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)

Steven Viola

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) 956-8129

Date of fiscal year end:   December 31

Date of reporting period:   June 30, 2016

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

PennMutual®

Annual Reports

December 31, 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 2016 despite experiencing one of the worst-ever starts to a new year during the first quarter. A rebound in oil prices, easy global monetary policy and better-than-expected U.S. economic data offset the sharp losses witnessed earlier in the year. Equity market volatility spiked amid the turmoil surrounding Britain’s vote to exit the European Union (“Brexit”) in late June. The results of the British populist-driven referendum caught many investors by surprise and lead to a steep sell-off in risky assets. However, many of the major indexes recovered most of their losses over the last three trading days of the quarter. Gross Domestic Product (GDP) growth gradually slowed throughout 2015 and it appears this trend will continue through 2016 resulting in another underwhelming gain of approximately 2.0 - 2.5% this year. Despite the slowdown in U.S. companies hiring in May, the unemployment rate fell to nearly a nine-year low of 4.7%. This unemployment rate remains in line with the Fed’s estimate of the equilibrium long-run employment rate. From a sector perspective, Telecommunications, Utilities, and Energy had the strongest returns and sectors such as Technology, Consumer Discretionary, and Industrials 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 solid 3.98 percent during the six-month period ending June 30.

On a relative basis, mid capitalization stocks provided higher returns than did large and small capitalization stocks during the six-month period. Mid capitalization stocks, as measured by the Russell Midcap Index returned 5.50 percent, while large capitalization stocks, as measured by the Russell 1000 Index, returned 3.74 percent and small capitalization stocks, as measured by the Russell 2000 Index, returned 2.22 percent. From a style perspective, value stocks outperformed growth stocks in the all market capitalizations, with the widest disparity being in the small capitalization space. For instance, small cap value stocks, as measured by the Russell 2000 Value Index returned 6.08 percent while small cap growth stocks, as measured by the Russell 2000 Growth Index returned -1.59 percent. Much of the outperformance within value stocks can be attributed to investors rewarding companies with reasonable valuations and attractive dividend yields. Lastly, U.S. equity Real Estate Investment Trusts (REITs) continued their strong performance and significantly outperformed the broader equity market during the first six months of the year and the 1-year period, returning 13.38 percent and 24.04 percent as measured by the FTSE NAREIT Equity REIT Index, respectively.

International markets, were mixed during first six months of the year with emerging market stocks posting a solid 6.60 percent return, as measured by the MSCI Emerging Markets Index, and developed international stocks returning a disappointing -4.04 percent, as measured by the MSCI EAFE Index. The recovery in commodity prices (most importantly oil) since the lows set in February has alleviated fears of widespread defaults among sovereign credits with liabilities denominated in U.S. dollars and commodity-based revenues. Oil finished the second quarter at $48.33 a barrel.

Investment-grade fixed-income securities underperformed high yield bonds during the six-month period as noninvestment-grade bonds benefited from the rebound in oil prices and strength in energy-sector issuers, which make up a large percentage of U.S. high yield indexes. Investment-grade bonds, as measured by the Barclays Capital U.S. Aggregate Index, returned 5.31 percent and the Credit Suisse High Yield Bond Index, returned a strong 9.21 percent. The Federal Reserve met several times during the first half of the year and each time left rates unchanged. The much weaker than expected U.S. May payrolls report contributed to the June decision and shifted investor expectations that the Federal Reserve would now likely hold off on interest rate hikes for the remainder of the 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

President and Chief Operating Officer

The Penn Mutual Life Insurance Company

President

Penn Series Funds, Inc.

Source: This material 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	10
Large Cap Value Fund	12
Large Core Value Fund	14
Index 500 Fund	15
Mid Cap Growth Fund	16
Mid Cap Value Fund	17
Mid Core Value Fund	18
SMID Cap Growth Fund	20
SMID Cap Value Fund	22
Small Cap Growth Fund	23
Small Cap Value Fund	25
Small Cap Index Fund	27
Developed International Index Fund	28
International Equity Fund	30
Emerging Markets Equity Fund	32
Real Estate Securities Fund	34
Aggressive Allocation Fund	36
Moderately Aggressive Allocation Fund	37
Moderate Allocation Fund	38
Moderately Conservative Allocation Fund	39
Conservative Allocation Fund	40
Important Information about Fund Expenses (Unaudited)	41
Schedules of Investments	44
Statements of Assets and Liabilities	155
Statements of Operations	163
Statements of Changes in Net Assets	167
Financial Highlights	175
Notes to Financial Statements	190
Disclosure of Portfolio Holdings	216
Voting Proxies on Fund Portfolio Securities	216
Board Approval of Investment Advisory and Sub-Advisory Agreements	217

1

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Limited Maturity Bond Fund

The Penn Series Limited Maturity Bond Fund returned 1.81% for the six-month period ending June 30, 2016. The Fund’s benchmark, the Barclays U.S. Government/Credit 1-3 year Bond Index, returned 1.65% during the same period.

Despite consensus forecasts for additional tightening of monetary policy by the Federal Reserve to start the year, short-term interest rates fell sharply during the period. The 2-year Treasury note finished June at 0.58%, down from 1.05% at the beginning of 2016. The Domestic economy in the U.S. continues to be one of the few bright spots across the globe but negative rates in Japan and Europe kept demand strong for U.S. fixed income assets.

Our overweight exposure to structured bond securities and short-duration high yield debt contributed to the strong performance relative to benchmark year-to-date. We continue to look for attractive total return investment opportunities in these sectors with a bias to move up in credit quality.

We also shortened duration or interest rate risk in the Fund during the second quarter and expect short-term rates to move modestly higher for the remainder of 2016. Active management of both interest rate and credit risk will again be necessary to source value-added performance in the continued low interest rate environment. During the period we utilized derivatives to manage portfolio duration and yield curve positioning. Long positioning in Treasury 2-year note futures brought Fund duration in line with its benchmark and was a positive contributor to performance during the first six months of 2016.

Penn Mutual Asset Management, LLC

Investment Adviser

Portfolio Composition as of 6/30/16

	Percent of Total  Investments1
Corporate bonds		36.9	%
Asset backed		33.2	%
Commercial Mortgage Backed		15.0	%
U.S. Treasury Obligations		9.9	%
Residential Mortgage Backed		2.4	%
Collateralized Mortgage Obligations		2.2	%
Agency Obligations		0.2	%
Municipal Notes		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 5.35% for the six-month period ending June 30, 2016. The Fund’s index, the Barclays Capital U.S. Aggregate Bond Index, returned 5.31% over the same period.

Interest rates in the United States and across the globe have fallen dramatically since the beginning of the year as central banks in Europe and Japan expand negative interest rate policies. More than $11 trillion of global sovereign debt now trades with negative yields. The 10-year U.S. Treasury note finished June with a yield of 1.47%, down 80 basis points since the beginning of the year and the lowest level since July of 2012.

Corporate and structured bond spreads reached their widest levels in mid-February but valuations have improved steadily since then. Outperformance for these spread sectors contributed to Fund value-added performance relative to its benchmark. We remain overweight these sectors but have been reducing credit risk and buying more U.S. Government securities, especially during the second quarter.

We have also been gradually reducing duration, or interest rate risk, in the Fund and will look for more attractive entry points during the second half of the year. Treasury Inflation Protected securities (TIPs) represent one area of new purchase activity within the Fund due to increasing cyclical inflation pressures in the United States. We will remain opportunistic during this period of heightened volatility and look for compelling total return investment opportunities. During the period we utilized derivatives to manage portfolio duration and yield curve positioning. Short positioning in Treasury Notes and Bond Futures brought the Fund duration in line with its benchmark and was a negative contributor to performance during the first six months of 2016.

Penn Mutual Asset Management, LLC

Investment Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Corporate Bonds		33.8	%
U.S. Treasury Obligations		19.2	%
Commercial Mortgage Backed		19.0	%
Asset Backed Securities		16.6	%
Residential Mortgage Backed		11.0	%
Agency Obligations		0.4	%
		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 7.73% in the first half of 2016 while its benchmark, the CSFB High Yield Bond Index, returned 9.21%.

Positioning in the energy sector was the biggest drag on relative performance. Conversely, security selection in information technology was beneficial.

High yield bonds posted positive results during the first six months of the calendar year. Volatility driven by weakness in the energy sector and lower qualities dominated the market early in the year before a dramatic rally ensued in mid-February. The turnaround was supported by a dovish global central bank policy narrative, the rally in oil prices, and waning concern about a U.S. recession. Additionally, fallen angels — investment-grade issuers downgraded to high yield status — meaningfully added to the opportunity set. Recent market disruptions, most notably the June 23 UK referendum on European Union membership, have largely been short-lived.

After a prolonged period of considerable declines, both the energy and metals and minerals industries generated impressive gains in the first half of the year as bonds in the two segments rallied from distressed levels. Alongside this dramatic performance improvement, the composition of these commodity-related sectors has been transformed as defaults have cleansed more speculative credits from the market. At mid-year, the vast majority of the 37 companies that have defaulted have been from commodity-related sectors. After increasing to a two-year high at the onset of the year, default activity in the last three months was less than half of the first quarter’s total volume. However, this year’s total has already surpassed all of 2015.

