s equity allocation outperformed its broad equity benchmark, the Russell 3000 Index, due to asset class allocations to developed international equity and small cap and large cap growth. Negatively impacting performance from an asset class level were allocations to both real estate and large cap value. The Fund’s fixed income allocation also outperformed its broad fixed income benchmark mainly due to its asset class exposure to high yield bond.

At the underlying fund level, the Fund’s allocation to intermediate-term bonds contributed the most to relative performance while its allocation to developed international equity detracted from performance.

The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.

Penn Mutual Asset Management, Inc.

Investment Adviser

Asset Allocation Target as of 6/30/15

Intermediate Bonds	25.0	%
International Stocks	13.0	%
Large Cap Value Stocks	12.0	%
Large Cap Growth Stocks	10.0	%
Short Term Bonds	7.0	%
Mid Cap Value Stocks	6.0	%
Emerging Markets	5.0	%
High Yield Bonds	5.0	%
Small Cap Value Stocks	4.0	%
Mid Cap Growth Stocks	4.0	%
Cash Equivalents	3.0	%
Small Cap Growth Stocks	3.0	%
REITs	3.0	%
	100.0	%

39

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Moderately Conservative Allocation Fund

The Penn Series Moderately Conservative Allocation Fund returned 1.39% for the six-month period ending June 30, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 1.94% and the Barclays Capital U.S. Aggregate Bond Index’s return of –0.10% for the same time period.

The Moderately Conservative Allocation Fund is comprised of a target allocation of 40% equity funds, both active and passive, and 60% fixed income funds. The equity allocation of the Fund consists of domestic equity funds comprised of large capitalization and mid capitalization funds as well as developed international equity funds and the fixed income portion is mostly allocated to intermediate-term and short-term bond funds.

At the broad asset class level, the Fund’s fixed income allocation outperformed the Barclays Capital U.S. Aggregate Bond Index for the period mainly due to its asset class allocation to high yield bonds. The Fund outperformed its broad equity benchmark, the Russell 3000 Index for the six-month period at the asset class level. Contributing to the Fund’s equity performance versus its benchmark was the Fund’s asset class allocation to developed international equity.

At the underlying fund level, the Fund’s allocation to intermediate-term bonds contributed the most to relative performance while its allocation to developed international equity detracted from performance.

The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.

Penn Mutual Asset Management, Inc.

Investment Adviser

Asset Allocation Target as of 6/30/15

Intermediate Bonds	34.0	%
Short Term Bonds	16.0	%
Large Cap Value Stocks	10.0	%
International Stocks	9.0	%
Large Cap Growth Stocks	7.0	%
High Yield Bonds	7.0	%
Mid Cap Value Stocks	4.0	%
Cash Equivalents	3.0	%
Emerging Markets	2.0	%
Mid Cap Growth Stocks	2.0	%
REITs	2.0	%
Small Cap Growth Stocks	2.0	%
Small Cap Value Stocks	2.0	%
	100.0	%

40

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Conservative Allocation Fund

The Penn Series Conservative Allocation Fund returned 1.02% for the six-month period ending June 30, 2015, compared to its benchmarks, the Russell 3000 Index’s return of 1.94% and the Barclays Capital U.S. Aggregate Bond Index’s return of –0.10% for the same time period.

The Conservative Allocation Fund is comprised of a target allocation of 80% fixed income funds and a target allocation of 20% in domestic and international equity funds, both passive and active. The fixed income funds predominately consist of short-term and intermediate-term bonds and the equity fund allocations consist of mostly large capitalization funds with a small exposure to developed international equity funds.

At the broad asset class level, the Conservative Allocation Fund’s fixed income allocation had a positive impact to performance as its asset allocation to short-term bonds and high yield bonds outperformed the Barclays Capital U.S. Aggregate Bond Index for the year-to-date time period. At the underlying fund level, the Fund’s allocation within intermediate-term bonds aided its performance.

The Fund’s equity allocation performed in line with its broad equity benchmark, the Russell 3000 Index.

The Fund is continually reviewed to help ensure that it remains consistent with its investment objective by making adjustments, when necessary, of specific sub-accounts within an asset class as well as automatic rebalancing of the Fund on a quarterly basis.

Penn Mutual Asset Management, Inc.

Investment Adviser

Asset Allocation Target as of 6/30/15

Intermediate Bonds	42.0	%
Short Term Bonds	22.0	%
High Yield Bonds	9.0	%
Cash Equivalents	7.0	%
Large Cap Value Stocks	7.0	%
Large Cap Growth Stocks	5.0	%
International Stocks	5.0	%
Mid Cap Value Stocks	2.0	%
Mid Cap Growth Stocks	1.0	%
	100.0	%

41

Important Information about Fund Expenses

Hypothetical Examples of a $1,000 Investment (Unaudited)

We believe that it is important for you to understand the effect of fees on your investment. All mutual funds have operating expenses. As a participant in any of the Penn Series Funds, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio.

The Penn Series Funds are the underlying investment vehicles for the variable life and variable annuity contracts issued by The Penn Mutual Life Insurance Company and its subsidiary, The Penn Insurance and Annuity Company. These contracts have transaction costs, additional administrative expense fees and mortality and expense risk charges. Because of these additional expenses, the costs to investors will be higher than the figures shown in the following expense examples. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with the ongoing costs of investing in other funds.

These examples are based on an investment of $1,000 invested for six months beginning January 1, 2015 and held through June 30, 2015. The examples illustrate your fund’s costs in two ways:

• Actual Fund Performance in the table below provides information about actual account values and actual expenses. The “Ending Value” shown is derived from the fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”

• Hypothetical 5% Annual Return is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case — because the return used is not the fund’s actual return — the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s cost by comparing this hypothetical example with the hypothetical examples that appear in shareholders reports of other funds. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

Please note that the expenses shown in the table are only meant to highlight and help you compare your ongoing costs of investing in the funds and do not reflect any fees and charges deducted under your insurance contract. The “Annualized Expense Ratio” represents the actual expenses for the six-month period indicated.

Disclosure of Fund Expenses

For the Period January 1, 2015 to June 30, 2015

Expense Table

	Beginning Value January 1, 2015		Ending Value June 30, 2015		Annualized Expense Ratio		Expenses Paid During Period *
Money Market Fund
Actual		$1,000.00		$1,000.06		0.20%		$0.99
Hypothetical		$1,000.00		$1,023.79		0.20%		$1.00
Limited Maturity Bond Fund
Actual		$1,000.00		$1,008.70		0.72%		$3.59
Hypothetical		$1,000.00		$1,021.18		0.72%		$3.61

42

Important Information about Fund Expenses

Hypothetical Examples of a $1,000 Investment (Unaudited)

	Beginning Value January 1, 2015		Ending Value June 30, 2015		Annualized Expense Ratio		Expenses Paid During Period *
Quality Bond Fund
Actual		$1,000.00		$1,003.73		0.68%		$3.38
Hypothetical		$1,000.00		$1,021.38		0.68%		$3.41
High Yield Bond Fund
Actual		$1,000.00		$1,035.52		0.86%		$4.34
Hypothetical		$1,000.00		$1,020.47		0.86%		$4.32
Flexibly Managed Fund
Actual		$1,000.00		$1,034.71		0.91%		$4.59
Hypothetical		$1,000.00		$1,020.22		0.91%		$4.57
Balanced Fund
Actual		$1,000.00		$1,006.82		0.21%		$1.04
Hypothetical		$1,000.00		$1,023.74		0.21%		$1.05
Large Growth Stock Fund
Actual		$1,000.00		$1,069.45		0.98%		$5.03
Hypothetical		$1,000.00		$1,019.87		0.98%		$4.92
Large Cap Growth Fund
Actual		$1,000.00		$1,010.68		0.89%		$4.44
Hypothetical		$1,000.00		$1,020.32		0.89%		$4.47
Large Core Growth Fund
Actual		$1,000.00		$1,020.59		0.87%		$4.36
Hypothetical		$1,000.00		$1,020.42		0.87%		$4.37
Large Cap Value Fund
Actual		$1,000.00		$1,005.16		0.92%		$4.57
Hypothetical		$1,000.00		$1,020.17		0.92%		$4.62
Large Core Value Fund
Actual		$1,000.00		$1,006.04		0.93%		$4.63
Hypothetical		$1,000.00		$1,020.12		0.93%		$4.67
Index 500 Fund
Actual		$1,000.00		$1,010.63		0.38%		$1.89
Hypothetical		$1,000.00		$1,022.88		0.38%		$1.91
Mid Cap Growth Fund
Actual		$1,000.00		$1,034.94		0.98%		$4.94
Hypothetical		$1,000.00		$1,019.87		0.98%		$4.92
Mid Cap Value Fund
Actual		$1,000.00		$1,030.43		0.80%		$4.03
Hypothetical		$1,000.00		$1,020.77		0.80%		$4.02
Mid Core Value Fund
Actual		$1,000.00		$1,006.73		1.06%		$5.27
Hypothetical		$1,000.00		$1,019.47		1.06%		$5.32
SMID Cap Growth Fund
Actual		$1,000.00		$1,096.15		1.07%		$5.56
Hypothetical		$1,000.00		$1,019.42		1.07%		$5.37

43

Important Information about Fund Expenses

Hypothetical Examples of a $1,000 Investment (Unaudited)

	Beginning Value January 1, 2015		Ending Value June 30, 2015		Annualized Expense Ratio		Expenses Paid During Period *
SMID Cap Value Fund
Actual		$1,000.00		$1,019.13		1.23%		$6.16
Hypothetical		$1,000.00		$1,018.61		1.23%		$6.18
Small Cap Growth Fund
Actual		$1,000.00		$1,081.15		1.02%		$5.26
Hypothetical		$1,000.00		$1,019.67		1.02%		$5.12
Small Cap Value Fund
Actual		$1,000.00		$1,023.90		0.99%		$4.97
Hypothetical		$1,000.00		$1,019.82		0.99%		$4.97
Small Cap Index Fund
Actual		$1,000.00		$1,042.63		0.69%		$3.49
Hypothetical		$1,000.00		$1,021.33		0.69%		$3.46
Developed International Index Fund
Actual		$1,000.00		$1,059.79		0.82%		$4.19
Hypothetical		$1,000.00		$1,020.67		0.82%		$4.12
International Equity Fund
Actual		$1,000.00		$1,027.78		1.15%		$5.78
Hypothetical		$1,000.00		$1,019.02		1.15%		$5.77
Emerging Markets Equity Fund
Actual		$1,000.00		$1,043.36		1.78%		$9.02
Hypothetical		$1,000.00		$1,015.85		1.78%		$8.94
Real Estate Securities Fund
Actual		$1,000.00		$950.59		0.97%		$4.69
Hypothetical		$1,000.00		$1,019.92		0.97%		$4.87
Aggressive Allocation Fund
Actual		$1,000.00		$1,025.14		0.34%		$1.71
Hypothetical		$1,000.00		$1,023.08		0.34%		$1.71
Moderately Aggressive Allocation Fund
Actual		$1,000.00		$1,022.89		0.32%		$1.61
Hypothetical		$1,000.00		$1,023.18		0.32%		$1.61
Moderate Allocation Fund
Actual		$1,000.00		$1,018.00		0.32%		$1.60
Hypothetical		$1,000.00		$1,023.18		0.32%		$1.61
Moderately Conservative Allocation Fund
Actual		$1,000.00		$1,013.95		0.33%		$1.65
Hypothetical		$1,000.00		$1,023.13		0.33%		$1.66
Conservative Allocation Fund
Actual		$1,000.00		$1,010.22		0.34%		$1.69
Hypothetical		$1,000.00		$1,023.08		0.34%		$1.71

* Expenses are equal to the fund’s annualized expense ratio multiplied by the average value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365.

44

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Money Market Fund

	Par (000)		Value†
COMMERCIAL PAPER — 76.5%
Agriculture — 2.0%
Syngenta Wilmington, Inc.
0.220%, 07/09/15	$	900	$	899,956
0.230%, 07/09/15		1,200		1,199,939
				2,099,895
Banks — 14.6%
BNP Paribas NY
0.200%, 07/22/15		1,000		999,883
0.200%, 07/23/15		2,000		1,999,756
Ing Bank NV 2.000%, 09/25/15 144A @		1,000		1,003,607
National Australia Bank Ltd. 0.900%, 01/20/16		2,000		2,005,101
National Building Society
0.210%, 07/20/15		2,500		2,499,723
0.300%, 07/20/15		900		899,857
0.370%, 07/20/15		1,400		1,399,727
PNC Bank, N.A.
0.200%, 08/07/15		450		449,908
0.400%, 09/10/15		2,000		1,998,422
Societe Generale, NY Yankee 0.330%, 07/02/15		2,000		1,999,982
Swedbank 0.200%, 07/13/15		400		399,973
				15,655,939
Beverages — 3.3%
Brown Forman Corp.
0.150%, 07/07/15		1,500		1,499,962
0.180%, 07/31/15		2,000		1,999,700
				3,499,662
Chemicals — 0.5%
Airgas, Inc. 0.460%, 07/21/15		545		544,861
Diversified Financial Services — 23.4%
AXA Financial
0.140%, 07/02/15		6,500		6,499,975
0.240%, 08/03/15		2,700		2,699,406
0.390%, 11/02/15		2,500		2,496,642
BNP Paribas Financial, Inc. 0.250%, 09/11/15		2,000		1,999,000
ING (U.S.) Funding LLC
0.250%, 07/01/15		1,500		1,500,000
0.300%, 08/06/15		800		799,760
0.250%, 08/21/15		1,525		1,524,460
0.340%, 09/17/15		500		499,632
Prudential PLC
0.200%, 07/20/15		250		249,973
0.200%, 08/18/15		500		499,867
Reckitt & Benckiser Treasury Services PLC 0.280%, 10/13/15		800		799,353
WGL Holdings, Inc.
0.240%, 07/09/15		950		949,949
0.270%, 07/09/15		4,500		4,499,730
				25,017,747

	Par (000)		Value†
Electric — 19.1%
Basin Electric Power 0.170%, 07/09/15	$	3,275	$	3,274,876
Electricite de France
0.250%, 07/13/15		800		799,933
0.170%, 07/23/15		2,000		1,999,792
Electriicite de France 0.400%, 01/08/16		1,100		1,097,666
GDF Suez S.A.
0.160%, 07/01/15		1,500		1,500,000
0.200%, 07/06/15		1,000		999,972
0.210%, 07/20/15		1,000		999,889
IDACORP, Inc. 0.430%, 07/20/15		495		494,888
Kentucky Utilities 0.460%, 07/21/15		545		544,861
Oglethorpe Power Corp.
0.190%, 07/13/15		2,000		1,999,873
0.200%, 08/11/15		1,819		1,818,586
Southern California Edison Co.
0.290%, 07/20/15		3,000		2,999,541
0.300%, 07/31/15		1,900		1,899,525
				20,429,402
Electronics — 5.6%
Honeywell International, Inc. 0.330%, 12/04/15		6,000		5,991,420
Gas — 0.8%
Air Liquide US LLC 0.190%, 07/22/15		276		275,969
Sempra Energy Global 0.460%, 07/10/15		550		549,937
				825,906
Healthcare Services — 3.7%
Catholic Health 0.230%, 08/26/15		3,000		2,998,927
United Healthcare Corp. 0.300%, 07/01/15		1,000		1,000,000
				3,998,927
Insurance — 2.5%
Massmutual Global Funding II 2.300%, 09/28/15 144A @		560		562,660
Metlife, Inc.
0.170%, 07/13/15		615		614,965
0.250%, 07/13/15		250		249,979
New York Life Global Funding 0.800%, 02/12/16 144A @		1,270		1,273,157
				2,700,761
Miscellaneous Manufacturing — 0.3%
Pall Corp. 0.380%, 07/01/15		285		285,000
Oil & Gas — 0.7%
Enbridge Energy 0.700%, 07/14/15		510		509,871

45

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Money Market Fund

	Par (000)		Value†
COMMERCIAL PAPER — (continued)
Oil & Gas — (continued)
Pacific Gas & Electric Co. 0.410%, 07/08/15	$	285	$	284,977
				794,848
TOTAL COMMERCIAL PAPER (Cost $81,844,368)				81,844,368
CORPORATE BONDS — 2.6%
Diversified Financial Services — 2.6%
General Electric Capital Corp.
2.250%, 11/09/15		500		503,262
1.000%, 12/11/15		1,200		1,203,318
5.000%, 01/08/16		1,000		1,023,525
TOTAL CORPORATE BONDS (Cost $2,730,105)				2,730,105
U.S. TREASURY OBLIGATIONS — 20.6%
U.S. Treasury Note
0.060%, 01/31/16•		12,000		12,000,148
0.375%, 03/15/16		5,000		5,003,764
0.084%, 04/30/16•		5,000		5,000,591
TOTAL U.S. TREASURY OBLIGATIONS (Cost $22,004,503)				22,004,503
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity Funds MuniFund Portfolio - Institutional Shares		1		1
BlackRock Liquidity Funds TempFund - Institutional Shares		1		1
Federated Prime Obligations Fund - Class I		1		1
Fidelity Institutional Prime Money Market Portfolio		570,385		570,385
Fidelity Institutional Prime Money Market Portfolio - Class I		1		1
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class		1		1
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1
TOTAL SHORT-TERM INVESTMENTS (Cost $570,391)				570,391
TOTAL INVESTMENTS — 100.2% (Cost $107,149,367)			$	107,149,367
Other Assets & Liabilities — (0.2)%				(225,577	)
TOTAL NET ASSETS — 100.0%			$	106,923,790

† See Security Valuation Note.

• Variable Rate Security.

144A @ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

LLC — Limited Liability Company.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Maturity Schedule	Market Value		% of Portfolio		(Cumulative)
1 —     7 days	$	32,856,021		30.7%		30.7%
8 —   14 days		16,233,960		15.2%		45.9%
15 —   30 days		15,908,720		14.8%		60.7%
31 —   60 days		14,690,137		13.7%		74.4%
61 —   90 days		6,063,321		5.7%		80.1%
91 — 120 days		799,353		0.7%		80.8%
121 — 150 days		2,999,904		2.8%		83.6%
over 150 days		17,597,951		16.4%		100.0%
	$	107,149,367		100.0%

Average Weighted Maturity — 54 days

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S. TREASURY OBLIGATIONS	$	22,004,503	$	—	$	22,004,503	$	—
CORPORATE BONDS		2,730,105		—		2,730,105		—
COMMERCIAL PAPER		81,844,368		—		81,844,368		—
SHORT-TERM INVESTMENTS		570,391		570,391		—		—
TOTAL INVESTMENTS	$	107,149,367	$	570,391	$	106,578,976	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

46

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
AGENCY OBLIGATION — 1.2%
Federal National Mortgage Association — 1.2%
Federal National Mortgage Association 1.233%, 09/25/22 (Cost $2,436,276)	$	2,460	$	2,432,206
ASSET BACKED SECURITIES — 32.9%
Ally Master Owner Trust 1.540%, 09/15/19		1,000		1,002,702
Americredit Automobile Receivables Trust 2013-5 2.290%, 11/08/19		1,000		1,011,875
Avenue CLO VI Ltd. 2007-6A 2.378%, 07/17/19 144A @,•		2,500		2,435,660
Bacchus CLO 2006-1 Ltd. 1.807%, 01/20/19 144A @,•		2,000		1,995,724
Black Diamond CLO 2005-1 Delaware Corp. 2.170%, 06/20/17 144A @,•		2,000		1,970,084
Brentwood CLO Corp. 2006-1A 1.080%, 02/01/22 144A @,•		2,000		1,883,912
Chase Issuance Trust 07-B1 0.402%, 04/15/19•		2,398		2,383,197
Chesapeake Funding LLC 0.959%, 03/07/26 144A @,•		1,080		1,078,137
Conseco Financial Corp. 7.650%, 04/15/19		8		8,406
Consumers Securitization Funding LLC 2014-A 1.334%, 11/01/20		2,238		2,237,607
CPS Auto Receivables Trust 2014-A 1.210%, 08/15/18 144A @		503		502,845
Discover Card Execution Note Trust 1.040%, 04/15/19		735		736,265
Entergy Arkansas Restoration Funding LLC 2.300%, 08/01/21		752		767,226
Equity One Mortgage Pass-Through Trust 2004-1 4.145%, 04/25/34•		13		12,650
Ford Credit Auto Owner Trust 1.970%, 05/15/19		1,800		1,815,844
GE Equipment Transportation LLC Series 2013-1 1.540%, 03/24/21		1,000		1,003,598
Golden Credit Card Trust 1.390%, 07/15/19 144A @		2,000		2,001,540
Goldentree Loan Opportunities VII CLO Ltd. 2013-7A 1.384%, 04/25/25 144A @,•		3,000		2,964,450
Goldman Sachs Asset Management CLO PLC 2.982%, 08/01/22 144A @,•		2,000		1,966,482
Greens Creek Funding CLO Ltd. 2.525%, 04/18/21 144A @,•		2,000		1,991,038
Hyundai Auto Lease Securitization Trust 2014-B 1.540%, 12/17/18 144A @		1,100		1,098,222
Jasper CLO Ltd. CLO 2005-1A 1.132%, 08/01/17 144A @,•		2,375		2,334,064

	Par (000)		Value†
JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4 4.999%, 10/15/42•	$	1,880	$	1,881,198
KKR Financial CLO 2005-1 Ltd. 2.306%, 04/26/17 144A @,•		2,000		1,999,848
OHA Park Avenue CLO Ltd. 2007-1A 1.561%, 03/14/22 144A @,•		1,438		1,387,927
Popular ABS Mortgage Pass-Through Trust 2004-4 4.628%, 09/25/34•		8		8,182
Race Point IV CLO Ltd. 2.278%, 08/01/21 144A @,•		1,000		998,088
Rockwall CDO II Ltd. 2007-1A
0.482%, 08/01/24144A @,•		3,874		3,761,732
0.978%, 08/01/24144A @,•		2,065		1,919,521
Rockwall CDO Ltd. 2006-1A 0.778%, 08/01/21 144A @,•		2,000		1,968,000
SACO I, Inc. 2005-4 1.070%, 06/25/35 144A @,•		173		167,396
SLM Student Loan Trust 2004-4 0.636%, 01/27/25•		2,200		2,126,516
SLM Student Loan Trust 2004-6 0.636%, 04/25/25•		4,500		4,363,609
SLM Student Loan Trust 2004-9 0.564%, 04/25/25•		2,500		2,399,520
St James River CLO Ltd. 2.567%, 06/11/21 144A @,•		1,000		985,001
Stone Tower CLO VII Ltd. 2007-7A 2.386%, 08/30/21 144A @,•		2,000		1,971,926
Stoney Lane Funding I CLO Corp. 1.657%, 04/18/22 144A @,•		3,000		2,844,144
Sugar Creek CLO Ltd. 2.957%, 07/20/22 144A @,•		2,000		2,000,780
Tralee CDO Ltd. 2007-1A 1.733%, 04/16/22 144A @,•		2,000		1,887,990
Volvo Financial Equipment LLC Series 2013-1 1.620%, 08/17/20 144A @		1,000		1,003,205
World Financial Network Credit Card Master Trust 2012-B 1.760%, 05/17/21		1,782		1,798,391
TOTAL ASSET BACKED SECURITIES (Cost $68,651,215)				68,674,502
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.1%
Banc of America Commercial Mortgage Trust 2006-1 5.421%, 09/10/45•		2,000		2,026,102
Banc of America Merrill Lynch Commercial Mortgage Inc 5.178%, 09/10/47•		1,000		1,009,710
SLM Student Loan Trust 2004-7 0.637%, 04/25/25•		3,612		3,509,629
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,585,126)				6,545,441

47

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — 14.5%
BAMLL Commercial Mortgage Securities Trust 2013-DSNY 1.654%, 09/15/26 144A @,•	$	1,000	$	999,479
Banc of America Commercial Mortgage Trust 2006-1 5.372%, 09/10/45•		2,940		2,955,451
Boca Hotel Portfolio Trust 2013-BOCA 1.904%, 08/15/26 144A @,•		1,000		999,859
CSMC Trust 2014-SURF 1.010%, 02/15/29 144A @,•		1,000		998,960
EMAC Owner Trust 2000-1 6.551%, 01/15/27 144A @,•		301		218,246
Fannie Mae - Aces Series 2014-M2 Class ASV1 1.916%, 06/25/21		7,527		7,626,699
FHLMC Multifamily Structured Pass-Through K501-A1 1.337%, 06/25/16		13		13,379
FREMF Mortgage Trust Series 2010-K6 Class B 5.365%, 01/25/20		3,000		3,319,806
FREMF Mortgage Trust Series 2012-K708 Class C 3.887%, 01/25/19		2,000		2,051,936
FREMF Mortgage Trust Series 2013-KF02 Class C 4.174%, 12/25/45		920		939,813
FREMF Mortgage Trust, Series 2013-K713 Class C 3.274%, 04/25/20		2,400		2,361,038
Hilton USA Trust 2013-HLF 2.901%, 11/05/30 144A @,•		985		985,465
Hilton USA Trust 2014-ORL B 1.356%, 07/15/29 144A @,•		2,500		2,480,310
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A 1.104%, 12/15/28 144A @,•		1,000		999,800
Morgan Stanley Capital I Trust 2006-IQ12 5.332%, 12/15/43		3,058		3,181,298
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $30,464,011)				30,131,539
CORPORATE BONDS — 35.2%
Aerospace & Defense — 0.5%
BAE Systems PLC 3.500%, 10/11/16 144A @		1,000		1,027,665
Airlines — 4.2%
American Airlines 2013-2 Class C Pass-Through Trust 6.000%, 01/15/17 144A @		2,000		2,045,000
Continental Airlines 2009-1 Pass Through Trust 9.000%, 07/08/16		929		991,880

	Par (000)		Value†
Airlines — (continued)
Delta Air Lines 2010-2 Class B Pass-Through Trust 6.750%, 11/23/15	$	2,700	$	2,747,250
Northwest Airlines 2007-1 Class B Pass-Through Trust 8.028%, 11/01/17		2,068		2,299,348
UAL 2009-2A Pass-Through Trust 9.750%, 01/15/17		712		774,644
				8,858,122
Auto Manufacturers — 1.0%
General Motors Financial Co, Inc. 2.400%, 04/10/18		2,000		2,004,972
Banks — 1.2%
Bank of America Corp. 3.750%, 07/12/16		1,000		1,025,139
State Street Corp. 4.956%, 03/15/18		1,350		1,451,222
				2,476,361
Beverages — 0.9%
Constellation Brands, Inc. 7.250%, 05/15/17		1,750		1,907,544
Biotechnology — 0.5%
Celgene Corp. 2.450%, 10/15/15		1,000		1,004,308
Diversified Financial Services — 4.5%
AerCap Aviation Solutions BV 6.375%, 05/30/17		1,000		1,058,750
Ally Financial, Inc. 3.600%, 05/21/18		1,000		1,001,250
American Express Co. 6.150%, 08/28/17		2,000		2,188,600
Ford Motor Credit Co. LLC 8.000%, 12/15/16		2,000		2,178,818
Icahn Enterprises LP 3.500%, 03/15/17		1,000		1,006,250
Vesey Street Investment Trust, STEP 4.404%, 09/01/16•		2,000		2,071,532
				9,505,200
Electric — 4.4%
Entergy Gulf States, Inc. 6.180%, 03/01/35		2,000		2,006,118
Israel Electric Corp. Ltd. 6.700%, 02/10/17 144A @		1,000		1,062,500
LG&E and KU Energy LLC 2.125%, 11/15/15		1,000		1,003,698
Puget Sound Energy, Inc. 6.740%, 06/15/18		3,000		3,414,090
San Diego Gas & Electric Co. 1.914%, 02/01/22		1,605		1,611,670
				9,098,076

48

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Electronics — 0.5%
Thermo Fisher Scientific, Inc. 1.300%, 02/01/17	$	1,000	$	998,339
Environmental Control — 0.5%
Waste Management, Inc. 2.600%, 09/01/16		1,000		1,017,537
Food — 1.0%
ConAgra Foods, Inc. 1.300%, 01/25/16		1,000		1,000,140
Tyson Foods, Inc. 6.600%, 04/01/16		645		669,652
WM Wrigley Jr. Co. 1.400%, 10/21/16 144A @		500		501,279
				2,171,071
Gas — 1.0%
Florida Gas Transmission Co., LLC 4.000%, 07/15/15 144A @		1,000		1,000,799
Sabine Pass LNG LP 7.500%, 11/30/16		1,000		1,052,510
				2,053,309
Healthcare Products — 0.5%
Becton Dickinson and Co. 1.450%, 05/15/17		1,000		999,268
Healthcare Services — 0.5%
Fresenius Medical Care US Finance, Inc. 6.875%, 07/15/17		1,000		1,082,500
Machinery — Diversified — 2.5%
CNH Industrial Capital LLC 3.875%, 11/01/15		2,000		2,005,000
3.875%, 07/16/18144A @		2,000		2,002,500
Xylem, Inc. 3.550%, 09/20/16		1,165		1,195,105
				5,202,605
Media — 0.9%
Thomson Reuters Corp. 0.875%, 05/23/16		1,000		997,975
1.300%, 02/23/17		1,000		997,672
				1,995,647
Miscellaneous Manufacturing — 0.5%
Bombardier, Inc. 5.500%, 09/15/18 144A @		1,000		990,000
Oil & Gas — 1.0%
Chesapeake Energy Corp. 6.500%, 08/15/17		1,000		1,023,750
Statoil ASA 3.125%, 08/17/17		1,000		1,038,937
				2,062,687
Oil & Gas Services — 0.5%
Cameron International Corp. 1.150%, 12/15/16		1,000		994,167

	Par (000)		Value†
Pharmaceuticals — 1.1%
Mylan, Inc. 1.800%, 06/24/16	$	1,260	$	1,260,631
Perrigo Co., PLC 1.300%, 11/08/16 144A @		1,000		995,767
				2,256,398
Pipelines — 1.9%
Kinder Morgan Energy Partners LP 3.500%, 03/01/16		1,000		1,014,408
Spectra Energy Partners LP 2.950%, 06/15/16		1,000		1,014,044
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23		2,000		1,972,820
				4,001,272
Retail — 1.0%
Macy’s Retail Holdings, Inc. 5.900%, 12/01/16		1,910		2,035,004
Semiconductors — 1.3%
Micron Semiconductor Asia Pte Ltd. 1.258%, 01/15/19		800		800,332
NXP BV 3.750%, 06/01/18 144A @		1,000		1,007,500
Samsung Electronics America, Inc. 1.750%, 04/10/17 144A @		1,000		1,006,422
				2,814,254
Telecommunications — 2.3%
America Movil S.A.B. de C.V. 2.375%, 09/08/16		1,000		1,012,620
British Telecommunications PLC 1.625%, 06/28/16		1,000		1,005,081
Deutsche Telekom International Finance B.V. 3.125%, 04/11/16 144A @		1,000		1,017,008
Verizon Communications, Inc. 2.500%, 09/15/16		680		691,034
1.350%, 06/09/17		1,000		998,583
				4,724,326
Trucking and Leasing — 1.0%
GATX Corp. 1.250%, 03/04/17		1,000		997,050
TTX Co. 5.400%, 02/15/16 144A @		1,000		1,022,373
				2,019,423
TOTAL CORPORATE BONDS (Cost $73,587,066)				73,300,055
MUNICIPAL NOTE — 0.2%
Regional — 0.2%
La Paz County Industrial Development Authority 6.250%, 12/01/19 (Cost $391,865)		375		415,995

49

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
RESIDENTIAL MORTGAGE BACKED SECURITIES — 3.6%
Collateralized Mortgage Obligations — 3.5%
Fannie Mae REMICS 0.370%, 10/27/37 •	$	7,440	$	7,352,243
Fannie Mae Pool — 0.1%
4.000%, 06/01/20		169		177,648
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $7,545,634)				7,529,891
U.S. TREASURY OBLIGATIONS — 7.2%
U.S. Treasury Note 2.000%, 04/30/16		3,000		3,042,186
0.875%, 02/28/17		6,750		6,786,389
0.875%, 05/15/17		2,950		2,963,830
0.750%, 03/31/18		2,250		2,238,574
TOTAL U.S. TREASURY OBLIGATIONS (Cost $15,021,336)				15,030,979
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		3,485,471		3,485,471
BlackRock Liquidity Funds TempFund - Institutional Shares		218		218
Federated Prime Obligations Fund - Class I		407		407
Fidelity Institutional Prime Money Market Portfolio		1,020		1,020
Fidelity Institutional Prime Money Market Portfolio - Class I		198		198
Wells Fargo Advantage Government Money Market Fund - Institutional Class		77		77
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class		5		5
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1
TOTAL SHORT-TERM INVESTMENTS (Cost $3,487,397)				3,487,397
TOTAL INVESTMENTS — 99.6% (Cost $208,169,926)			$	207,548,005
Other Assets & Liabilities — 0.4%				931,167
TOTAL NET ASSETS — 100.0%			$	208,479,172

† See Security Valuation Note.

144A @ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

• Variable Rate Security.

CDO — Collateralized debt obligations.

CLO — Collateralized loan obligations.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

REMICS — Real Estate Mortgage Investment Conduits.

STEP — Step Coupon Bond.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	74	%
Cayman Islands	18
Canada	2
Netherlands	2
Ireland	1
Israel	1
United Kingdom	1
Other	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S. TREASURY OBLIGATIONS	$	15,030,979	$	—	$	15,030,979	$	—
ASSET BACKED SECURITIES		68,674,502		—		68,674,502		—
COLLATERALIZED MORTGAGE OBLIGATIONS		6,545,441		—		6,545,441		—
COMMERCIAL MORTGAGE BACKED SECURITIES		32,563,745		—		32,563,745		—
CORPORATE BONDS		73,300,055		—		73,300,055		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		7,529,891		—		7,529,891		—
SHORT-TERM INVESTMENTS		3,487,397		3,487,397		—		—
MUNICIPAL NOTES		415,995		—		415,995		—
TOTAL INVESTMENTS	$	207,548,005	$	3,487,397	$	204,060,608	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

50

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
AGENCY OBLIGATIONS — 1.0%
Federal National Mortgage Association — 1.0%
1.233%, 09/25/22	$	3,213	$	3,177,069
3.000%, 11/28/25		2,500		2,468,990
TOTAL AGENCY OBLIGATIONS (Cost $5,607,685)				5,646,059
ASSET BACKED SECURITIES — 18.6%
Avenue CLO VI Ltd. 2007-6A 2.424%, 07/17/19 144A @,•		2,500		2,435,660
Babson CLO, Inc. 2007-I 1.525%, 01/18/21 144A @,•		2,500		2,416,210
Bacchus CLO 2006-1 Ltd. 1.825%, 01/20/19 144A @,•		2,000		1,995,724
Black Diamond CLO 2005-1 Delaware Corp. 2.181%, 06/20/17 144A @,•		3,000		2,955,126
Brentwood CLO Corp. 2006-1A 1.098%, 02/01/22 144A @,•		4,000		3,767,824
Chrysler Capital Auto Receivables Trust 2014-B 2.700%, 05/15/20 144A @		3,000		3,015,342
College Loan Corp. Trust I 2006-1 1.027%, 04/25/46 144A @,•		5,000		4,875,285
Conseco Financial Corp. 1996-10 7.240%, 11/15/28 •		425		257,785
Ford Credit Auto Owner Trust 2012-D 1.010%, 05/15/18		2,385		2,377,556
Gleneagles CLO Ltd. 2005-1A 0.678%, 11/01/17 144A @,•		3,000		2,995,710
Goldentree Loan Opportunities VII CLO Ltd. 2013-7A 1.427%, 04/25/25 144A @,•		3,000		2,964,450
HLSS Servicer Advance Receivables Trust 2012-T2 1.990%, 10/15/45 144A @		2,450		2,447,550
Jasper CLO Ltd. 2005-1A 1.178%, 08/01/17 144A @,•		4,375		4,299,593
Keycorp Student Loan Trust 2006-A 0.592%, 09/27/35 •		5,000		4,860,090
KKR Financial CLO 2005-1 Ltd. 2.327%, 04/26/17 144A @,•		3,000		2,999,772
Morgan Stanley Capital I Trust 2005-IQ10 5.519%, 09/15/42 •		1,480		1,502,518
Race Point III CLO Ltd. 2006-3 1.925%, 04/15/20 144A @,•		3,480		3,479,906
Rockwall CDO II Ltd. 2007-1A 0.528%, 08/01/24144A @,•		6,586		6,394,945
0.978%, 08/01/24144A @,•		4,000		3,718,200
Rockwall CDO Ltd. 2006-1A 0.778%, 08/01/21 144A @,•		3,000		2,952,000
SACO I, Inc. 2005-4 1.087%, 06/25/35 144A @,•		520		502,187
SLC Student Loan Trust 2005-1 0.474%, 02/15/45 •		6,672		6,033,533
SLM Student Loan Trust 2004-4 0.657%, 01/27/25 •		5,800		5,606,268
SLM Student Loan Trust 2004-6 0.657%, 04/25/25 •		10,000		9,696,910

	Par (000)		Value†
SLM Student Loan Trust 2004-9 0.607%, 04/25/25 •	$	5,000	$	4,799,040
SLM Student Loan Trust 2005-10 0.547%, 10/26/26 •		5,000		4,707,080
SLM Student Loan Trust 2012-6 1.187%, 04/27/43 •		7,205		6,809,554
Stone Tower CLO VII Ltd. 2007-7A 2.386%, 08/30/21 144A @,•		3,000		2,957,889
TOTAL ASSET BACKED SECURITIES (Cost $104,096,697)				103,823,707
COMMERCIAL MORTGAGE BACKED SECURITIES — 22.8%
Banc of America Commercial Mortgage Trust 2006-1 5.372%, 09/10/45 •		5,700		5,729,469
Boca Hotel Portfolio Trust 2013-BOCA 1.336%, 08/15/26144A @,•		305		304,554
1.936%, 08/15/26144A @,•		1,000		999,859
CFCRE Commercial Mortgage Trust 2011-C1 4.961%, 04/15/44 144A @,•		1,000		1,108,473
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4 5.322%, 12/11/49		1,500		1,562,913
EMAC Owner Trust 2000-1 6.429%, 01/15/27 144A @,•		601		436,493
FREMF Mortgage Trust Series 2010-K6 Class B 5.358%, 12/25/46 144A @		7,795		8,625,963
FREMF Mortgage Trust Series 2012-K18 Class B 4.410%, 01/25/22 144A @,•		6,000		6,331,632
FREMF Mortgage Trust Series 2012-K19 Class C 4.036%, 03/25/22 144A @,•		4,500		4,581,598
FREMF Mortgage Trust Series 2012-K21 Class C 3.938%, 07/25/45 144A @		4,720		4,764,749
FREMF Mortgage Trust Series 2012-K22 Class B 3.687%, 08/25/45 144A @,•		9,145		9,312,472
FREMF Mortgage Trust Series 2012-K23 Class C 3.782%, 10/25/45 144A @		5,000		4,955,345
FREMF Mortgage Trust Series 2012-K707 Class B 3.883%, 12/25/18 144A @		8,272		8,618,771
FREMF Mortgage Trust Series 2012-K710 Class C 3.949%, 06/25/47 144A @		5,175		5,315,983
FREMF Mortgage Trust Series 2012-K711 Class B 3.684%, 08/25/45 144A @		6,000		6,098,184
FREMF Mortgage Trust Series 2013-K27 Class C 3.497%, 01/25/46 144A @		5,000		4,839,495
FREMF Mortgage Trust Series 2013-K28 Class C 3.614%, 03/25/23 144A @,•		4,751		4,590,098
FREMF Mortgage Trust Series 2013-KF02 Class C 4.181%, 12/25/45 144A @,•		920		939,813
FREMF Mortgage Trust Series 2014-K37 Class B 4.558%, 01/25/47 144A @		5,825		6,172,694

51

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)
FREMF Mortgage Trust Series 2014-K40 Class B 4.072%, 09/25/25 144A @	$	4,500	$	4,570,011
FREMF Mortgage Trust Series 2014-K41 Class B 3.960%, 11/25/47 144A @		5,000		4,945,040
FREMF Mortgage Trust Series 2014-K503 Class B 3.009%, 10/25/19 144A @		5,000		5,035,460
FREMF Mortgage Trust Series 2015-K43 Class B 3.863%, 02/25/48 144A @		5,000		5,001,030
FREMF Mortgage Trust Series 2015-K44 Class B 3.685%, 01/25/25 144A @		5,000		4,874,865
FREMF Mortgage Trust Series 2015-K45 Class B 3.714%, 02/25/25 144A @		5,000		4,703,855
FREMF Mortgage Trust Series 2015-K718 Class B 3.670%, 02/25/22 144A @		4,500		4,454,653
Hilton USA Trust 2013-HLT 4.407%, 11/05/30 144A @		1,000		1,008,677
Hilton USA Trust 2014-ORL B 1.386%, 07/15/29 144A @,•		1,500		1,488,186
JP Morgan Chase Commercial Mortgage 1.682%, 12/15/28 144A @,•		1,900		1,899,981
JP Morgan Chase Commercial Mortgage Securities Trust 2005-CIBC12 4.948%, 09/12/37 •		1,452		1,451,016
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP10 5.420%, 01/15/49		1,399		1,464,174
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A 1.136%, 12/15/28 144A @,•		1,000		999,800
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $127,383,380)				127,185,306
CORPORATE BONDS — 35.2%
Aerospace & Defense — 0.4%
The Boeing Co. 6.625%, 02/15/38		1,555		2,080,969
Airlines — 2.2%
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821%, 08/10/22		2,420		2,777,518
UAL 2009-1 Pass Through Trust 10.400%, 11/01/16		3,137		3,419,748
US Airways 2012-1 Class A Pass Through Trust 5.900%, 10/01/24		2,586		2,922,553
US Airways 2012-2 Class B, Pass Through Trust 6.750%, 06/03/21		3,142		3,385,368
				12,505,187
Auto Manufacturers — 0.4%
General Motors Co. 4.000%, 04/01/25		2,500		2,454,085

	Par (000)		Value†
Banks — 2.7%
Bank of America Corp. 5.650%, 05/01/18	$	1,000	$	1,098,508
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 4.625%, 12/01/23		1,750		1,805,489
Morgan Stanley 5.950%, 12/28/17		2,050		2,253,391
Skandinaviska Enskilda Banken AB 2.375%, 03/25/19 144A @		3,000		3,029,400
State Street Corp. 4.956%, 03/15/18		3,500		3,762,426
Wells Fargo & Co. 5.375%, 11/02/43		3,000		3,203,160
				15,152,374
Biotechnology — 0.9%
Amgen, Inc. 2.700%, 05/01/22		3,000		2,900,289
Biogen Idec, Inc. 6.875%, 03/01/18		1,000		1,131,529
Genentech, Inc. 5.250%, 07/15/35		1,000		1,166,768
				5,198,586
Commercial Services — 1.1%
Drawbridge Special Opportunities Fund LP 5.000%, 08/01/21 144A @		2,000		2,000,000
ERAC USA Finance LLC 2.350%, 10/15/19 144A @		1,000		993,461
Massachusetts Institute of Technology 3.959%, 07/01/38		3,300		3,287,024
				6,280,485
Computers — 0.2%
Hewlett-Packard Co. 2.600%, 09/15/17		1,000		1,018,083
Distribution & Wholesale — 0.7%
WW Grainger, Inc. 4.600%, 06/15/45		4,000		4,004,088
Diversified Financial Services — 2.7%
Air Lease Corp. 3.750%, 02/01/22		2,000		1,998,800
American Express Co. 6.150%, 08/28/17		4,000		4,377,200
General Electric Capital Corp. 7.500%, 08/21/35		2,652		3,779,917
JBG Rockville NCI Campus LLC 6.100%, 07/15/33 144A @		4,000		4,671,228
				14,827,145
Electric — 2.5%
Duke Energy Carolinas LLC 6.100%, 06/01/37		4,345		5,290,646
Enel Finance International NV 6.250%, 09/15/17 144A @		1,000		1,094,848

52

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Electric — (continued)
Entergy Gulf States, Inc. 6.180%, 03/01/35	$	5,000	$	5,015,295
The Toledo Edison Co. 6.150%, 05/15/37		2,335		2,681,446
				14,082,235
Engineering & Construction — 0.4%
Sydney Airport Finance Co. Pty Ltd. 3.375%, 04/30/25 144A @		2,000		1,924,228
Food — 0.9%
The J.M. Smucker Co. 3.500%, 10/15/21		3,890		4,001,343
WM Wrigley Jr. Co. 2.400%, 10/21/18 144A @		1,000		1,014,206
				5,015,549
Forest Products & Paper — 0.5%
Georgia-Pacific LLC 3.163%, 11/15/21 144A @		2,500		2,530,410
Gas — 1.4%
Centrica PLC 5.375%, 10/16/43 144A @		1,000		1,024,159
Northwest Natural Gas Co. 7.000%, 08/01/17		5,000		5,541,125
Sabine Pass LNG LP 7.500%, 11/30/16		1,380		1,452,464
				8,017,748
Healthcare Products — 1.3%
Becton Dickinson and Co.
3.300%, 03/01/23		1,103		1,071,536
4.875%, 05/15/44		2,000		1,994,222
Covidien International Finance SA 6.000%, 10/15/17		1,000		1,102,035
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,000		1,023,239
St. Jude Medical, Inc. 4.750%, 04/15/43		1,000		999,409
Zimmer Holdings, Inc. 4.625%, 11/30/19		1,000		1,087,253
				7,277,694
Healthcare Services — 0.6%
HCA, Inc. 5.375%, 02/01/25		3,000		3,048,900
Insurance — 0.5%
New York Life Insurance Co. 5.875%, 05/15/33 144A @		2,425		2,861,301
Internet — 0.4%
Alibaba Group Holding Ltd. 3.600%, 11/28/24 144A @		2,500		2,410,568
Investment Companies — 0.2%
Ares Capital Corp. 4.875%, 11/30/18		1,000		1,048,396

	Par (000)		Value†
Media — 1.1%
Belo Corp. 7.750%, 06/01/27	$	1,000	$	1,102,500
Comcast Cable Holdings LLC 9.875%, 06/15/22		1,000		1,333,000
Time Warner, Inc. 3.600%, 07/15/25		3,000		2,918,043
Viacom, Inc. 5.850%, 09/01/43		1,000		995,342
				6,348,885
Mining — 0.5%
Barrick Gold Corp. 5.250%, 04/01/42		2,000		1,790,682
Goldcorp, Inc. 3.625%, 06/09/21		1,000		994,620
				2,785,302
Miscellaneous Manufacturing — 0.5%
Siemens Financieringsmaatschappij NV 2.900%, 05/27/22 144A @		3,000		2,960,850
Oil & Gas — 2.1%
Anadarko Petroleum Corp. 0.000%, 10/10/36 ¤		7,500		3,000,000
BG Energy Capital PLC 4.000%, 10/15/21 144A @		1,000		1,060,856
BP Capital Markets PLC 2.500%, 11/06/22		2,500		2,376,670
Cnooc Finance 2015 Australia Pty Ltd. 2.625%, 05/05/20		3,000		2,960,781
Southwestern Energy Co. 4.950%, 01/23/25		2,000		2,020,618
				11,418,925
Oil & Gas Services — 0.2%
Schlumberger Oilfield UK PLC 4.200%, 01/15/21 144A @		1,000		1,074,503
Pharmaceuticals — 2.5%
Cardinal Health, Inc. 4.900%, 09/15/45		3,000		2,989,182
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34		1,000		1,139,773
Johnson & Johnson 4.375%, 12/05/33		4,000		4,238,704
Perrigo Co. PLC 4.000%, 11/15/23		1,000		1,013,412
Wyeth LLC 5.950%, 04/01/37		4,000		4,771,632
				14,152,703
Pipelines — 1.5%
Energy Transfer Partners LP 4.650%, 06/01/21		2,000		2,052,688
Enterprise Products Operating LLC 3.700%, 02/15/26		4,000		3,873,052

53

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Pipelines — (continued)
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23	$	2,500	$	2,466,025
				8,391,765
Real Estate Investment Trusts — 0.5%
American Tower Corp. 4.700%, 03/15/22		2,500		2,606,720
Retail — 1.0%
McDonald’s Corp. 5.700%, 02/01/39		2,610		2,914,201
Walgreens Boots Alliance, Inc. 4.800%, 11/18/44		3,000		2,822,988
				5,737,189
Software — 1.1%
Microsoft Corp. 3.500%, 02/12/35		3,000		2,742,588
Oracle Corp. 2.500%, 05/15/22		3,500		3,398,528
				6,141,116
Telecommunications — 1.2%
Crown Castle Towers LLC 3.663%, 05/15/25 144A @		4,000		3,914,400
Verizon Communications, Inc. 2.450%, 11/01/22		3,000		2,816,352
				6,730,752
Transportation — 2.8%
BNSF Railway Co. 2015-1 Pass Through Trust 3.442%, 06/16/28 144A @		5,500		5,437,383
Canadian National Railway Co. 6.250%, 08/01/34		3,855		4,795,554
Federal Express Corp 1999 Pass Through Trust 7.650%, 01/15/22		1,091		1,314,060
United Parcel Service, Inc. 6.200%, 01/15/38		3,000		3,750,168
				15,297,165
Trucking and Leasing — 0.2%
TTX Co. 5.400%, 02/15/16 144A @		1,000		1,022,373
TOTAL CORPORATE BONDS (Cost $199,440,894)				196,406,279
MUNICIPAL BONDS — 4.7%
City of San Antonio, TX 6.038%, 08/01/35		3,000		3,397,230
Commonwealth of Virginia 4.700%, 06/01/29		2,000		2,136,000
Metropolitan Transit Authority of Harris County 6.875%, 11/01/38		1,205		1,378,737
Metropolitan Water District of Southern California 6.947%, 07/01/40		1,000		1,173,940

	Par (000)		Value†
Northeast Ohio Regional Sewer District 6.038%, 11/15/40	$	2,385	$	2,690,876
Orange County Sanitation District 6.400%, 02/01/44		1,100		1,409,375
Puerto Rico Sales Tax Financing Corp. 6.050%, 08/01/36		3,325		1,920,188
San Francisco City & County Public Utilities Commission 6.950%, 11/01/50		2,000		2,712,000
South Carolina State Public Service Authority 5.784%, 12/01/41		2,000		2,286,260
Texas Transportation Commission State Highway Fund 5.178%, 04/01/30		2,000		2,309,820
University of California 4.767%, 05/15/99		3,000		2,722,260
West Virginia University 4.471%, 10/01/42		2,000		2,051,780
Total MUNICIPAL BONDS (Cost $25,729,751)				26,188,466
RESIDENTIAL MORTGAGE BACKED SECURITIES — 10.8%
Fannie Mae Pool — 9.3%
3.500%, 03/01/41		1,395		1,441,350
2.500%, 01/01/43		3,318		3,186,910
2.500%, 02/01/43		9,632		9,251,985
3.000%, 03/01/43		9,550		9,541,761
2.500%, 05/01/43		11,849		11,380,867
3.500%, 09/01/43		1,948		2,011,939
3.000%, 07/01/45		15,000		14,944,043
				51,758,855
Freddie Mac Gold Pool — 1.4%
3.500%, 12/01/40		3,934		4,054,211
3.500%, 01/01/41		2,631		2,711,920
3.500%, 02/01/41		792		816,483
				7,582,614
Ginnie Mae Pool — 0.1%
6.000%, 10/15/38		455		515,895
6.000%, 10/15/38		252		285,775
9.000%, 10/15/30		7		7,462
				809,132
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $59,124,164)				60,150,601
U.S. TREASURY OBLIGATIONS — 8.4%
U.S. Treasury Bond 1.375%, 01/31/20		5,000		4,961,330
2.125%, 01/31/21		3,000		3,049,923
2.125%, 06/30/21		4,500		4,555,899
3.125%, 02/15/43		4,000		4,005,624
3.625%, 08/15/43		2,950		3,245,460
3.750%, 11/15/43		3,500		3,937,500
2.500%, 02/15/45		2,600		2,288,754

54

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — (continued)
U.S. Treasury Note 0.625%, 08/31/17	$	4,000	$	3,993,124
1.750%, 05/15/23		2,250		2,176,349
United States Treasury Inflation Indexed Bonds 0.125%, 04/15/20		5,000		5,098,262
0.250%, 01/15/25		10,000		9,813,020
TOTAL U.S. TREASURY OBLIGATIONS (Cost $47,098,403)				47,125,245
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.0%
BlackRock Liquidity Funds TempFund - Institutional Shares		447		447
Federated Prime Obligations Fund - Class I		312		312
Fidelity Institutional Prime Money Market Portfolio		715		715
Fidelity Institutional Prime Money Market Portfolio - Class I		272		272
Wells Fargo Advantage Government Money Market Fund - Institutional Class		52		52
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class		1		1
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1
TOTAL SHORT-TERM INVESTMENTS (Cost $1,800)				1,800
TOTAL INVESTMENTS — 101.5% (Cost $568,482,774)			$	566,527,463
Other Assets & Liabilities — (1.5)%				(8,519,088	)
TOTAL NET ASSETS — 100.0%			$	558,008,375

† See Security Valuation Note.

144A @ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

• Variable Rate Security.

¤ Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity.

CDO — Collateralized debt obligations.

CLO — Collateralized loan obligations.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	86	%
Cayman Islands	8
Australia	1
Canada	1
Ireland	1
Netherlands	1
United Kingdom	1
Other	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S. TREASURY OBLIGATIONS	$	47,125,245	$	—	$	47,125,245	$	—
AGENCY OBLIGATIONS		5,646,059		—		5,646,059		—
ASSET BACKED SECURITIES		103,823,707		—		103,823,707		—
COMMERCIAL MORTGAGE BACKED SECURITIES		127,185,306		—		127,185,306		—
CORPORATE BONDS		196,406,279		—		196,406,279		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		60,150,601		—		60,150,601		—
MUNICIPAL BONDS		26,188,466		—		26,188,466		—
SHORT-TERM INVESTMENTS		1,800		1,800		—		—
TOTAL INVESTMENTS	$	566,527,463	$	1,800	$	566,525,663	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

55

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
ASSET BACKED SECURITIES — 0.2%
Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125%, 04/29/18 (Cost $325,000)	$	325	$	338,813
	Number of Shares		Value†
COMMON STOCKS — 0.8%
Auto Manufacturers — 0.1%
General Motors Co.		5,200		173,316
Diversified Financial Services — 0.0%
Sentry Holdings A Shares*~		275		260
Entertainment — 0.0%
New Cotai Participation Class B* 144A @,^,~		1		33,764
Media — 0.1%
Liberty Global PLC, Series C*		2,300		116,449
Oil & Gas — 0.3%
Range Resources Corp.		3,245		160,238
Seven Generations Energy Ltd. Class A*		26,320		343,909
				504,147
Real Estate — 0.0%
The Howard Hughes Corp.*		600		86,124
Semiconductors — 0.1%
Advanced Micro Devices, Inc.*		42,800		102,720
Telecommunications — 0.2%
Altice S.A.*		1,372		188,979
T-Mobile US, Inc.*		6,400		248,128
				437,107
TOTAL COMMON STOCKS (Cost $1,348,544)				1,453,887
PREFERRED STOCKS — 0.7%
Banks — 0.2%
Ally Financial, Inc. 144A @		500		505,234
Diversified Financial Services — 0.0%
Sentry Holdings B Pref Shrs*~		65,529		76,192
Oil & Gas — 0.1%
Penn Virginia Corp. CONV. 144A @		2,316		131,288
Packaging and Containers — 0.0%
Smurfit-Stone Container Corp. (Escrow) CONV.*^,~		725		0
Pharmaceuticals — 0.2%
Allergan PLC Pref Shs Series A		337		351,349
Telecommunications — 0.2%
Crown Castle International Corp. CONV.		2,450		252,840
T-Mobile US, Inc.		1,463		98,753
				351,593
TOTAL PREFERRED STOCKS (Cost $1,497,590)				1,415,656

	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 0.1%
Diversified — 0.1%
American Tower Corp.	$	1,207	$	120,760
American Tower Corp.		1,325		132,500
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $253,200)				253,260
CORPORATE BONDS — 92.0%
Advertising — 0.7%
Lamar Media Corp. 5.875%, 02/01/22		125		129,375
MDC Partners, Inc. 6.750%, 04/01/20 144A @		750		747,187
Outfront Media Capital LLC 5.625%, 02/15/24 144A @		175		178,938
5.625%, 02/15/24		225		230,063
				1,285,563
Aerospace & Defense — 0.7%
Accudyne Industries LLC 7.750%, 12/15/20 144A @		500		462,500
DAE Aviation Holdings, Inc. 10.000%, 07/15/23 144A @		250		250,000
Ducommun, Inc. 9.750%, 07/15/18		300		316,140
TransDigm, Inc. 6.500%, 07/15/24		200		197,500
6.500%, 05/15/25 144A @		175		173,250
				1,399,390
Airlines — 1.2%
Air Canada 7.750%, 04/15/21 144A @		350		373,625
American Airlines 2013-1 Class B Pass Through Trust 5.625%, 01/15/21 144A @		69		71,264
American Airlines 2013-1 Class C Pass Through Trust 6.125%, 07/15/18 144A @,^		200		206,000
American Airlines Group Inc 5.500%, 10/01/19 144A @		650		654,875
United Airlines 2014-2 Class B Pass Through Trust 4.625%, 09/03/22		70		71,400
United Continental Holdings, Inc. 6.375%, 06/01/18		325		338,813
6.000%, 12/01/20		600		616,500
				2,332,477
Apparel — 0.5%
Levi Strauss & Co. 6.875%, 05/01/22		200		213,500
QS Wholesale, Inc. 10.000%, 08/01/20		325		120,250
The William Carter Co. 5.250%, 08/15/21		500		512,500
Wolverine World Wide, Inc. 6.125%, 10/15/20		100		106,000
				952,250

56

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Auto Manufacturers — 0.5%
Jaguar Land Rover Automotive PLC 5.625%, 02/01/23 144A @	$	600	$	621,000
Navistar International Corp. 8.250%, 11/01/21		350		332,500
				953,500
Auto Parts & Equipment — 1.3%
Affinia Group, Inc. 7.750%, 05/01/21		200		209,000
Gestamp Funding Luxembourg S.A. 5.625%, 05/31/20 144A @		300		307,500
MPG Holdco I , Inc. 7.375%, 10/15/22		475		505,875
Nexteer Automotive Group Ltd. 5.875%, 11/15/21 144A @		400		410,000
Omega US Sub LLC 8.750%, 07/15/23 144A @		450		448,875
Pittsburgh Glass Works LLC 8.000%, 11/15/18 144A @		163		171,557
Schaeffler Holding Finance BV PIK (Cash coupon 6.875%, PIK 7.625%) 144A @		250		258,750
PIK 6.250%, 11/15/19 144A @		200		210,750
				2,522,307
Banks — 2.7%
Ally Financial, Inc. 7.500%, 09/15/20		260		302,900
8.000%, 11/01/31		225		269,438
CIT Group, Inc. 6.625%, 04/01/18 144A @		500		530,625
5.375%, 05/15/20		300		312,750
5.000%, 08/15/22		225		222,750
Halyk Savings Bank of Kazakhstan JSC 7.250%, 05/03/17 144A @		100		103,250
7.250%, 01/28/21 144A @		400		412,000
JPMorgan Chase & Co. 5.300%, 12/29/49•		350		347,410
Provident Funding Associates LP 6.750%, 06/15/21 144A @		950		907,250
Sberbank of Russia Via SB Capital S.A. 6.125%, 02/07/22 144A @		400		384,000
Synovus Financial Corp. 5.125%, 06/15/17		600		613,500
7.875%, 02/15/19		300		336,750
The Goldman Sachs Group, Inc. 5.375%, 12/31/49•		475		469,252
				5,211,875
Beverages — 0.3%
Constellation Brands, Inc. 6.000%, 05/01/22		300		327,066
Cott Beverages, Inc. 6.750%, 01/01/20 144A @		250		259,375
				586,441

	Par (000)		Value†
Biotechnology — 0.2%
Concordia Healthcare Corp. 7.000%, 04/15/23 144A @	$	325	$	325,000
Building Materials — 1.7%
Builders FirstSource, Inc. 7.625%, 06/01/21 144A @		325		336,375
Interline Brands, Inc. PIK 10.000%, 11/15/18		105		109,725
Masonite International Corp. 5.625%, 03/15/23 144A @		175		177,844
NCI Building Systems, Inc. 8.250%, 01/15/23 144A @		225		239,625
Norbord, Inc. 6.250%, 04/15/23 144A @		225		227,812
Nortek, Inc. 8.500%, 04/15/21		350		373,625
Reliance Intermediate Holdings LP 6.500%, 04/01/23 144A @		450		468,000
Summit Materials LLC 10.500%, 01/31/20		268		292,455
USG Corp. 9.750%, 01/15/18		450		511,875
5.875%, 11/01/21 144A @		100		105,250
Vulcan Materials Co. 7.500%, 06/15/21		300		345,000
				3,187,586
Chemicals — 2.3%
Axalta Coating Systems US Holdings, Inc. 7.375%, 05/01/21 144A @		150		160,688
Ciech Group Financing AB 9.500%, 11/30/19 144A @		250		304,327
Hexion, Inc. 8.875%, 02/01/18		600		541,500
6.625%, 04/15/20		375		344,063
10.000%, 04/15/20		150		154,125
INEOS Group Holdings S.A. 6.125%, 08/15/18 144A @		200		204,250
Kerling PLC 10.625%, 02/01/17 144A @		325		370,479
Momentive Performance Materials, Inc. 3.880%, 10/24/21		575		516,062
Platform Specialty Products Corp. 6.500%, 02/01/22 144A @		350		361,375
PolyOne Corp. 5.250%, 03/15/23		250		247,500
PQ Corp. 8.750%, 05/01/18 144A @		475		479,750
Rayonier AM Products, Inc. 5.500%, 06/01/24 144A @		475		423,937
Univar, Inc. 6.750%, 07/15/23 144A @		250		252,500
				4,360,556
Coal — 1.2%
Alpha Natural Resources, Inc. 3.750%, 12/15/17		100		7,625

57

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Coal — (continued)
CONSOL Energy, Inc. 5.875%, 04/15/22	$	600	$	510,000
8.000%, 04/01/23 144A @		325		308,344
Murray Energy Corp. 11.250%, 04/15/21 144A @		975		819,000
Peabody Energy Corp. 6.000%, 11/15/18		550		264,000
SunCoke Energy Partners LP 7.375%, 02/01/20 144A @		250		252,500
7.375%, 02/01/20 144A @		200		202,000
				2,363,469
Commercial Services — 3.4%
Alliance Data Systems Corp. 5.375%, 08/01/22 144A @		300		295,500
Ashtead Capital, Inc. 6.500%, 07/15/22 144A @		125		132,500
CAR, Inc. 6.125%, 02/04/20 144A @		210		214,200
CoreLogic, Inc. 7.250%, 06/01/21		350		370,125
Europcar Groupe S.A. 11.500%, 05/15/17 144A @		350		433,900
5.750%, 06/15/22 144A @		200		227,430
FTI Consulting, Inc. 6.750%, 10/01/20		75		77,813
6.000%, 11/15/22		325		338,812
H&E Equipment Services, Inc. 7.000%, 09/01/22		150		154,688
Harland Clarke Holdings Corp. 6.875%, 03/01/20 144A @		125		120,000
Igloo Holdings Corp. PIK (Cash coupon 8.250%, PIK 9.000%) 8.250%, 12/15/17 144A @		175		177,188
Iron Mountain Europe PLC 6.125%, 09/15/22 144A @		225		362,919
Jaguar Holding Co. I PIK (Cash coupon 9.375%, PIK 10.125%) 9.375%, 10/15/17 144A @		225		229,770
Jaguar Holding Co. II 9.500%, 12/01/19 144A @		350		372,750
Laureate Education, Inc. 10.000%, 09/01/19 144A @		850		792,625
Lender Processing Services, Inc. 5.750%, 04/15/23		128		134,720
Loxam SAS 7.000%, 07/23/22 144A @		225		253,350
Monitronics International, Inc. 9.125%, 04/01/20		400		386,000
Nord Anglia Education Finance LLC 5.750%, 07/15/22 144A @		175		190,803
Safway Group Holding LLC 7.000%, 05/15/18 144A @		250		255,573
TransUnion Holding Co, Inc. PIK (Cash Coupon 8.125%, PIK 8.875%) 8.125%, 06/15/18		150		153,300

	Par (000)		Value†
Commercial Services — (continued)
Truven Health Analytics, Inc. 10.625%, 06/01/20	$	275	$	288,062
United Rentals North America, Inc. 6.125%, 06/15/23		525		536,156
				6,498,184
Computers — 0.3%
Dell, Inc. 5.875%, 06/15/19		275		291,500
4.625%, 04/01/21		100		100,433
Project Homestake Merger Corp. 8.875%, 03/01/23 144A @		150		145,500
				537,433
Cosmetics & Personal Care — 0.2%
Avon Products, Inc. 5.350%, 03/15/20		90		81,956
5.750%, 03/15/23		425		365,500
				447,456
Distribution & Wholesale — 0.3%
Matalan Finance PLC 6.875%, 06/01/19 144A @		350		536,186
Diversified Financial Services — 5.1%
Aircastle Ltd. 5.500%, 02/15/22		275		280,673
Cantor Commercial Real Estate Co. LP 7.750%, 02/15/18 144A @		275		287,375
Consolidated Energy Finance S.A. 6.750%, 10/15/19 144A @		750		761,250
DBP Holding Corp. 7.750%, 10/15/20 144A @		400		324,000
E*TRADE Financial Corp. 5.375%, 11/15/22		300		307,500
General Motors Financial Co., Inc. 4.750%, 08/15/17		375		395,743
3.250%, 05/15/18		250		255,686
6.750%, 06/01/18		75		83,722
Icahn Enterprises LP 4.875%, 03/15/19		350		352,625
Jefferies LoanCore LLC 6.875%, 06/01/20 144A @		400		388,000
Ladder Capital Finance Holdings LLLP. 7.375%, 10/01/17		200		208,500
5.875%, 08/01/21 144A @		175		170,188
National Financial Partners Corp. 9.000%, 07/15/21 144A @		450		444,375
Nationstar Mortgage LLC
7.875%, 10/01/20		100		99,750
6.500%, 07/01/21		825		768,281
Navient Corp. 5.000%, 10/26/20		525		514,500
5.875%, 03/25/21		275		274,827
Ocwen Financial Corp. 6.625%, 05/15/19 144A @		741		692,835

58

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Diversified Financial Services — (continued)
OneMain Financial Holdings, Inc. 6.750%, 12/15/19 144A @	$	275	$	286,687
Outerwall, Inc.
6.000%, 03/15/19		450		451,125
5.875%, 06/15/21		350		327,250
Quicken Loans, Inc. 5.750%, 05/01/25 144A @		600		574,500
Springleaf Finance Corp. 5.250%, 12/15/19		400		394,500
Transworld Systems, Inc. 9.500%, 08/15/21 144A @		375		225,000
Walter Investment Management Corp. 7.875%, 12/15/21		850		788,375
				9,657,267
Electric — 2.1%
AES Corp. 5.500%, 03/15/24		425		409,062
Calpine Corp. 5.375%, 01/15/23		300		294,750
5.500%, 02/01/24		275		266,063
CMS Energy Corp. 5.050%, 03/15/22		130		143,060
Dynegy, Inc. 6.750%, 11/01/19 144A @		400		416,200
Energy Future Intermediate Holding Co. LLC 11.750%, 03/01/22 144A @,¤,~		655		718,075
GenOn Energy, Inc. 9.500%, 10/15/18		525		535,500
Infinis PLC 7.000%, 02/15/19 144A @		300		490,227
NRG Energy, Inc. 6.250%, 07/15/22		325		329,875
6.625%, 03/15/23		275		283,250
6.250%, 05/01/24		200		198,500
				4,084,562
Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc. 5.500%, 06/15/25 144A @		225		222,188
Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC 5.875%, 02/01/23 144A @		400		406,000
Engineering & Construction — 0.1%
Dycom Investments, Inc. 7.125%, 01/15/21		275		287,375
Entertainment — 2.6%
Amc Entertainment, Inc. 5.750%, 06/15/25 144A @		475		465,500
Cedar Fair LP 5.250%, 03/15/21		275		282,563
DreamWorks Animation SKG, Inc. 6.875%, 08/15/20 144A @		350		346,500
Great Canadian Gaming Corp. 6.625%, 07/25/22 144A @		150		125,200

	Par (000)		Value†
Entertainment — (continued)
International Game Technology PLC 6.250%, 02/15/22 144A @	$	200	$	191,000
6.500%, 02/15/25 144A @		350		323,750
Intralot Finance Luxembourg S.A. 9.750%, 08/15/18 144A @		225		248,333
Peninsula Gaming LLC 8.375%, 02/15/18 144A @		200		208,250
Pinnacle Entertainment, Inc. 7.500%, 04/15/21		375		397,031
Regal Entertainment Group 5.750%, 03/15/22		750		758,400
5.750%, 06/15/23		50		50,250
Scientific Games International, Inc. 7.000%, 01/01/22 144A @		300		309,750
Shingle Springs Tribal Gaming Authority 9.750%, 09/01/21 144A @		225		249,750
Six Flags Entertainment Corp. 5.250%, 01/15/21 144A @		350		357,875
WMG Acquisition Corp. 6.000%, 01/15/21 144A @		413		421,260
6.750%, 04/15/22 144A @		275		261,300
				4,996,712
Environmental Control — 0.6%
Clean Harbors, Inc. 5.250%, 08/01/20		125		126,875
5.125%, 06/01/21		175		173,250
Tervita Corp. 10.875%, 02/15/18 144A @		375		256,875
8.000%, 11/15/18 144A @		625		568,750
				1,125,750
Food — 1.4%
ARAMARK Corp. 5.750%, 03/15/20		200		208,800
Boparan Finance PLC 5.250%, 07/15/19 144A @		300		443,090
Brakes Capital 7.125%, 12/15/18 144A @		125		201,323
Dean Foods Co. 6.500%, 03/15/23 144A @		450		459,000
JBS USA LLC 5.875%, 07/15/24 144A @		375		377,344
Minerva Luxembourg S.A. 12.250%, 02/10/22 144A @		200		220,100
Post Holdings, Inc. 6.750%, 12/01/21 144A @		225		225,000
7.375%, 02/15/22		225		228,937
6.000%, 12/15/22 144A @		175		168,437
Shearer’s Foods LLC 9.000%, 11/01/19 144A @		75		80,625
				2,612,656
Forest Products & Paper — 0.4%
Cascades, Inc. 5.500%, 07/15/22 144A @		150		145,125

59

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Forest Products & Paper — (continued)
Mercer International, Inc. 7.000%, 12/01/19	$	375	$	391,875
7.750%, 12/01/22		200		215,000
				752,000
Gas — 0.1%
NGL Energy Partner LP 5.125%, 07/15/19		100		99,750
Hand & Machine Tools — 0.4%
Apex Tool Group LLC 7.000%, 02/01/21 144A @		525		467,250
Milacron LLC 7.750%, 02/15/21 144A @		325		334,750
				802,000
Healthcare Products — 0.8%
Crimson Merger Sub, Inc. 6.625%, 05/15/22 144A @		500		438,750
DJO Finco, Inc. 8.125%, 06/15/21 144A @		425		437,750
Universal Hospital Services, Inc. 7.625%, 08/15/20		675		624,375
				1,500,875
Healthcare Services — 2.6%
Acadia Healthcare Co., Inc. 5.625%, 02/15/23 144A @		200		202,500
Community Health Systems, Inc. 8.000%, 11/15/19		225		237,094
7.125%, 07/15/20		375		397,312
6.875%, 02/01/22		575		606,625
Ephios Bondco PLC 6.250%, 07/01/22 144A @		375		405,527
HCA Holdings, Inc. 6.250%, 02/15/21		275		296,313
HCA, Inc. 5.375%, 02/01/25		375		381,113
Holding Medi-Partenaires SAS 7.000%, 05/15/20 144A @		300		354,349
Select Medical Corp. 6.375%, 06/01/21		650		656,500
Tenet Healthcare Corp. 3.786%, 06/15/20 144A @,•		175		176,531
8.125%, 04/01/22		350		382,725
6.750%, 06/15/23 144A @		425		433,500
Wellcare Health Plans, Inc. 5.750%, 11/15/20		350		364,000
				4,894,089
Holding Companies — 1.9%
Alphabet Holding Co., Inc. PIK (Cash coupon 7.750%, PIK 8.50%) 7.750%, 11/01/17		375		375,000
Argos Merger Sub, Inc. 7.125%, 03/15/23 144A @		425		445,187
Horizon Pharma Financing, Inc. 6.625%, 05/01/23 144A @		250		260,625

	Par (000)		Value†
Holding Companies — (continued)
HRG Group, Inc. 7.875%, 07/15/19 144A @	$	125	$	131,875
7.875%, 07/15/19		250		263,750
7.750%, 01/15/22 144A @		100		97,500
7.750%, 01/15/22		475		463,125
James Hardie International Finance Ltd. 5.875%, 02/15/23 144A @		275		283,250
KraussMaffei Group GmbH 8.750%, 12/15/20 144A @		225		268,401
Opal Acquisition, Inc. 8.875%, 12/15/21 144A @		350		341,250
Polish Television Holding BV PIK 11.000%, 01/15/21 144A @		425		560,283
WaveDivision Escrow LLC 8.125%, 09/01/20 144A @		75		78,000
				3,568,246
Home Builders — 0.8%
Shea Homes LP 5.875%, 04/01/23 144A @		200		202,500
Standard Pacific Corp. 10.750%, 09/15/16		175		193,813
Taylor Morrison Communities, Inc. 5.875%, 04/15/23 144A @		250		246,875
William Lyon Homes, Inc. 8.500%, 11/15/20		400		432,000
7.000%, 08/15/22		375		388,125
				1,463,313
Home Furnishings — 0.2%
Dometic Group AB PIK (Cash coupon 9.50%, PIK 10.25%) 9.500%, 06/26/19 144A @		375		420,160
Household Products & Wares — 1.1%
Reynolds Group Issuer, Inc. 9.875%, 08/15/19		187		196,350
8.250%, 02/15/21		850		881,875
Spectrum Brands, Inc. 6.625%, 11/15/22		100		106,500
5.750%, 07/15/25 144A @		450		456,750
The Sun Products Corp. 7.750%, 03/15/21 144A @		425		383,562
				2,025,037
Housewares — 0.4%
Bormioli Rocco Holdings S.A. 10.000%, 08/01/18 144A @		300		337,800
RSI Home Products, Inc. 6.500%, 03/15/23 144A @		450		453,375
				791,175
Insurance — 1.3%
A-S Co-Issuer Subsidiary, Inc. 7.875%, 12/15/20 144A @		475		501,125
CNO Financial Group, Inc. 4.500%, 05/30/20		100		101,500
5.250%, 05/30/25		400		406,480

60

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Insurance — (continued)
Hub Holdings LLC PIK (Cash coupon 8.125%, PIK 8.875%) 8.125%, 07/15/19 144A @	$	275	$	273,625
HUB International Ltd. 7.875%, 10/01/21 144A @		450		459,000
USI, Inc. 7.750%, 01/15/21 144A @		725		735,875
				2,477,605
Internet — 1.2%
Ancestry.Com Holdings LLC PIK (Cash coupon 9.625%, PIK 10.375%) 9.625%, 10/15/18 144A @		550		561,000
Ancestry.Com., Inc. 11.000%, 12/15/20		125		141,875
Cerved Group SpA 6.375%, 01/15/20 144A @		100		116,223
Equinix, Inc. 5.375%, 01/01/22		275		275,688
5.375%, 04/01/23		325		325,000
5.750%, 01/01/25		150		148,500
Netflix, Inc. 5.375%, 02/01/21		375		389,062
United Group BV 7.875%, 11/15/20 144A @		100		118,732
7.875%, 11/15/20 144A @		275		323,483
				2,399,563
Investment Companies — 0.2%
NRG Yield Operating LLC 5.375%, 08/15/24 144A @		325		327,438
Iron & Steel — 1.2%
AK Steel Corp. 7.625%, 10/01/21		500		407,500
8.375%, 04/01/22		475		389,500
ArcelorMittal 10.600%, 06/01/19		275		329,313
Bluescope Steel Finance Ltd. 7.125%, 05/01/18 144A @		350		357,000
Ryerson, Inc. 9.000%, 10/15/17		425		428,187
11.250%, 10/15/18		309		312,090
				2,223,590
Leisure Time — 0.8%
24 Hour Holdings IIII LLC 8.000%, 06/01/22 144A @		300		240,750
Cirsa Funding Luxembourg S.A. 8.750%, 05/15/18 144A @		230		261,955
5.875%, 05/15/23 144A @		300		322,783
LTF Merger Sub, Inc. 8.500%, 06/15/23 144A @		325		313,625
NCL Corp. Ltd. 5.250%, 11/15/19 144A @		300		307,125
Sabre GLBL, Inc. 5.375%, 04/15/23 144A @		125		123,125
				1,569,363

	Par (000)		Value†
Lodging — 1.3%
Boyd Gaming Corp. 9.000%, 07/01/20	$	75	$	81,375
6.875%, 05/15/23		300		307,500
MGM Resorts International 6.625%, 12/15/21		450		470,250
6.000%, 03/15/23		475		480,937
Playa Resorts Holding BV 8.000%, 08/15/20 144A @		450		465,750
Seminole Hard Rock Entertainment, Inc. 5.875%, 05/15/21 144A @		300		303,000
Station Casinos LLC 7.500%, 03/01/21		100		107,000
Wynn Macau Ltd. 5.250%, 10/15/21 144A @		200		189,000
				2,404,812
Machinery — Construction & Mining — 0.6%
BlueLine Rental Finance Corp. 7.000%, 02/01/19 144A @		225		231,187
Terex Corp. 6.500%, 04/01/20		125		130,938
6.000%, 05/15/21		750		753,750
				1,115,875
Machinery — Diversified — 0.4%
Gardner Denver, Inc. 6.875%, 08/15/21 144A @		825		751,781
Media — 9.0%
AMC Networks, Inc. 4.750%, 12/15/22		475		475,000
Arqiva Broadcast Finance PLC 9.500%, 03/31/20 144A @		650		1,123,437
Cable One, Inc. 5.750%, 06/15/22 144A @		175		177,188
CCO Holdings LLC 6.625%, 01/31/22		625		651,562
5.250%, 09/30/22		400		394,000
5.125%, 02/15/23		285		277,875
5.125%, 05/01/23 144A @		675		656,437
5.750%, 09/01/23		275		275,516
5.750%, 01/15/24		600		603,000
Central European Media Enterprises Ltd. 5.000%, 11/15/15		650		647,562
Cequel Communications Holdings I LLC 5.125%, 12/15/21 144A @		325		295,141
Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/22		50		51,250
6.500%, 11/15/22		450		468,562
Cumulus Media Holdings, Inc. 7.750%, 05/01/19		125		114,688
DISH DBS Corp. 5.125%, 05/01/20		375		379,219
6.750%, 06/01/21		125		130,313
5.875%, 07/15/22		250		245,000

61

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Media — (continued)
iHeartCommunications, Inc. 10.000%, 01/15/18	$	500	$	402,500
9.000%, 12/15/19		550		524,150
ION Media Networks, Inc. 11.000%, 07/31/15 ¤		1		0
LGE HoldCo VI BV 7.125%, 05/15/24 144A @		325		402,491
Mediacom Broadband LLC 6.375%, 04/01/23		450		450,000
MHGE Parent LLC PIK (Cash coupon 8.500%, PIK 9.250%) 8.500%, 08/01/19 144A @		125		125,938
MPL 2 Acquisition Canco, Inc. 9.875%, 08/15/18 144A @		200		210,750
Numericable SFR S.A. 6.250%, 05/15/24 144A @		975		959,156
Sinclair Television Group, Inc. 6.125%, 10/01/22		300		308,250
Starz LLC 5.000%, 09/15/19		250		253,125
TEGNA, Inc. 5.125%, 10/15/19		200		206,000
6.375%, 10/15/23		650		676,812
Time, Inc. 5.750%, 04/15/22 144A @		275		266,062
Townsquare Media, Inc. 6.500%, 04/01/23 144A @		250		247,500
Tribune Media Co. 5.875%, 07/15/22 144A @		700		705,250
Unitymedia GmbH 6.125%, 01/15/25 144A @		400		418,000
Unitymedia Hessen GmbH & Co. KG 5.000%, 01/15/25 144A @		600		595,500
Univision Communications, Inc. 6.750%, 09/15/22 144A @		492		520,290
5.125%, 05/15/23 144A @		525		509,250
5.125%, 02/15/25 144A @		700		675,640
Videotron Ltd. 6.875%, 07/15/21 144A @		325		279,399
VTR Finance BV 6.875%, 01/15/24 144A @		750		766,387
WideOpenWest Finance LLC 10.250%, 07/15/19		50		53,375
13.375%, 10/15/19		475		516,562
Ziggo Bond Finance BV 5.875%, 01/15/25 144A @		225		220,500
				17,258,637
Mining — 1.9%
Aleris International, Inc. 7.625%, 02/15/18		175		179,375
7.875%, 11/01/20		425		440,937
Eldorado Gold Corp. 6.125%, 12/15/20 144A @		400		396,000
First Quantum Minerals Ltd. 7.250%, 10/15/19 144A @		400		401,000
7.250%, 05/15/22 144A @		575		549,844

	Par (000)		Value†
Mining — (continued)
Lundin Mining Corp. 7.500%, 11/01/20 144A @	$	400	$	431,000
Novelis, Inc. 8.750%, 12/15/20		175		185,063
Nyrstar Netherlands Holdings BV 8.500%, 09/15/19 144A @		375		434,897
Vedanta Resources PLC 6.000%, 01/31/19 144A @		275		266,062
8.250%, 06/07/21 144A @		350		356,368
				3,640,546
Miscellaneous Manufacturing — 0.6%
Bombardier, Inc. 5.500%, 09/15/18 144A @		925		915,750
Momentive Performance Escrow 0.000%, 10/24/99^,~		575		0
Trinseo Materials Operating SCA Trinseo Materials Finance, Inc. 6.375%, 05/01/22 144A @		100		110,928
6.750%, 05/01/22 144A @		200		204,000
				1,230,678
Office & Business Equipment — 0.5%
CDW LLC 6.000%, 08/15/22		425		438,813
Magnolia BC S.A. 9.000%, 08/01/20 144A @		425		503,425
				942,238
Oil & Gas — 9.6%
Antero Resources Corp. 6.000%, 12/01/20		475		477,375
Atwood Oceanics, Inc. 6.500%, 02/01/20		475		458,375
Bill Barrett Corp. 7.625%, 10/01/19		450		429,750
7.000%, 10/15/22		125		113,125
Canbriam Energy, Inc. 9.750%, 11/15/19 144A @,^		400		409,000
Chesapeake Energy Corp. 5.375%, 06/15/21		75		67,875
5.750%, 03/15/23		650		588,250
Comstock Resources, Inc. 10.000%, 03/15/20 144A @		250		225,520
Concho Resources, Inc. 7.000%, 01/15/21		150		156,938
5.500%, 04/01/23		800		800,000
Crownrock LP 7.125%, 04/15/21 144A @		200		207,000
7.750%, 02/15/23 144A @		475		505,875
Denbury Resources, Inc. 5.500%, 05/01/22		375		334,687
Eclipse Resources Corp. 8.875%, 07/15/23 144A @		250		242,138
Energy XXI Gulf Coast, Inc. 11.000%, 03/15/20 144A @		400		350,000

62

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High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Oil & Gas — (continued)
EPL Oil & Gas, Inc. 8.250%, 02/15/18	$	250	$	150,000
Gulfport Energy Corp. 6.625%, 05/01/23 144A @		100		101,250
Halcon Resources Corp. 8.625%, 02/01/20 144A @		375		370,312
Hercules Offshore, Inc. 10.250%, 04/01/19 144A @		25		8,625
8.750%, 07/15/21 144A @		625		215,625
Matador Resources Co. 6.875%, 04/15/23 144A @		800		817,000
Newfield Exploration Co. 5.750%, 01/30/22		150		152,250
5.625%, 07/01/24		150		151,500
5.375%, 01/01/26		200		198,000
Oasis Petroleum, Inc. 7.250%, 02/01/19		75		76,875
6.500%, 11/01/21		125		124,375
6.875%, 03/15/22		175		177,625
6.875%, 01/15/23		125		123,438
Pacific Drilling V Ltd. 7.250%, 12/01/17 144A @		200		172,000
Pacific Rubiales Energy Corp. 5.375%, 01/26/19 144A @		925		759,887
7.250%, 12/12/21 144A @		200		164,000
5.125%, 03/28/23 144A @		100		71,500
5.625%, 01/19/25 144A @		500		362,500
Parker Drilling Co. 7.500%, 08/01/20		75		68,250
6.750%, 07/15/22		225		194,063
Parsley Energy LLC 7.500%, 02/15/22 144A @		600		608,814
Penn Virginia Corp. 7.250%, 04/15/19		500		430,000
8.500%, 05/01/20		450		403,875
Petrobras Global Finance BV 6.850%, 06/05/99		194		159,150
Precision Drilling Corp. 6.625%, 11/15/20		425		416,500
6.500%, 12/15/21		75		72,750
Range Resources Corp. 5.000%, 08/15/22		100		98,000
5.000%, 03/15/23		275		269,500
4.875%, 05/15/25 144A @		475		461,415
Rosetta Resources, Inc. 5.875%, 06/01/22		250		266,875
5.875%, 06/01/24		1,100		1,185,250
SandRidge Energy, Inc. 8.750%, 06/01/20 144A @		350		317,625
7.500%, 03/15/21		325		142,188
Seven Generations Energy Ltd. 8.250%, 05/15/20 144A @		725		769,225
6.750%, 05/01/23 144A @		350		349,125
SM Energy Co. 6.500%, 01/01/23		300		307,500
5.000%, 01/15/24		500		473,750
5.625%, 06/01/25		175		173,215

	Par (000)		Value†
Oil & Gas — (continued)
Whiting Petroleum Corp. 6.250%, 04/01/23 144A @	$	675	$	669,937
WPX Energy, Inc. 6.000%, 01/15/22		800		790,000
5.250%, 09/15/24		125		115,156
				18,304,833
Oil & Gas Services — 1.2%
CGG S.A. 6.500%, 06/01/21		250		207,500
6.875%, 01/15/22		650		539,500
Exterran Holdings, Inc. 7.250%, 12/01/18		375		387,187
Exterran Partners LP 6.000%, 04/01/21		125		120,625
6.000%, 10/01/22		200		190,000
SESI LLC 7.125%, 12/15/21		750		795,000
				2,239,812
Packaging and Containers — 1.8%
AEP Industries, Inc. 8.250%, 04/15/19		150		152,625
Ardagh Finance Holdings S.A. PIK 8.625%, 06/15/19 144A @		635		657,247
Ardagh Packaging Finance PLC 6.250%, 01/31/19 144A @		200		203,500
7.000%, 11/15/20 144A @,^		300		306,000
Beverage Packaging Holdings Luxembourg II SA 5.625%, 12/15/16 144A @		225		224,578
6.000%, 06/15/17 144A @		350		350,000
Consolidated Container Co. LLC 10.125%, 07/15/20 144A @		375		333,750
Coveris Holding Corp. 10.000%, 06/01/18 144A @		200		210,000
Graphic Packaging International, Inc. 4.750%, 04/15/21		175		176,750
SIG Combibloc Holdings SCA 7.750%, 02/15/23 144A @		700		812,158
				3,426,608
Pharmaceuticals — 2.0%
Capsugel S.A. PIK (Cash coupon 7.000%, PIK 7.75%) 7.000%, 05/15/19 144A @		400		407,046
DPx Holdings BV 7.500%, 02/01/22 144A @		300		312,750
Endo Finance LLC 6.000%, 07/15/23 144A @		475		485,688
6.000%, 02/01/25 144A @		325		330,281
JLL Delta Dutch Pledgeco BV PIK (Cash coupon 8.750%, PIK 9.500%) 8.750%, 05/01/20 144A @		300		304,500
Par Pharmaceutical Cos, Inc. 7.375%, 10/15/20		100		106,750

63

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Pharmaceuticals — (continued)
PRA Holdings, Inc. 9.500%, 10/01/23 144A @	$	69	$	77,108
Valeant Pharmaceuticals International, Inc. 5.375%, 03/15/20 144A @		875		903,437
6.375%, 10/15/20 144A @		500		526,562
5.875%, 05/15/23 144A @		350		358,750
				3,812,872
Pipelines — 1.6%
MarkWest Energy Partners LP 4.500%, 07/15/23		500		490,000
Penn Virginia Resource Partners LP 6.500%, 05/15/21		100		105,750
Sabine Pass Liquefaction LLC 5.625%, 02/01/21		100		102,000
6.250%, 03/15/22		250		258,750
5.625%, 04/15/23		425		423,538
5.750%, 05/15/24		525		523,031
Targa Resources Partners LP 5.000%, 01/15/18 144A @		300		306,750
5.250%, 05/01/23		50		49,500
4.250%, 11/15/23		875		809,375
				3,068,694
Real Estate — 1.9%
CBRE Services, Inc. 5.000%, 03/15/23		625		631,250
Dupont Fabros Technology LP 5.875%, 09/15/21		775		784,688
Greystar Real Estate Partners LLC 8.250%, 12/01/22 144A @		200		211,000
iStar Financial, Inc. 7.125%, 02/15/18		125		130,150
5.000%, 07/01/19		450		443,813
MPT Operating Partnership LP 6.875%, 05/01/21		225		237,656
6.375%, 02/15/22		125		133,281
Omega Healthcare Investors, Inc. 5.875%, 03/15/24		75		79,781
Realogy Group LLC 9.000%, 01/15/20 144A @		100		107,750
5.250%, 12/01/21 144A @		250		253,125
The Howard Hughes Corp. 6.875%, 10/01/21 144A @		625		662,500
				3,674,994
Retail — 3.8%
99 Cents Only Stores 11.000%, 12/15/19		250		226,250
Academy Ltd. 9.250%, 08/01/19 144A @		200		210,140
Chinos Intermediate Holdings A, Inc. PIK (Cash coupon 7.75%, PIK 8.50%) 7.750%, 05/01/19 144A @		225		181,125
Claire’s Stores, Inc. 9.000%, 03/15/19 144A @		325		274,625

	Par (000)		Value†
Retail — (continued)
Dollar Tree, Inc. 5.250%, 03/01/20 144A @	$	150	$	156,938
5.750%, 03/01/23 144A @		925		966,625
Ferrellgas LP 6.500%, 05/01/21		275		274,312
6.750%, 06/15/23 144A @		150		150,750
Group 1 Automotive, Inc. 5.000%, 06/01/22		175		174,125
Guitar Center, Inc. 6.500%, 04/15/19 144A @		450		411,750
Jo-Ann Stores, Inc. 8.125%, 03/15/19 144A @		500		470,625
Kirk Beauty Zero GmbH 6.250%, 07/15/22 144A @		100		110,783
New Look Secured Issuer PLC 6.500%, 07/01/22 144A @		250		381,026
New Look Senior Issuer PLC 8.000%, 07/01/23 144A @		125		191,864
New Red Finance, Inc. 4.625%, 01/15/22 144A @		250		246,250
Penske Automotive Group, Inc. 5.750%, 10/01/22		200		208,000
PF Chang’s China Bistro, Inc. 10.250%, 06/30/20 144A @		800		827,000
Rite Aid Corp. 6.750%, 06/15/21		725		761,250
6.125%, 04/01/23 144A @		475		489,250
Sonic Automotive, Inc. 7.000%, 07/15/22		150		162,375
5.000%, 05/15/23		175		171,062
The Men’s Wearhouse, Inc. 7.000%, 07/01/22		175		187,250
				7,233,375
Semiconductors — 0.4%
Advanced Micro Devices, Inc. 6.750%, 03/01/19		225		204,187
7.500%, 08/15/22		225		198,563
NXP BV 5.750%, 02/15/21 144A @		200		208,000
5.750%, 03/15/23 144A @		250		260,000
				870,750
Software — 2.1%
Activision Blizzard, Inc. 6.125%, 09/15/23 144A @		225		241,313
BCP Singapore VI Cayman Financing Co. Ltd. 8.000%, 04/15/21 144A @		200		201,250
BMC Software Finance, Inc. 8.125%, 07/15/21 144A @		350		283,500
BMC Software, Inc. 7.250%, 06/01/18		225		207,563
First Data Corp. 6.750%, 11/01/20 144A @		315		332,917
12.625%, 01/15/21		1,000		1,155,000

64

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Software — (continued)
Infor Software Parent LLC PIK (Cash coupon 7.125%, PIK 7.875%) 7.125%, 05/01/21 144A @	$	600	$	601,500
Infor U.S., Inc. 6.500%, 05/15/22 144A @		475		483,312
MSCI, Inc. 5.250%, 11/15/24 144A @		250		253,125
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23 144A @		200		202,000
				3,961,480
Telecommunications — 9.9%
Alcatel-Lucent USA, Inc. 8.875%, 01/01/20 144A @		225		244,687
Altice Financing S.A. 6.625%, 02/15/23 144A @		350		347,480
Altice Finco S.A. 9.875%, 12/15/20 144A @		400		440,000
8.125%, 01/15/24 144A @		400		404,000
Altice S.A. 7.750%, 05/15/22 144A @		400		387,000
7.625%, 02/15/25 144A @		1,650		1,551,000
Avaya, Inc. 7.000%, 04/01/19 144A @		40		39,100
10.500%, 03/01/21 144A @		350		288,750
B Communications Ltd. 7.375%, 02/15/21 144A @		500		536,250
CommScope Technologies Finance LLC 6.000%, 06/15/25 144A @		400		398,500
Crown Castle International Corp. 5.250%, 01/15/23		425		428,081
Digicel Group Ltd. 8.250%, 09/30/20 144A @		750		751,875
EarthLink Holdings Corp. 7.375%, 06/01/20		175		182,000
Goodman Networks, Inc. 12.125%, 07/01/18		375		311,250
Hughes Satellite Systems Corp. 6.500%, 06/15/19		304		329,840
7.625%, 06/15/21		325		357,565
Intelsat Jackson Holdings S.A. 6.625%, 12/15/22		475		432,250
5.500%, 08/01/23		500		442,750
Level 3 Financing, Inc. 7.000%, 06/01/20		325		344,906
6.125%, 01/15/21		75		78,653
5.625%, 02/01/23 144A @		150		151,500
Millicom International Cellular S.A. 6.625%, 10/15/21 144A @		200		205,500
NII International Telecom S.C.A. 11.375%, 08/15/19 144A @,¤		350		315,000
Play Topco S.A. PIK (Cash coupon 7.75%, PIK 8.50%) 7.750%, 02/28/20 144A @		400		455,974
Sable International Finance Ltd. 8.750%, 02/01/20 144A @		200		214,000

	Par (000)		Value†
Telecommunications — (continued)
Sprint Communications, Inc. 11.500%, 11/15/21	$	800	$	942,000
Sprint Corp. 7.125%, 06/15/24		1,725		1,600,110
T-Mobile USA, Inc. 6.250%, 04/01/21		450		461,250
6.633%, 04/28/21		450		466,875
6.000%, 03/01/23		1,350		1,382,062
6.500%, 01/15/24		100		103,250
6.375%, 03/01/25		175		178,938
UPC Holding BV 6.750%, 03/15/23 144A @		375		434,682
6.750%, 03/15/23 144A @		200		241,921
UPCB Finance VI Ltd. 6.875%, 01/15/22 144A @		203		215,663
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/21 144A @		200		200,750
VimpelCom Holdings BV 5.200%, 02/13/19 144A @		200		190,850
7.504%, 03/01/22 144A @		450		439,875
Virgin Media Finance PLC 7.000%, 04/15/23 144A @		275		460,177
6.000%, 10/15/24 144A @		200		203,000
Virgin Media Secured Finance PLC 5.250%, 01/15/26 144A @		200		193,250
Wind Acquisition Finance S.A. 4.750%, 07/15/20 144A @		400		394,000
7.375%, 04/23/21 144A @		1,100		1,112,375
				18,858,939
Textiles — 0.2%
Springs Industries, Inc. 6.250%, 06/01/21		450		439,875
Transportation — 0.1%
Watco Cos. LLC 6.375%, 04/01/23 144A @		175		177,188
TOTAL CORPORATE BONDS (Cost $177,900,140)				175,620,374
LOAN AGREEMENTS — 4.8%‡
Auto Manufacturers — 0.1%
Navistar, Inc. 5.750%, 08/17/17•		125		125,079
Chemicals — 0.6%
Solenis International LP 7.750%, 07/31/22•		650		626,844
Univar, Inc. 5.012%, 06/30/17•		497		496,744
				1,123,588
Coal — 0.2%
Murray Energy Corp. 7.500%, 04/16/20		400		369,936

65

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
LOAN AGREEMENTS — (continued)
Distribution & Wholesale — 0.1%
Husky Injection Molding System 4.250%, 06/30/21	$	148	$	146,648
Diversified Financial Services — 0.5%
Onex Wizard Acquisition 4.250%, 03/11/22		399		398,302
Terra-Gen Finance Co., LLC 5.250%, 12/09/21		295		294,690
Vantiv LLC 3.750%, 06/13/21•		233		232,964
				925,956
Entertainment — 0.6%
Delta 2 (Lux) S.a.r.l. 4.750%, 07/30/21		600		596,034
7.750%, 07/29/22		200		199,500
Peninsula Gaming LLC 4.250%, 11/20/17•		328		328,076
				1,123,610
Healthcare Services — 0.1%
Surgery Center Holdings 5.250%, 11/03/20		199		198,751
Holding Companies — 0.1%
Faenza Acquisition 4.250%, 08/30/20		96		95,467
Insurance — 0.6%
Asurion LLC 5.000%, 05/24/19•		566		567,274
8.500%, 03/03/21		550		558,080
				1,125,354
Machinery — Diversified — 0.1%
Gardner Denver, Inc. 4.250%, 07/30/20•		172		167,472
Media — 0.2%
McGraw-Hill Global Education Holdings LLC 4.750%, 03/22/19•		167		167,595
Univision Communications, Inc. 4.000%, 03/01/20•		370		366,889
				534,484
Oil & Gas — 0.5%
Azure Midstream Energy LLC 7.500%, 11/15/18		181		179,981
C&J Energy Services Ltd. 6.500%, 03/24/20		449		420,821
Pacific Drilling 4.500%, 06/03/18		549		440,660
				1,041,462
Pipelines — 0.1%
Stonewall Gas Gathering LLC 8.750%, 01/28/22		249		251,245

	Par (000)		Value†
Retail — 0.9%
JC Penney Corp. 6.000%, 05/22/18•	$	860	$	858,922
PetSmart, Inc. 4.250%, 03/11/22•		375		373,969
PF Chang’s China Bistro, Inc. 4.250%, 06/22/19•		475		469,366
				1,702,257
Telecommunications — 0.1%
Level 3 Financing, Inc. 3.500%, 05/31/22		200		199,250
TOTAL LOAN AGREEMENTS‡ (Cost $9,117,782)				9,130,559
	Number of Shares		Value†
WARRANTS — 0.0%
Sentry Holdings Warrants* 01/02/24*~ (Cost $0)		0		18
SHORT-TERM INVESTMENTS — 0.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		237,306		237,306
T. Rowe Price Reserve Investment Fund		1,282,534		1,282,534
TOTAL SHORT-TERM INVESTMENTS (Cost $1,519,840)				1,519,840
TOTAL INVESTMENTS — 99.4% (Cost $191,962,096)			$	189,732,407
Other Assets & Liabilities — 0.6%				1,180,923
TOTAL NET ASSETS — 100.0%			$	190,913,330

‡ Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2015. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown.

* Non-income producing security.

66

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

High Yield Bond Fund

144A @ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

^ Illiquid security. The total market value of illiquid securities at June 30, 2015 is 954,764.

• Variable Rate Security.

¤ Defaulted Security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2015 is $828,309.

CONV — Convertible Security.

LLC — Limited Liability Company.

LLLP — Limited Liability Limited Partnership

LP — Limited Partnership.

OJSC — Open Joint Stock Company

PIK — Payment in Kind Security.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	74	%
Luxembourg	7
Canada	6
Netherlands	3
United Kingdom	3
France	2
Bermuda	1
Other	4
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	1,453,887	$	1,419,863	$	260	$	33,764
REAL ESTATE INVEST MENT TRUSTS		253,260		253,260		—		—
PREFERRED STOCKS
Banks		505,234		505,234		—		—
Diversified Financial Services		76,192		—		76,192		—
Oil & Gas		131,288		131,288		—		—
Packaging and Containers		—		—		—		—
Pharma ceuticals		351,349		351,349		—		—
Telecommuni cations		351,593		351,593		—		—
ASSET BACKED SECURITIES		338,813		—		338,813		—
CORPORATE BONDS		175,620,374		—		175,620,374		—
LOAN AGREE MENTS		9,130,559		—		9,130,559		—
WARRANTS		18		—		18		—
SHORT-TERM INVEST MENTS		1,519,840		1,519,840		—		—
TOTAL INVEST MENTS	$	189,732,407	$	4,532,427	$	185,166,216	$	33,764

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Investments in Securities (Market Value)
Balance as of 12/31/2014	$	27,838
Change in Appreciation/(Depreciation)		5,926
Balance as of 6/30/2015	$	33,764

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any significant transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

67

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
AGENCY OBLIGATION — 0.2%
Banks — 0.2%
KFW 0.500%, 04/19/16 (Cost $6,652,527)	$	6,658	$	6,662,593
ASSET BACKED SECURITIES — 0.2%
Continental Airlines 2009-2 Class A, Pass Through Trust 7.250%, 11/10/19		613		709,822
Continental Airlines 2012-1 Class A, Pass Through Trust 4.150%, 04/11/24		1,992		2,032,302
Continental Airlines 2012-1 Class B, Pass Through Trust 6.250%, 04/11/20		371		391,133
DB Master Finance LLC 2015-1 3.262%, 02/20/45 144A @		1,461		1,466,873
Ford Credit Auto Owner Trust 2012-C 0.580%, 12/15/16		233		232,670
Honda Auto Receivables 2012-3 Owner Trust 0.560%, 05/15/16		111		110,924
Wendys Funding LLC 2015-1 3.371%, 06/15/45 144A @		2,320		2,316,513
TOTAL ASSET BACKED SECURITIES (Cost $7,117,587)				7,260,237
	Number of Shares		Value†
COMMON STOCKS — 59.7%
Aerospace & Defense — 0.7%
The Boeing Co.		169,300		23,485,296
Agriculture — 1.0%
Altria Group, Inc.		286,900		14,032,279
Philip Morris International, Inc.		232,300		18,623,491
				32,655,770
Auto Parts & Equipment — 1.3%
Johnson Controls, Inc.		826,400		40,931,592
Banks — 2.9%
The Bank of New York Mellon Corp.		2,218,300		93,102,051
Beverages — 1.0%
PepsiCo, Inc.		299,400		27,945,996
SABMiller PLC		92,008		4,776,482
				32,722,478
Chemicals — 0.8%
Cytec Industries, Inc.		403,700		24,435,961
Commercial Services — 1.4%
Tyco International PLC		1,153,100		44,371,288
Computers — 0.5%
IHS, Inc., Class A*		112,400		14,458,012

	Number of Shares		Value†
Diversified Financial Services — 1.8%
Affiliated Managers Group, Inc.*		66,300	$	14,493,180
Visa, Inc., Class A		658,500		44,218,275
				58,711,455
Diversified Operations — 0.6%
Pentair PLC		286,200		19,676,250
Electric — 3.8%
FirstEnergy Corp.		968,600		31,527,930
PG&E Corp.		1,425,200		69,977,320
Xcel Energy, Inc.		681,900		21,943,542
				123,448,792
Electrical Components & Equipment — 1.4%
AMETEK, Inc.		836,600		45,828,948
Electronics — 3.8%
Agilent Technologies, Inc.		56,400		2,175,912
PerkinElmer, Inc.		424,400		22,340,416
Sensata Technologies Holding N.V.*		182,800		9,640,872
Thermo Fisher Scientific, Inc.		675,000		87,588,000
				121,745,200
Food — 2.2%
General Mills, Inc.		455,500		25,380,460
Kraft Foods Group, Inc.		91,600		7,798,824
Mondelez International, Inc., Class A		894,600		36,803,844
				69,983,128
Healthcare Products — 2.2%
Becton Dickinson & Co.		474,634		67,231,906
Henry Schein, Inc.*		34,178		4,857,378
				72,089,284
Healthcare Services — 2.7%
Cigna Corp.		271,600		43,999,200
UnitedHealth Group, Inc.		342,700		41,809,400
				85,808,600
Insurance — 3.6%
Marsh & McLennan Cos., Inc.		2,069,900		117,363,330
Internet — 1.2%
eBay, Inc.*		155,900		9,391,416
Google, Inc., Class A*		12,300		6,642,492
Google, Inc., Class C		42,716		22,234,105
				38,268,013
Machinery — Diversified — 1.6%
IDEX Corp.		258,700		20,328,646
Roper Industries, Inc.		175,000		30,180,500
				50,509,146
Media — 1.1%
Comcast Corp., Class A		128,500		7,727,990
Liberty Global PLC, Class A*		134,000		7,245,380
Liberty Global PLC, Series C*		277,200		14,034,636
Time Warner Cable, Inc.		44,400		7,910,748
				36,918,754

68

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Flexibly Managed Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — 5.0%
Danaher Corp.		1,869,578	$	160,017,181
Oil & Gas — 1.8%
Canadian Natural Resources Ltd.		1,886,100		51,226,476
Occidental Petroleum Corp.		103,600		8,056,972
				59,283,448
Pharmaceuticals — 6.8%
Abbott Laboratories		781,700		38,365,836
Allergan PLC*		246,540		74,815,028
Eli Lilly & Co.		375,600		31,358,844
Pfizer, Inc.		1,311,243		43,965,978
Zoetis, Inc.		668,686		32,244,039
				220,749,725
Retail — 4.5%
AutoZone, Inc.*		128,499		85,695,983
CVS Health Corp.		283,600		29,743,968
Lowe’s Cos., Inc.		370,200		24,792,294
O’Reilly Automotive, Inc.*		17,700		3,999,846
				144,232,091
Semiconductors — 0.3%
Texas Instruments, Inc.		194,700		10,028,997
Software — 5.1%
Fidelity National Information Services, Inc.		302,500		18,694,500
Fiserv, Inc.*		1,119,300		92,711,619
Microsoft Corp.		964,800		42,595,920
SS&C Technologies Holdings, Inc.		173,000		10,812,500
				164,814,539
Telecommunications — 0.6%
Crown Castle International Corp.		93,500		7,508,050
SBA Communications Corp., Class A*		115,300		13,256,041
				20,764,091
TOTAL COMMON STOCKS (Cost $1,526,020,427)				1,926,403,420
	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 2.8%
Diversified — 1.9%
American Tower Corp.	$	477,397		44,536,366
American Tower Corp.		180,218		18,021,800
				62,558,166
Storage & Warehousing — 0.9%
Iron Mountain, Inc.		901,094		27,933,914
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $86,760,382)				90,492,080

	Number of Shares		Value†
PREFERRED STOCKS — 1.9%
Banks — 0.2%
State Street Corp.		86,000	$	2,152,580
U.S. Bancorp, Series F		71,000		2,003,620
U.S. Bancorp, Series G		90,000		2,396,700
				6,552,900
Electric — 0.2%
SCE Trust I		83,775		2,017,302
SCE Trust II		14,730		336,286
SCE Trust III		161,355		4,295,270
				6,648,858
Pharmaceuticals — 1.3%
Allergan PLC Pref Shs Series A		40,098		41,805,373
Telecommunications — 0.2%
T-Mobile US, Inc.		100,463		6,781,252
TOTAL PREFERRED STOCKS (Cost $58,064,955)				61,788,383
	Par (000)		Value†
CORPORATE BONDS — 19.8%
Advertising — 0.1%
Lamar Media Corp. 5.875%, 02/01/22	$	900		931,500
5.000%, 05/01/23		850		839,375
				1,770,875
Aerospace & Defense — 0.1%
Harris Corp. 1.999%, 04/27/18		1,080		1,076,854
Moog, Inc. 5.250%, 12/01/22 144A @		650		661,375
				1,738,229
Airlines — 0.2%
Continental Airlines 2009-1 Pass Through Trust 9.000%, 07/08/16		715		762,984
Delta Air Lines 2009-1, Class A Pass Through Trust 7.750%, 12/17/19		461		526,320
Delta Air Lines 2011-1, Class A Pass Through Trust 5.300%, 04/15/19		457		489,475
US Airways 2010-1 Class A, Pass Through Trust 6.250%, 04/22/23		1,832		2,061,179
US Airways 2010-1 Class B, Pass Through Trust 8.500%, 04/22/17^		194		207,663
US Airways 2012-2 Class A, Pass Through Trust 4.625%, 06/03/25		255		266,211

69

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Airlines — (continued)
US Airways 2012-2 Class B, Pass Through Trust 6.750%, 06/03/21^	$	489	$	527,150
US Airways 2013-1 Class A, Pass Through Trust 3.950%, 11/15/25		5		4,709
US Airways 2013-1 Class B, Pass Through Trust 5.375%, 11/15/21		5		5,016
				4,850,707
Apparel — 0.2%
Hanesbrands, Inc. 6.375%, 12/15/20		2,975		3,108,875
Levi Strauss & Co. 6.875%, 05/01/22		2,175		2,321,813
				5,430,688
Auto Manufacturers — 1.1%
American Honda Finance Corp. 0.950%, 05/05/17		2,200		2,198,214
Ford Motor Credit Co. LLC 0.912%, 03/27/17•		10,445		10,414,229
1.461%, 03/27/17		10,560		10,512,786
2.145%, 01/09/18		2,960		2,972,186
Toyota Motor Credit Corp. 0.638%, 03/12/20•		8,375		8,378,660
				34,476,075
Banks — 0.5%
Bank of New York Mellon Corp. 4.950%, 12/31/49•		3,575		3,548,187
JPMorgan Chase & Co. 5.300%, 12/29/49•		8,230		8,169,098
Regions Bank 7.500%, 05/15/18		75		86,087
State Street Corp. 5.250%, 12/29/49•		4,360		4,365,450
Synovus Financial Corp. 5.125%, 06/15/17		105		107,363
				16,276,185
Beverages — 0.0%
PepsiCo, Inc. 1.250%, 04/30/18		1,035		1,030,696
Chemicals — 0.1%
Cytec Industries, Inc. 3.950%, 05/01/25		3,680		3,620,539
Coal — 0.1%
CONSOL Energy, Inc. 5.875%, 04/15/22		3,075		2,613,750
Diversified Financial Services — 1.3%
Caterpillar Financial Services Corp. 0.700%, 11/06/15		1,585		1,586,864
1.250%, 11/06/17		2,345		2,345,811
2.250%, 12/01/19		1,155		1,165,076

	Par (000)		Value†
Diversified Financial Services — (continued)
Ford Motor Credit Co. LLC 2.500%, 01/15/16	$	2,190	$	2,207,695
1.529%, 05/09/16•		3,755		3,776,268
4.250%, 02/03/17		1,340		1,392,767
6.625%, 08/15/17		1,675		1,837,614
0.799%, 09/08/17•		4,325		4,299,846
0.849%, 12/06/17•		6,325		6,279,770
1.724%, 12/06/17		2,150		2,138,837
5.000%, 05/15/18		1,800		1,935,158
2.375%, 03/12/19		4,275		4,261,217
2.597%, 11/04/19		4,350		4,318,254
International Lease Finance Corp. 2.236%, 06/15/16•		2,905		2,901,369
John Deere Capital Corp. 0.700%, 09/04/15		1,800		1,800,065
National Rural Utilities Cooperative Finance Corp. 0.950%, 04/24/17		1,050		1,048,228
				43,294,839
Electric — 0.2%
Berkshire Hathaway Energy Co. 2.400%, 02/01/20		2,550		2,538,836
3.500%, 02/01/25		2,655		2,643,913
CMS Energy Corp. 6.550%, 07/17/17		895		986,813
8.750%, 06/15/19		415		511,458
Otter Tail Corp. 9.000%, 12/15/16^		890		983,450
				7,664,470
Electronics — 0.0%
Amphenol Corp. 1.550%, 09/15/17		920		920,988
Entertainment — 0.0%
Cedar Fair LP 5.250%, 03/15/21		1,425		1,464,188
Food — 0.1%
B&G Foods, Inc. 4.625%, 06/01/21		1,525		1,502,125
Gas — 0.1%
Southern California Gas Co. 3.200%, 06/15/25		3,225		3,232,672
Healthcare Products — 0.3%
Becton Dickinson and Co. 1.800%, 12/15/17		2,590		2,590,316
2.675%, 12/15/19		2,175		2,176,644
Medtronic, Inc. 1.500%, 03/15/18 144A @		1,905		1,900,691
2.500%, 03/15/20 144A @		2,845		2,849,751
				9,517,402
Healthcare Services — 1.4%
Community Health Systems, Inc. 5.125%, 08/15/18		2,125		2,178,125

70

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Services — (continued)
DaVita HealthCare Partners, Inc. 5.750%, 08/15/22	$	12,640	$	13,398,400
5.125%, 07/15/24		15,035		14,781,284
5.000%, 05/01/25		3,900		3,753,750
Fresenius Medical Care U.S. Finance II, Inc. 5.625%, 07/31/19 144A @		3,575		3,869,937
5.875%, 01/31/22144A @		1,900		2,014,000
HCA, Inc. 8.000%, 10/01/18		925		1,073,000
Roche Holdings, Inc. 3.350%, 09/30/24 144A @		3,055		3,084,206
UnitedHealth Group, Inc. 1.400%, 12/15/17		1,545		1,542,238
Wellcare Health Plans, Inc. 5.750%, 11/15/20		475		494,000
				46,188,940
Insurance — 0.0%
Marsh & McLennan Cos., Inc. 2.350%, 03/06/20		1,205		1,200,132
Internet — 0.3%
Amazon.com, Inc. 2.600%, 12/05/19		4,155		4,181,027
3.800%, 12/05/24		2,065		2,072,725
Priceline Group, Inc./The 0.350%, 06/15/20		2,323		2,575,626
				8,829,378
Lodging — 0.2%
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 5.625%, 10/15/21		6,450		6,699,615
Machinery — Diversified — 0.5%
Case New Holland, Inc. 7.875%, 12/01/17		341		373,395
CNH Industrial Capital LLC 3.875%, 11/01/15		1,500		1,503,750
6.250%, 11/01/16		4,950		5,135,625
3.250%, 02/01/17		2,150		2,141,938
3.625%, 04/15/18		5,700		5,700,000
Xylem, Inc. 3.550%, 09/20/16		1,300		1,333,593
4.875%, 10/01/21		415		449,574
				16,637,875
Media — 1.6%
Cablevision Systems Corp. 7.750%, 04/15/18		1,950		2,106,000
CCO Holdings LLC 7.375%, 06/01/20		3,950		4,172,188
Cequel Communications Holdings I LLC 6.375%, 09/15/20 144A @		3,550		3,526,038
DISH DBS Corp. 7.125%, 02/01/16		8,225		8,440,906
4.625%, 07/15/17		600		618,000

	Par (000)		Value†
Media — (continued)
Unitymedia GmbH 6.125%, 01/15/25 144A @	$	3,300	$	3,448,500
Unitymedia Hessen GmbH & Co. KG 5.500%, 01/15/23 144A @		4,100		4,179,438
Univision Communications, Inc. 8.500%, 05/15/21144A @		4,875		5,130,937
6.750%, 09/15/22144A @		15,169		16,041,217
5.125%, 05/15/23144A @		2,700		2,619,000
				50,282,224
Oil & Gas — 4.3%
Canadian Natural Resources Ltd. 1.750%, 01/15/18		1,000		993,239
Chesapeake Energy Corp. 3.250%, 03/15/16		2,125		2,117,031
3.525%, 04/15/19•		2,225		2,035,875
Chevron Corp. 0.454%, 03/02/18•		525		523,177
1.365%, 03/02/18		4,400		4,398,156
Concho Resources, Inc. 7.000%, 01/15/21		11,440		11,969,100
6.500%, 01/15/22		5,400		5,629,500
5.500%, 10/01/22		2,425		2,412,875
5.500%, 04/01/23		6,450		6,450,000
Diamondback Energy, Inc. 7.625%, 10/01/21		2,150		2,300,500
EQT Corp. 6.500%, 04/01/18		1,620		1,775,570
8.125%, 06/01/19		1,754		2,053,113
4.875%, 11/15/21		8,005		8,435,189
Exxon Mobil Corp. 0.333%, 03/01/18•		13,480		13,458,055
Range Resources Corp. 6.750%, 08/01/20		8,725		9,008,563
5.750%, 06/01/21		12,150		12,484,125
5.000%, 08/15/22		16,975		16,635,500
5.000%, 03/15/23		21,375		20,947,500
Shell International Finance BV 0.729%, 05/11/20•		6,720		6,691,144
SM Energy Co. 6.500%, 11/15/21		3,425		3,570,563
6.500%, 01/01/23		1,200		1,230,000
WPX Energy, Inc. 5.250%, 01/15/17		2,300		2,351,750
				137,470,525
Packaging and Containers — 0.1%
Rexam PLC 6.750%, 06/29/67•		1,700		1,918,939
Pharmaceuticals — 0.4%
Eli Lilly & Co. 1.250%, 03/01/18		2,200		2,193,939
Johnson & Johnson 1.125%, 11/21/17		1,360		1,360,005
3.375%, 12/05/23		1,080		1,120,784

71

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Pharmaceuticals — (continued)
Merck & Co., Inc. 0.404%, 02/10/17•	$	2,610	$	2,611,357
0.654%, 02/10/20•		3,480		3,461,782
Novartis Capital Corp. 3.400%, 05/06/24		875		887,912
Omnicare, Inc. 5.000%, 12/01/24		1,125		1,209,375
				12,845,154
Pipelines — 1.7%
Energy Transfer Partners LP 4.150%, 10/01/20		1,925		1,978,438
4.900%, 02/01/24		2,465		2,506,903
MarkWest Energy Partners LP 5.500%, 02/15/23		11,910		12,222,637
4.500%, 07/15/23		16,225		15,900,500
4.875%, 12/01/24		3,175		3,103,562
ONEOK Partners LP 2.000%, 10/01/17		830		831,745
Targa Resources Partners LP 5.000%, 01/15/18 144A @		6,400		6,544,000
4.125%, 11/15/19 144A @		1,325		1,311,750
6.875%, 02/01/21		5,100		5,291,250
5.250%, 05/01/23		2,775		2,747,250
4.250%, 11/15/23		3,325		3,075,625
				55,513,660
Real Estate — 0.0%
CBRE Services, Inc. 5.000%, 03/15/23		900		909,000
Real Estate Investment Trusts — 0.4%
American Tower Corp. 3.500%, 01/31/23		925		888,519
5.000%, 02/15/24		1,535		1,622,712
Crown Castle International Corp. 4.875%, 04/15/22		4,875		4,923,750
5.250%, 01/15/23		3,865		3,893,021
Iron Mountain, Inc. 7.750%, 10/01/19		1,175		1,227,875
				12,555,877
Retail — 1.5%
AmeriGas Finance LLC 6.250%, 08/20/19		600		612,000
6.750%, 05/20/20		675		710,438
7.000%, 05/20/22		1,525		1,616,500
AutoZone, Inc. 2.500%, 04/15/21		1,315		1,288,442
Group 1 Automotive, Inc. 5.000%, 06/01/22		675		671,625
L Brands, Inc. 6.900%, 07/15/17		1,400		1,526,000
8.500%, 06/15/19		900		1,061,433
7.000%, 05/01/20		900		1,019,250
6.625%, 04/01/21		1,925		2,116,306
5.625%, 02/15/22		1,625		1,710,313
5.625%, 10/15/23		5,325		5,591,250

	Par (000)		Value†
Retail — (continued)
Penske Automotive Group, Inc. 5.375%, 12/01/24	$	1,325	$	1,341,563
Rite Aid Corp. 9.250%, 03/15/20		5,690		6,166,537
8.000%, 08/15/20		21,525		22,439,812
Suburban Propane Partners LP 7.375%, 08/01/21		750		800,625
				48,672,094
Semiconductors — 0.6%
NXP BV 3.750%, 06/01/18 144A @		7,475		7,531,063
5.750%, 02/15/21 144A @		5,075		5,278,000
5.750%, 03/15/23 144A @		7,300		7,592,000
				20,401,063
Software — 0.1%
Fiserv, Inc. 2.700%, 06/01/20		2,925		2,919,387
IMS Health, Inc. 6.000%, 11/01/20 144A @		875		901,250
				3,820,637
Telecommunications — 2.3%
MetroPCS Wireless, Inc. 6.625%, 11/15/20		5,475		5,694,000
SBA Communications Corp. 5.625%, 10/01/19		2,100		2,184,000
SBA Telecommunications, Inc. 5.750%, 07/15/20		4,400		4,565,000
Sprint Communications, Inc. 9.000%, 11/15/18 144A @		3,240		3,658,802
T-Mobile USA, Inc. 6.542%, 04/28/20		11,675		12,223,608
Telesat Canada 6.000%, 05/15/17 144A @		2,595		2,637,169
UPC Holding BV 6.375%, 09/15/22 144A @		2,275		2,720,169
UPCB Finance V Ltd. 7.250%, 11/15/21 144A @		13,662		14,754,960
UPCB Finance VI Ltd. 6.875%, 01/15/22 144A @		20,028		21,329,501
Virgin Media Secured Finance PLC 5.375%, 04/15/21 144A @		2,745		2,827,350
6.000%, 04/15/21 144A @		1,215		1,985,419
5.250%, 01/15/26 144A @		1,025		990,406
				75,570,384
TOTAL CORPORATE BONDS (Cost $639,832,716)				638,919,925
LOAN AGREEMENTS — 4.9%‡
Apparel — 0.0%
Hanesbrands, Inc. 3.250%, 09/30/15•		648		651,617

72

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
LOAN AGREEMENTS — (continued)
Beverages — 0.4%
De Master Blenders 4.250%, 07/23/21	$	2,250	$	2,512,079
4.250%, 07/23/21		9,200		9,154,000
				11,666,079
Commercial Services — 0.3%
Kronos, Inc. 4.500%, 10/30/19•		4,454		4,449,282
9.750%, 04/30/20•		3,772		3,885,203
				8,334,485
Diversified Financial Services — 0.1%
Hilton Worldwide Finance LLC 3.500%, 10/25/20•		4,306		4,306,610
Electric — 0.0%
Texas Competitive Electric Holdings Co. LLC 07/09/15 - 07/14/15 3.750%, 01/01/00•		1,016		1,017,619
Entertainment — 0.1%
Kasima LLC 7/31/15 - 9/30/15 3.250%, 01/01/00•		627		624,488
Peninsula Gaming LLC 4.250%, 07/03/15•		3,113		3,116,724
				3,741,212
Food — 0.8%
H.J. Heinz Co. 3.250%, 09/30/15•		19,226		19,216,737
Pinnacle Foods Finance LLC 3.000%, 07/29/15•		4,246		4,224,217
3.000%, 09/30/15•		3,783		3,762,653
				27,203,607
Healthcare Services — 0.8%
Davita Healthcare Partners, Inc. 3.500%, 07/31/15•		7,484		7,477,932
HCA, Inc. 2.937%, 07/31/15•		18,541		18,525,263
				26,003,195
Holding Companies — 1.2%
Intelsat Jackson Holdings 3.750%, 09/16/15		37,396		37,076,981
Media — 0.3%
Cequel Communications LLC 3.500%, 07/14/15•		4,268		4,247,948
Charter Communications Operating LLC 3.000%, 09/30/15•		2,083		2,057,343
3.000%, 09/30/15•		1,453		1,434,228
Univision Communications, Inc. 4.000%, 07/31/15•		249		246,469
				7,985,988
Telecommunications — 0.9%
First Data Corp. 3.687%, 07/24/15•		1,000		995,890
3.687%, 07/24/15•		250		249,108

	Par (000)			Value†
Telecommunications — (continued)
Telesat Canada 0.000%, 09/30/15•^	$	681		$	543,574
3.500%, 09/30/15•		5,405			5,382,325
0.000%, 03/28/19•,^		3,675			2,925,818
UPC Financing Partnership 3.250%, 07/01/15•		19,925			19,615,365
					29,712,080
TOTAL LOAN AGREEMENTS (Cost $159,290,404)					157,699,473
	Number of Shares			Value†
SHORT-TERM INVESTMENTS — 10.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		10,377,449		$	10,377,449
T. Rowe Price Reserve Investment Fund		340,786,641			340,786,641
TOTAL SHORT-TERM INVESTMENTS (Cost $351,164,090)					351,164,090
TOTAL INVESTMENTS — 100.4% (Cost $2,834,903,088)				$	3,240,390,201
Other Assets & Liabilities — (0.4)%					(12,459,949	)
TOTAL NET ASSETS — 100.0%				$	3,227,930,252
	Number of Contracts			Value†
WRITTEN OPTIONS
Call Options
Altria Group, Inc., $55.00, 01/15/16		(2,200	)		(134,200	)
American Tower, $110.00, 01/15/16		(557	)		(22,280	)
Ameriican Tower, $105.00, 01/15/16		(464	)		(51,040	)
Boeing, $140.00, 01/5/16		(62	)		(43,462	)
Comcast Corp., $65.00, 01/15/16		(760	)		(111,720	)
Comcast Corp., $70.00, 01/15/16		(522	)		(28,188	)
Crown Castle International, $90.00, 01/15/16		(368	)		(29,440	)
CVS , $110.00, 01/15/16		(786	)		(239,730	)
CVS, $90.00, 01/15/16		(546	)		(868,140	)
CVS, $95.00, 01/15/16		(545	)		(632,200	)
Google, $590.00, 01/15/16		(157	)		(170,031	)
Google, $590.00, 01/15/16		(113	)		(174,020	)
Google, $700.00, 01/15/16		(255	)		(23,460	)
Liberty Global , $60.00, 01/15/16		(800	)		(196,000	)
Lowe’s, $60.00, 01/15/16		(1,364	)		(1,186,680	)
Lowe’s, $75.00, 01/5/16		(480	)		(61,440	)
Modelez International, Inc, $45.00, 01/1516		(781	)		(71,852	)
Pepsico, $100.00, 01/15/16		(794	)		(119,100	)
Pepsico, $105.00, 01/15/16		(469	)		(33,299	)
Pepsico, $110.00, 01/15/16		(774	)		(26,316	)
Pfiizer, $30.00, 01/15/16		(3,011	)		(1,129,125	)
PNR, $70.00, 11/20/15		(87	)		(28,710	)

73

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Flexibly Managed Fund

	Number of Contracts			Value†
WRITTEN OPTIONS (continued)
Call Options (continued)
TD Ameritrade, $115.00, 01/15/16		(291	)	$	(8,730	)
Thermo Fisher Scientifiic, $150.00, 01/15/16		(578	)		(86,700	)
Time Warner Cable, $180.00, 01/15/16		(86	)		(67,940	)
United Healthcare, $100.00, 01/15/16		(431	)		(999,920	)
United Healthcare, $105.00, 01/15/16		(430	)		(858,710	)
United Healthcare, $120.00, 01/15/16		(233	)		(227,175	)
United Healthcare, $90.00, 01/15/16		(569	)		(1,860,630	)
United Healthcare, $95.00, 01/15/16		(569	)		(1,559,060	)
Visa, $70.00, 01/15/16		(708	)		(198,240	)
Visa, $75.00, 01/15/16		(1,172	)		(150,016	)
Visa, $75.00, 01/15/16		(704	)		(90,112	)
TOTAL WRITTEN OPTIONS (Premiums $(6,032,535))					(11,487,666	)

† See Security Valuation Note.

* Non-income producing security.

144A @ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

• Variable Rate Security.

^ Illiquid security. The total market value of illiquid securities at June 30, 2015 is $4,644,081.

‡ Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2015. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	93	%
Canada	2
Netherlands	2
Cayman Islands	1
Ireland	1
Switzerland	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	1,926,403,420	$	1,926,403,420	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		90,492,080		90,492,080		—		—
PREFERRED STOCKS		61,788,383		61,788,383		—		—
AGENCY OBLIGATION		6,662,593		—		6,662,593		—
ASSET BACKED SECURITIES		7,260,237		—		7,260,237		—
CORPORATE BONDS		638,919,925		—		638,919,925		—
LOAN AGREEMENTS		157,699,473		—		157,699,473		—
SHORT-TERM INVESTMENTS		351,164,090		351,164,090		—		—
TOTAL INVESTMENTS	$	3,240,390,201	$	2,429,847,973	$	810,542,228	$	—

LIABILITIES TABLE
Description	Total Market Value at 06/30/2015			Level 1 Quoted Price			Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
WRITTEN OPTIONS	$	(11,487,666	)	$	(632,403	)	$	(10,855,263	)	$	—
TOTAL LIABILITIES	$	(11,487,666	)	$	(632,403	)	$	(10,855,263	)	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

74

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Balanced Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 59.7%
Penn Series Index 500 Fund* (Cost $20,578,641)		2,955,809	$	47,736,317
AFFILIATED FIXED INCOME FUNDS — 39.8%
Penn Series Quality Bond Fund* (Cost $26,263,325)		2,366,112		31,824,212
SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $280,801)		280,801		280,801
TOTAL INVESTMENTS — 99.9% (Cost $47,122,767)			$	79,841,330
Other Assets & Liabilities — 0.1%				106,288
TOTAL NET ASSETS — 100.0%			$	79,947,618

† See Security Valuation Note.

* Non-income producing security.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	47,736,317	$	47,736,317	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		31,824,212		31,824,212		—		—
SHORT-TERM INVESTMENTS		280,801		280,801		—		—
TOTAL INVESTMENTS	$	79,841,330	$	79,841,330	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

75

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Growth Stock Fund

	Number of Shares		Value†
COMMON STOCKS — 97.4%
Aerospace & Defense — 1.6%
The Boeing Co.		34,500	$	4,785,840
Airlines — 1.7%
American Airlines Group, Inc.		96,200		3,841,747
United Continental Holdings, Inc.*		25,800		1,367,658
				5,209,405
Apparel — 1.9%
Hanesbrands, Inc.		90,700		3,022,124
NIKE, Inc., Class B		18,200		1,965,964
Under Armour, Inc., Class A*		10,000		834,400
				5,822,488
Auto Manufacturers — 1.4%
Tesla Motors, Inc.*		15,400		4,131,204
Auto Parts & Equipment — 0.9%
BorgWarner, Inc.		20,600		1,170,904
Delphi Automotive PLC		18,600		1,582,674
				2,753,578
Banks — 1.9%
Morgan Stanley		96,700		3,750,993
State Street Corp.		26,500		2,040,500
				5,791,493
Biotechnology — 10.2%
Alexion Pharmaceuticals, Inc.		32,100		5,802,717
Alnylam Pharmaceuticals, Inc.*		1,700		203,779
Biogen, Inc.*		14,200		5,735,948
Celgene Corp.*		41,000		4,745,135
Gilead Sciences, Inc.		59,400		6,954,552
Incyte Corp.*		23,600		2,459,356
Regeneron Pharmaceuticals, Inc.*		5,100		2,601,663
Vertex Pharmaceuticals, Inc.*		16,600		2,049,768
				30,552,918
Building Materials — 0.3%
Martin Marietta Materials, Inc.		6,700		948,117
Chemicals — 1.3%
Ashland, Inc.		11,100		1,353,090
The Sherwin-Williams Co.		9,100		2,502,682
				3,855,772
Commercial Services — 2.9%
MasterCard, Inc., Class A		75,100		7,020,348
Mobileye NV		30,100		1,600,417
				8,620,765
Computers — 3.0%
Apple, Inc.		66,800		8,378,390
IHS, Inc., Class A*		3,900		501,657
				8,880,047
Cosmetics & Personal Care — 0.4%
The Estee Lauder Cos., Inc., Class A		14,300		1,239,238

	Number of Shares		Value†
Diversified Financial Services — 4.6%
BlackRock, Inc.		3,800	$	1,314,724
IntercontinentalExchange Group, Inc.		9,700		2,169,017
TD Ameritrade Holding Corp.		43,800		1,612,716
Visa, Inc., Class A		130,800		8,783,220
				13,879,677
Healthcare Products — 1.3%
Intuitive Surgical, Inc.*		7,700		3,730,650
Healthcare Services — 3.8%
Anthem, Inc.		19,000		3,118,660
Cigna Corp.		13,900		2,251,800
Humana, Inc.		14,200		2,716,176
UnitedHealth Group, Inc.		27,100		3,306,200
				11,392,836
Internet — 22.4%
58.Com, Inc.		6,800		435,608
Alibaba Group Holding Ltd. ADR*		54,937		4,519,667
Amazon.com, Inc.*		32,300		14,021,107
Baidu, Inc. ADR*		19,900		3,961,692
Facebook, Inc., Class A*		87,300		7,487,285
Google, Inc., Class A*		14,100		7,614,564
Google, Inc., Class C*		15,040		7,828,470
JD.Com, Inc. ADR*		38,800		1,323,080
LinkedIn Corp., Class A*		12,900		2,665,527
Netflix, Inc.*		3,200		2,102,208
Pandora Media, Inc.*		25,300		393,162
Tencent Holdings Ltd.		134,800		2,690,244
The Priceline Group, Inc.*		8,150		9,383,665
Vipshop Holdings Ltd. ADR*		117,900		2,623,275
				67,049,554
Lodging — 1.4%
Las Vegas Sands Corp.		28,800		1,514,016
MGM Resorts International*		131,890		2,406,993
Wynn Resorts Ltd.		3,600		355,212
				4,276,221
Machinery — Diversified — 2.4%
Flowserve Corp.		28,300		1,490,278
Roper Industries, Inc.		19,000		3,276,740
Wabtec Corp.		26,800		2,525,632
				7,292,650
Media — 1.6%
The Walt Disney Co.		40,800		4,656,912
Metal Fabricate/Hardware — 0.9%
Precision Castparts Corp.		13,100		2,618,297
Miscellaneous Manufacturing — 2.6%
Danaher Corp.		91,000		7,788,690
Oil & Gas — 1.3%
Concho Resources, Inc.*		5,200		592,072
Continental Resources, Inc.*		13,200		559,548
EQT Corp.		15,600		1,268,904

76

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Growth Stock Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Pioneer Natural Resources Co.		6,000	$	832,140
Range Resources Corp.		15,297		755,366
				4,008,030
Pharmaceuticals — 8.9%
AbbVie, Inc.		10,448		702,001
Allergan PLC*		24,613		7,469,061
BioMarin Pharmaceutical, Inc.*		14,900		2,038,022
Bristol-Myers Squibb Co.		32,000		2,129,280
McKesson Corp.		29,100		6,541,971
Valeant Pharmaceuticals International, Inc.*		34,800		7,730,820
				26,611,155
Retail — 9.3%
AutoZone, Inc.*		5,000		3,334,500
CarMax, Inc.*		35,800		2,370,318
Chipotle Mexican Grill, Inc.*		2,500		1,512,475
Costco Wholesale Corp.		8,200		1,107,492
CVS Health Corp.		30,100		3,156,888
Lowe’s Cos., Inc.		52,300		3,502,531
Ross Stores, Inc.		31,600		1,536,076
Starbucks Corp.		64,200		3,442,083
The Home Depot, Inc.		17,300		1,922,549
Tractor Supply Co.		34,900		3,138,906
Walgreens Boots Alliance, Inc.		32,100		2,710,524
				27,734,342
Semiconductors — 0.3%
ASML Holding N.V.		8,300		864,279
Software — 6.4%
Akamai Technologies, Inc.*		14,400		1,005,408
Fiserv, Inc.*		20,400		1,689,732
Microsoft Corp.		142,500		6,291,375
NetSuite, Inc.*		14,500		1,330,375
Red Hat, Inc.*		21,400		1,624,902
Salesforce.com, Inc.*		61,700		4,296,171
ServiceNow, Inc.*		23,300		1,731,423
Workday, Inc., Class A*		14,800		1,130,572
				19,099,958
Telecommunications — 1.1%
Crown Castle International Corp.		32,200		2,585,660
Palo Alto Networks, Inc.*		4,300		751,210
				3,336,870
Transportation — 1.6%
Canadian Pacific Railway Ltd.		9,600		1,538,208
FedEx Corp.		14,500		2,470,800
J.B. Hunt Transport Services, Inc.		9,500		779,855
				4,788,863
TOTAL COMMON STOCKS (Cost $197,202,326)				291,719,849

	Number of Shares		Value†
PREFERRED STOCKS — 0.9%
Internet — 0.5%
Dropbox. Inc.^,~		24,940	$	476,384
Flipkart Ltd. Ordinary Shares^,~		566		80,508
Flipkart Ltd. Series A^,~		196		27,879
Flipkart Ltd. Series C^,~		341		48,504
Flipkart Ltd. Series E^,~		636		90,465
Flipkart Ltd. Series G^,~		2,888		410,789
Flipkart Ltd. Series H~		2,579		366,837
Livingsocial, Series F, CONV^,~		15,066		2,758
				1,504,124
Lodging — 0.3%
Airbnb, Inc. Series D^~		9,999		930,851
Real Estate — 0.1%
WeWork Companies, Inc. Class A^,~		923		30,357
WeWork Companies, Inc. Series^,~		8,297		272,884
				303,241
TOTAL PREFERRED STOCKS (Cost $2,213,522)				2,738,216
REAL ESTATE INVESTMENT TRUSTS — 1.6%
Diversified — 1.6%
American Tower Corp. (Cost $2,829,638)		50,300		4,692,487
SHORT-TERM INVESTMENTS — 0.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		772,927		772,927
T. Rowe Price Reserve Investment Fund		1,592,907		1,592,907
TOTAL SHORT-TERM INVESTMENTS (Cost $2,365,834)				2,365,834
TOTAL INVESTMENTS — 100.7% (Cost $204,611,320)			$	301,516,386
Other Assets & Liabilities — (0.7)%				(2,100,838	)
TOTAL NET ASSETS — 100.0%			$	299,415,548

† See Security Valuation Note.

* Non-income producing security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2015 is $2,738,216.

^ Illiquid security. The total market value of illiquid securities at June 30, 2015 is $2,738,216.

ADR — American Depository Receipt.

CONV — Convertible Security.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

77

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Growth Stock Fund

Country Weightings as of 06/30/2015††
United States	90	%
China	5
Canada	3
Israel	1
United Kingdom	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	291,719,849	$	291,719,849	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS
Diversified		4,692,487		4,692,487		—		—
PREFERRED STOCKS		2,738,216		—		—		2,738,216
SHORT-TERM INVESTMENTS		2,365,834		2,365,834		—		—
TOTAL INVESTMENTS	$	301,516,386	$	298,778,170	$	—	$	2,738,216

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Investments in Securities (Market Value)
Balance as of 12/31/2014	$	1,233,258
Purchases		868,324
Change in Appreciation/(Depreciation)		636,634
Balance as of 6/30/2015	$	2,738,216

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any significant transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

78

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 99.2%
Advertising — 0.3%
Omnicom Group, Inc.		2,817	$	195,753
Aerospace & Defense — 2.5%
United Technologies Corp.		13,041		1,446,638
Apparel — 5.4%
Burberry Group PLC		26,485		653,760
LVMH Moet Hennessy Louis Vuitton SE		5,808		1,017,556
NIKE, Inc., Class B		7,095		766,402
VF Corp.		9,446		658,764
				3,096,482
Auto Parts & Equipment — 0.9%
Johnson Controls, Inc.		10,395		514,864
Beverages — 2.2%
AMBEV S.A. ADR		62,578		381,726
PepsiCo, Inc.		3,073		286,834
Pernod Ricard S.A.		5,078		586,502
				1,255,062
Chemicals — 7.8%
Ecolab, Inc.		8,939		1,010,733
LyondellBasell Industries N.V., Class A		5,880		608,698
Monsanto Co.		10,128		1,079,543
PPG Industries, Inc.		2,992		343,242
Praxair, Inc.		6,936		829,199
The Sherwin-Williams Co.		2,265		622,920
				4,494,335
Commercial Services — 4.0%
Equifax, Inc.		8,447		820,119
MasterCard, Inc., Class A		8,506		795,141
Moody’s Corp.		6,489		700,553
				2,315,813
Computers — 10.2%
Accenture PLC, Class A		26,274		2,542,798
Apple, Inc.		11,516		1,444,394
Cognizant Technology Solutions Corp., Class A*		12,956		791,482
EMC Corp.		40,612		1,071,751
				5,850,425
Cosmetics & Personal Care — 4.1%
Colgate-Palmolive Co.		28,788		1,883,023
L’Oreal S.A.		2,690		479,833
				2,362,856
Distribution & Wholesale — 2.2%
W.W. Grainger, Inc.		5,291		1,252,115
Diversified Financial Services — 7.1%
CME Group, Inc.		4,815		448,084
Franklin Resources, Inc.		20,980		1,028,649
The Charles Schwab Corp.		9,282		303,057
Visa, Inc., Class A		34,665		2,327,755
				4,107,545

	Number of Shares		Value†
Electronics — 6.9%
Amphenol Corp., Class A		8,330	$	482,890
Mettler-Toledo International, Inc.*		2,733		933,210
Sensata Technologies Holding N.V.*		5,720		301,673
Thermo Fisher Scientific, Inc.		10,826		1,404,782
Waters Corp.*		6,748		866,308
				3,988,863
Food — 1.6%
Danone S.A.		14,472		935,619
Healthcare Products — 2.1%
DENTSPLY International, Inc.		17,639		909,291
St. Jude Medical, Inc.		4,532		331,153
				1,240,444
Household Products & Wares — 0.7%
Church & Dwight Co., Inc.		4,767		386,747
Internet — 4.2%
Google, Inc., Class A*		4,506		2,433,420
Media — 6.1%
Discovery Communications, Inc., Class A*		14,887		495,142
The Walt Disney Co.		5,980		682,557
Time Warner, Inc.		12,352		1,079,688
Twenty-First Century Fox, Inc., Class A		38,527		1,253,861
				3,511,248
Metal Fabricate/Hardware — 0.8%
Precision Castparts Corp.		2,177		435,117
Miscellaneous Manufacturing — 4.7%
Colfax Corp.*		17,207		794,103
Danaher Corp.		22,059		1,888,030
				2,682,133
Oil & Gas Services — 1.4%
Schlumberger Ltd.		9,562		824,149
Pharmaceuticals — 7.9%
Abbott Laboratories		18,688		917,207
Eli Lilly & Co.		4,049		338,051
Express Scripts Holding Co.*		10,025		891,623
Mead Johnson Nutrition Co.		12,757		1,150,936
Roche Holding AG		2,834		794,169
Zoetis, Inc.		9,398		453,172
				4,545,158
Retail — 5.9%
AutoZone, Inc.*		1,402		934,994
CVS Health Corp.		14,489		1,519,606
The TJX Cos., Inc.		14,548		962,641
				3,417,241
Semiconductors — 4.6%
Microchip Technology, Inc.		19,422		921,088
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		31,263		709,983
Texas Instruments, Inc.		19,375		998,006
				2,629,077

79

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — 5.1%
Fidelity National Information Services, Inc.		18,089	$	1,117,900
Fiserv, Inc.*		3,605		298,602
Oracle Corp.		37,139		1,496,702
				2,913,204
Transportation — 0.5%
Expeditors International of Washington, Inc.		6,604		304,478
TOTAL COMMON STOCKS (Cost $48,198,283)				57,138,786
SHORT-TERM INVESTMENTS — 0.3%
Money Market — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $167,133)		167,133		167,133
TOTAL INVESTMENTS — 99.5% (Cost $48,365,416)			$	57,305,919
Other Assets & Liabilities — 0.5%				305,510
TOTAL NET ASSETS — 100.0%			$	57,611,429

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	83	%
France	7
Ireland	4
Netherlands	2
Switzerland	1
Taiwan	1
United Kingdom	1
Other	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	57,138,786	$	57,138,786	$	—	$	—
SHORT-TERM INVESTMENTS		167,133		167,133		—		—
TOTAL INVESTMENTS	$	57,305,919	$	57,305,919	$	—	$	—

Fair Value of Level 2 investments at 12/31/14 was $3,971,674 which was a result of valuing investments using third-party vendor modeling tools. An amount of $3,840,635 was transferred from Level 2 into Level 1 at 6/30/2015 as a result of using quoted prices in active market for such foreign securities.