Credit selection and our underweight in energy detracted as the sector, particularly the lower-quality segments, posted solid gains alongside the strong rally in commodity prices this year. Similarly, our underweight to the metals and minerals industry detracted from performance. This sector has rallied year-to-date following declines of -18% for 2015. However, our positioning reflects a multi-year relative weight and despite strong performance thus far in 2016, these companies face a number of fundamental headwinds.

Credit selection in information technology was beneficial partly due to our position in Blue Coat Holdings, a leading manufacturer of on-premises security systems. The company has adapted to the growing use of cloud storage, and we anticipate continued expansion of its business. In

terms of rating, our underweight to higher-quality bonds — those rated BB or higher — has been supportive as these issues have lagged lower-quality credits year-to-date.

Eight years after the global financial crisis, weakening corporate profitability, creeping leverage, and increased idiosyncratic risks are indicative of an aging high yield credit cycle. Ongoing macro factors, geopolitical developments, and negative headlines will continue to cause volatility in risk assets, including high yield bonds. Our estimates for commodity-related fallen angels have been met and absorbed into the market, but energy and metals issuers are expected to keep the market default rate elevated for the remainder of this year into 2017. Nevertheless, the technicals of income demand are considerable. Government bond yields in many developed countries are negative, and U.S. Treasuries renewed low levels late in the period.

As always, we aim to deliver high current income while seeking to contain volatility inherent in this market. Our team maintains a commitment to credit research and risk-conscious investing that has led to favorable returns for our high yield clients over various market cycles.

Penn Mutual Asset Management, LLC

Investment Adviser

T. Rowe Price Associates, Inc.

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total  Investments1
Bonds
BBB/BB Rated & Above		15.0	%
BB Rated		10.1	%
BB/B Rated		23.8	%
B Rated		12.5	%
B/CCC Rated		24.0	%
CCC and Below		1.8	%
Not rated		1.9	%
Loan Agreements		9.2	%
Equity securities		1.7	%
		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 5.14% for the six-month period ending June 30, 2016, compared to its benchmarks the S&P 500 Index’s return of 3.84%.

Stocks rose over the six-month period ended June 30, 2016, a period of significant market volatility. Markets started the year with deep losses as oil prices collapsed amid concerns about weakening Chinese and global economic growth. However, equities rallied through late June, helped by reduced expectations for Federal Reserve interest rate increases in 2016 and rebounding commodity prices. As the period ended, stocks fluctuated wildly in response to a June 23 referendum in the UK, in which UK citizens voted in favor of leaving the European Union — the so-called “Brexit.” U.S. bond returns were mostly positive as the 10-year U.S. Treasury yield declined.

Overall, our equity weight marginally declined as we sold select equities on strength; however, we added to select holdings as equity market volatility rose in the latter part of the period. We added to equity holdings in the financials and consumer sectors, while we trimmed names in the utilities sector on strength. We continued to maintain exposure to covered calls, which give us the benefits of owning a stock while providing downside protection.

Our overall fixed income weight increased during the period. Our largest fixed income asset class remains high yield, where we tend to invest in high-quality, short-duration bonds. Although high yield spreads compressed recently, they remained in line with their long-term averages. Within investment-grade corporates, our weight also increased, and we continue to like the asset class as spreads remain above normalized levels.

The financials sector boosted relative performance during the period, due to stock selection. Global insurance brokerage firm Marsh & McLennan reported solid results, driven by revenue growth and capital deployment. Stock selection in the consumer discretionary sector also aided relative results. The telecommunication services sector detracted on a relative basis, due to an underweight position and security selection. Stock selection in the information technology sector also hindered relative performance.

We expect current concerns regarding global economic and political uncertainty to persist. The potential for headwinds such as slowing economic growth, fallout from the U.S. presidential election, and Chinese currency movements leads us to invest in solid companies that can

provide value in a range of economic scenarios. Although we are identifying some opportunities to buy shares of high-quality companies during periods of market volatility, overall equity valuations remain elevated. Considering the prospect for uncertainty to continue weighing on global markets, we have maintained the portfolio’s conservative positioning.

As always, we remain committed to finding the best risk-adjusted opportunities across the asset class spectrum to balance our objectives of preserving invested capital and generating equity-like returns over the long term with less risk than the broader equity market.

Penn Mutual Asset Management, LLC

Investment Adviser

T. Rowe Price Associates, Inc.

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Consumer, Non-Cyclical		30.4	%
Financial		20.5	%
Communications		11.7	%
Consumer, Cyclical		10.8	%
Industrial		9.0	%
Technology		8.2	%
Energy		5.1	%
Utilities		3.1	%
Basic Materials		0.9	%
Asset Backed Securities		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.

5

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Balanced Fund

The Penn Series Balanced Fund returned 4.19% for the six-month period ending June 30, 2016, compared to its benchmarks, the S&P 500 Index’s return of 3.84% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% 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 its broad equity benchmark 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, LLC

Investment Adviser

Asset Allocation Target as of 6/30/16

Index 500	60	%
Intermediate Bonds	40	%
	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 -6.22% for the six-month period ending June 30, 2016, compared to the 1.36% return for its benchmark, the Russell 1000 Growth Index.

Stock selection was the main reason for relative underperformance, but group weighting was also negative. Health care, industrials and business services, and consumer discretionary were the largest relative detractors. Materials relatively outperformed.

Most major U.S. stock indexes rose in the first half of 2016, a period of significant global market volatility. World markets started the year with deep losses as oil prices collapsed to 13-year lows amid concerns about weakening Chinese and global economic growth. Equities rallied through late June, as the Bank of Japan and the European Central Bank unveiled new stimulus efforts. The U.S. dollar also weakened. Mid-cap shares decisively outperformed large- and small-caps. As measured by Russell indexes, value stocks strongly outperformed growth stocks across all market capitalizations.

Health care was the largest relative detractor, primarily due to stock selection, but overweighting the worst performer in the benchmark for the period also hurt results. Shares of global specialty pharmaceutical company Allergan came under pressure after the U.S. Treasury Department announced new regulations that would deter U.S. companies from participating in a process commonly known as an “inversion,” in which a U.S.-based company moves to a foreign address through merger with a non-U.S. firm. The new rules led global pharmaceutical company Pfizer to abandon its plans to merge with Allergan. Valeant Pharmaceuticals continued to be battered by controversies, which included accounting restatements, investigations by the U.S. Securities and Exchange Commission, and the return and subsequent ouster of the company’s CEO following an extended medical leave. In the resulting turmoil, we eliminated our position in this stock.

Industrials and business services detracted due to stock selection. Airline stocks came under pressure over the period on investor concerns over revenue growth potential in the industry, the strength of the U.S. dollar, and a rebound in fuel prices. Shares of American Airlines declined after issuing disappointing guidance for passenger revenue per available seat mile, a key performance metric in the airline industry. The stock rebounded slightly toward the

end of the quarter after reporting that passenger traffic rose in May, but it came under severe stress following the Brexit vote late in the quarter on concerns that global travel would be impacted.

The materials sector was the only relative outperformer, driven by stock selection. Shares of Martin Marietta Materials increased after the construction materials company reported quarterly earnings that significantly exceeded expectations. Despite a disappointing macroeconomic backdrop, sales of aggregates increased due to volume growth and price improvement. Martin Marietta Materials has the potential to continue to experience modest growth from increases in state-financed infrastructure projects and nonresidential construction in the United States.

Despite the volatility in the first half of 2016, caused by commodity price swings and exogenous events, we are optimistic about the longer-term prospects for large-cap growth stocks. The high-quality stocks in our investment universe appear fairly priced based on traditional valuation metrics versus long-term history. We intend to invest in established growth themes and are confident in the long-term growth potential of the fund’s holdings in the information technology, health care, and consumer discretionary sectors.

Penn Mutual Asset Management, LLC

Investment Adviser

T. Rowe Price Associates, Inc.

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Communications		28.0	%
Consumer, Non-Cyclical		24.3	%
Consumer, Cyclical		17.2	%
Technology		13.1	%
Financial		12.6	%
Industrial		4.1	%
Basic Materials		0.7	%
		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.

7

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Cap Growth Fund

The Penn Series Large Cap Growth Fund returned 3.97% for the six-month period ending June 30, 2016, compared to the 1.36% return for its benchmark, the Russell 1000 Growth Index.

Sluggish global growth weighed on both developed and emerging market (“EM”) economies during the reporting period as EM economies proved to be particularly lackluster. Globally, central bank policy remained highly accommodative, which forced many government, and even some corporate, bond yields into negative territory. The U.S. Federal Reserve indicated that its monetary policy tightening cycle would be more gradual than earlier anticipated. At the very end of the period, the United Kingdom voted to leave the European Union, beginning a multi-year process of negotiation in order to achieve “Brexit”.