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

80

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Core Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 99.2%
Airlines — 0.5%
Delta Air Lines, Inc.		15,630	$	642,080
Apparel — 3.4%
NIKE, Inc., Class B		20,830		2,250,057
Under Armour, Inc., Class A*		24,260		2,024,254
				4,274,311
Auto Parts & Equipment — 1.2%
Delphi Automotive PLC		17,250		1,467,803
Beverages — 1.8%
Constellation Brands, Inc., Class A		18,920		2,195,098
Biotechnology — 8.7%
Biogen, Inc.*		6,560		2,649,847
Celgene Corp.*		18,400		2,129,524
Gilead Sciences, Inc.		9,377		1,097,859
Medivation, Inc.*		8,250		942,150
Regeneron Pharmaceuticals, Inc.*		4,880		2,489,434
Vertex Pharmaceuticals, Inc.*		11,900		1,469,412
				10,778,226
Building Materials — 1.0%
Vulcan Materials Co.		14,180		1,190,127
Chemicals — 1.5%
Axalta Coating Systems Ltd.*		57,940		1,916,655
Commercial Services — 3.6%
Alliance Data Systems Corp.*		6,090		1,777,915
McGraw Hill Financial, Inc.		26,880		2,700,096
				4,478,011
Computers — 8.6%
Apple, Inc.		78,075		9,792,557
Cognizant Technology Solutions Corp., Class A*		15,150		925,513
				10,718,070
Diversified Financial Services — 7.2%
Affiliated Managers Group, Inc.*		6,187		1,352,478
IntercontinentalExchange Group, Inc.		4,690		1,048,731
Raymond James Financial, Inc.		30,820		1,836,256
The Charles Schwab Corp.		28,690		936,728
Visa, Inc., Class A		55,840		3,749,656
				8,923,849
Electronics — 0.5%
TE Connectivity Ltd.		9,520		612,136
Healthcare Products — 0.6%
Align Technology, Inc.*		12,609		790,710
Healthcare Services — 1.6%
UnitedHealth Group, Inc.		15,910		1,941,020
Home Furnishings — 1.1%
Harman International Industries, Inc.		11,380		1,353,537
Internet — 9.4%
Amazon.com, Inc.*		9,804		4,255,818

	Number of Shares		Value†
Internet — (continued)
Facebook, Inc., Class A*		41,430	$	3,553,244
Google, Inc., Class A*		2,320		1,252,893
LinkedIn Corp., Class A*		4,690		969,095
Splunk, Inc.*		23,230		1,617,272
				11,648,322
Leisure Time — 1.7%
Jarden Corp.*		40,190		2,079,833
Lodging — 1.7%
Hilton Worldwide Holdings, Inc.*		75,150		2,070,383
Machinery — Diversified — 1.9%
Cognex Corp.		19,710		948,051
Wabtec Corp.		15,370		1,448,469
				2,396,520
Media — 5.6%
Liberty Global PLC, Series C*		46,939		2,376,522
The Walt Disney Co.		22,710		2,592,119
Time Warner, Inc.		22,460		1,963,229
				6,931,870
Miscellaneous Manufacturing — 3.1%
Carlisle Cos., Inc.		12,440		1,245,493
Ingersoll-Rand PLC		18,380		1,239,179
Platform Specialty Products Corp.*		51,160		1,308,673
				3,793,345
Oil & Gas — 0.8%
Cheniere Energy, Inc.*		14,200		983,492
Pharmaceuticals — 9.5%
Bristol-Myers Squibb Co.		41,300		2,748,102
Eli Lilly & Co.		13,240		1,105,408
Endo International PLC*		24,090		1,918,768
McKesson Corp.		11,430		2,569,578
Shire PLC ADR		5,140		1,241,259
Zoetis, Inc.		44,640		2,152,541
				11,735,656
Real Estate — 1.8%
CBRE Group, Inc., Class A*		35,070		1,297,590
The Howard Hughes Corp.*		6,860		984,684
				2,282,274
Retail — 7.0%
Lululemon Athletica, Inc.*		26,630		1,738,939
Signet Jewelers Ltd.		7,570		970,777
Starbucks Corp.		24,280		1,301,772
The Home Depot, Inc.		23,230		2,581,550
The TJX Cos., Inc.		21,820		1,443,829
Ulta Salon Cosmetics & Fragrance, Inc.*		4,120		636,334
				8,673,201
Semiconductors — 2.1%
Avago Technologies Ltd.		11,760		1,563,257
Lam Research Corp.		13,000		1,057,550
				2,620,807

81

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Core Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — 7.2%
Adobe Systems, Inc.*		11,450	$	927,565
Akamai Technologies, Inc.*		28,370		1,980,793
Salesforce.com, Inc.*		27,855		1,939,544
ServiceNow, Inc.*		17,940		1,333,121
Tableau Software, Inc., Class A*		7,360		848,608
Tencent Holdings Ltd.		61,060		1,224,253
Workday, Inc., Class A*		9,250		706,608
				8,960,492
Telecommunications — 4.6%
Level 3 Communications, Inc.*		38,900		2,048,863
Palo Alto Networks, Inc.*		12,213		2,133,611
SBA Communications Corp., Class A*		13,240		1,522,203
				5,704,677
Transportation — 1.5%
Old Dominion Freight Line, Inc.*		13,460		923,424
Union Pacific Corp.		10,460		997,570
				1,920,994
TOTAL COMMON STOCKS (Cost $95,602,698)				123,083,499
SHORT-TERM INVESTMENTS — 3.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $4,540,202)		4,540,202		4,540,202
TOTAL INVESTMENTS — 102.8% (Cost $100,142,900)			$	127,623,701
Other Assets & Liabilities — (2.8)%				(3,517,564	)
TOTAL NET ASSETS — 100.0%			$	124,106,137

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	93	%
United Kingdom	2
Bermuda	1
Canada	1
Ireland	1
Singapore	1
Switzerland	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	123,083,499	$	123,083,499	$	—	$	—
SHORT-TERM INVESTMENTS		4,540,202		4,540,202		—	$	—
TOTAL INVESTMENTS	$	127,623,701	$	127,623,701	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

82

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 97.5%
Advertising — 1.1%
Omnicom Group, Inc.		34,995	$	2,431,803
Aerospace & Defense — 3.0%
Northrop Grumman Corp.		22,125		3,509,688
United Technologies Corp.		29,132		3,231,613
				6,741,301
Agriculture — 1.2%
Philip Morris International, Inc.		33,750		2,705,737
Apparel — 1.4%
Ralph Lauren Corp.		24,188		3,201,524
Auto Manufacturers — 1.2%
General Motors Co.		80,991		2,699,430
Banks — 13.8%
Bank of America Corp.		280,274		4,770,264
Citigroup, Inc.		83,293		4,601,105
Fifth Third Bancorp		191,292		3,982,699
JPMorgan Chase & Co.		99,022		6,709,731
State Street Corp.		37,619		2,896,663
The PNC Financial Services Group, Inc.		33,633		3,216,997
Wells Fargo & Co.		84,510		4,752,842
				30,930,301
Beverages — 1.4%
PepsiCo, Inc.		33,170		3,096,088
Building Materials — 1.4%
Vulcan Materials Co.		37,862		3,177,758
Chemicals — 1.2%
E.I. du Pont de Nemours & Co.		41,663		2,664,349
Computers — 2.5%
Apple, Inc.		21,015		2,635,806
EMC Corp.		113,068		2,983,865
				5,619,671
Diversified Financial Services — 6.5%
American Express Co.		30,239		2,350,175
Ameriprise Financial, Inc.		26,683		3,333,507
Discover Financial Services		63,890		3,681,342
FNF Group		75,068		2,776,765
Legg Mason, Inc.		44,009		2,267,784
				14,409,573
Diversified Operations — 2.7%
Eaton Corp. PLC		49,761		3,358,370
Pentair PLC		38,203		2,626,456
				5,984,826
Electric — 2.9%
Calpine Corp.*		102,178		1,838,182
NextEra Energy, Inc.		24,988		2,449,574
PG&E Corp.		45,187		2,218,682
				6,506,438

	Number of Shares		Value†
Electronics — 1.5%
Honeywell International, Inc.		32,013	$	3,264,366
Food — 1.4%
Mondelez International, Inc., Class A		75,017		3,086,199
Healthcare Products — 1.6%
Medtronic PLC		47,957		3,553,614
Healthcare Services — 3.5%
HCA Holdings, Inc.*		31,642		2,870,562
UnitedHealth Group, Inc.		40,747		4,971,134
				7,841,696
Insurance — 5.8%
American International Group, Inc.		61,241		3,785,918
MetLife, Inc.		64,824		3,629,496
The Travelers Cos., Inc.		26,715		2,582,272
Unum Group		85,369		3,051,942
				13,049,628
Internet — 2.8%
Liberty Interactive Corp. QVC Group, Class A*		106,594		2,957,984
Symantec Corp.		145,925		3,392,756
				6,350,740
Leisure Time — 0.9%
Harley-Davidson, Inc.		34,223		1,928,466
Media — 3.7%
Comcast Corp., Class A		63,363		3,810,651
Liberty Global PLC, Class A*		38,358		2,074,017
Viacom, Inc., Class B		37,659		2,434,278
				8,318,946
Miscellaneous Manufacturing — 1.9%
Illinois Tool Works, Inc.		18,466		1,694,994
Ingersoll-Rand PLC		36,442		2,456,920
				4,151,914
Oil & Gas — 6.3%
Chevron Corp.		39,615		3,821,659
Hess Corp.		34,999		2,340,733
Marathon Oil Corp.		113,851		3,021,606
Royal Dutch Shell PLC ADR, Class A		48,662		2,774,221
Valero Energy Corp.		35,189		2,202,831
				14,161,050
Oil & Gas Services — 2.2%
Halliburton Co.		70,184		3,022,825
National Oilwell Varco, Inc.		39,843		1,923,620
				4,946,445
Packaging and Containers — 1.8%
Sealed Air Corp.		75,824		3,895,837
Pharmaceuticals — 11.9%
Allergan PLC*		8,953		2,716,877
Eli Lilly & Co.		52,117		4,351,248

83

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Cap Value Fund

	Number of Shares			Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Express Scripts Holding Co.*		35,904		$	3,193,302
Merck & Co., Inc.		66,638			3,793,701
Pfizer, Inc.		159,279			5,340,625
Sanofi ADR		78,534			3,889,789
Teva Pharmaceutical Industries Ltd. ADR		56,288			3,326,621
					26,612,163
Retail — 2.3%
CVS Health Corp.		26,346			2,763,168
Lowe’s Cos., Inc.		35,716			2,391,901
					5,155,069
Semiconductors — 1.2%
QUALCOMM, Inc.		43,653			2,733,987
Software — 2.2%
Microsoft Corp.		109,971			4,855,220
Telecommunications — 4.7%
Cisco Systems, Inc.		106,640			2,928,334
Knowles Corp.*		112,715			2,040,142
Verizon Communications, Inc.		61,940			2,887,023
Vodafone Group PLC- ADR		73,837			2,691,359
					10,546,858
Transportation — 1.5%
Norfolk Southern Corp.		38,340			3,349,382
TOTAL COMMON STOCKS (Cost $181,505,672)					217,970,379
REAL ESTATE INVESTMENT TRUSTS — 1.1%
Diversified — 1.1%
Weyerhaeuser Co. (Cost $2,383,488)		79,839			2,514,928
SHORT-TERM INVESTMENTS — 3.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $6,867,461)		6,867,461			6,867,461
TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT (Cost $190,756,620)					227,352,768
SECURITIES SOLD SHORT — (0.1)%
Chemicals — (0.1)%
The Chemours Co. (Cost $(176,917))		(8,332	)		(133,312	)
TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT — 101.6% (Cost $190,579,704)				$	227,219,456
Other Assets & Liabilities — (1.6)%					(3,642,803	)
TOTAL NET ASSETS — 100.0%				$	223,576,653

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	91	%
Ireland	3
France	2
Israel	1
Netherlands	1
Switzerland	1
United Kingdom	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	217,970,379	$	217,970,379	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		2,514,928		2,514,928		—		—
SHORT-TERM INVESTMENTS		6,867,461		6,867,461		—		—
TOTAL INVESTMENTS	$	227,352,768	$	227,352,768	$	—	$	—

LIABILITIES TABLE
Description	Total Market Value at 06/30/2015			Level 1 Quoted Price			Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
SECURITIES SOLD SHORT	$	(133,312	)	$	(133,312	)	$	—		—
TOTAL LIABILITIES	$	(133,312	)	$	(133,312	)	$	—		—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

84

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — 94.5%
Aerospace & Defense — 2.3%
United Technologies Corp.		38,860	$	4,310,740
Agriculture — 4.5%
Altria Group, Inc.		54,634		2,672,149
Reynolds American, Inc.		78,981		5,896,721
				8,568,870
Banks — 16.0%
Citigroup, Inc.		90,090		4,976,572
Credit Suisse Group AG ADR		124,369		3,432,584
JPMorgan Chase & Co.		113,924		7,719,490
KeyCorp.		191,997		2,883,795
The Goldman Sachs Group, Inc.		20,837		4,350,557
The PNC Financial Services Group, Inc.		36,045		3,447,704
Wells Fargo & Co.		63,924		3,595,086
				30,405,788
Chemicals — 4.1%
Monsanto Co.		28,306		3,017,136
PPG Industries, Inc.		16,236		1,862,594
Praxair, Inc.		23,769		2,841,584
				7,721,314
Diversified Financial Services — 2.3%
Affiliated Managers Group, Inc.		8,560		1,871,216
Invesco Ltd.		69,172		2,593,258
				4,464,474
Electric — 3.7%
NextEra Energy, Inc.		38,525		3,776,606
PG&E Corp.		66,828		3,281,255
				7,057,861
Electrical Components & Equipment — 1.1%
Hubbell, Inc., Class B		18,510		2,004,263
Electronics — 1.3%
Thermo Fisher Scientific, Inc.		18,678		2,423,657
Food — 2.6%
General Mills, Inc.		62,996		3,510,137
The Kroger Co.		20,588		1,492,836
				5,002,973
Gas — 1.9%
Sempra Energy		37,332		3,693,628
Healthcare Products — 2.9%
Medtronic PLC		51,156		3,790,660
Stryker Corp.		18,949		1,810,956
				5,601,616
Insurance — 6.9%
ACE Ltd.		24,780		2,519,630
Aflac, Inc.		41,883		2,605,123
Lincoln National Corp.		22,000		1,302,840
Prudential PLC ADR		65,731		3,191,897
XL Group PLC		94,222		3,505,059
				13,124,549

	Number of Shares		Value†
Internet — 1.2%
Google, Inc., Class C*		4,504	$	2,344,377
Iron & Steel — 0.6%
Nucor Corp.		26,673		1,175,479
Media — 3.2%
CBS Corp., Class B		74,256		4,121,208
The Walt Disney Co.		17,913		2,044,590
				6,165,798
Miscellaneous Manufacturing — 5.6%
General Electric Co.		403,022		10,708,295
Oil & Gas — 13.6%
Anadarko Petroleum Corp.		41,520		3,241,051
Devon Energy Corp.		55,328		3,291,463
Exxon Mobil Corp.		112,580		9,366,656
Occidental Petroleum Corp.		70,019		5,445,378
Phillips 66		36,665		2,953,732
Range Resources Corp.		31,620		1,561,396
				25,859,676
Pharmaceuticals — 6.4%
AbbVie, Inc.		25,066		1,684,185
Eli Lilly & Co.		17,645		1,473,181
McKesson Corp.		4,295		965,559
Merck & Co., Inc.		82,177		4,678,337
Roche Holding Ltd. AG ADR		33,335		1,169,058
Teva Pharmaceutical Industries Ltd. ADR		38,023		2,247,159
				12,217,479
Retail — 0.5%
The Home Depot, Inc.		8,533		948,272
Semiconductors — 4.5%
Intel Corp.		142,815		4,343,718
QUALCOMM, Inc.		68,342		4,280,260
				8,623,978
Software — 5.8%
Microsoft Corp.		100,990		4,458,708
Oracle Corp.		118,016		4,756,045
SAP SE ADR		26,364		1,851,544
				11,066,297
Telecommunications — 2.0%
Verizon Communications, Inc.		81,057		3,778,067
Transportation — 1.5%
C.H. Robinson Worldwide, Inc.		45,732		2,853,219
TOTAL COMMON STOCKS (Cost $159,207,433)				180,120,670
REAL ESTATE INVESTMENT TRUSTS — 4.3%
Apartments — 1.5%
Equity Residential		40,271		2,825,816
Regional Malls — 1.4%
Simon Property Group, Inc.		15,995		2,767,455

85

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Large Core Value Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Storage & Warehousing — 1.4%
Public Storage		14,215	$	2,620,820
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,178,247)				8,214,091
SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $790,536)		790,536		790,536
TOTAL INVESTMENTS — 99.2% (Cost $167,176,216)			$	189,125,297
Other Assets & Liabilities — 0.8%				1,448,433
TOTAL NET ASSETS — 100.0%			$	190,573,730

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	90	%
Switzerland	4
Bermuda	2
United Kingdom	2
Germany	1
Israel	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	180,120,670	$	180,120,670	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		8,214,091		8,214,091		—		—
SHORT-TERM INVESTMENTS		790,536		790,536		—		—
TOTAL INVESTMENTS	$	189,125,297	$	189,125,297	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

86

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — 96.6%
Advertising — 0.1%
Omnicom Group, Inc.		5,767	$	400,749
The Interpublic Group of Cos., Inc.		10,134		195,282
				596,031
Aerospace & Defense — 1.9%
General Dynamics Corp.		7,497		1,062,250
L-3 Communications Holdings, Inc.		2,100		238,098
Lockheed Martin Corp.		6,337		1,178,048
Northrop Grumman Corp.		4,692		744,292
Raytheon Co.		7,376		705,736
Rockwell Collins, Inc.		3,245		299,676
The Boeing Co.		15,521		2,153,073
United Technologies Corp.		19,642		2,178,887
				8,560,060
Agriculture — 1.5%
Altria Group, Inc.		46,678		2,283,021
Archer-Daniels-Midland Co.		15,399		742,540
Philip Morris International, Inc.		36,988		2,965,328
Reynolds American, Inc.		9,677		722,485
				6,713,374
Airlines — 0.5%
American Airlines Group, Inc.		17,000		678,895
Delta Air Lines, Inc.		19,800		813,384
Southwest Airlines Co.		15,917		526,694
				2,018,973
Apparel — 0.8%
Coach, Inc.		6,278		217,247
Hanesbrands, Inc.		9,500		316,540
Michael Kors Holdings Ltd.		4,900		206,241
NIKE, Inc., Class B		16,446		1,776,497
Ralph Lauren Corp.		1,428		189,010
Under Armour, Inc., Class A*		3,900		325,416
VF Corp.		8,132		567,126
				3,598,077
Auto Manufacturers — 0.7%
Ford Motor Co.		94,267		1,414,948
General Motors Co.		32,200		1,073,226
PACCAR, Inc.		8,544		545,192
				3,033,366
Auto Parts & Equipment — 0.4%
BorgWarner, Inc.		5,400		306,936
Delphi Automotive PLC		7,200		612,648
Johnson Controls, Inc.		15,711		778,166
The Goodyear Tire & Rubber Co.		6,906		208,216
				1,905,966
Banks — 7.7%
Bank of America Corp.		249,735		4,250,490
BB&T Corp.		17,099		689,261
Capital One Financial Corp.		13,241		1,164,811
Citigroup, Inc.		72,681		4,014,898
Comerica, Inc.		4,344		222,934

	Number of Shares		Value†
Banks — (continued)
Fifth Third Bancorp		19,446	$	404,866
Huntington Bancshares, Inc.		19,965		225,804
JPMorgan Chase & Co.		88,964		6,028,201
KeyCorp.		20,699		310,899
M&T Bank Corp.		3,108		388,282
Morgan Stanley		36,463		1,414,400
Northern Trust Corp.		5,247		401,185
Regions Financial Corp.		32,894		340,782
State Street Corp.		9,947		765,919
SunTrust Banks, Inc.		12,388		532,932
The Bank of New York Mellon Corp.		26,680		1,119,759
The Goldman Sachs Group, Inc.		9,643		2,013,362
The PNC Financial Services Group, Inc.		12,583		1,203,564
U.S. Bancorp		42,656		1,851,270
Wells Fargo & Co.		112,137		6,306,585
Zions Bancorporation		4,804		152,455
				33,802,659
Beverages — 2.1%
Brown-Forman Corp., Class B		3,793		379,983
Coca-Cola Enterprises, Inc.		5,428		235,792
Constellation Brands, Inc., Class A		3,923		455,146
Dr. Pepper Snapple Group, Inc.		4,500		328,050
Keurig Green Mountain, Inc.		2,900		222,227
Molson Coors Brewing Co., Class B		3,938		274,912
Monster Beverage Corp.*		3,500		469,070
PepsiCo, Inc.		35,161		3,281,928
The Coca-Cola Co.		93,270		3,658,982
				9,306,090
Biotechnology — 3.2%
Alexion Pharmaceuticals, Inc.		5,400		976,158
Amgen, Inc.		18,145		2,785,620
Biogen, Inc.*		5,633		2,275,394
Celgene Corp.*		18,856		2,182,299
Gilead Sciences, Inc.		35,298		4,132,690
Regeneron Pharmaceuticals, Inc.*		1,800		918,234
Vertex Pharmaceuticals, Inc.*		5,700		703,836
				13,974,231
Building Materials — 0.2%
Martin Marietta Materials, Inc.		1,500		212,265
Masco Corp.		8,277		220,748
Vulcan Materials Co.		3,041		255,231
				688,244
Chemicals — 2.3%
Air Products & Chemicals, Inc.		4,521		618,608
Airgas, Inc.		1,600		169,248
CF Industries Holdings, Inc.		6,000		385,680
E.I. du Pont de Nemours & Co.		21,323		1,363,606
Eastman Chemical Co.		3,682		301,261
Ecolab, Inc.		6,333		716,072
FMC Corp.		3,100		162,905
International Flavors & Fragrances, Inc.		1,875		204,919
LyondellBasell Industries N.V., Class A		9,300		962,736

87

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
Monsanto Co.		11,537	$	1,229,729
PPG Industries, Inc.		6,620		759,446
Praxair, Inc.		6,926		828,003
Sigma-Aldrich Corp.		2,722		379,311
The Chemours Co.		426		6,816
The Dow Chemical Co.		26,379		1,349,814
The Mosaic Co.		7,600		356,060
The Sherwin-Williams Co.		1,934		531,889
				10,326,103
Coal — 0.0%
CONSOL Energy, Inc.		5,776		125,570
Commercial Services — 1.6%
Allegion PLC		2,266		136,277
Alliance Data Systems Corp.*		1,500		437,910
Automatic Data Processing, Inc.		11,443		918,072
Cintas Corp.		2,455		207,668
Equifax, Inc.		2,834		275,153
H&R Block, Inc.		6,666		197,647
MasterCard, Inc., Class A		23,300		2,178,084
McGraw Hill Financial, Inc.		6,486		651,519
Moody’s Corp.		4,173		450,517
Paychex, Inc.		7,775		364,492
Quanta Services, Inc.*		4,900		141,218
Robert Half International, Inc.		3,207		177,989
The ADT Corp.		4,134		138,778
The Western Union Co.		12,378		251,645
Total System Services, Inc.		3,977		166,119
Tyco International PLC		10,000		384,800
United Rentals, Inc.*		2,300		201,526
				7,279,414
Computers — 6.2%
Accenture PLC, Class A		15,000		1,451,700
Apple, Inc.		137,782		17,281,307
Cognizant Technology Solutions Corp., Class A*		14,504		886,049
Computer Sciences Corp.		3,357		220,354
EMC Corp.		46,948		1,238,958
Hewlett-Packard Co.		42,983		1,289,920
International Business Machines Corp.		21,758		3,539,156
NetApp, Inc.		7,421		234,207
SanDisk Corp.		5,297		308,391
Seagate Technology PLC		7,700		365,750
Teradata Corp.*		3,516		130,092
Western Digital Corp.		5,100		399,942
				27,345,826
Cosmetics & Personal Care — 1.6%
Colgate-Palmolive Co.		20,270		1,325,861
The Estee Lauder Cos., Inc., Class A		5,374		465,711
The Procter & Gamble Co.		64,994		5,085,130
				6,876,702
Distribution & Wholesale — 0.2%
Fastenal Co.		6,700		282,606

	Number of Shares		Value†
Distribution & Wholesale — (continued)
Fossil Group, Inc.*		1,100	$	76,296
Genuine Parts Co.		3,605		322,755
W.W. Grainger, Inc.		1,472		348,349
				1,030,006
Diversified Financial Services — 2.6%
Affiliated Managers Group, Inc.		1,300		284,180
American Express Co.		20,980		1,630,565
Ameriprise Financial, Inc.		4,446		555,439
BlackRock, Inc.		2,999		1,037,594
CME Group, Inc.		7,560		703,534
Discover Financial Services		10,578		609,504
E*TRADE Financial Corp.*		6,481		194,106
Franklin Resources, Inc.		9,156		448,919
IntercontinentalExchange Group, Inc.		2,670		597,039
Invesco Ltd.		10,367		388,659
Legg Mason, Inc.		2,261		116,509
Navient Corp.		9,734		177,256
T. Rowe Price Group, Inc.		6,281		488,222
The Charles Schwab Corp.		26,969		880,538
The NASDAQ OMX Group, Inc.		2,800		136,668
Visa, Inc., Class A		46,256		3,106,090
				11,354,822
Diversified Operations — 0.3%
Eaton Corp. PLC		11,306		763,042
Leucadia National Corp.		7,260		176,273
Pentair PLC		4,519		310,681
				1,249,996
Electric — 2.5%
AES Corp.		16,344		216,721
Ameren Corp.		5,798		218,469
American Electric Power Co., Inc.		11,757		622,768
CMS Energy Corp.		6,707		213,551
Consolidated Edison, Inc.		6,834		395,552
Dominion Resources, Inc.		13,909		930,095
DTE Energy Co.		4,092		305,427
Duke Energy Corp.		16,859		1,190,583
Edison International		7,674		426,521
Entergy Corp.		4,147		292,363
Eversource Energy		7,517		341,347
Exelon Corp.		20,310		638,140
FirstEnergy Corp.		9,956		324,068
NextEra Energy, Inc.		10,285		1,008,238
NRG Energy, Inc.		7,800		178,464
Pepco Holdings, Inc.		5,540		149,248
PG&E Corp.		11,350		557,285
Pinnacle West Capital Corp.		2,569		146,150
PPL Corp.		15,998		471,461
Public Service Enterprise Group, Inc.		11,749		461,501
SCANA Corp.		3,400		172,210
TECO Energy, Inc.		5,923		104,600
The Southern Co.		21,111		884,551
WEC Energy Group, Inc.		7,450		335,043
Xcel Energy, Inc.		11,630		374,253
				10,958,609

88

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		5,800	$	317,724
Emerson Electric Co.		16,376		907,722
				1,225,446
Electronics — 1.1%
Agilent Technologies, Inc.		7,845		302,660
Amphenol Corp., Class A		7,400		428,978
FLIR Systems, Inc.		3,600		110,952
Garmin Ltd.		2,800		123,004
Honeywell International, Inc.		18,508		1,887,261
PerkinElmer, Inc.		2,516		132,442
TE Connectivity Ltd.		9,600		617,280
Thermo Fisher Scientific, Inc.		9,482		1,230,385
Waters Corp.*		1,958		251,368
				5,084,330
Engineering & Construction — 0.1%
Fluor Corp.		3,870		205,149
Jacobs Engineering Group, Inc.*		2,983		121,169
Topbuild Corp.*		92		2,668
				328,986
Environmental Control — 0.2%
Republic Services, Inc.		5,814		227,734
Stericycle, Inc.*		2,000		267,820
Waste Management, Inc.		10,200		472,770
				968,324
Food — 1.7%
Campbell Soup Co.		4,516		215,187
ConAgra Foods, Inc.		9,902		432,915
General Mills, Inc.		14,510		808,497
Hormel Foods Corp.		3,100		174,747
Kellogg Co.		6,066		380,338
Kraft Foods Group, Inc.		14,054		1,196,558
McCormick & Co., Inc.		3,208		259,688
Mondelez International, Inc., Class A		39,863		1,639,964
Sysco Corp.		14,252		514,497
The Hershey Co.		3,487		309,750
The J.M. Smucker Co.		2,234		242,188
The Kroger Co.		11,445		829,877
Tyson Foods, Inc., Class A		6,649		283,447
Whole Foods Market, Inc.		8,386		330,744
				7,618,397
Forest Products & Paper — 0.1%
International Paper Co.		9,967		474,329
MeadWestvaco Corp.		3,999		188,713
				663,042
Gas — 0.3%
AGL Resources, Inc.		2,600		121,056
CenterPoint Energy, Inc.		10,322		196,428
NiSource, Inc.		7,365		335,770
Sempra Energy		5,398		534,078
				1,187,332

	Number of Shares		Value†
Hand & Machine Tools — 0.1%
Snap-On, Inc.		1,328	$	211,484
Stanley Black & Decker, Inc.		3,640		383,074
				594,558
Healthcare Products — 1.9%
Baxter International, Inc.		12,875		900,349
Becton Dickinson & Co.		4,835		684,879
Boston Scientific Corp.*		31,948		565,480
C.R. Bard, Inc.		1,842		314,429
DENTSPLY International, Inc.		3,200		164,960
Edwards Lifesciences Corp.*		2,500		356,075
Henry Schein, Inc.*		2,000		284,240
Hospira, Inc.*		3,912		347,033
Intuitive Surgical, Inc.*		907		439,441
Medtronic PLC		33,697		2,496,948
Patterson Cos., Inc.		1,974		96,035
St. Jude Medical, Inc.		6,830		499,068
Stryker Corp.		6,981		667,174
Varian Medical Systems, Inc.*		2,357		198,766
Zimmer Biomet Holdings, Inc.		4,029		440,088
				8,454,965
Healthcare Services — 1.9%
Aetna, Inc.		8,193		1,044,280
Anthem, Inc.		6,495		1,066,089
Cigna Corp.		6,294		1,019,628
DaVita HealthCare Partners, Inc.*		3,998		317,721
HCA Holdings, Inc.*		7,200		653,184
Humana, Inc.		3,510		671,393
Laboratory Corp. of America Holdings*		2,377		288,140
Quest Diagnostics, Inc.		3,387		245,625
Tenet Healthcare Corp.*		2,343		135,613
UnitedHealth Group, Inc.		22,841		2,786,602
Universal Health Services, Inc., Class B		2,200		312,620
				8,540,895
Home Builders — 0.1%
D.R. Horton, Inc.		8,276		226,431
Lennar Corp., Class A		4,036		205,998
PulteGroup, Inc.		8,034		161,885
				594,314
Home Furnishings — 0.1%
Harman International Industries, Inc.		1,738		206,718
Whirlpool Corp.		1,869		323,430
				530,148
Household Products & Wares — 0.3%
Avery Dennison Corp.		2,183		133,032
Kimberly-Clark Corp.		8,787		931,158
The Clorox Co.		2,997		311,748
				1,375,938
Housewares — 0.1%
Newell Rubbermaid, Inc.		6,317		259,692

89

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — 4.1%
ACE Ltd.		7,900	$	803,272
Aflac, Inc.		10,700		665,540
American International Group, Inc.		32,485		2,008,223
Aon PLC		6,844		682,210
Assurant, Inc.		1,673		112,091
Berkshire Hathaway, Inc., Class B*		43,650		5,941,202
Cincinnati Financial Corp.		3,692		185,265
Genworth Financial, Inc., Class A*		11,369		86,063
Lincoln National Corp.		6,173		365,565
Loews Corp.		7,125		274,384
Marsh & McLennan Cos., Inc.		12,909		731,940
MetLife, Inc.		26,385		1,477,296
Principal Financial Group, Inc.		6,465		331,590
Prudential Financial, Inc.		10,730		939,090
The Allstate Corp.		9,976		647,143
The Chubb Corp.		5,651		537,636
The Hartford Financial Services Group, Inc.		10,057		418,070
The Progressive Corp.		12,956		360,565
The Travelers Cos., Inc.		7,531		727,946
Torchmark Corp.		3,052		177,687
Unum Group		6,076		217,217
XL Group PLC		7,549		280,823
				17,970,818
Internet — 5.0%
Amazon.com, Inc.*		9,175		3,982,776
eBay, Inc.*		26,028		1,567,927
Equinix, Inc.		1,300		330,200
Expedia, Inc.		2,394		261,784
F5 Networks, Inc.*		1,800		216,630
Facebook, Inc., Class A*		50,500		4,331,132
Google, Inc., Class A*		6,825		3,685,773
Google, Inc., Class C*		6,843		3,561,850
Netflix, Inc.*		1,400		919,716
Symantec Corp.		16,638		386,834
The Priceline Group, Inc.*		1,227		1,412,731
TripAdvisor, Inc.*		2,594		226,041
VeriSign, Inc.*		2,609		161,027
Yahoo!, Inc.*		20,817		817,900
				21,862,321
Iron & Steel — 0.1%
Allegheny Technologies, Inc.		2,278		68,796
Nucor Corp.		7,735		340,881
				409,677
Leisure Time — 0.3%
Carnival Corp.		10,945		540,573
Harley-Davidson, Inc.		5,228		294,598
Royal Caribbean Cruises Ltd.		4,000		314,760
				1,149,931
Lodging — 0.3%
Marriott International, Inc., Class A		5,185		385,712
Starwood Hotels & Resorts Worldwide, Inc.		4,252		344,795
Wyndham Worldwide Corp.		2,860		234,263

	Number of Shares		Value†
Lodging — (continued)
Wynn Resorts Ltd.		1,930	$	190,433
				1,155,203
Machinery — Construction & Mining — 0.3%
Caterpillar, Inc.		14,328		1,215,301
Joy Global, Inc.		2,300		83,260
				1,298,561
Machinery — Diversified — 0.5%
Cummins, Inc.		3,974		521,349
Deere & Co.		7,932		769,801
Flowserve Corp.		3,300		173,778
Rockwell Automation, Inc.		3,271		407,697
Roper Industries, Inc.		2,400		413,904
Xylem, Inc.		4,154		153,989
				2,440,518
Media — 3.6%
Cablevision Systems Corp., Class A		5,000		119,700
CBS Corp., Class B		10,754		596,847
Comcast Corp., Class A		60,334		3,628,487
DIRECTV*		11,919		1,105,964
Discovery Communications, Inc., Class C*		6,500		202,020
Discovery Communications, Inc., Class A*		3,500		116,410
Gannett, Inc.*		2,687		37,591
News Corp., Class A*		12,215		178,217
Nielsen Holdings NV		9,000		402,930
Scripps Networks Interactive, Inc., Class A		2,556		167,086
Tegna, Inc.		5,374		172,344
The Walt Disney Co.		37,176		4,243,268
Time Warner Cable, Inc.		6,596		1,175,209
Time Warner, Inc.		20,004		1,748,550
Twenty-First Century Fox, Inc., Class A		42,560		1,385,115
Viacom, Inc., Class B		8,781		567,604
				15,847,342
Metal Fabricate/Hardware — 0.2%
Precision Castparts Corp.		3,425		684,555
Mining — 0.2%
Alcoa, Inc.		28,348		316,080
Freeport-McMoRan, Inc.		24,496		456,116
Newmont Mining Corp.		12,383		289,267
				1,061,463
Miscellaneous Manufacturing — 2.9%
3M Co.		15,180		2,342,274
Danaher Corp.		14,368		1,229,757
Dover Corp.		3,805		267,035
General Electric Co.		239,925		6,374,807
Illinois Tool Works, Inc.		8,219		754,422
Ingersoll-Rand PLC		6,500		438,230
Leggett & Platt, Inc.		3,354		163,273
Pall Corp.		2,645		329,170
Parker Hannifin Corp.		3,581		416,578
Textron, Inc.		6,576		293,487
				12,609,033

90

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Office & Business Equipment — 0.1%
Pitney Bowes, Inc.		5,161	$	107,401
Xerox Corp.		25,455		270,841
				378,242
Oil & Gas — 5.8%
Anadarko Petroleum Corp.		11,959		933,519
Apache Corp.		9,023		519,995
Cabot Oil & Gas Corp.		10,088		318,175
Chesapeake Energy Corp.		12,410		138,620
Chevron Corp.		44,770		4,318,962
Cimarex Energy Co.		2,100		231,651
ConocoPhillips		29,280		1,798,085
Devon Energy Corp.		9,229		549,033
Diamond Offshore Drilling, Inc.		1,600		41,296
Ensco PLC, ADR, Class A		5,800		129,166
EOG Resources, Inc.		12,916		1,130,796
EQT Corp.		3,600		292,824
Exxon Mobil Corp.		99,665		8,292,128
Helmerich & Payne, Inc.		2,700		190,134
Hess Corp.		6,097		407,767
Marathon Oil Corp.		15,951		423,340
Marathon Petroleum Corp.		13,450		703,569
Murphy Oil Corp.		3,917		162,830
Newfield Exploration Co.*		4,100		148,092
Noble Energy, Inc.		8,538		364,402
Occidental Petroleum Corp.		18,458		1,435,479
Phillips 66		13,140		1,058,558
Pioneer Natural Resources Co.		3,600		499,284
Range Resources Corp.		3,923		193,718
Southwestern Energy Co.*		8,490		192,978
Tesoro Corp.		3,094		261,165
Valero Energy Corp.		12,340		772,484
				25,508,050
Oil & Gas Services — 1.2%
Baker Hughes, Inc.		10,228		631,068
Cameron International Corp.*		4,770		249,805
FMC Technologies, Inc.*		5,700		236,493
Halliburton Co.		20,269		872,986
National Oilwell Varco, Inc.		10,123		488,738
Noble Corp. PLC		6,400		98,496
Schlumberger Ltd.		30,259		2,608,023
Transocean Ltd.		8,300		133,796
				5,319,405
Packaging and Containers — 0.2%
Ball Corp.		3,226		226,304
Owens-Illinois, Inc.*		4,000		91,760
Sealed Air Corp.		5,033		258,596
WestRock Co.		1,927		117,354
				694,014
Pharmaceuticals — 7.7%
Abbott Laboratories		35,896		1,761,776
AbbVie, Inc.		40,896		2,747,802
Allergan PLC		9,313		2,826,124

	Number of Shares		Value†
Pharmaceuticals — (continued)
AmerisourceBergen Corp.		5,000	$	531,700
Bristol-Myers Squibb Co.		39,497		2,628,130
Cardinal Health, Inc.		7,882		659,329
Eli Lilly & Co.		23,254		1,941,477
Endo International PLC		5,000		398,250
Express Scripts Holding Co.*		17,464		1,553,248
Johnson & Johnson		66,041		6,436,356
Mallinckrodt PLC*		2,700		317,844
McKesson Corp.		5,525		1,242,075
Mead Johnson Nutrition Co.		4,768		430,169
Merck & Co., Inc.		67,813		3,860,594
Mylan NV*		9,956		675,614
Perrigo Co. PLC		3,400		628,422
Pfizer, Inc.		147,505		4,945,843
Zoetis, Inc.		12,107		583,800
				34,168,553
Pipelines — 0.7%
Kinder Morgan, Inc.		41,736		1,602,245
ONEOK, Inc.		4,800		189,504
Spectra Energy Corp.		15,784		514,559
The Williams Cos., Inc.		16,034		920,191
				3,226,499
Real Estate — 0.1%
CBRE Group, Inc., Class A*		6,401		236,837
Retail — 6.4%
AutoNation, Inc.*		1,719		108,263
AutoZone, Inc.*		741		494,173
Bed Bath & Beyond, Inc.*		4,466		308,065
Best Buy Co., Inc.		7,168		233,748
CarMax, Inc.*		5,300		350,913
Chipotle Mexican Grill, Inc.*		700		423,493
Costco Wholesale Corp.		10,377		1,401,518
CVS Health Corp.		26,667		2,796,835
Darden Restaurants, Inc.		2,940		208,975
Dollar General Corp.		7,000		544,180
Dollar Tree, Inc.*		4,900		387,051
Family Dollar Stores, Inc.		2,233		175,983
GameStop Corp., Class A		2,664		114,445
Kohl’s Corp.		5,001		313,113
L Brands, Inc.		5,760		493,805
Lowe’s Cos., Inc.		22,440		1,502,807
Macy’s, Inc.		8,227		555,076
McDonald’s Corp.		22,978		2,184,518
Nordstrom, Inc.		3,337		248,606
O’Reilly Automotive, Inc.*		2,400		542,352
PVH Corp.		1,900		218,880
Ross Stores, Inc.		9,800		476,378
Staples, Inc.		15,637		239,402
Starbucks Corp.		35,688		1,913,412
Target Corp.		15,132		1,235,225
The Gap, Inc.		6,182		235,967
The Home Depot, Inc.		31,304		3,478,813
The TJX Cos., Inc.		16,518		1,092,996

91

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Tiffany & Co.		2,764	$	253,735
Tractor Supply Co.		3,300		296,802
Urban Outfitters, Inc.*		2,500		87,500
Wal-Mart Stores, Inc.		37,347		2,649,023
Walgreens Boots Alliance, Inc.		20,779		1,754,579
Yum! Brands, Inc.		10,369		934,040
				28,254,671
Savings & Loans — 0.1%
Hudson City Bancorp, Inc.		11,257		111,219
People’s United Financial, Inc.		7,700		124,817
				236,036
Semiconductors — 2.9%
Altera Corp.		7,265		371,968
Analog Devices, Inc.		7,376		473,429
Applied Materials, Inc.		29,321		563,550
Avago Technologies Ltd.		6,000		797,580
Broadcom Corp., Class A		12,908		664,633
First Solar, Inc.*		1,800		84,564
Intel Corp.		112,475		3,420,927
KLA-Tencor Corp.		3,827		215,116
Lam Research Corp.		3,859		313,930
Linear Technology Corp.		5,541		245,078
Microchip Technology, Inc.		5,018		237,979
Micron Technology, Inc.*		25,686		483,924
NVIDIA Corp.		11,754		236,373
Qorvo, Inc.*		3,500		280,945
QUALCOMM, Inc.		39,299		2,461,296
Skyworks Solutions, Inc.		4,500		468,450
Texas Instruments, Inc.		25,093		1,292,540
Xilinx, Inc.		6,364		281,034
				12,893,316
Software — 4.0%
Adobe Systems, Inc.*		11,305		915,818
Akamai Technologies, Inc.*		4,160		290,451
Autodesk, Inc.*		5,281		264,446
CA, Inc.		7,639		223,746
Cerner Corp.*		7,000		483,420
Citrix Systems, Inc.*		3,791		265,977
Electronic Arts, Inc.*		7,430		494,095
Fidelity National Information Services, Inc.		6,659		411,526
Fiserv, Inc.*		5,814		481,574
Intuit, Inc.		6,692		674,353
Microsoft Corp.		193,615		8,548,102
Oracle Corp.		76,517		3,083,635
Red Hat, Inc.*		4,600		349,278
Salesforce.com, Inc.*		14,700		1,023,561
The Dun & Bradstreet Corp.		900		109,800
				17,619,782
Telecommunications — 3.4%
AT&T, Inc.		123,443		4,384,695
CenturyLink, Inc.		13,326		391,518
Cisco Systems, Inc.		121,780		3,344,079

	Number of Shares		Value†
Telecommunications — (continued)
Corning, Inc.		30,515	$	602,061
Crown Castle International Corp.		8,000		642,400
Frontier Communications Corp.		25,072		124,106
Harris Corp.		2,600		199,966
Juniper Networks, Inc.		9,171		238,171
Level 3 Communications, Inc.*		6,600		347,622
Motorola Solutions, Inc.		4,346		249,200
Verizon Communications, Inc.		97,476		4,543,356
				15,067,174
Textiles — 0.1%
Mohawk Industries, Inc.*		1,500		286,350
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,612		195,351
Mattel, Inc.		8,281		212,739
				408,090
Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		3,439		214,559
CSX Corp.		23,366		762,900
Expeditors International of Washington, Inc.		4,573		210,838
FedEx Corp.		6,266		1,067,726
J.B. Hunt Transport Services, Inc.		2,200		180,598
Kansas City Southern		2,700		246,240
Norfolk Southern Corp.		7,252		633,535
Ryder System, Inc.		1,125		98,291
Union Pacific Corp.		21,020		2,004,678
United Parcel Service, Inc., Class B		16,574		1,606,186
				7,025,551
TOTAL COMMON STOCKS (Cost $248,349,070)				425,982,478
REAL ESTATE INVESTMENT TRUSTS — 2.1%
Apartments — 0.3%
Apartment Investment & Management Co., Class A		3,662		135,238
AvalonBay Communities, Inc.		3,192		510,305
Equity Residential		8,592		602,900
Essex Property Trust, Inc.		1,500		318,750
				1,567,193
Building & Real Estate — 0.1%
Realty Income Corp.		5,400		239,706
Diversified — 0.4%
American Tower Corp.		10,059		938,404
Plum Creek Timber Co., Inc.		4,047		164,187
Vornado Realty Trust		4,087		387,979
Weyerhaeuser Co.		12,626		397,719
				1,888,289
Healthcare — 0.3%
HCP, Inc.		10,840		395,335
Health Care REIT, Inc.		8,500		557,855
Ventas, Inc.		7,653		475,175
				1,428,365

92

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Hotels & Resorts — 0.1%
Host Hotels & Resorts, Inc.		17,676	$	350,515
Industrial — 0.1%
Prologis, Inc.		11,899		441,453
Office Property — 0.2%
Boston Properties, Inc.		3,642		440,828
SL Green Realty Corp.		2,300		252,747
				693,575
Regional Malls — 0.4%
General Growth Properties, Inc.		14,900		382,334
Simon Property Group, Inc.		7,328		1,267,890
The Macerich Co.		3,400		253,640
				1,903,864
Storage & Warehousing — 0.2%
Iron Mountain, Inc.		4,697		145,607
Public Storage		3,416		629,808
				775,415
Strip Centers — 0.0%
Kimco Realty Corp.		9,564		215,573
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,088,407)				9,503,948
	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills 0.005%, 07/09/15¤ (Cost $375,000)	$	375		374,999
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $6,129,429)		6,129,429		6,129,429
TOTAL INVESTMENTS — 100.2% (Cost $261,941,906)			$	441,990,854
Other Assets & Liabilities — (0.2)%				(1,077,939	)
TOTAL NET ASSETS — 100.0%			$	440,912,915

† See Security Valuation Note.

* Non-income producing security.

¤ Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	425,982,478	$	425,982,478	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		9,503,948		9,503,948		—		—
U.S. TREASURY OBLIGATIONS		374,999		—		374,999		—
SHORT-TERM INVESTMENTS		6,129,429		6,129,429		—		—
TOTAL INVESTMENTS	$	441,990,854	$	441,615,855	$	374,999	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

93

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Mid Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 98.0%
Apparel — 3.5%
Burberry Group PLC		57,729	$	1,424,993
Ralph Lauren Corp.		14,831		1,963,031
Under Armour, Inc., Class A*		13,292		1,109,085
				4,497,109
Auto Parts & Equipment — 1.5%
BorgWarner, Inc.		33,662		1,913,348
Banks — 8.7%
First Republic Bank		45,106		2,843,031
Northern Trust Corp.		54,207		4,144,667
Signature Bank*		21,574		3,158,218
UMB Financial Corp.		16,800		957,936
				11,103,852
Beverages — 1.1%
Brown-Forman Corp., Class B		13,970		1,399,515
Biotechnology — 1.2%
Incyte Corp.*		14,419		1,502,604
Building Materials — 2.1%
Fortune Brands Home & Security, Inc.		57,605		2,639,461
Chemicals — 1.1%
The Valspar Corp.		17,044		1,394,540
Commercial Services — 6.8%
Alliance Data Systems Corp.*		7,036		2,054,090
CoStar Group, Inc.*		12,706		2,557,210
Towers Watson & Co., Class A		13,906		1,749,375
Verisk Analytics, Inc., Class A*		31,707		2,307,001
				8,667,676
Computers — 2.1%
SanDisk Corp.		16,648		969,247
Teradata Corp.*		47,044		1,740,628
				2,709,875
Cosmetics & Personal Care — 1.2%
Coty, Inc., Class A*		49,250		1,574,522
Distribution & Wholesale — 2.0%
Fastenal Co.		61,681		2,601,705
Diversified Financial Services — 2.3%
CME Group, Inc.		19,524		1,816,903
Oaktree Capital Group LLC		20,281		1,078,544
				2,895,447
Electrical Components & Equipment — 0.5%
Generac Holdings, Inc.*		17,286		687,118
Electronics — 0.1%
Woodward, Inc.		3,608		198,404
Environmental Control — 1.5%
Stericycle, Inc.*		14,289		1,913,440
Food — 3.4%
The Hain Celestial Group, Inc.*		40,629		2,675,826

	Number of Shares		Value†
Food — (continued)
Whole Foods Market, Inc.		43,430	$	1,712,879
				4,388,705
Healthcare Products — 5.7%
Align Technology, Inc.*		30,589		1,918,236
Henry Schein, Inc.*		13,798		1,960,972
Intuitive Surgical, Inc.*		7,117		3,448,186
				7,327,394
Healthcare Services — 1.3%
Acadia Healthcare Co., Inc.*		21,188		1,659,656
Household Products & Wares — 1.0%
The Scotts Miracle-Gro Co., Class A		21,500		1,273,015
Internet — 5.9%
F5 Networks, Inc.*		12,190		1,467,067
GrubHub, Inc.*		42,626		1,452,268
Pandora Media, Inc.*		141,365		2,196,812
TripAdvisor, Inc.*		16,733		1,458,114
WebMD Health Corp.*		23,841		1,055,679
				7,629,940
Leisure Time — 1.5%
Polaris Industries, Inc.		12,642		1,872,407
Machinery — Construction & Mining — 0.9%
Joy Global, Inc.		32,114		1,162,527
Machinery — Diversified — 1.5%
Flowserve Corp.		35,816		1,886,071
Oil & Gas — 6.2%
Cabot Oil & Gas Corp.		60,525		1,908,959
Cimarex Energy Co.		9,166		1,011,101
Continental Resources, Inc.*		42,067		1,783,220
Noble Energy, Inc.		29,820		1,272,718
Oasis Petroleum, Inc.*		40,467		641,402
Southwestern Energy Co.*		56,606		1,286,654
				7,904,054
Pharmaceuticals — 10.1%
ACADIA Pharmaceuticals, Inc.*		29,352		1,229,262
Alkermes PLC*		34,148		2,197,082
BioMarin Pharmaceutical, Inc.*		19,837		2,713,305
Mead Johnson Nutrition Co.		26,803		2,418,167
Medivation, Inc.*		15,032		1,716,654
Zoetis, Inc.		55,715		2,686,577
				12,961,047
Retail — 11.5%
Bed Bath & Beyond, Inc.*		27,936		1,927,025
DSW, Inc., Class A		52,302		1,745,318
Dunkin’ Brands Group, Inc.		49,051		2,697,805
Kate Spade & Co.*		48,232		1,038,917
Nordstrom, Inc.		21,112		1,572,844
Tiffany & Co.		15,892		1,458,886
Ulta Salon Cosmetics & Fragrance, Inc.*		14,720		2,273,504
Urban Outfitters, Inc.*		58,825		2,058,875
				14,773,174

94

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Mid Cap Growth Fund

	Number of Shares			Value†
COMMON STOCKS — (continued)
Semiconductors — 2.1%
Microchip Technology, Inc.		58,175		$	2,758,949
Software — 6.7%
ANSYS, Inc.*		18,800			1,715,312
Cerner Corp.*		23,070			1,593,214
Electronic Arts, Inc.*		53,829			3,579,629
ServiceNow, Inc.*		23,411			1,739,671
					8,627,826
Toys, Games & Hobbies — 1.4%
Mattel, Inc.		71,389			1,833,983
Transportation — 3.1%
Expeditors International of Washington, Inc.		64,427			2,970,407
J.B. Hunt Transport Services, Inc.		11,696			960,124
					3,930,531
TOTAL COMMON STOCKS (Cost $115,439,738)					125,687,895
PURCHASED OPTIONS — 0.4%
Put Options — 0.4%
Russell 2000 Index $1240 07/31/15		73			173,448
S&P 500 Index $2050 07/31/15		32			109,760
SPDR S&P Midcap 400 ETF Trust $272.5 07/31/15		379			166,760
TOTAL PURCHASED OPTIONS (Cost $257,817)					449,968
SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,507,379)		2,507,379			2,507,379
TOTAL INVESTMENTS — 100.3% (Cost $118,204,934)				$	128,645,242
Other Assets & Liabilities — (0.3)%					(382,851	)
TOTAL NET ASSETS — 100.0%				$	128,262,391
WRITTEN OPTIONS — (0.1)%
Call Option — 0.0%
Coty, Inc. Class A $32 07/17/15		(73	)		(9,125	)
Put Options — (0.1)%
Pacira Pharmaceuticals, Inc. $85 07/17/15		(74	)		(103,600	)
Russell 2000 Index $1140 07/31/15		(73	)		(29,930	)
S&P 500 Index $1880 07/31/15		(32	)		(18,176	)
SPDR S&P Midcap 400 ETF Trust $250 07/31/15		(379	)		(30,320	)
Woodward, Inc. $50 07/17/15		(63	)		(315	)
					(182,341	)
TOTAL WRITTEN OPTIONS (Cost $(105,726))					(191,466	)

† See Security Valuation Note.

* Non-income producing security.

LLC — Limited Liability Company.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015			Level 1 Quoted Price			Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
COMMON STOCKS	$	125,687,895		$	125,687,895		$	—		$	—
PURCHASED OPTIONS		449,968			283,208			166,760			—
SHORT-TERM INVEST MENTS		2,507,379			2,507,379			—			—
TOTAL INVEST MENTS	$	128,645,242		$	128,478,482		$	166,760		$	—
LIABILITIES TABLE
Description	Total Market Value at 06/30/2015			Level 1 Quoted Price			Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
WRITTEN OPTIONS	$	(191,466	)	$	(161,146	)	$	(30,320	)	$	—
TOTAL LIABILITIES	$	(191,466	)	$	(161,146	)	$	(30,320	)	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

95

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Mid Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 87.0%
Aerospace & Defense — 4.2%
General Dynamics Corp.		29,350	$	4,158,601
Spirit Aerosystems Holdings, Inc., Class A*		70,300		3,874,233
				8,032,834
Apparel — 1.6%
Deckers Outdoor Corp.*		42,900		3,087,513
Banks — 8.3%
BB&T Corp.		52,200		2,104,182
Comerica, Inc.		77,700		3,987,564
Huntington Bancshares, Inc.		268,100		3,032,211
M&T Bank Corp.		23,100		2,885,883
State Street Corp.		47,600		3,665,200
				15,675,040
Building Materials — 1.5%
Owens Corning		69,400		2,862,750
Chemicals — 1.5%
Ashland, Inc.		23,000		2,803,700
Commercial Services — 6.5%
Hertz Global Holdings, Inc.*		213,400		3,866,808
The ADT Corp.		183,000		6,143,310
Tyco International PLC		58,300		2,243,384
				12,253,502
Computers — 5.1%
Cadence Design Systems, Inc.*		125,700		2,471,262
SanDisk Corp.		62,400		3,632,928
Teradata Corp.*		96,700		3,577,900
				9,682,090
Diversified Financial Services — 1.1%
AerCap Holdings N.V.*		45,700		2,092,603
Electric — 5.4%
AES Corp.		288,100		3,820,206
Edison International		64,800		3,601,584
NRG Energy, Inc.		120,300		2,752,464
				10,174,254
Electronics — 2.5%
Flextronics International Ltd.*		161,300		1,824,303
Itron, Inc.*		81,900		2,820,636
				4,644,939
Engineering & Construction — 1.4%
KBR, Inc.		140,700		2,740,836
Environmental Control — 2.1%
Covanta Holding Corp.		186,400		3,949,816
Gas — 1.6%
CenterPoint Energy, Inc.		160,000		3,044,800
Healthcare Products — 1.9%
Zimmer Holdings, Inc.		32,100		3,506,283
Household Products & Wares — 1.2%
Avery Dennison Corp.		38,500		2,346,190

	Number of Shares		Value†
Insurance — 1.0%
Lincoln National Corp.		32,500	$	1,924,650
Machinery - Diversified — 1.0%
The Manitowoc Co., Inc.		93,400		1,830,640
Miscellaneous Manufacturing — 3.2%
Harsco Corp.		174,900		2,885,850
Valmont Industries, Inc.		26,900		3,197,603
				6,083,453
Oil & Gas — 5.6%
Cabot Oil & Gas Corp.		108,200		3,412,628
Devon Energy Corp.		66,600		3,962,034
Energy Transfer Partners, LP		46,075		2,405,115
Southwestern Energy Co.*		36,400		827,372
				10,607,149
Oil & Gas Services — 1.5%
Cameron International Corp.*		54,700		2,864,639
Pharmaceuticals — 1.1%
Cardinal Health, Inc.		25,400		2,124,710
Pipelines — 1.8%
ONEOK, Inc.		88,400		3,490,032
Retail — 12.3%
Best Buy Co., Inc.		117,100		3,818,631
CVS Health Corp.		50,800		5,327,904
Darden Restaurants, Inc.		52,600		3,738,808
Express, Inc.*		177,400		3,212,714
Kohl’s Corp.		63,900		4,000,779
Staples, Inc.		215,200		3,294,712
				23,393,548
Savings & Loans — 2.2%
BankUnited, Inc.		115,200		4,139,136
Semiconductors — 3.0%
ON Semiconductor Corp.*		238,500		2,788,065
Skyworks Solutions, Inc.		27,600		2,873,160
				5,661,225
Software — 5.0%
Check Point Software Technologies Ltd.*		49,200		3,913,860
Nuance Communications, Inc.*		319,088		5,587,231
				9,501,091
Telecommunications — 3.4%
Amdocs Ltd.		79,500		4,339,905
Telephone & Data Systems, Inc.		74,400		2,187,360
				6,527,265
TOTAL COMMON STOCKS (Cost $138,147,014)				165,044,688
REAL ESTATE INVESTMENT TRUSTS — 5.0%
Building & Real Estate — 3.8%
Starwood Property Trust, Inc.		165,900		3,578,463
Starwood Waypoint Residential Trust		150,220		3,569,227
				7,147,690

96

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Mid Cap Value Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Diversified — 1.2%
Corrections Corporation of America		70,617	$	2,336,011
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,368,188)				9,483,701
RIGHTS — 0.0%
Food — 0.0%
Safeway Casa Ley CVR, 01/30/19*~		47,300		0
Safeway PDC CVR, 01/30/17*~		47,300		0
TOTAL RIGHTS (Cost $50,313)				0
SHORT-TERM INVESTMENTS — 6.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $12,850,469)		12,850,469		12,850,469
TOTAL INVESTMENTS — 98.8% (Cost $160,415,984)			$	187,378,858
Other Assets & Liabilities — 1.2%				2,371,011
TOTAL NET ASSETS — 100.0%			$	189,749,869

† See Security Valuation Note.

* Non-income producing security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2015 is $0.

LP — Limited Partnership.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	165,044,688	$	165,044,688	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		9,483,701		9,483,701		—		—
SHORT-TERM INVESTMENTS		12,850,469		12,850,469		—		—
TOTAL INVESTMENTS	$	187,378,858	$	187,378,858	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

97

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Mid Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — 90.2%
Apparel — 0.7%
Ralph Lauren Corp.		4,470	$	591,649
Auto Manufacturers — 1.2%
Honda Motor Co. Ltd.ADR		15,754		510,430
Oshkosh Corp.		12,096		512,628
				1,023,058
Banks — 11.4%
Bank of Hawaii Corp.		9,269		618,057
BB&T Corp.		10,657		429,584
BOK Financial Corp.		7,772		540,776
Comerica, Inc.		11,126		570,986
Commerce Bancshares, Inc.		20,155		942,649
Cullen/Frost Bankers, Inc.		6,704		526,800
M&T Bank Corp.		7,590		948,219
Northern Trust Corp.		28,427		2,173,529
State Street Corp.		8,006		616,462
SunTrust Banks, Inc.		13,913		598,537
The PNC Financial Services Group, Inc.		10,671		1,020,681
Westamerica Bancorporation		18,585		941,330
				9,927,610
Chemicals — 0.8%
The Mosaic Co.		15,804		740,417
Commercial Services — 1.8%
The ADT Corp.		22,413		752,404
Tyco International PLC		22,441		863,530
				1,615,934
Computers — 2.1%
SanDisk Corp.		15,155		882,324
Western Digital Corp.		12,722		997,659
				1,879,983
Distribution & Wholesale — 0.3%
Beacon Roofing Supply, Inc.*		6,734		223,704
Diversified Financial Services — 2.6%
Franklin Resources, Inc.		12,055		591,057
LPL Financial Holdings, Inc.		13,853		644,026
Markit Ltd.		24,111		616,518
T. Rowe Price Group, Inc.		5,655		439,563
				2,291,164
Diversified Operations — 0.6%
Pentair PLC		7,323		503,456
Electric — 6.8%
Consolidated Edison, Inc.		8,575		496,321
Edison International		19,324		1,074,028
Great Plains Energy, Inc.		28,595		690,855
NorthWestern Corp.		7,871		383,711
OGE Energy Corp.		11,554		330,098
PG&E Corp.		10,925		536,418
The Southern Co.		10,119		423,986
Westar Energy, Inc.		29,601		1,012,946
Xcel Energy, Inc.		31,285		1,006,751
				5,955,114

	Number of Shares		Value†
Electrical Components & Equipment — 1.4%
Emerson Electric Co.		21,531	$	1,193,463
Electronics — 3.0%
Keysight Technologies, Inc.*		27,520		858,349
Koninklijke Philips N.V.		42,359		1,077,652
TE Connectivity Ltd.		11,011		708,007
				2,644,008
Environmental Control — 3.6%
Clean Harbors, Inc.*		12,341		663,205
Republic Services, Inc.		64,462		2,524,977
				3,188,182
Food — 8.2%
Campbell Soup Co.		10,567		503,518
ConAgra Foods, Inc.		29,413		1,285,936
General Mills, Inc.		15,937		888,010
Kellogg Co.		14,357		900,184
Mondelez International, Inc., Class A		22,068		907,877
Sysco Corp.		55,715		2,011,311
The J.M. Smucker Co.		5,973		647,533
				7,144,369
Gas — 2.1%
Atmos Energy Corp.		14,722		754,944
The Laclede Group, Inc.		20,630		1,073,998
				1,828,942
Healthcare Products — 3.5%
Becton Dickinson & Co.		3,260		461,779
Boston Scientific Corp.*		34,020		602,154
Hospira, Inc.*		792		70,258
Stryker Corp.		8,556		817,697
Zimmer Holdings, Inc.		10,128		1,106,282
				3,058,170
Healthcare Services — 3.8%
Cigna Corp.		2,371		384,102
Humana, Inc.		2,080		397,862
LifePoint Hospitals, Inc.*		16,134		1,402,851
Quest Diagnostics, Inc.		15,313		1,110,499
				3,295,314
Home Builders — 1.5%
PulteGroup, Inc.		22,887		461,173
Thor Industries, Inc.		5,851		329,294
Toll Brothers, Inc.*		14,005		534,851
				1,325,318
Insurance — 7.9%
ACE Ltd.		7,382		750,602
Aflac, Inc.		6,503		404,487
Arthur J Gallagher & Co.		4,472		211,526
Brown & Brown, Inc.		18,048		593,057
HCC Insurance Holdings, Inc.		10,974		843,242
MetLife, Inc.		7,782		435,714
ProAssurance Corp.		9,023		416,953

98

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Mid Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
Reinsurance Group of America, Inc.		9,346	$	886,655
The Allstate Corp.		3,343		216,860
The Chubb Corp.		5,208		495,489
The Travelers Cos., Inc.		4,583		442,993
Torchmark Corp.		6,383		371,618
Unum Group		22,276		796,367
				6,865,563
Iron & Steel — 0.7%
Nucor Corp.		13,969		615,614
Leisure Time — 0.9%
Carnival Corp.		15,276		754,482
Miscellaneous Manufacturing — 0.2%
Textron, Inc.		4,804		214,403
Oil & Gas — 9.4%
Apache Corp.		9,253		533,250
Cimarex Energy Co.		5,977		659,323
Devon Energy Corp.		21,971		1,307,055
EQT Corp.		5,564		452,576
Helmerich & Payne, Inc.		9,181		646,526
Imperial Oil Ltd.		52,551		2,030,093
Noble Energy, Inc.		29,933		1,277,540
Occidental Petroleum Corp.		17,080		1,328,312
				8,234,675
Oil & Gas Services — 1.3%
Cameron International Corp.*		21,013		1,100,451
Packaging and Containers — 1.1%
Bemis Co., Inc.		9,655		434,572
Sonoco Products Co.		13,283		569,309
				1,003,881
Pharmaceuticals — 0.5%
Cardinal Health, Inc.		2,595		217,072
Express Scripts Holding Co.*		2,912		258,993
				476,065
Retail — 2.9%
Advance Auto Parts, Inc.		5,514		878,325
Bed Bath & Beyond, Inc.*		6,187		426,779
CST Brands, Inc.		13,330		520,670
Lowe’s Cos., Inc.		4,550		304,714
Target Corp.		5,200		424,476
				2,554,964
Savings & Loans — 0.2%
Capitol Federal Financial, Inc.		12,667		152,511
Semiconductors — 5.4%
Applied Materials, Inc.		49,183		945,297
Broadcom Corp., Class A		3,033		156,169
Lam Research Corp.		10,862		883,624
Maxim Integrated Products, Inc.		19,182		663,218
Microchip Technology, Inc.		18,272		866,550
Micron Technology, Inc.*		29,820		561,809

	Number of Shares		Value†
Semiconductors — (continued)
Teradyne, Inc.		32,615	$	629,143
				4,705,810
Software — 0.5%
Fidelity National Information Services, Inc.		7,269		449,224
Telecommunications — 1.9%
CenturyLink, Inc.		31,566		927,409
Harris Corp.		5,771		443,848
Rogers Communications, Inc., Class B		8,471		300,452
				1,671,709
Toys, Games & Hobbies — 0.8%
Mattel, Inc.		26,432		679,038
Transportation — 1.1%
Heartland Express, Inc.		36,772		743,898
Werner Enterprises, Inc.		8,870		232,837
				976,735
TOTAL COMMON STOCKS (Cost $74,800,538)				78,884,980
REAL ESTATE INVESTMENT TRUSTS — 4.5%
Diversified — 2.3%
Corrections Corporation of America		27,234		900,901
Weyerhaeuser Co.		35,018		1,103,067
				2,003,968
Hotels & Resorts — 0.5%
Host Hotels & Resorts, Inc.		22,421		444,609
Office Property — 1.7%
Boston Properties, Inc.		2,308		279,360
Empire State Realty Trust, Inc.		17,813		303,890
Piedmont Office Realty Trust, Inc., Class A		51,131		899,394
				1,482,644
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,071,971)				3,931,221
EXCHANGE TRADED FUNDS — 2.9%
Investment Companies — 2.9%
iShares Russell MidCap Value Index Fund (Cost $2,547,988)		34,219		2,523,993
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $256,406)		256,406		256,406
TOTAL INVESTMENTS — 97.9% (Cost $81,676,903)			$	85,596,600
Other Assets & Liabilities — 2.1%				1,861,325
TOTAL NET ASSETS — 100.0%			$	87,457,925

99

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Mid Core Value Fund

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	78,884,980	$	78,884,980	$	—	$	—
REAL ESTATE INVEST MENT TRUSTS		3,931,221		3,931,221		—		—
EXCHANGE TRADED FUNDS		2,523,993		2,523,993		—		—
SHORT-TERM INVEST MENTS		256,406		256,406		—		—
TOTAL INVEST MENTS	$	85,596,600	$	85,596,600	$	—	$	—

Fair Value of Level 2 investments at 12/31/14 was $1,995,166 which was a result of valuing investments using third-party vendor modeling tools. An amount of $1,420,115 was transferred from Level 2 into Level 1 at 6/30/2015 as a result of using quoted prices in active market for such foreign securities.

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

100

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

SMID Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 88.4%
Airlines — 1.0%
Spirit Airlines, Inc.*		10,430	$	647,703
Apparel — 2.6%
Carter’s, Inc.		8,950		951,385
Columbia Sportswear Co.		13,222		799,402
				1,750,787
Auto Parts & Equipment — 3.0%
Allison Transmission Holdings, Inc.		17,410		509,417
Gentherm, Inc.*		12,768		701,091
WABCO Holdings, Inc.*		6,580		814,077
				2,024,585
Beverages — 0.9%
Constellation Brands, Inc., Class A		5,400		626,508
Biotechnology — 4.3%
Alnylam Pharmaceuticals, Inc.*		5,664		678,944
AMAG Pharmaceuticals, Inc.*		12,070		833,554
Bluebird Bio, Inc.*		2,460		414,190
Novavax, Inc.*		53,223		592,904
Puma Biotechnology, Inc.*		730		85,228
Ultragenyx Pharmaceutical, Inc.*		2,610		267,238
				2,872,058
Building Materials — 1.0%
Vulcan Materials Co.		7,860		659,690
Chemicals — 1.6%
Axalta Coating Systems Ltd.*		32,159		1,063,820
Commercial Services — 13.2%
Allegion PLC		15,410		926,757
Bright Horizons Family Solutions, Inc.*		15,470		894,166
CoStar Group, Inc.*		6,264		1,260,693
Euronet Worldwide, Inc.*		14,561		898,414
Mobileye NV		6,900		366,873
SEI Investments Co.		25,350		1,242,910
Servicemaster Global Holdings, Inc.*		38,582		1,395,511
Vantiv, Inc., Class A*		22,577		862,216
WEX, Inc.*		8,500		968,745
				8,816,285
Computers — 1.2%
EPAM Systems, Inc.*		10,930		778,544
Diversified Financial Services — 1.4%
Affiliated Managers Group, Inc.		350		76,510
Evercore Partners, Inc., Class A		1,734		93,567
Raymond James Financial, Inc.		12,780		761,432
				931,509
Electrical Components & Equipment — 1.4%
Acuity Brands, Inc.		5,413		974,232
Electronics — 1.9%
TASER International, Inc.*		25,100		836,081
Tower Semiconductor Ltd.		26,530		409,623
				1,245,704

	Number of Shares		Value†
Entertainment — 2.8%
Cinemark Holdings, Inc.		29,410	$	1,181,400
Vail Resorts, Inc.		6,520		711,984
				1,893,384
Food — 0.9%
Sprouts Farmers Market Inc*		21,762		587,139
Hand & Machine Tools — 0.8%
Snap-On, Inc.		3,280		522,340
Healthcare Products — 7.1%
Alere, Inc.*		17,796		938,739
Align Technology, Inc.*		15,150		950,057
Cepheid, Inc.*		13,869		848,089
DexCom, Inc.*		11,089		886,898
IDEXX Laboratories, Inc.*		3,894		249,761
The Cooper Cos., Inc.		4,950		880,952
				4,754,496
Healthcare Services — 3.5%
Catalent, Inc.*		18,070		529,993
Community Health Systems, Inc.*		13,920		876,543
Envision Healthcare Holdings Inc*		24,459		965,641
				2,372,177
Home Furnishings — 1.2%
Harman International Industries, Inc.		6,940		825,444
Internet — 2.7%
Splunk, Inc.*		15,530		1,081,199
Vipshop Holdings Ltd. ADR*		32,950		733,137
				1,814,336
Leisure Time — 2.2%
Brunswick Corp.		11,500		584,890
Jarden Corp.*		17,370		898,897
				1,483,787
Machinery—Diversified — 3.1%
Cognex Corp.		16,270		782,587
Wabtec Corp.		13,650		1,286,376
				2,068,963
Miscellaneous Manufacturing — 2.6%
Carlisle Cos., Inc.		12,910		1,292,549
Proto Labs, Inc.*		6,333		427,351
				1,719,900
Oil & Gas — 1.5%
Diamondback Energy, Inc.*		10,630		801,289
Sanchez Energy Corp.*		18,340		179,732
				981,021
Pharmaceuticals — 4.1%
BioMarin Pharmaceutical, Inc.*		3,873		529,749
GW Pharmaceuticals PLC ADR*		2,740		336,582
Jazz Pharmaceuticals PLC*		1,890		332,772
Medivation, Inc.*		6,295		718,889
VCA, Inc.*		15,180		825,868
				2,743,860

101

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

SMID Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Real Estate — 0.8%
The Howard Hughes Corp.*		3,760	$	539,710
Retail — 8.7%
Caleres, Inc.		17,950		570,451
Dave & Buster’s Entertainment, Inc.*		24,190		873,017
Domino’s Pizza, Inc.		7,210		817,614
Lithia Motors, Inc., Class A		8,495		961,294
Lululemon Athletica, Inc.*		12,220		797,966
The Men’s Wearhouse, Inc.		13,470		863,023
The Michaels Cos, Inc.*		33,939		913,299
				5,796,664
Semiconductors — 1.6%
Ambarella, Inc.*		6,690		686,996
Veeco Instruments, Inc.*		12,530		360,112
				1,047,108
Shipbuilding — 0.9%
Huntington Ingalls Industries, Inc.		5,450		613,615
Software — 8.0%
Black Knight Financial Services Inc*		13,781		425,419
CyberArk Software Ltd.*		9,137		573,986
Fleetmatics Group PLC*		16,069		752,511
Guidewire Software, Inc.*		14,121		747,425
Imperva, Inc.*		4,745		321,237
Solera Holdings, Inc.		9,946		443,194
Tableau Software, Inc., Class A*		8,760		1,010,028
Tyler Technologies, Inc.*		8,061		1,042,932
				5,316,732
Telecommunications — 1.1%
SBA Communications Corp., Class A*		6,306		725,001
Transportation — 1.3%
Old Dominion Freight Line, Inc.*		12,280		842,469
TOTAL COMMON STOCKS (Cost $46,818,752)				59,039,571
SHORT-TERM INVESTMENTS — 1.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,203,010)		1,203,010		1,203,010
TOTAL INVESTMENTS — 90.2% (Cost $48,021,762)			$	60,242,581
Other Assets & Liabilities — 9.8%				6,530,672
TOTAL NET ASSETS — 100.0%			$	66,773,253

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	92	%
Canada	2
Israel	2
Cayman Islands	1
China	1
Ireland	1
United Kingdom	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	59,039,571	$	59,039,571	$	—	$	—
SHORT-TERM INVEST MENTS		1,203,010		1,203,010		—		—
TOTAL INVEST MENTS	$	60,242,581	$	60,242,581	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

102

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

SMID Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 88.9%
Aerospace & Defense — 1.2%
Spirit Aerosystems Holdings, Inc., Class A*		17,870	$	984,816
Apparel — 1.2%
Crocs, Inc.*		61,890		910,402
Auto Manufacturers — 1.0%
Oshkosh Corp.		18,250		773,435
Auto Parts & Equipment — 3.5%
Dana Holding Corp.		43,840		902,227
Lear Corp.		8,350		937,371
Tenneco, Inc.*		15,630		897,787
				2,737,385
Banks — 8.5%
Associated Banc-Corp.		37,730		764,787
Comerica, Inc.		18,935		971,744
Huntington Bancshares, Inc.		92,520		1,046,401
Susquehanna Bancshares, Inc.		55,300		780,836
Synovus Financial Corp.		22,100		681,122
Texas Capital Bancshares, Inc.*		8,970		558,293
Webster Financial Corp.		18,620		736,421
Zions Bancorporation		38,650		1,226,558
				6,766,162
Chemicals — 2.0%
A. Schulman, Inc.		20,820		910,251
Huntsman Corp.		30,820		680,197
				1,590,448
Commercial Services — 1.3%
Booz Allen Hamilton Holding Corp.		39,460		995,970
Computers — 2.9%
Brocade Communications Systems, Inc.		60,800		722,304
Insight Enterprises, Inc.*		14,540		434,891
NCR Corp.*		36,920		1,111,292
				2,268,487
Distribution & Wholesale — 2.3%
Arrow Electronics, Inc.*		15,810		882,198
WESCO International, Inc.*		13,380		918,403
				1,800,601
Diversified Financial Services — 1.9%
E*TRADE Financial Corp.*		25,900		775,705
SLM Corp.*		74,100		731,367
				1,507,072
Electric — 2.1%
PNM Resources, Inc.		36,480		897,408
Westar Energy, Inc.		22,260		761,737
				1,659,145
Electrical Components & Equipment — 0.7%
General Cable Corp.		27,060		533,894
Electronics — 4.7%
Avnet, Inc.		25,860		1,063,105
Celestica, Inc.*		37,760		439,526
Keysight Technologies, Inc.*		23,540		734,213

	Number of Shares		Value†
Electronics — (continued)
TTM Technologies, Inc.*		58,550	$	584,914
Vishay Intertechnology, Inc.		78,940		922,019
				3,743,777
Engineering & Construction — 4.4%
AECOM*		30,454		1,007,418
EMCOR Group, Inc.		19,720		942,024
Granite Construction, Inc.		24,880		883,489
Tutor Perini Corp.*		31,570		681,281
				3,514,212
Food — 2.5%
Dean Foods Co.		59,765		966,400
Ingredion, Inc.		13,160		1,050,300
				2,016,700
Gas — 2.4%
Southwest Gas Corp.		16,960		902,441
UGI Corp.		29,615		1,020,237
				1,922,678
Hand & Machine Tools — 1.3%
Regal-Beloit Corp.		13,730		996,661
Healthcare Services — 3.5%
LifePoint Hospitals, Inc.*		11,900		1,034,705
Molina Healthcare, Inc.*		10,300		724,090
WellCare Health Plans, Inc.*		12,120		1,028,140
				2,786,935
Home Builders — 2.5%
Meritage Homes Corp.*		20,990		988,419
PulteGroup, Inc.		28,080		565,812
Thor Industries, Inc.		8,100		455,868
				2,010,099
Household Products & Wares — 1.8%
Avery Dennison Corp.		12,120		738,593
Helen of Troy Ltd.*		7,400		721,426
				1,460,019
Insurance — 10.6%
American Financial Group, Inc.		17,130		1,114,135
Aspen Insurance Holdings Ltd.		22,710		1,087,809
CNO Financial Group, Inc.		64,920		1,191,282
Essent Group Ltd.*		34,834		952,710
First American Financial Corp.		26,650		991,647
StanCorp Financial Group, Inc.		13,240		1,001,076
The Hanover Insurance Group, Inc.		14,170		1,049,005
Validus Holdings Ltd.		23,170		1,019,248
				8,406,912
Internet — 1.2%
CDW Corp.		26,540		909,791
Iron & Steel — 0.8%
Steel Dynamics, Inc.		31,450		651,487
Machinery — Construction & Mining — 0.8%
Terex Corp.		28,220		656,115

103

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

SMID Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — 1.0%
ITT Corp.		18,320	$	766,509
Oil & Gas — 3.1%
Bill Barrett Corp.*		41,830		359,320
Rosetta Resources, Inc.*		45,070		1,042,920
SM Energy Co.		21,935		1,011,642
				2,413,882
Oil & Gas Services — 0.7%
Mrc Global Inc*		35,950		555,068
Packaging and Containers — 0.7%
Graphic Packaging Holding Co.		42,250		588,543
Retail — 8.7%
Big Lots, Inc.		24,990		1,124,300
Bloomin’ Brands, Inc.		44,820		956,907
Caleres, Inc.		23,410		743,970
Dillard’s, Inc., Class A		6,470		680,579
GameStop Corp., Class A		21,720		933,091
Office Depot, Inc.*		94,180		815,599
Pier 1 Imports, Inc.		46,120		582,496
The Children’s Place, Inc.		15,970		1,044,598
				6,881,540
Savings & Loans — 0.8%
First Niagara Financial Group, Inc.		65,450		617,848
Semiconductors — 2.7%
Advanced Micro Devices, Inc.*		104,700		251,280
Fairchild Semiconductor International, Inc.*		61,170		1,063,135
Lam Research Corp.		9,770		794,789
				2,109,204
Software — 1.0%
Electronic Arts, Inc.*		11,520		766,080
Telecommunications — 3.3%
Amdocs Ltd.		12,365		675,005
Finisar Corp.*		43,510		777,524
Genpact Ltd.*		31,560		673,175
Polycom, Inc.*		45,840		524,409
				2,650,113
Transportation — 1.8%
Con-way, Inc.		15,470		593,584
Ryder System, Inc.		9,650		843,120
				1,436,704
TOTAL COMMON STOCKS (Cost $57,889,872)				70,388,694
REAL ESTATE INVESTMENT TRUSTS — 4.0%
Apartments — 0.8%
Mid-America Apartment Communities, Inc.		8,560		623,254
Diversified — 1.2%
Gramercy Property Trust, Inc.		21,380		499,651
STAG lndustrial, Inc.		21,980		439,600
				939,251

	Number of Shares		Value†
Healthcare — 1.1%
LTC Properties, Inc.		21,370	$	888,992
Hotels & Resorts — 0.2%
RLJ Lodging Trust		6,000		178,680
Strip Centers — 0.7%
DDR Corp.		38,220		590,881
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,154,789)				3,221,058
SHORT-TERM INVESTMENTS — 4.6%
BlackRock Liquidity Funds FedFund Portfolio -Institutional Shares (Cost $3,618,345)		3,618,345		3,618,345
TOTAL INVESTMENTS — 97.5% (Cost $64,663,006)			$	77,228,097
Other Assets & Liabilities — 2.5%				1,966,144
TOTAL NET ASSETS — 100.0%			$	79,194,241

† See Security Valuation Note.

* Non-income producing security.

The accompanying notes are an integral part of these financial statements.