U.S. earnings headwinds expanded beyond the energy, materials and industrial sectors, to include most sectors of the market. The sharp rise in the U.S. dollar also weighed on earnings early in the period, though dollar strength ebbed somewhat late in the period. U.S. consumer spending held up well during the period amid a modest increase in real wages and falling gasoline prices. Global trade was dampened particularly by falling demand in emerging markets. Weaker Chinese growth, which contributed to the decline in commodity prices, weighed on EM economies and asset prices. China responded with a variety of monetary and fiscal measures to stimulate its economy, which showed signs of stabilization at the end of the period, though concerns over high debt levels persist. Structural factors such as floating exchange rates and fiscal buffers partially offset the cyclical headwinds to emerging markets.

Stock selection in both the health care and special products & services sectors detracted from performance relative to the Index. Within the health care sector, the Fund’s overweight position in medical device company Cooper Companies and avoidance of biotech firm Gilead Sciences boosted relative returns. In the special products & services sector, overweighting global provider of banking and payment technologies Fidelity National Information Services and management consulting firm Accenture aided relative returns.

Underweighting and security selection in the technology sector was another factor for strong relative performance. Within this sector, underweighting computer and personal

electronics maker Apple lifted relative performance. Additionally, an overweight position in semiconductor company Texas Instruments and the Fund’s out-of-benchmark investment in semiconductor manufacturer Taiwan Semiconductor aided relative returns as both companies outperformed the benchmark during the reporting period.

In other sectors, the Fund’s overweight positions in infant and children’s pediatric nutrition producer Mead Johnson Nutrition, global consumer products company Colgate-Palmolive and repair and operating products company W.W. Grainger added value to relative performance.

Not investing in the strong-performing utilities and communications sectors detracted from relative performance. Not holding telecommunications company Verizon Communications hurt the Fund’s relative performance over the reporting period.

Weak stock selection in financial services sector also dampened relative performance. There were no stocks within this sector that were among the Fund’s top relative detractors for the period.

Elsewhere, the Fund’s out-of-benchmark holdings of pharmaceutical and medical products maker Abbott Laboratories hurt relative performance. Additionally, not owning strong-performing health insurance and Medicare/Medicaid provider UnitedHealth Group, tobacco company Altria Group, cable services provider Comcast, social networking service provider Facebook and diversified technology company 3M hurt relative performance. Overweight positions in internet search giant Alphabet, healthcare services company Express Scripts and custom information technology consulting and technology services provider Cognizant Technology further weakened relative returns.

Penn Mutual Asset Management, LLC

Investment Adviser

MFS Investments

Investment Sub-Adviser

8

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Consumer, Non-Cyclical		32.8	%
Technology		18.0	%
Consumer, Cyclical		14.3	%
Basic Materials		9.4	%
Industrial		8.9	%
Communications		8.7	%
Financial		7.4	%
Energy		0.5	%
		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.

9

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Core Growth Fund

The Penn Series Large Core Growth Fund returned –1.23% for the six-month period ending June 30, 2016, compared to the 1.36% return for its benchmark, the Russell 1000 Growth Index.

Over the last six months, security selection in the health care as well as select consumer staples positions contributed to returns. Selection in industrials and information technology detracted from performance.

Within health care, political and pricing pressures caused severe weakness in the biotechnology sector while new innovation drove strong returns within the medical equipment industry. Edwards Life Sciences is focused on technologies that treat heart disease and is a leader in the market for transcatheter heart valves (THV). Recently, Edwards has reported strong results driven by a significant increase in its THV sales. Management increased its 2016 revenue projection. UnitedHealth Group showed razor focus in an otherwise blurry sector. After weighing on returns for much of 2015, positioning in the health care sector contributed to quarterly returns. UnitedHealth, the largest managed care company, reported large increases in revenue and earnings that beat expectations. Much of United’s revenue growth is driven by its Optum division, which handles pharmacy benefits and health services, and which posted a robust 70% revenue gain. The managed care industry is in flux as several of United’s competitors are in the process of merging. With United able to stay focused on its core business and avoid merger distractions, they have been able to take market industry share. Lastly within healthcare, Boston Scientific saw its fastest growth in 10 years. The manufacturer of medical devices saw specific strength in its cardiovascular division where organic growth was up 14%.

Within consumer staples, Constellation Brands had a strong run of outperformance. Constellation, a producer and distributor of branded beer, wine and spirits, posted another strong quarter with sales and earnings above street expectations. These results not only reflect the strength of the U.S. consumer, but also the continuing revenue and cost synergies from the company’s acquisition of Grupo Modelo’s U.S. beer business.

Within industrials, Delta Air Lines detracted on weaker passenger unit revenue. The airline reported better-than-expected earnings during the quarter, but the stock declined on concerns over decreasing passenger unit revenue. The company’s revenues were also adversely

impacted by foreign currency exchange and the attack on the Brussels airport. While the company is benefitting from lower fuel prices, several low cost carriers have been aggressive in lowering prices amidst low oil prices, a strategy that as impacted Delta’s pricing power.

Within the technology sector, specific weakness was visible in the software industry as a combination of company specific issues and concerns over enterprise spending pressured portfolio holdings. Tableau Software, a data visualization software company, reported disappointing quarterly results driven by an unexpected decline in licensing revenue. As a result, shares of Tableau declined sharply. Alphabet had results that fell short of analyst expectations. Ubiquitously known as Google, the leading digital-ad platform is benefiting as more advertisers shift online, particularly to smartphones, where internet users spend a growing share of their time. We continue to favor the longer-term prospects for the company, including their opportunity to monetize display advertising on the YouTube platform, which is still early in its growth phase. Palo Alto Networks mixed results and lofty expectations weighed on the stock. While network security remains a priority for corporations, the industry has fallen victim to very difficult earnings comparisons. While the company reported better-than-expected revenue and earnings that were in line with expectations, Palo Alto stated that growth will likely decelerate in the near term as macroeconomic headwinds have become more pronounced.

Penn Mutual Asset Management, LLC

Investment Adviser

Wells Capital Management

Investment Sub-Adviser

10

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Consumer, Non-Cyclical		30.9	%
Consumer, Cyclical		23.0	%
Communications		17.8	%
Technology		14.9	%
Financial		5.7	%
Industrial		5.5	%
Basic Materials		2.2	%
		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.

11

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Cap Value Fund

The Penn Series Large Cap Value Fund returned 1.53% for the six-month period ending June 30, 2016, compared to the 6.30% return for its benchmark, the Russell 1000 Value Index.

Equity market performance year-to-date was positive, but disguised yet another period of extreme volatility. Investors remain on high alert regarding interest rates, the price of oil, and U.S. and global politics. Investors are also closely watching the fallout from Brexit. With an interest rate hike being pushed out, a steepening yield curve increasingly being pushed to the right and continued volatility in equity markets, higher-yielding and more defensive sectors (utilities, telecommunications and consumer staples) maintained market leadership, regardless of valuation.

In this environment, the Fund underperformed its benchmark due to stock selection within the financials and health care sectors, and underweights to the energy and utilities sectors. Despite solid stock selection, an overweight to the consumer discretionary sector also weighed on relative return. On an absolute basis, the Fund performed well with most sectors, except financials and health care, providing positive returns. Stock selection within the industrials sector continued to be a bright spot due to solid performance from Northrop Grumman, Pentair Plc, Eaton and Honeywell International.

The top individual performers were Hess Corporation, Halliburton and Vulcan Materials. Hess, a global exploration and production (E&P) company, benefited from the broad rally in oil prices. The combination of quality resource assets, a strong balance sheet and a reasonable valuation also proved attractive to investors. Halliburton, like Hess, rallied as oil prices rebounded from February lows and drove some early signs of increased drilling and completion activity by North American E&P companies. In addition, the company terminated its merger with smaller rival Baker Hughes, which was facing dual headwinds of regulatory scrutiny and an industry downturn. The termination eliminated a major overhang and provided some relief to investors. Vulcan Materials, a construction aggregate company, outperformed due to continued strong volume and pricing trends in its core aggregates business. The recent passing of a highway bill and solid demand for public and private non-residential construction has supported demand in Vulcan’s core markets.

The largest individual detractors were Bank of America, Teva Pharmaceuticals and Marathon Oil. Despite a relative underweight in financials, the sector detracted the most from performance. Bank of America, along with its peers, struggled over concerns regarding a weaker global economy and continued low interest rates. After a strong finish to 2015, shares of Teva Pharmaceuticals, a generic and specialty drug company, weakened. The weakness was largely due to systemic concerns about the specialty pharmaceuticals industry and mounting political pressures. The delay of Teva’s planned acquisition of Allergan’s generics business also weighed on the stock. Marathon Oil, an independent E&P company, was particularly weak in January as oil prices continued to fall and investors became increasingly concerned about balance sheet strength. By mid-February, Marathon had become a fairly small position for the fund, and we exited the holding. We re-allocated the proceeds into Hess.