Country Weightings as of 06/30/2015††
United States	94	%
Bermuda	5
Canada	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	70,388,694	$	70,388,694	$	—	$	—
TOTAL REAL ESTATE INVESTMENT TRUSTS		3,221,058		3,221,058		—		—
SHORT-TERM INVEST MENTS		3,618,345		3,618,345		—		—
TOTAL INVEST MENTS	$	77,228,097	$	77,228,097	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

104

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 100.7%
Aerospace & Defense — 2.5%
HEICO Corp., Class A		49,197	$	2,497,732
Apparel — 5.0%
Carter’s, Inc.		23,391		2,486,463
Gildan Activewear, Inc.		26,965		896,317
Wolverine World Wide, Inc.		58,402		1,663,289
				5,046,069
Banks — 2.2%
Bank of the Ozarks, Inc.		25,016		1,144,482
SVB Financial Group*		7,743		1,114,837
				2,259,319
Biotechnology — 2.1%
Alexion Pharmaceuticals, Inc.		1		107
Concordia Healthcare Corp.		6,603		477,118
Incyte Corp.*		6,897		718,736
Ligand Pharmaceuticals, Inc.*		5,706		575,736
Puma Biotechnology, Inc.*		3,233		377,453
				2,149,150
Chemicals — 2.3%
Sensient Technologies Corp.		33,281		2,274,423
Commercial Services — 10.6%
Alarm.com Holdings, Inc.*		17,357		266,951
Corporate Executive Board Co. (The)		14,093		1,226,936
CoStar Group, Inc.*		4,645		934,853
Euronet Worldwide, Inc.*		35,251		2,174,987
Gartner, Inc.*		7,638		655,188
Healthcare Services Group, Inc.		28,977		957,690
Healthequity, Inc.*		18,257		585,137
Nord Anglia Education, Inc.*		50,782		1,245,174
Rollins, Inc.		17,701		505,009
Servicemaster Global Holdings, Inc.*		39,641		1,433,815
SP Plus Corp.*		25,729		671,784
				10,657,524
Computers — 4.0%
Barracuda Networks, Inc.*		8,396		332,650
Cadence Design Systems, Inc.*		82,412		1,620,220
Jack Henry & Associates, Inc.		25,010		1,618,147
Stratasys Ltd.*		12,940		451,994
				4,023,011
Distribution & Wholesale — 1.3%
WESCO International, Inc.*		18,647		1,279,930
Diversified Financial Services — 3.8%
Artisan Partners Asset Management, Inc., Class A		8,579		398,580
Financial Engines, Inc.		16,094		683,673
LPL Financial Holdings, Inc.		14,307		665,132
MarketAxess Holdings, Inc.		12,227		1,134,299
Markit Ltd.*		26,578		679,600
Virtu Financial, Inc., Class A*		12,861		301,976
				3,863,260

	Number of Shares		Value†
Electrical Components & Equipment — 3.2%
Belden, Inc.		20,131	$	1,635,241
EnerSys		22,299		1,567,397
				3,202,638
Electronics — 3.0%
CTS Corp.		34,947		673,429
National Instruments Corp.		13,809		406,813
OSI Systems, Inc.*		16,525		1,169,805
Sensata Technologies Holding N.V.*		15,571		821,214
				3,071,261
Energy-Alternate Sources — 0.2%
Enphase Energy, Inc.*		25,356		192,959
Entertainment — 2.6%
AMC Entertainment Holdings, Inc., Class A		26,187		803,417
Manchester United PLC, Class A*		33,742		602,632
National CineMedia, Inc.		61,156		976,050
SFX Entertainment, Inc.*		53,717		241,189
				2,623,288
Environmental Control — 0.8%
Clean Harbors, Inc.*		15,789		848,501
Hand & Machine Tools — 1.4%
Kennametal, Inc.		41,893		1,429,389
Healthcare Products — 6.3%
Bio-Techne Corp.		11,697		1,151,804
Cimpress NV*		10,647		896,051
Endologix, Inc.*		80,197		1,230,222
Glaukos Corp.*		648		18,779
LDR Holding Corp.*		30,735		1,329,289
Masimo Corp.*		23,642		915,891
Quidel Corp.*		33,346		765,291
				6,307,327
Healthcare Services — 1.6%
Catalent, Inc.*		44,781		1,313,427
OvaScience, Inc.*		8,135		235,345
Teladoc, Inc.*		2,653		50,407
				1,599,179
Household Products & Wares — 2.4%
Ontex Group NV		30,573		917,551
Prestige Brands Holdings, Inc.*		21,823		1,009,096
Tumi Holdings, Inc.*		25,771		528,821
				2,455,468
Insurance — 0.5%
RLI Corp.		10,580		543,706
Internet — 2.4%
ChannelAdvisor Corp.*		28,507		340,659
Endurance International Group Holdings, Inc.*		53,578		1,106,921
Wayfair, Inc., Class A*		13,595		511,716
Zillow Group, Inc.*		5,675		492,249
				2,451,545

105

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Machinery — Diversified — 1.9%
Nordson Corp.		5,782	$	450,360
Tennant Co.		6,428		420,006
Wabtec Corp.		10,788		1,016,661
				1,887,027
Medical Instruments — 0.5%
Novadaq Technologies, Inc.*		38,743		469,178
Metal Fabricate/Hardware — 1.3%
Rexnord Corp.*		56,450		1,349,719
Miscellaneous Manufacturing — 1.1%
Proto Labs, Inc.*		9,449		637,618
Raven Industries, Inc.		25,382		516,016
				1,153,634
Oil & Gas Services — 1.3%
Dril-Quip, Inc.*		10,087		759,047
Targa Resources Corp.		6,263		558,785
				1,317,832
Pharmaceuticals — 9.4%
Akorn, Inc.*		15,901		694,238
Alkermes PLC*		9,989		642,692
Anacor Pharmaceuticals, Inc.*		2,795		216,417
DepoMed, Inc.*		18,145		389,392
Dyax Corp.*		37,023		981,109
Eagle Pharmaceuticals, Inc.*		11,527		932,073
Flamel Technologies S.A., ADR*		34,587		732,899
IGI Laboratories, Inc.*		55,953		352,504
Ironwood Pharmaceuticals, Inc.*		43,240		521,474
Mallinckrodt PLC*		6,787		798,966
Medivation, Inc.*		3,397		387,937
Pacira Pharmaceuticals, Inc.*		7,786		550,626
Pernix Therapeutics Holdings, Inc.*		52,598		311,380
Phibro Animal Health Corp., Class A		34,625		1,348,297
Relypsa, Inc.*		15,506		513,094
Seres Therapeutics, Inc.*		1,744		72,376
				9,445,474
Real Estate — 1.0%
Jones Lang LaSalle, Inc.		4,060		694,260
The St. Joe Co.*		22,954		356,476
				1,050,736
Real Estate Investment Trusts — 0.4%
Lamar Advertising Co.		7,320		420,754
Retail — 3.9%
Biglari Holdings, Inc.*		3,051		1,262,351
Casey’s General Stores, Inc.		11,402		1,091,628
Dunkin’ Brands Group, Inc.		7,930		436,150
Hibbett Sports, Inc.*		14,365		669,122
Sally Beauty Holdings, Inc.*		15,011		474,047
				3,933,298
Semiconductors — 4.0%
Atmel Corp.		166,974		1,645,529

	Number of Shares		Value†
FEI Co.		14,971	$	1,241,545
ON Semiconductor Corp.*		96,105		1,123,467
				4,010,541
Software — 14.0%
ACI Worldwide, Inc.*		50,486		1,240,441
Advent Software, Inc.		15,867		701,480
athenahealth, Inc.*		5,648		647,148
Blackbaud, Inc.		46,033		2,621,579
Broadridge Financial Solutions, Inc.		37,973		1,899,030
Envestnet, Inc.*		18,138		733,319
Evolent Health, Inc.*		6,588		128,466
Guidewire Software, Inc.*		14,161		749,542
Informatica Corp.*		13,173		638,495
RealPage, Inc.*		36,787		701,528
Solera Holdings, Inc.		28,040		1,249,463
SS&C Technologies Holdings, Inc.		45,832		2,864,500
				14,174,991
Telecommunications — 1.8%
NICE Systems, Ltd. ADR		28,174		1,791,585
Transportation — 1.9%
Landstar System, Inc.		10,227		683,880
Old Dominion Freight Line, Inc.*		11,448		785,390
Saia, Inc.*		10,339		406,219
				1,875,489
TOTAL COMMON STOCKS (Cost $78,233,267)				101,655,937
SHORT-TERM INVESTMENTS — 2.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,638,143)		2,638,143		2,638,143
TOTAL INVESTMENTS — 103.3% (Cost $80,871,410)			$	104,294,080
Other Assets & Liabilities — (3.3)%				(3,364,859	)
TOTAL NET ASSETS — 100.0%			$	100,929,221

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

106

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Growth Fund

Country Weightings as of 06/30/2015††
United States	91	%
Canada	2
Israel	2
Belgium	1
Hong Kong	1
Ireland	1
Netherlands	1
Other	1
Total	100	%

†† % of total investments as of June 30, 2015

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	101,655,937	$	101,655,937	$	—	$	—
SHORT- TERM INVEST MENTS		2,638,143		2,638,143		—		—
TOTAL INVEST MENTS	$	104,294,080	$	104,294,080	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

107

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 86.5%
Aerospace & Defense — 2.9%
Curtiss-Wright Corp.		25,012	$	1,811,869
Esterline Technologies Corp.*		26,054		2,483,988
Kaman Corp.		32,306		1,354,914
Moog, Inc., Class A*		22,310		1,576,871
				7,227,642
Apparel — 1.0%
Carter’s, Inc.		17,413		1,851,002
Steven Madden Ltd.*		16,054		686,790
				2,537,792
Auto Parts & Equipment — 0.7%
American Axle & Manufacturing Holdings, Inc.*		36,748		768,401
Tenneco, Inc.*		6,698		384,733
Tower International, Inc.*		24,393		635,437
				1,788,571
Banks — 15.6%
BancorpSouth, Inc.		85,919		2,213,273
Bank of the Ozarks, Inc.		52,849		2,417,842
Banner Corp.		26,761		1,282,655
Boston Private Financial Holdings, Inc.		80,476		1,079,183
Bridge Capital Holdings*		2,599		77,450
CoBiz Financial, Inc.		30,611		400,086
Community Bank System, Inc.		28,410		1,073,046
ConnectOne Bancorp, Inc.		15,486		333,413
CVB Financial Corp.		39,716		699,399
First Financial Bankshares, Inc.		36,426		1,261,797
First Merchants Corp.		4,544		112,237
First Midwest Bancorp, Inc.		40,569		769,594
Glacier Bancorp, Inc.		51,567		1,517,101
Great Western Bancorp, Inc.		57,219		1,379,550
Heritage Financial Corp.		18,376		328,379
Home BancShares, Inc.		26,169		956,739
Independent Bank Corp.		20,724		971,748
Independent Bank Group, Inc.		9,564		410,296
Lakeland Financial Corp.		11,512		499,275
LegacyTexas Financial Group, Inc.		53,763		1,623,643
MB Financial, Inc.		53,668		1,848,326
PacWest Bancorp		43,509		2,034,481
Pinnacle Financial Partners, Inc.		32,167		1,748,920
PrivateBancorp, Inc.		71,624		2,852,068
Prosperity Bancshares, Inc.		30,465		1,759,049
Sandy Spring Bancorp, Inc.		15,072		421,714
South State Corp.		18,781		1,427,168
Southwest Bancorp, Inc.		21,578		401,566
State Bank Financial Corp.		35,831		777,533
Summit State Bank		7,362		96,553
Texas Capital Bancshares, Inc.*		14,610		909,326
The First of Long Island Corp.		11,390		315,731
Trico Bancshares		15,225		366,161
UMB Financial Corp.		25,960		1,480,239
Webster Financial Corp.		69,566		2,751,335
				38,596,876

	Number of Shares		Value†
Building Materials — 1.0%
Continental Building Products, Inc.*		46,936	$	994,574
Eagle Materials, Inc.		14,932		1,139,760
NCI Building Systems, Inc.*		22,161		333,966
				2,468,300
Chemicals — 2.6%
Axiall Corp.		7,966		287,174
Cytec Industries, Inc.		15,893		962,003
Methanex Corp.		19,457		1,082,977
Minerals Technologies, Inc.		5,922		403,466
Olin Corp.		8,290		223,415
PolyOne Corp.		33,721		1,320,852
Quaker Chemical Corp.		10,490		931,932
WR Grace & Co.*		12,134		1,217,040
				6,428,859
Commercial Services — 3.4%
Albany Molecular Research, Inc.*		41,142		831,891
Convergys Corp.		53,715		1,369,196
HMS Holdings Corp.*		77,100		1,323,807
Live Nation Entertainment, Inc.*		66,494		1,827,920
Monro Muffler Brake, Inc.		8,262		513,566
On Assignment, Inc.*		43,933		1,725,688
TrueBlue, Inc.*		26,802		801,380
				8,393,448
Computers — 0.5%
Electronics for Imaging, Inc.*		26,777		1,165,067
Distribution & Wholesale — 1.2%
Beacon Roofing Supply, Inc.*		25,312		840,864
Core-Mark Holding Co., Inc.		13,859		821,146
WESCO International, Inc.*		18,064		1,239,913
				2,901,923
Diversified Financial Services — 2.2%
Cohen & Steers, Inc.		8,084		275,503
MarketAxess Holdings, Inc.		8,224		762,940
Moelis & Co., Class A		10,642		305,532
OM Asset Management PLC		74,110		1,318,417
Stifel Financial Corp.*		33,764		1,949,533
Virtu Financial, Inc., Class A*		17,356		407,519
Virtus Investment Partners, Inc.		3,606		476,894
				5,496,338
Electric — 3.8%
Black Hills Corp.		19,954		870,992
Dynegy, Inc.*		44,339		1,296,916
IDACORP, Inc.		35,760		2,007,566
NorthWestern Corp.		30,534		1,488,533
PNM Resources, Inc.		71,925		1,769,355
Portland General Electric Co.		62,058		2,057,843
				9,491,205
Electrical Components & Equipment — 0.7%
Belden, Inc.		12,199		990,925
Littelfuse, Inc.		7,679		728,660
				1,719,585

108

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electronics — 1.9%
CTS Corp.		41,027	$	790,590
Newport Corp.*		45,774		867,875
Plexus Corp.*		24,184		1,061,194
Watts Water Technologies, Inc., Class A		25,242		1,308,798
Woodward, Inc.		12,863		707,336
				4,735,793
Engineering & Construction — 0.8%
EMCOR Group, Inc.		40,071		1,914,192
Entertainment — 1.6%
Carmike Cinemas, Inc.*		24,695		655,405
Marriott Vacations Worldwide Corp.		14,204		1,303,217
Vail Resorts, Inc.		18,525		2,022,930
				3,981,552
Environmental Control — 0.6%
Ceco Environmental Corp.		35,424		401,354
Progressive Waste Solutions Ltd.		35,311		948,100
				1,349,454
Food — 1.2%
B&G Foods, Inc.		15,455		440,931
J&J Snack Foods Corp.		7,076		783,101
SUPERVALU, Inc.*		23,215		187,809
The Hain Celestial Group, Inc.*		22,558		1,485,670
				2,897,511
Forest Products & Paper — 0.6%
KapStone Paper and Packaging Corp.		51,483		1,190,287
Mercer International, Inc.*		17,288		236,500
				1,426,787
Gas — 1.4%
New Jersey Resources Corp.		48,138		1,326,202
Southwest Gas Corp.		40,014		2,129,145
				3,455,347
Healthcare Products — 1.9%
Bruker Corp.*		87,451		1,784,875
Endologix, Inc.*		93,553		1,435,103
Integra LifeSciences Holdings Corp.*		1,539		103,682
Tornier N.V.*		58,102		1,451,969
				4,775,629
Healthcare Services — 2.0%
Air Methods Corp.*		36,933		1,526,810
Catalent, Inc.*		37,531		1,100,784
HealthSouth Corp.		49,180		2,265,231
				4,892,825
Home Builders — 1.0%
Meritage Homes Corp.*		20,205		951,454
Standard Pacific Corp.*		104,573		931,745
William Lyon Homes, Class A*		19,414		498,357
				2,381,556

	Number of Shares		Value†
Household Products & Wares — 1.3%
Prestige Brands Holdings, Inc.*		16,779	$	775,861
Spectrum Brands Holdings, Inc.		24,920		2,541,591
				3,317,452
Insurance — 6.0%
American Equity Investment Life Holding Co.		69,601		1,877,835
AMERISAFE, Inc.		11,978		563,685
AmTrust Financial Services, Inc.		12,148		795,815
CNO Financial Group, Inc.		130,055		2,386,509
Endurance Specialty Holdings Ltd.		17,166		1,127,806
Enstar Group Ltd.*		5,349		828,828
Fidelity & Guaranty Life		12,982		306,765
Maiden Holdings Ltd.		98,900		1,560,642
National General Holdings Corp.		27,912		581,407
ProAssurance Corp.		13,610		628,918
Radian Group, Inc.		123,555		2,317,892
RLI Corp.		16,246		834,882
Symetra Financial Corp.		40,384		976,081
				14,787,065
Investment Companies — 0.3%
Golub Capital BDC, Inc.		18,228		301,856
New Mountain Finance Corp.		25,623		371,277
				673,133
Iron & Steel — 0.4%
AK Steel Holding Corp.*		24,239		93,805
Commercial Metals Co.		53,309		857,209
Timkensteel Corp.		4,062		109,633
				1,060,647
Leisure Time — 0.7%
Brunswick Corp.		2,269		115,401
Diamond Resorts International, Inc.*		53,361		1,683,540
				1,798,941
Machinery — Diversified — 0.5%
Alamo Group, Inc.		11,414		623,661
Graco, Inc.		7,650		543,380
				1,167,041
Media — 0.6%
Nexstar Broadcasting Group, Inc., Class A		23,511		1,316,616
Townsquare Media, Inc., Class A*		14,221		193,121
				1,509,737
Metal Fabricate/Hardware — 0.4%
RBC Bearings, Inc.*		14,602		1,047,840
Mining — 0.9%
Globe Specialty Metals, Inc.		38,184		675,857
Kaiser Aluminum Corp.		18,891		1,569,464
				2,245,321
Miscellaneous Manufacturing — 2.5%
Actuant Corp., Class A		57,456		1,326,659
Barnes Group, Inc.		39,438		1,537,688

109

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — (continued)
Carlisle Cos., Inc.		14,120	$	1,413,694
CLARCOR, Inc.		17,769		1,105,943
Standex International Corp.		8,936		714,254
				6,098,238
Oil & Gas — 3.5%
Carrizo Oil & Gas, Inc.*		43,155		2,124,952
Laredo Petroleum, Inc.*		40,969		515,390
Parsley Energy, Inc., Class A*		42,682		743,521
Rex Energy Corp.*		143,189		800,427
Rice Energy, Inc.*		81,734		1,702,519
RSP Permian, Inc.*		21,321		599,333
SM Energy Co.		44,636		2,058,612
				8,544,754
Oil & Gas Services — 2.1%
Forum Energy Technologies, Inc.*		47,043		954,032
Newpark Resources, Inc.*		38,370		311,948
Oil States International, Inc.*		65,522		2,439,384
TETRA Technologies, Inc.*		63,007		401,985
Thermon Group Holdings, Inc.*		40,214		967,951
				5,075,300
Packaging and Containers — 1.0%
Berry Plastics Group, Inc.*		47,313		1,532,941
Graphic Packaging Holding Co.		73,565		1,024,761
				2,557,702
Pharmaceuticals — 1.1%
Infinity Pharmaceuticals, Inc.*		121,515		1,330,589
Pacira Pharmaceuticals, Inc.*		8,967		634,146
Vanda Pharmaceuticals, Inc.*		66,899		848,949
				2,813,684
Real Estate — 0.7%
Kennedy-Wilson Holdings, Inc.		72,469		1,782,013
Retail — 5.0%
American Eagle Outfitters, Inc.		26,209		451,319
Asbury Automotive Group, Inc.*		9,652		874,664
Ascena Retail Group, Inc.*		21,909		364,894
Bloomin’ Brands, Inc.		39,189		836,685
Bojangles’, Inc.*		2,231		53,232
Boot Barn Holdings, Inc.*		20,249		647,968
Burlington Stores, Inc.*		31,542		1,614,950
DineEquity, Inc.		2,592		256,841
First Cash Financial Services, Inc.*		13,129		598,551
Freshpet, Inc.*		6,841		127,243
GNC Holdings, Inc., Class A		21,079		937,594
HSN, Inc.		16,479		1,156,661
Jack in the Box, Inc.		19,262		1,698,138
Lithia Motors, Inc., Class A		17,571		1,988,334
Office Depot, Inc.*		70,916		614,133
Party City Holdco, Inc.*		11,343		229,923
				12,451,130

	Number of Shares		Value†
Savings & Loans — 1.3%
Brookline Bancorp, Inc.		33,032	$	372,931
Dime Community Bancshares, Inc.		21,203		359,179
Flushing Financial Corp.		32,408		680,892
Oritani Financial Corp.		25,756		413,384
Provident Financial Services, Inc.		44,561		846,213
WSFS Financial Corp.		19,659		537,674
				3,210,273
Semiconductors — 3.2%
Cabot Microelectronics Corp.*		24,214		1,140,722
Entegris, Inc.*		120,976		1,762,620
Fairchild Semiconductor International, Inc.*		51,972		903,273
Intersil Corp., Class A		114,234		1,429,067
MKS Instruments, Inc.		36,572		1,387,542
Semtech Corp.*		43,934		872,090
Silicon Laboratories, Inc.*		6,648		359,059
				7,854,373
Software — 3.6%
Allscripts Healthcare Solutions, Inc.*		125,644		1,718,810
Bottomline Technologies, Inc.*		34,719		965,535
CommVault Systems, Inc.*		17,014		721,564
Digi International, Inc.*		30,850		294,618
Everyday Health, Inc.*		76,645		979,523
Monotype Imaging Holdings, Inc.		30,620		738,248
Pegasystems, Inc.		30,523		698,671
PTC, Inc.*		15,125		620,427
RADWARE Ltd.*		31,518		699,700
Verint Systems, Inc.*		22,032		1,338,334
				8,775,430
Storage & Warehousing — 0.6%
Mobile Mini, Inc.		33,984		1,428,687
Telecommunications — 1.2%
ADTRAN, Inc.		30,680		498,550
Anixter International, Inc.*		15,139		986,306
JDS Uniphase Corp.*		79,422		919,707
Premiere Global Services, Inc.*		61,712		635,016
				3,039,579
Textiles — 0.4%
G&K Services, Inc., Class A		12,501		864,319
Transportation — 0.6%
Forward Air Corp.		25,965		1,356,931
TOTAL COMMON STOCKS (Cost $172,877,641)				213,485,842
REAL ESTATE INVESTMENT TRUSTS — 11.9%
Building & Real Estate — 2.1%
Apollo Commercial Real Estate Finance, Inc.		79,543		1,306,891
Blackstone Mortgage Trust, Inc., Class A		53,791		1,496,466
MFA Financial, Inc.		166,117		1,227,605
Two Harbors Investment Corp.		104,866		1,021,395
				5,052,357

110

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Diversified — 1.0%
DuPont Fabros Technology, Inc.		23,020	$	677,939
PS Business Parks, Inc.		25,634		1,849,493
				2,527,432
Healthcare — 0.8%
National Health Investors, Inc.		32,991		2,055,339
Hotels & Resorts — 3.1%
Chesapeake Lodging Trust		96,320		2,935,834
Pebblebrook Hotel Trust		59,123		2,535,194
Strategic Hotels & Resorts, Inc.*		188,834		2,288,668
				7,759,696
Industrial — 0.5%
Terreno Realty Corp.		61,232		1,206,271
Office Property — 1.4%
Highwoods Properties, Inc.		44,745		1,787,563
Hudson Pacific Properties, Inc.		60,365		1,712,555
				3,500,118
Real Estate Investment Trusts — 0.6%
CyrusOne, Inc.		51,083		1,504,394
Regional Malls — 0.5%
CBL & Associates Properties, Inc.		71,064		1,151,237
Storage & Warehousing — 1.1%
CubeSmart		93,222		2,159,021
Sovran Self Storage, Inc.		5,404		469,662
				2,628,683
Strip Centers — 0.8%
Acadia Realty Trust		67,058		1,952,058
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $24,822,860)				29,337,585
SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,582,646)		3,582,646		3,582,646
TOTAL INVESTMENTS — 99.8% (Cost $201,283,147)			$	246,406,073
Other Assets & Liabilities — 0.2%				518,671
TOTAL NET ASSETS — 100.0%			$	246,924,744

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	213,485,842	$	213,485,842	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		29,337,585		29,337,585		—		—
SHORT-TERM INVEST MENTS		3,582,646		3,582,646		—		—
TOTAL INVEST MENTS	$	246,406,073	$	246,406,073	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

111

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — 89.4%
Advertising — 0.1%
Evine Live, Inc.*		1,700	$	4,573
Harte-Hanks, Inc.		1,678		10,001
Journal Media Group, Inc.		848		7,030
Marchex, Inc., Class B		1,545		7,648
Marin Software, Inc.*		700		4,718
MDC Partners, Inc., Class A		1,500		29,550
Millennial Media, Inc.*		2,900		4,698
Sizmek, Inc.*		757		5,374
				73,592
Aerospace & Defense — 1.4%
AAR Corp.		1,269		40,443
Aerojet Rocketdyne Holdings, Inc.*		2,440		50,288
AeroVironment, Inc.*		718		18,725
Astronics Corp.*		637		45,157
Astronics Corp., Class B*		127		8,954
Cubic Corp.		869		41,347
Curtiss-Wright Corp.		1,726		125,031
Ducommun, Inc.*		400		10,268
Esterline Technologies Corp.*		1,140		108,688
HEICO Corp., Class A		1,400		71,078
HEICO Corp.		715		41,684
Kaman Corp.		1,048		43,953
KLX, Inc.*		1,900		83,847
Kratos Defense & Security Solutions, Inc.*		2,422		15,259
M/A-COM Technology Solutions Holdings, Inc.*		800		30,600
Moog, Inc., Class A*		1,391		98,316
National Presto Industries, Inc.		146		11,727
Teledyne Technologies, Inc.*		1,304		137,585
				982,950
Agriculture — 0.3%
Alico, Inc.		51		2,313
Limoneira Co.		600		13,338
Tejon Ranch Co.*		288		7,405
The Andersons, Inc.		1,132		44,148
Universal Corp.		855		49,009
Vector Group Ltd.		2,907		68,198
				184,411
Airlines — 0.3%
Allegiant Travel Co.		501		89,118
Hawaiian Holdings, Inc.*		1,626		38,618
Republic Airways Holdings, Inc.*		1,901		17,451
SkyWest, Inc.		1,881		28,290
Virgin America, Inc.*		900		24,732
				198,209
Apparel — 0.9%
Cherokee, Inc.		300		8,454
Columbia Sportswear Co.		1,022		61,790
Crocs, Inc.*		2,900		42,659
Deckers Outdoor Corp.*		1,200		86,364
G-III Apparel Group Ltd.*		1,408		99,053
Iconix Brand Group, Inc.*		1,842		45,995

	Number of Shares		Value†
Apparel — (continued)
Oxford Industries, Inc.		508	$	44,425
Perry Ellis International, Inc.*		414		9,841
Quiksilver, Inc.*		5,560		3,685
Sequential Brands Group, Inc.*		700		10,703
Steven Madden Ltd.*		2,049		87,656
Unifi, Inc.*		460		15,410
Vince Holding Corp.*		400		4,792
Weyco Group, Inc.		100		2,982
Wolverine World Wide, Inc.		3,782		107,711
				631,520
Auto Manufacturers — 0.1%
Navistar International Corp.*		1,800		40,734
Wabash National Corp.*		2,600		32,604
				73,338
Auto Parts & Equipment — 1.1%
Accuride Corp.*		1,000		3,850
American Axle & Manufacturing Holdings, Inc.*		2,516		52,609
Commercial Vehicle Group, Inc.*		600		4,326
Cooper Tire & Rubber Co.		2,249		76,084
Cooper-Standard Holding, Inc.*		500		30,735
Dana Holding Corp.		5,796		119,282
Dorman Products, Inc.*		992		47,279
Douglas Dynamics, Inc.		900		19,332
Federal-Mogul Holdings Corp.*		916		10,396
Gentherm, Inc.*		1,268		69,626
Meritor, Inc.*		3,645		47,822
Metaldyne Performance Group, Inc.		400		7,260
Miller Industries, Inc.		443		8,838
Modine Manufacturing Co.*		2,077		22,286
Motorcar Parts of America, Inc.*		700		21,063
Remy International, Inc.		1,200		26,532
Standard Motor Products, Inc.		700		24,584
Strattec Security Corp.		100		6,870
Superior Industries International, Inc.		1,119		20,489
Tenneco, Inc.*		2,200		126,368
Titan International, Inc.		1,913		20,546
Tower International, Inc.*		800		20,840
				787,017
Banks — 7.8%
1st Source Corp.		626		21,359
American National Bankshares, Inc.		400		9,524
Ameris Bancorp		947		23,950
Ames National Corp.		199		4,995
Arrow Financial Corp.		371		10,028
BancFirst Corp.		260		17,017
Banco Latinoamericano de Comercio Exterior S.A., Class E		1,110		35,720
BancorpSouth, Inc.		3,649		93,998
Bank of Marin Bancorp		290		14,752
Bank of the Ozarks, Inc.		2,752		125,904
Banner Corp.		800		38,344
Bar Harbor Bankshares		200		7,086

112

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
BBCN Bancorp, Inc.		3,185	$	47,106
Blue Hills Bancorp, Inc.*		1,300		18,200
BNC Bancorp		800		15,464
Boston Private Financial Holdings, Inc.		2,858		38,326
Bridge Bancorp, Inc.		307		8,194
Bridge Capital Holdings*		300		8,940
Bryn Mawr Bank Corp.		532		16,045
Camden National Corp.		326		12,616
Capital Bank Financial Corp., Class A*		1,000		29,070
Capital City Bank Group, Inc.		269		4,108
Cardinal Financial Corp.		1,218		26,540
Cascade Bancorp*		1,262		6,537
Cass Information Systems, Inc.		454		25,524
Cathay General Bancorp		3,050		98,972
Centerstate Banks, Inc.		1,432		19,346
Central Pacific Financial Corp.		800		19,000
Century Bancorp, Inc., Class A		69		2,806
Chemical Financial Corp.		1,166		38,548
Citizens & Northern Corp.		356		7,316
City Holding Co.		648		31,914
CNB Financial Corp.		474		8,722
CoBiz Financial, Inc.		1,700		22,219
Columbia Banking System, Inc.		2,214		72,044
Community Bank System, Inc.		1,511		57,070
Community Trust Bancorp, Inc.		683		23,816
CommunityOne Bancorp*		700		7,539
ConnectOne Bancorp, Inc.		1,060		22,822
CU Bancorp*		400		8,864
Customers Bancorp, Inc.*		880		23,663
CVB Financial Corp.		3,992		70,299
Eagle Bancorp, Inc.*		973		42,773
Enterprise Bancorp, Inc.		300		7,032
Enterprise Financial Services Corp.		782		17,806
F.N.B. Corp.		6,408		91,763
Farmers Capital Bank Corp.*		300		8,529
Fidelity Southern Corp.		607		10,586
Financial Institutions, Inc.		440		10,930
First Bancorp		824		13,744
First Bancorp Puerto Rico*		4,700		22,654
First Bancorp, Inc.		234		4,549
First Busey Corp.		2,802		18,409
First Business Financial Services, Inc.		200		9,376
First Citizens Bancshares, Inc., Class A		264		69,443
First Commonwealth Financial Corp.		3,121		29,930
First Community Bancshares, Inc.		626		11,406
First Connecticut Bancorp, Inc.		659		10,458
First Financial Bancorp		2,205		39,558
First Financial Bankshares, Inc.		2,452		84,937
First Financial Corp.		280		10,013
First Interstate BancSystem, Inc.		600		16,644
First Merchants Corp.		1,238		30,579
First Midwest Bancorp, Inc.		2,814		53,382
First NBC Bank Holding Co.*		600		21,600
FirstMerit Corp.		5,894		122,772
Fulton Financial Corp.		6,300		82,278

	Number of Shares		Value†
Banks — (continued)
German American Bancorp, Inc.		392	$	11,544
Glacier Bancorp, Inc.		2,721		80,052
Great Southern Bancorp, Inc.		471		19,848
Great Western Bancorp, Inc.		1,400		33,754
Guaranty Bancorp		500		8,255
Hancock Holding Co.		2,772		88,454
Hanmi Financial Corp.		1,213		30,131
Heartland Financial USA, Inc.		717		26,687
Heritage Commerce Corp.		600		5,766
Heritage Financial Corp.		1,130		20,193
Heritage Oaks Bancorp		200		1,574
Home BancShares, Inc.		2,164		79,116
Horizon Bancorp		400		9,984
Hudson Valley Holding Corp.		462		13,033
Iberiabank Corp.		1,346		91,838
Independent Bank Corp.		971		45,530
Independent Bank Corp.		1,000		13,560
Independent Bank Group, Inc.		400		17,160
International Bancshares Corp.		1,925		51,725
Kearny Financial Corp.*		3,276		36,560
Lakeland Bancorp, Inc.		1,111		13,210
Lakeland Financial Corp.		594		25,762
LegacyTexas Financial Group, Inc.		1,666		50,313
MainSource Financial Group, Inc.		521		11,436
MB Financial, Inc.		2,584		88,993
Mercantile Bank Corp.		500		10,705
Merchants Bancshares, Inc.		86		2,844
Metro Bancorp, Inc.		563		14,717
MidWestOne Financial Group, Inc.		400		13,168
National Bankshares, Inc.		319		9,334
National Penn Bancshares, Inc.		4,487		50,613
NBT Bancorp, Inc.		1,469		38,444
NewBridge Bancorp		1,100		9,823
OFG Bancorp		1,810		19,313
Old National Bancorp		4,186		60,530
Opus Bank		300		10,854
Pacific Continental Corp.		862		11,663
Park National Corp.		524		45,782
Park Sterling Corp.		1,600		11,520
Peapack Gladstone Financial Corp.		636		14,132
Penns Woods Bancorp, Inc.		268		11,816
Peoples Bancorp, Inc.		572		13,350
Peoples Financial Services Corp.		300		11,883
Pinnacle Financial Partners, Inc.		1,363		74,106
Preferred Bank Los Angeles CA		500		15,025
PrivateBancorp, Inc.		2,698		107,434
Prosperity Bancshares, Inc.		2,526		145,851
QCR Holdings, Inc.		400		8,704
Renasant Corp.		1,058		34,491
Republic Bancorp, Inc., Class A		387		9,946
S&T Bancorp, Inc.		1,259		37,254
Sandy Spring Bancorp, Inc.		1,085		30,358
Seacoast Banking Corp of Florida*		440		6,952
Servisfirst Bancshares, Inc.		800		30,056
Sierra Bancorp		712		12,325

113

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Simmons First National Corp., Class A		1,100	$	51,348
South State Corp.		858		65,199
Southside Bancshares, Inc.		901		26,336
Southwest Bancorp, Inc.		636		11,836
Square 1 Financial, Inc.*		600		16,410
State Bank Financial Corp.		1,200		26,040
Stock Yards Bancorp, Inc.		445		16,817
Stonegate Bank		500		14,835
Suffolk Bancorp		443		11,367
Sun Bancorp, Inc.*		220		4,235
Susquehanna Bancshares, Inc.		6,533		92,246
Talmer Bancorp, Inc.		1,900		31,825
Texas Capital Bancshares, Inc.*		1,673		104,127
The Bancorp, Inc.*		1,412		13,103
The First of Long Island Corp.		593		16,438
Tompkins Financial Corp.		558		29,976
TowneBank		1,532		24,956
Trico Bancshares		704		16,931
Tristate Capital Holdings, Inc.*		1,000		12,930
Triumph BanCorp., Inc.*		500		6,575
TrustCo Bank Corp.		3,252		22,862
Trustmark Corp.		2,630		65,697
UMB Financial Corp.		1,481		84,447
Umpqua Holdings Corp.		7,901		142,139
Union Bankshares Corp.		1,828		42,483
United Bankshares, Inc.		2,492		100,253
United Community Banks, Inc.		1,878		39,194
Univest Corp. of Pennsylvania		600		12,216
Valley National Bancorp		8,635		89,027
Walker & Dunlop, Inc.*		900		24,066
Washington Trust Bancorp, Inc.		670		26,452
Webster Financial Corp.		3,228		127,667
WesBanco, Inc.		1,231		41,879
West Bancorporation, Inc.		378		7,499
Westamerica Bancorporation		873		44,217
Western Alliance Bancorp*		2,775		93,684
Wilshire Bancorp, Inc.		2,676		33,798
Wintrust Financial Corp.		1,742		92,988
Yadkin Financial Corp.*		600		12,570
				5,479,597
Beverages — 0.2%
Coca-Cola Bottling Co. Consolidated		174		26,286
Craft Brew Alliance, Inc.*		700		7,742
Farmers Brothers Co.*		204		4,794
National Beverage Corp.*		642		14,439
The Boston Beer Co., Inc., Class A*		310		71,917
				125,178
Biotechnology — 3.8%
Acceleron Pharma, Inc.*		700		22,148
Achillion Pharmaceuticals, Inc.*		4,300		38,098
Acorda Therapeutics, Inc.*		1,531		51,028
Aduro Biotech, Inc.*		300		9,099
Advaxis, Inc.*		1,000		20,330
Agenus, Inc.*		2,000		17,260

	Number of Shares		Value†
Biotechnology — (continued)
Alder Biopharmaceuticals, Inc.*		700	$	37,079
AMAG Pharmaceuticals, Inc.*		1,056		72,927
ANI Pharmaceuticals, Inc.*		300		18,615
Ardelyx, Inc.*		400		6,388
Arena Pharmaceuticals, Inc.*		8,506		39,468
ARIAD Pharmaceuticals, Inc.*		6,600		54,582
Assembly Biosciences, Inc.*		400		7,704
Atara Biotherapeutics, Inc.*		500		26,380
Avalanche Biotechnologies, Inc.*		700		11,368
Bellicum Pharmaceuticals, Inc.*		300		6,381
BioCryst Pharmaceuticals, Inc.*		2,900		43,297
BioTime, Inc.*		1,100		3,993
Blueprint Medicines Corp.*		300		7,947
Cambrex Corp.*		1,167		51,278
Celldex Therapeutics, Inc.*		3,644		91,902
Cellular Biomedicine Group, Inc.*		300		11,253
Coherus Biosciences, Inc.*		800		23,120
CTI BioPharma Corp.*		5,000		9,750
Curis, Inc.*		3,600		11,916
Cytokinetics, Inc.*		1,000		6,720
Cytrx Corp.*		2,600		9,672
Dermira, Inc.*		500		8,775
Dynavax Technologies Corp.*		1,020		23,894
Emergent BioSolutions, Inc.*		1,058		34,861
Epizyme, Inc.*		1,000		24,000
Exact Sciences Corp.*		3,100		92,194
Exelixis, Inc.*		6,969		26,203
Five Prime Therapeutics, Inc.*		800		19,872
Foundation Medicine, Inc.*		518		17,529
Galena Biopharma, Inc.*		3,600		6,120
Genocea Biosciences, Inc.*		600		8,238
Geron Corp.*		5,050		21,614
Halozyme Therapeutics, Inc.*		3,589		81,040
Idera Pharmaceuticals, Inc.*		2,300		8,533
ImmunoGen, Inc.*		3,263		46,922
Immunomedics, Inc.*		2,936		11,920
Inovio Pharmaceuticals, Inc.*		2,500		20,400
Insmed, Inc.*		2,300		56,166
Karyopharm Therapeutics, Inc.*		800		21,768
Kite Pharma, Inc.*		1,000		60,970
KYTHERA Biopharmaceuticals, Inc.*		900		67,779
Lexicon Pharmaceuticals, Inc.*		1,260		10,143
Ligand Pharmaceuticals, Inc.*		644		64,980
Lion Biotechnologies, Inc.*		1,500		13,755
MacroGenics, Inc.*		1,000		37,970
Merrimack Pharmaceuticals, Inc.*		3,500		43,278
Momenta Pharmaceuticals, Inc.*		2,182		49,771
Myriad Genetics, Inc.*		2,500		84,975
NeoGenomics, Inc.*		1,700		9,197
Newlink Genetics Corp.*		700		30,989
Novavax, Inc.*		10,129		112,837
Omeros Corp.*		1,400		25,186
OncoMed Pharmaceuticals, Inc.*		600		13,500
Oncothyreon, Inc.*		3,300		12,342
Organovo Holdings, Inc.*		2,700		10,179
Oxford ImmunoteC Global PLC*		600		8,310

114

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Pacific Biosciences of California, Inc.*		2,400	$	13,824
Paratek Pharmaceuticals, Inc.		400		10,308
PDL BioPharma, Inc.		6,217		39,975
Peregrine Pharmaceuticals, Inc.*		5,800		7,598
Pfenex, Inc.*		500		9,700
Prothena Corp. PLC*		1,200		63,204
PTC Therapeutics, Inc.*		1,200		57,756
Repligen Corp.*		1,300		53,651
Retrophin, Inc.*		1,200		39,780
Rigel Pharmaceuticals, Inc.*		2,690		8,635
RTI Surgical, Inc.*		2,035		13,146
Sage Therapeutics, Inc.*		500		36,500
Sangamo Biosciences, Inc.*		2,403		26,649
Sequenom, Inc.*		5,097		15,495
Spark Therapeutics, Inc.*		300		18,081
Spectrum Pharmaceuticals, Inc.*		2,414		16,512
Stemline Therapeutics, Inc.*		400		4,708
The Medicines Co.*		2,392		68,435
Theravance Biopharma, Inc.*		1,000		13,020
Theravance, Inc.		3,200		57,824
Trovagene, Inc.*		800		8,120
Ultragenyx Pharmaceutical, Inc.*		1,300		133,107
Verastem, Inc.*		600		4,524
Versartis, Inc.*		700		10,654
XOMA Corp.*		3,600		13,968
ZIOPHARM Oncology, Inc.*		3,927		47,124
				2,688,211
Building Materials — 1.3%
AAON, Inc.		1,585		35,694
Apogee Enterprises, Inc.		1,043		54,903
Boise Cascade Co.*		1,400		51,352
Builders FirstSource, Inc.*		1,573		20,197
Comfort Systems USA, Inc.		1,227		28,160
Continental Building Products, Inc.*		1,100		23,309
Drew Industries, Inc.		891		51,696
Gibraltar Industries, Inc.*		1,101		22,427
Griffon Corp.		1,256		19,996
Headwaters, Inc.*		2,880		52,474
Louisiana-Pacific Corp.*		5,394		91,860
LSI Industries, Inc.		1,314		12,273
Masonite International Corp.*		1,100		77,121
NCI Building Systems, Inc.*		1,264		19,048
Nortek, Inc.*		400		33,252
Patrick Industries, Inc.*		450		17,122
PGT, Inc.*		1,700		24,667
Ply Gem Holdings, Inc.*		600		7,074
Quanex Building Products Corp.		1,425		30,538
Simpson Manufacturing Co., Inc.		1,685		57,290
Stock Building Supply Holdings, Inc.*		300		5,865
Summit Materials, Inc.*		900		22,950
Trex Co., Inc.*		1,262		62,381
Universal Forest Products, Inc.		783		40,739
US Concrete, Inc.*		600		22,734
				885,122

	Number of Shares		Value†
Chemicals — 1.8%
A. Schulman, Inc.		1,188	$	51,939
Aceto Corp.		1,042		25,665
American Vanguard Corp.		1,078		14,876
Axiall Corp.		2,600		93,730
Balchem Corp.		1,205		67,143
Chemtura Corp.*		2,514		71,171
Ferro Corp.*		2,638		44,266
H.B. Fuller Co.		1,780		72,304
Hawkins, Inc.		449		18,135
Innophos Holdings, Inc.		796		41,902
Innospec, Inc.		900		40,536
Intrepid Potash, Inc.*		2,100		25,074
KMG Chemicals, Inc.		200		5,088
Kraton Performance Polymers, Inc.*		1,241		29,635
Kronos Worldwide, Inc.		900		9,864
Landec Corp.*		1,218		17,576
Minerals Technologies, Inc.		1,328		90,477
Oil-Dri Corp. of America		97		2,947
Olin Corp.		2,792		75,244
OM Group, Inc.		1,254		42,134
OMNOVA Solutions, Inc.*		2,368		17,736
PolyOne Corp.		3,355		131,415
Quaker Chemical Corp.		511		45,397
Rayonier Advanced Materials, Inc.		1,400		22,764
Rentech, Inc.*		7,187		7,690
Sensient Technologies Corp.		1,674		114,401
Stepan Co.		708		38,310
Tronox Ltd., Class A		2,400		35,112
				1,252,531
Coal — 0.1%
Cloud Peak Energy, Inc.*		2,600		12,116
Peabody Energy Corp.		9,500		20,805
SunCoke Energy, Inc.		2,341		30,433
Westmoreland Coal Co.*		600		12,468
				75,822
Commercial Services — 5.0%
ABM Industries, Inc.		2,139		70,309
Acacia Research Corp.		1,880		16,488
Albany Molecular Research, Inc.*		900		18,198
American Public Education, Inc.*		755		19,419
AMN Healthcare Services, Inc.*		1,909		60,305
Apollo Education Group, Inc., Class A*		3,300		42,504
ARC Document Solutions, Inc.*		1,436		10,928
Arrowhead Research Corp.*		2,100		15,015
Ascent Capital Group Inc., Class A*		531		22,695
Barrett Business Services, Inc.		342		12,421
Bridgepoint Education, Inc.*		480		4,589
Bright Horizons Family Solutions, Inc.*		1,300		75,140
Capella Education Co.		407		21,844
Cardtronics, Inc.*		1,763		65,319
Career Education Corp.*		2,300		7,590
Carriage Services, Inc.		600		14,328
CBIZ, Inc.*		1,340		12,918
CDI Corp.		741		9,633

115

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Commercial Services — (continued)
Civeo Corp.		3,700	$	11,359
Collectors Universe, Inc.		400		7,976
Corporate Executive Board Co. (The)		1,269		110,479
CorVel Corp.*		462		14,793
CRA International, Inc.*		274		7,636
Cross Country Healthcare, Inc.*		1,084		13,745
Deluxe Corp.		1,807		112,034
DeVry Education Group, Inc.		2,300		68,954
Electro Rent Corp.		715		7,765
Ennis, Inc.		858		15,950
Euronet Worldwide, Inc.*		1,955		120,623
EVERTEC, Inc.		2,600		55,224
ExamWorks Group, Inc.*		1,500		58,650
ExlService Holdings, Inc.*		1,200		41,496
Forrester Research, Inc.		375		13,507
Franklin Covey Co.*		241		4,890
FTI Consulting, Inc.*		1,556		64,169
Global Cash Access Holdings, Inc.*		2,396		18,545
Grand Canyon Education, Inc.*		1,756		74,454
Great Lakes Dredge & Dock Corp.*		2,751		16,396
Green Dot Corp.*		1,400		26,768
Healthcare Services Group, Inc.		2,680		88,574
Healthequity, Inc.*		1,300		41,665
Heartland Payment Systems, Inc.		1,269		68,589
Heidrick & Struggles International, Inc.		669		17,448
HMS Holdings Corp.*		3,415		58,636
Huron Consulting Group, Inc.*		828		58,034
ICF International, Inc.*		748		26,075
INC Research Holdings, Inc.*		500		20,060
Insperity, Inc.		724		36,852
K12, Inc.*		1,152		14,573
Kelly Services, Inc., Class A		1,014		15,565
Kforce, Inc.		1,086		24,837
Korn/Ferry International		1,790		62,238
Landauer, Inc.		480		17,107
Lendingtree, Inc.*		200		15,722
Liberty Tax, Inc.		200		4,950
LifeLock, Inc.*		3,200		52,480
Matthews International Corp., Class A		1,205		64,034
MAXIMUS, Inc.		2,388		156,963
McGrath RentCorp		953		29,000
Medifast, Inc.*		331		10,698
MoneyGram International, Inc.*		878		8,069
Monro Muffler Brake, Inc.		1,237		76,892
Monster Worldwide, Inc.*		3,900		25,506
Multi-Color Corp.		467		29,832
National Research Corp.		687		9,762
Navigant Consulting, Inc.*		1,984		29,502
On Assignment, Inc.*		1,952		76,675
PAREXEL International Corp.*		1,999		128,556
Paylocity Holding Corp.*		500		17,925
Pendrell Corp.*		5,800		7,946
Quad/Graphics, Inc.		1,000		18,510
Rent-A-Center, Inc.		1,953		55,368
Resources Connection, Inc.		1,322		21,271
RPX Corp.*		2,100		35,490

	Number of Shares		Value†
Commercial Services — (continued)
ServiceSource International, Inc.*		2,400	$	13,128
Sotheby’s		2,341		105,907
SP Plus Corp.*		393		10,261
Steiner Leisure Ltd.*		543		29,203
Strayer Education, Inc.*		400		17,240
Team Health Holdings, Inc.*		2,572		168,029
Team, Inc.*		792		31,878
TeleTech Holdings, Inc.		707		19,146
The Advisory Board Co.*		1,550		84,738
The Brink’s Co.		1,710		50,325
The Hackett Group, Inc.		516		6,930
The Providence Service Corp.*		400		17,712
TriNet Group, Inc.*		1,400		35,490
TrueBlue, Inc.*		1,576		47,122
Universal Technical Institute, Inc.		525		4,515
Vectrus, Inc.*		300		7,461
Viad Corp.		771		20,902
Weight Watchers International, Inc.*		1,200		5,820
Xoom Corp.*		1,300		27,371
				3,493,638
Computers — 2.5%
A10 Networks, Inc.*		800		5,152
Agilysys, Inc.*		376		3,452
Barracuda Networks, Inc.*		200		7,924
CACI International, Inc., Class A*		850		68,756
Carbonite, Inc.*		800		9,448
Ciber, Inc.*		3,557		12,272
Convergys Corp.		3,483		88,782
Cray, Inc.*		1,399		41,284
Datalink Corp.*		900		8,046
Diebold, Inc.		2,300		80,500
Digimarc Corp.*		300		13,542
Dot Hill Systems Corp.*		2,700		16,524
Electronics for Imaging, Inc.*		1,824		79,362
Engility Holdings, Inc.		700		17,612
EPAM Systems, Inc.*		1,800		128,214
Globant SA*		500		15,215
iGATE Corp.*		1,257		59,946
Immersion Corp.*		842		10,668
Insight Enterprises, Inc.*		1,543		46,151
LivePerson, Inc.*		1,925		18,884
Manhattan Associates, Inc.*		2,668		159,146
Mentor Graphics Corp.		3,676		97,157
Mercury Systems, Inc.*		1,036		15,167
MTS Systems Corp.		560		38,612
NetScout Systems, Inc.*		1,365		50,055
Nimble Storage, Inc.*		1,800		50,508
Qualys, Inc.*		900		36,315
Quantum Corp.*		8,761		14,718
RealD, Inc.*		1,608		19,827
Science Applications International Corp.		1,600		84,560
Silicon Graphics International Corp.*		1,366		8,838
Silver Spring Networks, Inc.*		1,500		18,615
Stratasys Ltd.*		1,800		62,874
Super Micro Computer, Inc.*		1,271		37,596

116

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Computers — (continued)
Sykes Enterprises, Inc.*		1,536	$	37,248
Synaptics, Inc.*		1,316		114,143
Syntel, Inc.*		1,160		55,077
The KEYW Holding Corp.*		1,300		12,116
Unisys Corp.*		1,724		34,463
Varonis Systems, Inc.*		300		6,627
Violin Memory, Inc.*		3,500		8,575
Virtusa Corp.*		1,089		55,975
Vocera Communications, Inc.*		800		9,160
				1,759,106
Cosmetics & Personal Care — 0.1%
Elizabeth Arden, Inc.*		760		10,838
Inter Parfums, Inc.		624		21,172
Revlon, Inc., Class A*		570		20,925
				52,935
Distribution & Wholesale — 0.7%
Beacon Roofing Supply, Inc.*		1,981		65,809
Core-Mark Holding Co., Inc.		882		52,258
Essendant, Inc.		1,519		59,621
H&E Equipment Services, Inc.		1,159		23,145
Owens & Minor, Inc.		2,276		77,384
Pool Corp.		1,576		110,604
Rentrak Corp.*		365		25,477
ScanSource, Inc.*		1,181		44,949
Titan Machinery, Inc.*		523		7,704
				466,951
Diversified Financial Services — 2.6%
Aircastle Ltd.		2,176		49,330
Altisource Asset Management Corp.*		53		7,647
Altisource Portfolio Solutions SA*		500		15,395
Ashford, Inc.*		26		2,269
BGC Partners, Inc., Class A		6,907		60,436
Blackhawk Network Holdings, Inc.*		2,000		82,400
Calamos Asset Management, Inc., Class A		469		5,745
Cohen & Steers, Inc.		817		27,843
Cowen Group, Inc., Class A*		3,790		24,256
Diamond Hill Investment Group, Inc.		107		21,364
Ellie Mae, Inc.*		1,100		76,769
Encore Capital Group, Inc.*		997		42,612
Enova International, Inc.*		1,029		19,222
Evercore Partners, Inc., Class A		1,222		65,939
Federal Agricultural Mortgage Corp., Class C		300		8,718
Financial Engines, Inc.		1,900		80,712
FNFV Group*		2,800		43,064
Gain Capital Holdings, Inc.		800		7,648
GAMCO Investors, Inc., Class A		262		18,002
Greenhill & Co., Inc.		1,100		45,463
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,000		20,050
INTL. FCstone, Inc.*		593		19,711
Investment Technology Group, Inc.		1,300		32,240
J.G. Wentworth Company, Class A*		400		3,680
Janus Capital Group, Inc.		5,600		95,872

	Number of Shares		Value†
Diversified Financial Services — (continued)
KCG Holdings, Inc.*		1,181	$	14,562
Ladenburg Thalmann Financial Services, Inc.*		4,000		14,000
MarketAxess Holdings, Inc.		1,399		129,785
Marlin Business Services Corp.		200		3,376
Moelis & Co., Class A		600		17,226
Nationstar Mortgage Holdings, Inc.*		1,300		21,840
Nelnet, Inc., Class A		799		34,605
NewStar Financial, Inc.*		1,300		14,300
Nicholas Financial, Inc.*		300		3,816
Ocwen Financial Corp.*		3,800		38,760
OM Asset Management PLC		900		16,011
On Deck Capital, Inc.*		400		4,632
Oppenheimer Holdings, Inc., Class A		238		6,255
PennyMac Financial Service, Class A*		500		9,060
PHH Corp.*		1,989		51,774
Piper Jaffray Cos.*		687		29,981
PRA Group, Inc.*		1,748		108,918
Pzena Investment Management, Inc., Class A		130		1,437
RCS Capital Corp.		1,600		12,256
Regional Management Corp.*		200		3,572
Stifel Financial Corp.*		2,506		144,696
Stonegate Mortgage Corp.*		300		3,021
Teton Advisors, Inc., Class B~		2		96
Virtu Financial, Inc., Class A*		600		14,088
Virtus Investment Partners, Inc.		272		35,972
Wageworks, Inc.*		1,300		52,585
Walter Investment Management Corp.*		1,353		30,943
Westwood Holdings Group, Inc.		311		18,526
WisdomTree Investments, Inc.		4,100		90,056
World Acceptance Corp.*		262		16,116
				1,818,652
Electric — 1.9%
ALLETE, Inc.		1,851		85,868
Ameresco, Inc., Class A*		1,100		8,415
Atlantic Power Corp.		4,127		12,711
Avista Corp.		2,239		68,625
Black Hills Corp.		1,748		76,300
Cleco Corp.		2,271		122,294
Dynegy, Inc.*		4,600		134,550
El Paso Electric Co.		1,577		54,659
Empire District Electric Co.		1,719		37,474
EnerNOC, Inc.*		1,300		12,610
IDACORP, Inc.		1,901		106,722
MGE Energy, Inc.		1,342		51,976
NorthWestern Corp.		1,780		86,775
NRG Yield, Inc.		1,000		21,890
NRG Yield, Inc.		1,000		21,990
Ormat Technologies, Inc.		1,200		45,216
Otter Tail Corp.		1,292		34,367
PNM Resources, Inc.		2,910		71,586
Portland General Electric Co.		2,956		98,021
Talen Energy Corp.*		2,900		49,764
UIL Holdings Corp.		1,991		91,228
Unitil Corp.		663		21,892
				1,314,933

117

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — 1.0%
Advanced Energy Industries, Inc.*		1,393	$	38,293
Belden, Inc.		1,555		126,313
Encore Wire Corp.		771		34,148
EnerSys		1,623		114,081
Generac Holdings, Inc.*		2,649		105,298
General Cable Corp.		1,900		37,487
GrafTech International Ltd.*		4,400		21,824
Graham Corp.		466		9,548
Insteel Industries, Inc.		691		12,922
Littelfuse, Inc.		878		83,313
Powell Industries, Inc.		429		15,088
PowerSecure International, Inc.*		800		11,808
Universal Display Corp.*		1,549		80,130
Vicor Corp.*		422		5,144
				695,397
Electronics — 2.0%
American Science & Engineering, Inc.		278		12,179
Applied Optoelectronics, Inc.*		700		12,152
AVX Corp.		1,600		21,536
Badger Meter, Inc.		459		29,142
Bel Fuse, Inc., Class B		269		5,520
Benchmark Electronics, Inc.*		2,077		45,237
Brady Corp., Class A		1,857		45,942
Checkpoint Systems, Inc.		1,545		15,728
Coherent, Inc.*		873		55,418
Control4 Corp.*		400		3,556
CTS Corp.		1,263		24,338
ESCO Technologies, Inc.		1,034		38,682
FARO Technologies, Inc.*		620		28,954
Fluidigm Corp.*		1,100		26,620
II-VI, Inc.*		2,056		39,023
Imax Corp.*		2,200		88,594
InvenSense, Inc.*		2,800		42,280
Itron, Inc.*		1,500		51,660
Kimball Electronics, Inc.*		933		13,612
Mesa Laboratories, Inc.		100		8,890
Methode Electronics, Inc.		1,460		40,077
Multi-Fineline Electronix, Inc.*		152		3,323
Newport Corp.*		1,463		27,739
NVE Corp.		209		16,386
OSI Systems, Inc.*		757		53,588
Park Electrochemical Corp.		833		15,960
Plexus Corp.*		1,303		57,176
Rofin-Sinar Technologies, Inc.*		1,186		32,734
Rogers Corp.*		660		43,652
Sanmina Corp.*		3,126		63,020
Sparton Corp.*		400		10,928
Stoneridge, Inc.*		673		7,881
TASER International, Inc.*		2,011		66,986
Tech Data Corp.*		1,300		74,828
TTM Technologies, Inc.*		2,429		24,266
Vishay Intertechnology, Inc.		4,800		56,064
Vishay Precision Group, Inc.*		300		4,518
Watts Water Technologies, Inc., Class A		1,117		57,916
Woodward, Inc.		2,323		127,742

	Number of Shares		Value†
Electronics — (continued)
Zagg, Inc.*		900	$	7,128
				1,400,975
Energy-Alternate Sources — 0.4%
Abengoa Yield PLC		1,700		53,244
Clean Energy Fuels Corp.*		2,900		16,298
Enphase Energy, Inc.*		400		3,044
FuelCell Energy, Inc.*		6,981		6,819
FutureFuel Corp.		1,100		14,157
Green Plains, Inc.		1,467		40,416
Pacific Ethanol, Inc.*		900		9,288
Pattern Energy Group, Inc.		1,900		53,922
Plug Power, Inc.*		6,800		16,660
Renewable Energy Group, Inc.*		1,600		18,496
REX American Resources Corp.*		192		12,219
Solazyme, Inc.*		3,100		9,734
Vivint Solar, Inc.*		800		9,736
				264,033
Engineering & Construction — 0.7%
Aegion Corp.*		1,555		29,452
Argan, Inc.		536		21,617
Dycom Industries, Inc.*		1,153		67,854
EMCOR Group, Inc.		2,363		112,881
Exponent, Inc.		1,040		46,571
Granite Construction, Inc.		1,444		51,276
Hill International, Inc.*		1,500		7,890
MasTec, Inc.*		2,464		48,960
McDermott International, Inc.*		9,300		49,662
Mistras Group, Inc.*		800		15,184
MYR Group, Inc.*		683		21,146
Orion Marine Group, Inc.*		1,137		8,209
Tutor Perini Corp.*		1,397		30,147
VSE Corp.		104		5,565
				516,414
Entertainment — 1.1%
AMC Entertainment Holdings, Inc., Class A		800		24,544
Carmike Cinemas, Inc.*		800		21,232
Churchill Downs, Inc.		520		65,026
DreamWorks Animation SKG, Inc., Class A*		2,700		71,226
Eldorado Resorts, Inc.*		1,000		7,820
Eros International PLC*		900		22,608
International Speedway Corp.		1,100		40,337
Isle of Capri Casinos, Inc.*		841		15,264
Marriott Vacations Worldwide Corp.		1,000		91,750
National CineMedia, Inc.		2,374		37,889
Penn National Gaming, Inc.*		3,200		58,720
Pinnacle Entertainment, Inc.*		2,182		81,345
Reading International, Inc., Class A*		700		9,695
Scientific Games Corp., Class A*		1,900		29,526
Seaworld Entertainment, Inc.		2,400		44,256
SFX Entertainment, Inc.*		1,500		6,735
Speedway Motorsports, Inc.		316		7,158
Vail Resorts, Inc.		1,346		146,983
				782,114

118

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Environmental Control — 0.4%
Calgon Carbon Corp.		2,162	$	41,900
Casella Waste Systems, Inc., Class A*		2,300		12,903
Ceco Environmental Corp.		709		8,033
Darling Ingredients, Inc.*		6,267		91,874
Heritage-Crystal Clean, Inc.*		200		2,940
MSA Safety, Inc.		1,021		49,529
Tetra Tech, Inc.		2,364		60,613
U.S. Ecology, Inc.		742		36,150
				303,942
Food — 1.8%
B&G Foods, Inc.		2,172		61,967
Boulder Brands, Inc.*		2,579		17,898
Cal-Maine Foods, Inc.		1,246		65,041
Calavo Growers, Inc.		451		23,420
Dean Foods Co.		3,700		59,829
Diamond Foods, Inc.*		776		24,351
Fairway Group Holdings Corp.*		600		2,136
Fresh Del Monte Produce, Inc.		1,216		47,011
Ingles Markets, Inc., Class A		404		19,299
Inventure Foods, Inc.*		500		5,075
J&J Snack Foods Corp.		532		58,876
John B. Sanfilippo & Son, Inc.		400		20,760
Lancaster Colony Corp.		672		61,051
Lifeway Foods, Inc.*		87		1,670
NutriSystem, Inc.		1,037		25,801
Post Holdings, Inc.*		2,000		107,860
Sanderson Farms, Inc.		834		62,684
Seaboard Corp.*		11		39,589
Seneca Foods Corp., Class A*		211		5,860
Senomyx, Inc.*		1,800		9,648
Smart & Final Stores, Inc.*		500		8,935
Snyder’s-Lance, Inc.		1,879		60,635
SpartanNash Co.		1,530		49,786
SUPERVALU, Inc.*		9,300		75,237
The Chefs’ Warehouse Holdings, Inc.*		750		15,930
The Fresh Market, Inc.*		1,700		54,638
Tootsie Roll Industries, Inc.		835		26,979
TreeHouse Foods, Inc.*		1,614		130,782
United Natural Foods, Inc.*		1,900		120,992
Village Super Market, Inc., Class A		268		8,493
Weis Markets, Inc.		466		19,642
				1,291,875
Forest Products & Paper — 0.4%
Clearwater Paper Corp.*		778		44,579
Deltic Timber Corp.		392		26,515
KapStone Paper and Packaging Corp.		3,240		74,909
Neenah Paper, Inc.		574		33,843
Orchids Paper Products Co.		400		9,628
P.H. Glatfelter Co.		1,659		36,481
Schweitzer-Mauduit International, Inc.		1,176		46,899
Veritiv Corp.*		300		10,938
Wausau Paper Corp.		1,781		16,350
				300,142

	Number of Shares		Value†
Gas — 1.0%
Chesapeake Utilities Corp.		535	$	28,810
New Jersey Resources Corp.		3,264		89,923
Northwest Natural Gas Co.		1,050		44,289
One Gas, Inc.		2,000		85,120
Piedmont Natural Gas Co., Inc.		2,951		104,200
South Jersey Industries, Inc.		2,480		61,330
Southwest Gas Corp.		1,794		95,459
The Laclede Group, Inc.		1,656		86,211
WGL Holdings, Inc.		1,794		97,396
				692,738
Hand & Machine Tools — 0.1%
Franklin Electric Co., Inc.		1,670		53,991
Healthcare Products — 3.8%
Abaxis, Inc.		829		42,677
ABIOMED, Inc.*		1,489		97,872
Accelerate Diagnostics, Inc.*		951		24,545
Accuray, Inc.*		2,738		18,454
Affymetrix, Inc.*		2,371		25,891
Analogic Corp.		507		40,002
AngioDynamics, Inc.*		958		15,711
AtriCure, Inc.*		1,200		29,568
Atrion Corp.		37		14,515
BioTelemetry, Inc.*		800		7,544
Cantel Medical Corp.		1,275		68,429
Cardiovascular Systems, Inc.*		1,000		26,450
Cepheid, Inc.*		2,680		163,882
Cerus Corp.*		3,600		18,684
Cimpress NV*		1,200		100,992
CONMED Corp.		1,003		58,445
CryoLife, Inc.		1,399		15,781
Cutera, Inc.*		500		7,740
Cyberonics, Inc.*		1,032		61,363
Cynosure, Inc., Class A*		694		26,775
Endologix, Inc.*		2,298		35,251
Exactech, Inc.*		209		4,353
GenMark Diagnostics, Inc.*		1,200		10,872
Genomic Health, Inc.*		509		14,145
Globus Medical, Inc.*		2,600		66,742
Greatbatch, Inc.*		993		53,543
Haemonetics Corp.*		1,946		80,487
Halyard Health, Inc.*		1,700		68,850
Hanger, Inc.*		1,408		33,004
HeartWare International, Inc.*		689		50,083
ICU Medical, Inc.*		479		45,821
Inogen, Inc.*		500		22,300
Insulet Corp.*		2,146		66,494
Integra LifeSciences Holdings Corp.*		926		62,385
Intersect Ent, Inc.*		500		14,315
Invacare Corp.		1,190		25,740
Invivo Therapeutics Holdings Corp.*		900		14,535
K2M Group Holdings, Inc.*		600		14,412
LDR Holding Corp.*		700		30,275
Luminex Corp.*		1,353		23,353
Masimo Corp.*		1,504		58,265

119

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
Merge Healthcare, Inc.*		1,657	$	7,954
Meridian Bioscience, Inc.		1,760		32,806
Merit Medical Systems, Inc.*		1,575		33,925
MiMedx Group, Inc.*		3,800		44,042
Nanostring Technologies, Inc.*		600		9,252
Natus Medical, Inc.*		1,175		50,008
Navidea Biopharmaceuticals, Inc.*		6,000		9,660
NuVasive, Inc.*		1,706		80,830
NxStage Medical, Inc.*		2,284		32,627
Ocular Therapeutix, Inc.*		200		4,206
OraSure Technologies, Inc.*		2,201		11,863
Orthofix International N.V.*		671		22,224
Quidel Corp.*		1,051		24,120
Rockwell Medical, Inc.*		1,800		29,016
Spectranetics Corp.*		1,465		33,710
STAAR Surgical Co.*		1,400		13,524
STERIS Corp.		2,232		143,830
SurModics, Inc.*		373		8,736
Tandem Diabetes Care, Inc.*		400		4,336
Thoratec Corp.*		2,000		89,140
Tornier N.V.*		1,200		29,988
Unilife Corp.*		3,410		7,331
Utah Medical Products, Inc.		200		11,926
Vascular Solutions, Inc.*		483		16,770
West Pharmaceutical Services, Inc.		2,678		155,538
Wright Medical Group, Inc.*		1,861		48,870
Zeltiq Aesthetics, Inc.*		1,100		32,417
				2,649,194
Healthcare Services — 2.0%
AAC Holdings, Inc.*		200		8,712
Addus Homecare Corp.*		400		11,144
Adeptus Health, Inc., Class A*		200		18,998
Air Methods Corp.*		1,487		61,473
Alliance Healthcare Services, Inc.*		200		3,738
Almost Family, Inc.*		177		7,064
Amedisys, Inc.*		1,006		39,968
Amsurg Corp.*		1,723		120,524
Bio-Reference Labs, Inc.*		1,007		41,539
Capital Senior Living Corp.*		1,036		25,382
Catalent, Inc.*		3,000		87,990
Chemed Corp.		629		82,462
Civitas Solutions, Inc.*		400		8,532
Five Star Quality Care, Inc.*		2,500		12,000
Genesis Healthcare, Inc.*		561		3,703
HealthSouth Corp.		3,336		153,656
Healthways, Inc.*		1,258		15,071
IPC Healthcare, Inc.*		647		35,837
Kindred Healthcare, Inc.		2,774		56,284
LHC Group, Inc.*		382		14,611
Magellan Health Services, Inc.*		1,041		72,943
Molina Healthcare, Inc.*		1,268		89,140
National Healthcare Corp.		406		26,386
Nobilis Health Corp.*		1,200		8,160
OvaScience, Inc.*		800		23,144
RadNet, Inc.*		1,500		10,035

	Number of Shares		Value†
Healthcare Services — (continued)
Select Medical Holdings Corp.		3,700	$	59,940
Surgical Care Affiliates, Inc.*		700		26,866
The Ensign Group, Inc.		940		47,996
Triple-S Management Corp., Class B*		791		20,297
U.S. Physical Therapy, Inc.		491		26,887
Universal American Corp.*		1,780		18,014
WellCare Health Plans, Inc.*		1,626		137,934
				1,376,430
Holding Companies — 0.2%
FCB Financial Holdings Inc*		1,000		31,800
HRG Group, Inc.*		2,775		36,075
National Bank Holdings Corp.		1,400		29,162
Resource America, Inc., Class A		1,000		8,410
Tiptree Financial, Inc.		1,100		7,975
				113,422
Home Builders — 0.8%
Beazer Homes USA, Inc.*		924		18,434
Cavco Industries, Inc.*		369		27,837
Century Communities, Inc.*		500		10,065
Hovnanian Enterprises, Inc., Class A*		4,810		12,795
Installed Building Products, Inc.*		700		17,136
KB Home		2,900		48,140
LGI Homes, Inc.*		400		7,912
M/I Homes, Inc.*		836		20,624
MDC Holdings, Inc.		1,500		44,955
Meritage Homes Corp.*		1,490		70,164
Standard Pacific Corp.*		5,590		49,807
Taylor Morrison Home Corp.*		1,100		22,396
The New Home Co., Inc.*		600		10,338
The Ryland Group, Inc.		1,746		80,962
TRI Pointe Homes, Inc.*		5,700		87,210
WCI Communities, Inc.*		400		9,756
William Lyon Homes, Class A*		600		15,402
Winnebago Industries, Inc.		1,122		26,468
				580,401
Home Furnishings — 0.5%
American Woodmark Corp.*		369		20,240
Bassett Furniture Industries, Inc.		300		8,523
Daktronics, Inc.		1,209		14,339
DTS, Inc.*		703		21,434
Ethan Allen Interiors, Inc.		1,028		27,077
Flexsteel Industries, Inc.		200		8,618
Hooker Furniture Corp.		300		7,533
iRobot Corp.*		1,082		34,494
Kimball International, Inc., Class B		1,244		15,127
La-Z-Boy, Inc.		1,962		51,679
Select Comfort Corp.*		2,072		62,305
Skullcandy, Inc.*		407		3,122
TiVo, Inc.*		3,955		40,104
Universal Electronics, Inc.*		600		29,904
VOXX International Corp.*		825		6,831
				351,330

120

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Hotels & Resorts — 0.1%
Caesars Entertainment Corp.*		2,000	$	12,240
La Quinta Holdings Inc*		3,300		75,405
				87,645
Household Products & Wares — 0.5%
ACCO Brands Corp.*		4,393		34,134
Central Garden & Pet Co., Class A*		1,202		13,715
CSS Industries, Inc.		212		6,413
Helen of Troy Ltd.*		995		97,003
Prestige Brands Holdings, Inc.*		1,972		91,185
Tumi Holdings, Inc.*		1,800		36,936
WD-40 Co.		546		47,589
				326,975
Housewares — 0.1%
Libbey, Inc.		800		33,064
Lifetime Brands, Inc.		200		2,954
				36,018
Insurance — 2.9%
Ambac Financial Group, Inc.*		1,700		28,288
American Equity Investment Life Holding Co.		2,876		77,595
AMERISAFE, Inc.		708		33,318
Argo Group International Holdings Ltd.		945		52,637
Atlas Financial Holdings, Inc.*		400		7,932
Baldwin & Lyons, Inc., Class B		325		7,482
Citizens, Inc.*		1,466		10,936
CNO Financial Group, Inc.		7,393		135,662
Crawford & Co., Class B		1,538		12,965
Donegal Group, Inc., Class A		283		4,310
eHealth, Inc.*		720		9,137
EMC Insurance Group, Inc.		150		3,761
Employers Holdings, Inc.		1,282		29,204
Enstar Group Ltd.*		374		57,951
Essent Group Ltd.*		2,000		54,700
FBL Financial Group, Inc., Class A		327		18,874
Federated National Holding Co.		500		12,100
Fidelity & Guaranty Life		500		11,815
First American Financial Corp.		3,873		144,114
Global Indemnity PLC*		383		10,755
Greenlight Capital Re, Ltd., Class A*		1,128		32,904
Hallmark Financial Services, Inc.*		255		2,902
HCI Group, Inc.		300		13,263
Heritage Insurance Holdings, Inc.*		800		18,392
Hilltop Holdings, Inc.*		2,983		71,860
Horace Mann Educators Corp.		1,509		54,897
Infinity Property & Casualty Corp.		420		31,853
James River Group Holdings		400		10,348
Kansas City Life Insurance Co.		73		3,337
Kemper Corp.		1,500		57,825
Maiden Holdings Ltd.		1,768		27,899
MBIA, Inc.*		5,500		33,055
Meadowbrook Insurance Group, Inc.		1,518		13,055
MGIC Investment Corp.*		12,827		145,971
Montpelier Re Holdings Ltd.		1,307		51,627
National General Holdings Corp.		1,500		31,245

	Number of Shares		Value†
Insurance — (continued)
National Interstate Corp.		402	$	10,983
National Western Life Insurance Co.,Class A		52		12,453
NMI Holdings, Inc., Class A*		2,100		16,842
OneBeacon Insurance Group Ltd., Class A		1,100		15,961
Primerica, Inc.		1,800		82,242
Radian Group, Inc.		7,203		135,128
RLI Corp.		1,522		78,216
Safety Insurance Group, Inc.		482		27,816
Selective Insurance Group, Inc.		2,175		61,009
State Auto Financial Corp.		776		18,585
State National Cos., Inc.		1,000		10,830
Stewart Information Services Corp.		808		32,158
Symetra Financial Corp.		2,900		70,093
The Navigators Group, Inc.*		395		30,636
Third Point Reinsurance Ltd.*		3,000		44,250
United Fire Group, Inc.		680		22,277
United Insurance Holdings Corp.		800		12,432
Universal Insurance Holdings, Inc.		1,251		30,274
				2,036,154
Internet — 2.3%
1-800-Flowers.com, Inc., Class A*		737		7,709
Angie’s List, Inc.*		1,600		9,856
Bankrate, Inc.*		2,723		28,564
Bazaarvoice, Inc.*		1,900		11,191
Blucora, Inc.*		1,496		24,160
Blue Nile, Inc.*		439		13,341
Boingo Wireless, Inc.*		900		7,434
Box, Inc., Class A*		500		9,320
Brightcove, Inc.*		1,200		8,232
BroadSoft, Inc.*		1,061		36,679
ChannelAdvisor Corp.*		900		10,755
Chegg, Inc.*		3,100		24,304
Cogent Communications Holdings, Inc.		1,819		61,555
comScore, Inc.*		1,259		67,054
Constant Contact, Inc.*		1,165		33,506
Coupons.com, Inc.*		2,100		22,659
Dealertrack Technologies, Inc.*		1,996		125,329
Dhi Group, Inc.*		1,163		10,339
Endurance International Group Holdings, Inc.*		2,100		43,386
ePlus, Inc.*		174		13,337
Etsy, Inc.*		600		8,430
FTD Cos, Inc.*		818		23,060
Global Eagle Entertainment, Inc.*		1,500		19,530
GrubHub, Inc.*		2,700		91,989
HealthStream, Inc.*		900		27,378
Internap Corp.*		1,921		17,769
IntraLinks Holdings, Inc.*		1,700		20,247
Limelight Networks, Inc.*		1,172		4,618
Lionbridge Technologies, Inc.*		2,243		13,839
Liquidity Services, Inc.*		1,035		9,967
Marketo, Inc.*		1,100		30,866
Moduslink Global Solutions, Inc.*		945		3,213
New Media Investment Group, Inc.		1,700		30,481
NIC, Inc.		2,629		48,058