We continue to expect new highs in the S&P 500 Index later this year. Earnings per share estimates have been marked down to levels that appear achievable. We believe the bull market is intact, though the advanced age of the rally and sluggish global growth will likely confine returns to the single digits. Still, single-digit returns would be an excellent outcome in this low inflation and low interest rate environment. We continue to take a security-specific approach and, as always, view opportunities as defined by our reward to risk profiles, regardless of the direction of the markets.

Penn Mutual Asset Management, LLC

Investment Adviser

Loomis, Sayles & Co.

Investment Sub-Adviser

12

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Financials		26.1	%
Consumer, Non-Cyclical		21.1	%
Industrial		15.0	%
Energy		9.3	%
Communications		8.7	%
Consumer, Cyclical		8.5	%
Technology		5.8	%
Utilities		4.1	%
Basic Materials		1.4	%
		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.

13

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Large Core Value Fund

The Penn Series Large Core Value Fund returned 1.69% for the six-month period ending June 30, 2016, compared to the 6.30% return for its benchmark, the Russell 1000 Value Index.

U.S. stocks opened the period under the backdrop of worries concerning falling oil prices, declining interest rates, and weakening global growth, raising fears of a possible recession. Investor concern focused particularly on China’s slowing economy and its potential impact on economies worldwide. The adoption of negative interest rates in Japan added to the specter of an impending global recession.

In mid-February, however, U.S. stocks began a strong rebound that overcame the earlier setbacks. Coinciding with the move was a turnaround in crude oil prices. The equity market rally got a further boost in March from the U.S. Federal Reserve (Fed), when it held interest rates steady and pared back plans for future rate hikes.

From there, stocks continued their advance into the second quarter on positive economic news, including strong retail sales, job market gains and higher energy prices. The continued slow-but-steady economic growth led to expectations that the U.S. Federal Reserve (Fed) would likely raise interest rates at its June meeting. But, after a disappointing May jobs report, the Fed left rates unchanged amid new doubts about the health of the economy. U.S. stocks mounted a brief recovery in the days following the Fed announcement, only to fall sharply in the wake of the Brexit vote. The outcome of the June 23 “Brexit” vote sent stocks into a two-day tailspin. However, the market’s subsequent rebound regained much of the lost ground before closing out the quarter.

The Fund’s underperformance versus the Index was driven primarily by unfavorable stock selection. Unfavorable stock selection in the financials sector represented the largest drag on relative performance during the period. Within Financials, overweight positions in Credit Suisse, Invesco, XL Group, and Goldman Sachs were among the largest individual detractors during the period.

Stock selection within information technology and health care also detracted. In health care, positions in Teva Pharmaceutical Industries and Allergen hurt results, while in information technology, the Fund’s exposure to NXP Semiconductors detracted from relative performance. Elsewhere, a position in consumer staples company Kroger

and an underexposure to strong-performing ExxonMobil weighed on relative performance.

The Fund’s underweight exposure to the consumer discretionary sector, and favorable stock selection results within the sector contributed to relative performance. Among the largest contributors to performance at the individual stock level were overweight positions in utilities firms NextEra Energy and Sempra Energy, an overweight position in Verizon, and not owning underperforming Bank of America.

Notable portfolio activity included adding to select existing positions in health care, including Allergan and Eli Lilly within the pharmaceutical space. Allergan maintains strong franchises in ophthalmology and aesthetics, while Eli Lilly has the most comprehensive diabetes portfolio in the industry. Elsewhere, financials exposure was reduced modestly through actions such as the elimination of XL Group from the Fund due to fundamental concerns over merger integration taking place.

In terms of sector weightings, the Fund’s largest overweights were in health care and industrials, while its underweights were in information technology, telecommunication services, and consumer discretionary.

Penn Mutual Asset Management, LLC

Investment Adviser

Eaton Vance Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Financials		30.2	%
Consumer, Non-Cyclical		25.1	%
Energy		13.0	%
Industrial		11.2	%
Utilities		6.7	%
Communications		5.6	%
Consumer, Cyclical		3.1	%
Technology		3.0	%
Basic Materials		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.

14

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Index 500 Fund

The Penn Series Index 500 Fund returned 3.59% for the six-month period ending June 30, 2016, compared to the 3.84% return for its benchmark, the S&P 500 Index.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the market more than the last. Further unnerving markets was a continued rapid selloff in oil prices that has been a prevailing market theme since the middle of 2014.

The relief rally in growth assets that began in the middle part of February continued for the better part of March. Providing foundation for the sharp improvement in sentiment during the second half of the quarter were sharp gains beginning in February in the beaten down energy sector, a better tone to global manufacturing data in March and continued active and verbal support from central banks.

Earnings forecasts for S&P 500 Index for the first quarter of 2016 point to a fourth consecutive quarter of negative year-over-year earnings growth, a very rare event outside an economic recession. There are now, however, good reasons to believe this could be the last negative quarter of earnings, barring the economy actually does succumb to a recession. Two primary contributors to the negative earnings growth, falling energy prices and a stronger U.S. dollar both seem to have run their course for now. Just as government bonds outperformed equities in the first quarter, the best performing sectors in the S&P 500 Index to start the year were those most resembling bonds, with the high yielding telecommunications and utilities sectors returning 16.6% and 15.6% respectively. At the other end of the spectrum of sector outcomes, financials returned a negative 5.1% return on the quarter on reduced expectations for the path of future Fed rate hikes and health care names gave up 5.5% for the quarter.

One of the notable developments driving markets in May was the re-emergence of expectations the Federal Reserve (Fed) would contemplate raising rates during the middle of 2016, something that had been given scant probability at the beginning of the month. Following a string of better-than-expected economic reports, notably retail sales, and the release of more hawkish than expected

minutes from the April Federal Open Market Committee (FOMC) meeting, the probability of a hike by July increased to a better than even 55% on May 24. While a better economic data flow increased the odds of near term Fed tightening, other releases suggested possibly limited upside for the economy.

Market watchers anticipating the Fed would be following through with a near term rate increase based on the strength of U.S. economic data were required to significantly adjust expectations on June 3 with the release of the May U.S. non-farm payrolls report. The preliminary release showed a paltry increase of just 38,000 jobs against expectations for 160,000 and was the lowest initial reading since August of 2011. As the month continued, the prospect of a possible ‘leave’ vote in the British referendum to remain in the European Union further decreased the possibility the Fed would be raising rates. Once the unexpected ‘leave’ vote result was confirmed on the morning of June 24, the resulting uncertainty took the likelihood of any Fed tightening for the rest of 2016 down close to zero and even an increase in through the end of 2017 was priced at less than one third.

Penn Mutual Asset Management, LLC

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Consumer, Non-Cyclical		24.6	%
Financials		16.8	%
Communications		12.9	%
Technology		12.5	%
Consumer, Cyclical		10.0	%
Industrial		9.6	%
Energy		7.4	%
Utilities		3.6	%
Basic Materials		2.5	%
U.S. Treasury Obligations		0.1	%
		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.

15

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Mid Cap Growth Fund

The Penn Series Mid Cap Growth Fund returned 2.21% for the six-month period ending June 30, 2016, compared to the 2.15% return for its benchmark, the Russell Midcap Growth Index.

From a sector standpoint, our energy overweight was the primary reason for this result. Outside of energy, our sector selection largely hindered performance, with overweights in the underperforming sectors of health care and information technology, and underweights in the outperforming sectors of industrials, consumer staples and financials. Fortunately our stock selection was strong in the first half of 2016, and this enabled us to overcome our lackluster sector positioning. In fact, our stocks outperformed their benchmark peers in all but two sectors during the period. Our two underperforming sectors were financials, where real estate investment trusts (REITS) largely drove the Index performance, and consumer discretionary, where our luxury brands and retail names struggled.

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 mode, albeit slow growth. Economies elsewhere in the world remain challenged, which restricts the ultimate strength of U.S. companies and the economy. Europe has shown signs of recovery, while China has become a bigger drag on world economic progress, and Latin America remains broadly weak. There have been more stresses on the earnings outlook for U.S. companies than we have seen in a considerable period of time. While much of this stress emanated from the energy sector last year, the negative feedback loop associated with energy-related employment and spending has had a broader impact on economic growth and corporate health across many sectors.

Our cautiously constructive outlook is based on our confidence that the positives we see in the economy–greater employment, an improving housing market, low energy prices, more accommodative lending, supportive demographic trends–will be enough to offset the negatives to earnings, allowing earnings and stock prices to move higher. We think these positives will outweigh the negatives as we progress through the remainder of the year. We think that the ongoing positive but slow rate of growth in the economy will drive greater demand from investors for the stocks of clearly

differentiated growth companies who can deliver superior earnings performance independent of any sluggishness in the overall economy. We think the markets will trend more defensively, as well, in terms of both earnings stability and creditworthiness. This will be a response to any increases in interest rates that might come as a result of firmer economic growth, and also because of concerns about simmering debt issues around the world. Valuation will be a concern if earnings growth is less certain and debt issues weigh, but could move upward if underlying economic trends in the U.S. continue to improve through better employment growth, a stronger housing market, and any long hoped-for improvement in capital spending.