121

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — (continued)
Orbitz Worldwide, Inc.*		3,876	$	44,264
Overstock.com, Inc.*		571		12,870
Perficient, Inc.*		1,245		23,954
Q2 Holdings, Inc.*		600		16,950
QuinStreet, Inc.*		1,815		11,707
RealNetworks, Inc.*		515		2,786
Reis, Inc.		400		8,872
RetailMeNot, Inc.*		1,300		23,179
RingCentral, Inc., Class A*		1,900		35,131
Safeguard Scientifics, Inc.*		550		10,703
Shutterfly, Inc.*		1,290		61,675
Shutterstock, Inc.*		600		35,184
SPS Commerce, Inc.*		600		39,480
Stamps.com, Inc.*		462		33,989
TechTarget, Inc.*		500		4,465
TeleCommunication Systems, Inc., Class A*		1,400		4,634
Textura Corp.*		800		22,264
The Rubicon Project, Inc.*		800		11,968
Travelzoo, Inc.*		311		3,508
Truecar, Inc.*		1,700		20,383
Tubemogul, Inc.*		500		7,145
United Online, Inc.*		500		7,835
VASCO Data Security International, Inc.*		1,028		31,035
VirnetX Holding Corp.*		1,583		6,649
Wayfair, Inc., Class A*		700		26,348
Web.com Group, Inc.*		1,500		36,330
WebMD Health Corp.*		1,486		65,800
Wix.com Ltd.*		600		14,172
XO Group, Inc.*		859		14,045
Yodlee, Inc.*		600		8,664
Zendesk, Inc.*		1,900		42,199
Zix Corp.*		1,848		9,554
Zulily Inc*		2,300		29,992
				1,645,889
Investment Companies — 0.1%
Arlington Asset Investment Corp., Class A		900		17,604
Caesars Acquisition Co., Class A*		1,900		13,072
Real Industry, Inc.*		800		9,080
				39,756
Iron & Steel — 0.3%
AK Steel Holding Corp.*		7,200		27,864
Carpenter Technology Corp.		1,800		69,624
Cliffs Natural Resources, Inc.		5,300		22,949
Commercial Metals Co.		4,100		65,928
Ryerson Holding Corp.*		800		7,280
Schnitzer Steel Industries, Inc., Class A		900		15,723
Timkensteel Corp.		1,400		37,786
				247,154
Leisure Time — 0.6%
Arctic Cat, Inc.		444		14,745
Black Diamond, Inc.*		1,300		12,012
Callaway Golf Co.		2,746		24,549
ClubCorp Holdings, Inc.		1,500		35,820

	Number of Shares		Value†
Leisure Time — (continued)
Diamond Resorts International, Inc.*		1,400	$	44,170
Escalade, Inc.		600		11,034
Fox Factory Holding Corp.*		500		8,040
Interval Leisure Group, Inc.		1,416		32,356
Johnson Outdoors, Inc.		200		4,710
Liberty Tripadvisor Holdings, Inc.*		2,700		86,994
Malibu Boats, Inc., Class A*		500		10,045
Marine Products Corp.		160		998
Nautilus, Inc.*		1,300		27,963
Performance Sports Group Ltd.*		1,600		28,800
Travelport Worldwide Ltd.		3,700		50,986
				393,222
Lodging — 0.1%
Boyd Gaming Corp.*		3,000		44,850
Intrawest Resorts Holdings, Inc.*		200		2,324
Monarch Casino & Resort, Inc.*		185		3,804
Morgans Hotel Group Co.*		1,494		10,069
The Marcus Corp.		933		17,895
				78,942
Machinery — Construction & Mining — 0.1%
Astec Industries, Inc.		698		29,191
Hyster-Yale Materials Handling, Inc.		344		23,832
				53,023
Machinery — Diversified — 0.6%
Alamo Group, Inc.		317		17,321
Albany International Corp., Class A		1,132		45,054
Altra Industrial Motion Corp.		1,003		27,262
Applied Industrial Technologies, Inc.		1,582		62,726
Briggs & Stratton Corp.		1,536		29,583
Chart Industries, Inc.*		1,177		42,078
Columbus McKinnon Corp.		685		17,125
DXP Enterprises, Inc.*		522		24,273
Hurco Cos., Inc.		200		6,924
Kadant, Inc.		499		23,553
Lindsay Corp.		453		39,823
NACCO Industries, Inc., Class A		222		13,489
Power Solutions International, Inc.*		100		5,402
Tennant Co.		736		48,090
The ExOne Co.*		500		5,550
The Gorman-Rupp Co.		751		21,088
Twin Disc, Inc.		235		4,380
Xerium Technologies, Inc.*		400		7,280
				441,001
Media — 1.1%
Central European Media Enterprises Ltd., Class A*		3,100		6,758
Crown Media Holdings, Inc., Class A*		217		981
Cumulus Media, Inc., Class A*		5,200		10,556
Daily Journal Corp.*		2		393
Entercom Communications Corp., Class A*		700		7,994
Entravision Communications Corp., Class A		2,800		23,044
Gray Television, Inc.*		2,000		31,360

122

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Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Media — (continued)
Hemisphere Media Group, Inc.*		600	$	7,140
Houghton Mifflin Harcourt Co.*		4,900		123,480
Martha Stewart Living Omnimedia, Inc., Class A*		562		3,507
Media General, Inc.*		3,500		57,820
Meredith Corp.		1,300		67,795
Nexstar Broadcasting Group, Inc., Class A		1,100		61,600
Saga Communications, Inc.		133		5,034
Scholastic Corp.		956		42,188
Sinclair Broadcast Group, Inc., Class A		2,417		67,458
The E.W. Scripps Co., Class A		2,029		46,363
The New York Times Co., Class A		5,321		72,632
Time, Inc.		3,900		89,739
Tribune Publishing Co.		900		13,986
World Wrestling Entertainment, Inc., Class A		1,314		21,681
				761,509
Metal Fabricate/Hardware — 0.8%
Advanced Drainage Systems, Inc.		1,200		35,196
CIRCOR International, Inc.		735		40,080
Furmanite Corp.*		1,354		10,994
Global Brass & Copper Holdings, Inc.		600		10,206
Haynes International, Inc.		564		27,816
L.B. Foster Co., Class A		366		12,667
Mueller Industries, Inc.		2,188		75,967
Mueller Water Products, Inc., Class A		6,192		56,347
NN, Inc.		700		17,864
Northwest Pipe Co.*		483		9,839
Olympic Steel, Inc.		231		4,029
Omega Flex, Inc.		59		2,222
RBC Bearings, Inc.*		837		60,063
Rexnord Corp.*		3,600		86,076
RTI International Metals, Inc.*		1,113		35,082
Sun Hydraulics Corp.		859		32,737
Worthington Industries, Inc.		1,684		50,621
				567,806
Mining — 0.5%
Century Aluminum Co.*		1,754		18,294
Coeur Mining, Inc.*		3,828		21,858
Energy Fuels, Inc.*		1,600		7,120
Globe Specialty Metals, Inc.		2,414		42,728
Hecla Mining Co.		12,817		33,709
Horsehead Holding Corp.*		1,983		23,241
Kaiser Aluminum Corp.		616		51,177
Materion Corp.		857		30,209
Ring Energy, Inc.*		800		8,952
Stillwater Mining Co.*		4,524		52,433
United States Lime & Minerals, Inc.		29		1,685
US Silica Holdings, Inc.		2,100		61,656
				353,062
Miscellaneous Manufacturing — 1.7%
Actuant Corp., Class A		2,106		48,627
American Railcar Industries, Inc.		400		19,456
AZZ, Inc.		976		50,557

	Number of Shares		Value†
Miscellaneous Manufacturing — (continued)
Barnes Group, Inc.		2,065	$	80,514
Blount International, Inc.*		1,995		21,785
Chase Corp.		200		7,950
CLARCOR, Inc.		1,898		118,131
EnPro Industries, Inc.		917		52,471
Fabrinet*		1,500		28,095
Federal Signal Corp.		2,343		34,934
FreightCar America, Inc.		570		11,902
GP Strategies Corp.*		400		13,296
Handy & Harman Ltd.*		200		6,930
Harsco Corp.		3,200		52,800
Hillenbrand, Inc.		2,374		72,882
John Bean Technologies Corp.		1,029		38,680
Koppers Holdings, Inc.		820		20,270
LSB Industries, Inc.*		749		30,589
Lydall, Inc.*		600		17,736
Movado Group, Inc.		760		20,642
Myers Industries, Inc.		1,125		21,375
NL Industries, Inc.*		90		667
Park-Ohio Holdings Corp.		400		19,384
Polypore International, Inc.*		1,700		101,796
Proto Labs, Inc.*		900		60,732
Raven Industries, Inc.		1,346		27,364
Smith & Wesson Holding Corp.*		2,179		36,150
Standex International Corp.		500		39,965
Sturm Ruger & Co., Inc.		619		35,562
Tredegar Corp.		1,061		23,459
TriMas Corp.*		1,795		53,132
Trinseo SA*		600		16,104
				1,183,937
Office & Business Equipment — 0.0%
Eastman Kodak Co.*		800		13,440
Office Furnishings — 0.5%
Herman Miller, Inc.		2,232		64,572
HNI Corp.		1,643		84,039
Interface, Inc.		2,595		65,005
Knoll, Inc.		1,953		48,884
Steelcase, Inc., Class A		3,131		59,207
				321,707
Oil & Gas — 1.9%
Abraxas Petroleum Corp.*		4,100		12,095
Adams Resources & Energy, Inc.		100		4,460
Alon USA Energy, Inc.		952		17,993
Approach Resources, Inc.*		1,341		9,186
Atwood Oceanics, Inc.		2,300		60,812
Bill Barrett Corp.*		2,025		17,395
Bonanza Creek Energy, Inc.*		1,700		31,025
C&J Energy Services Ltd.*		1,830		24,156
Callon Petroleum Co.*		2,000		16,640
Carrizo Oil & Gas, Inc.*		1,965		96,757
Clayton Williams Energy, Inc.*		217		14,268
Contango Oil & Gas Co.*		703		8,626
Delek US Holdings, Inc.		1,998		73,566

123

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Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Eclipse Resources Corp.*		1,400	$	7,364
Energy XXI Ltd.		3,733		9,818
Evolution Petroleum Corp.		500		3,295
EXCO Resources, Inc.		6,375		7,522
FMSA Holdings, Inc.*		2,200		18,018
Gastar Exploration, Inc.*		2,600		8,034
Halcon Resources Corp.*		9,876		11,456
Isramco, Inc.*		21		2,898
Jones Energy, Inc.*		600		5,430
Magnum Hunter Resources Corp.*		7,500		14,025
Matador Resources Co.*		2,600		65,000
Northern Oil & Gas, Inc.*		2,253		15,253
Oasis Petroleum, Inc.*		5,000		79,250
Panhandle Oil and Gas, Inc., Class A		634		13,117
Par Petroleum Corp.*		500		9,360
Parker Drilling Co.*		5,217		17,320
Parsley Energy, Inc., Class A*		2,900		50,518
PDC Energy, Inc.*		1,412		75,740
Penn Virginia Corp.*		2,412		10,564
Rex Energy Corp.*		1,800		10,062
Rosetta Resources, Inc.*		2,737		63,334
RSP Permian, Inc.*		1,900		53,409
Sanchez Energy Corp.*		1,900		18,620
SandRidge Energy, Inc.*		14,400		12,629
Seventy Seven Energy, Inc.*		1,800		7,722
Stone Energy Corp.*		2,079		26,175
Synergy Resources Corp.*		3,800		43,434
Transatlantic Petroleum Ltd.*		1,000		5,110
Trecora Resources*		1,000		15,100
Triangle Petroleum Corp.*		2,800		14,056
Ultra Petroleum Corp.*		5,400		67,608
Unit Corp.*		1,800		48,816
W&T Offshore, Inc.		1,643		9,004
Western Refining, Inc.		2,537		110,664
				1,316,704
Oil & Gas Services — 0.9%
Basic Energy Services, Inc.*		1,188		8,969
CARBO Ceramics, Inc.		800		33,304
Exterran Holdings, Inc.		2,300		75,095
Flotek Industries, Inc.*		2,000		25,060
Forum Energy Technologies, Inc.*		2,300		46,644
Geospace Technologies Corp.*		476		10,972
Helix Energy Solutions Group, Inc.*		4,101		51,796
Hornbeck Offshore Services, Inc.*		1,378		28,290
ION Geophysical Corp.*		5,465		5,848
Key Energy Services, Inc.*		5,224		9,403
Matrix Service Co.*		987		18,042
Mrc Global Inc*		3,600		55,584
Natural Gas Services Group, Inc.*		594		13,555
Newpark Resources, Inc.*		3,512		28,553
North Atlantic Drilling Ltd.		2,800		3,332
Oil States International, Inc.*		1,800		67,014
Pioneer Energy Services Corp.*		2,650		16,801
SEACOR Holdings, Inc.*		700		49,658
Tesco Corp.		1,400		15,260

	Number of Shares		Value†
Oil & Gas Services — (continued)
TETRA Technologies, Inc.*		2,979	$	19,006
Thermon Group Holdings, Inc.*		1,100		26,477
				608,663
Packaging and Containers — 0.3%
AEP Industries, Inc.*		138		7,618
Berry Plastics Group, Inc.*		4,300		139,320
Greif, Inc., Class A		1,100		39,435
				186,373
Pharmaceuticals — 4.3%
ACADIA Pharmaceuticals, Inc.*		3,000		125,640
Adamas Pharmaceuticals, Inc.*		300		7,866
Aegerion Pharmaceuticals, Inc.*		1,100		20,867
Aerie Pharmaceuticals, Inc.*		700		12,355
Akebia Therapeutics, Inc.*		300		3,087
Alimera Sciences, Inc.*		1,100		5,071
Amicus Therapeutics, Inc.*		3,400		48,110
Amphastar Pharmaceuticals, Inc.*		1,100		19,338
Anacor Pharmaceuticals, Inc.*		1,500		116,145
Anika Therapeutics, Inc.*		500		16,515
Antares Pharma, Inc.*		5,200		10,816
Anthera Pharmaceuticals, Inc.*		1,100		9,482
Aratana Therapeutics, Inc.*		900		13,608
Array BioPharma, Inc.*		4,748		34,233
BioDelivery Sciences International, Inc.*		1,900		15,124
BioScrip, Inc.*		2,011		7,300
Biospecifics Technologies Corp.*		100		5,160
Catalyst Pharmaceuticals, Inc.*		2,400		9,912
Cempra, Inc.*		1,100		37,796
ChemoCentryx, Inc.*		1,000		8,230
Chimerix, Inc.*		1,500		69,300
Clovis Oncology, Inc.*		900		79,092
Concert Pharmaceuticals, Inc.*		500		7,445
Corcept Therapeutics, Inc.*		2,900		17,429
DepoMed, Inc.*		1,983		42,555
Dicerna Pharmaceuticals, Inc.*		500		6,975
Diplomat Pharmacy, Inc.*		1,300		58,175
Durect Corp.*		3,500		8,365
Dyax Corp.*		5,220		138,330
Eagle Pharmaceuticals, Inc.*		300		24,258
Enanta Pharmaceuticals, Inc.*		600		26,994
Endocyte, Inc.*		1,500		7,785
Esperion Therapeutics, Inc.*		500		40,880
Fibrogen, Inc.*		1,700		39,950
Flexion Therapeutics, Inc.*		400		8,756
Foamix Pharmaceuticals Ltd.*		700		7,175
Heron Therapeutics, Inc.*		900		28,044
IGI Laboratories, Inc.*		1,800		11,340
Ignyta, Inc.*		600		9,054
Immune Design Corp.*		400		8,260
Impax Laboratories, Inc.*		2,637		121,091
Infinity Pharmaceuticals, Inc.*		1,828		20,017
Insys Therapeutics, Inc.*		800		28,736
Intra-Cellular Therapies, Inc.*		800		25,560
Ironwood Pharmaceuticals, Inc.*		4,461		53,800

124

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Keryx Biopharmaceuticals, Inc.*		3,500	$	34,930
La Jolla Pharmaceutical CO*		400		9,804
Lannett Co., Inc.*		997		59,262
MannKind Corp.*		8,904		50,664
Mirati Therapeutics, Inc.*		300		9,441
Natural Grocers By Vitamin Cottage, Inc.*		400		9,848
Natural Health Trends Corp.		300		12,438
Nature’s Sunshine Products, Inc.		200		2,750
Nektar Therapeutics*		4,833		60,461
Neogen Corp.*		1,302		61,767
Neurocrine Biosciences, Inc.*		3,177		151,733
Nevro Corp.*		500		26,875
Northwest Biotherapeutics, Inc.*		1,600		15,888
Nutraceutical International Corp.*		196		4,849
Omega Protein Corp.*		500		6,875
Ophthotech Corp.*		800		41,648
Orexigen Therapeutics, Inc.*		4,188		20,731
Osiris Therapeutics, Inc.*		773		15,042
Otonomy, Inc.*		300		6,897
Pacira Pharmaceuticals, Inc.*		1,300		91,936
Pernix Therapeutics Holdings, Inc.*		1,500		8,880
PharMerica Corp.*		1,220		40,626
Phibro Animal Health Corp., Class A		700		27,258
Portola Pharmaceuticals, Inc.*		1,700		77,435
POZEN, Inc.*		1,002		10,331
PRA Health Sciences, Inc.*		800		29,064
Progenics Pharmaceuticals, Inc.*		2,601		19,403
Radius Health, Inc.*		1,000		67,700
Raptor Pharmaceutical Corp.*		2,600		41,054
Regulus Therapeutics, Inc.*		500		5,480
Relypsa, Inc.*		1,100		36,399
Revance Therapeutics, Inc.*		400		12,792
Sagent Pharmaceuticals, Inc.*		1,000		24,310
Sarepta Therapeutics, Inc.*		1,400		42,602
Sciclone Pharmaceuticals, Inc.*		2,277		22,360
Sorrento Therapeutics, Inc.*		900		15,858
Sucampo Pharmaceuticals, Inc., Class A*		671		11,024
Supernus Pharmaceuticals, Inc.*		1,400		23,772
Synergy Pharmaceuticals, Inc.*		4,300		35,690
Synta Pharmaceuticals Corp.*		1,921		4,284
Synutra International, Inc.*		311		2,224
TESARO, Inc.*		800		47,032
Tetraphase Pharmaceuticals, Inc.*		1,200		56,928
TG Therapeutics, Inc.*		1,200		19,908
TherapeuticsMD, Inc.*		4,500		35,370
Threshold Pharmaceuticals, Inc.*		2,000		8,080
USANA Health Sciences, Inc.*		224		30,612
Vanda Pharmaceuticals, Inc.*		1,241		15,748
Vitae Pharmaceuticals, Inc.*		500		7,200
Vital Therapies, Inc.*		300		6,330
VIVUS, Inc.*		3,770		8,897
Xencor, Inc.*		1,000		21,970
XenoPort, Inc.*		1,927		11,812
Zafgen, Inc.*		600		20,778
Zogenix, Inc.*		4,600		7,728

	Number of Shares		Value†
Pharmaceuticals — (continued)
Zs Pharma, Inc.*		600	$	31,434
				2,998,233
Pipelines — 0.2%
Primoris Services Corp.		1,490		29,502
SemGroup Corp.		1,600		127,168
				156,670
Real Estate — 0.5%
Alexander & Baldwin, Inc.		1,800		70,920
AV Homes, Inc.*		195		2,802
Consolidated-Tomoka Land Co.		124		7,147
Forestar Group, Inc.*		1,163		15,305
FRP Holdings, Inc.*		369		11,967
HFF, Inc., Class A		1,300		54,249
Kennedy-Wilson Holdings, Inc.		3,281		80,680
Marcus & Millichap, Inc.*		500		23,070
RE/MAX Holdings, Inc., Class A		400		14,204
The St. Joe Co.*		2,500		38,825
				319,169
Retail — 6.0%
Abercrombie & Fitch Co., Class A		2,500		53,775
America’s Car-Mart, Inc.*		227		11,196
American Eagle Outfitters, Inc.		7,000		120,540
ANN, Inc.*		1,785		86,198
Asbury Automotive Group, Inc.*		1,049		95,060
Ascena Retail Group, Inc.*		5,000		83,275
Barnes & Noble, Inc.*		1,800		46,728
bebe Stores, Inc.		1,517		3,034
Big 5 Sporting Goods Corp.		581		8,256
Big Lots, Inc.		1,900		85,481
Biglari Holdings, Inc.*		70		28,962
BJ’s Restaurants, Inc.*		820		39,729
Bloomin’ Brands, Inc.		4,400		93,940
Bob Evans Farms, Inc.		842		42,984
Boot Barn Holdings, Inc.*		400		12,800
Bravo Brio Restaurant Group, Inc.*		500		6,775
Buffalo Wild Wings, Inc.*		647		101,378
Build-A-Bear Workshop, Inc.*		700		11,193
Burlington Stores, Inc.*		2,700		138,239
Caleres, Inc.		1,654		52,564
Carrols Restaurant Group, Inc.*		1,713		17,815
Casey’s General Stores, Inc.		1,440		137,866
Cash America International, Inc.		1,125		29,464
Chico’s FAS, Inc.		5,100		84,813
Christopher & Banks Corp.*		1,500		6,015
Chuy’s Holdings, Inc.*		600		16,074
Citi Trends, Inc.*		503		12,173
Conn’s, Inc.*		1,104		43,829
Cracker Barrel Old Country Store, Inc.		724		107,992
Dave & Buster’s Entertainment, Inc.*		800		28,872
Del Frisco’s Restaurant Group, Inc.*		1,000		18,630
Denny’s Corp.*		3,552		41,239
Destination XL Group, Inc.*		1,500		7,515
DineEquity, Inc.		671		66,489

125

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
El Pollo Loco Holdings Inc*		400	$	8,284
Express, Inc.*		3,154		57,119
Ezcorp, Inc., Class A*		1,766		13,121
Fiesta Restaurant Group, Inc.*		1,013		50,650
First Cash Financial Services, Inc.*		962		43,858
Five Below, Inc.*		2,100		83,013
Francesca’s Holdings Corp.*		1,658		22,333
Fred’s, Inc., Class A		1,431		27,604
Freshpet, Inc.*		700		13,020
Genesco, Inc.*		895		59,097
Group 1 Automotive, Inc.		907		82,383
Guess?, Inc.		2,400		46,008
Haverty Furniture Cos., Inc.		950		20,539
Hibbett Sports, Inc.*		955		44,484
HSN, Inc.		1,179		82,754
Jack in the Box, Inc.		1,314		115,842
Jamba, Inc.*		440		6,816
Kirkland’s, Inc.		427		11,900
Krispy Kreme Doughnuts, Inc.*		2,622		50,500
Lands’ End, Inc.*		700		17,381
Lithia Motors, Inc., Class A		794		89,849
Lumber Liquidators Holdings, Inc.*		1,033		21,393
MarineMax, Inc.*		1,000		23,510
Mattress Firm Holding Corp.*		700		42,665
Noodles & Co.*		300		4,380
Outerwall, Inc.		650		49,471
Papa John’s International, Inc.		1,010		76,366
Party City Holdco, Inc.*		800		16,216
PC Connection, Inc.		565		13,978
PetMed Express, Inc.		613		10,587
Pier 1 Imports, Inc.		3,644		46,024
Popeyes Louisiana Kitchen, Inc.*		859		51,531
Potbelly Corp.*		300		3,675
Pricesmart, Inc.		731		66,696
Red Robin Gourmet Burgers, Inc.*		520		44,626
Regis Corp.*		1,832		28,872
Restoration Hardware Holdings, Inc.*		1,200		117,156
Ruby Tuesday, Inc.*		2,213		13,876
Rush Enterprises, Inc., Class A*		1,435		37,611
Ruth’s Hospitality Group, Inc.		1,195		19,263
Shake Shack, Inc., Class A*		200		12,054
Shoe Carnival, Inc.		458		13,218
Sonic Automotive, Inc., Class A		1,134		27,023
Sonic Corp.		1,832		52,762
Sportsman’s Warehouse Holdings, Inc.*		600		6,822
Stage Stores, Inc.		1,381		24,209
Stein Mart, Inc.		1,261		13,203
Systemax, Inc.*		262		2,264
Texas Roadhouse, Inc.		2,570		96,195
The Buckle, Inc.		1,049		48,013
The Cato Corp., Class A		1,104		42,791
The Cheesecake Factory, Inc.		1,716		93,582
The Children’s Place, Inc.		694		45,395
The Container Store Group, Inc.*		600		10,122
The Finish Line, Inc., Class A		1,793		49,881
The Habit Restaurants, Inc., Class A*		400		12,516

	Number of Shares		Value†
Retail — (continued)
The Men’s Wearhouse, Inc.		1,756	$	112,507
The Pep Boys — Manny, Moe, & Jack*		2,305		28,282
Tile Shop Holdings, Inc.*		1,300		18,447
Tilly’s, Inc.*		400		3,868
Tuesday Morning Corp.*		1,629		18,351
Vera Bradley, Inc.*		800		9,016
Vitamin Shoppe, Inc.*		1,200		44,724
West Marine, Inc.*		664		6,401
Winmark Corp.		100		9,850
Zoe’s Kitchen, Inc.*		700		28,658
Zumiez, Inc.*		703		18,721
				4,224,219
Savings & Loans — 1.6%
Anchor Bancorp Wisconsin, Inc.*		200		7,596
Astoria Financial Corp.		3,201		44,142
Banc of California, Inc.		1,300		17,875
Bank Mutual Corp.		2,432		18,653
BankFinancial Corp.		609		7,174
BBX Capital Corp.*		110		1,786
Beneficial Bancorp, Inc.*		2,873		35,884
Berkshire Hills Bancorp, Inc.		1,102		31,385
BofI Holding, Inc.*		600		63,426
Brookline Bancorp, Inc.		2,122		23,957
Capitol Federal Financial, Inc.		5,000		60,200
Charter Financial Corp.		900		11,169
Clifton Bancorp, Inc.		1,146		16,033
Dime Community Bancshares, Inc.		1,030		17,448
EverBank Financial Corp.		3,600		70,740
First Defiance Financial Corp.		300		11,259
Flagstar Bancorp, Inc.*		800		14,784
Flushing Financial Corp.		1,338		28,111
Fox Chase Bancorp, Inc.		420		7,106
Heritage Financial Group, Inc.		300		9,054
Homestreet, Inc.*		600		13,692
HomeTrust Bancshares, Inc.*		900		15,084
Investors Bancorp, Inc.		12,555		154,427
Meridian Bancorp, Inc.*		1,874		25,130
Meta Financial Group, Inc.		200		8,584
Northfield Bancorp, Inc.		1,593		23,975
Northwest Bancshares, Inc.		3,775		48,396
OceanFirst Financial Corp.		327		6,099
Oritani Financial Corp.		1,718		27,574
Pacific Premier Bancorp, Inc.*		700		11,872
Provident Financial Services, Inc.		2,403		45,633
Sterling Bancorp, Inc.		3,427		50,377
Territorial Bancorp, Inc.		243		5,895
United Community Financial Corp.		1,700		9,095
United Financial Bancorp, Inc.		2,131		28,662
Washington Federal, Inc.		3,400		79,390
Waterstone Financial, Inc.		1,500		19,800
WSFS Financial Corp.		1,071		29,292
				1,100,759
Semiconductors — 3.1%
Advanced Micro Devices, Inc.*		22,500		54,000

126

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Alpha & Omega Semiconductor Ltd.*		400	$	3,496
Ambarella, Inc.*		1,100		112,959
Amkor Technology, Inc.*		3,211		19,202
Applied Micro Circuits Corp.*		2,958		19,966
Axcelis Technologies, Inc.*		6,100		18,056
Brooks Automation, Inc.		2,477		28,362
Cabot Microelectronics Corp.*		961		45,273
Cascade Microtech, Inc.*		700		10,657
Cavium, Inc.*		1,979		136,175
CEVA, Inc.*		671		13,037
Cirrus Logic, Inc.*		2,281		77,622
Cohu, Inc.		904		11,960
Diodes, Inc.*		1,399		33,730
DSP Group, Inc.*		557		5,754
Entegris, Inc.*		5,270		76,784
Exar Corp.*		1,532		14,983
Fairchild Semiconductor International, Inc.*		4,400		76,472
FEI Co.		1,546		128,210
FormFactor, Inc.*		2,172		19,982
Gerber Scientific, Inc.*~		500		0
GSl Group, Inc.*		800		12,024
Inphi Corp.*		1,400		32,004
Integrated Device Technology, Inc.*		5,093		110,518
Integrated Silicon Solution, Inc.		1,000		22,140
Intersil Corp., Class A		5,100		63,801
IXYS Corp.		1,266		19,370
Kopin Corp.*		1,507		5,199
Lattice Semiconductor Corp.*		4,924		29,002
Mattson Technology, Inc.*		2,300		7,705
MaxLinear, Inc., Class A*		2,243		27,140
Micrel, Inc.		1,845		25,645
Microsemi Corp.*		3,393		118,585
MKS Instruments, Inc.		1,996		75,728
Monolithic Power Systems, Inc.		1,467		74,392
Nanometrics, Inc.*		900		14,508
Omnivision Technologies, Inc.*		2,119		55,507
Pericom Semiconductor Corp.		646		8,495
Photronics, Inc.*		2,192		20,846
PMC-Sierra, Inc.*		6,900		59,064
Power Integrations, Inc.		1,095		49,472
QLogic Corp.*		3,200		45,408
Rambus, Inc.*		4,123		59,742
Rovi Corp.*		3,100		49,445
Rudolph Technologies, Inc.*		1,054		12,659
Semtech Corp.*		2,609		51,789
Sigma Designs, Inc.*		1,200		14,316
Silicon Laboratories, Inc.*		1,500		81,015
Tessera Technologies, Inc.		1,823		69,238
Ultra Clean Holdings, Inc.*		900		5,607
Ultratech, Inc.*		978		18,152
Veeco Instruments, Inc.*		1,393		40,035
Xcerra Corp.*		2,466		18,668
				2,203,899
Software — 4.5%
2U, Inc.*		900		28,971

	Number of Shares		Value†
Software — (continued)
ACI Worldwide, Inc.*		4,027	$	98,943
Actua Corp.*		1,428		20,363
Acxiom Corp.*		2,967		52,160
Advent Software, Inc.		2,035		89,967
Amber Road, Inc.*		600		4,212
American Software, Inc., Class A		593		5,634
Aspen Technology, Inc.*		3,053		139,064
Audience, Inc.*		400		1,956
AVG Technologies NV*		1,400		38,094
Avid Technology, Inc.*		1,100		14,674
Benefitfocus, Inc.*		200		8,770
Blackbaud, Inc.		1,750		99,663
Bottomline Technologies, Inc.*		1,545		42,966
Callidus Software, Inc.*		2,000		31,160
Castlight Health, Inc., Class B*		1,200		9,768
CommVault Systems, Inc.*		1,648		69,892
Computer Programs & Systems, Inc.		447		23,879
Cornerstone OnDemand, Inc.*		2,100		73,080
CSG Systems International, Inc.		1,281		40,556
Cvent, Inc.*		800		20,624
Demandware, Inc.*		1,200		85,296
Digi International, Inc.*		657		6,274
Ebix, Inc.		1,036		33,784
Envestnet, Inc.*		1,300		52,559
Epiq Systems, Inc.		1,168		19,716
Everyday Health, Inc.*		700		8,946
Fair Isaac Corp.		1,188		107,847
Fleetmatics Group PLC*		1,500		70,245
Glu Mobile, Inc.*		4,000		24,840
Guidance Software, Inc.*		400		3,388
Guidewire Software, Inc.*		2,600		137,618
Hortonworks, Inc.*		300		7,596
Hubspot, Inc.*		700		34,706
Imperva, Inc.*		1,000		67,700
inContact, Inc.*		2,100		20,727
Infoblox, Inc.*		2,100		55,041
InnerWorkings, Inc.*		1,724		11,499
Interactive Intelligence Group, Inc.*		597		26,549
Jive Software, Inc.*		1,500		7,875
Luxoft Holding, Inc.*		600		33,930
ManTech International Corp., Class A		1,039		30,131
MedAssets, Inc.*		2,448		54,003
Medidata Solutions, Inc.*		2,088		113,420
MicroStrategy, Inc., Class A*		318		54,085
Mobileiron, Inc.*		1,200		7,092
Model N, Inc.*		300		3,573
Monotype Imaging Holdings, Inc.		1,599		38,552
New Relic, Inc.*		200		7,038
Omnicell, Inc.*		1,435		54,114
Opower, Inc.*		600		6,906
Paycom Software, Inc.*		1,100		37,565
PDF Solutions, Inc.*		1,200		19,200
Pegasystems, Inc.		1,260		28,841
Press Ganey Holdings, Inc.*		300		8,601
Progress Software Corp.*		1,986		54,615
Proofpoint, Inc.*		1,500		95,505

127

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
PROS Holdings, Inc.*		917	$	19,358
QAD, Inc.		392		10,361
Qlik Technologies, Inc.*		3,441		120,297
Quality Systems, Inc.		1,704		28,235
Rally Software Development Corp.*		1,000		19,450
RealPage, Inc.*		2,000		38,140
Rocket Fuel, Inc.*		800		6,560
Sapiens International Corp. N.V.		800		8,304
SciQuest, Inc.*		900		13,329
Seachange International, Inc.*		1,273		8,924
Synchronoss Technologies, Inc.*		1,346		61,553
SYNNEX Corp.		1,094		80,070
Take-Two Interactive Software, Inc.*		3,044		83,923
Tangoe, Inc.*		1,769		22,254
Tyler Technologies, Inc.*		1,252		161,984
Verint Systems, Inc.*		2,195		133,335
				3,159,850
Storage & Warehousing — 0.1%
Mobile Mini, Inc.		1,777		74,705
Wesco Aircraft Holdings, Inc.*		2,140		32,421
				107,126
Telecommunications — 2.9%
8X8, Inc.*		3,400		30,464
ADTRAN, Inc.		2,205		35,831
Alliance Fiber Optic Products, Inc.		600		11,130
Anixter International, Inc.*		1,034		67,365
Atlantic Tele-Network, Inc.		349		24,109
Black Box Corp.		562		11,240
CalAmp Corp.*		1,400		25,564
Calix, Inc.*		1,487		11,316
Ciena Corp.*		4,200		99,456
Cincinnati Bell, Inc.*		7,785		29,739
Clearfield, Inc.*		400		6,364
Comtech Telecommunications Corp.		552		16,036
Comverse, Inc.*		990		19,879
Consolidated Communications Holdings, Inc.		1,841		38,679
DigitalGlobe, Inc.*		2,569		71,392
EarthLink Holdings Corp.		4,016		30,080
Extreme Networks, Inc.*		3,147		8,465
Fairpoint Communications, Inc.*		600		10,932
Finisar Corp.*		3,821		68,281
General Communication, Inc., Class A*		986		16,772
Gigamon, Inc.*		1,000		32,990
Globalstar, Inc.*		16,600		35,026
Gogo Inc*		2,200		47,146
GTT Communications, Inc.*		800		19,096
Harmonic, Inc.*		2,870		19,602
Hawaiian Telcom Holdco, Inc.*		500		13,050
HC2 Holdings, Inc.*		700		6,265
IDT Corp., Class B		800		14,464
Infinera Corp.*		4,694		98,480
Inteliquent, Inc.		1,226		22,558
Intelsat SA*		1,200		11,904
InterDigital, Inc.		1,294		73,616

	Number of Shares		Value†
Telecommunications — (continued)
Iridium Communications, Inc.*		3,500	$	31,815
Ixia*		2,113		26,286
j2 Global, Inc.		1,774		120,526
Knowles Corp.*		3,000		54,300
KVH Industries, Inc.*		354		4,761
LogMeIn, Inc.*		881		56,816
Loral Space & Communications, Inc.*		546		34,463
Lumos Networks Corp.		782		11,566
NeoPhotonics Corp.*		900		8,217
NETGEAR, Inc.*		1,329		39,897
NeuStar, Inc., Class A*		2,000		58,420
NTELOS Holdings Corp.		382		1,765
Oclaro, Inc.*		3,000		6,780
ORBCOMM, Inc.*		2,000		13,500
Pacific Datavision, Inc.*		400		16,852
Plantronics, Inc.		1,367		76,976
Polycom, Inc.*		4,800		54,912
Preformed Line Products Co.		45		1,697
Premiere Global Services, Inc.*		1,656		17,040
RigNet, Inc.*		500		15,285
Ruckus Wireless, Inc.*		2,700		27,918
Shenandoah Telecommunications Co.		859		29,404
ShoreTel, Inc.*		2,281		15,465
Sonus Networks, Inc.*		1,843		12,754
Spok Holdings, Inc.		1,112		18,726
Straight Path Communications, Inc.*		300		9,837
Telenav, Inc.*		1,000		8,050
Ubiquiti Networks, Inc.		1,200		38,298
ViaSat, Inc.*		1,562		94,126
Vonage Holdings Corp.*		6,100		29,951
West Corp.		1,800		54,180
Windstream Holdings, Inc.		3,500		22,330
				2,040,204
Textiles — 0.2%
Culp, Inc.		300		9,300
G&K Services, Inc., Class A		776		53,653
UniFirst Corp.		577		64,537
				127,490
Toys, Games & Hobbies — 0.0%
JAKKS Pacific, Inc.*		584		5,776
Transportation — 2.0%
Air Transport Services Group, Inc.*		2,085		21,872
Arcbest Corp.		995		31,641
Ardmore Shipping Corp.		800		9,688
Atlas Air Worldwide Holdings, Inc.*		848		46,606
Bristow Group, Inc.		1,350		71,955
CAI International, Inc.*		660		13,589
Celadon Group, Inc.		935		19,336
Con-way, Inc.		2,100		80,577
Covenant Transportation Group, Inc.*		400		10,024
DHT Holdings, Inc.		2,900		22,533
Dorian LPG Ltd.*		900		15,012
Echo Global Logistics, Inc.*		1,000		32,660
Era Group, Inc.*		800		16,384

128

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Transportation — (continued)
Forward Air Corp.		1,196	$	62,503
Frontline Ltd.*		3,900		9,516
GasLog Ltd.		1,700		33,915
Golden Ocean Group Ltd.		2,574		9,910
Gulfmark Offshore, Inc., Class A		979		11,356
Heartland Express, Inc.		1,967		39,792
Hub Group, Inc., Class A*		1,443		58,211
Knight Transportation, Inc.		2,264		60,539
Marten Transport Ltd.		651		14,127
Matson, Inc.		1,600		67,264
Navios Maritime Acq Corp.		3,700		13,283
Navios Maritime Holdings, Inc.		3,200		11,904
Nordic American Offshore Ltd.		900		7,326
Nordic American Tankers Ltd.		3,567		50,758
PHI, Inc.*		593		17,802
Quality Distribution, Inc.*		800		12,368
Radiant Logistics, Inc.*		1,000		7,310
Roadrunner Transportation Systems, Inc.*		1,000		25,800
Safe Bulkers, Inc.		1,700		5,474
Saia, Inc.*		961		37,758
Scorpio Bulkers, Inc.*		5,200		8,476
Scorpio Tankers, Inc.		6,300		63,567
Ship Finance International Ltd.		2,284		37,275
Swift Transportation Co.*		3,300		74,811
Teekay Tankers Ltd., Class A		3,193		21,106
Tidewater, Inc.		1,600		36,368
Universal Truckload Services, Inc.		100		2,196
USA Truck, Inc.*		200		4,246
UTi Worldwide, Inc.*		3,400		33,966
Werner Enterprises, Inc.		1,752		45,990
XPO Logistics, Inc.*		2,541		114,802
YRC Worldwide, Inc.*		1,300		16,874
				1,408,470
Trucking and Leasing — 0.2%
Greenbrier Cos., Inc.		1,047		49,052
TAL International Group, Inc.		1,293		40,859
Textainer Group Holdings Ltd.		812		21,120
				111,031
Water — 0.2%
American States Water Co.		1,524		56,982
Artesian Resources Corp., Class A		113		2,383
California Water Service Group		1,766		40,353
Connecticut Water Service, Inc.		319		10,897
Middlesex Water Co.		531		11,979
PICO Holdings, Inc.*		792		11,658
SJW Corp.		488		14,977
York Water Co.		697		14,540
				163,769
TOTAL COMMON STOCKS (Cost $44,251,804)				62,541,756

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 8.5%
Apartments — 0.4%
American Residential Properties, Inc.*		1,300	$	24,050
Associated Estates Realty Corp.		2,156		61,726
Bluerock Residential Growth Reit, Inc.		600		7,596
Campus Crest Communities, Inc.		2,300		12,742
Education Realty Trust, Inc.		1,601		50,207
Monogram Residential Trust, Inc.		5,900		53,218
Preferred Apartment Communities, Inc.		800		7,960
Silver Bay Realty Trust Corp.		1,637		26,667
Trade Street Residential, Inc.		1,200		7,992
				252,158
Building & Real Estate — 1.2%
Agree Realty Corp.		596		17,385
Altisource Residential Corp.		2,200		37,070
Anworth Mortgage Asset Corp.		3,731		18,394
Apollo Commercial Real Estate Finance, Inc.		2,200		36,146
Ares Commercial Real Estate Corp.		1,000		11,390
Capstead Mortgage Corp.		3,475		38,572
Colony Financial, Inc. Class A		4,016		90,962
CYS Investments, Inc.		5,856		45,267
Dynex Capital, Inc.		2,307		17,579
Getty Realty Corp.		1,163		19,027
Hatteras Financial Corp.		3,800		61,940
Invesco Mortgage Capital, Inc.		4,407		63,108
iStar Financial, Inc.*		3,318		44,196
New York Mortgage Trust, Inc.		3,400		25,432
PennyMac Mortgage Investment Trust		2,692		46,922
Redwood Trust, Inc.		2,877		45,169
Resource Capital Corp.		4,700		18,189
Select Income REIT		2,200		45,408
Starwood Waypoint Residential Trust		1,600		38,016
Sun Communities, Inc.		1,690		104,493
				824,665
Diversified — 0.9%
AG Mortgage Investment Trust, Inc.		1,188		20,529
Armada Hoffler Properties, Inc.		800		7,992
CatchMark Timber Trust, Inc., Class A		1,300		15,041
CorEnergy Infrastructure Trust, Inc.		1,500		9,480
CoreSite Realty Corp.		900		40,896
DuPont Fabros Technology, Inc.		2,450		72,152
EPR Properties		2,010		110,108
Gramercy Property Trust, Inc.		2,200		51,414
New York REIT, Inc.		6,200		61,690
Nexpoint Residential Trust, Inc.		600		8,058
PS Business Parks, Inc.		765		55,195
STAG lndustrial, Inc.		2,100		42,000
The Geo Group, Inc.		2,768		94,555
UMH Properties, Inc.		968		9,486
Whitestone REIT		800		10,416
				609,012
Diversified Financial Services — 0.6%
American Capital Mortgage Investment Corp.		2,043		32,667
Apollo Residential Mortgage, Inc.		1,332		19,567
ARMOUR Residential REIT, Inc.		14,200		39,902

129

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Diversified Financial Services — (continued)
DCT Industrial Trust, Inc.		3,120	$	98,093
Ladder Capital Corp.Class A		1,400		24,290
New Residential Investment Corp.		7,500		114,300
Orchid Island Capital, Inc.		600		6,726
RAIT Financial Trust		3,606		22,033
STORE Capital Corp.		1,200		24,120
United Development Funding IV		1,000		17,480
Western Asset Mortgage Capital Corp.		1,597		23,588
				422,766
Forest Products & Paper — 0.1%
Potlatch Corp.		1,578		55,735
Healthcare — 0.7%
CareTrust REIT, Inc.		995		12,607
Healthcare Realty Trust, Inc.		3,672		85,411
LTC Properties, Inc.		1,317		54,787
Medical Properties Trust, Inc.		7,807		102,350
National Health Investors, Inc.		1,357		84,541
New Senior Investment Group, Inc.		2,300		30,751
Physicians Realty Trust		2,600		39,936
Sabra Health Care REIT, Inc.		2,188		56,319
Universal Health Realty Income Trust		520		24,159
				490,861
Hotels & Resorts — 1.6%
Ashford Hospitality Prime, Inc.		864		12,977
Ashford Hospitality Trust, Inc.		3,020		25,549
Belmond Ltd.*		3,745		46,775
Chatham Lodging Trust		1,400		37,058
Chesapeake Lodging Trust		2,089		63,673
DiamondRock Hospitality Co.		7,523		96,370
FelCor Lodging Trust, Inc.		5,018		49,578
Hersha Hospitality Trust		1,917		49,152
LaSalle Hotel Properties		4,217		149,535
Pebblebrook Hotel Trust		2,709		116,162
RLJ Lodging Trust		4,700		139,966
Ryman Hospitality Properties, Inc.		1,612		85,613
Strategic Hotels & Resorts, Inc.*		10,312		124,981
Summitt Hotel Properties, Inc.		3,500		45,535
Sunstone Hotel Investors, Inc.		7,805		117,153
				1,160,077
Industrial — 0.5%
Chambers Street Properties		9,300		73,935
EastGroup Properties, Inc.		1,175		66,070
First Industrial Realty Trust, Inc.		4,129		77,336
First Potomac Realty Trust		2,392		24,638
Monmouth Real Estate Investment Corp., Class A		2,049		19,916
QTS Realty Trust, Inc.		800		29,160
Rexford Industrial Realty, Inc.		2,000		29,160
Terreno Realty Corp.		1,675		32,998
				353,213
Mixed Industrial/Office — 0.5%
Cousins Properties, Inc.		7,761		80,559

	Number of Shares		Value†
Mixed Industrial/Office — (continued)
CyrusOne, Inc.		1,700	$	50,065
Gladstone Commercial Corp.		652		10,797
Investors Real Estate Trust		4,618		32,972
Lexington Realty Trust		8,015		67,967
One Liberty Properties, Inc.		503		10,704
Washington Real Estate Investment Trust		2,606		67,626
				320,690
Office Property — 0.7%
American Assets Trust, Inc.		1,400		54,894
Easterly Government Proper, Inc.		500		7,960
Franklin Street Properties Corp.		3,245		36,701
Government Properties Income Trust		2,744		50,901
Highwoods Properties, Inc.		3,460		138,227
Hudson Pacific Properties, Inc.		2,700		76,599
Mack-Cali Realty Corp.		3,500		64,505
Parkway Properties, Inc.		2,980		51,971
				481,758
Real Estate — 0.1%
Xenia Hotels & Resorts, Inc.		4,000		86,960
Regional Malls — 0.1%
Pennsylvania Real Estate Investment Trust		2,715		57,938
Rouse Properties, Inc.		1,400		22,890
				80,828
Storage & Warehousing — 0.4%
CubeSmart		6,125		141,855
InfraREIT, Inc.*		900		25,524
National Storage Affiliates Trust		700		8,680
Sovran Self Storage, Inc.		1,282		111,419
				287,478
Strip Centers — 0.7%
Acadia Realty Trust		2,520		73,357
Alexander’s, Inc.		57		23,370
Cedar Realty Trust, Inc.		2,826		18,087
Equity One, Inc.		2,454		57,276
Excel Trust, Inc.		2,100		33,117
Inland Real Estate Corp.		3,688		34,741
Kite Realty Group Trust		2,951		72,211
Ramco-Gershenson Properties Trust		3,141		51,261
Retail Opportunity Investments Corp.		3,300		51,546
Saul Centers, Inc.		451		22,185
Urban Edge Properties		3,100		64,449
Urstadt Biddle Properties, Inc., Class A		816		15,243
				516,843
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,046,898)				5,943,044
RIGHTS — 0.0%
Bioscrip Rights		2,011		0
Chelsea Therapeutics Intl Ltd. CVR~		1,600		0
Clinical Data, Inc.~		354		0
Cubist Pharmaceuticals, Inc.		1,200		0

130

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
RIGHTS — (continued)
Durata Therapeutics CVR Shares~		500	$	415
Furiex Pharmaceuticals Rights~		300		2,445
Leap Wireless CVR~		2,300		5,796
TOTAL RIGHTS (Cost $8,671)				8,656
	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills 0.005%, 07/09/15 (Cost $65,000)	$	65		65,000
	Number of Shares		Value†
WARRANTS — 0.0%
Magnum Hunter Resources Corp.~ (Cost $0)		780		0
SHORT-TERM INVESTMENTS — 2.4%
BlackRock Liquidity Funds FedFund Portfolio -Institutional Shares (Cost $1,695,029)		1,695,029		1,695,029
TOTAL INVESTMENTS — 100.4% (Cost $51,067,402)			$	70,253,485
Other Assets & Liabilities — (0.4)%				(267,369	)
TOTAL NET ASSETS — 100.0%			$	69,986,116

~ Fair valued security. The total market value of fair valued securities at June 30, 2015 is $8,752.

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

The accompanying notes are an integral part of these financial statements.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Advertising		0.1%	$	73,592
Aerospace & Defense		1.6%		982,950
Agriculture		0.3%		184,411
Airlines		0.3%		198,209
Apparel		1.0%		631,520
Auto Manufacturers		0.1%		73,338
Auto Parts & Equipment		1.3%		787,017
Banks		8.8%		5,479,597
Beverages		0.2%		125,178
Biotechnology		4.3%		2,688,211
Building Materials		1.4%		885,122
Chemicals		2.0%		1,252,531

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Coal		0.1%		$	75,822
Commercial Services		5.6%			3,493,638
Computers		2.8%			1,759,106
Cosmetics & Personal Care		0.1%			52,935
Distribution & Wholesale		0.7%			466,951
Diversified Financial Services		2.9%			1,818,652
Electric		2.1%			1,314,933
Electrical Components & Equipment		1.1%			695,397
Electronics		2.2%			1,400,975
Energy-Alternate Sources		0.4%			264,033
Engineering & Construction		0.8%			516,414
Entertainment		1.2%			782,114
Environmental Control		0.5%			303,942
Food		2.1%			1,291,875
Forest Products & Paper		0.5%			300,142
Gas		1.1%			692,738
Hand & Machine Tools		0.1%			53,991
Healthcare Products		4.2%			2,649,194
Healthcare Services		2.2%			1,376,430
Holding Companies		0.2%			113,422
Home Builders		0.9%			580,401
Home Furnishings		0.6%			351,330
Hotels & Resorts		0.1%			87,645
Household Products & Wares		0.5%			326,975
Housewares		0.1%			36,018
Insurance		3.3%			2,036,154
Internet		2.6%			1,645,889
Investment Companies		0.1%			39,756
Iron & Steel		0.4%			247,154
Leisure Time		0.6%			393,222
Lodging		0.1%			78,942
Machinery—Construction & Mining		0.1%			53,023
Machinery—Diversified		0.7%			441,001
Media		1.2%			761,509
Metal Fabricate/Hardware		0.9%			567,806
Mining		0.6%			353,062
Miscellaneous Manufacturing		1.9%			1,183,937
Office & Business Equipment		—%	+		13,440
Office Furnishings		0.5%			321,707
Oil & Gas		2.1%			1,316,704
Oil & Gas Services		1.0%			608,663
Packaging and Containers		0.3%			186,373
Pharmaceuticals		4.8%			2,998,233
Pipelines		0.2%			156,670
Real Estate		0.5%			319,169
Retail		6.8%			4,224,219
Savings & Loans		1.8%			1,100,759
Semiconductors		3.5%			2,203,899
Software		5.1%			3,159,850
Storage & Warehousing		0.2%			107,126
Telecommunications		3.3%			2,040,204
Textiles		0.2%			127,490
Toys, Games & Hobbies		—%	+		5,776
Transportation		2.2%			1,408,470
Trucking and Leasing		0.2%			111,031
Water		0.3%			163,769
		100.0%		$	62,541,756

+ Rounded.

131

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Small Cap Index Fund

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Advertising	$	73,592	$	73,592	$	—	$	—
Aerospace & Defense		982,950		982,950		—		—
Agriculture		184,411		184,411		—		—
Airlines		198,209		198,209		—		—
Apparel		631,520		631,520		—		—
Auto Manufacturers		73,338		73,338		—		—
Auto Parts & Equipment		787,017		787,017		—		—
Banks		5,479,597		5,479,597		—		—
Beverages		125,178		125,178		—		—
Biotechnology		2,688,211		2,688,211		—		—
Building Materials		885,122		885,122		—		—
Chemicals		1,252,531		1,252,531		—		—
Coal		75,822		75,822		—		—
Commercial Services		3,493,638		3,493,638		—		—
Computers		1,759,106		1,759,106		—		—
Cosmetics & Personal Care		52,935		52,935		—		—
Distribution & Wholesale		466,951		466,951		—		—
Diversified Financial Services		1,818,652		1,818,556		96		—
Electric		1,314,933		1,314,933		—		—
Electrical Components & Equipment		695,397		695,397		—		—
Electronics		1,400,975		1,400,975		—		—
Energy-Alternate Sources		264,033		264,033		—		—
Engineering & Construction		516,414		516,414		—		—
Entertainment		782,114		782,114		—		—
Environmental Control		303,942		303,942		—		—
Food		1,291,875		1,291,875		—		—
Forest Products & Paper		300,142		300,142		—		—
Gas		692,738		692,738		—		—
Hand & Machine Tools		53,991		53,991		—		—
Healthcare Products		2,649,194		2,649,194		—		—
Healthcare Services		1,376,430		1,376,430		—		—
Holding Companies		113,422		113,422		—		—
Home Builders		580,401		580,401		—		—
Home Furnishings		351,330		351,330		—		—
Hotels & Resorts		87,645		87,645		—		—
Household Products & Wares		326,975		326,975		—		—
Housewares		36,018		36,018		—		—
Insurance		2,036,154		2,036,154		—		—
Internet		1,645,889		1,645,889		—		—
Investment Companies		39,756		39,756		—		—
Iron & Steel		247,154		247,154		—		—
Leisure Time		393,222		393,222		—		—
Lodging		78,942		78,942		—		—
Machinery — Construction & Mining		53,023		53,023		—		—
Machinery — Diversified		441,001		441,001		—		—
Media		761,509		761,509		—		—
Metal Fabricate/Hardware		567,806		567,806		—		—
Mining		353,062		353,062		—		—

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Miscellaneous Manufacturing	$	1,183,937	$	1,183,937	$	—	$	—
Office & Business Equipment		13,440		13,440		—		—
Office Furnishings		321,707		321,707		—		—
Oil & Gas		1,316,704		1,316,704		—		—
Oil & Gas Services		608,663		608,663		—		—
Packaging and Containers		186,373		186,373		—		—
Pharmaceuticals		2,998,233		2,998,233		—		—
Pipelines		156,670		156,670		—		—
Real Estate		319,169		319,169		—		—
Retail		4,224,219		4,224,219		—		—
Savings & Loans		1,100,759		1,100,759		—		—
Semiconductors		2,203,899		2,203,899		—		—
Software		3,159,850		3,159,850		—		—
Storage & Warehousing		107,126		107,126		—		—
Telecommunications		2,040,204		2,040,204		—		—
Textiles		127,490		127,490		—		—
Toys, Games & Hobbies		5,776		5,776		—		—
Transportation		1,408,470		1,408,470		—		—
Trucking and Leasing		111,031		111,031		—		—
Water		163,769		163,769		—		—
REAL ESTATE INVESTMENT TRUSTS		5,943,044		5,943,044		—		—
U.S. TREASURY OBLIGATIONS		65,000		—		65,000		—
RIGHTS		8,656		—		8,656		—
WARRANTS		—		—		—		—
SHORT-TERM INVESTMENTS		1,695,029		1,695,029		—		—
TOTAL INVESTMENTS	$	70,253,485	$	70,179,733	$	73,752	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

132

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — 96.1%
Australia — 6.6%
AGL Energy Ltd.		5,275	$	63,299
Alumina Ltd.		24,432		28,841
Amcor Ltd.		9,071		96,023
AMP Ltd.		24,438		113,508
APA Group		8,753		55,648
Aristocrat Leisure Ltd.		4,196		24,766
Asciano Ltd.		6,807		34,925
ASX Ltd.		1,401		43,130
Aurizon Holdings Ltd.		15,495		61,330
Ausnet Services		17,540		18,879
Australia & New Zealand Banking Group Ltd.		21,569		535,859
Bank of Queensland Ltd.		2,927		28,839
Bendigo & Adelaide Bank Ltd.		3,553		33,609
BHP Billiton Ltd.		24,967		521,073
Boral Ltd.		7,228		32,624
Brambles Ltd.		12,892		105,437
Caltex Australia Ltd.		2,100		51,605
CIMIC Group Ltd.		829		13,912
Coca-Cola Amatil Ltd.		4,963		35,037
Cochlear Ltd.		371		22,943
Commonwealth Bank of Australia		12,628		829,434
Computershare Ltd.		3,381		30,547
Crown Resorts Ltd.		2,801		26,366
CSL Ltd.		3,788		252,720
Dexus Property Group		6,834		38,491
Federation Centres		21,887		49,310
Flight Centre Travel Group Ltd.		439		11,553
Fortescue Metals Group Ltd.		13,816		20,360
Goodman Group		14,482		70,059
Harvey Norman Holdings Ltd.		3,235		11,257
Healthscope Ltd.		7,253		15,221
Iluka Resources Ltd.		2,885		17,095
Incitec Pivot Ltd.		13,459		39,980
Insurance Australia Group Ltd.		19,230		82,790
Lend Lease Group		4,333		50,247
Macquarie Group Ltd.		2,346		147,339
Medibank Pvt. Ltd.*		21,209		32,891
Mirvac Group		26,971		38,498
National Australia Bank Ltd.		20,366		523,414
Newcrest Mining Ltd.*		6,279		63,076
Orica Ltd.		2,861		46,974
Origin Energy Ltd.		8,958		82,731
Platinum Asset Management Ltd.		1,805		10,417
Qantas Airways Ltd.*		6,627		16,157
QBE Insurance Group Ltd.		10,872		114,668
Ramsay Health Care Ltd.		980		46,479
REA Group Ltd.		400		12,101
Rio Tinto Ltd.		3,224		133,702
Santos Ltd.		7,742		46,771
Scentre Group		41,494		120,055
Seek Ltd.		2,700		29,290
Sonic Healthcare Ltd.		3,379		55,713
South32 Ltd.*		16,770		22,661
South32 Ltd.*		24,967		34,481
Stockland		17,761		56,184

	Number of Shares		Value†
Australia — (continued)
Suncorp Group Ltd.		9,636	$	99,848
Sydney Airport		9,491		36,468
Tabcorp Holdings Ltd.		7,043		24,725
Tatts Group Ltd.		13,129		37,683
Telstra Corp. Ltd.		33,844		160,330
The GPT Group		14,881		49,141
The GPT Group, In Specie~		16,419		0
TPG Telecom Ltd.		2,224		15,392
Transurban Group		14,509		104,108
Treasury Wine Estates Ltd.		5,248		20,205
Wesfarmers Ltd.		8,949		269,487
Westfield Corp.		15,906		111,923
Westpac Banking Corp.		24,415		605,623
Woodside Petroleum Ltd.		5,940		156,877
Woolworths Ltd.		10,150		211,130
WorleyParsons Ltd.		1,418		11,389
				7,014,648
Austria — 0.2%
Andritz AG		668		36,975
Erste Group Bank AG*		1,965		55,808
Immoeast AG~		2,678		0
OMV AG		1,135		31,229
Raiffeisen Bank International AG*		750		10,912
Voestalpine AG		1,009		41,992
				176,916
Belgium — 1.3%
Ageas		1,719		66,222
Anheuser-Busch InBev N.V.		6,279		752,517
Belgacom S.A.		1,133		40,003
Colruyt S.A.		647		28,972
Delhaize Group S.A.		900		74,309
Groupe Bruxelles Lambert S.A.		667		53,688
KBC Groep N.V.		2,043		136,522
Solvay S.A.		480		66,035
Telenet Group Holding N.V.*		377		20,506
UCB S.A.		1,013		72,719
Umicore S.A.		738		34,992
				1,346,485
Bermuda — 0.0%
Seadrill Ltd.		3,129		32,605
China — 0.1%
Sands China Ltd.		19,200		64,648
Yangzijiang Shipbuilding Holdings Ltd.		19,000		19,961
				84,609
Denmark — 1.6%
A.P. Moller - Maersk A/S, B Shares		55		99,613
A.P. Moller - Maersk A/S, A Shares		31		54,432
Carlsberg A/S, B Shares		840		76,256
Coloplast A/S, B Shares		905		59,383
Danske Bank A/S		5,515		162,189
DSV A/S		1,264		40,950
ISS A/S		936		30,883

133

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Denmark — (continued)
Novo Nordisk A/S, B Shares		14,809	$	806,850
Novozymes A/S, B Shares		1,916		91,077
Pandora A/S		923		99,170
TDC A/S		6,200		45,463
Tryg A/S		965		20,117
Vestas Wind Systems A/S		1,794		89,541
William Demant Holding A/S*		138		10,528
				1,686,452
Finland — 0.8%
Elisa OYJ		1,000		31,695
Fortum OYJ		3,489		62,002
Kone OYJ, B Shares		2,334		94,715
Metso OYJ		661		18,158
Neste OYJ		812		20,694
Nokia OYJ		28,055		190,478
Nokian Renkaat OYJ		765		23,974
Orion OYJ, B Shares		750		26,238
Sampo OYJ, A Shares		3,551		167,261
Stora Enso OYJ, R Shares		4,323		44,557
UPM-Kymmene OYJ		4,158		73,566
Wartsila OYJ Abp		1,184		55,466
				808,804
France — 8.9%
Accor S.A.		1,648		83,173
Aeroports de Paris		215		24,293
Air Liquide S.A.		2,701		341,622
Alcatel-Lucent*		21,121		76,951
Alstom SE*		1,899		53,880
Arkema S.A.		577		41,575
AtoS S.A.		692		51,674
AXA S.A.		15,218		383,936
BNP Paribas S.A.		8,235		497,141
Bollore S.A.		6,795		36,173
Bouygues S.A.		1,571		58,734
Bureau Veritas S.A.		1,772		40,814
Cap Gemini S.A.		1,210		107,068
Carrefour S.A.		4,584		146,773
Casino Guichard Perrachon S.A.		468		35,453
Christian Dior SE		408		79,646
CNP Assurances		1,617		27,005
Compagnie de Saint-Gobain		3,720		167,010
Compagnie Generale des Establissements Michelin, B Shares		1,486		155,710
Credit Agricole S.A.		8,537		126,963
Danone S.A.		4,621		298,749
Dassault Systemes S.A.		982		71,402
Edenred		1,708		42,206
Electricite de France S.A.		2,020		45,040
Essilor International S.A.		1,615		192,652
Eurazeo S.A.		343		22,695
Eutelsat Communications S.A.		1,288		41,570
Fonciere Des Regions		278		23,623
GDF Suez		11,414		211,743
Gecina S.A.		313		38,576

	Number of Shares		Value†
France — (continued)
Groupe Eurotunnel SE		3,742	$	54,191
Hermes International		218		81,320
ICADE		313		22,354
Iliad S.A.		205		45,446
Imerys S.A.		213		16,290
JCDecaux S.A.		742		30,963
Kering		548		97,842
Klepierre		1,527		67,167
L’Oreal S.A.		1,971		351,580
Lafarge S.A.		1,541		101,774
Lagardere S.C.A.		948		27,648
Legrand S.A.		2,075		116,499
LVMH Moet Hennessy Louis Vuitton SE		2,217		388,416
Natixis		7,282		52,404
Numericable-SFR S.A.S*		671		35,567
Orange S.A.		14,609		224,922
Pernod Ricard S.A.		1,689		195,077
Peugeot S.A.*		3,574		73,494
Publicis Groupe S.A.		1,450		107,209
Remy Cointreau S.A.		152		10,955
Renault S.A.		1,493		155,495
Rexel S.A.		1,960		31,597
Safran S.A.		2,358		159,806
Sanofi S.A.		9,249		909,866
Schneider Electric SE		4,325		298,610
SCOR SE		1,378		48,615
Societe BIC S.A.		246		39,218
Societe Generale S.A.		5,784		269,990
Sodexo		765		72,647
Suez Environment Co.		2,507		46,633
Technip S.A.		869		53,788
Thales S.A.		773		46,674
TOTAL S.A.		16,943		822,991
Unibail-Rodamco SE		776		196,124
Valeo S.A.		573		90,296
Vallourec S.A.		827		16,891
Veolia Environment S.A.		3,504		71,449
Vinci S.A.		3,660		211,689
Vivendi S.A.		8,958		225,952
Wendel S.A.		253		31,012
Zodiac Aerospace		1,724		56,123
				9,480,434
Germany — 8.0%
Adidas AG		1,710		130,874
Allianz SE		3,570		556,009
Axel Springer SE		327		17,167
BASF SE		7,181		631,013
Bayer AG		6,448		902,525
Bayerische Motoren Werke AG		2,574		281,740
Beiersdorf AG		792		66,346
Brenntag AG		1,140		65,364
Commerzbank AG*		8,718		111,432
Continental AG		878		207,759
Daimler AG		7,498		682,442
Deutsche Annington Immobilien SE		3,477		98,071

134

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Germany — (continued)
Deutsche Bank AG		10,968	$	329,536
Deutsche Boerse AG		1,516		125,491
Deutsche Lufthansa AG*		1,991		25,671
Deutsche Post AG		7,523		219,782
Deutsche Telekom AG		24,414		420,518
Deutsche Wohnen AG		2,580		59,123
E.ON SE		16,007		213,253
Evonik Industries AG		726		27,701
Fraport AG Frankfurt Airport Services Worldwide		272		17,085
Fresenius Medical Care AG & Co. KGaA		1,772		146,267
Fresenius SE & Co. KGaA		2,961		189,977
GEA Group AG		1,522		67,889
Hannover Rueck SE		474		45,863
HeidelbergCement AG		1,060		84,057
Henkel AG & Co. KGaA		823		78,439
Hugo Boss AG		567		63,370
Infineon Technologies AG		8,492		105,371
K+S AG		1,330		56,026
Kabel Deutschland Holding AG*		172		23,011
LANXESS AG		691		40,745
Linde AG		1,444		273,513
MAN SE		297		30,591
Merck KGaA		1,016		101,240
Metro AG		1,107		34,902
Muenchener Ruckversicherungs AG		1,344		238,239
OSRAM Licht AG		667		31,942
ProSiebenSat.1 Media AG		1,773		87,565
RWE AG		3,801		81,721
SAP SE		7,655		534,240
Siemens AG		6,167		621,183
Symrise AG		897		55,671
Telefonica Deutschland Holding AG		4,698		27,078
ThyssenKrupp AG		2,865		74,533
Tui AG		3,510		56,805
United Internet AG		908		40,365
Volkswagen AG		247		57,153
				8,436,658
Hong Kong — 3.1%
AIA Group Ltd.		94,200		616,735
ASM Pacific Technology Ltd.		1,700		16,843
Bank of East Asia Ltd.		11,300		49,418
BOC Hong Kong Holdings Ltd.		27,500		114,590
Cathay Pacific Airways Ltd.		10,000		24,589
Cheung Kong Infrastructure Holdings Ltd.		4,000		31,065
Cheung Kong Property Holdings Ltd.*		22,628		187,702
CK Hutchison Holdings Ltd.		22,628		332,492
CLP Holdings Ltd.		14,000		119,021
First Pacific Co., Ltd.		15,750		13,288
Galaxy Entertainment Group Ltd.		18,000		71,753
Hang Lung Properties Ltd.		19,000		56,498
Hang Seng Bank Ltd.		5,600		109,449
Henderson Land Development Co., Ltd.		10,043		68,732
HKT Trust & HKT Ltd.		21,240		24,990

	Number of Shares		Value†
Hong Kong — (continued)
Hong Kong & China Gas Co., Ltd.		54,059	$	113,397
Hong Kong Exchanges & Clearing Ltd.		8,891		313,818
Hysan Development Co., Ltd.		6,140		26,615
Kerry Properties Ltd.		3,509		13,762
Li & Fung Ltd.		50,000		39,669
MGM China Holdings Ltd.		8,400		13,741
MTR Corp., Ltd.		11,264		52,458
New World Development Co., Ltd.		46,930		61,390
Noble Group Ltd.		38,270		21,595
NWS Holdings Ltd.		12,549		18,164
PCCW Ltd.		33,068		19,751
Power Assets Holdings Ltd.		10,000		91,208
Shangri-La Asia Ltd.		6,666		9,305
Sino Land Co., Ltd.		21,063		35,216
SJM Holdings Ltd.		17,000		18,422
Sun Hung Kai Properties Ltd.		13,161		213,250
Swire Pacific Ltd., A Shares		5,000		62,858
Swire Properties Ltd.		9,336		29,809
Techtronic Industries Co.		11,000		36,044
The Link REIT		18,176		106,455
The Wharf Holdings Ltd.		11,000		73,224
WH Group Ltd.*		45,343		30,886
Wheelock & Co., Ltd.		7,000		35,761
Yue Yuen Industrial Holdings Ltd.		7,000		23,434
				3,297,397
Ireland — 0.9%
Anglo Irish Bank Corp. PLC~		3,146		0
Bank of Ireland*		220,348		88,927
CRH PLC*		6,433		181,591
Experian PLC		8,038		146,377
James Hardie Industries PLC		3,154		42,148
Kerry Group PLC, A Shares*		1,174		87,024
Ryanair Holdings PLC ADR		59		4,210
Shire PLC		4,642		371,614
				921,891
Israel — 0.6%
Azrieli Group		283		11,301
Bank Hapoalim BM		8,292		44,668
Bank Leumi Le-Israel BM*		11,337		47,944
Bezeq The Israeli Telecommunication Corp., Ltd.		15,011		25,575
Delek Group Ltd.		36		10,617
Israel Chemicals Ltd.		3,410		23,827
Mizrahi Tefahot Bank Ltd.		783		9,712
NICE Systems Ltd.		400		25,438
Teva Pharmaceutical Industries Ltd.		6,730		398,027
The Israel Corp. Ltd.		16		5,643
				602,752
Italy — 2.1%
Assicurazioni Generali SpA		8,750		157,640
Atlantia SpA		3,091		76,364
Banca Monte Dei Paschi di Siena SPA*		19,151		37,278
Banco Popolare SC*		3,001		49,382

135

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Italy — (continued)
Enel Green Power SpA		13,747	$	26,866
Enel SpA		54,931		248,879
Eni SpA		20,206		358,625
Exor SpA		848		40,482
Finmeccanica SpA*		3,179		39,978
Intesa Sanpaolo SpA		98,312		356,430
Intesa Sanpaolo SpA, RSP		4,624		14,754
Luxottica Group SpA		1,314		87,382
Mediobanca SpA		4,539		44,505
Pirelli & C. SpA		1,674		28,255
Prysmian SpA		1,833		39,604
Saipem SpA		2,015		21,285
Snam SpA		17,071		81,227
Telecom Italia SpA*		84,348		107,012
Telecom Italia SpA, RSP		52,300		53,380
Terna Rete Elettrica Nasionale SpA		11,628		51,387
UniCredit SpA		37,928		254,762
Unione di Banche Italiane SCpA		7,359		59,029
Unipolsai SPA		8,602		21,309
				2,255,815
Japan — 22.1%
ABC-Mart, Inc.		200		12,240
Acom Co., Ltd.*		3,200		12,289
Advantest Corp.*		1,200		12,492
Aeon Co., Ltd.*		4,900		69,565
AEON Financial Service Co., Ltd.*		700		19,447
Aeon Mall Co., Ltd.		710		13,308
Air Water, Inc.		1,000		18,311
Aisin Seiki Co., Ltd.*		1,400		59,599
Ajinomoto Co., Inc.		5,000		108,326
Alfresa Holdings Corp.		1,600		24,918
Amada Holdings Co., Ltd.		3,000		31,720
ANA Holdings, Ltd.*		11,000		29,849
Aozora Bank Ltd.		10,000		37,750
Asahi Glass Co., Ltd.		7,000		42,039
Asahi Group Holdings Ltd.		3,200		101,777
Asahi Kasei Corp.		9,000		73,943
Asics Corp.		1,000		25,861
Astellas Pharma, Inc.		17,000		242,460
Bandai Namco Holdings, Inc.*		1,100		21,284
Benesse Holdings, Inc.		700		17,559
Bridgestone Corp.		5,200		192,368
Brother Industries Ltd.		1,500		21,253
Calbee, Inc.		400		16,865
Canon, Inc.*		8,300		270,088
Casio Computer Co., Ltd.*		1,500		29,611
Central Japan Railway Co.		1,100		198,680
Chiyoda Corp.		1,000		8,857
Chubu Electric Power Co., Inc.*		5,100		76,030
Chugai Pharmaceutical Co., Ltd.*		1,800		62,140
Citizen Holdings Co., Ltd.*		1,400		9,769
Credit Saison Co., Ltd.		1,500		32,161
Dai Nippon Printing Co., Ltd.*		5,000		51,661
Daicel Corp.		2,000		25,689
Daihatsu Motor Co., Ltd.		1,800		25,636