Our preference for high-quality growth companies with stable and sustainable earnings profiles and strong balance sheets should serve our investors well if the economy struggles to regain a faster growth rate in the latter half of 2016. We are overweight the health care sector, an area where we find many vibrant growth stock opportunities. We are happy with our energy overweight, as we think oil prices are likely to trend higher based on downtrends in production and supply and growing demand. We are most likely to add to our weightings in the information technology and consumer discretionary sectors, and possibly industrials, over the next three to six months.

Penn Mutual Asset Management, LLC

Investment Adviser

Ivy Investment Management

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Consumer, Non-Cyclical		30.0	%
Consumer, Cyclical		24.4	%
Technology		12.9	%
Industrial		11.7	%
Financial		11.6	%
Energy		5.4	%
Communications		4.0	%
		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.

16

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Mid Cap Value Fund

The Penn Series Mid Cap Value Fund returned 5.73% for the six-month period ending June 30, 2016, compared to the 8.87% return for its benchmark, the Russell Micap Value Index.

The market was extremely volatile during the first half of 2016. For much of the first quarter, investors vacillated as to whether or not economic conditions in the emerging markets and the commodity sectors would push the slowly growing U.S. economy into a recession which led to price volatility as the markets appreciated or declined by more than 1% during roughly half of the trading days. As the first quarter came to an end, fears of a global recession appeared to subside and equity markets rallied. During the second quarter, in a surprising and historic move, Britain voted to exit the European Union. The markets reacted with increased volatility and the Russell Mid Cap Value Index declined significantly. The Index recovered toward the end of June, however the Fund, which is positioned in much cheaper, cyclically-oriented stocks as opposed to the more richly-priced stocks that do well in a “risk-off” or low interest rate environment, underperformed the Index.

Significant market volatility creates buying opportunities for long-term value investors, as stock declines can widen the intrinsic value gap. During the first half of the year, a portion of our underperformance can be attributed to our overweight positions in the more cyclical areas of the economy such as the consumer discretionary and technology sectors and our underweight to the benchmark in the utilities sector. Our contrarian investment style has shifted us away from the defensive sectors of the market (utilities, consumer staples) as we believe these areas have become highly valued as investors seek out higher yielding stocks.

The Fund benefited from the rebound in the energy sector (ONEOK, Devon Energy), strong results and outlook from Colony Starwood Homes, and a rebound in Tyco’s stock as investors began to appreciate the benefits from the merger agreement with Johnson Controls. On the negative side, Skyworks Solutions has come under pressure due to increased concern about the next iPhone launch (Apple is their biggest customer), while Nuance declined as technology shares were hit hard at the end of the period. Finally, Office Depot shares came under substantial pressure when the merger with Staples was blocked by the FTC.

Despite recent turmoil in the market, valuation levels continue to be above historical averages. This can be justified by extremely low interest rates and the likelihood that they will stay low for the foreseeable future. However, the market has many headwinds it has to overcome to appreciate from here, including the fallout from Brexit, sluggish global growth, the Presidential election, and a general decline in global business confidence. We have not been dealing with a normal post-recession expansion, rather one that has been driven by extremely accommodative monetary policy decisions. It is still unlikely that without this stimulus the world economies can be self-sustaining and accordingly, we anticipate easy monetary policy to continue.

We own stocks that, in general, sell at cheaper multiples to the market, that are trading at substantial discounts to our estimate of intrinsic value, and generate strong free cash flow. We remain confident in the Fund’s ability to perform in what could be a difficult investment backdrop.

Penn Mutual Asset Management, LLC

Investment Adviser

Neuberger Berman Investment Advisers

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Financials		19.7	%
Industrial		19.1	%
Technology		17.0	%
Consumer, Cyclical		12.9	%
Consumer, Non-Cyclical		11.6	%
Energy		7.7	%
Utilities		7.4	%
Basic Materials		2.5	%
Communications		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 Core Value Fund

The Penn Series Mid Core Value Fund returned 10.53% for the six-month period ending June 30, 2016, compared to the 8.87% return for its benchmark, the Russell Midcap Value Index.

The Fund received positive results in absolute terms in all 10 sectors in which it was invested. Relative to the benchmark, positions in the industrials, health care, consumer staples, financials, and consumer discretionary sectors added to returns. The materials and utilities sectors detracted from relative performance.

Security selection in industrials boosted relative returns, fueled in particular by an overweight and stock selection in commercial services and supplies. Tyco International, a portfolio overweight, was leading contributor. Tyco is in the process of merging with Johnson Controls, and the companies have outlined over $1 billion in merger synergies. Also, both companies have announced ongoing productivity initiatives.

Security selection in health care also enhanced performance. A lack of exposure to the pharmaceuticals industry was especially beneficial as a number of benchmark pharmaceutical stocks, such as Perrigo, sold off sharply during the period. Perrigo, which the portfolio does not own, suffered a sizable stock correction after it issued weak guidance and its CEO resigned.

The Fund’s overweight in the consumer staples sector added to returns, especially in the food and staples retailing and food products industries. Sysco, a large distributor of food and related products, was one of the strongest performing investments, aided by improving trends in the restaurant business.

Utilities was one of the strongest-performing sectors of the benchmark during the period, as investors sought stability during bouts of market volatility. As a result, the Fund’s underweight in utilities hurt performance relative to the Index. Nonetheless, the utilities sector yielded one of the top-contributing individual investments, an overweight in Westar Energy. Shares of Westar Energy surged higher on news the utility would be acquired by Great Plains Energy.

An underweight in the overall financials sector assisted relative returns. Positioning within financial services also supported returns, due primarily to security selection in banks and insurance and a lack of exposure to the challenged consumer finance industry.

While the Fund’s underweight in financials assisted relative performance, a number of individual investments were detractors. These included Northern Trust, LPL Financial Holdings, and portfolio-only investments in PNC Financial Services and State Street. Declining interest rates and expectations that interest rates could remain low over the near-term combined with capital market volatility to pressure returns for many banks and capital markets companies.

An underweight in materials detracted from performance, as many of the benchmark’s materials stocks rose along with commodities prices. Stock selection was also detrimental, as the portfolio had no exposure to some metals and mining stocks, including Newmont Mining, that delivered strong share price performance for the benchmark.

The team continues to build the portfolio using a bottom-up, stock-specific process. Through its fundamental research, the portfolio managers seek higher-quality, mid-sized companies temporarily selling at a discount. At the end of the quarter, the Fund’s largest overweight position was in consumer staples. The Fund has smaller relative overweights in the health care and energy sectors.

The Fund’s largest sector underweight remains in financials due to a continued underweight in real estate investment trusts (REITs). The team continues to find REIT valuations generally unattractive. In addition, the Fund has smaller relative underweights in materials, utilities, information technology, consumer discretionary, and telecommunication services.

Penn Mutual Asset Management, LLC

Investment Adviser

American Century Investment Management

Investment Sub-Adviser

18

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Financials		28.1	%
Industrials		17.5	%
Consumer, Non-Cyclical		15.7	%
Energy		12.9	%
Utilities		10.2	%
Consumer, Cyclical		7.2	%
Technology		4.6	%
Index Fund		2.2	%
Communications		1.3	%
Basic Materials		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.

19

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

SMID Cap Growth Fund

The Penn Series SMID Cap Growth Fund returned 0.67% for the six-month period ending June 30, 2016, compared to the –0.03% return for its benchmark, the Russell 2500 Growth Index.

Over the last six months, security selection in the health care, industrial, and consumer sectors contributed to returns. Positioning in the information technology and financial sectors was the primary source of underperformance.

Within health care, our conviction in Alere was rewarded. Despite no material change to company fundamentals, our position in Alere had detracted from returns in 2015. With our thesis still intact, we maintained our position and were rewarded as shares soared 27% after the company agreed to be acquired by Abbott Laboratories Inc. Also within the sector, Align Technology has shown considerable strength over the past 12 months. The manufacturer of the Invisalign orthodontic treatment posted a near flawless quarter as shipments were up 26% after growing above expectations the previous two quarters. Strong growth has been visible in both domestic and international markets and we believe the company is still early in penetrating a large total available market. Shares of VCA outperformed as our thesis on VCA, a leader in the animal health field, continues to be validated. The company has made a number of strategic acquisitions that contribute to its attractive level of operating leverage. The company reported better-than-expected quarterly results, driven by improving gross margins and strong sales growth in both their veterinary hospitals and lab businesses.

Within industrials, Carlisle Companies continues to enjoy strong end markets. For the last several quarters we have allocated capital to opportunities created by a strong non-residential construction market. Carlisle is a commercial roofing supplier that continues to reap the benefits of strong construction activity. Carlisle is in the position of experiencing strong organic growth and expanding margins, both enviable characteristics in the current industrial environment

Within consumer discretionary, Michaels Companies’ strong quarter garnered investor attention. The arts and craft retailer reported strong results driven by better-than-expected same store sales growth. Given its product mix and dominant market share in a fragmented industry, Michael’s faces lower competition and e-commerce risk than many “brick and mortar” retailers.

Additionally, the company’s ability to pay down debt should prove additive to financial results going forward.

Within consumer staples, Constellation Brands had a strong run of outperformance. Constellation, a producer and distributor of branded beer, wine and spirits, posted another strong quarter with sales and earnings above street expectations. Constellation has expanded the beer business to include Corona Extra cans and Corona Light Draft, and volumes grew over 10%. In addition to continued growth in volumes, we anticipate margin expansion as the state of the art brewery acquired in the deal fully comes on line in 2015, and as the company pays down debt.

Within the technology sector, specific weakness was visible in the software industry as a combination of company specific issues and concerns over enterprise spending pressured portfolio holdings. Tableau Software a data visualization software company, reported disappointing quarterly results driven by an unexpected decline in licensing revenue. As a result, shares of Tableau declined sharply.

Within financials, Raymond James Financial has fundamental drivers of future growth, but was impacted by capital market volatility in the short term. In particular, Raymond James pressured by moderating interest rates and a flattening yield curve during the quarter, highly unusual events during times of Fed tightening. On the bright side, Raymond James continues to be successful in recruiting new financial advisors, a key element of our investment thesis.

Penn Mutual Asset Management, LLC

Investment Adviser

Wells Capital Management

Investment Sub-Adviser

20

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Consumer, Non-Cyclical		35.9	%
Consumer, Cyclical		20.0	%
Industrial		19.7	%
Technology		15.7	%
Financials		4.7	%
Communications		3.1	%
Energy		0.9	%
		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.

21

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

SMID Cap Value Fund

The Penn Series SMID Cap Value Fund returned 5.58% for the six-month period ending June 30, 2016, compared to the 7.84% return for its benchmark, the Russell 2500 Value Index.

Volatility marked the first half of 2016 as investor anxiety centered on a number of macro issues that raised concerns about global economic growth. Early in the year, market sentiment shifted dramatically as the market fell over concerns about plummeting oil prices and Chinese economic growth. The markets then recovered as better U.S. economic data, stabilizing oil prices and expectations that monetary policy would remain accommodative, eased concerns.

Late in the second quarter, the United Kingdom’s June vote to leave the European Union reignited these fears. Immediately following the result, volatility spiked as markets grappled with uncertainty over the vote’s impact on global economic growth. However, equities recovered some post-vote losses as investors pinned their hopes on even more accommodative monetary policies from central banks.

For the first half of 2016, the Fund rose in absolute terms but underperformed its benchmark, the Russell 2500 Value Index. Sector allocation detracted from returns while security selection contributed. Sector allocation underperformance was predominantly driven by overweights to the consumer discretionary and technology sectors and an underweight to utilities. Positive security selection was broadly spread across sectors but was strongest in the portfolio’s consumer discretionary and technology holdings. Performance detractors included Office Depot, an office supply store catering to consumers and businesses. The company’s stock fell sharply after a court ruled in favor of the Federal Trade Commission’s decision to block its proposed merger with rival Staples. Molina Healthcare, a provider of Medicaid services to low-income families and individuals, also underperformed. The company reported weaker-than-expected earnings because of elevated medical loss ratios in some of its key markets, including Ohio and Texas.

Leading outperformers included energy companies such as QEP Resources, a natural gas and oil exploration and production company. QEP’s stock rallied as oil prices recovered and the company’s new oil wells reported better-than-expected productivity. Shares of Ingredion, a company that refines corn into starch and sweeteners saw

benefits from higher utilization rates of its North American supply chain. The company also showed continued progress in its efforts to shift towards higher margin products.

The recent Brexit vote added to investor anxiety over the growth prospects for the global economy. Central banks have pursued increasingly accommodative monetary policies and have driven interest rates to historical lows. Investors have gravitated to industries such as utilities and REITs, whose earnings stability and high yields are viewed to offer shelter in an uncertain world and income in a low-interest-rate environment.

While we share the market’s concerns, we believe investors have ignored long-term fundamentals pursing this safety and yield. Our research suggests that they have dramatically undervalued an increasing number of high-quality companies with strong free cash flow and compelling company-level catalysts. We have been selective in adding these opportunities as we expect to see continued market volatility. We continue to focus on stocks with strong fundamentals, including solid free cash flow and strong long-term profitability outlook.

Penn Mutual Asset Management, LLC

Investment Adviser

AllianceBernstein

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Financials		22.84	%
Consumer, Cyclical		18.37	%
Industrial		15.08	%
Consumer, Non-Cyclical		11.94	%
Energy		9.76	%
Technology		8.66	%
Communications		6.94	%
Utilities		5.02	%
Basic Materials		1.39	%
		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

Small Cap Growth Fund

The Penn Series Small Cap Growth Fund returned 1.75% for the six-month period ending June 30, 2016, compared to the –1.59% return for its benchmark, the Russell 2000 Growth Index.

The Fund outperformed its primary benchmark, during the period. We expect the bulk of our relative outperformance to come in weak or uncertain market environments, when the stability of the businesses we invest in is more appreciated, or in environments in which stock selection is the primary driver of returns. This was the case during the first half of the year as outperformance was largely driven by stock selection.

Leading outperformance on a sector basis was our selection of health care and technology stocks. The strong relative performance in health care was largely due to acquisition activity as some of the Fund’s holdings were bought during the period. Medical device maker LDR, for example, was acquired by Zimmer Biomet. LDR was an attractive target due to its Mobi-C product, a two-level cervical disk replacement. We have always favored this company, but recognized that the stock was held back, to a degree, by the reticence of insurers to fully cover Mobi-C. That headwind will likely be removed now that it is a component in Zimmer’s arsenal.

Also benefiting from an acquisition was FEI, which was purchased by Thermo Fisher. FEI is a leading manufacturer of electron microscopes, whose products have several industrial applications, including semiconductors. As chips become smaller, the demand for such high-powered microscopes to conduct quality control, we believe, will grow. Thermo was also likely attracted to FEI for its pristine balance sheet.

Financial software and services company, MarketAxess was a strong gainer. The market is beginning to recognize the tremendous opportunity presented by MarketAxess as it attempts to modernize bond trading. Unlike equities platforms, which have evolved over the past two decades, bond trading, to a degree, remains mired in the last century. MarketAxess operates an electronic trading platform that helps improve both liquidity and trading costs for market participants. The company’s technology is reaching a tipping point in adoption by major players, which, in our view, provides a competitive advantage as its platform stands to benefit from a network effect.

The Fund’s holdings in financials and consumer staples detracted from relative performance. SS&C Technologies was a large absolute detractor. SS&C was impacted by concerns about its client base of active managers, including hedge funds. Actively managed funds in general have come under pressure from passively managed competitors, and many hedge funds have closed shop. While we are aware of the headwinds facing SS&C’s client base, we still favor the company as we see ample opportunity for it to grow revenue through cross-selling among its existing client base.

Eagle Pharmaceuticals was another detractor. The stock was down after the FDA rejected its blood clot preventing drug Kangio. The specialty pharmaceutical company focuses on improving formulations of existing hospital administered drugs. These improved formulations make the intake of the drug easier or faster for the patient.

OSI Systems also weighed on performance. The company makes security systems, health care monitoring systems and optoelectronic devices. The stock was down in large part because construction at a number of European airports delayed implementation of some of OSI’s baggage screening systems in those airports. International markets for some of their medical devices were also soft during the quarter. None of this changes our longer-term view of the company. We expect OSI’s baggage screening systems to be in high demand as Europe implements new security rules in baggage screening, and we also like the outlook for many of the company’s medical devices.

Penn Mutual Asset Management, LLC

Investment Adviser

Janus Capital

Investment Sub-Adviser

23

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Consumer, Non-Cyclical		35.0	%
Technology		20.2	%
Industrial		17.2	%
Consumer, Cyclical		12.2	%
Financial		6.7	%
Communications		4.7	%
Basic Materials		2.5	%
Energy		1.1	%
Diversified		0.4	%
		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.

24

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Small Cap Value Fund

The Penn Series Small Cap Value Fund returned 5.09% for the six-month period ending June 30, 2016, compared to the 6.08% return for its benchmark, the Russell 2000 Value Index.

In the Fund for the six-month period, our investments in the financials and materials sectors detracted from performance, whereas the energy and health care sectors contributed to results.

Memorial Resource Development Corp., an oil and natural gas exploration and production company operating in Northern Louisiana, was a top detractor from returns during the first quarter of 2016. Its shares came under pressure after the company appointed a new Chief Executive Officer and lowered production guidance. Despite short-term headwinds, we continue to be constructive on Memorial Development Corp. We believe the company is one of the most capital efficient operators in the industry with high-quality assets and the ability to significantly increase production over the long term. Nexstar Broadcasting Group, a television broadcasting company, was also a top detractor from performance during the first quarter. In our view, its shares underperformed due to a perceived increase in execution risk regarding the company’s acquisition of Media General and the resulting financial leverage.