	Number of Shares		Value†
Japan — (continued)
Daiichi Sankyo Co., Ltd.		5,300	$	98,045
Daikin Industries Ltd.*		1,800		129,560
Daito Trust Construction Co., Ltd.		600		62,164
Daiwa House Industry Co., Ltd.*		4,900		114,227
Daiwa Securities Group, Inc.		13,000		97,427
Denso Corp.*		3,900		194,259
Dentsu, Inc.		1,800		93,247
Don Quijote Holdings Co., Ltd.		800		34,056
East Japan Railway Co.*		2,700		242,897
Eisai Co., Ltd.		2,000		134,265
Electric Power Development Co., Ltd.		1,000		35,339
FamilyMart Co., Ltd.		500		23,001
FANUC Corp.		1,600		327,883
Fast Retailing Co., Ltd.		400		181,591
Fuji Electric Co., Ltd.*		4,000		17,224
Fuji Heavy Industries Ltd.*		4,500		165,756
FUJIFILM Holdings Corp.*		3,700		132,222
Fujitsu Ltd.*		15,000		83,883
Fukuoka Financial Group, Inc.		6,000		31,131
GungHo Online Entertainment, Inc.*		3,000		11,668
Hakuhodo DY Holdings, Inc.		2,500		26,780
Hamamatsu Photonics K.K.		1,000		29,497
Hankyu Hanshin Holdings, Inc.		10,000		59,076
Hikari Tsushin, Inc.		200		13,498
Hino Motors Ltd.		2,000		24,742
Hirose Electric Co., Ltd.		210		30,080
Hisamitsu Pharmaceutical Co., Inc.*		400		15,541
Hitachi Chemical Co., Ltd.*		1,000		18,041
Hitachi Construction Machinery Co., Ltd.		1,000		17,518
Hitachi High-Technologies Corp.*		500		14,074
Hitachi Ltd.		38,000		250,508
Hitachi Metals Ltd.*		2,000		30,739
Hokuhoku Financial Group, Inc.		10,000		23,614
Hokuriku Electric Power Co.		1,200		17,885
Honda Motor Co., Ltd.		12,800		414,325
Hoya Corp.		3,500		140,332
Hulic Co., Ltd.		2,500		22,184
Ibiden Co., Ltd.*		1,300		21,988
Idemitsu Kosan Co., Ltd.		400		7,854
IHI Corp.*		12,000		55,889
Iida Group Holdings Co., Ltd.		1,000		15,933
Inpex Corp.		7,200		81,863
Isetan Mitsukoshi Holdings Ltd.*		2,500		44,695
Isuzu Motors Ltd.*		4,500		59,107
ITOCHU Corp.		11,800		155,906
Itochu Technology Solutions Corp.		600		14,953
J. Front Retailing Co., Ltd.		2,000		37,652
Japan Airlines Co., Ltd.		1,000		34,890
Japan Airport Terminal Co., Ltd.		300		16,350
Japan Display, Inc.		3,000		11,300
Japan Exchange Group, Inc.*		2,000		64,959
Japan Prime Realty Investment Corp.*		5		15,545
Japan Real Estate Investment Corp.*		10		45,430
Japan Retail Fund Investment Corp.		20		40,021
Japan Tobacco, Inc.		8,700		309,976
JFE Holdings, Inc.		3,700		82,126

136

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
JGC Corp.		2,000	$	37,782
JSR Corp.		1,100		19,450
JTEKT Corp.*		1,500		28,410
JX Holdings, Inc.		17,690		76,348
Kajima Corp.		7,000		32,888
Kakaku.Com, Inc.		1,100		15,927
Kamigumi Co., Ltd.		2,000		18,793
Kaneka Corp.		2,000		14,626
Kansai Paint Co., Ltd.		2,000		31,001
Kao Corp.		4,100		190,720
Kawasaki Heavy Industries Ltd.		10,000		46,656
KDDI Corp.		13,800		333,090
Keihan Electric Railway Co., Ltd.		3,000		17,478
Keikyu Corp.		4,000		30,200
Keio Corp.		5,000		35,789
Keisei Electric Railway Co., Ltd.		2,000		23,794
Keyence Corp.*		341		184,062
Kikkoman Corp.		1,000		31,254
Kintetsu Group Holdings Co., Ltd.		13,000		44,295
Kirin Holdings Co., Ltd.		6,800		93,678
Kobe Steel Ltd.*		26,000		43,764
Koito Manufacturing Co., Ltd.		600		23,410
Komatsu Ltd.		7,300		146,555
Konami Corp.		600		11,158
Konica Minolta, Inc.*		4,000		46,705
Kubota Corp.		9,000		142,775
Kuraray Co., Ltd.		2,400		29,357
Kurita Water Industries Ltd.		800		18,656
Kyocera Corp.*		2,600		135,178
Kyowa Hakko Kirin Co., Ltd.		2,000		26,163
Kyushu Electric Power Co., Inc.*		2,900		33,648
Lawson, Inc.		600		41,083
LIXIL Group Corp.		2,300		45,667
M3, Inc.		1,800		36,210
Mabuchi Motor Co., Ltd.		400		25,297
Makita Corp.*		800		43,404
Marubeni Corp.		13,000		74,600
Marui Group Co., Ltd.		1,500		20,272
Maruichi Steel Tube Ltd.		300		7,452
Mazda Motor Corp.		3,900		76,416
McDonald’s Holdings Co., Japan Ltd.		700		14,785
Medipal Holdings Corp.		1,500		24,476
MEIJI Holdings Co., Ltd.		500		64,550
Minebea Co., Ltd.		3,000		49,540
Miraca Holdings, Inc.		400		20,002
Mitsubishi Chemical Holdings Corp.		9,500		59,809
Mitsubishi Corp.		10,500		230,960
Mitsubishi Electric Corp.*		15,000		193,896
Mitsubishi Estate Co., Ltd.		10,000		215,427
Mitsubishi Gas Chemical Co., Inc.		3,000		16,816
Mitsubishi Heavy Industries Ltd.		24,000		146,038
Mitsubishi Logistics Corp.		1,000		13,139
Mitsubishi Materials Corp.		7,000		26,882
Mitsubishi Motors Corp.		5,200		44,273
Mitsubishi Tanabe Pharma Corp.		1,900		28,488
Mitsubishi UFJ Financial Group, Inc.		99,100		712,409

	Number of Shares		Value†
Japan — (continued)
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,600	$	25,183
Mitsui & Co., Ltd.		13,800		187,462
Mitsui Chemicals, Inc.		5,000		18,589
Mitsui Fudosan Co., Ltd.		8,000		224,014
Mitsui OSK Lines Ltd.*		10,000		32,030
Mixi, Inc.		200		9,936
Mizuho Financial Group, Inc.		179,880		389,494
MS&AD Insurance Group Holdings, Inc.		4,090		127,427
Murata Manufacturing Co., Ltd.		1,600		279,250
Nabtesco Corp.		700		17,559
Nagoya Railroad Co., Ltd.*		7,000		26,196
NEC Corp.*		21,000		63,660
Nexon Co. Ltd.		1,100		15,136
NGK Insulators Ltd.		2,000		51,559
NGK Spark Plug Co., Ltd.		1,400		38,836
NH Foods Ltd.		1,000		22,830
NHK Spring Co., Ltd.		1,200		13,227
Nidec Corp.		1,600		119,819
Nikon Corp.		2,900		33,553
Nintendo Co., Ltd.		800		133,807
Nippon Building Fund, Inc.		10		43,796
Nippon Electric Glass Co., Ltd.		2,000		10,132
Nippon Express Co., Ltd.		8,000		39,351
Nippon Paint Holdings Co., Ltd.		1,000		28,231
Nippon Prologis REIT, Inc.		10		18,417
Nippon Steel & Sumitomo Metal Corp.		59,170		153,455
Nippon Telegraph & Telephone Corp.		6,000		217,355
Nippon Yusen K.K.*		13,000		36,222
Nissan Motor Co., Ltd.*		19,400		202,108
Nisshin Seifun Group, Inc.		1,815		24,144
Nissin Foods Holdings Co., Ltd.		500		21,939
Nitori Holdings Co., Ltd.		600		48,928
Nitto Denko Corp.		1,200		98,640
NOK Corp.*		1,000		31,050
Nomura Holdings, Inc.*		28,500		193,423
Nomura Real Estate Holdings, Inc.		1,000		20,999
Nomura Research Institute Ltd.		1,000		39,139
NSK Ltd.*		4,000		61,805
NTT Data Corp.		1,000		43,715
NTT DOCOMO, Inc.		12,100		231,747
NTT Urban Development Corp.		1,000		9,952
Obayashi Corp.		6,000		43,780
Odakyu Electric Railway Co., Ltd.		5,000		46,697
Oji Holdings Corp.		6,000		26,082
Olympus Corp.*		2,000		69,126
Omron Corp.		1,600		69,551
Ono Pharmaceutical Co., Ltd.		600		65,547
Oracle Corp. Japan		200		8,367
Oriental Land Co., Ltd.		1,600		102,169
ORIX Corp.*		10,600		157,720
Osaka Gas Co., Ltd.		16,000		63,184
Otsuka Corp.		300		14,021
Otsuka Holdings Co., Ltd.		3,000		95,686
Panasonic Corp.		17,500		240,440
Park24 Co., Ltd.		800		13,708
Rakuten, Inc.		6,200		100,180

137

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Recruit Holdings Co., Ltd.		1,000	$	30,518
Resona Holdings, Inc.		17,800		97,228
Ricoh Co., Ltd.		5,000		51,885
Rinnai Corp.		300		23,655
Rohm Co., Ltd.		800		53,667
Sankyo Co., Ltd.		400		14,168
Sanrio Co., Ltd.		300		8,151
Santen Pharmaceutical Co., Ltd.		3,000		42,481
SBI Holdings, Inc.*		1,710		23,557
Secom Co., Ltd.*		1,700		110,361
Sega Sammy Holdings, Inc.		1,200		15,688
Seibu Holdings, Inc.		1,000		23,173
Seiko Epson Corp.*		2,200		39,026
Sekisui Chemical Co., Ltd.		3,000		36,843
Sekisui House Ltd.		4,600		73,068
Seven & I Holdings Co., Ltd.		6,000		257,875
Seven Bank Ltd.		5,300		24,554
Sharp Corp.*		11,000		13,392
Shikoku Electric Power Co., Inc.		1,300		19,471
Shimadzu Corp.		2,000		27,177
Shimamura Co., Ltd.		200		21,016
Shimano, Inc.		600		81,873
Shimizu Corp.		5,000		42,121
Shin-Etsu Chemical Co., Ltd.		3,200		198,691
Shinsei Bank Ltd.*		14,000		28,255
Shionogi & Co., Ltd.		2,500		96,928
Shiseido Co., Ltd.		3,200		72,636
Showa Shell Sekiyu K.K.		1,000		8,743
SMC Corp.		400		120,489
SoftBank Corp.*		7,500		441,782
Sompo Japan Nipponkoa Holdings, Inc.		2,825		103,677
Sony Corp.*		8,900		251,725
Sony Financial Holdings, Inc.*		1,200		21,042
Stanley Electric Co., Ltd.*		1,300		27,108
Sumitomo Chemical Co., Ltd.		12,000		72,166
Sumitomo Corp.		8,100		94,247
Sumitomo Dainippon Pharma Co., Ltd.		1,400		15,432
Sumitomo Electric Industries Ltd.		5,900		91,452
Sumitomo Heavy Industries Ltd.		5,000		29,170
Sumitomo Metal Mining Co., Ltd.		4,000		60,906
Sumitomo Mitsui Financial Group, Inc.		10,000		446,051
Sumitomo Mitsui Trust Holdings, Inc.		25,430		116,485
Sumitomo Realty & Development Co., Ltd.		3,000		105,246
Sumitomo Rubber Industries Ltd.		1,200		18,600
Suntory Beverage & Food Ltd.		1,000		39,833
Suruga Bank Ltd.		1,600		34,344
Suzuken Co., Ltd.		440		14,093
Suzuki Motor Corp.*		2,800		94,603
Sysmex Corp.		1,000		59,648
T&D Holdings, Inc.		5,100		76,051
Taiheiyo Cement Corp.*		8,000		23,402
Taisei Corp.		8,000		45,953
Taisho Pharmaceutical Holdings Co., Ltd.		300		20,272
Taiyo Nippon Sanso Corp.		1,000		12,101
Takashimaya Co., Ltd.		2,000		18,139

	Number of Shares		Value†
Japan — (continued)
Takeda Pharmaceutical Co., Ltd.		6,200	$	299,450
TDK Corp.*		900		68,906
Teijin Ltd.		6,000		23,287
Terumo Corp.		2,200		52,796
The Bank of Kyoto Ltd.		3,000		34,563
The Bank of Yokohama Ltd.		10,000		61,331
The Chiba Bank Ltd.		5,000		38,117
The Chugoku Bank Ltd.		1,000		15,778
The Chugoku Electric Power Co., Inc.		2,100		30,646
The Dai-ichi Life Insurance Co., Ltd.		8,500		167,139
The Gunma Bank Ltd.		3,000		22,160
The Hachijuni Bank Ltd.		4,000		30,200
The Hiroshima Bank Ltd.		4,000		23,925
The Iyo Bank Ltd.		2,000		24,578
The Joyo Bank Ltd.		6,000		33,632
The Kansai Electric Power Co., Inc.*		5,900		65,347
The Shizuoka Bank Ltd.		4,000		41,803
The Yokohama Rubber Co., Ltd.		1,000		20,084
THK Co., Ltd.		1,000		21,620
Tobu Railway Co., Ltd.		9,000		38,681
Toho Co., Ltd.		900		22,392
Toho Gas Co., Ltd.		3,000		17,772
Tohoku Electric Power Co., Inc.		3,100		41,997
Tokio Marine Holdings, Inc.		5,400		224,763
Tokyo Electric Power Co., Inc.*		12,200		66,490
Tokyo Electron Ltd.		1,400		88,620
Tokyo Gas Co., Ltd.		17,000		90,289
Tokyo Tatemono Co., Ltd.		1,500		20,836
Tokyu Corp.		10,000		67,002
Tokyu Fudosan Holdings Corp.*		4,000		30,853
TonenGeneral Sekiyu K.K.		2,000		18,613
Toppan Printing Co., Ltd.		4,000		33,468
Toray Industries, Inc.		11,000		93,071
Toshiba Corp.*		32,000		110,079
TOTO Ltd.		2,000		36,050
Toyo Seikan Group Holdings Ltd.*		1,000		16,031
Toyo Suisan Kaisha Ltd.		600		21,890
Toyoda Gosei Co., Ltd.*		400		9,652
Toyota Industries Corp.*		1,200		68,440
Toyota Motor Corp.		21,500		1,441,063
Toyota Tsusho Corp.*		1,800		48,315
Trend Micro, Inc.*		800		27,389
Unicharm Corp.		3,000		71,320
United Urban Investment Corp.		19		26,873
USS Co., Ltd.		2,200		39,727
West Japan Railway Co.		1,300		83,225
Yahoo Japan Corp.*		10,400		41,979
Yakult Honsha Co., Ltd.		700		41,525
Yamada Denki Co., Ltd.		5,300		21,220
Yamaguchi Financial Group, Inc.		2,000		24,921
Yamaha Corp.		1,600		32,292
Yamaha Motor Co., Ltd.*		2,400		52,497
Yamato Holdings Co., Ltd.		2,800		54,211
Yamazaki Baking Co., Ltd.		1,000		16,661
Yaskawa Electric Corp.*		2,000		25,624
Yokogawa Electric Corp.*		2,000		25,722
				23,443,268

138

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Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Jersey — 0.0%
Randgold Resources Ltd.		741	$	49,890
Luxembourg — 0.3%
Altice S.A.*		694		95,591
ArcelorMittal		8,260		80,419
Millicom International Cellular S.A.		489		36,071
RTL Group S.A.		294		26,569
SES S.A.		2,387		80,194
Tenaris S.A.		3,987		53,695
				372,539
Macau — 0.0%
Wynn Macau Ltd.		12,400		20,700
Netherlands — 4.3%
Aegon N.V.		13,332		97,978
Airbus Group N.V.		4,687		304,113
Akzo Nobel N.V.		1,976		143,786
ASML Holding N.V.		2,705		279,553
CNH Industrial N.V.		7,320		66,755
Delta Lloyd N.V.		1,694		27,809
Gemalto N.V.		668		59,488
Heineken Holdings N.V.		898		63,022
Heineken N.V.		1,880		142,669
ING Groep N.V.		29,989		495,147
Koninklijke Ahold NV		7,270		136,164
Koninklijke Boskalis Westminster N.V.		654		32,008
Koninklijke DSM N.V.		1,450		84,060
Koninklijke KPN N.V.		25,159		96,207
Koninklijke Philips N.V.		7,261		184,727
Koninklijke Vopak N.V.		584		29,471
NN Group NV		1,249		35,111
OCI N.V.*		783		22,129
QIAGEN N.V.*		1,994		48,984
Randstad Holding N.V.		923		60,104
Reed Elsevier N.V.		5,178		122,814
Royal Dutch Shell PLC, A Shares		31,069		872,113
Royal Dutch Shell PLC, B Shares		19,256		546,722
TNT Express N.V.		3,470		29,436
Unilever N.V.		12,833		534,434
Wolters Kluwer N.V.		2,160		64,163
				4,578,967
New Zealand — 0.1%
Auckland International Airport Ltd.		7,482		25,021
Contact Energy Ltd.		2,990		10,151
Fletcher Building Ltd.		4,795		26,385
Meridian Energy Ltd.		7,526		11,016
Mighty River Power Ltd.		4,163		7,871
Ryman Healthcare Ltd.		2,831		15,194
Spark New Zealand Ltd.		16,634		31,505
				127,143
Norway — 0.6%
DNB ASA		7,620		127,122
Gjensidige Forsikring ASA		1,418		22,860
Norsk Hydro ASA		10,203		43,009

	Number of Shares		Value†
Norway — (continued)
Orkla ASA		6,430	$	50,600
Statoil ASA		8,879		158,658
Telenor ASA		6,070		133,006
Yara International ASA		1,246		64,903
				600,158
Portugal — 0.1%
Banco Comercial Portugues S.A.*		240,809		20,940
Banco Espirito Santo S.A.*~		27,017		0
EDP - Energias de Portugal S.A.		16,826		63,873
Galp Energia SGPS, S.A.		2,726		31,971
Jeronimo Martins SGPS, S.A.		2,107		27,014
				143,798
Singapore — 1.4%
Ascendas Real Estate Investment Trust		15,000		27,397
CapitaLand Commercial Trust		16,000		18,532
CapitaLand Ltd.		18,000		46,776
CapitaLand Mall Trust		21,700		34,640
City Developments Ltd.		3,000		21,784
ComfortDelGro Corp. Ltd.		14,000		32,535
DBS Group Holdings Ltd.		13,707		210,564
Genting Singapore PLC		54,000		35,884
Global Logistic Properties Ltd.		26,000		48,840
Golden Agri-Resources Ltd.		65,000		19,787
Hutchison Port Holdings Trust		35,100		22,113
Jardine Cycle & Carriage Ltd.		1,000		24,576
Keppel Corp. Ltd.		11,600		70,796
Oversea-Chinese Banking Corp. Ltd.		23,531		177,856
Sembcorp Industries Ltd.		9,000		25,994
SembCorp Marine Ltd.		7,000		14,760
Singapore Airlines Ltd.		4,000		31,867
Singapore Exchange Ltd.		6,000		34,882
Singapore Press Holdings Ltd.		10,000		30,293
Singapore Technologies Engineering Ltd.		12,000		29,402
Singapore Telecommunications Ltd.		63,000		196,926
StarHub Ltd.		5,000		14,664
Suntec Real Estate Investment Trust		16,000		20,492
United Overseas Bank Ltd.		10,609		181,720
UOL Group Ltd.		4,210		21,631
Wilmar International Ltd.		17,000		41,400
				1,436,111
South Africa — 0.1%
Mondi PLC		2,860		61,609
Spain — 3.3%
Abertis Infraestructuras S.A.~		173		2,830
Abertis Infraestructuras S.A.		3,451		56,595
ACS Actividades de Construccion y Servicios S.A.		1,389		44,683
Aena SA*		465		48,595
Amadeus IT Holding S.A.		3,406		135,768
Banco Bilbao Vizcaya Argentaria S.A.		49,034		480,620
Banco de Sabadell S.A.		38,066		91,878
Banco de Sabadell S.A. Interim Shares*~		642		1,550
Banco Popular Espanol S.A.		13,546		65,632

139

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Spain — (continued)
Banco Santander S.A.		112,285	$	784,135
Bankia S.A.		36,141		45,852
Bankinter S.A.		4,820		35,622
CaixaBank		17,170		79,554
Distribuidora Internacional de Alimentacion S.A.		4,084		31,188
Enagas S.A.		1,740		47,323
Endesa SA		2,463		47,133
Ferrovial S.A.		3,493		75,742
Gas Natural SDG S.A.		2,914		66,078
Grifols S.A.		1,252		50,430
Iberdrola S.A.		42,295		284,896
Inditex S.A.		8,480		275,630
Mapfre S.A.		8,177		28,142
Red Electrica Corp. S.A.		908		72,763
Repsol S.A.		8,401		147,513
Repsol S.A.-Interim Line~		247		4,337
Telefonica S.A.		34,797		494,617
Zardoya Otis S.A.		1,544		16,817
Zardoya Otis S.A. - Interim Shares~		61		664
				3,516,587
Sweden — 2.8%
Alfa Laval AB		2,688		47,308
Assa Abloy AB		8,124		152,977
Atlas Copco AB, A Shares		3,255		81,082
Atlas Copco AB, B Shares		5,275		147,626
Boliden AB		1,883		34,322
Electrolux AB, B Shares		1,720		53,904
Elekta AB, B Shares		3,250		20,386
Getinge AB, B Shares		1,448		34,847
Hennes & Mauritz AB, B Shares		7,381		284,205
Hexagon AB, B Shares		2,081		75,409
Husqvarna AB, B Shares		2,834		21,350
ICA Gruppen AB		521		18,484
Industrivarden AB, C Shares		1,227		23,120
Investment AB Kinnevik, B Shares		1,832		57,922
Investor AB, B Shares		3,414		127,214
Lundin Petroleum AB*		1,488		25,489
Nordea Bank AB		24,214		302,023
Sandvik AB		8,213		90,800
Securitas AB, B Shares		1,984		26,231
Skandinaviska Enskilda Banken AB, A Shares		12,133		155,141
Skanska AB, B Shares		2,985		60,493
SKF AB, B Shares		3,338		76,143
Svenska Cellulosa AB SCA, B Shares		4,703		119,591
Svenska Handelsbanken AB		11,286		164,732
Swedbank AB, A Shares		6,778		158,047
Swedish Match AB		1,496		42,553
Tele2 AB, B Shares		2,927		34,037
Telefonaktiebolaget LM Ericsson, B Shares		23,658		245,146
TeliaSonera AB		21,208		124,871
Volvo AB, B Shares		11,928		148,060
				2,953,513

	Number of Shares		Value†
Switzerland — 9.5%
ABB Ltd.		17,471	$	365,883
Actelion Ltd.		835		122,175
Adecco S.A.		1,364		110,731
Aryzta AG		739		36,438
Baloise Holding AG		408		49,748
Barry Callebaut AG		17		19,365
Chocoladefabriken Lindt & Spruengli AG		1		62,549
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		7		37,016
Cie Financiere Richemont S.A.		4,087		332,442
Coca-Cola HBC AG		1,371		29,469
Credit Suisse Group AG		11,988		329,527
EMS-Chemie Holding AG		65		27,461
Geberit AG		311		103,683
Givaudan S.A.		74		128,062
Glencore PLC		86,508		347,016
Holcim Ltd.		1,694		125,018
Julius Baer Group Ltd.		1,895		106,308
Kuehne + Nagel International AG		444		58,934
Lonza Group AG		459		61,318
Nestle S.A.		25,118		1,813,429
Novartis AG		18,084		1,782,385
Pargesa Holding S.A.		272		18,299
Partners Group Holding AG		138		41,255
Roche Holding AG		5,526		1,548,545
Schindler Holding AG		145		23,682
Schindler Holding AG, Participation Certificates		349		57,075
SGS S.A.		43		78,462
Sika AG		18		63,494
Sonova Holding AG		427		57,728
STMicroelectronics N.V.		4,919		40,335
Sulzer AG		188		19,334
Swiss Life Holding AG		272		62,287
Swiss Prime Site AG		430		32,631
Swiss Re AG		2,781		246,139
Swisscom AG		202		113,212
Syngenta AG		723		293,855
The Swatch Group AG		253		98,526
The Swatch Group AG, Registered Shares		366		27,481
Transocean Ltd.		3,010		48,678
UBS Group AG		28,612		606,852
Wolseley PLC		2,086		133,169
Zurich Insurance Group AG		1,170		356,150
				10,016,146
United Kingdom — 17.3%
3i Group PLC		8,442		68,511
Aberdeen Asset Management PLC		7,687		48,796
Admiral Group PLC		1,518		33,082
Aggreko PLC		2,157		48,770
Amec Foster Wheeler PLC		2,494		32,035
Anglo American PLC		10,459		150,943
Antofagasta PLC		3,403		36,867
ARM Holdings PLC		11,309		184,266
Ashtead Group PLC		3,679		63,529

140

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
United Kingdom — (continued)
Associated British Foods PLC		2,872	$	129,557
AstraZeneca PLC		9,861		622,704
Aviva PLC		32,002		247,643
Babcock International Group PLC		1,759		29,849
BAE Systems PLC		25,041		177,527
Barclays PLC		128,659		526,612
Barratt Developments PLC		7,726		74,597
BG Group PLC		27,035		450,059
BHP Billiton PLC		16,770		329,108
BP PLC		142,091		938,023
British American Tobacco PLC		14,699		788,717
BT Group PLC		64,555		456,644
Bunzl PLC		2,435		66,495
Burberry Group PLC		3,582		88,419
Capita PLC		5,526		107,491
Carnival PLC		1,577		80,505
Centrica PLC		39,110		162,108
Cobham PLC		8,466		34,985
Compass Group PLC		13,243		219,108
Croda International PLC		1,214		52,494
Diageo PLC		19,654		568,522
Direct Line Insurance Group PLC		9,512		50,187
Dixons Carphone PLC		7,844		55,893
easyJet PLC		1,334		32,405
Fiat Chrysler Automobiles NV*		7,378		108,081
Fresnillo PLC		1,200		13,085
G4S PLC		12,521		52,843
GKN PLC		13,828		72,677
GlaxoSmithKline PLC		37,838		786,260
Hammerson PLC		6,570		63,538
Hargreaves Lansdown PLC		1,892		34,276
HSBC Holdings PLC		151,222		1,354,592
ICAP PLC		4,325		35,983
IMI PLC		1,958		34,610
Imperial Tobacco Group PLC		7,532		362,967
Inmarsat PLC		3,494		50,260
Intercontinental Hotels Group PLC		1,943		78,338
International Consolidated Airlines Group S.A. (London Main Market Exchange)		2,764		21,484
International Consolidated Airlines Group S.A. (Spanish Stock Exchange)*		5,668		44,081
Intertek Group PLC		1,257		48,389
Intu Properties PLC		8,219		39,724
Investec PLC		4,543		40,830
ITV PLC		30,751		127,219
J. Sainsbury PLC		9,762		40,693
Johnson Matthey PLC		1,610		76,852
Kingfisher PLC		18,641		101,722
Land Securities Group PLC		6,374		120,582
Legal & General Group PLC		47,123		184,289
Lloyds Banking Group PLC		447,156		598,887
London Stock Exchange Group PLC		2,429		90,452
Marks & Spencer Group PLC		12,979		109,307
Meggitt PLC		5,739		42,057
Melrose Industries PLC		7,834		30,465
Merlin Entertainments PLC		5,527		37,090

	Number of Shares		Value†
United Kingdom — (continued)
National Grid PLC		28,998	$	372,339
Next PLC		1,131		132,392
Old Mutual PLC		38,468		121,792
Pearson PLC		6,696		126,778
Persimmon PLC*		2,549		79,101
Petrofac Ltd.		1,906		27,717
Prudential PLC		20,038		482,500
Reckitt Benckiser Group PLC		5,052		435,632
Reed Elsevier PLC		8,393		136,490
Rexam PLC		5,992		51,970
Rio Tinto PLC		9,892		406,286
Rolls-Royce Holdings PLC		15,117		206,646
Rolls-Royce Holdings PLC C Shares*~		1,980,345		3,112
Royal Bank of Scotland Group PLC*		19,867		109,724
Royal Mail PLC		5,386		43,541
RSA Insurance Group PLC		7,501		46,813
SABMiller PLC		7,565		392,728
Schroders PLC		1,078		53,795
Segro PLC		6,438		41,049
Severn Trent PLC		2,104		68,796
Sky PLC		7,899		128,704
Smith & Nephew PLC		7,021		118,480
Smiths Group PLC		3,378		59,923
Sports Direct International PLC*		2,156		24,340
SSE PLC		7,658		184,820
Standard Chartered PLC		19,411		310,788
Standard Life PLC		16,040		111,900
Subsea 7 S.A.		1,806		17,679
Tate & Lyle PLC		3,269		26,684
Taylor Wimpey PLC		25,341		73,980
Tesco PLC		64,072		213,979
The British Land Co. PLC		7,874		98,171
The Sage Group PLC		8,870		71,427
The Weir Group PLC		1,674		44,635
Travis Perkins PLC		2,061		68,329
Tullow Oil PLC		7,372		39,348
Unilever PLC		10,072		432,037
United Utilities Group PLC		5,606		78,571
Vodafone Group PLC		206,154		744,524
W.M. Morrison Supermarkets PLC		17,966		51,038
Whitbread PLC		1,474		114,550
William Hill PLC		7,259		45,976
WPP PLC		9,883		221,437
				18,378,605
TOTAL COMMON STOCKS (Cost $80,374,607)				101,844,500
PREFERRED STOCKS — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG		477		40,378
Fuchs Petrolub SE		598		25,257
Henkel AG & Co. KGaA		1,395		156,455
Porsche Automobil Holding SE		1,203		101,352
Volkswagen AG		1,278		296,355
TOTAL PREFERRED STOCKS (Cost $371,468)				619,797

141

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
RIGHTS — 0.0%
Singapore — 0.0%
Jardine Cycle & Carriage 07/09/15~ (Cost $0)		111	$	585
WARRANTS — 0.0%
Belgium — 0.0%
Anheuser-Busch InBev N.V. 02/27/13*~ (Cost $0)		256		0
SHORT-TERM INVESTMENTS — 3.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,141,079)		3,141,079	$	3,141,079
TOTAL INVESTMENTS — 99.7% (Cost $83,887,154)			$	105,605,961
Other Assets & Liabilities — 0.3%				336,329
TOTAL NET ASSETS — 100.0%			$	105,942,290

† See Security Valuation Note.

* Non-income producing security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2015 is $13,078.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

The accompanying notes are an integral part of these financial statements.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.5%		$	479,636
Aerospace & Defense		0.8%			861,263
Agriculture		1.5%			1,565,400
Airlines		0.3%			265,203
Apparel		0.9%			881,340
Auto Manufacturers		4.0%			4,054,494
Auto Parts & Equipment		1.4%			1,395,166
Banks		14.7%			14,929,418
Beverages		2.5%			2,521,745
Biotechnology		0.3%			343,797
Building & Real Estate		0.2%			227,678
Building Materials		1.2%			1,244,447
Building-Maintenance Service		—%	+		30,883
Chemicals		3.8%			3,884,999
Commercial Services		1.6%			1,616,340
Computers		0.5%			474,255
Cosmetics & Personal Care		0.7%			752,602
Distribution & Wholesale		1.0%			988,904
Diversified		—%	+		27,397
Diversified Financial Services		2.1%			2,156,911

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Diversified Operations		0.2%		$	161,760
Electric		2.5%			2,584,848
Electrical Components & Equipment		1.1%			1,127,039
Electronics		1.4%			1,479,868
Energy-Alternate Sources		0.2%			179,706
Engineering & Construction		1.2%			1,224,059
Entertainment		0.2%			225,903
Environmental Control		—%	+		18,656
Food		5.1%			5,166,771
Forest Products & Paper		0.3%			325,405
Gas		1.0%			983,000
Hand & Machine Tools		0.4%			410,338
Healthcare Products		1.0%			982,911
Healthcare Services		0.3%			278,874
Holding Companies		0.4%			364,603
Home Builders		0.2%			240,071
Home Furnishings		0.5%			559,461
Hotels & Resorts		0.2%			251,579
Household Products & Wares		0.6%			574,639
Industrial		0.2%			209,758
Insurance		5.9%			5,990,692
Internet		0.4%			370,279
Investment Companies		0.3%			295,568
Iron & Steel		0.5%			527,388
Leisure Time		0.3%			331,213
Lodging		0.3%			275,601
Machinery — Construction & Mining		0.4%			392,781
Machinery — Diversified		1.2%			1,236,289
Media		1.2%			1,179,940
Metal Fabricate/Hardware		0.4%			368,963
Mining		2.3%			2,401,209
Miscellaneous Manufacturing		1.1%			1,149,895
Mixed Industrial/Office		0.5%			515,312
Office & Business Equipment		0.3%			360,999
Oil & Gas		5.0%			5,078,139
Oil & Gas Services		0.1%			134,825
Packaging and Containers		0.2%			164,024
Pharmaceuticals		8.8%			8,925,440
Pipelines		0.1%			55,648
Real Estate		1.8%			1,879,596
Real Estate Investment Trusts		1.0%			979,403
Real Estate Management Services		0.1%			98,071
Retail		3.0%			3,029,375
Semiconductors		0.7%			768,655
Shipbuilding		—%	+		34,721
Software		0.9%			898,305
Storage & Warehousing		—%	+		13,139
Telecommunications		5.6%			5,722,501
Textiles		0.1%			145,715
Toys, Games & Hobbies		0.2%			163,242
Transportation		1.9%			1,972,485
Venture Capital		0.1%			68,511
Water		0.3%			265,449
		100.0%		$	101,844,500

+ Rounded.

142

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Developed International Index Fund

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	101,844,500	$	101,832,007	$	12,493	$	—
PREFERRED STOCKS
Germany		619,797		619,797		—		—
RIGHTS		—		—		—		—
WARRANTS		585		—		585		—
SHORT-TERM INVESTMENTS		3,141,079		3,141,079		—		—
TOTAL INVESTMENTS	$	105,605,961	$	105,592,883	$	13,078	$	—

Fair Value of Level 2 investments at 12/31/14 was $93,764,753 which was a result of valuing investments using third-party vendor modeling tools. An amount of $92,370,942 was transferred from Level 2 into Level 1 at 6/30/2015 as a result of using quoted prices in active market for such foreign securities.

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

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International Equity Fund

	Number of Shares		Value†
COMMON STOCKS — 99.8%
Australia — 3.9%
CSL Ltd.		119,759	$	7,989,847
Ramsay Health Care Ltd.		149,842		7,106,596
				15,096,443
Brazil — 1.2%
Cielo S.A.		329,444		4,656,995
Canada — 6.1%
Alimentation Couche Tard, Inc., Class B		137,652		5,888,508
Enbridge, Inc.		177,667		8,308,670
Silver Wheaton Corp.		163,358		2,831,626
The Bank of Nova Scotia		124,355		6,418,869
				23,447,673
China — 5.8%
Alibaba Group Holding Ltd. ADR*		64,565		5,311,762
Baidu, Inc. ADR*		36,726		7,311,412
Sands China Ltd.		1,129,306		3,802,451
Tencent Holdings Ltd.		293,340		5,854,274
				22,279,899
Denmark — 4.2%
Coloplast A/S, B Shares		34,469		2,261,740
Novo Nordisk A/S, B Shares		254,182		13,848,796
				16,110,536
France — 8.7%
Air Liquide S.A.		42,168		5,333,407
Bureau Veritas S.A.		291,943		6,724,277
Essilor International S.A.		59,296		7,073,371
Hermes International		13,253		4,943,760
L’Oreal S.A.		31,430		5,606,368
Pernod Ricard S.A.		32,245		3,724,255
				33,405,438
Germany — 2.3%
Bayer AG		35,967		5,034,289
Fresenius Medical Care AG & Co. KGaA		48,100		3,970,350
				9,004,639
Hong Kong — 1.4%
Cheung Kong Infrastructure Holdings Ltd.		317,988		2,469,555
The Link REIT		505,677		2,961,696
				5,431,251
India — 11.8%
HDFC Bank Ltd.~		963,918		18,783,080
HDFC Bank Ltd. ADR		14,591		883,193
Housing Development Finance Corp.		843,178		17,166,114
ITC Ltd.		1,716,281		8,493,812
				45,326,199
Ireland — 1.1%
Paddy Power PLC*		48,802		4,189,884
Japan — 1.8%
Daito Trust Construction Co., Ltd.		42,500		4,403,317
Unicharm Corp.		107,600		2,558,011
				6,961,328
Netherlands — 4.5%
Unilever N.V.		412,746		17,188,930

	Number of Shares		Value†
South Africa — 1.6%
Naspers Ltd., N Shares		39,972	$	6,226,117
South Korea — 0.4%
Amorepacific Corp.		4,561		1,709,174
Spain — 2.5%
Banco Bilbao Vizcaya Argentaria S.A.		422,689		4,143,104
Grifols S.A.		136,402		5,494,219
				9,637,323
Switzerland — 15.6%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		1,142		6,038,877
Cie Financiere Richemont S.A.		71,332		5,802,234
DKSH Holding AG*		40,427		2,923,007
Nestle S.A.		215,917		15,588,425
Roche Holding AG		62,320		17,463,864
SGS S.A.		2,556		4,663,924
UBS Group AG		365,748		7,757,402
				60,237,733
United Kingdom — 20.7%
British American Tobacco PLC		437,973		23,500,688
Diageo PLC		214,142		6,194,385
Domino’s Pizza Group PLC		402,463		4,913,484
Imperial Tobacco Group PLC		153,681		7,405,877
Lloyds Banking Group PLC		3,791,965		5,078,673
Persimmon PLC*		185,499		5,756,403
Reckitt Benckiser Group PLC		182,352		15,724,150
SABMiller PLC		218,773		11,357,331
				79,930,991
United States — 6.2%
Philip Morris International, Inc.		191,843		15,380,053
The Priceline Group, Inc.*		7,409		8,530,501
				23,910,554
TOTAL COMMON STOCKS (Cost $307,481,099)				384,751,107
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $658,942)		658,942		658,942
TOTAL INVESTMENTS — 100.0% (Cost $308,140,041)			$	385,410,049
Other Assets & Liabilities — 0.0%				27,890
TOTAL NET ASSETS — 100.0%			$	385,437,939

~ Fair valued security. The total market value of fair valued securities at June 30, 2015 is $18,783,080.

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

The accompanying notes are an integral part of these financial statements.

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International Equity Fund

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Advertising		0.8%	$	2,923,007
Agriculture		14.2%		54,780,430
Apparel		1.3%		4,943,760
Banks		11.2%		43,064,321
Beverages		5.5%		21,275,971
Biotechnology		2.1%		7,989,847
Building & Real Estate		1.5%		5,756,403
Chemicals		1.3%		5,034,289
Commercial Services		4.2%		16,045,196
Cosmetics & Personal Care		2.6%		9,873,553
Diversified Financial Services		4.5%		17,166,114
Entertainment		1.1%		4,189,884
Food		10.1%		38,816,232
Gas		1.4%		5,333,407
Healthcare Products		2.4%		9,335,111
Healthcare Services		2.9%		11,076,946
Household Products & Wares		4.1%		15,724,150
Internet		7.0%		27,007,949
Investment Companies		0.6%		2,469,555
Lodging		1.0%		3,802,451
Media		1.6%		6,226,117
Mining		0.7%		2,831,626
Oil & Gas Services		2.1%		8,308,670
Pharmaceuticals		9.6%		36,806,879
Real Estate		1.1%		4,403,317
Real Estate Investment Trusts		0.8%		2,961,696
Retail		4.3%		16,604,226
		100.0%	$	384,751,107

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Australia	$	15,096,443	$	15,096,443	$	—	$	—
Brazil		4,656,995		4,656,995		—		—
Canada		23,447,673		23,447,673		—		—
China		22,279,899		22,279,899		—		—
Denmark		16,110,536		16,110,536		—		—
France		33,405,438		33,405,438		—		—
Germany		9,004,639		9,004,639		—		—
Hong Kong		5,431,251		5,431,251		—		—
India		45,326,199		26,543,119		18,783,080		—
Ireland		4,189,884		4,189,884		—		—
Japan		6,961,328		6,961,328		—		—
Netherlands		17,188,930		17,188,930		—		—
South Africa		6,226,117		6,226,117		—		—
South Korea		1,709,174		1,709,174		—		—
Spain		9,637,323		9,637,323		—		—
Switzerland		60,237,733		60,237,733		—		—
United Kingdom		79,930,991		79,930,991		—		—
United States		23,910,554		23,910,554		—		—
SHORT-TERM INVESTMENTS		658,942		658,942		—		—
TOTAL INVESTMENTS	$	385,410,049	$	366,626,969	$	18,783,080	$	—

Fair Value of Level 2 investments at 12/31/14 was $288,830,467 which was a result of valuing investments using third-party vendor modeling tools. An amount of $260,993,773 was transferred from Level 2 into Level 1 at 6/30/2015 as a result of using quoted prices in active market for such foreign securities.

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

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Emerging Markets Equity Fund

	Number of Shares		Value†
COMMON STOCKS — 94.5%
Argentina — 1.1%
MercadoLibre, Inc.		7,925	$	1,122,972
YPF S.A. ADR		24,632		675,656
				1,798,628
Austria — 2.1%
Erste Group Bank AG*		78,573		2,231,540
Vienna Insurance Group AG Wiener Versicherung Gruppe		32,253		1,106,587
				3,338,127
Brazil — 3.6%
BRF S.A.		155,257		3,279,817
CCR S.A.		137,160		660,411
Raia Drogasil S.A.		78,861		1,016,866
Ultrapar Participacoes S.A.		41,081		867,972
				5,825,066
Chile — 0.5%
S.A.C.I. Falabella		118,517		828,076
China — 13.2%
Baic Motor Corp Ltd.*		48,000		57,774
Bank of China Ltd., Class H		7,215,000		4,691,139
China Construction Bank Corp., Class H		3,310,930		3,024,090
China Life Insurance Co. Ltd., Class H		423,000		1,841,729
China Machinery Engineering Corp.		150,000		161,774
China Pacific Insurance Group Co. Ltd., Class H		268,000		1,286,143
Chongqing Changan Automobile Co. Ltd., Class B		109,700		280,634
Huadian Power International Corp. Ltd., Class H		572,000		633,871
Huatai Securities Co. Ltd.*		129,400		365,586
JD.Com, Inc. ADR*		23,222		791,870
NetEase.com, Inc. ADR		3,003		435,030
Qihoo 360 Technology Co. Ltd. ADR*		4,953		335,269
Sihuan Pharmaceutical Holdings Group Ltd.~		1,282,000		692,886
TAL Education Group ADR*		15,958		563,317
Tencent Holdings Ltd.		275,700		5,502,227
Tsingtao Brewery Co. Ltd., Class H		80,000		485,580
				21,148,919
Colombia — 0.3%
Grupo de Inversiones Suramericana SA		29,612		420,785
Czech Republic — 1.1%
Komercni Banka, A.S.		7,932		1,758,351
Egypt — 0.5%
Commercial International Bank Egypt SAE		112,727		833,997
Hong Kong — 4.5%
AIA Group Ltd.		126,200		826,241
China Mengniu Dairy Co. Ltd.		203,000		1,012,178
China Mobile Ltd.		245,000		3,136,953
China Overseas Land & Investment Ltd.		288,000		1,016,158

	Number of Shares		Value†
Hong Kong — (continued)
China Taiping Insurance Holdings Co. Ltd.*		119,200	$	428,266
CSPC Pharmaceutical Group Ltd.		436,000		430,851
Shenzhen International Holdings Ltd.		273,000		476,862
				7,327,509
India — 10.1%
Ashok Leyland Ltd.		1,709,336		1,947,430
Bharat Petroleum Corp Ltd.		83,552		1,153,760
Glenmark Pharmaceuticals Ltd.		97,172		1,517,015
HDFC Bank Ltd.~		99,807		1,944,857
ICICI Bank Ltd.		105,271		509,163
Idea Cellular Ltd.		199,345		551,423
IndusInd Bank Ltd.~		119,864		1,698,029
Marico Ltd.		170,590		1,204,551
Maruti Suzuki India Ltd.~		25,616		1,685,278
Oil & Natural Gas Corp. Ltd.		39,750		193,257
Shree Cement Ltd.		7,115		1,267,142
Shriram Transport Finance Co. Ltd.		93,175		1,248,747
Sun Pharmaceutical Industries Ltd.		56,264		772,746
Tata Consultancy Services Ltd.		15,280		612,100
				16,305,498
Indonesia — 2.4%
AKR Corporindo Tbk PT		805,300		357,877
Kalbe Farma Tbk PT		5,899,100		741,121
Link Net Tbk PT*		1,477,200		562,294
Matahari Department Store Tbk PT		1,014,300		1,259,079
Surya Citra Media Tbk PT		1,741,900		375,621
Xl Axiata Tbk PT*		2,154,200		595,404
				3,891,396
Japan — 0.5%
Nexon Co. Ltd.		54,000		743,032
Malaysia — 0.8%
Astro Malaysia Holdings Bhd		730,400		596,245
IHH Healthcare Bhd		457,700		686,611
				1,282,856
Mexico — 6.7%
Alfa S.A.B. de C.V.		804,258		1,541,228
America Movil S.A.B. de C.V., Series L ADR		51,801		1,103,879
Cemex S.A.B. de C.V. ADR*		246,151		2,254,743
El Puerto de Liverpool Sab de CV		51,658		596,561
Fomento Economico Mexicano S.A.B. de C.V. ADR		32,992		2,939,257
Grupo Financiero Banorte S.A.B. de C.V., Series O		170,912		939,731
Grupo Financiero Inbursa S.A.B de C.V., Series O		300,472		681,522
Mexichem S.A.B. de C.V.		246,463		711,909
				10,768,830
Pakistan — 0.7%
United Bank Ltd.		634,700		1,065,909

146

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Emerging Markets Equity Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Panama — 0.3%
Copa Holdings S.A., Class A		6,138	$	506,937
Peru — 1.1%
Credicorp Ltd.		12,906		1,792,902
Philippines — 4.0%
BDO Unibank, Inc.		268,700		645,977
DMCI Holdings, Inc.		1,691,750		495,256
International Container Terminal Services, Inc.		271,320		663,106
LT Group, Inc.		2,081,100		642,469
Metro Pacific Investments Corp.		9,275,400		973,002
Metropolitan Bank & Trust Co.		713,383		1,487,203
SM Investments Corp.		73,640		1,461,694
				6,368,707
Poland — 2.7%
Bank Pekao S.A.		28,073		1,343,547
Bank Zachodni WBK S.A.*		6,830		619,877
CCC SA		14,634		677,212
PKP Cargo S.A.		35,177		774,455
Polski Koncern Naftowy Orlen S.A.		51,296		1,007,230
				4,422,321
Portugal — 0.9%
Jeronimo Martins SGPS, S.A.		107,883		1,383,146
Qatar — 0.1%
Ooredoo QSC		7,162		171,121
Russia — 1.8%
Mail.Ru Group Ltd. GDR*		39,051		814,213
NOVATEK OAO GDR		7,234		736,421
X5 Retail Group N.V. GDR*		31,875		530,719
Yandex N.V., Class A*		50,408		767,210
				2,848,563
South Africa — 6.3%
Life Healthcare Group Holdings Ltd.		291,584		899,486
MTN Group Ltd.		108,851		2,046,660
Naspers Ltd., N Shares		19,073		2,970,848
Sasol Ltd.		33,973		1,256,604
Steinhoff International Holdings Ltd.		251,485		1,591,471
Vodacom Group Ltd.		116,032		1,322,837
				10,087,906
South Korea — 11.4%
Amorepacific Corp.		2,676		1,002,795
Cosmax, Inc.		3,522		636,230
Coway Co. Ltd.		18,364		1,504,747
Hotel Shilla Co. Ltd.		9,467		946,318
KB Financial Group, Inc.		40,698		1,346,323
Kia Motors Corp.		21,334		866,404
Kolao Holdings		21,384		428,466
Kolao Holdings GDR		1		10
Korea Aerospace Industries Ltd.		7,956		567,038
LG Chem Ltd.		3,502		874,362
Lotte Chemical Corp.		3,462		896,964

	Number of Shares		Value†
South Korea — (continued)
NAVER Corp.		2,357	$	1,339,673
Samsung Electronics Co. Ltd.		4,103		4,664,130
Samsung Life Insurance Co. Ltd.		9,523		917,766
Shinhan Financial Group Co. Ltd.		3,936		146,614
SK Hynix, Inc.		44,277		1,679,069
SK Telecom Co. Ltd.		2,349		526,469
				18,343,378
Spain — 0.3%
Cemex Latam Holdings S.A.*		99,528		487,475
Switzerland — 1.4%
Coca-Cola HBC AG		63,951		1,374,599
DKSH Holding AG		13,096		946,884
				2,321,483
Taiwan — 9.4%
Advanced Semiconductor Engineering, Inc.		604,000		818,266
Catcher Technology Co. Ltd.		99,000		1,238,523
Chailease Holding Co. Ltd.		446,250		1,076,051
Delta Electronics, Inc.		126,000		645,222
Eclat Textile Co. Ltd.		58,644		961,735
Fubon Financial Holding Co. Ltd.		715,310		1,423,456
Hermes Microvision, Inc.		12,012		782,515
Largan Precision Co. Ltd.		12,000		1,370,951
Nan Ya Plastics Corp.		162,000		380,133
Pegatron Corp.		171,000		500,455
Taiwan Mobile Co. Ltd.		178,000		594,208
Taiwan Semiconductor Manufacturing Co. Ltd.		867,769		3,951,500
Uni-President Enterprises Corp.		737,502		1,307,471
				15,050,486
Thailand — 3.6%
Advanced Info Service PCL NVDR		177,600		1,261,980
BTS Rail Mass Transit Growth Infrastructure Fund		2,532,000		764,649
Indorama Ventures PCL NVDR		915,000		751,765
Land and Houses PCL NVDR		1,921,300		503,427
Minor International PCL NVDR		734,470		652,369
PTT PCL		112,100		1,191,512
Total Access Communication PCL NVDR		244,400		602,398
				5,728,100
United Kingdom — 0.9%
Mondi PLC		70,022		1,518,371
United States — 2.2%
Samsonite International S.A.		723,000		2,499,681
Yum! Brands, Inc.		11,680		1,052,134
				3,551,815
TOTAL COMMON STOCKS (Cost $122,953,183)				151,919,690

147

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Emerging Markets Equity Fund

	Number of Shares		Value†
PREFERRED STOCKS — 3.2%
Brazil — 2.3%
Banco Bradesco S.A.		175,071	$	1,604,813
Itau Unibanco Holding S.A.		183,156		2,017,656
				3,622,469
Colombia — 0.3%
Grupo de Inversiones Suramericana S.A.		31,247		436,582
South Korea — 0.6%
Samsung Electronics Co. Ltd.		1,155		1,028,208
TOTAL PREFERRED STOCKS (Cost $6,374,768)				5,087,259
SHORT-TERM INVESTMENTS — 2.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $4,116,034)		4,116,034		4,116,034
TOTAL INVESTMENTS — 100.3% (Cost $133,443,985)			$	161,122,983
Other Assets & Liabilities — (0.3)%				(424,589	)
TOTAL NET ASSETS — 100.0%			$	160,698,394

~ Fair valued security. The total market value of fair valued securities at June 30, 2015 is $6,021,050.

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

GDR — Global Depository Receipt.

NVDR — Non Voting Depository Receipt.

PCL — Public Company Limited.

PLC — Public Limited Company.

The accompanying notes are an integral part of these financial statements.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Advertising		0.6%	$	946,884
Aerospace & Defense		0.4%		567,038
Airlines		0.3%		506,937
Apparel		0.6%		961,735
Auto Manufacturers		3.2%		4,837,520
Banks		16.6%		25,267,834
Beverages		3.6%		5,441,905
Building Materials		2.6%		4,009,360
Chemicals		3.0%		4,483,105
Commercial Services		1.6%		2,363,696
Computers		0.4%		612,100
Cosmetics & Personal Care		1.1%		1,639,025
Distribution & Wholesale		0.2%		357,877
Diversified Financial Services		3.7%		5,606,777
Electric		0.4%		633,871
Electrical Components & Equipment		1.3%		1,928,192
Engineering & Construction		0.4%		657,030
Food		5.0%		7,513,331

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Forest Products & Paper		1.0%	$	1,518,371
Healthcare Services		1.1%		1,586,097
Holding Companies		1.0%		1,541,228
Home Builders		0.3%		503,427
Home Furnishings		2.0%		3,096,218
Hotels & Resorts		0.6%		946,318
Household Products & Wares		2.4%		3,704,232
Insurance		4.2%		6,406,732
Internet		7.4%		11,235,728
Investment Companies		0.3%		420,785
Media		2.6%		3,942,714
Metal Fabricate/Hardware		0.8%		1,238,523
Miscellaneous Manufacturing		0.9%		1,370,951
Oil & Gas		4.1%		6,214,440
Pharmaceuticals		2.7%		4,154,619
Real Estate		0.7%		1,016,158
Retail		5.3%		7,972,467
Semiconductors		7.3%		11,112,965
Software		0.8%		1,178,062
Telecommunications		7.9%		11,913,332
Transportation		1.0%		1,539,104
Water		0.6%		973,002
		100.0%	$	151,919,690

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Argentina	$	1,798,628	$	1,798,628	$	—	$	—
Austria		3,338,127		3,338,127		—		—
Brazil		5,825,066		5,825,066		—		—
Chile		828,076		828,076		—		—
China		21,148,919		20,456,033		692,886		—
Colombia		420,785		420,785		—		—
Czech Republic		1,758,351		1,758,351		—		—
Egypt		833,997		833,997		—		—
Hong Kong		7,327,509		7,327,509		—		—
India		16,305,498		10,977,334		5,328,164		—
Indonesia		3,891,396		3,891,396		—		—
Japan		743,032		743,032		—		—
Malaysia		1,282,856		1,282,856		—		—
Mexico		10,768,830		10,768,830		—		—
Pakistan		1,065,909		1,065,909		—		—
Panama		506,937		506,937		—		—
Peru		1,792,902		1,792,902		—		—
Philippines		6,368,707		6,368,707		—		—
Poland		4,422,321		4,422,321		—		—
Portugal		1,383,146		1,383,146		—		—
Qatar		171,121		171,121		—		—
Russia		2,848,563		2,848,563		—		—
South Africa		10,087,906		10,087,906		—		—
South Korea		18,343,378		18,343,378		—		—
Spain		487,475		487,475		—		—
Switzerland		2,321,483		2,321,483		—		—
Taiwan		15,050,486		15,050,486		—		—

148

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Emerging Markets Equity Fund

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Thailand	$	5,728,100	$	5,728,100	$	—	$	—
United Kingdom		1,518,371		1,518,371		—		—
United States		3,551,815		3,551,815		—		—
PREFERRED STOCKS		5,087,259		5,087,259		—		—
SHORT-TERM INVESTMENTS		4,116,034		4,116,034		—		—
TOTAL INVESTMENTS	$	161,122,983	$	155,101,933	$	6,021,050	$	—

Fair Value of Level 2 investments at 12/31/14 was $106,318,771 which was a result of valuing investments using third-party vendor modeling tools. An amount of $87,339,064 was transferred from Level 2 into Level 1 at 6/30/2015 as a result of using quoted prices in active market for such foreign securities.

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

149

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Real Estate Securities Fund

	Number of Shares		Value†
COMMON STOCKS — 1.9%
Hotels & Resorts — 0.9%
La Quinta Holdings Inc*		53,538	$	1,223,343
Lodging — 1.0%
Extended Stay America, Inc.		66,248		1,243,475
TOTAL COMMON STOCKS (Cost $2,502,244)				2,466,818
REAL ESTATE INVESTMENT TRUSTS — 93.7%
Apartments — 18.8%
American Homes 4 Rent		127,395		2,043,416
Apartment Investment & Management Co., Class A		82,868		3,060,315
Education Realty Trust, Inc.		30,948		970,529
Equity Residential		129,350		9,076,490
Home Properties, Inc.		25,667		1,874,974
Monogram Residential Trust, Inc.		141,858		1,279,559
UDR, Inc.		206,645		6,618,840
				24,924,123
Building & Real Estate — 1.8%
Spirit Realty Capital, Inc.		252,445		2,441,143
Diversified — 12.8%
American Assets Trust, Inc.		35,141		1,377,879
Equinix, Inc.		18,167		4,614,418
Liberty Property Trust		54,379		1,752,091
Retail Properties of America, Inc. Class A		133,407		1,858,360
Vornado Realty Trust		78,083		7,412,419
				17,015,167
Healthcare — 9.3%
HCP, Inc.		34,491		1,257,887
Health Care REIT, Inc.		87,439		5,738,621
Healthcare Trust of America, Inc.		65,616		1,571,503
Omega Healthcare Investors, Inc.		111,194		3,817,290
				12,385,301
Hotels & Resorts — 6.9%
Belmond Ltd.*		52,489		655,588
DiamondRock Hospitality Co.		124,028		1,588,799
Host Hotels & Resorts, Inc.		275,723		5,467,587
Sunstone Hotel Investors, Inc.		98,728		1,481,907
				9,193,881
Industrial — 1.9%
First Industrial Realty Trust, Inc.		53,064		993,889
QTS Realty Trust, Inc.		42,679		1,555,649
				2,549,538
Manufactured Homes — 1.2%
Sun Communities, Inc.		26,596		1,644,431
Office Property — 11.1%
BioMed Realty Trust, Inc.		164,459		3,180,637
Brandywine Realty Trust		73,576		977,089
Douglas Emmett, Inc.		71,773		1,933,564
Empire State Realty Trust, Inc.		58,848		1,003,947

	Number of Shares		Value†
Office Property — (continued)
Kilroy Realty Corp.		23,438	$	1,573,862
SL Green Realty Corp.		54,885		6,031,313
				14,700,412
Regional Malls — 13.6%
Pennsylvania Real Estate Investment Trust		74,524		1,590,342
Simon Property Group, Inc.		73,639		12,741,020
The Macerich Co.		50,969		3,802,287
				18,133,649
Storage & Warehousing — 9.1%
CubeSmart		129,824		3,006,724
Extra Space Storage, Inc.		12,298		802,076
Public Storage		35,460		6,537,760
Sovran Self Storage, Inc.		19,277		1,675,364
				12,021,924
Strip Centers — 7.2%
DDR Corp.		289,409		4,474,263
Regency Centers Corp.		53,452		3,152,599
Weingarten Realty Investors		60,111		1,965,029
				9,591,891
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $116,628,236)				124,601,460
SHORT-TERM INVESTMENTS — 0.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,183,436)		1,183,436		1,183,436
TOTAL INVESTMENTS — 96.5% (Cost $120,313,916)			$	128,251,714
Other Assets & Liabilities — 3.5%				4,667,306
TOTAL NET ASSETS — 100.0%			$	132,919,020

† See Security Valuation Note.

* Non-income producing security.

REIT — Real Estate Investment Trust.

The accompanying notes are an integral part of these financial statements.

150

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Real Estate Securities Fund

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	2,466,818	$	2,466,818	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		124,601,460		124,601,460		—		—
SHORT-TERM INVESTMENTS		1,183,436		1,183,436		—		—
TOTAL INVESTMENTS	$	128,251,714	$	128,251,714	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

151

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Aggressive Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 67.6%
Penn Series Flexibly Managed Fund*		79,180	$	3,280,447
Penn Series Index 500 Fund*		203,124		3,280,447
Penn Series Large Cap Growth Fund*		198,065		2,624,358
Penn Series Large Cap Value Fund*		281,101		6,560,894
Penn Series Large Core Growth Fund*		40,103		656,089
Penn Series Large Core Value Fund*		218,988		3,280,447
Penn Series Large Growth Stock Fund*		90,184		2,624,358
Penn Series Mid Cap Growth Fund*		170,413		2,624,358
Penn Series Mid Cap Value Fund*		181,575		3,936,537
Penn Series Mid Core Value Fund*		182,653		3,280,447
Penn Series Real Estate Securities Fund*		153,292		2,624,358
Penn Series Small Cap Growth Fund*		63,946		1,968,269
Penn Series Small Cap Index Fund*		35,774		656,089
Penn Series Small Cap Value Fund*		91,441		2,624,358
Penn Series SMID Cap Growth Fund*		60,581		1,312,179
Penn Series SMID Cap Value Fund*		153,939		3,280,447
TOTAL AFFILIATED EQUITY FUNDS (Cost $26,404,991)				44,614,082
AFFILIATED FIXED INCOME FUNDS — 3.0%
Penn Series Quality Bond Fund* (Cost $1,709,243)		146,340		1,968,268
AFFILIATED INTERNATIONAL EQUITY FUNDS — 28.8%
Penn Series Developed International Index Fund*		429,167		5,248,716
Penn Series Emerging Markets Equity Fund*		406,068		4,592,626
Penn Series International Equity Fund*		382,082		9,185,252
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $14,551,504)				19,026,594
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $368,945)		368,945		368,945
TOTAL INVESTMENTS — 100.0% (Cost $43,034,683)			$	65,977,889
Other Assets & Liabilities — 0.0%				(25,433	)
TOTAL NET ASSETS — 100.0%			$	65,952,456

* Non-income producing security.

† See Security Valuation Note.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	44,614,082	$	44,614,082	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		1,968,268		1,968,268		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		19,026,594		19,026,594		—		—
SHORT-TERM INVESTMENTS		368,945		368,945		—		—
TOTAL INVESTMENTS	$	65,977,889	$	65,977,889	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

152

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Moderately Aggressive Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 58.6%
Penn Series Flexibly Managed Fund*		304,702	$	12,623,821
Penn Series Index 500 Fund*		781,661		12,623,821
Penn Series Large Cap Growth Fund*		571,645		7,574,292
Penn Series Large Cap Value Fund*		865,386		20,198,113
Penn Series Large Core Growth Fund*		154,325		2,524,764
Penn Series Large Core Value Fund*		674,169		10,099,057
Penn Series Large Growth Stock Fund*		347,047		10,099,057
Penn Series Mid Cap Growth Fund*		491,837		7,574,292
Penn Series Mid Cap Value Fund*		582,280		12,623,821
Penn Series Mid Core Value Fund*		562,308		10,099,057
Penn Series Real Estate Securities Fund*		442,424		7,574,292
Penn Series Small Cap Growth Fund*		164,052		5,049,528
Penn Series Small Cap Index Fund*		275,329		5,049,528
Penn Series Small Cap Value Fund*		263,913		7,574,293
Penn Series SMID Cap Growth Fund*		349,690		7,574,292
Penn Series SMID Cap Value Fund*		473,912		10,099,057
TOTAL AFFILIATED EQUITY FUNDS (Cost $80,774,174)				148,961,085
AFFILIATED FIXED INCOME FUNDS — 17.9%
Penn Series High Yield Bond Fund*		665,579		7,567,637
Penn Series Limited Maturity Bond Fund*		652,956		7,574,292
Penn Series Quality Bond Fund*		2,252,578		30,297,170
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $39,890,087)				45,439,099
AFFILIATED INTERNATIONAL EQUITY FUNDS — 22.9%
Penn Series Developed International Index Fund*		1,445,082		17,673,349
Penn Series Emerging Markets Equity Fund*		1,116,165		12,623,821
Penn Series International Equity Fund*		1,155,258		27,772,405
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $42,309,286)				58,069,575
SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,101,739)		1,101,739		1,101,739
TOTAL INVESTMENTS — 99.8% (Cost $164,075,286)			$	253,571,498
Other Assets & Liabilities — 0.2%				607,763
TOTAL NET ASSETS — 100.0%			$	254,179,261

† See Security Valuation Note.

* Non-income producing security.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	148,961,085	$	148,961,085	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		45,439,099		45,439,099		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		58,069,575		58,069,575		—		—
SHORT-TERM INVESTMENTS		1,101,739		1,101,739		—		—
TOTAL INVESTMENTS	$	253,571,498	$	253,571,498	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

153

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Moderate Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 44.9%
Penn Series Flexibly Managed Fund*		523,856	$	21,703,343
Penn Series Index 500 Fund*		1,119,884		18,086,119
Penn Series Large Cap Growth Fund*		818,994		10,851,671
Penn Series Large Cap Value Fund*		929,878		21,703,343
Penn Series Large Core Value Fund*		724,411		10,851,671
Penn Series Large Growth Stock Fund*		248,606		7,234,447
Penn Series Mid Cap Growth Fund*		469,769		7,234,448
Penn Series Mid Cap Value Fund*		500,538		10,851,671
Penn Series Mid Core Value Fund*		604,213		10,851,671
Penn Series Real Estate Securities Fund*		422,573		7,234,448
Penn Series Small Cap Growth Fund*		117,519		3,617,224
Penn Series Small Cap Index Fund*		394,463		7,234,448
Penn Series Small Cap Value Fund*		252,071		7,234,448
Penn Series SMID Cap Growth Fund*		334,000		7,234,447
Penn Series SMID Cap Value Fund*		509,229		10,851,671
TOTAL AFFILIATED EQUITY FUNDS (Cost $86,175,553)				162,775,070
AFFILIATED FIXED INCOME FUNDS — 35.9%
Penn Series High Yield Bond Fund*		1,271,432		14,456,181
Penn Series Limited Maturity Bond Fund*		2,182,807		25,320,566
Penn Series Quality Bond Fund*		6,723,464		90,430,595
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $114,386,319)				130,207,342
AFFILIATED INTERNATIONAL EQUITY FUNDS — 16.9%
Penn Series Developed International Index Fund*		1,478,832		18,086,119
Penn Series Emerging Markets Equity Fund*		959,476		10,851,672
Penn Series International Equity Fund*		1,354,202		32,555,014
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $42,743,728)				61,492,805
AFFILIATED MONEY MARKET FUND — 2.0%
Penn Series Money Market Fund (Cost $7,234,507)		7,234,507		7,234,507
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,180,239)		1,180,239		1,180,239
TOTAL INVESTMENTS — 100.0% (Cost $251,720,346)			$	362,889,963
Other Assets & Liabilities — 0.0%				(133,904	)
TOTAL NET ASSETS — 100.0%			$	362,756,059

† See Security Valuation Note.

* Non-income producing security.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	162,775,070	$	162,775,070	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		130,207,342		130,207,342		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		61,492,805		61,492,805		—		—
AFFILIATED MONEY MARKET FUNDS		7,234,507		7,234,507		—		—
SHORT-TERM INVESTMENTS		1,180,239		1,180,239		—		—
TOTAL INVESTMENTS	$	362,889,963	$	362,889,963	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

154

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Moderately Conservative Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 32.8%
Penn Series Flexibly Managed Fund*		181,071	$	7,501,764
Penn Series Index 500 Fund*		199,074		3,215,042
Penn Series Large Cap Growth Fund*		161,763		2,143,361
Penn Series Large Cap Value Fund*		229,580		5,358,403
Penn Series Large Core Value Fund*		143,082		2,143,361
Penn Series Large Growth Stock Fund*		36,828		1,071,681
Penn Series Mid Cap Value Fund*		148,295		3,215,042
Penn Series Mid Core Value Fund*		119,341		2,143,361
Penn Series Real Estate Securities Fund*		125,196		2,143,361
Penn Series Small Cap Growth Fund*		34,817		1,071,680
Penn Series Small Cap Index Fund*		58,434		1,071,680
Penn Series Small Cap Value Fund*		37,341		1,071,680
Penn Series SMID Cap Growth Fund*		49,477		1,071,680
Penn Series SMID Cap Value Fund*		100,580		2,143,361
TOTAL AFFILIATED EQUITY FUNDS (Cost $18,880,126)				35,365,457
AFFILIATED FIXED INCOME FUNDS — 54.7%
Penn Series High Yield Bond Fund*		565,034		6,424,433
Penn Series Limited Maturity Bond Fund*		1,385,794		16,075,208
Penn Series Quality Bond Fund*		2,709,081		36,437,139
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $50,697,995)				58,936,780
AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%
Penn Series Developed International Index Fund*		350,509		4,286,722
Penn Series Emerging Markets Equity Fund*		94,755		1,071,680
Penn Series International Equity Fund*		222,895		5,358,403
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $6,935,691)				10,716,805
AFFILIATED MONEY MARKET FUND — 2.0%
Penn Series Money Market Fund (Cost $2,143,379)		2,143,379		2,143,379
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $642,154)		642,154		642,154
TOTAL INVESTMENTS — 100.0% (Cost $79,299,345)			$	107,804,575
Other Assets & Liabilities — 0.0%				52,687
TOTAL NET ASSETS — 100.0%			$	107,857,262

† See Security Valuation Note.

* Non-income producing security.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	35,365,457	$	35,365,457	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		58,936,780		58,936,780		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		10,716,805		10,716,805		—		—
AFFILIATED MONEY MARKET FUNDS		2,143,379		2,143,379		—		—
SHORT-TERM INVESTMENTS		642,154		642,154		—		—
TOTAL INVESTMENTS	$	107,804,575	$	107,804,575	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

155

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2015 (Unaudited)

Conservative Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 17.7%
Penn Series Flexibly Managed Fund*		123,524	$	5,117,592
Penn Series Index 500 Fund*		79,220		1,279,398
Penn Series Large Cap Growth Fund*		48,279		639,699
Penn Series Large Cap Value Fund*		54,816		1,279,398
Penn Series Large Core Value Fund*		85,407		1,279,398
Penn Series Mid Cap Value Fund*		59,013		1,279,398
Penn Series Mid Core Value Fund*		35,618		639,699
TOTAL AFFILIATED EQUITY FUNDS (Cost $6,698,427)				11,514,582
AFFILIATED FIXED INCOME FUNDS — 69.9%
Penn Series High Yield Bond Fund*		393,488		4,473,959
Penn Series Limited Maturity Bond Fund*		1,158,076		13,433,679
Penn Series Quality Bond Fund*		2,045,134		27,507,057
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $38,587,758)				45,414,695
AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9%
Penn Series Developed International Index Fund*		156,917		1,919,097
Penn Series International Equity Fund*		53,220		1,279,398
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $1,909,228)				3,198,495
AFFILIATED MONEY MARKET FUND — 5.9%
Penn Series Money Market Fund (Cost $3,838,225)		3,838,225		3,838,225
SHORT-TERM INVESTMENTS — 2.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,317,716)		1,317,716		1,317,716
TOTAL INVESTMENTS — 100.4% (Cost $52,351,354)			$	65,283,713
Other Assets & Liabilities — (0.4)%				(287,161	)
TOTAL NET ASSETS — 100.0%			$	64,996,552

† See Security Valuation Note.

* Non-income producing security.

The accompanying notes are an integral part of these financial statements.

Summary of inputs used to value the Fund’s investments as of 06/30/2015 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	11,514,582	$	11,514,582	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		45,414,695		45,414,695		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		3,198,495		3,198,495		—		—
AFFILIATED MONEY MARKET FUNDS		3,838,225		3,838,225		—		—
SHORT-TERM INVESTMENTS		1,317,716		1,317,716		—		—
TOTAL INVESTMENTS	$	65,283,713	$	65,283,713	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

156

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2015

	Money Market Fund		Limited Maturity Bond Fund			Quality Bond Fund			High Yield Bond Fund
ASSETS
Investments at value	$	107,149,367	$	207,548,005		$	566,527,463		$	189,732,407
Foreign currency, at value		—		—			—			19,746
Cash		—		1,976,615			5,105,740			1,194
Initial Margin Held by Broker for Open Futures		—		—			829,322			—
Interest, dividends and reclaims receivable		54,332		1,033,411			3,154,780			3,172,931
Receivable for investment securities sold		—		5,036,754			2,553,567			867,462
Receivable for capital stock sold		27,570		75,464			3,005,600			32,573
Futures receivable		—		200,901			—			—
Net unrealized appreciation of forward foreign currency contracts		—		—			—			130,255
Other assets		1,344		2,292			5,387			1,931
Total Assets		107,232,613		215,873,442			581,181,859			193,958,499
LIABILITIES
Payable for investment securities purchased		—		4,016,055			21,465,428			1,951,667
Payable for capital stock redeemed		259,661		3,161,071			758,474			675,479
Future variation margin payable		—		15,782			459,155			—
Payable to investment adviser		—		79,771			200,000			88,937
Payable to The Penn Mutual Life Insurance Co.		15,965		79,845			210,544			72,672
Net unrealized depreciation of forward foreign currency contracts		—		—			—			197,065
Other liabilities		33,197		41,746			79,883			59,349
Total Liabilities		308,823		7,394,270			23,173,484			3,045,169
NET ASSETS	$	106,923,790	$	208,479,172		$	558,008,375		$	190,913,330
Investments at cost	$	107,149,367	$	208,169,926		$	568,482,774		$	191,962,096
Foreign currency at cost		—		—			—			19,947
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	106,923,790	$	207,570,767		$	543,451,387		$	188,092,894
Undistributed net investment income (loss)		—		1,267,720			6,673,779			5,280,156
Accumulated net realized gain (loss) on investment transactions and foreign exchange		—		132,532			9,048,539			(165,484	)
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		—		(491,847	)		(1,165,330	)		(2,294,236	)
NET ASSETS	$	106,923,790	$	208,479,172		$	558,008,375		$	190,913,330
Shares outstanding, $0.10 par value, 500 million shares authorized		106,907,864
Shares outstanding, $0.10 par value, 250 million shares authorized							41,496,145			16,785,169
Shares outstanding, $0.0001 par value, 250 million shares authorized				17,966,345
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	1.00	$	11.60		$	13.45		$	11.37

The accompanying notes are an integral part of these financial statements.

157

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2015

	Flexibly Managed Fund			Balanced Fund			Large Growth Stock Fund			Large Cap Growth Fund
ASSETS
Investments of affiliated issuers at value	$	—		$	79,560,529		$	—		$	—
Investments of unaffiliated issuers at value		3,240,390,201			280,801			301,516,386			57,305,919
Foreign currency, at value		127,931			—			—			—
Cash		74,686			—			—			500
Interest, dividends and reclaims receivable		12,112,810			3			76,412			64,247
Receivable for investment securities sold		4,570,212			358,765			457,773			844,672
Receivable for capital stock sold		3,733,007			73,961			18,087			115,332
Other assets		28,867			791			2,723			552
Total Assets		3,261,037,714			80,274,850			302,071,381			58,331,222
LIABILITIES
Call options written, at value		11,487,666			—			—			—
Payable for investment securities purchased		17,583,983			280,481			1,779,266			—
Payable for capital stock redeemed		669,018			7,591			521,279			648,153
Payable to investment adviser		1,864,926			—			178,634			26,769
Payable to The Penn Mutual Life Insurance Co.		1,208,808			30,430			113,183			22,655
Other liabilities		293,061			8,730			63,471			22,216
Total Liabilities		33,107,462			327,232			2,655,833			719,793
NET ASSETS	$	3,227,930,252		$	79,947,618		$	299,415,548		$	57,611,429
Investments of affiliated issuers at cost		—			46,841,966			—			—
Investments of unaffiliated issuers at cost		2,834,903,088			280,801			204,611,320			48,365,416
Foreign currency at cost		127,837			—			—			—
Call options written, premiums received		(6,032,535	)		—			—			—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	2,654,390,012		$	50,384,456		$	191,172,716		$	46,515,372
Undistributed net investment income (loss)		16,757,451			(86,057	)		(389,300	)		15,049
Accumulated net realized gain (loss) on investment transactions and foreign exchange		156,758,321			(3,069,344	)		11,727,491			2,140,685
Net unrealized appreciation (depreciation) in value of investments, written options and foreign currency related items		400,024,468			32,718,563			96,904,641			8,940,323
NET ASSETS	$	3,227,930,252		$	79,947,618		$	299,415,548		$	57,611,429
Shares outstanding, $0.10 par value, 250 million shares authorized		77,915,393						10,287,728
Shares outstanding, $0.0001 par value, 250 million shares authorized					4,923,410						4,346,679
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	41.43		$	16.24		$	29.10		$	13.25

The accompanying notes are an integral part of these financial statements.