Burlington Stores, Inc., a discount retailer focused on coats, was a top contributor to performance during the first quarter. After unusually warm winter weather, investor expectations for coat sales significantly declined which pressured the stock price. The stock subsequently rebounded after management released fourth quarter guidance that was better than investors expected. We continue to be constructive on Burlington Stores given the company’s potential for profitable share gains and margin expansion. Rice Energy, Inc., an exploration and production company based in Pennsylvania, was also a top contributor to results over the first quarter. The stock outperformed on the back of a rally in natural gas prices in March. We continue to be positive on Rice Energy’s prominent acreage in the Marcellus and Utica Shales, which has the potential to drive continued strong results for the company.

During the second quarter, Rice Energy remained a top contributor to performance. Its shares were supported by rising natural gas prices and the announcement that Rice Energy would acquire select acreage in the Marcellus and

Utica Shales which the company would fund with an equity offering. While the transaction ultimately did not go through, investors were positive on the stronger balance sheet as a result of the offering. During the second quarter, shares of Memorial Resource Development rebounded and it was a top contributor to results during the quarter. We originally initiated a position in Memorial Development due to the company’s high-quality assets, capital efficient operations and potential to significantly increase production over the long term. Its shares subsequently spiked in May when it was announced that the company had agreed to merge with Range Resources, an oil and natural gas exploration and production company operating primarily in the Marcellus Shale.

Chesapeake Lodging Trust, an owner of upscale hotels in key gateway markets in the U.S., was a top detractor from performance during the second quarter. While the company’s operating results have exceeded expectations in a challenging environment for hotels, Chesapeake Lodging has long been speculated as a potential acquisition candidate. Given that a transaction has yet to materialize, investors have become increasingly cautious on the company. Despite these concerns, we continue to have high conviction in Chesapeake Lodging’s strategy and high quality assets over the remainder of this hotel cycle, regardless of whether the company is acquired. PBF Energy, Inc., an oil refiner with operations across the U.S., was also a top detractor from returns during the second quarter. Its shares fell after PBF Energy reported disappointing earnings, driven by lower-than-expected margins. Despite short-term headwinds, we continue to be positive on the company.

Penn Mutual Asset Management, LLC

Investment Adviser

Goldman Sachs Asset Management

Investment Sub-Adviser

25

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total  Investments1
Financials		39.5	%
Industrials		12.9	%
Consumer, Non-Cyclical		10.8	%
Consumer, Cyclical		9.0	%
Technology		8.5	%
Utilities		7.8	%
Energy		5.6	%
Basic Materials		4.0	%
Communications		1.9	%
		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.

26

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Small Cap Index Fund

The Penn Series Small Cap Index Fund returned 1.92% for the six-month period ending June 30, 2016, compared to the 2.22% return for its benchmark, the Russell 2000 Index.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the market more than the last. Further unnerving markets was a continued rapid selloff in oil prices that has been a prevailing market theme since the middle of 2014.

The relief rally in growth assets that began in the middle part of February continued for the better part of March. Providing foundation for the sharp improvement in sentiment during the second half of the quarter were sharp gains beginning in February in the beaten down energy sector, a better tone to global manufacturing data in March and continued active and verbal support from central banks.

Earnings forecasts for S&P 500 Index for the first quarter of 2016 point to a fourth consecutive quarter of negative year-over-year earnings growth, a very rare event outside an economic recession. There are now, however, good reasons to believe this could be the last negative quarter of earnings, barring the economy actually does succumb to a recession. Two primary contributors to the negative earnings growth, falling energy prices and a stronger U.S. dollar both seem to have run their course for now. Just as government bonds outperformed equities in the first quarter, the best performing sectors in the S&P 500 Index to start the year were those most resembling bonds, with the high yielding telecommunications and utilities sectors returning 16.6% and 15.6% respectively. At the other end of the spectrum of sector outcomes, financials returned a negative 5.1% return on the quarter on reduced expectations for the path of future Fed rate hikes and health care names gave up 5.5% for the quarter.

One of the notable developments driving markets in May was the re-emergence of expectations the Federal Reserve (Fed) would contemplate raising rates during the middle of 2016, something that had been given scant probability at the beginning of the month. Following a string of better-than-expected economic reports, notably retail sales, and the release of more hawkish than expected

minutes from the April Federal Open Market Committee (FOMC) meeting, the probability of a hike by July increased to a better than even 55% on May 24. While a better economic data flow increased the odds of near term Fed tightening, other releases suggested possibly limited upside for the economy.

Market watchers anticipating the Fed would be following through with a near term rate increase based on the strength of U.S. economic data were required to significantly adjust expectations on June 3 with the release of the May U.S. non-farm payrolls report. The preliminary release showed a paltry increase of just 38,000 jobs against expectations for 160,000 and was the lowest initial reading since August of 2011. As the month continued, the prospect of a possible ‘leave’ vote in the British referendum to remain in the European Union further decreased the possibility the Fed would be raising rates. Once the unexpected ‘leave’ vote result was confirmed on the morning of June 24, the resulting uncertainty took the likelihood of any Fed tightening for the rest of 2016 down close to zero and even an increase in through the end of 2017 was priced at less than one third.

Penn Mutual Asset Management, LLC

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Financials		26.2	%
Consumer, Non-Cyclical		19.8	%
Industrials		13.2	%
Consumer, Cyclical		12.3	%
Technology		10.8	%
Communications		6.5	%
Utilities		4.2	%
Basic Materials		3.9	%
Energy		2.9	%
Diversified		0.1	%
U.S. Treasury Obligations		0.1	%
		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.

27

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Developed International Index Fund

The Penn Series Developed International Index Fund returned –3.60% for the six-month period ending June 30, 2016, compared to the –4.04% return for its benchmark, the MSCI EAFE Index.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open the New Year was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the market more than the last. Further unnerving markets was a continued rapid selloff in oil prices that has been a prevailing market theme since the middle of 2014.

After the tumultuous opening act of 2016, investor nerves were soothed to some degree as February closed, provided one measures comfort by an intra-month recovery in the price levels of developed equity markets. The roller coaster month opened with the MSCI World Index capping off a miserable January with a sharp selloff that took the index down 11.5% year-to-date (YTD) on February 11 before recovering to finish the month down 6.6% on the year. February was also witness to a sharp selloff in the British pound to seven year lows after the announcement of the long anticipated ‘Brexit’ referendum.

With a starting point of continued slow and uneven economic growth for developed economies dating back to the end of the global financial crisis, investors in 2016 have so far navigated a storm of additional uncertainties including softening economic growth and policy missteps in China, a degree of disenchantment in the ability of global central banks to influence market outcomes and now a vote by Britain on June 23 to exit its 43-year membership in the European Union. Remarkably, against this challenging backdrop, global equities ended the first half of the year basically where the year started. After selling off aggressively to kick off the year through the second week of February, global equities clawed back into positive territory for the year through June 23, only to see those gains extinguished when the surprise outcome of the ‘Brexit’ vote was learned on June 24, leaving the MSCI World Index down 1.7% before rebounding smartly to put the Index back in positive territory on a YTD. Holding ground through mid-year has been commodity prices. Proving that there is still an abundance of caution in the

market in 2016, assets that may be considered defensive in many circumstances have been among the best absolute performers.

Global developed equities continued to make modest gains in April and May before pausing somewhat in June ahead of the British referendum and subsequently falling sharply once a British exit vote was confirmed. The oscillations left the MSCI World Index up 1.2% for the quarter. U.S. investors fared best in developed equities by investing at home with the S&P 500 Index posting second quarter gains of 2.5% against negative returns in the MSCI Europe Index of 2.3% and a barely positive 0.9% for the MSCI Pacific Index. Returns on Pacific equities would have been a 4% net drag on performance for U.S. investors were it not for a 9% decline in the U.S. dollar against the Japanese Yen.

Penn Mutual Asset Management, LLC

Investment Adviser

State Street Global Advisors

Investment Sub-Adviser

28

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Japan		23.2	%
United Kingdom		16.5	%
Switzerland		9.6	%
France		9.1	%
Germany		8.7	%
Australia		7.3	%
Netherlands		5.4	%
Hong Kong		3.1	%
Spain		2.9	%
Sweden		2.8	%
Denmark		2.0	%
Italy		1.8	%
Belgium		1.5	%
Singapore		1.5	%
Ireland		1.2	%
Finland		1.0	%
Israel		0.8	%
Norway		0.6	%
Austria		0.2	%
Luxembourg		0.2	%
New Zealand		0.2	%
China		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.

29

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

International Equity Fund

The Penn Series International Equity Fund returned 0.91% for the six-month period ending June 30, 2016, compared to the –0.67% return for its benchmark, the MSCI ACWI ex U.S. Index.

British American Tobacco was a top contributor during the first six months of the year. Its stability and consistency of earnings became well sought after post the Brexit vote. While based in the UK, its earnings come from outside of it. Currency, after years of being a headwind, is turning into a tailwind due to favorable currency translation as British American Tobacco reports its earnings in British pounds. British American Tobacco is one of the world’s largest tobacco companies with market leadership in more than 50 of the 180 markets in which it operates. Nearly 60% of the company’s revenue and over 70% of volumes are generated from emerging markets.