158

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2015

	Large Core Growth Fund			Large Cap Value Fund			Large Core Value Fund		Index 500 Fund
ASSETS
Investments at value	$	127,623,701		$	227,352,768		$	189,125,297	$	441,990,854
Cash		—			—			—		37,067
Interest, dividends and reclaims receivable		15,165			338,149			421,928		502,313
Receivable for investment securities sold		2,729,456			226,428			1,973,350		153,669
Receivable for capital stock sold		170,441			7,482			895,815		17,176
Receivable for Securities sold short		—			176,917			—		—
Futures receivable		—			—			—		13,650
Other assets		1,229			2,229			1,898		12,554
Total Assets		130,539,992			228,103,973			192,418,288		442,727,283
LIABILITIES
Securities sold short at value (proceeds $176,917)		—			133,312			—		—
Payable for investment securities purchased		6,293,656			455,676			1,614,939		297,963
Payable for capital stock redeemed		2,044			3,685,322			16,348		1,226,024
Payable to investment adviser		62,540			126,049			106,139		47,997
Payable to The Penn Mutual Life Insurance Co.		47,658			86,565			73,242		168,049
Other liabilities		27,957			40,396			33,890		74,335
Total Liabilities		6,433,855			4,527,320			1,844,558		1,814,368
NET ASSETS	$	124,106,137		$	223,576,653		$	190,573,730	$	440,912,915
Investments at cost	$	100,142,900		$	190,756,620		$	167,176,216	$	261,941,906
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	90,977,888		$	181,026,864		$	156,425,073	$	264,700,395
Undistributed net investment income (loss)		(124,817	)		(26,079	)		1,483,412		3,627,438
Accumulated net realized gain (loss) on investment transactions and foreign exchange		5,772,265			5,936,115			10,716,164		(7,325,698	)
Net unrealized appreciation (depreciation) in value of investments, futures		27,480,801			36,639,753			21,949,081		179,910,780
NET ASSETS	$	124,106,137		$	223,576,653		$	190,573,730	$	440,912,915
Shares outstanding, $0.10 par value, 250 million shares authorized					9,577,269
Shares outstanding, $0.0001 par value, 250 million shares authorized		7,585,962						12,723,958		27,302,435
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	16.36		$	23.34		$	14.98	$	16.15

The accompanying notes are an integral part of these financial statements.

159

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2015

	Mid Cap Growth Fund			Mid Cap Value Fund			Mid Core Value Fund		SMID Cap Growth Fund
ASSETS
Investments at value	$	128,645,242		$	187,378,858		$	85,596,600	$	60,242,581
Foreign currency, at value		—			—			3,676		—
Cash		—			—			500		—
Interest, dividends and reclaims receivable		66,568			406,176			181,655		7,629
Receivable for investment securities sold		66,444			3,931,772			2,176,200		2,003,785
Receivable for capital stock sold		141,703			1,847,945			870,181		5,862,149
Net unrealized appreciation of forward foreign currency contracts		—			—			22,237		—
Other assets		1,254			1,791			792		615
Total Assets		128,921,211			193,566,542			88,851,841		68,116,759
LIABILITIES
Call options written, at value		191,466			—			—		—
Payable for investment securities purchased		306,063			3,604,034			1,266,607		1,013,432
Payable for capital stock redeemed		9,342			18,211			14,966		246,398
Future variation margin payable		—			—			—		—
Payable to investment adviser		74,967			87,339			52,136		38,126
Payable to The Penn Mutual Life Insurance Co.		48,975			72,222			33,480		22,574
Net unrealized depreciation of forward foreign currency contracts		—			—			3,039		—
Other liabilities		28,007			34,867			23,688		22,976
Total Liabilities		658,820			3,816,673			1,393,916		1,343,506
NET ASSETS	$	128,262,391		$	189,749,869		$	87,457,925	$	66,773,253
Investments at cost	$	118,204,934		$	160,415,984		$	81,676,903	$	48,021,762
Foreign currency at cost		—			—			3,718		—
Call options written, premiums received		105,726			—			—		—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	112,716,128		$	141,825,533		$	77,705,090	$	50,673,494
Undistributed net investment income (loss)		(184,060	)		(89,079	)		517,093		(210,194	)
Accumulated net realized gain (loss) on investment transactions and foreign exchange		5,375,754			21,050,541			5,297,446		4,089,133
Net unrealized appreciation (depreciation) in value of investments, written options and foreign currency related items		10,354,569			26,962,874			3,938,296		12,220,820
NET ASSETS	$	128,262,391		$	189,749,869		$	87,457,925	$	66,773,253
Shares outstanding, $0.0001 par value, 250 million shares authorized		8,330,303			8,751,507			4,869,930		3,082,470
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	15.40		$	21.68		$	17.96	$	21.66

The accompanying notes are an integral part of these financial statements.

160

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2015

	SMID Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund		Small Cap Index Fund
ASSETS
Investments at value	$	77,228,097		$	104,294,080		$	246,406,073	$	70,253,485
Cash		—			—			6,080		84
Interest, dividends and reclaims receivable		77,424			18,643			456,781		79,540
Receivable for investment securities sold		—			4,730,946			1,170,132		5,947,930
Receivable for capital stock sold		2,980,666			2,981			305,264		48,682
Futures receivable		—			—			—		5,880
Other assets		696			885			2,368		665
Total Assets		80,286,883			109,047,535			248,346,698		76,336,266
LIABILITIES
Payable for investment securities purchased		968,311			425,893			1,114,965		6,192,484
Payable for capital stock redeemed		14,999			7,540,356			10,803		76,836
Payable to investment adviser		60,801			65,752			146,897		17,422
Payable to The Penn Mutual Life Insurance Co.		28,933			40,294			93,230		26,102
Other liabilities		19,598			26,019			56,059		37,306
Total Liabilities		1,092,642			8,098,314			1,421,954		6,350,150
NET ASSETS	$	79,194,241		$	100,949,221		$	246,924,744	$	69,986,116
Investments of unaffiliated issuers at cost	$	64,663,006		$	80,871,410		$	201,283,147	$	51,067,402
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	63,280,018		$	72,397,683		$	190,416,785	$	48,006,634
Undistributed net investment income (loss)		(2,346	)		(330,651	)		729,057		220,510
Accumulated net realized gain (loss) on investment transactions and foreign exchange		3,351,478			5,459,506			10,655,976		2,589,089
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		12,565,091			23,422,683			45,122,926		19,169,883
NET ASSETS	$	79,194,241		$	100,949,221		$	246,924,744	$	69,986,116
Shares outstanding, $0.10 par value, 250 million shares authorized					3,280,157			8,603,426
Shares outstanding, $0.0001 par value, 250 million shares authorized		3,715,850								3,815,341
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	21.31		$	30.78		$	28.70	$	18.34

The accompanying notes are an integral part of these financial statements.

161

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2015

	Developed International Index Fund			International Equity Fund			Emerging Markets Equity Fund			Real Estate Securities Fund
ASSETS
Investments at value	$	105,605,961		$	385,410,049		$	161,122,983		$	128,251,714
Foreign currency, at value		384,218			483,631			104,866			—
Interest, dividends and reclaims receivable		409,804			1,363,681			887,683			470,891
Receivable for investment securities sold		—			—			469,653			45,742
Receivable for capital stock sold		27,820			11,102			3,801			4,567,291
Futures receivable		172,516			—			—			—
Net unrealized appreciation of forward foreign currency contracts		—			—			37,282			—
Other assets		114,149			3,823			1,646			1,258
Total Assets		106,714,468			387,272,286			162,627,914			133,336,896
LIABILITIES
Payable for investment securities purchased		95,110			307,841			165,174			249,787
Payable for capital stock redeemed		519,203			986,319			1,109,967			11,702
Payable to investment adviser		26,779			275,461			170,389			76,020
Payable to The Penn Mutual Life Insurance Co.		40,541			149,114			61,866			51,309
Deferred Indian capital gains tax		—			123			261,336			—
Net unrealized depreciation of forward foreign currency contracts		—			—			6,821			—
Other liabilities		90,545			115,489			153,967			29,058
Total Liabilities		772,178			1,834,347			1,929,520			417,876
NET ASSETS	$	105,942,290		$	385,437,939		$	160,698,394		$	132,919,020
Investments of unaffiliated issuers at cost		83,887,154			308,140,041			133,443,985			120,313,916
Foreign currency at cost		383,065			486,130			104,226			—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	86,535,158		$	315,261,442		$	145,486,839		$	115,928,150
Undistributed net investment income (loss)		615,932			(3,872,685	)		17,575			1,484,852
Accumulated net realized gain (loss) on investment transactions and foreign exchange		(2,856,175	)		(3,215,469	)		(12,255,411	)		7,568,220
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		21,647,375			77,264,651			27,449,391			7,937,798
NET ASSETS	$	105,942,290		$	385,437,939		$	160,698,394		$	132,919,020
Shares outstanding, $0.10 par value, 250 million shares authorized					16,032,322
Shares outstanding, $0.0001 par value, 250 million shares authorized		8,661,894						14,208,657			7,765,722
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.23		$	24.04		$	11.31		$	17.12

The accompanying notes are an integral part of these financial statements.

162

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2015

	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
ASSETS
Investments of affiliated issuers at value	$	65,608,944		$	252,469,759		$	361,709,724		$	107,162,421
Investments of unaffiliated issuers at value		368,945			1,101,739			1,180,239			642,154
Interest, dividends and reclaims receivable		4			10			10			6
Receivable for investment securities sold		2,409,895			9,020,184			5,578,420			720,193
Receivable for capital stock sold		—			615,375			9,679			369
Other assets		616			2,432			3,554			1,069
Total Assets		68,388,404			263,209,499			368,481,626			108,526,212
LIABILITIES
Payable for investment securities purchased		2,339,715			8,885,925			5,453,193			603,684
Payable for capital stock redeemed		57,418			2,670			70,991			2,139
Payable to investment adviser		6,571			24,885			34,691			10,797
Payable to The Penn Mutual Life Insurance Co.		24,656			96,713			138,096			41,725
Other liabilities		7,588			20,045			28,596			10,605
Total Liabilities		2,435,948			9,030,238			5,725,567			668,950
NET ASSETS	$	65,952,456		$	254,179,261		$	362,756,059		$	107,857,262
Investments of affiliated issuers at cost		42,665,738			162,973,547			250,540,107			78,657,191
Investments of unaffiliated issuers at cost		368,945			1,101,739			1,180,239			642,154
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	42,693,747		$	164,606,145		$	251,432,918		$	79,775,868
Undistributed net investment income (loss)		(109,492	)		(405,451	)		(576,002	)		(178,404	)
Accumulated net realized gain (loss) on investment transactions and foreign exchange		424,995			482,355			729,526			(245,432	)
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		22,943,206			89,496,212			111,169,617			28,505,230
NET ASSETS	$	65,952,456		$	254,179,261		$	362,756,059		$	107,857,262
Shares outstanding, $0.0001 par value, 250 million shares authorized		4,255,853			15,793,630			24,674,069			7,805,730
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	15.50		$	16.09		$	14.70		$	13.82

The accompanying notes are an integral part of these financial statements.

163

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2015

	Conservative Allocation Fund
ASSETS
Investments of affiliated issuers at value	$	63,965,997
Investments of unaffiliated issuers at value		1,317,716
Interest, dividends and reclaims receivable		8
Receivable for investment securities sold		896,585
Receivable for capital stock sold		109,923
Other assets		668
Total Assets		66,290,897
LIABILITIES
Payable for investment securities purchased		1,255,939
Payable to investment adviser		6,278
Payable to The Penn Mutual Life Insurance Co.		23,932
Other liabilities		8,196
Total Liabilities		1,294,345
NET ASSETS	$	64,996,552
Investments of affiliated issuers at cost		51,033,638
Investments of unaffiliated issuers at cost		1,317,716
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	52,000,117
Undistributed net investment income (loss)		(107,806	)
Accumulated net realized gain (loss) on investment transactions and foreign exchange		171,882
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		12,932,359
NET ASSETS	$	64,996,552
Shares outstanding, $0.0001 par value, 250 million shares authorized		5,056,809
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.85

The accompanying notes are an integral part of these financial statements.

164

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2015

	Money Market Fund			Limited Maturity Bond Fund			Quality Bond Fund			High Yield Bond Fund
INVESTMENT INCOME:
Dividends	$	355		$	181		$	33,728		$	50,798
Interest		120,646			2,043,417			8,531,730			6,433,896
Total Investment Income		121,001			2,043,598			8,565,458			6,484,694
EXPENSES
Investment advisory fees		193,851			492,526			1,220,461			541,027
Administration fees		88,114			161,145			418,621			144,918
Accounting fees		39,289			63,633			123,396			58,224
Director fees and expenses		2,745			4,518			11,331			3,910
Custodian fees and expenses		11,820			9,084			22,346			23,310
Pricing fees		5,574			11,178			12,964			33,153
Professional Fees		7,531			11,426			28,162			10,466
Printing Fees		4,905			7,953			20,326			6,988
Other expenses		12,284			14,415			34,072			12,786
Total Expenses		366,113			775,878			1,891,679			834,782
Less: Waivers and reimbursement from advisor		193,851			—			—			—
Less: Waivers and reimbursement from administrator		57,124			—			—			—
Net Expenses		115,138			775,878			1,891,679			834,782
Net Investment Income (Loss)		5,863			1,267,720			6,673,779			5,649,912
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		—			472,492			8,443,675			666,464
Net realized gain (loss) on futures contracts		—			(239,654	)		334,128			—
Net realized foreign currency exchange gain (loss)		—			—			(327	)		601,870
Change in net unrealized appreciation (depreciation) of investments and foreign currency related items		—			345,847			(14,997,870	)		(41,565	)
Change in net unrealized appreciation (depreciation) of futures contracts		—			153,511			1,467,061			—
Net Gain (Loss) on Investment Securities and Foreign Currency		—			732,196			(4,753,333	)		1,226,769
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,863		$	1,999,916		$	1,920,446		$	6,876,681
	Flexibly Managed Fund			Balanced Fund			Large Growth Stock Fund			Large Cap Growth Fund
INVESTMENT INCOME:
Dividends	$	15,222,836		$	31		$	1,046,825		$	388,349
Interest		16,538,545			2			—			99
Foreign tax withheld		(100,829	)		—			(1,937	)		(27,780	)
Total Investment Income		31,660,552			33			1,044,888			360,668
EXPENSES
Investment advisory fees		11,026,887			—			1,046,668			159,858
Administration fees		2,366,769			60,739			219,944			43,598
Accounting fees		384,994			5,951			83,062			20,346
Director fees and expenses		62,483			1,671			5,712			1,198
Custodian fees and expenses		130,424			2,870			28,695			15,374
Pricing fees		16,506			1,074			6,477			5,182
Professional Fees		155,884			5,029			15,472			3,953
Printing Fees		113,653			3,019			10,338			2,186
Recaptured administration fees		—			—			—			1,831
Other expenses		175,853			5,737			17,820			5,153
Total Expenses		14,433,453			86,090			1,434,188			258,679
Net Investment Income (Loss)		17,227,099			(86,057	)		(389,300	)		101,989
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		156,073,392			785,830			11,909,885			2,173,208
Net realized gain (loss) on options		3,165,247			—			—			—
Net realized foreign currency exchange gain (loss)		(84,729	)		—			(4,009	)		(215	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(74,512,853	)		(128,100	)		7,910,600			(1,628,526	)
Change in net unrealized appreciation (depreciation) of written options		4,799,251			—			—			—
Net Gain (Loss) on Investment Securities and Foreign Currency		89,440,308			657,730			19,816,476			544,467
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	106,667,407		$	571,673		$	19,427,176		$	646,456

The accompanying notes are an integral part of these financial statements.

165

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2015

	Large Core Growth Fund			Large Cap Value Fund			Large Core Value Fund			Index 500 Fund
INVESTMENT INCOME:
Dividends	$	425,672		$	2,417,746		$	2,317,428		$	4,496,203
Foreign tax withheld		27			(56,420	)		(17,347	)		(588	)
Total Investment Income		425,699			2,361,326			2,300,081			4,495,615
EXPENSES
Investment advisory fees		378,899			753,797			642,030			288,386
Administration fees		94,725			170,520			144,728			332,589
Accounting fees		41,493			66,758			58,160			106,189
Director fees and expenses		2,570			4,684			3,921			9,109
Custodian fees and expenses		10,406			9,720			12,471			23,596
Pricing fees		1,547			3,150			1,564			5,286
Professional Fees		7,240			12,335			10,577			23,309
Printing Fees		4,631			8,483			7,067			16,613
Other expenses		9,005			14,767			12,740			42,742
Total Expenses		550,516			1,044,214			893,258			847,819
Net Investment Income (Loss)		(124,817	)		1,317,112			1,406,823			3,647,796
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
Net realized gains (losses) on investment transactions		5,928,900			6,290,546			10,926,439			3,921,765
Net realized gain (loss) on futures contracts		—			—			—			536,842
Change in net unrealized appreciation (depreciation) of investments		(3,198,314	)		(6,407,656	)		(11,139,130	)		(2,956,608	)
Change in net unrealized appreciation (depreciation) of futures contracts		—			—			—			(485,676	)
Change in net unrealized appreciation (depreciation) of securities sold at short		—			43,605			—			—
Net Gain (Loss) on Investment Securities		2,730,586			(73,505	)		(212,691	)		1,016,323
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,605,769		$	1,243,607		$	1,194,132		$	4,664,119
	Mid Cap Growth Fund			Mid Cap Value Fund			Mid Core Value Fund			SMID Cap Growth Fund
INVESTMENT INCOME:
Dividends	$	409,394		$	1,510,731		$	968,431		$	100,591
Interest		—			—			69			—
Foreign tax withheld		—			—			(3,936	)		—
Total Investment Income		409,394			1,510,731			964,564			100,591
EXPENSES
Investment advisory fees		451,117			518,672			321,387			218,402
Administration fees		96,668			141,456			66,956			43,680
Accounting fees		42,140			57,070			31,246			20,384
Director fees and expenses		2,638			3,748			1,839			1,270
Custodian fees and expenses		10,494			6,544			29,245			13,645
Pricing fees		4,655			2,098			5,341			1,721
Professional Fees		7,442			10,170			5,677			4,079
Printing Fees		4,784			6,778			3,410			2,310
Other expenses		9,143			12,308			6,879			5,294
Total Expenses		629,081			758,844			471,980			310,785
Net Investment Income (Loss)		(219,687	)		751,887			492,584			(210,194	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		5,321,356			21,050,541			5,517,500			4,414,869
Net realized gain (loss) on written options		110,467			—			—			—
Net realized foreign currency exchange gain (loss)		(291	)		—			218,040			—
Change in net unrealized appreciation (depreciation) of investments and foreign currency related items		(657,626	)		(16,102,234	)		(5,582,994	)		1,125,110
Change in net unrealized appreciation (depreciation) of written option		(102,864	)		—			—			—
Net Gain (Loss) on Investment Securities and Foreign Currency		4,671,042			4,948,307			152,546			5,539,979
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,451,355		$	5,700,194		$	645,130		$	5,329,785

The accompanying notes are an integral part of these financial statements.

166

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2015

	SMID Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Small Cap Index Fund
INVESTMENT INCOME:
Dividends	$	462,283		$	198,588		$	1,936,896		$	462,742
Interest		—			—			—			46
Foreign tax withheld		—			(3,130	)		(2,963	)		(213	)
Total Investment Income		462,283			195,458			1,933,933			462,575
EXPENSES
Investment advisory fees		357,466			385,645			874,673			101,895
Administration fees		56,442			78,653			183,445			50,948
Accounting fees		26,340			36,129			71,066			23,775
Director fees and expenses		1,502			1,953			4,975			1,406
Custodian fees and expenses		7,568			11,791			29,470			20,591
Pricing fees		1,804			5,175			3,507			14,808
Professional Fees		4,741			5,805			13,145			4,425
Printing Fees		2,748			3,531			8,988			2,555
Other expenses		6,018			7,357			15,607			13,252
Total Expenses		464,629			536,039			1,204,876			233,655
Net Investment Income (Loss)		(2,346	)		(340,581	)		729,057			228,920
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		3,554,529			5,473,027			11,193,522			2,891,812
Net realized gain (loss) on futures contracts		—			—			—			52,587
Net realized foreign currency exchange gain (loss)		—			500			—			—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(2,130,635	)		3,050,736			(6,054,487	)		(292,759	)
Change in net unrealized appreciation (depreciation) of futures contracts		—			—			—			(11,334	)
Net Gain (Loss) on Investment Securities and Foreign Currency		1,423,894			8,524,263			5,139,035			2,640,306
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,421,548		$	8,183,682		$	5,868,092		$	2,869,226
	Developed International Index Fund			International Equity Fund			Emerging Markets Equity Fund			Real Estate Securities Fund
INVESTMENT INCOME:
Dividends	$	2,250,237		$	6,351,637		$	2,290,818		$	2,163,560
Foreign tax withheld		(188,909	)		(423,287	)		(290,227	)		—
Total Investment Income		2,061,328			5,928,350			2,000,591			2,163,560
EXPENSES
Investment advisory fees		157,889			1,658,739			949,292			488,651
Administration fees		78,944			292,183			120,673			104,711
Accounting fees		41,488			126,711			58,187			44,821
Director fees and expenses		2,028			7,824			3,170			2,887
Custodian fees and expenses		45,614			69,042			156,344			12,503
Pricing fees		63,360			10,414			16,469			1,918
Professional Fees		5,696			29,550			27,096			8,185
Printing Fees		3,571			13,995			5,592			5,273
Recaptured advisory fees		—			—			82,846			—
Other expenses		31,951			25,105			11,657			9,759
Total Expenses		430,541			2,233,563			1,431,326			678,708
Net Investment Income (Loss)		1,630,787			3,694,787			569,265			1,484,852
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		(32,454	)		2,862,438			(5,891,607	)		7,722,849
Net realized gain (loss) on futures contracts		243,850			—			—			—
Net realized foreign currency exchange gain (loss)		(32,476	)		(177,517	)		335,217			—
Change in net unrealized appreciation (depreciation) of investments and foreign currency related items		4,121,677			4,200,891			11,764,445			(15,895,402	)
Change in net unrealized appreciation (depreciation) of futures contracts		(24,920	)		—			—			—
Net Gain (Loss) on Investment Securities and Foreign Currency		4,275,677			6,885,812			6,208,055			(8,172,553	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,906,464		$	10,580,599		$	6,777,320		$	(6,687,701	)

The accompanying notes are an integral part of these financial statements.

167

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2015

	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
INVESTMENT INCOME:
Dividends	$	20		$	126		$	452		$	164
Interest		15			—			20			20
Total Investment Income		35			126			472			184
EXPENSES
Investment advisory fees		38,866			149,512			209,539			65,791
Administration fees		48,582			190,356			273,398			82,238
Accounting fees		5,951			12,690			18,227			5,951
Director fees and expenses		1,306			5,096			7,426			2,200
Custodian fees and expenses		2,298			8,917			12,809			3,870
Pricing fees		1,218			1,237			1,240			1,209
Professional Fees		4,174			13,303			18,819			6,181
Printing Fees		2,370			9,197			13,361			3,921
Other expenses		4,762			15,269			21,655			7,227
Total Expenses		109,527			405,577			576,474			178,588
Net Investment Income (Loss)		(109,492	)		(405,451	)		(576,002	)		(178,404	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
Net realized gains (losses) on investment transactions		861,354			2,636,567			2,384,877			442,633
Change in net unrealized appreciation (depreciation) of investments		831,004			3,508,559			4,869,037			1,285,374
Net Gain (Loss) on Investment Securities		1,692,358			6,145,126			7,253,914			1,728,007
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,582,866		$	5,739,675		$	6,677,912		$	1,549,603
	Conservative Allocation Fund
INVESTMENT INCOME:
Dividends	$	262
Interest		18
Total Investment Income		280
EXPENSES
Investment advisory fees		38,273
Administration fees		47,841
Accounting fees		5,951
Director fees and expenses		1,323
Custodian fees and expenses		2,264
Pricing fees		1,163
Professional Fees		4,108
Printing Fees		2,350
Other expenses		4,813
Total Expenses		108,086
Net Investment Income (Loss)		(107,806	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
Net realized gains (losses) on investment transactions		582,197
Change in net unrealized appreciation (depreciation) of investments		204,013
Net Gain (Loss) on Investment Securities		786,210
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	678,404

The accompanying notes are an integral part of these financial statements.

168

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Money Market Fund						Limited Maturity Bond Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	5,863		$	13,590		$	1,267,720		$	1,604,138
Net realized gains (loss) from investment transactions		—			—			472,492			870,220
Net realized gains (loss) on futures contracts		—			—			(239,654	)		(322,415	)
Net change in unrealized appreciation (depreciation) of investments		—			—			345,847			(1,814,906	)
Net change in unrealized appreciation (depreciation) of future contracts		—			—			153,511			(23,437	)
Net Increase (Decrease) in Net Assets Resulting from Operations		5,863			13,590			1,999,916			313,600
Distributions from:
Net investment income		(5,863	)		(13,590	)		—			—
Total Distributions		(5,863	)		(13,590	)		—			—
Capital Share Transactions (1):
Shares issued		21,652,892			112,210,094			8,710,587			45,621,027
Shares issued in lieu of cash distributions		5,863			13,593			—			—
Shares redeemed		(47,466,403	)		(104,373,265	)		(24,293,021	)		(67,540,093	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(25,807,648	)		7,850,422			(15,582,434	)		(21,919,066	)
Total Increase (Decrease)		(25,807,648	)		7,850,422			(13,582,518	)		(21,605,466	)
Net Assets:
Beginning of period		132,731,438			124,881,016			222,061,690			243,667,156
End of Period	$	106,923,790		$	132,731,438		$	208,479,172		$	222,061,690
Undistributed net investment income (loss)	$	—		$	—		$	1,267,720		$	—
(1) Shares Issued and Redeemed:
Shares issued		21,652,892			112,210,094			753,942			3,961,890
Shares issued in lieu of cash distributions		5,863			13,593			—			—
Shares redeemed		(47,466,403	)		(104,373,265	)		(2,101,996	)		(5,864,076	)
		(25,807,648	)		7,850,422			(1,348,054	)		(1,902,186	)
	Quality Bond Fund						High Yield Bond Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	6,673,779		$	10,704,702		$	5,649,912		$	10,757,499
Net realized gains (loss) from investment transactions		8,443,675			11,589,711			666,464			1,170,142
Net realized gains (loss) on futures contracts		334,128			(1,683,455	)		—			—
Net realized foreign exchange gain (loss)		(327	)		78,966			601,870			1,288,588
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items		(14,997,870	)		6,906,990			(41,565	)		(9,843,153	)
Net change in unrealized appreciation (depreciation) of future contracts		1,467,061			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		1,920,446			27,596,914			6,876,681			3,373,076
Capital Share Transactions (1):
Shares issued		27,150,477			64,744,414			6,921,150			32,275,457
Shares redeemed		(30,678,514	)		(79,484,028	)		(17,388,108	)		(29,932,861	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,528,037	)		(14,739,614	)		(10,466,958	)		2,342,596
Total Increase (Decrease)		(1,607,591	)		12,857,300			(3,590,277	)		5,715,672
Net Assets:
Beginning of period		559,615,966			546,758,666			194,503,607			188,787,935
End of Period	$	558,008,375		$	559,615,966		$	190,913,330		$	194,503,607
Undistributed net investment income (loss)	$	6,673,779		$	—		$	5,280,156		$	(369,756	)
(1) Shares Issued and Redeemed:
Shares issued		2,003,904			4,908,765			610,545			2,905,150
Shares redeemed		(2,264,531	)		(6,050,584	)		(1,540,135	)		(2,702,689	)
		(260,627	)		(1,141,819	)		(929,590	)		202,461

The accompanying notes are an integral part of these financial statements.

169

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Flexibly Managed Fund						Balanced Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	17,227,099		$	33,576,029		$	(86,057	)	$	(162,810	)
Net realized gains (loss) from investment transactions		156,073,392			340,266,716			785,830			1,733,462
Net realized gains (loss) on written options		3,165,247			335,838			—			—
Net realized foreign exchange gain (loss)		(84,729	)		191,162			—			—
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items		(74,512,853	)		(43,325,431	)		(128,100	)		5,805,255
Net change in unrealized appreciation (depreciation) of written options		4,799,251			(2,745,756	)		—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		106,667,407			328,298,558			571,673			7,375,907
Capital Share Transactions (1):
Shares issued		98,390,084			179,219,743			2,065,502			6,157,778
Shares redeemed		(51,315,419	)		(118,834,503	)		(4,483,202	)		(10,382,073	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		47,074,665			60,385,240			(2,417,700	)		(4,224,295	)
Total Increase (Decrease)		153,742,072			388,683,798			(1,846,027	)		3,151,612
Net Assets:
Beginning of period		3,074,188,180			2,685,504,382			81,793,645			78,642,033
End of Period	$	3,227,930,252		$	3,074,188,180		$	79,947,618		$	81,793,645
Undistributed net investment income (loss)	$	16,757,451		$	(469,648	)	$	(86,057	)	$	—
(1) Shares Issued and Redeemed:
Shares issued		2,391,808			4,743,651			126,544			400,671
Shares redeemed		(1,246,957	)		(3,162,331	)		(274,137	)		(676,995	)
		1,144,851			1,581,320			(147,593	)		(276,324	)
	Large Growth Stock Fund						Large Cap Growth Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(389,300	)	$	(687,956	)	$	101,989		$	260,778
Net realized gains (loss) from investment transactions		11,909,885			38,003,401			2,173,208			2,935,635
Net realized foreign exchange gain (loss)		(4,009	)		(1,868	)		(215	)		(389	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency		7,910,600			(15,403,481	)		(1,628,526	)		2,858,415
Net Increase (Decrease) in Net Assets Resulting from Operations		19,427,176			21,910,096			646,456			6,054,439
Capital Share Transactions (1):
Shares issued		11,744,953			22,569,243			2,864,335			5,813,560
Shares redeemed		(12,438,355	)		(26,155,315	)		(3,562,470	)		(8,966,768	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(693,402	)		(3,586,072	)		(698,135	)		(3,153,208	)
Total Increase (Decrease)		18,733,774			18,324,024			(51,679	)		2,901,231
Net Assets:
Beginning of period		280,681,774			262,357,750			57,663,108			54,761,877
End of Period	$	299,415,548		$	280,681,774		$	57,611,429		$	57,663,108
Undistributed net investment income (loss)	$	(389,300	)	$	—		$	15,049		$	(86,940	)
(1) Shares Issued and Redeemed:
Shares issued		406,739			880,266			215,417			479,708
Shares redeemed		(433,485	)		(1,015,873	)		(267,379	)		(731,398	)
		(26,746	)		(135,607	)		(51,962	)		(251,690	)

The accompanying notes are an integral part of these financial statements.

170

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Large Core Growth Fund						Large Cap Value Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(124,817	)	$	(241,472	)	$	1,317,112		$	2,979,083
Net realized gains (loss) from investment transactions		5,928,900			21,846,006			6,290,546			11,930,695
Net change in unrealized appreciation (depreciation) of investments		(3,198,314	)		(12,283,083	)		(6,407,656	)		9,128,467
Net change in unrealized appreciation (depreciation) of securities sold at short		—			—			43,605			—
Net Increase (Decrease) in Net Assets Resulting from Operations		2,605,769			9,321,451			1,243,607			24,038,245
Capital Share Transactions (1):
Shares issued		2,091,595			4,654,935			8,152,318			14,616,590
Shares redeemed		(6,571,468	)		(15,752,654	)		(14,899,431	)		(26,925,727	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(4,479,873	)		(11,097,719	)		(6,747,113	)		(12,309,137	)
Total Increase (Decrease)		(1,874,104	)		(1,776,268	)		(5,503,506	)		11,729,108
Net Assets:
Beginning of period		125,980,241			127,756,509			229,080,159			217,351,051
End of Period	$	124,106,137		$	125,980,241		$	223,576,653		$	229,080,159
Undistributed net investment income (loss)	$	(124,817	)	$	—		$	(26,079	)	$	(1,343,191	)
(1) Shares Issued and Redeemed:
Shares issued		127,465			310,870			351,402			675,743
Shares redeemed		(398,202	)		(1,040,372	)		(638,006	)		(1,233,574	)
		(270,737	)		(729,502	)		(286,604	)		(557,831	)
	Large Core Value Fund						Index 500 Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,406,823		$	2,513,020		$	3,647,796		$	6,809,218
Net realized gains (loss) from investment transactions		10,926,439			37,401,939			3,921,765			7,296,570
Net realized gains (loss) on futures contracts		—			—			536,842			843,709
Net change in unrealized appreciation (depreciation) of investments		(11,139,130	)		(19,805,307	)		(2,956,608	)		37,489,351
Net change in unrealized appreciation (depreciation) of future contracts		—			—			(485,676	)		339,329
Net Increase (Decrease) in Net Assets Resulting from Operations		1,194,132			20,109,652			4,664,119			52,778,177
Capital Share Transactions (1):
Shares issued		6,612,410			11,715,588			14,179,796			36,130,266
Shares redeemed		(9,928,304	)		(24,760,075	)		(20,765,825	)		(44,610,829	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,315,894	)		(13,044,487	)		(6,586,029	)		(8,480,563	)
Total Increase (Decrease)		(2,121,762	)		7,065,165			(1,921,910	)		44,297,614
Net Assets:
Beginning of period		192,695,492			185,630,327			442,834,825			398,537,211
End of Period	$	190,573,730		$	192,695,492		$	440,912,915		$	442,834,825
Undistributed net investment income (loss)	$	1,483,412		$	76,589		$	3,627,438		$	(20,358	)
(1) Shares Issued and Redeemed:
Shares issued		437,906			825,238			874,997			2,435,987
Shares redeemed		(654,787	)		(1,756,085	)		(1,283,067	)		(2,966,343	)
		(216,881	)		(930,847	)		(408,070	)		(530,356	)

171

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(219,687	)	$	(172,828	)	$	751,887		$	1,371,542
Net realized gains (loss) from investment transactions		5,321,356			29,823,567			21,050,541			15,268,055
Net realized gains (loss) on written options		110,467			(445,823	)		—			—
Net realized foreign exchange gain (loss)		(291	)		(138	)		—			—
Net change in unrealized appreciation (depreciation) of investments, written options and foreign currency		(760,490	)		(18,030,112	)		(16,102,234	)		6,504,814
Net Increase (Decrease) in Net Assets Resulting from Operations		4,451,355			11,174,666			5,700,194			23,144,411
Capital Share Transactions (1):
Shares issued		3,102,367			14,891,737			7,254,853			11,388,988
Shares redeemed		(7,777,529	)		(18,142,876	)		(8,498,245	)		(22,234,434	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(4,675,162	)		(3,251,139	)		(1,243,392	)		(10,845,446	)
Total Increase (Decrease)		(223,807	)		7,923,527			4,456,802			12,298,965
Net Assets:
Beginning of period		128,486,198			120,562,671			185,293,067			172,994,102
End of Period	$	128,262,391		$	128,486,198		$	189,749,869		$	185,293,067
Undistributed net investment income (loss)	$	(184,060	)	$	35,627		$	(89,079	)	$	(840,966	)
(1) Shares Issued and Redeemed:
Shares issued		201,109			1,047,530			333,192			592,926
Shares redeemed		(508,381	)		(1,279,845	)		(389,544	)		(1,130,517	)
		(307,272	)		(232,315	)		(56,352	)		(537,591	)
	Mid Core Value Fund						SMID Cap Growth Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	492,584		$	935,631		$	(210,194	)	$	(511,199	)
Net realized gains (loss) from investment transactions		5,517,500			7,526,900			4,414,869			6,827,345
Net realized foreign exchange gain (loss)		218,040			307,871			—			—
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items		(5,582,994	)		3,304,421			1,125,110			(6,054,448	)
Net Increase (Decrease) in Net Assets Resulting from Operations		645,130			12,074,823			5,329,785			261,698
Capital Share Transactions (1):
Shares issued		4,050,300			17,581,649			10,420,001			14,707,294
Shares redeemed		(7,466,509	)		(11,301,682	)		(4,578,609	)		(22,993,475	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,416,209	)		6,279,967			5,841,392			(8,286,181	)
Total Increase (Decrease)		(2,771,079	)		18,354,790			11,171,177			(8,024,483	)
Net Assets:
Beginning of period		90,229,004			71,874,214			55,602,076			63,626,559
End of Period	$	87,457,925		$	90,229,004		$	66,773,253		$	55,602,076
Undistributed net investment income (loss)	$	517,093		$	24,509		$	(210,194	)	$	—
(1) Shares Issued and Redeemed:
Shares issued		224,389			1,053,736			487,113			764,438
Shares redeemed		(411,292	)		(686,372	)		(218,265	)		(1,190,875	)
		(186,903	)		367,364			268,848			(426,437	)

The accompanying notes are an integral part of these financial statements.

172

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	SMID Cap Value Fund						Small Cap Growth Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(2,346	)	$	164,375		$	(340,581	)	$	(374,823	)
Net realized gains (loss) from investment transactions		3,554,529			7,972,692			5,473,027			5,629,216
Net realized foreign exchange gain (loss)		—			—			500			2,730
Net change in unrealized appreciation (depreciation) of investments and foreign currency		(2,130,635	)		(1,947,849	)		3,050,736			1,729,319
Net Increase (Decrease) in Net Assets Resulting from Operations		1,421,548			6,189,218			8,183,682			6,986,442
Capital Share Transactions (1):
Shares issued		7,102,432			15,130,700			5,257,461			19,198,108
Shares redeemed		(3,235,920	)		(10,957,501	)		(15,169,734	)		(13,045,724	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		3,866,512			4,173,199			(9,912,273	)		6,152,384
Total Increase (Decrease)		5,288,060			10,362,417			(1,728,591	)		13,138,826
Net Assets:
Beginning of period		73,906,181			63,543,764			102,677,812			89,538,986
End of Period	$	79,194,241		$	73,906,181		$	100,949,221		$	102,677,812
Undistributed net investment income (loss)	$	(2,346	)	$	—		$	(330,651	)	$	9,930
(1) Shares Issued and Redeemed:
Shares issued		333,254			766,363			174,685			712,727
Shares redeemed		(151,225	)		(552,938	)		(501,487	)		(494,815	)
		182,029			213,425			(326,802	)		217,912
	Small Cap Value Fund						Small Cap Index Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	729,057		$	1,499,005		$	228,920		$	402,087
Net realized gains (loss) from investment transactions		11,193,522			26,230,747			2,891,812			3,535,773
Net realized gains (loss) on futures contracts		—			—			52,587			68,644
Net change in unrealized appreciation (depreciation) of investments and foreign currency		(6,054,487	)		(10,946,357	)		(292,759	)		(1,132,942	)
Net change in unrealized appreciation (depreciation) of futures contracts		—			—			(11,334	)		(28,446	)
Net Increase (Decrease) in Net Assets Resulting from Operations		5,868,092			16,783,395			2,869,226			2,845,116
Capital Share Transactions (1):
Shares issued		6,305,540			18,418,878			3,574,801			13,342,287
Shares redeemed		(11,375,850	)		(27,846,882	)		(3,115,897	)		(14,389,640	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(5,070,310	)		(9,428,004	)		458,904			(1,047,353	)
Total Increase (Decrease)		797,782			7,355,391			3,328,130			1,797,763
Net Assets:
Beginning of period		246,126,962			238,771,571			66,657,986			64,860,223
End of Period	$	246,924,744		$	246,126,962		$	69,986,116		$	66,657,986
Undistributed net investment income (loss)	$	729,057		$	—		$	220,510		$	(8,410	)
(1) Shares Issued and Redeemed:
Shares issued		222,059			697,324			198,609			802,724
Shares redeemed		(400,474	)		(1,043,954	)		(173,354	)		(855,991	)
		(178,415	)		(346,630	)		25,255			(53,267	)

The accompanying notes are an integral part of these financial statements.

173

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Developed International Index Fund						International Equity Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,630,787		$	2,616,716		$	3,694,787		$	4,424,500
Net realized gains (loss) from investment transactions		(32,454	)		(713,770	)		2,862,438			16,064,701
Net realized gains (loss) on futures contracts		243,850			57,250			—			—
Net realized foreign exchange gain (loss)		(32,476	)		(50,638	)		(177,517	)		(422,883	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items		4,121,677			(7,995,123	)		4,200,891			(8,483,026	)
Net change in unrealized appreciation (depreciation) of futures contracts		(24,920	)		(130,031	)		—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		5,906,464			(6,215,596	)		10,580,599			11,563,292
Capital Share Transactions (1):
Shares issued		6,036,010			21,421,254			9,272,788			30,353,335
Shares redeemed		(7,510,426	)		(16,928,155	)		(15,313,942	)		(39,206,826	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,474,416	)		4,493,099			(6,041,154	)		(8,853,491	)
Total Increase (Decrease)		4,432,048			(1,722,497	)		4,539,445			2,709,801
Net Assets:
Beginning of period		101,510,242			103,232,739			380,898,494			378,188,693
End of Period	$	105,942,290		$	101,510,242		$	385,437,939		$	380,898,494
Undistributed net investment income (loss)	$	615,932		$	(1,014,855	)	$	(3,872,685	)	$	(7,567,472	)
(1) Shares Issued and Redeemed:
Shares issued		487,328			1,771,528			382,524			1,292,836
Shares redeemed		(618,646	)		(1,380,264	)		(631,907	)		(1,655,055	)
		(131,318	)		391,264			(249,383	)		(362,219	)
	Emerging Markets Equity Fund						Real Estate Securities Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	569,265		$	304,466		$	1,484,852		$	1,813,404
Net realized gains (loss) from investment transactions		(5,891,607	)		1,914,161			7,722,849			9,971,688
Net realized foreign exchange gain (loss)		335,217			283,403			—			—
Net change in unrealized appreciation (depreciation) of investments and foreign currency related items		11,764,445			(10,252,484	)		(15,895,402	)		21,550,613
Net Increase (Decrease) in Net Assets Resulting from Operations		6,777,320			(7,750,454	)		(6,687,701	)		33,335,705
Capital Share Transactions (1):
Shares issued		4,648,804			20,116,546			11,652,297			14,877,565
Shares redeemed		(7,755,135	)		(18,517,520	)		(8,906,429	)		(25,642,611	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,106,331	)		1,599,026			2,745,868			(10,765,046	)
Total Increase (Decrease)		3,670,989			(6,151,428	)		(3,941,833	)		22,570,659
Net Assets:
Beginning of period		157,027,405			163,178,833			136,860,853			114,290,194
End of Period	$	160,698,394		$	157,027,405		$	132,919,020		$	136,860,853
Undistributed net investment income (loss)	$	17,575		$	(551,690	)	$	1,484,852		$	—
(1) Shares Issued and Redeemed:
Shares issued		411,407			1,781,761			647,397			929,018
Shares redeemed		(686,497	)		(1,617,880	)		(480,684	)		(1,595,302	)
		(275,090	)		163,881			166,713			(666,284	)

The accompanying notes are an integral part of these financial statements.

174

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Aggressive Allocation Fund						Moderately Aggressive Allocation Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(109,492	)	$	(204,081	)	$	(405,451	)	$	(772,032	)
Net realized gains (loss) from investment transactions		861,354			912,874			2,636,567			3,441,261
Net change in unrealized appreciation (depreciation) of investments		831,004			3,304,304			3,508,559			12,349,357
Net Increase (Decrease) in Net Assets Resulting from Operations		1,582,866			4,013,097			5,739,675			15,018,586
Capital Share Transactions (1):
Shares issued		4,530,943			10,098,446			7,265,077			25,123,177
Shares redeemed		(4,665,909	)		(6,486,215	)		(9,227,107	)		(20,925,530	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(134,966	)		3,612,231			(1,962,030	)		4,197,647
Total Increase (Decrease)		1,447,900			7,625,328			3,777,645			19,216,233
Net Assets:
Beginning of period		64,504,556			56,879,228			250,401,616			231,185,383
End of Period	$	65,952,456		$	64,504,556		$	254,179,261		$	250,401,616
Undistributed net investment income (loss)	$	(109,492	)	$	—		$	(405,451	)	$	—
(1) Shares Issued and Redeemed:
Shares issued		290,854			692,274			451,236			1,660,078
Shares redeemed		(300,964	)		(443,356	)		(572,072	)		(1,370,185	)
		(10,110	)		248,918			(120,836	)		289,893
	Moderate Allocation Fund						Moderately Conservative Allocation Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14			Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(576,002	)	$	(1,131,190	)	$	(178,404	)	$	(356,665	)
Net realized gains (loss) from investment transactions		2,384,877			6,721,209			442,633			3,086,664
Net change in unrealized appreciation (depreciation) of investments		4,869,037			13,918,874			1,285,374			2,798,243
Net Increase (Decrease) in Net Assets Resulting from Operations		6,677,912			19,508,893			1,549,603			5,528,242
Capital Share Transactions (1):
Shares issued		7,251,377			22,589,465			8,351,578			10,959,713
Shares redeemed		(15,217,319	)		(28,218,510	)		(9,713,161	)		(20,271,176	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(7,965,942	)		(5,629,045	)		(1,361,583	)		(9,311,463	)
Total Increase (Decrease)		(1,288,030	)		13,879,848			188,020			(3,783,221	)
Net Assets:
Beginning of period		364,044,089			350,164,241			107,669,242			111,452,463
End of Period	$	362,756,059		$	364,044,089		$	107,857,262		$	107,669,242
Undistributed net investment income (loss)	$	(576,002)		$	—		$	(178,404	)	$	—
(1) Shares Issued and Redeemed:
Shares issued		492,477			1,612,172			602,657			824,976
Shares redeemed		(1,033,180	)		(2,007,711	)		(697,837	)		(1,512,162	)
		(540,703	)		(395,539	)		(95,180	)		(687,186	)

The accompanying notes are an integral part of these financial statements.

175

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Conservative Allocation Fund
	Six Months Ended 6/30/15			Year Ended 12/31/14
	(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(107,806	)	$	(226,472	)
Net realized gains (loss) from investment transactions		582,197			907,517
Net change in unrealized appreciation (depreciation) of investments		204,013			1,841,534
Net Increase (Decrease) in Net Assets Resulting from Operations		678,404			2,522,579
Capital Share Transactions (1):
Shares issued		3,318,093			13,239,590
Shares redeemed		(4,182,811	)		(18,764,183	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(864,718	)		(5,524,593	)
Total Increase (Decrease)		(186,314	)		(3,002,014	)
Net Assets:
Beginning of period		65,182,866			68,184,880
End of Period	$	64,996,552		$	65,182,866
Undistributed net investment income (loss)	$	(107,806	)	$	—
(1) Shares Issued and Redeemed:
Shares issued		257,676			1,061,522
Shares redeemed		(325,309	)		(1,497,478	)
		(67,633	)		(435,956	)

The accompanying notes are an integral part of these financial statements.

176

Penn Series Funds, Inc.

Financial Highlights

MONEY MARKET FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income (loss)		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Total from investment operations		—			—			—			—			—			—
Less distributions:
Net investment income		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return 1		0.01%	#		0.01%			0.01%			0.01%			0.01%			0.01%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	106,924		$	132,731		$	124,881		$	141,725		$	154,213		$	139,988
Ratio of net expenses to average net assets		0.20%	*		0.12%			0.16%			0.22%			0.22%			0.33%
Ratio of total expenses to average net assets		0.62%	*		0.57%			0.48%			0.49%			0.49%			0.47%
Ratio of net investment income (loss) to average net assets		0.01%	*		0.01%			0.01%			0.01%			0.01%			0.01%
*   Annualized #   Non-annualized 1     Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. (a)  Distributions were less than one penny per share.
LIMITED MATURITY BOND FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	11.50		$	11.48		$	11.49		$	11.42		$	11.17		$	10.76
Income from investment operations:
Net investment income (loss)		0.07			0.08			0.05			0.09			0.13			0.17
Net realized and unrealized gain (loss) on investment transactions		0.03			(0.06	)		(0.06	)		(0.02	)		0.12			0.24
Total from investment operations		0.10			0.02			(0.01	)		0.07			0.25			0.41
Net asset value, end of period	$	11.60		$	11.50		$	11.48		$	11.49		$	11.42		$	11.17
Total return 1		0.87%	#		0.17%			(0.09%	)		0.61%			2.24%			3.71%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	208,479		$	222,062		$	243,667		$	202,385		$	174,290		$	152,447
Ratio of total expenses to average net assets		0.72%	*		0.67%			0.57%			0.57%			0.58%			0.58%
Ratio of net investment income (loss) to average net assets		1.18%	*		0.67%			0.60%			0.81%			1.14%			1.56%
Portfolio turnover rate		75%	#		82%			50%			31%			50%			38%

* Annualized

# Non-annualized

¹  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

The accompanying notes are an integral part of these financial statements.

177

Penn Series Funds, Inc.

Financial Highlights

QUALITY BOND FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net asset value, beginning of period	$	13.40		$	12.75		$	13.14		$	12.73	$	11.56		$	10.90
Income from investment operations:
Net investment income (loss)		0.16			0.26			0.25			0.27		0.32			0.28
Net realized and unrealized gain (loss) on investment transactions		(0.11	)		0.39			(0.64	)		0.14		0.85			0.38
Total from investment operations		0.05			0.65			(0.39	)		0.41		1.17			0.66
Net asset value, end of period	$	13.45		$	13.40		$	12.75		$	13.14	$	12.73		$	11.56
Total return 1		0.37%	#		5.10%			(2.97%	)		3.22%		10.12%			6.06%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	558,008		$	559,616		$	546,759		$	568,400	$	477,606		$	418,957
Ratio of total expenses to average net assets		0.68%	*		0.64%			0.56%			0.56%		0.57%			0.58%
Ratio of net investment income (loss) to average net assets		2.39%	*		1.95%			1.91%			2.06%		2.62%			2.48%
Portfolio turnover rate		69%	#		135%			47%			32%		44%			69%
*   Annualized #   Non-annualized 1    Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.
HIGH YIELD BOND FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net asset value, beginning of period	$	10.98		$	10.78		$	9.99		$	8.72	$	8.46		$	7.41
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.62			0.62			0.61		0.62			0.61
Net realized and unrealized gain (loss) on investment transactions		0.06			(0.42	)		0.17			0.66		(0.36	)		0.44
Total from investment operations		0.39			0.20			0.79			1.27		0.26			1.05
Net asset value, end of period	$	11.37		$	10.98		$	10.78		$	9.99	$	8.72		$	8.46
Total return 1		3.55%	#		1.86%			7.91%			14.56%		3.07%			14.17%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	190,913		$	194,504		$	188,788		$	179,720	$	141,290		$	131,682
Ratio of total expenses to average net assets		0.86%	*		0.85%			0.82%			0.82%		0.83%			0.85%
Ratio of net investment income (loss) to average net assets		5.85%	*		5.58%			5.96%			6.52%		7.16%			7.73%
Portfolio turnover rate		37%	#		56%			68%			69%		58%			61%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

178

Penn Series Funds, Inc.

Financial Highlights

FLEXIBLY MANAGED FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011		2010
Net asset value, beginning of period	$	40.04		$	35.72	$	29.22	$	25.46	$	24.71	$	21.69
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.45		0.34		0.44		0.40		0.35
Net realized and unrealized gain (loss) on investment transactions		1.17			3.87		6.16		3.32		0.35		2.67
Total from investment operations		1.39			4.32		6.50		3.76		0.75		3.02
Net asset value, end of period	$	41.43		$	40.04	$	35.72	$	29.22	$	25.46	$	24.71
Total return 1		3.47%	#		12.09%		22.25%		14.77%		3.04%		13.92%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	3,227,930		$	3,074,188	$	2,685,504	$	2,010,412	$	1,655,254	$	1,583,104
Ratio of total expenses to average net assets		0.91%	*		0.89%		0.83%		0.84%		0.84%		0.85%
Ratio of net investment income (loss) to average net assets		1.09%	*		1.18%		1.04%		1.59%		1.60%		1.55%
Portfolio turnover rate		39%	#		74%		63%		65%		83%		67%

* Annualized

# Non-annualized

¹  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

BALANCED FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	16.13		$	14.71		$	12.60		$	11.40		$	10.80		$	9.67
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.03	)		(0.03	)		(0.02	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investment transactions		0.13			1.45			2.14			1.22			0.62			1.15
Total from investment operations		0.11			1.42			2.11			1.20			0.60			1.13
Net asset value, end of period	$	16.24		$	16.13		$	14.71		$	12.60		$	11.40		$	10.80
Total return 1		0.68%	#		9.65%			16.75%			10.53%			5.56%			11.69%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	79,948		$	81,794		$	78,642		$	71,601		$	65,342		$	64,311
Ratio of net expenses to average net assets 2		0.21%	*		0.20%			0.20%			0.19%			0.18%			0.18%
Ratio of total expenses to average net assets 2		0.21%	*		0.21%			0.22%			0.23%			0.24%			0.24%
Ratio of net investment income (loss) to average net assets		(0.21%	)*		(0.20%	)		(0.20%	)		(0.19%	)		(0.18%	)		(0.18%	)
Portfolio turnover rate		2%	#		8%			16%			15%			17%			18%

* Annualized

# Non-annualized

¹  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

² The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

179

Penn Series Funds, Inc.

Financial Highlights

LARGE GROWTH STOCK FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net asset value, beginning of period	$	27.21		$	25.11		$	18.05		$	15.20	$	15.44		$	13.22
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		(0.07	)		(0.04	)		0.01		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investment transactions		1.93			2.17			7.10			2.84		(0.21	)		2.24
Total from investment operations		1.89			2.10			7.06			2.85		(0.24	)		2.22
Net asset value, end of period	$	29.10		$	27.21		$	25.11		$	18.05	$	15.20		$	15.44
Total return 1		6.95%	#		8.36%			39.11%			18.75%		(1.55%	)		16.79%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	299,416		$	280,682		$	262,358		$	210,999	$	176,692		$	174,372
Ratio of total expenses to average net assets		0.98%	*		0.96%			0.90%			0.91%		0.93%			0.94%
Ratio of net investment income (loss) to average net assets		(0.27%	)*		(0.26%	)		(0.21%	)		0.03%		(0.19%	)		(0.18%	)
Portfolio turnover rate		20%	#		38%			36%			35%		33%			43%
*   Annualized #   Non-annualized 1     Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.
LARGE CAP GROWTH FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net asset value, beginning of period	$	13.11		$	11.78		$	9.57		$	8.68	$	9.31		$	8.28
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.06			0.04			0.01		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investment transactions		0.12			1.27			2.17			0.88		(0.61	)		1.04
Total from investment operations		0.14			1.33			2.21			0.89		(0.63	)		1.03
Net asset value, end of period	$	13.25		$	13.11		$	11.78		$	9.57	$	8.68		$	9.31
Total return 1		1.07%	#		11.29%			23.09%			10.25%		(6.77%	)		12.44%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	57,611		$	57,663		$	54,762		$	29,751	$	37,465		$	33,542
Ratio of net expenses to average net assets		0.89%	*		0.89%			0.90%			0.90%		0.96%			1.00%
Ratio of total expenses to average net assets		0.88%	*		0.90%			0.90%			0.90%		0.96%			1.00%
Ratio of net investment income (loss) to average net assets		0.35%	*		0.47%			0.40%			0.06%		(0.25%	)		(0.10%	)
Portfolio turnover rate		18%	*		25%			107%			97%		153%			176%

* Annualized

# Non-annualized

¹  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

The accompanying notes are an integral part of these financial statements.

180

Penn Series Funds, Inc.

Financial Highlights

LARGE CORE GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net asset value, beginning of period	$	16.03		$	14.88		$	10.79		$	9.29	$	9.78		$	8.34
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.03	)		(0.01	)		0.02		(0.01	)		—
Net realized and unrealized gain (loss) on investment transactions		0.35			1.18			4.10			1.48		(0.48	)		1.44
Total from investment operations		0.33			1.15			4.09			1.50		(0.49	)		1.44
Net asset value, end of period	$	16.36		$	16.03		$	14.88		$	10.79	$	9.29		$	9.78
Total return 1		2.06%	#		7.73%			37.91%			16.15%		(5.01%	)		17.27%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	124,106		$	125,980		$	127,757		$	106,053	$	100,397		$	123,153
Ratio of net expenses to average net assets		0.87%	*		0.87%			0.88%			0.89%		0.90%			0.71%
Ratio of total expenses to average net assets		0.87%	*		0.87%			0.88%			0.89%		0.90%			0.85%
Ratio of net investment income (loss) to average net assets		(0.20%	)*		(0.19%	)		(0.08%	)		0.17%		(0.11%	)		(0.01%	)
Portfolio turnover rate		65%	#		83%			109%			105%		115%			115%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

LARGE CAP VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011			2010
Net asset value, beginning of period	$	23.22		$	20.86	$	15.66	$	13.83	$	14.47		$	12.60
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.30		0.21		0.20		0.18			0.11
Net realized and unrealized gain (loss) on investment transactions		(0.01	)		2.06		4.99		1.63		(0.82	)		1.76
Total from investment operations		0.12			2.36		5.20		1.83		(0.64	)		1.87
Net asset value, end of period	$	23.34		$	23.22	$	20.86	$	15.66	$	13.83		$	14.47
Total return 1		0.52%	#		11.31%		33.21%		13.23%		(4.42%	)		14.84%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	223,577		$	229,080	$	217,351	$	166,955	$	166,056		$	167,918
Ratio of total expenses to average net assets		0.92%	*		0.90%		0.87%		0.88%		0.89%			0.89%
Ratio of net investment income (loss) to average net assets		1.16%	*		1.38%		1.16%		1.32%		1.24%			0.86%
Portfolio turnover rate		12%	#		22%		186%		90%		87%			112%

* Annualized

# Non-annualized

¹  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

The accompanying notes are an integral part of these financial statements.

181

Penn Series Funds, Inc.

Financial Highlights

LARGE CORE VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011			2010
Net asset value, beginning of period	$	14.89		$	13.38	$	10.31	$	8.92	$	9.31		$	8.43
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.19		0.15		0.16		0.14			0.12
Net realized and unrealized gain (loss) on investment transactions		(0.02	)		1.32		2.92		1.23		(0.53	)		0.76
Total from investment operations		0.09			1.51		3.07		1.39		(0.39	)		0.88
Net asset value, end of period	$	14.98		$	14.89	$	13.38	$	10.31	$	8.92		$	9.31
Total return 1,2		0.60%			11.29%		29.78%		15.58%		(4.19%	)		10.44%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	190,574		$	192,695	$	185,630	$	158,589	$	143,147		$	158.985
Ratio of net expenses to average net assets		0.93%	*		0.91%		0.87%		0.88%		0.89%			0.61%
Ratio of total expenses to average net assets		0.93%	*		0.91%		0.87%		0.88%		0.89%			0.75%
Ratio of net investment income (loss) to average net assets		1.46%	*		1.33%		1.25%		1.64%		1.52%			1.46%
Portfolio turnover rate		42%	#		80%		59%		38%		51%			35%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

²  The Fund’s total return calculation includes a reimbursement by the sub-adviser. Excluding the effect of this reimbursement from the Fund’s ending net asset value per share, total return for the year ended December 31, 2013 would have been 29.58%.

INDEX 500 FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011		2010
Net asset value, beginning of period	$	15.98		$	14.11	$	10.70	$	9.25	$	9.09	$	7.92
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.24		0.21		0.20		0.16		0.14
Net realized and unrealized gain (loss) on investment transactions		0.04			1.63		3.20		1.25		—		1.03
Total from investment operations		0.17			1.87		3.41		1.45		0.16		1.17
Net asset value, end of period	$	16.15		$	15.98	$	14.11	$	10.70	$	9.25	$	9.09
Total return 1		1.06%	#		13.25%		31.87%		15.68%		1.76%		14.77%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	440,913		$	442,835	$	398,537	$	312,146	$	267,009	$	263,724
Ratio of net expenses to average net assets		0.38%	*		0.38%		0.34%		0.34%		0.35%		0.35%
Ratio of total expenses to average net assets		0.38%	*		0.38%		0.34%		0.34%		0.36%		0.36%
Ratio of net investment income (loss) to average net assets		1.65%	*		1.63%		1.72%		1.93%		1.71%		1.68%
Portfolio turnover rate		2%	#		3%		8%		4%		4%		5%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

The accompanying notes are an integral part of these financial statements.

182

Penn Series Funds, Inc.

Financial Highlights

MID CAP GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	14.88		$	13.59		$	9.94		$	9.37		$	10.16		$	8.01
Income (loss) from investment operations:
Net investment income (loss)		0.03			(0.02	)		(0.06	)		(0.01	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investment transactions		0.55			1.31			3.71			0.58			(0.75	)		2.16
Total from investment operations		0.52			1.29			3.65			0.57			(0.79	)		2.15
Net asset value, end of period	$	15.40		$	14.88		$	13.59		$	9.94		$	9.37		$	10.16
Total return 1		3.49%	#		9.49%			36.72%			6.08%			(7.78%	)		26.84%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	128,262		$	128,486		$	120,563		$	101,293		$	99,083		$	107,064
Ratio of total expenses to average net assets		0.98%	*		0.97%			0.99%			1.00%			1.00%			1.00%
Ratio of net investment income (loss) to average net assets		(0.34%	)*		(0.14%	)		(0.49%	)		(0.12%	)		(0.42%	)		(0.14%	)
Portfolio turnover rate		19%	#		140%			80%			129%			110%			106%
*   Annualized #   Non-annualized 1     Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.
MID CAP VALUE FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	21.04		$	18.51		$	13.59		$	11.80		$	12.59		$	10.01
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.17			0.19			0.19			0.09			0.08
Net realized and unrealized gain (loss) on investment transactions		0.55			2.36			4.73			1.60			(0.88	)		2.50
Total from investment operations		0.64			2.53			4.92			1.79			(0.79	)		2.58
Net asset value, end of period	$	21.68		$	21.04		$	18.51		$	13.59		$	11.80		$	12.59
Total return 1		3.04%	#		13.67%			36.20%			15.17%			(6.27%	)		25.77%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	189,750		$	185,293		$	172,994		$	124,651		$	97,048		$	119,231
Ratio of total expenses to average net assets		0.80%	*		0.81%			0.82%			0.84%			0.84%			0.84%
Ratio of net investment income (loss) to average net assets		0.80%	*		0.86%			1.21%			1.49%			0.70%			0.71%
Portfolio turnover rate		21%	#		32%			43%			43%			106%			37%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

The accompanying notes are an integral part of these financial statements.

183

Penn Series Funds, Inc.

Financial Highlights

MID CORE VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30,  2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011			2010
Net asset value, beginning of period	$	17.84		$	15.33	$	11.87	$	10.37	$	10.75		$	8.57
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.21		0.14		0.08		0.03			0.05
Net realized and unrealized gain (loss) on investment transactions		0.02			2.30		3.32		1.42		(0.41	)		2.13
Total from investment operations		0.12			2.51		3.46		1.50		(0.38	)		2.18
Net asset value, end of period	$	17.96		$	17.84	$	15.33	$	11.87	$	10.37		$	10.75
Total return 1		0.67%	#		16.37%		29.15%		14.46%		(3.53%	)		25.44%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	87,458		$	90,229	$	71,874	$	57,168	$	60,179		$	52,723
Ratio of total expenses to average net assets		1.06%	*		1.05%		1.08%		1.08%		1.08%			1.11%
Ratio of net investment income (loss) to average net assets		1.10%	*		1.27%		0.97%		0.68%		0.29%			0.49%
Portfolio turnover rate		35%	#		69%		166%		75%		51%			75%

* Annualized

# Non-annualized

¹  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

SMID CAP GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended June 30,  2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	19.76		$	19.64		$	13.75		$	11.92		$	12.51		$	10.01
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.15	)		(0.10	)		(0.06	)		(0.09	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		1.97			0.27			5.99			1.89			(0.50	)		2.54
Total from investment operations		1.90			0.12			5.89			1.83			(0.59	)		2.50
Net asset value, end of period	$	21.66		$	19.76		$	19.64		$	13.75		$	11.92		$	12.51
Total return 1		9.62%	#		0.61%			42.84%			15.35%			(4.72%	)		24.85%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	66,773		$	55,602		$	63,627		$	40,578		$	26,996		$	25,263
Ratio of net expenses to average net assets		1.07%	*		1.06%			1.05%			1.05%			1.05%			1.05%
Ratio of total expenses to average net assets		1.07%	*		1.06%			1.07%			1.12%			1.13%			1.23%
Ratio of net investment income (loss) to average net assets		(0.72%	)*		(0.81%	)		(0.61%	)		(0.46%	)		(0.77%	)		(0.36%	)
Portfolio turnover rate		54%	#		89%			90%			95%			160%			95%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

The accompanying notes are an integral part of these financial statements.

184

Penn Series Funds, Inc.

Financial Highlights

SMID CAP VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011			2010
Net asset value, beginning of period	$	20.91		$	19.14	$	13.87	$	11.66	$	12.56		$	9.90
Income (loss) from investment operations:
Net investment income (loss)		—			0.05		0.07		0.07		0.03			0.02
Net realized and unrealized gain (loss) on investment transactions		0.40			1.72		5.20		2.14		(0.93	)		2.64
Total from investment operations		0.40			1.77		5.27		2.21		(0.90	)		2.66
Net asset value, end of period	$	21.31		$	20.91	$	19.14	$	13.87	$	11.66		$	12.56
Total return 1		1.91%	#		9.25%		38.00%		18.95%		(7.17%	)		26.87%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	79,194		$	73,906	$	63,544	$	43,575	$	32,949		$	26,766
Ratio of net expenses to average net assets		1.23%	*		1.20%		1.14%		1.14%		1.14%			1.14%
Ratio of total expenses to average net assets		1.23%	*		1.24%		1.25%		1.27%		1.31%			1.36%
Ratio of net investment income (loss) to average net assets		(0.01%	)*		0.24%		0.41%		0.51%		0.27%			0.22%
Portfolio turnover rate		20%	#		51%		58%		52%		69%			81%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

SMALL CAP GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	28.47		$	26.42		$	19.20		$	18.16		$	20.43		$	17.15
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)		(0.11	)		(0.11	)		(0.18	)		(0.15	)		(0.08	)
Net realized and unrealized gain (loss) on investment transactions		2.41			2.16			7.33			1.22			(2.12	)		3.36
Total from investment operations		2.31			2.05			7.22			1.04			(2.27	)		3.28
Net asset value, end of period	$	30.78		$	28.47		$	26.42		$	19.20		$	18.16		$	20.43
Total return 1		8.11%	#		7.76%			37.60%			5.73%			(11.11%	)		19.13%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	100,949		$	102,678		$	89,539		$	77,720		$	78,447		$	88,184
Ratio of total expenses to average net assets		1.02%	*		1.02%			1.07%			1.10%			1.08%			1.08%
Ratio of net investment income (loss) to average net assets		(0.65%	)*		(0.42%	)		(0.50%	)		(0.92%	)		(0.71%	)		(0.45%	)
Portfolio turnover rate		11%	#		33%			143%			103%			125%			125%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.

The accompanying notes are an integral part of these financial statements.

185

Penn Series Funds, Inc.

Financial Highlights

SMALL CAP VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011		2010
Net asset value, beginning of period	$	28.03		$	26.16	$	18.83	$	16.21	$	16.07	$	12.68
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.19		0.10		0.24		0.08		0.11
Net realized and unrealized gain (loss) on investment transactions		0.59			1.68		7.23		2.38		0.06		3.28
Total from investment operations		0.67			1.87		7.33		2.62		0.14		3.39
Net asset value, end of period	$	28.70		$	28.03	$	26.16	$	18.83	$	16.21	$	16.07
Total return 1		2.39%	#		7.15%		38.93%		16.16%		0.87%		26.74%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	246,925		$	246,127	$	238,772	$	175,841	$	159,365	$	163,354
Ratio of total expenses to average net assets		0.99%	*		1.03%		1.14%		1.15%		1.15%		1.15%
Ratio of net investment income (loss) to average net assets		0.60%	*		0.70%		0.46%		1.36%		0.51%		0.80%
Portfolio turnover rate		21%	#		45%		59%		50%		47%		49%

* Annualized

# Non-annualized

¹  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

SMALL CAP INDEX FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011			2010
Net asset value, beginning of period	$	17.59		$	16.88	$	12.22	$	10.58	$	11.08		$	8.78
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.12		0.10		0.16		0.08			0.08
Net realized and unrealized gain (loss) on investment transactions		0.69			0.59		4.56		1.48		(0.58	)		2.22
Total from investment operations		0.75			0.71		4.66		1.64		(0.50	)		2.30
Net asset value, end of period	$	18.34		$	17.59	$	16.88	$	12.22	$	10.58		$	11.08
Total return 1		4.26%	#		4.21%		38.13%		15.50%		(4.51%	)		26.20%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	69,986		$	66,658	$	64,860	$	42,443	$	29,202		$	23,950
Ratio of net expenses to average net assets		0.69%	*		0.64%		0.55%		0.55%		0.55%			0.55%
Ratio of total expenses to average net assets		0.69%	*		0.69%		0.71%		0.70%		0.91%			1.30%
Ratio of net investment income (loss) to average net assets		0.67%	*		0.72%		0.71%		1.42%		0.70%			0.89%
Portfolio turnover rate		11%	#		20%		17%		18%		18%			56%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

The accompanying notes are an integral part of these financial statements.

186

Penn Series Funds, Inc.

Financial Highlights

DEVELOPED INTERNATIONAL INDEX FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013		2012		2011			2010
Net asset value, beginning of period	$	11.54		$	12.29		$	10.15	$	8.59	$	9.83		$	9.15
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.30			0.28		0.25		0.27			0.20
Net realized and unrealized gain (loss) on investment transactions		0.50			(1.05	)		1.86		1.31		(1.51	)		0.48
Total from investment operations		0.69			(0.75	)		2.14		1.56		(1.24	)		0.68
Net asset value, end of period	$	12.23		$	11.54		$	12.29	$	10.15	$	8.59		$	9.83
Total return 1		5.98%	#		(6.10%	)		21.08%		18.16%		(12.61%	)		7.43%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	105,942		$	101,510		$	103,233	$	89,786	$	61,858		$	55,800
Ratio of net expenses to average net assets		0.82%	*		0.75%			0.59%		0.59%		0.59%			0.59%
Ratio of total expenses to average net assets		0.82%	*		0.82%			0.92%		1.00%		1.01%			1.21%
Ratio of net investment income (loss) to average net assets		3.10%	*		2.47%			2.50%		2.73%		2.80%			2.27%
Portfolio turnover rate		1%	#		7%			9%		2%		1%			6%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

INTERNATIONAL EQUITY FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011			2010
Net asset value, beginning of period	$	23.39		$	22.72	$	21.44	$	17.71	$	17.55		$	15.80
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.27		0.24		0.25		0.35			0.29
Net realized and unrealized gain (loss) on investment transactions		0.42			0.40		1.04		3.48		(0.19	)		1.46
Total from investment operations		0.65			0.67		1.28		3.73		0.16			1.75
Net asset value, end of period	$	24.04		$	23.39	$	22.72	$	21.44	$	17.71		$	17.55
Total return 1		2.78%	#		2.95%		5.97%		21.06%		0.91%			11.08%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	385,438		$	380,898	$	378,189	$	348,599	$	309,920		$	320,108
Ratio of total expenses to average net assets		1.15%	*		1.15%		1.17%		1.17%		1.20%			1.24%
Ratio of net investment income (loss) to average net assets		1.90%	*		1.14%		1.09%		1.30%		1.95%			1.77%
Portfolio turnover rate		10%	#		31%		34%		43%		30%			34%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

The accompanying notes are an integral part of these financial statements.

187

Penn Series Funds, Inc.

Financial Highlights

EMERGING MARKETS EQUITY FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net asset value, beginning of period	$	10.84		$	11.40		$	11.53		$	9.64	$	11.82		$	9.92
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.02			0.03			0.03		0.07			0.02
Net realized and unrealized gain (loss) on investment transactions		0.43			(0.58	)		(0.16	)		1.86		(2.25	)		1.88
Total from investment operations		0.47			(0.56	)		(0.13	)		1.89		(2.18	)		1.90
Net asset value, end of period	$	11.31		$	10.84		$	11.40		$	11.53	$	9.64		$	11.82
Total return 1		4.34%	#		(4.91%	)		(1.13%	)		19.61%		(18.44%	)		19.15%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	160,698		$	157,027		$	163,179		$	152,858	$	121,066		$	141,853
Ratio of net expenses to average net assets		1.78%	*		1.75%			1.68%			1.68%		1.68%			1.62%
Ratio of total expenses to average net assets		1.68%	*		1.69%			1.82%			1.72%		1.91%			2.07%
Ratio of net investment income (loss) to average net assets		0.71%	*		0.19%			0.25%			0.31%		0.63%			0.21%
Portfolio turnover rate		20%	#		42%			48%			47%		60%			62%

* Annualized

# Non-annualized

¹  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

REAL ESTATE SECURITIES FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011 2		2010
Net asset value, beginning of period	$	18.01		$	13.83	$	13.41	$	11.56	$	10.80	$	8.63
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.23		0.18		0.16		0.12		0.12
Net realized and unrealized gain (loss) on investment transactions		(1.09	)		3.95		0.24		1.69		0.64		2.05
Total from investment operations		(0.89	)		4.18		0.42		1.85		0.76		2.17
Net asset value, end of period	$	17.12		$	18.01	$	13.83	$	13.41	$	11.56	$	10.80
Total return 1		(4.94%	)#		30.22%		3.13%		16.00%		7.04%		25.14%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	132,919		$	136,861	$	114,290	$	98,146	$	76,346	$	68,420
Ratio of total expenses to average net assets		0.97%	*		0.97%		0.99%		1.01%		1.00%		1.01%
Ratio of net investment income (loss) to average net assets		2.13%	*		1.43%		1.35%		1.27%		1.09%		1.26%
Portfolio turnover rate		33%	#		54%		69%		85%		144%		180%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

² Prior to May 1, 2011, the Real Estate Securities Fund was named the REIT Fund.

The accompanying notes are an integral part of these financial statements.

188

Penn Series Funds, Inc.

Financial Highlights

AGGRESSIVE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	15.12		$	14.16		$	11.56		$	10.01		$	10.39		$	8.96
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.05	)		(0.04	)		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		0.41			1.01			2.64			1.59			(0.35	)		1.46
Total from investment operations		0.38			0.96			2.60			1.55			(0.38	)		1.43
Net asset value, end of period	$	15.50		$	15.12		$	14.16		$	11.56		$	10.01		$	10.39
Total return 1		2.51%	#		6.78%			22.49%			15.48%			(3.66%	)		15.96%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	65,952		$	64,505		$	56,879		$	41,234		$	28,182		$	24,256
Ratio of net expenses to average net assets 2		0.34%	*		0.34%			0.33%			0.33%			0.33%			0.33%
Ratio of total expenses to average net assets 2		0.34%	*		0.34%			0.33%			0.35%			0.38%			0.40%
Ratio of net investment income (loss) to average net assets		(0.34%	)*		(0.34%	)		(0.33%	)		(0.33%	)		(0.33%	)		(0.33%	)
Portfolio turnover rate		12%	#		20%			30%			24%			29%			28%
*   Annualized #   Non-annualized 1    Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. 2    The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	15.73		$	14.80		$	12.42		$	10.93		$	11.13		$	9.72
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		0.39			0.98			2.42			1.53			(0.16	)		1.44
Total from investment operations		0.36			0.93			2.38			1.49			(0.20	)		1.41
Net asset value, end of period	$	16.09		$	15.73		$	14.80		$	12.42		$	10.93		$	11.13
Total return 1		2.29%	#		6.28%			19.16%			13.63%			(1.80%	)		14.51%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	254,179		$	250,402		$	231,185		$	179,229		$	134,968		$	119,284
Ratio of total expenses to average net assets 2		0.32%	*		0.32%			0.31%			0.32%			0.32%			0.33%
Ratio of net investment income (loss) to average net assets		(0.32%	)*		(0.32%	)		(0.31%	)		(0.32%	)		(0.32%	)		(0.33%	)
Portfolio turnover rate		7%	#		17%			23%			25%			30%			26%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

² The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

189

Penn Series Funds, Inc.

Financial Highlights

MODERATE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	14.44		$	13.67		$	11.98		$	10.80		$	10.73		$	9.56
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		0.28			0.81			1.73			1.22			0.10			1.20
Total from investment operations		0.26			0.77			1.69			1.18			0.07			1.17
Net asset value, end of period	$	14.70		$	14.44		$	13.67		$	11.98		$	10.80		$	10.73
Total return 1		1.80%	#		5.63%			14.11%			10.93%			0.65%			12.24%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	362,756		$	364,044		$	350,164		$	290,951		$	224,256		$	199,732
Ratio of total expenses to average net assets 2		0.32%	*		0.31%			0.31%			0.31%			0.32%			0.32%
Ratio of net investment income (loss) to average net assets		(0.32%	)*		(0.31%	)		(0.31%	)		(0.31%	)		(0.32%	)		(0.32%	)
Portfolio turnover rate		5%	#		17%			20%			20%			26%			22%
*   Annualized #   Non-annualized 1    Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. 2    The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	13.63		$	12.98		$	11.87		$	10.96		$	10.67		$	9.75
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		0.21			0.69			1.15			0.95			0.33			0.95
Total from investment operations		0.19			0.65			1.11			0.91			0.29			0.92
Net asset value, end of period	$	13.82		$	13.63		$	12.98		$	11.87		$	10.96		$	10.67
Total return 1		1.39%	#		5.01%			9.35%			8.30%			2.72%			9.32%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	107,857		$	107,669		$	111,452		$	96,028		$	89,677		$	72,839
Ratio of net expenses to average net assets 2		0.33%	*		0.32%			0.32%			0.33%			0.33%			0.33%
Ratio of total expenses to average net assets 2		0.33%	*		0.32%			0.32%			0.33%			0.33%			0.34%
Ratio of net investment income (loss) to average net assets		(0.33%	)*		(0.32%	)		(0.32%	)		(0.33%	)		(0.33%	)		(0.33%	)
Portfolio turnover rate		9%	#		20%			28%			37%			30%			35%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

² The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

190

Penn Series Funds, Inc.

Financial Highlights

CONSERVATIVE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended June 30,  2015 Unaudited			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	12.72		$	12.26		$	11.74		$	11.13		$	10.71		$	10.01
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		0.15			0.50			0.56			0.65			0.46			0.73
Total from investment operations		0.13			0.46			0.52			0.61			0.42			0.70
Net asset value, end of period	$	12.85		$	12.72		$	12.26		$	11.74		$	11.13		$	10.71
Total return 1		1.02%	#		3.75%			4.43%			5.48%			3.92%			6.89%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	64,997		$	65,183		$	68,185		$	70,604		$	63,096		$	45,528
Ratio of net expenses to average net assets 2		0.34%	*		0.33%			0.33%			0.33%			0.33%			0.33%
Ratio of total expenses to average net assets 2		0.34%	*		0.33%			0.33%			0.33%			0.34%			0.35%
Ratio of net investment income (loss) to average net assets		(0.34%	)*		(0.33%	)		(0.33%	)		(0.33%	)		(0.33%	)		(0.33%	)
Portfolio turnover rate		8%	#		26%			38%			44%			39%			46%

* Annualized

# Non-annualized

¹ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented.

² The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

The accompanying notes are an integral part of these financial statements.

191

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

1 — ORGANIZATION

Penn Series Funds, Inc. (“Penn Series”) was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company (“Penn Mutual”) and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual’s employee benefit plans.

Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a “Fund” and collectively, the “Funds”). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.

Fund of Funds (“FOFs”) – Each Penn Series FOF seeks to achieve its investment objective by investing in other Penn Series Funds (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. Each of the following is a Penn Series FOFs: Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds.

2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are followed by Penn Series in the preparation of its financial statements. The preparation of financial statements in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 946.

SECURITY VALUATION:

Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.

Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Securities values according to these evaluation methods are categorized as Level 1 in the fair value hierarchy described below. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing valuation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these valuation methods are generally categorized as Level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the valuation date.

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Notes to Financial Statements — June 30, 2015 (Unaudited)

Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded. Although derivatives may be subject to netting provisions, as discussed further in Note 7, derivatives held are valued at their gross amounts.

To assess the continuing appropriateness of third party pricing service security valuations, the Adviser or sub-adviser, as applicable, or the fund accounting service provider, who is subject to oversight by the Administrator, regularly monitor the prices and compare prices to alternate sources where applicable. Pricing challenges are issued for valuation differences exceeding certain tolerances or when considered not reflective of the market by the Adviser or sub-adviser, as applicable.

Securities for which market quotations are not readily available are valued at fair value prices determined using methods approved by the Penn Series Board of Directors. The Penn Series Valuation Committee (the “Valuation Committee”), established by and subject to oversight by the Board of Directors, monitors pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from Penn Mutual Asset Management, Inc. (“PMAM” or the “Adviser”), the investment adviser to each of the Funds, and Penn Mutual, the administrator to the Funds (the “Administrator”). The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Adviser or the applicable sub-adviser, to establish and /or adjust fair valuations of securities as events occur and circumstances warrant. The information and inputs may include but are not limited to cost of the security, last sale price, private transaction trading prices, comparable publically traded security prices, discount rates, publically disclosed news stories and regulatory filings, estimated cash flows and yield curves. As part of its procedures, the Valuation Committee monitors the fair valued securities, considers additional news or significant developments relative to the specific security, reviews the valuations with the Adviser or respective sub-adviser on a regular basis and applies back testing procedures to valuations as applicable. Reasons for which securities may be valued in this manner include, but are not limited to, trading on an exchange for a security has been halted, suspended or has not begun, a security has been de-listed from a national exchange, trading on a security’s primary market is temporarily closed at a time when, under normal conditions, it would be open, or valuation by a third party pricing service is currently not available or is no longer available.

Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund’s NAV is calculated. These securities are valued at a fair value utilizing an independent third party valuation service in accordance with procedures adopted by the Fund’s Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval”, which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.

Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. Inputs refer broadly to the assumptions that

193

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Notes to Financial Statements — June 30, 2015 (Unaudited)

market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Transfers between levels 1 and 2 during the six months ended June 30, 2015, if any, are shown as notes on the Schedule of Investments of the individual fund.

Significant Level 3 items at June 30, 2015 consist of $2,738,216 of equities in the Large Growth Stock Fund which were not publicly trading. The unobservable inputs used in valuing these securities include new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies and strategic events affecting the company. Significant increases (decreases) in the valuation indicated by the new rounds of financing, valuations observed through negotiated transactions between other investors in the company or changes in the market valuation of relevant peer companies would result in directionally similar changes to the fair value. Fair value determinations are reviewed and updated on a regular basis and as information becomes available, including actual purchase and sale transactions of the issue.

New Accounting Pronouncement — In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Funds for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. At this time, management is evaluating the implications of ASU No. 2015-07 and its impact on the financial statement disclosures has not yet been determined.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against

194

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Notes to Financial Statements — June 30, 2015 (Unaudited)

the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the fund is subject to nonperformance by the counterparty.

SECURITY TRANSACTIONS, INVESTMENT INCOME AND EXPENSES: Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums are accreted and amortized using the effective interest method. The cost of investment securities sold is determined by using the specific identification method for both financial reporting and income tax purposes. Expenses directly attributable to a Fund are directly charged. Common expenses of the Funds are allocated using methods approved by the Board of Directors, generally based on average net assets. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds of the FOFs.

DIVIDENDS TO SHAREHOLDERS: Except for the Money Market Fund, all or a portion of each Fund’s undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2014 were deemed distributed as consent dividends to each respective Fund’s shareholders in place of regular distributions. As consent dividends, shareholders of each Fund agree to treat their share of undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at December 31, 2014, respectively, as dividend income and net capital gains for tax purposes. In the case of the Money Market Fund, dividends paid from undistributed net investment income and accumulated net realized gain on investments are declared daily and paid monthly.

Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations which may differ from net investment income and net realized capital gains recorded in accordance with accounting principles generally accepted in the United States. To the extent that these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. Distributions from net realized gains may involve short-term capital gains, which are included as ordinary income for tax purposes.

The character of distributions received from real estate investment trusts (“REITs”) held by a Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from the underlying REITs based on historical data provided by the REITs. As of year-end, differences between the estimated and actual amounts are reflected in a Fund’s records.

3 — INVESTMENT ADVISORY AND OTHER CORPORATE SERVICES

Investment Advisory Services

Effective January 1, 2015, Independence Capital Management, Inc., the investment adviser to each series of Penn Series Funds, Inc., changed its name to Penn Mutual Asset Management, Inc. (“PMAM”). With the exception of the Money Market, Limited Maturity, Quality Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds, PMAM has entered into sub-advisory agreements to provide investment management services to each of the Funds.

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Each of the Funds pay PMAM, on a monthly basis, an advisory fee based on the average daily net assets of the Fund, at the following rates pursuant to the investment advisory agreements:

Fund	Sub-Adviser	Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund)
Money Market Fund	None	0.33% of the first $200,000,000; 0.31% of the next $150,000,000; 0.29% of the next $150,000,000; 0.27% over $500,000,000.
Limited Maturity Bond Fund	None	0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000.
Quality Bond Fund	None	0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000.
High Yield Bond Fund	T. Rowe Price Associates, Inc	0.56% of the first $250,000,000; 0.53% over $250,000,000.
Flexibly Managed Fund	T. Rowe Price Associates, Inc	0.72% of the first $500,000,000; 0.70% of the next $2,000,000,000; 0.68% of the next $1,500,000,000; 0.65% of the next $1,000,000,000; 0.62% over $5,000,000,000.
Large Growth Stock Fund	T. Rowe Price Associates, Inc	0.72% of the first $250,000,000; 0.68% of the next $250,000,000; 0.65% over $500,000,000.
Large Cap Growth Fund	Massachusetts Financial Services Company	0.55%
Large Core Growth Fund	Wells Capital Management, Inc.	0.60%
Large Cap Value Fund	Loomis, Sayles & Company, LP	0.67% of the first $150,000,000; 0.65% over $150,000,000.
Large Core Value Fund	Eaton Vance Management	0.67% of the first $150,000,000; 0.65% of the next $250,000,000; 0.60% over $400,000,000.
Index 500 Fund	SSgA Fund Management, Inc.	0.14% of the first $150,000,000; 0.13% of the next $150,000,000; 0.12% over $300,000,000.
Mid Cap Growth Fund	Ivy Investment Management Company	0.70%
Mid Cap Value Fund	Neuberger Berman Management, Inc.	0.55% of the first $250,000,000; 0.525% of the next $250,000,000; 0.50% of the next $250,000,000; 0.475% of the next $250,000,000; 0.45% of the next $500,000,000; 0.425% over $1,500,000,000.
Mid Core Value Fund	American Century Investment Management, Inc.	0.72%
SMID Cap Growth Fund	Wells Capital Management, Inc.	0.75%
SMID Cap Value Fund	Alliance Bernstein, LP	0.95%

196

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Fund	Sub-Adviser	Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund)
Small Cap Growth Fund	Janus Capital Management LLC	0.80% of the first $25,000,000; 0.75% of the next $25,000,000; 0.70% over $50,000,000.
Small Cap Value Fund	Goldman Sachs Asset Management, LP	0.75% of the first $50,000,000; 0.725% of the next $50,000,000; 0.70% over $100,000,000.
Small Cap Index Fund	SSgA Fund Management, Inc.	0.30%
Developed International Index Fund	SSgA Fund Management, Inc.	0.30%
International Equity Fund	Vontobel Asset Management, Inc.	0.86% of the first $227,000,000; 0.84% of the next $227,000,000; 0.82% over $454,000,000.
Emerging Markets Equity Fund	Morgan Stanley Investment Management, Inc.	1.18% of the first $2,500,000,000; 1.00% over $2,500,000,000.
Real Estate Securities Fund	Cohen & Steers Capital Management, Inc.	0.70%
Aggressive Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.
Moderately Aggressive Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.
Moderate Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.
Moderately Conservative Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.
Conservative Allocation Fund	None	0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000.

For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a sub-advisory fee.

Administrative and Corporate Services

Under an administrative and corporate services agreement, Penn Mutual serves as administrative and corporate services agent for Penn Series. Each of the Funds pays Penn Mutual, on a quarterly basis, an annual fee equal to 0.15% of the Fund’s average daily net assets.

Accounting Services

Under an accounting services agreement, BNY Mellon Investment Servicing (US), Inc. (“BNY Mellon”) serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity

197

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee based on the average daily net assets of the Fund equal to 0.070% for the first $100 million, 0.050% for the next $200 million, 0.030% for the next $300 million and 0.020% thereafter. With the exception of the FOFs, International Equity Fund, Emerging Markets Equity Fund, Developed International Index Fund and Money Market Fund, the minimum annual fee each Fund must pay is $27,500. The annual accounting fee for each of the FoFs shall be an asset based fee of 0.01% of FOF’s average assets, exclusive of out-of-pocket expenses. Each FOF’s minimum annual fee is $12,000. The minimum annual fee is $48,000 for each of the International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund. The Money Market Fund pays no minimum annual fee. Each of the International Equity, Emerging Markets Equity and Developed International Index Funds pay BNY Mellon 0.080% for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter.

Transfer Agent Services

Under a transfer agency agreement, BNY Mellon serves as transfer agent for Penn Series.

Custodial Services

The Bank of New York Mellon, Inc., serves as custodian for Penn Series. In addition to transaction charges and out-of-pocket expenses, each of the Funds pay The Bank of New York Mellon, Inc., on a monthly basis, an annual custody fee of 0.007% for U.S. securities. The Bank of New York Mellon, Inc. serves as foreign custodian for Penn Series. There is a separate custody fee schedule for foreign securities.

Expenses and Limitations Thereon

Each Fund bears all expenses of its operations other than those incurred by PMAM and its sub-adviser under its respective investment advisory agreement and those incurred by Penn Mutual under its administrative and corporate services agreement. PMAM and Penn Mutual have agreed to waive fees or reimburse expenses to the extent the Fund’s total expense ratio (excluding nonrecurring account fees, fees on portfolio transactions, such as exchange fees, dividends and interest on securities sold short, Acquired Fund Fees and Expenses, service fees, interest, taxes, brokerage commissions, other capitalized expenses and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund’s business, but including investment advisory and administrative and corporate services fees) exceeds the applicable expense limitation for the Fund. The expense limitations for the Funds are as follows:

Fund	Expense Limitation		Fund	Expense Limitation
Money Market		0.64%	SMID Cap Growth		1.07%
Limited Maturity Bond		0.74%	SMID Cap Value		1.26%
Quality Bond		0.73%	Small Cap Growth		1.13%
High Yield Bond		0.92%	Small Cap Value		1.02%
Flexibly Managed		0.94%	Small Cap Index		0.74%
Balanced		0.79%	Developed International Index		0.94%
Large Growth Stock		1.02%	International Equity		1.20%
Large Cap Growth		0.89%	Emerging Markets Equity		1.78%
Large Core Growth		0.90%	Real Estate Securities		1.02%
Large Cap Value		0.96%	Aggressive Allocation*		0.40%
Large Core Value		0.96%	Moderately Aggressive Allocation*		0.34%
Index 500		0.42%	Moderate Allocation*		0.34%
Mid Cap Growth		1.00%	Moderately Conservative Allocation*		0.35%
Mid Cap Value		0.83%	Conservative Allocation*		0.38%
Mid Core Value		1.11%

* For FoFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds.

198

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are considered “extraordinary expenses” and are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund’s future yield.

If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM’s election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.

As of June 30, 2015, the following Funds had waived and/or reimbursed administrative and corporate services fees that are subject to potential recapture by Penn Mutual through the periods stated below. If not recaptured, the waiver and/or reimbursed administrative and corporate services fees will expire according to the table below:

	December 31, 2015		December 31, 2016		December 31, 2017		December 31, 2018
Money Market Fund	$	122,590	$	176,604	$	220,934	$	57,124
Large Cap Growth Fund		—		—		1,607		—
Balanced Fund		22,964		20,510		7,278		—

During the six months ended June 30, 2015, previously waived advisory fees were recaptured by Penn Mutual. The recaptured fees are shown as Recaptured administration fees on the statement of operations and are as follows:

Large Cap Growth Fund $ 1,831

As of June 30, 2015, the following Funds had waived and/or reimbursed advisory fees that are subject to potential recapture by PMAM through the periods stated below. If not recaptured, the waived and/or reimbursed advisory fees will expire according to the table below:

	December 31, 2015		December 31, 2016		December 31, 2017		December 31, 2018
Money Market Fund	$	262,764	$	247,479	$	388,671	$	193,851
SMID Cap Growth Fund		23,866		10,433		3,212		—
SMID Cap Value Fund		49,667		61,894		22,348		—
Small Cap Index Fund		54,153		85,442		31,741		—
Developed International Index Fund		302,369		329,477		72,559		—
Emerging Markets Equity Fund		21,842		61,004		—		—
Aggressive Allocation Fund		6,330		2,362		179		—
Conservative Allocation Fund		2,344		31		88		—

During the six months ended June 30, 2015, previously waived advisory fees were recaptured by PMAM. The recaptured fees are shown as Recaptured advisory fees on the statement of operations and are as follows:

Emerging Markets Equity Fund $ 82,846

199

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Total fees of $162,750 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2015. Director’s who are also employees of PMAM or its affiliates and officers of the Company receive no compensation from the Company for their services.

4 — RELATED PARTY TRANSACTIONS

Certain benefit plans of Penn Mutual own annuity contracts that are invested in the Penn Series Funds. The benefit plan assets that are invested in the Penn Series Funds at June 30, 2015 are as follows:

Money Market Fund	$	7,986,008
Limited Maturity Bond Fund		46,915,754
Quality Bond Fund		40,120,682
High Yield Bond Fund		5,130,551
Flexibly Managed Fund		64,853,544
Large Growth Stock Fund		41,999,767
Index 500 Fund		20,308,544
Mid Cap Growth Fund		5,259,324
Mid Core Value Fund		5,018,651
SMID Cap Growth Fund		5,303,050
SMID Cap Value Fund		5,210,511
Small Cap Growth Fund		4,415,940
Small Cap Value Fund		8,875,007
International Equity Fund		19,526,779
Large Core Value Fund		31,193,790
Emerging Markets Equity Fund		3,336,246
Small Cap Index Fund		3,550,531
Developed International Index Fund		2,932,853

Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the six months ended June 30, 2015 were as follows:

Large Growth Stock Fund	$	60
Small Cap Value Fund		1,133
Emerging Markets Equity Fund		3,280

A Summary of the FoF’s total long-term and short-term purchases and sales of the shares of the underlying Funds during the period ended June 30, 2015 is as follows:

Balanced Fund	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income
Penn Series Quality Bond Fund	$	32,591,121	$	31,824,212	$	896,571	$	1,798,201	$	—
Penn Series Index 500 Fund		48,886,682		47,736,317		1,076,244		2,749,618		—
	$	81,477,803	$	79,560,529	$	1,972,815	$	4,547,819	$	—
Aggressive Allocation Fund	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income
Penn Series Quality Bond Fund	$	2,584,241	$	1,968,268	$	203,999	$	829,284	$	—
Penn Series Flexibly Managed Fund		2,583,596		3,280,447		809,056		200,436		—
Penn Series Large Growth Stock Fund		2,584,241		2,624,358		171,024		306,877		—
Penn Series Large Cap Growth Fund		2,584,241		2,624,358		211,374		198,521		—
Penn Series Large Core Growth Fund		646,060		656,089		47,236		50,526		—
Penn Series Large Cap Value Fund		6,460,603		6,560,894		639,749		573,703		—

200

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Aggressive Allocation Fund (continued)	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income
Penn Series Large Core Value Fund	$	3,230,302	$	3,280,447	$	280,223	$	248,151	$	—
Penn Series Index 500 Fund		3,876,362		3,280,447		332,490		968,758		—
Penn Series Mid Cap Growth Fund		2,584,241		2,624,358		178,794		227,320		—
Penn Series Mid Cap Value Fund		3,230,301		3,936,537		926,848		317,401		—
Penn Series Mid Core Value Fund		2,584,241		3,280,447		878,899		199,223		—
Penn Series SMID Cap Growth Fund		1,938,181		1,312,179		97,345		884,729		—
Penn Series SMID Cap Value Fund		3,230,302		3,280,447		247,388		256,459		—
Penn Series Small Cap Growth Fund		1,936,820		1,968,269		731,135		863,195		—
Penn Series Small Cap Value Fund		2,584,241		2,624,358		179,474		198,521		—
Penn Series Small Cap Index Fund		646,060		656,089		42,756		59,475		—
Penn Series Developed International Index Fund		5,168,482		5,248,716		342,047		561,392		—
Penn Series International Equity Fund		9,044,844		9,185,252		653,862		756,452		—
Penn Series Emerging Markets Equity Fund		4,522,422		4,592,626		302,105		420,577		—
Penn Series Real Estate Securities Fund		2,584,241		2,624,358		412,825		255,066		—
	$	64,604,022	$	65,608,944	$	7,688,629	$	8,376,066	$	—
Moderately Aggressive Allocation Fund	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income
Penn Series Limited Maturity Bond Fund	$	9,965,445	$	7,574,292	$	458,160	$	2,936,445	$	—
Penn Series Quality Bond Fund		29,896,336		30,297,170		1,361,817		1,070,426		—
Penn Series High Yield Bond Fund		7,474,084		7,567,637		183,494		355,875		—
Penn Series Flexibly Managed Fund		9,962,957		12,623,821		2,701,398		385,848		—
Penn Series Large Growth Stock Fund		7,474,084		10,099,057		2,515,069		429,601		—
Penn Series Large Cap Growth Fund		7,474,084		7,574,292		287,621		267,607		—
Penn Series Large Core Growth Fund		2,491,361		2,524,764		79,198		97,211		—
Penn Series Large Cap Value Fund		22,422,252		20,198,113		1,255,487		3,601,827		—
Penn Series Large Core Value Fund		9,965,445		10,099,057		429,855		356,810		—
Penn Series Index 500 Fund		14,948,168		12,623,821		341,610		2,821,361		—
Penn Series Mid Cap Growth Fund		7,474,084		7,574,292		207,756		369,034		—
Penn Series Mid Cap Value Find		12,456,806		12,623,821		527,053		745,989		—
Penn Series Mid Core Value Fund		9,965,445		10,099,057		424,152		356,810		—
Penn Series SMID Cap Growth Fund		4,982,723		7,574,292		2,486,471		366,549		—
Penn Series SMID Cap Value Fund		7,474,084		10,099,057		2,790,009.00		308,348.00		—
Penn Series Small Cap Growth Fund		7,468,837		5,049,528		183,493		3,201,866		—
Penn Series Small Cap Value Fund		7,474,084		7,574,293		208,848		286,200		—
Penn Series Small Cap Index Fund		4,982,722		5,049,528		122,329		266,559		—
Penn Series Developed International Index Fund		17,439,529		17,673,349		428,153		1,239,334		—
Penn Series Emerging Markets Equity Fund		12,456,807		12,623,821		305,824		681,278		—
Penn Series International Equity Fund		27,404,974		27,772,405		778,250		1,181,625		—
Penn Series Real Estate Securities Fund		7,474,084		7,574,292		901,836		455,042		—
	$	249,128,395	$	252,469,759	$	18,977,883	$	21,781,645	$	—

201

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Moderate Allocation Fund	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income
Penn Series Money Market Fund	$	7,260,351	$	7,234,507	$	303,514	$	329,358	$	356
Penn Series Limited Maturity Bond Fund		25,411,016		25,320,566		930,663		1,240,564		—
Penn Series Quality Bond Fund		87,123,486		90,430,595		6,773,846		3,753,912		—
Penn Series High Yield Bond Fund		18,150,726		14,456,181		308,339		4,617,011		—
Penn Series Flexibly Managed Fund		21,775,433		21,703,343		407,294		1,228,895		—
Penn Series Large Growth Stock Fund		7,260,290		7,234,447		135,765		660,116		—
Penn Series Large Cap Growth Fund		10,890,436		10,851,671		305,520		460,105		—
Penn Series Large Cap Value Fund		21,780,871		21,703,343		1,016,531		1,208,121		—
Penn Series Large Core Value Fund		10,890,436		10,851,671		354,975		460,105		—
Penn Series Index 500 Fund		18,150,726		18,086,119		602,291		859,335		—
Penn Series Mid Cap Growth Fund		7,260,290		7,234,448		150,619		428,777		—
Penn Series Mid Cap Value Find		10,890,436		10,851,671		381,211		756,212		—
Penn Series Mid Core Value Fund		10,890,436		10,851,671		348,504		460,105		—
Penn Series SMID Cap Growth Fund		3,630,145		7,234,447		3,565,890		301,947		—
Penn Series SMID Cap Value Fund		10,890,436		10,851,671		305,798		552,094		—
Penn Series Small Cap Growth Fund		7,255,194		3,617,224		135,765		4,350,309		—
Penn Series Small Cap Value Fund		7,260,291		7,234,448		151,125		347,667		—
Penn Series Small Cap Index Fund		7,260,290		7,234,448		135,765		466,328		—
Penn Series Developed International Index Fund		18,150,726		18,086,119		339,411		1,482,892		—
Penn Series International Equity Fund		32,671,307		32,555,014		623,937		1,651,989		—
Penn Series Emerging Markets Equity Fund		10,890,436		10,851,672		203,647		711,966		—
Penn Series Real Estate Securities Fund		7,260,290		7,234,448		813,651		514,494		—
	$	363,004,048	$	361,709,724	$	18,294,061	$	26,842,302	$	356
Moderately Conservative Allocation Fund	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income
Penn Series Money Market Fund	$	2,139,849	$	2,143,379	$	203,495.00	$	199,965.00	$	107
Penn Series Limited Maturity Bond Fund		17,118,652		16,075,208		1,266,700.00		2,459,042.00		—
Penn Series Quality Bond Fund		35,307,220		36,437,139		4,237,044.00		3,230,002.00		—
Penn Series High Yield Bond Fund		6,419,494		6,424,433		480,624.00		707,449.00		—
Penn Series Flexibly Managed Fund		7,487,540		7,501,764		560,727.00		807,558.00		—
Penn Series Large Growth Stock Fund		1,069,916		1,071,681		80,104.00		152,647.00		—
Penn Series Large Cap Growth Fund		2,139,831		2,143,361		171,927.00		191,301.00		—

202

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Moderately Conservative Allocation Fund (continued)	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income
Penn Series Large Cap Value Fund	$	5,349,579	$	5,358,403	$	536,992.00	$	558,659.00	$	—
Penn Series Large Core Value Fund		2,139,831		2,143,361		180,697.00		191,302.00		—
Penn Series Index 500 Fund		3,209,747		3,215,042		278,675.00		308,765.00		—
Penn Series Mid Cap Value Find		3,209,747		3,215,042		289,613.00		386,509.00		—
Penn Series Mid Core Value Fund		2,139,831		2,143,361		179,754.00		191,301.00		—
Penn Series SMID Cap Growth Fund		1,069,916		1,071,680		80,104.00		180,333.00		—
Penn Series SMID Cap Value Fund		2,139,831		2,143,361		178,068.00		217,183.00		—
Penn Series Small Cap Growth Fund		1,069,165		1,071,680		80,104.00		163,750.00		—
Penn Series Small Cap Value Fund		1,069,916		1,071,680		81,340.00		105,752.00		—
Penn Series Small Cap Index Fund*		1,069,916		1,071,680		80,105.00		124,277.00		—
Penn Series Developed International Index Fund		4,279,663		4,286,722		320,416.00		575,130.00		—
Penn Series International Equity Fund		5,349,579		5,358,403		400,521.00		547,193.00		—
Penn Series Emerging Markets Equity Fund		1,069,916		1,071,680		80,105.00		127,033.00		—
Penn Series Real Estate Securities Fund		2,139,832		2,143,361		363,378.00		259,896.00		—
	$	106,988,971	$	107,162,421	$	10,130,493	$	11,685,047	$	107
Conservative Allocation Fund	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income
Penn Series Money Market Fund	$	3,852,277	$	3,838,225	$	247,491.00	$	261,543.00	$	186
Penn Series Limited Maturity Bond Fund		14,124,897		13,433,679		658,347.00		1,467,279.00		—
Penn Series Quality Bond Fund		26,323,672		27,507,057		2,817,607.00		1,724,952.00		—
Penn Series High Yield Bond Fund		5,136,326		4,473,959		224,205.00		1,060,880.00		—
Penn Series Flexibly Managed Fund		5,135,044		5,117,592		248,081.00		440,064.00		—
Penn Series Large Cap Growth Fund		1,284,081		639,699		58,952.00		716,821.00		—
Penn Series Large Cap Value Fund		1,284,081		1,279,398		88,808.00		99,852.00		—
Penn Series Large Core Value Fund		642,041		1,279,398		674,711.00		41,243.00		—
Penn Series Index 500 Fund		1,284,081		1,279,398		71,621.00		89,750.00		—
Penn Series Mid Cap Value Fund		1,284,082		1,279,398		81,730.00		125,690.00		—
Penn Series Mid Core Value Fund		642,041		639,699		34,706.00		41,243.00		—
Penn Series Developed International Index Fund		1,926,122		1,919,097		93,030.00		212,918.00		—
Penn Series International Equity Fund		1,284,082		1,279,398		62,020.00		102,115.00		—
	$	64,202,827	$	63,965,997	$	5,361,309	$	6,384,350	$	186

203

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

5 — PURCHASES AND SALES OF SECURITIES

During the six months ended June 30, 2015, the Funds made the following purchases and sales of portfolio securities, other than short-term securities:

	U.S. Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
Limited Maturity Bond Fund	$	10,861,103	$	10,859,785	$	151,067,423	$	165,409,299
Quality Bond Fund		51,035,041		104,546,936		360,733,667		288,015,151
High Yield Bond Fund		—		—		77,299,141		69,321,924
Flexibly Managed Fund		—		—		1,111,754,094		1,187,235,910
Balanced Fund		—		—		1,972,814		4,547,819
Large Growth Stock Fund		—		—		58,732,218		58,822,774
Large Cap Growth Fund		—		—		10,071,158		10,831,123
Large Core Growth Fund		—		—		81,627,036		86,079,504
Large Cap Value Fund		—		—		26,912,123		34,375,153
Large Core Value Fund		—		—		79,022,008		82,699,079
Index 500 Fund		—		—		6,868,315		8,895,686
Mid Cap Growth Fund		—		—		24,193,065		30,550,553
Mid Cap Value Fund		—		—		37,769,745		48,753,420
Mid Core Value Fund		—		—		30,556,601		34,627,035
SMID Cap Growth Fund		—		—		30,505,493		31,854,446
SMID Cap Value Fund		—		—		14,919,195		17,239,544
Small Cap Growth Fund		—		—		11,052,823		21,034,603
Small Cap Value Fund		—		—		51,289,957		54,297,057
Small Cap Index Fund		—		—		7,659,766		9,654,149
Developed International Index Fund		—		—		3,795,115		630,375
International Equity Fund		—		—		44,922,033		38,394,004
Emerging Markets Equity Fund		—		—		35,867,006		30,923,507
Real Estate Securities Fund		—		—		45,302,620		47,772,168
Aggressive Allocation Fund		—		—		7,688,629		8,376,064
Moderately Aggressive Allocation Fund		—		—		18,977,884		21,781,646
Moderate Allocation Fund		—		—		18,293,763		26,842,301
Moderately Conservative Allocation Fund		—		—		10,130,401		11,685,048
Conservative Allocation Fund		—		—		5,361,154		6,384,351

6 — FEDERAL INCOME TAXES

Each Fund has qualified and intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2013, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.

On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:

The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 (“post-enactment losses”) to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of the Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.

204

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

The Act provides that a RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term “qualified late-year loss” means any post-October capital loss and any late-year ordinary loss.

The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests.

Reclassification of Capital Accounts:

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2014, primarily attributable to consent dividends, reclass of capital gains tax income recognized from pass-through entities, the disallowance of net operating losses, the tax treatment of Passive Foreign Investment Companies, the redesignation of dividend distributions, the reclassification of net foreign currency exchange gains or losses and the reclassification of paydown losses were reclassed between the following accounts:

	Increase (Decrease) Undistributed Net Investment Income			Increase (Decrease) Accumulated Net Realized Gains			Increase (Decrease) Paid-in Capital
Limited Maturity Bond Fund	$	(1,604,138	)	$	(648,111	)	$	2,252,249
Quality Bond Fund		(10,704,702	)		(9,419,909	)		20,124,611
High Yield Bond Fund		(10,880,376	)		(2,074,758	)		12,955,134
Flexibly Managed Fund		(33,376,896	)		(337,945,561	)		371,322,457
Balanced Fund		162,810			(1,709,649	)		1,546,839
Large Growth Stock Fund		687,956			(37,821,788	)		37,133,832
Large Cap Growth Fund		(347,602	)		(2,883,995	)		3,231,597
Large Core Growth Fund		241,472			(17,366,381	)		17,124,909
Large Cap Value Fund		(4,322,274	)		(11,788,214	)		16,110,488
Large Core Value Fund		(2,444,387	)		(30,222,954	)		32,667,341
Index 500 Fund		(6,823,864	)		—			6,823,864
Mid Cap Growth Fund		208,455			(29,398,971	)		29,190,516
Mid Cap Value Fund		(2,270,591	)		(15,268,055	)		17,538,646
Mid Core Value Fund		(940,975	)		(8,126,683	)		9,067,658
SMID Cap Growth Fund		511,199			(7,095,131	)		6,583,932
SMID Cap Value Fund		(164,375	)		(8,045,055	)		8,209,430
Small Cap Growth Fund		382,285			(5,524,503	)		5,142,218
Small Cap Value Fund		(1,353,579	)		(26,227,380	)		27,580,959
Small Cap Index Fund		(401,339	)		(3,662,688	)		4,064,027
Developed International Index Fund		(3,210,488	)		17,360			3,193,128
International Equity Fund		(7,587,667	)		(1,507,691	)		9,095,358
Emerging Markets Equity Fund		(313,647	)		(159,760	)		473,407
Real Estate Securities Fund		(1,813,404	)		(9,896,125	)		11,709,529
Aggressive Allocation Fund		204,081			(928,988	)		724,907
Moderately Aggressive Allocation Fund		772,032			(3,445,745	)		2,673,713
Moderate Allocation Fund		1,131,190			(6,680,289	)		5,549,099
Moderately Conservative Allocation Fund		356,665			(2,988,373	)		2,631,708
Conservative Allocation Fund		226,472			(860,568	)		634,096

These reclassifications had no effect on net assets or net asset value per share.

205

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Tax character of distributions:

The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2014 and 2013 were as follows:

	Ordinary Income and Short-Term Capital Gains				Long-Term Capital Gains				Total
	2014		2013		2014		2013		2014		2013
Money Market Fund	$	13,590	$	13,151	$	—	$	—	$	13,590	$	13,151
Limited Maturity Bond Fund		1,732,444		1,232,810		519,805		116,963		2,252,249		1,349,773
Quality Bond Fund		13,678,658		10,620,923		6,445,953		—		20,124,611		10,620,923
High Yield Bond Fund		12,356,614		10,511,393		598,520		—		12,955,134		10,511,393
Flexibly Managed Fund		117,363,812		84,915,132		253,958,645		119,131,671		371,322,457		204,046,803
Balanced Fund		1,447,124		1,199,143		2,025,883		2,389,021		3,473,007		3,588,164
Large Growth Stock Fund		1,456,751		—		35,677,081		21,798,396		37,133,832		21,798,396
Large Cap Growth Fund		1,359,763		1,866,076		1,871,834		3,328,212		3,231,597		5,194,288
Large Core Growth Fund		446,222		—		16,678,687		—		17,124,909		—
Large Cap Value Fund		7,987,988		2,234,143		8,122,500		9,123,356		16,110,488		11,357,499
Large Core Value Fund		2,444,387		2,238,832		30,222,954		—		32,667,341		2,238,832
Index 500 Fund		6,829,576		6,264,539		—		—		6,829,576		6,264,539
Mid Cap Growth Fund		7,378,374		3,914,693		21,812,142		10,823,453		29,190,516		14,738,146
Mid Cap Value Fund		3,225,211		3,432,768		14,313,536		12,750,505		17,538,747		16,183,273
Mid Core Value Fund		5,488,235		8,755,746		3,579,477		8,567,642		9,067,712		17,323,388
SMID Cap Growth Fund		—		2,323,609		7,095,131		3,428,905		7,095,131		5,752,514
SMID Cap Value Fund		1,251,210		1,352,569		6,958,220		4,600,456		8,209,430		5,953,025
Small Cap Growth Fund		2,658,817		6,994,112		2,483,401		1,367,620		5,142,218		8,361,732
Small Cap Value Fund		6,601,797		9,599,808		20,979,162		23,876,854		27,580,959		33,476,662
Small Cap Index Fund		872,014		990,558		3,192,013		2,166,531		4,064,027		3,157,089
Developed International Index Fund		3,193,128		2,696,745		—		—		3,193,128		2,696,745
International Equity Fund		9,095,358		1,995,068		—		—		9,095,358		1,995,068
Emerging Markets Equity Fund		473,407		436,706		—		—		473,407		436,706
Real Estate Securities Fund		3,376,987		2,872,227		8,332,542		4,261,478		11,709,529		7,133,705
Aggressive Allocation Fund		1,468,137		1,518,146		4,096,219		2,173,443		5,564,356		3,691,589
Moderately Aggressive Allocation Fund		6,147,670		6,245,534		13,387,233		7,996,578		19,534,903		14,242,112
Moderate Allocation Fund		8,627,023		8,991,875		18,454,127		11,787,364		27,081,150		20,779,239
Moderately Conservative Allocation Fund		2,549,865		2,387,676		5,487,908		4,025,299		8,037,773		6,412,975
Conservative Allocation Fund		1,419,532		1,507,391		1,835,238		1,927,247		3,254,770		3,434,638

Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.

206

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Capital loss carryforwards:

At December 31, 2014, the following Funds had capital loss carryforwards (pre-enactment losses) available to offset future realized capital gains through the indicated expiration dates:

	Expires on December 31,
	2017		2018		Total
Index 500 Fund		—	$	2,434,673	$	2,34,673
International Equity Fund		—		5,284,998		5,284,998
Emerging Markets Equity Fund	$	4,867,907		—		4,867,907

At December 31, 2014, the following Funds had capital loss carryforwards (post-enactment losses) available to offset future realized capital gains:

	Short-Term Capital Loss		Long-Term Capital Loss
Developed International Index Fund	$	95,284	$	2,279,288

During the year ended December 31, 2014, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:

Quality Bond Fund	$	59,064
High Yield Bond Fund		1,637,923
Large Core Growth Fund		4,474,445
Large Core Value Fund		6,328,176
Index 500 Fund		8,491,570
International Equity Fund		10,790,373
Emerging Markets Equity Fund		3,207,765

Qualified Late-Year Losses:

The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2015:

	Late-Year Ordinary Losses		Late-Year Capital Losses
Limited Maturity Bond Fund		—	$	113,699
Quality Bond Fund		—		333,381
High Yield Bond Fund		—		1,404,145
SMID Cap Value Fund	$	32,915		144,843
Developed International Index Fund		92,582		248,991
International Equity Fund		—		—
Emerging Markets Equity Fund		—		1,076,313

Tax cost of securities:

At June 30, 2015, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at June 30, 2015 were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Money Market Fund	$	107,149,367		—		—			—
Limited Maturity Bond Fund		208,173,942	$	401,019	$	(1,026,956	)	$	(625,937	)

207

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Money Market Fund	$	107,149,367		—		—			—
Limited Maturity Bond Fund		208,173,942	$	401,019	$	(1,026,956	)	$	(625,937	)
Quality Bond Fund		568,517,545		6,519,575		(8,509,657	)		(1,990,082	)
High Yield Bond Fund		191,978,742		2,982,087		(5,228,422	)		(2,246,335	)
Flexibly Managed Fund		2,837,081,700		432,684,702		(29,376,201	)		403,308,501
Balanced Fund		50,977,855		32,718,563		(3,855,088	)		28,863,475
Large Growth Stock Fund		204,778,389		99,713,343		(2,975,346	)		96,737,997
Large Cap Growth Fund		48,396,749		9,604,698		(695,528	)		8,909,170
Large Core Growth Fund		100,234,396		29,018,637		(1,629,332	)		27,389,305
Large Cap Value Fund		190,934,135		44,635,651		(8,350,330	)		36,285,321
Large Core Value Fund		167,437,438		24,902,561		(3,214,701	)		21,687,859
Index 500 Fund		271,032,640		188,947,377		(17,989,163	)		170,958,214
Mid Cap Growth Fund		118,257,414		19,994,116		(9,606,288	)		10,387,828
Mid Cap Value Fund		160,415,984		33,874,669		(6,911,795	)		26,962,874
Mid Core Value Fund		81,972,465		6,675,745		(3,051,610	)		3,624,135
SMID Cap Growth Fund		48,259,842		13,278,930		(1,296,191	)		11,982,739
SMID Cap Value Fund		64,718,579		14,766,998		(2,257,480	)		12,509,518
Small Cap Growth Fund		80,961,182		26,662,630		(3,329,732	)		23,332,898
Small Cap Value Fund		201,623,839		52,336,579		(7,554,345	)		44,782,234
Small Cap Index Fund		51,370,254		22,945,002		(4,061,771	)		18,883,231
Developed International Index Fund		84,342,723		27,299,694		(6,036,456	)		21,263,238
International Equity Fund		308,819,938		85,730,255		(9,140,144	)		76,590,111
Emerging Markets Equity Fund		134,046,844		36,340,708		(9,264,569	)		27,076,139
Real Estate Securities Fund		120,449,021		11,413,418		(3,610,725	)		7,802,693
Aggressive Allocation Fund		43,473,225		22,943,206		(438,542	)		22,504,664
Moderately Aggressive Allocation Fund		166,215,394		89,496,212		(2,140,108	)		87,356,104
Moderate Allocation Fund		253,362,647		111,169,617		(1,642,301	)		109,527,316
Moderately Conservative Allocation Fund		79,986,577		28,505,230		(687,232	)		27,817,998
Conservative Allocation Fund		52,761,534		12,932,359		(410,180	)		12,522,179

The differences between book basis and tax basis appreciation are primarily due to wash sales, Passive Foreign Investment Companies, Partnership Investments, Trust Preferred Securities, real estate investment trust adjustments, and the treatment of certain corporate actions.

It is the Fund’s policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

7 — DERIVATIVE FINANCIAL INSTRUMENTS

The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include written options, forward foreign currency exchange contracts and futures contracts.

208

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

The notional or contractual amounts of these instruments represent the investment the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

Futures Contracts — A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.

To the extent permitted by the investment objective, restrictions and policies set forth in the Funds’ Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn “market-like” returns with the Funds’ excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the Funds’ investment objectives.

Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of greater loss than if these techniques had not been used by a Fund. These investments can also increase the Fund’s share price and expose the Fund to significant additional costs.

The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the six months ended June 30, 2015. Open futures contracts held by the Index 500, Developed International Index and Small Cap Index Funds at June 30, 2015 were as follows:

Fund	Type	Futures Contact	Expiration Date		Number Of Contracts			Units per Contract		Closing Price		Unrealized Appreciation (Depreciation)
Limited Maturity Bond Fund	Buy/Long	US Treasury Note		9/15/2015		50			2,000	$	109	$	9,375
Limited Maturity Bond Fund	Buy/Long	US Treasury Note		9/15/2015		100			2,000		109		15,625
Limited Maturity Bond Fund	Buy/Long	US Treasury Note		9/15/2015		160			2,000		109		121,090
Limited Maturity Bond Fund	Buy/Long	US Treasury Note		9/15/2015		50			2,000		109		14,062
Limited Maturity Bond Fund	Buy/Long	US Treasury Note		9/15/2015		50			2,000		109		15,625
Limited Maturity Bond Fund	Sell/Short	US Treasury Note		9/15/2015		(60	)		1,000		119		(50,156	)
Limited Maturity Bond Fund	Sell/Short	US Treasury Note		9/15/2015		(30	)		1,000		119		(17,578	)
Limited Maturity Bond Fund	Sell/Short	US Treasury Note		9/15/2015		(20	)		1,000		126		22,031
Quality Bond Fund	Buy/Long	US Treasury Note		9/15/2015		60			1,000		119		(6,562	)
Quality Bond Fund	Buy/Long	US Treasury Note		9/15/2015		100			2,000		109		31,250
Quality Bond Fund	Buy/Long	US Treasury Note		9/15/2015		100			2,000		109		29,687
Quality Bond Fund	Sell/Short	90 Day Euro Dollar		9/16/2016		(100	)		2,500		99		(112,643	)
Quality Bond Fund	Sell/Short	US Ultra Bond		9/15/2015		(120	)		1,000		126		132,187
Quality Bond Fund	Sell/Short	US Ultra Bond		9/15/2015		(160	)		1,000		154		801,250
Quality Bond Fund	Sell/Short	US Treasury Note		9/15/2015		(80	)		1,000		126		(85,000	)
Index 500 Fund	Buy/Long	E-Mini S&P 500 Index		9/15/2015		9			50		2,054		(21,215	)
Index 500 Fund	Buy/Long	E-Mini S&P 500 Index		9/15/2015		52			50		2,054		(90,338	)
Index 500 Fund	Buy/Long	E-Mini S&P 500 Index		9/15/2015		9			50		2,054		(26,615	)
Small Cap Index Fund	Buy/Long	Russell 2000 Mini Index		9/20/2015		5			100		1,250		(2,310	)
Small Cap Index Fund	Buy/Long	Russell 2000 Mini Index		9/20/2015		2			100		1,250		(6,204	)
Small Cap Index Fund	Buy/Long	Russell 2000 Mini Index		9/20/2015		5			100		1,250		(7,686	)

209

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Fund	Type	Futures Contact	Expiration Date		Number Of Contracts		Units per Contract		Closing Price		Unrealized Appreciation (Depreciation)
Developed International Index Fund	Buy/Long	E-Mini MSCI Eafe Index		9/15/2015		2		50	$	1,834	$	(3,960	)
Developed International Index Fund	Buy/Long	E-Mini MSCI Eafe Index		9/15/2015		28		50		2,567		(51,380	)

The total market value of futures contracts held in the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds as of June 30, 2015 are classified as Level 1.

Options — An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operation.

The Flexibly Managed and Mid Cap Growth Funds have purchased options to decrease exposure to equity risk. The risk associated with purchased options is limited to premium paid. The Funds also received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.

Transactions in options written during the six months ended June 30, 2015 for the Flexibly Managed and Mid Cap Growth Funds were as follows:

Flexibly Managed Fund	Number of Contracts/ Notional Amount			Premium Received
Options outstanding at December 31, 2014		49,048		$	13,029,989
Options written		12,750			3,147,101
Options repurchased		(13,775	)		(3,183,016	)
Options expired		(9,951	)		(3,302,076	)
Options exercised		(17,465	)		(3,659,463	)
Options split		1,059			—
Options outstanding at June 30, 2015		21,666		$	6,032,535

Mid Cap Growth Fund	Number of Contracts/ Notional Amount			Premium Received
Options outstanding at December 31, 2014		256		$	44,824
Options written		1,393			370,402
Options repurchased		(216	)		(188,119	)
Options expired		(574	)		(104,026	)
Options exercised		(165	)		(17355	)
Options outstanding at June 30, 2015		694		$	105,726

210

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

The total market value of written options held in the Flexibly Managed and Mid Cap Growth Funds as of June 30, 2015 can be found in the summary of inputs on the Schedule of Investments.

Forward Foreign Currency Contracts — A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.

The High Yield Bond, Mid Core Value and Emerging Markets Equity Funds entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Funds hedge currencies in times of base currency weakness in order to reduce the volatility of returns for the local securities which the Fund owns.

Foreign forward currency contracts involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the portfolio manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between the Fund’s portfolio holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position. These investments can also increase the volatility of the Fund’s share price and expose the Fund to significant additional costs.

Open forward foreign currency contracts held by the High Yield Bond Fund at June 30, 2015 were as follows:

	Currency	Counterparty	Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Sell	Canadian Dollar	Morgan Stanley		09/30/2015		(936,000	)		1.25054	$	(758,904	)	$	(748,474	)	$	10,430
Buy	Euro	Citigroup		09/11/2015		97,470			0.89604		110,062			108,779			(1,283	)
Sell	Euro	Citigroup		09/11/2015		(161,000	)		0.89604		(181,101	)		(179,679	)		1,422
Sell	Euro	Standard Chartered Bank		09/11/2015		(7,395,236	)		0.89604		(8,351,810	)		(8,253,224	)		98,586
Sell	Euro	BAML		09/11/2015		(373,375	)		0.89604		(420,860	)		(416,694	)		4,166
Buy	Pounds Sterling	Bank of New York Mellon		07/10/2015		40,499			0.63648		60,821			63,629			2,808
Buy	Pounds Sterling	Goldman Sachs		07/10/2015		95,154			0.63648		148,923			149,500			577
Sell	Pounds Sterling	Bank of New York Mellon		07/10/2015		(94,042	)		0.63648		(143,029	)		(147,752	)		(4,723	)
Sell	Pounds Sterling	Citigroup		07/10/2015		(332,472	)		0.63648		(528,233	)		(522,356	)		5,877
Sell	Pounds Sterling	Citigroup		07/10/2015		(187,929	)		0.63648		(283,943	)		(295,261	)		(11,318	)
Sell	Pounds Sterling	BAML		07/10/2015		(2,271,955	)		0.63648		(3,389,916	)		(3,569,534	)		(179,618	)
Sell	Swiss Francs	Credit Suisse First Boston		08/12/2015		(411,648	)		0.93337		(447,424	)		(441,035	)		6,389
Sell	Swiss Francs	BAML		08/12/2015		(183,000	)		0.93337		(195,941	)		(196,064	)		(123	)
	Total															$	(66,810	)

211

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Open forward foreign currency contracts held by the Mid Core Value Fund at June 30, 2015 were as follows:

	Currency	Counterparty	Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Sell	Canadian Dollar	JPMorgan Chase		07/31/2015		(103,722	)		1.24955	$	(83,719	)	$	(83,007	)	$	712
Sell	Canadian Dollar	JPMorgan Chase		07/31/2015		(2,421,813	)		1.24955		(1,955,307	)		(1,938,153	)		17,154
Buy	Euro	USB Securities		07/31/2015		29,884			0.89660		33,328			33,331			3
Sell	Euro	USB Securities		07/31/2015		(856,202	)		0.89660		(959,315	)		(954,947	)		4,368
Sell	Japanese Yen	Credit Suisse First Boston		07/30/2015		(38,007,514	)		122.33763		(307,638	)		(310,678	)		(3,039	)
	Total															$	19,198

Open forward foreign currency contracts held by the Emerging Markets Equity Fund at June 30, 2015 were as follows:

	Currency	Counterparty	Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Sell	Japanese Yen	State Street		07/16/2015		(2,568,418	)		122.36158	$	(20,895	)	$	(20,990	)	$	(95	)
Sell	Japanese Yen	State Street		07/16/2015		(85,703,947	)		122.36158		(693,689	)		(700,415	)		(6,726	)
Sell	Euro	UBS Securities		07/23/2015		(4,062,857	)		0.89670		(4,568,196	)		(4,530,914	)		37,282
	Total															$	30,461

The total market value of forward foreign currency contracts held in the High Yield Bond, Mid Core Value and Emerging Markets Equity Funds as of June 30, 2015 are classified as Level 2.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of June 30, 2015:

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Equity contracts	Investments at value* Net unrealized appreciation in value of investments, futures contracts and foreign currency related items**	Call options written, at value Net unrealized appreciation in value of investments, futures contracts and foreign currency related items**
Foreign currency contracts	Net unrealized appreciation of forward foreign currency contracts	Net unrealized depreciation of forward foreign currency contracts

* Includes purchased options

** Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day’s variation margin is reported with the Statements of Assets and Liabilities.

212

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The following is a summary of the gross amount of each Fund’s derivative instrument holdings categorized by primary risk exposure as of June 30, 2015:

	Asset Derivative Value						Liability Derivative Value
	Equity contracts		Foreign exchange contracts		Interest rate contracts		Equity contracts			Foreign exchange contracts			Interest rate contracts
Limited Maturity Bond Fund		—		—	$	197,808		—			—		$	(67,734	)
Quality Bond Fund		—		—		994,374		—			—			(204,205	)
High Yield Bond Fund		—	$	130,255		—		—		$	(197,065	)		—
Flexibly Managed Fund		—		—		—	$	(11,487,666	)		—			—
Index 500 Fund		—		—		—		(138,168	)		—			—
Mid Cap Growth Fund	$	449,968		—		—		(191,466	)		—			—
Mid Core Value Fund		—		22,237		—		—			(3,039	)		—
Small Cap Index Fund		—		—		—		(16,200	)		—			—
Developed International Index Fund		—		—		—		(55,340	)		—			—
Emerging Markets Equity Fund		—		37,282		—		—			(6,821	)		—

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement” or “ISDA”) with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts (“Fx Letters”). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange contracts. Fx Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and Fx Letters containing netting provisions may be referred to as Master Netting Agreements (“MNA”).

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due

213

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

The following table presents derivative assets and liabilities net of amounts available for offset under a MNA and, as applicable, the related collateral and potential loss exposure to each Fund as of June 30, 2015:

		Gross Amounts Presented on Statements of Assets and Liabilities
Fund and Counterparty	Form of Master Netting Agreement	Value of Asset		Value of Liability			Net Amount Due (to)/from Counterparty			Collateral Pledged (Received) by fund		Loss Exposure, After Collateral (not less than $0)
High Yield Bond Fund
Bank of New York Mellon	Fx Letter	$	2,808	$	(4,723	)	$	(1,915	)		—		—
Goldman Sachs	Fx Letter		577		—			577			—	$	577
Citigroup	Fx Letter		7,299		(12,601	)		(5,302	)		—		—
Morgan Stanley	Fx Letter		10,430		—			10,430			—		10,430
Standard Chartered Bank	Fx Letter		98,586		—			98,586			—		98,586
Merrill Lynch Capital Markets	Fx Letter		4,166		(179,741	)		(175,575	)		—		—
Credit Suisse First Boston	Fx Letter		6,389		—			6,389			—		6,389
Total			130,255		(197,065	)		(66,810	)		—		115,982
Flexibly Managed Fund
Bank of America Merrill Lynch	ISDA		—		(3,942,415	)		(3,942,415	)		—		—
Citigroup Global Markets	ISDA		—		(3,985,673	)		(3,985,673	)		—		—
Morgan Stanley & Co.	ISDA		—		(2,927,175	)		(2,927,175	)		—		—
Exchange Traded			—		(632,403	)		(632,403	)		—		—
Total			—		(11,487,666	)		(11,487,666	)		—		—
Mid Cap Growth Fund
Deutsche Bank	ISDA		166,760		(30,320	)		136,440			—		136,440
Exchange Traded			283,208		(161,146	)		122,062			—		122,062
Total			449,968		(191,466	)		258,502			—		258,502
Mid Core Value Fund
JPMorgan Chase	ISDA		17,866		—			17,866			—		17,866
UBS Securities	ISDA		4,371		—			4,371			—		4,371
Credit Suisse First Boston	ISDA		—		(3,039	)		(3,039	)		—		—
Total			22,237		(3,039	)		19,198			—		22,237
Emerging Markets Equity Fund
State Street	Fx Letter		—		(6,821	)		(6,821	)		—		—
UBS Securities	Fx Letter		37,282		—			37,282			—		37,282
Total			37,282		(6,821	)		30,461			—		37,282

The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2015:

Derivative Type	Location of Gain (Loss) on Derivatives Recognized in Income
Equity contracts	Net realized gain (loss) on futures contracts
	Net realized gain (loss) on options
	Change in net unrealized appreciation (depreciation) of investments and foreign currency

214

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

Derivative Type	Location of Gain (Loss) on Derivatives Recognized in Income
	Change in net unrealized appreciation (depreciation) of futures contracts
	Change in net unrealized appreciation (depreciation) of written options
Foreign currency contracts	Net realized foreign currency exchange gain (loss)
	Change in net unrealized appreciation (depreciation) of investments and foreign currency

	Realized Gain (Loss) on Derivatives Recognized in Income
Portfolio	Equity contracts	Foreign currency contracts	Interest rate contracts
Limited Maturity Bond Fund	—	—	$(239,654)
Quality Bond Fund	—	—	334,128
High Yield Bond Fund	—	$1,086,670	—
Flexibly Managed Fund	3,165,247	—	—
Index 500 Fund	536,842	—	—
Mid Cap Growth Fund*	110,467	—	—
Mid Core Value Fund	—	215,381	—
Small Cap Index Fund	52,587	—	—
Developed International Index Fund	243,850	—	—
Emerging Markets Equity Fund	—	424,335	—

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Portfolio	Equity contracts			Foreign currency contracts			Interest rate contracts
Limited Maturity Bond Fund	$	153,511			—			—
Quality Bond Fund		—			—		$	1,467,357
High Yield Bond Fund		—		$	(435,603	)		—
Flexibly Managed Fund		4,799,251			—			—
Index 500 Fund		(485,676	)		—			—
Mid Cap Growth Fund		(102,864	)		—			—
Mid Core Value Fund		—			4,620			—
Small Cap Index Fund		(11,334	)		—			—
Developed International Index Fund		(24,920	)		—			—
Emerging Markets Equity Fund		—			(110,919	)		—

* Includes purchased options.

The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2015. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Average Derivative Volume
Portfolio	Forward foreign currency contracts (Average Cost)			Futures contracts (Average Notional Value)		Purchased Options (Average Notional Cost)		Written Options (Premiums Received)
Limited Maturity Bond Fund		—		$	102,799,534		—		—
Quality Bond Fund		—			126,221,406		—		—
High Yield Bond Fund	$	(14,381,355	)		—		—		—
Flexibly Managed Fund		—			—		—	$	(6,032,535	)
Index 500 Fund		—			7,328,410		—		—

215

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2015 (Unaudited)

	Average Derivative Volume
Portfolio	Forward foreign currency contracts (Average Cost)			Futures contracts (Average Notional Value)		Purchased Options (Average Notional Cost)		Written Options (Premiums Received)
Mid Cap Growth Fund		—			—		—	$	152,091
Mid Core Value Fund	$	(3,305,979	)		—		—		—
Small Cap Index Fund		—		$	1,516,655		—		—
Developed International Index Fund		—			2,806,340		—		—
Emerging Markets Equity Fund		(5,282,780	)		—		—		—

8 — CREDIT AND MARKET RISK

The Funds may invest a portion of their assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds’ ability to dispose of them in a timely manner and at a fair price when it is necessary or preferable to do so.

The high yield securities in which the High Yield Bond Fund may invest are predominantly speculative as to the issuer’s continuing ability to meet principal and interest payments. The value of the lower quality securities in which the High Yield Bond Fund may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.

The High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Mid Cap Growth, Mid Core Value, Small Cap Growth, Developed International Index, International Equity and the Emerging Markets Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

9 — CONTRACTUAL OBLIGATIONS

In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.

10 — NEW REGULATORY MATTERS

On July 23, 2014, the Securities and Exchange Commission voted to amend the rules under the Investment Company Act of 1940, as amended, which currently govern the operations of the Money Market Fund (the “MMF”). The most significant change resulting from these amendments is a requirement that institutional, non-government (prime and municipal) money market funds transact fund shares based on a “floating” market-based NAV. Retail money market funds (funds designed to ensure all beneficial owners are natural persons) and government money market funds (funds that invest at least 99.5% of their assets in cash, government securities, and repurchase agreements collateralized by government securities) may continue to transact shares at an a stable $1.00 NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments will also permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to ten business days in any 90-day period. The amendments have staggered compliance dates. The majority of these amendments will impact the MMF beginning on October 14, 2016. At this time, management is evaluating the implications of these amendments and their impact to the MMF’s financial statements and accompanying notes.

11 — SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

216

Penn Series Funds, Inc.

June 30, 2015 (Unaudited)

Disclosure of Portfolio Holdings

The SEC has adopted a requirement that all Funds file a complete schedule of investments with the SEC for their first and third fiscal quarters on Form N-Q. For the Penn Series Funds, Inc., this would be for the fiscal quarters ending March 31 and September 30. The Form N-Q filing is made within 60 days after the end of the quarter. Penn Series Funds, Inc. filed its most recent Form N-Q with the SEC on May 27, 2015. It is available on the SEC’s website at http://www.sec.gov. or it may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 1-202-551-8090 for information on the operation of the Public Reference Room).

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, on the Fund’s website at http://www.pennmutual.com or on the SEC’s website at http://www.sec.gov. Information regarding how the Fund voted proxies for the most recent twelve-month period ended June 30, 2015 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.

217

Penn Series Funds, Inc.

June 30, 2015

Board Approval of Investment Advisory and Sub-Advisory Agreements

The Penn Series Funds, Inc. (the “Company”) and Penn Mutual Asset Management, Inc. (“PMAM”), formerly Independence Capital Management, Inc., have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, PMAM (i) provides day-to-day investment management services to the Money Market, Limited Maturity Bond, Quality Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation, and Conservative Allocation Funds (collectively, the “Directly Managed Funds”) and (ii) is responsible for the selection and oversight of various investment sub-advisers who perform day-to-day investment management services for the High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Value, Small Cap Growth, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity and Real Estate Securities Funds (collectively, the “Sub-Advised Funds” and, together with the Directly Managed Funds, the “Penn Series Funds”).

PMAM acts as a “manager of managers” for the Sub-Advised Funds. In this capacity, PMAM has entered into and the Company’s Board of Directors (the “Board”) has approved separate sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”) with each of the sub-advisers identified below (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”). The Sub-Advisers provide their services to the Sub-Advised Funds under the supervision of PMAM and the Board. Each Sub-Adviser is selected based primarily upon the research and recommendations of PMAM, which evaluates quantitatively and qualitatively each Sub-Adviser’s investment expertise and investment results in managing assets for specific asset classes, investment styles and strategies, as well as the Sub-Adviser’s regulatory compliance infrastructure and culture. PMAM oversees each Sub-Adviser to ensure compliance with the Sub-Advised Fund’s investment policies and guidelines, and monitors each Sub-Adviser’s adherence to its investment style and investment performance.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of, as well as the continuation of, each Penn Series Fund’s Investment Advisory Agreement(s) be specifically approved by: (i) the vote of the Board or by a vote of the shareholders of the Fund; and (ii) the vote of a majority of the Company’s Directors who are not “interested persons,” as defined in the 1940 Act (collectively, the “Independent Directors”), cast in person at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approvals, the Board must request and evaluate, and PMAM and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.

Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements

The Board called and held meetings on May 7, 2015 and May 14, 2015 (collectively, the “Meeting”) to consider whether to renew the Advisory Agreement between the Company and PMAM with respect to each Penn Series Fund. In preparation for the Meeting, the Board provided PMAM with a written request for information and received and reviewed, in advance of the Meeting, extensive written materials in response to that request, including information as to the performance of each Penn Series Fund versus its benchmark and peer universe, the level of the investment advisory fees charged to the Penn Series Fund, comparisons of such fees with the investment advisory fees incurred by comparable funds, including, in particular, funds acting as underlying investments for insurance products, the costs to PMAM of providing such services, including a profitability analysis, PMAM’s compliance program, and various other matters. In addition, at the Meeting, the Board considered whether to renew each Sub-Advisory Agreement between PMAM and each Sub-Adviser listed in the table below on behalf of its respective Sub-Advised Fund(s).

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Sub-Adviser	Fund
AllianceBernstein L.P.	SMID Cap Value Fund
American Century Investment Management	Mid Core Value Fund
Cohen & Steers Capital Management, Inc.	Real Estate Securities Fund
Eaton Vance Management	Large Core Value Fund
Goldman Sachs Asset Management, L.P.	Small Cap Value Fund
Ivy Investment Management Company	Mid Cap Growth Fund
Janus Capital Management LLC	Small Cap Growth Fund
Loomis, Sayles & Company, L.P.	Large Cap Value Fund
Massachusetts Financial Services Company	Large Cap Growth Fund
Morgan Stanley Investment Management, Inc. Morgan Stanley Investment Management Company Morgan Stanley Investment Management Limited	Emerging Markets Equity Fund
Neuberger Berman Management LLC	Mid Cap Value Fund
SSgA Funds Management, Inc.	Index 500 Fund
SSgA Funds Management, Inc.	Small Cap Index Fund
SSgA Funds Management, Inc.	Developed International Index Fund
T. Rowe Price Associates, Inc.	Flexibly Managed Fund
T. Rowe Price Associates, Inc.	Large Growth Stock Fund
T. Rowe Price Associates, Inc.	High Yield Bond Fund
Vontobel Asset Management, Inc.	International Equity Fund
Wells Capital Management Inc.	Large Core Growth Fund
Wells Capital Management Inc.	SMID Cap Growth Fund

In response to the Board’s written request for information, each of the Sub-Advisers submitted, in advance of the Meeting, extensive written materials for consideration by the Board and the Independent Directors. The information provided by PMAM and the Sub-Advisers in connection with the Meeting was in addition to the detailed information about the Penn Series Funds that the Board reviews during the course of each year, including information that relates to the Funds’ operations and the Funds’ performance and the services of PMAM and the Sub-Advisers. In connection with the Meeting, the Board also received a memorandum from legal counsel regarding the responsibilities of the Board in connection with its consideration of whether to approve the Investment Advisory Agreements. In addition, the Independent Directors met in executive session outside the presence of Company management to discuss the information submitted to the Board in connection with the renewal of the Investment Advisory Agreements. The Independent Directors also met in executive session with senior representatives of PMAM to discuss the written materials provided by PMAM.

The written materials provided by PMAM and the Sub-Advisers addressed, among other matters, the following: (a) the nature, extent and quality of PMAM’s and the Sub-Advisers’ investment management and other services and, with respect to PMAM, its services as a “manager of managers” of the Sub-Advised Funds; (b) PMAM’s and the Sub-Advisers’ investment management personnel; (c) PMAM’s and the Sub-Advisers’ operations and financial condition; (d) PMAM’s and the Sub-Advisers’ brokerage practices (including best execution policies, evaluating execution quality, average commission rates on fund trades, soft dollar arrangements and affiliated and directed brokerage arrangements) and investment strategies; (e) a comparison of the Funds’ advisory and sub-advisory fees to the fees charged to comparable funds or accounts, including breakpoints; (f) the level of PMAM’s and each Sub-Adviser’s cost of services provided and estimated profitability from its fund-related operations; (g) PMAM’s and the Sub-Advisers’ risk management, compliance programs and, if applicable, a description of the material changes made to, and material compliance violations of, the compliance program; (h) PMAM’s and the Sub-Advisers’ reputation, expertise and resources in domestic and/or international financial markets; and (i) each Penn Series Fund’s performance compared with similar mutual funds, other types of accounts and benchmark indices. In evaluating the advisory fees charged by PMAM, the Board reviewed both Lipper Analysis, which provided unbiased and non-consultative fee, expense and investment performance information based on asset size comparability, and PMAM’s internal analysis regarding PMAM’s total fund expense ratios and advisory fees compared to those of PMAM’s direct competitors.

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June 30, 2015

At the Meeting, representatives from PMAM commented on the information delivered to the Board and answered questions from Board members to help the Board evaluate PMAM’s and the Sub-Advisers’ fees and other aspects of the Investment Advisory Agreements. The Directors discussed the written materials that the Board received before the Meeting, and deliberated on the renewal of the Investment Advisory Agreements in light of this information.

At the Meeting, the Directors, including the Independent Directors, unanimously approved the Investment Advisory Agreements and approved the selection of PMAM and the Sub-Advisers to act in their respective capacities for the Funds. The Board’s approval was based on its consideration and evaluation of a variety of specific factors discussed at the Meeting and at prior meetings during the year, including:

• the nature, extent and quality of the services provided to the Penn Series Funds under the Investment Advisory Agreements, including the resources of PMAM and the Sub-Advisers dedicated to the Penn Series Funds;

• each Penn Series Fund’s investment performance and how it compared to that of other comparable mutual funds and appropriate benchmarks/indices;

• the fees charged to each Penn Series Fund under each Investment Advisory Agreement and how those fees compared to those of other comparable mutual funds and other types of accounts;

• the cost of services provided by and the profitability of PMAM and the Sub-Advisers with respect to each Penn Series Fund, including both direct and indirect benefits accruing to PMAM and the Sub-Advisers and their affiliates, if any; and

• the extent to which economies of scale would be realized as the Penn Series Funds grow and whether fee levels in the Investment Advisory Agreements reflect those economies of scale for the benefit of fund investors.

Nature, Extent and Quality of Services. The Directors considered the nature, extent and quality of the services provided by PMAM and the Sub-Advisers to the Penn Series Funds and the resources of PMAM and the Sub-Advisers dedicated to the Funds. In this regard, the Directors evaluated, among other things, PMAM’s and the Sub-Advisers’ business, personnel, experience, investment decision process, past performance, brokerage practices, including soft dollar practices, any conflicts of interest, compliance program and resources to be dedicated to each Fund. The Directors reviewed the scope of services to be provided by PMAM and the Sub-Advisers under the Investment Advisory Agreements and noted that there would be no significant differences between the scope of services required to be provided by PMAM and the Sub-Advisers for the past year and the scope of services required to be provided during the upcoming year. The Board also considered PMAM’s and the Sub-Advisers’ representations to the Board that PMAM and the Sub-Advisers, respectively, would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by PMAM and the Sub-Advisers to the Penn Series Funds and the resources of PMAM and the Sub-Advisers dedicated to the Penn Series Funds supported renewal of the Investment Advisory Agreements.

Fund Performance. The Directors considered fund performance in determining whether to renew the Investment Advisory Agreements. PMAM engaged Lipper, an independent, third party research provider, to prepare advisory contract renewal reports to help the Board compare the Funds’ performance with the performance of a peer group of comparable funds selected by Lipper. Specifically, the Directors considered each Penn Series Fund’s recent and long-term performance relative to its peer group and appropriate indices/benchmarks, in light of total return, yield and economic and market trends. In evaluating performance, the Directors considered both market risk and shareholder risk expectations for a given Penn Series Fund. The Board also considered its discussions with PMAM regarding the relative underperformance of certain Directly Managed Funds, including changes during the past year in portfolio management personnel and the markets in which the Funds’ securities trade. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Penn Series Funds (both actual performance and comparable performance) supported renewal of the Investment Advisory Agreements.

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Costs of Advisory and Sub-Advisory Services. The Directors considered the costs of the advisory and sub-advisory services provided to the Penn Series Funds by PMAM and the Sub-Advisers, respectively. PMAM engaged Lipper to prepare advisory contract renewal reports to help the Board compare the Funds’ fees and expenses with those of a peer group of comparable funds selected by Lipper. The Board evaluated (a) the advisory and sub-advisory services provided; (b) the advisory and sub-advisory fees paid, including breakpoint schedules; (c) the advisory and sub-advisory fees paid in comparison to the advisory and sub-advisory fees charged to other comparable mutual funds, including, in particular, mutual funds acting as underlying investments for insurance products, and other types of comparable accounts; and (d) the fact that the Sub-Advisers are compensated by PMAM and not by the Fund directly and that such compensation reflects an arms-length negotiation between each Sub-Adviser and PMAM. The Directors also considered PMAM and its affiliates’ agreement to waive management and other fees to prevent total fund expenses from exceeding a specified cap and that PMAM, through waivers, is committed to maintaining the Penn Series Funds’ net operating expenses at competitive levels for their distribution channel. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees charged to the Penn Series Funds are reasonable and supported renewal of the Investment Advisory Agreements.

Profitability. With regard to profitability, the Directors considered all compensation flowing, directly or indirectly, to PMAM and the Sub-Advisers and their affiliates, if any, from their relationship with the Penn Series Funds, including any benefits derived or to be derived by PMAM and the Sub-Advisers, such as soft dollar arrangements, as well as the cost of services provided to the Penn Series Funds. The Directors considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements were reasonable and justified in light of the quality of all services rendered to the Penn Series Funds by PMAM and the Sub-Advisers and their affiliates, if any. The Directors also considered the methodology used to determine profitability. When considering the profitability of the Sub-Advisers with respect to the sub-advisory services they provide to the Penn Series Funds, the Board took into account the fact that the Sub-Advisers are compensated by PMAM, and not by the Penn Series Funds directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and PMAM. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of PMAM and the Sub-Advisers is reasonable in relation to the quality of their respective services and supported renewal of the Investment Advisory Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale and whether such economies of scale were passed along to a Penn Series Fund’s shareholders through breakpoints or other means, including any fee waivers by PMAM and its affiliates or the Sub-Advisers. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Penn Series Funds and their shareholders obtain a reasonable benefit from any economies of scale being realized by PMAM and the Sub-Advisers.

Based on the Directors’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved the continuation of the Investment Advisory Agreements and concluded that the terms of and compensation under the Investment Advisory Agreements are fair and reasonable in light of such services and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. In the course of their deliberations, the Directors did not identify any particular information that was all-important or controlling.

221

PennMutual®

The Penn Mutual Life Insurance Company The Penn Insurance and Annuity Company

Our Noble Purpose

Since 1847, Penn Mutual has been driven by our noble purpose — to create a world of possibilities, one individual, one family and one small business at a time. As an original pioneer of mutual life insurance in America, we believe that purchasing life insurance is the most protective, responsible and rewarding action a person can take to build a solid foundation today and create a brighter future for generations to come.

© 2015 The Penn Mutual Life Insurance Company and The Penn Insurance & Annuity Company, Philadelphia, PA 19172 www.pennmutual.com

PM7990

08/15

Item 2. Code of Ethics

Not Applicable

Item 3. Audit Committee Financial Expert

Not Applicable

Item 4. Principal Accountant Fees and Services

Not Applicable

Item 5. Audit Committee of Listed Registrants

Not Applicable

Item 6. Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not Applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not Applicable

Item 10. Submission of Matters to a Vote of Security Holders

The Board of Directors of the Company has a Nominating Committee currently consisting of Ms. Karpinski, Mr. MacKinlay, Ms. Matthias and Ms. Mack. The principal responsibility of the Nominating Committee is to consider the qualifications of and to nominate qualified individuals to stand for election to the Board. The Nominating Committee has adopted a charter governing its operations. The Nominating Committee would consider nominees recommended by shareholders, if such nominations were submitted in writing and addressed to the Nominating Committee at the Company’s office in conjunction with a shareholder meeting to consider the election of Directors.

The Nominating Committee may adopt from time to time specific, minimum qualifications that the Nominating Committee believes a director candidate must meet before being considered as a candidate. Currently, there are no minimum qualifications set forth by the Nominating Committee other than with respect to an independent director candidate’s independence from the investment advisers and other principal service providers for the Company.

In identifying potential nominees to the Board, the Nominating Committee considers candidates recommended by any of the following sources: (i) the current Directors; (ii) the Company’s officers; (iii) investment advisers to the Funds; (iv) shareholders; and (v) any other source the Nominating Committee deems appropriate. The Nominating Committee will take into account a wide variety of criteria in considering candidates including the following criteria: (i) knowledge in matters relating to the investment company industry; (ii) any experience as a director or senior officer of public companies; (iii) educational background; (iv) reputation for high ethical standards and personal and professional integrity; (v) any specific financial, technical or other expertise and the extent to which such expertise would complement the Board’s existing mix of skills and qualifications; (vi) the perceived ability to contribute to the ongoing functions of the Board; (vii) the ability to qualify as an independent director; and (viii) such other criteria as the Nominating Committee determines to be relevant. The Nominating Committee will consider and evaluate candidates nominated by shareholders on the basis of the same criteria used to consider and evaluate candidates recommended by other sources.

Item 11. Controls and Procedures

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Code of ethics – not applicable to this semi-annual report.
	(2)	Separate certification of Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.
(b)		Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, are attached. These certifications are being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and are not filed as part of the Form N-CSR with the commission.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Penn Series Funds, Inc.

/s/ David M. O’Malley

By:	David M. O’Malley President
Date:	September 2, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ David M. O’Malley

By:	David M. O’Malley President
Date:	September 2, 2015

/s/ Timothy P. Demetres

By:	Timothy P. Demetres Treasurer
Date:	September 2, 2015