Investors were drawn to Philip Morris International’s relative safety after the uncertainty resulting from the Brexit vote, as the company continues to perform well. Philip Morris International produces and sells cigarettes under brands such as Marlboro and L&M. In our opinion, the company has strong pricing power, leading brands, consistent constant currency earnings growth, opportunities for cost savings, and a large dividend. The company is also investing behind next generation products such as its heat-not-burn device, iQos.

Persimmon is a leading house builder in the UK by volume with a nationwide footprint. The company has a significant land bank and manages the lowest average unit price land cost as a proportion of average sales price of the eight major builders. Persimmon’s stock price came under pressure on the back of the Brexit vote. We continue to like Persimmon and we think it’s a strong business in a fundamentally strong industry in the UK, due to various structural reasons, including limited land, restrictive planning and a consolidated builder industry.

UBS is facing earnings headwinds due to a slowdown in Asia revenues and weaker markets. Its stock price came under pressure as a result of Brexit. We believe UBS is one of the better capitalized banks in the world. With its growth shifting to the less-capital intensive wealth management and asset management businesses, UBS should generate income, while still achieving healthy earnings growth. We expect the pace of capital returns to accelerate over the coming years. UBS is the largest global wealth manager, with two thirds of its earnings expected

to come from its asset-gathering businesses, after the company made a strategic decision to shrink its investment bank.

Our relative outperformance is consistent with our high-quality style of investing. Because the companies we own in the International Equity strategy tend to have more stable earnings and are less sensitive to economic fluctuations that may result from political turbulence, the portfolio is generally less affected by events such as Brexit. Many of the European holdings in our International Equity strategy are multinationals with a proportion of earnings generated outside of Europe.

We aim to make our International strategy well diversified by end-exposure of demand. Generally, due to our broad global earnings exposure, even if there is a slowdown for companies we hold in one part of the world, demand is growing somewhere else. Also, a core part of our investment selection is to focus on holding high-quality companies that are less sensitive to the economic cycle. Such companies tend to produce strong earnings in both good times and bad. Their share prices, therefore, are not as volatile as the overall market and will usually decline less in down markets.

Penn Mutual Asset Management, LLC

Investment Adviser

Vontobel Asset Management

Investment Sub-Adviser

30

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
United Kingdom		22.2	%
United States		16.7	%
Switzerland		11.3	%
India		10.5	%
France		5.5	%
Japan		5.2	%
Netherlands		4.0	%
Ireland		4.0	%
Australia		3.3	%
Canada		3.2	%
Spain		3.2	%
Denmark		3.0	%
Germany		2.7	%
South Africa		2.3	%
China		1.7	%
Hong Kong		1.2	%
		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.

31

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Emerging Markets Equity Fund

The Penn Series Emerging Markets Equity Fund returned 6.31% for the six-month period ending June 30, 2016, compared to its benchmarks the MSCI Emerging Markets Index’s return of 6.60%.

Country allocation contributed to the Fund’s relative performance, while stock selection detracted overall. On an individual country basis, the aggregate effect of our underweight allocation and stock selection in China contributed the most, followed by stock selection in India. Our stock selection and overweight allocation in Peru also added value, as did our stock selection in Pakistan. Detracting from relative returns were our stock selection in Eastern Europe, Taiwan and Korea, and the combined effect of our underweight and stock selection in South Africa.

From a sector perspective, our stock selection in financials, consumer staples and information technology companies contributed the most to returns. Detracting from relative performance was our underweight to energy companies, along with our stock selection in and overweight allocation to industrials.

Our concern about China has long been reflected in our underweight position. In our view, China will continue to slow economically as a result of its massive credit expansion, which began as an attempt to stimulate growth following the global financial crisis and had another boost in the first several months of 2016. While the recent easing of regulations regarding both the stock market and the property market contributed to a rally earlier in the year, the market cooled in May as investors more closely analyzed the viability of those moves.

As investors further digest these factors and as Chinese growth stabilizes at lower levels, we think emerging market (EM) equities will head toward an eventual important turning point even if precise timing is difficult to determine. What we think will prove a critical catalyst driving EM equities more consistently is when the market focuses on economic growth inflections in select EM countries shifting upward relative to the weaker prospects for many of the developed countries.

On our recent trip to Mexico, we observed that while growth dynamics appeared less positive than previously, they still look better than for much of the region. Fiscal tightening and lower oil production are having a dampening effect on growth, and the expected pickup in

investment, particularly in the oil sector, is taking longer to flow through. We remain overweight the country.

Brazil has enjoyed a strong rally over optimism related to the prospect of political change. Local business and consumer confidence is low, which bodes poorly for any recovery in investment or consumption in the near term. The one bright spot is that the difficult environment is providing opportunity for well-managed companies to gain market share and boost competiveness. Our stock selection in Brazil has been a source of positive returns for many years.

We remain overweight Central and Eastern Europe; the Philippines for its well-rounded growth, strong business outsourcing and strong consumption; and India as earnings and economic growth turns around, consumption picks up and credit penetration levels show signs of life from a low base. We have high conviction in maintaining zero allocation to Malaysia on corporate governance issues.

The South African economy continues to have structural problems requiring fiscal reforms to correct but in the shorter-term stagflation appears to be easing and the twin current account and fiscal deficits in the country should start to improve. We are just slightly underweight the country as we find compelling stock selection opportunities in the country.

From a thematic perspective, we continue to own and seek companies benefiting from the growth of the aging population, where demand is high for health care, consumer experiences and services, including travel and leisure activities, in contrast to the demand for consumer staples.

Penn Mutual Asset Management, LLC

Investment Adviser

Morgan Stanley Investment Management

Investment Sub-Adviser

32

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
China		12.0	%
South Korea		11.4	%
India		10.9	%
Taiwan		10.0	%
Brazil		5.9	%
Hong Kong		5.8	%
South Africa		4.3	%
Philippines		4.3	%
Indonesia		4.0	%
United States		2.8	%
Poland		2.6	%
Peru		2.3	%
Thailand		2.2	%
Russia		2.0	%
Argentina		1.7	%
Mexico		1.3	%
Austria		1.3	%
Pakistan		1.3	%
Turkey		1.2	%
Netherlands		1.2	%
Czech Republic		1.0	%
Portugal		0.9	%
United Kingdom		0.8	%
Switzerland		0.7	%
Japan		0.6	%
Chile		0.6	%
Columbia		0.5	%
Egypt		0.4	%
Panama		0.4	%
Spain		0.3	%
Malaysia		0.0	%
		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.

33

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Real Estate Securities Fund

The Penn Series Real Estate Securities Fund returned 9.39% for the six-month period ending June 30, 2016, compared to the 13.38% return for its benchmark, the FTSE NAREIT Equity REIT Index.

The Fund had a positive total return in the period but underperformed its benchmark. This was partially because we did not own certain companies with relatively stable cash flows and above-average yields that outperformed, such as triple-net-lease and health care real estate securities trusts (REITs), with investors paying a premium for those characteristics, seemingly with little regard for valuations or longer-term growth prospects.

Examples include our underweight in Ventas in the health care sector and non-investment in Realty Income Corp. in the triple-net group. Both stocks rose more than 30% in the period. Also in the health care sector, we were overweight Omega Healthcare Investors, which despite generally favorable quarterly results, underperformed amid concerns that regulatory issues could threaten the profit margins of its skilled nursing care tenants.

Our underweight allocation and stock selection in industrial property owners also detracted. The sector benefited from the continuing development of e-commerce and third-party logistics services, but we are concerned that growth is decelerating, which could result in sharp declines in richly valued share prices. Our underweight in specialty REITs further detracted, as did our overweight in the apartment sector. Despite generally healthy demand for apartments, investors were concerned that the sector’s cash-flow growth will slow amid ample supply. We believe, however, that the sector’s expansion will continue at a healthy pace and that supply will actually peak in 2016.

The largest contributor to the Fund’s relative performance was stock selection in regional mall owners, where we focused on companies with high-quality assets that have shown the ability to successfully redevelop properties. We also largely avoided the underperforming Class B mall owners, which are more vulnerable to store closings as it is generally more difficult for them to redevelop properties or replace tenants.

Further contributing to relative performance was our overweight in data centers. However, the relative benefit was largely offset by our stock selection in the sector. Our

overweight in self storage REITs also modestly contributed, as demand has continued to outstrip limited new supply, driving strong same-store sales growth for these companies.

Despite increased concerns about the global economy and possible fallout from Brexit, the U.S. economy continues to improve. We expect it will expand at a modest pace and we favor companies that we believe should benefit from that growth.

Year-to-date, investors have been willing to pay relatively high premiums for REITs with the most stable cash flows and high dividend yields. By contrast, we remain focused on stocks that we believe trade at attractive levels relative to the value of their property holdings and expected cash-flow growth. If these companies demonstrate they can deliver on expectations, we believe earnings multiples may expand.

We remain overweight apartments as we believe concerns of excess supply are likely overstated and supply should actually peak this year. Data centers should continue to display solid growth prospects even under soft economic conditions, in our view. Additionally, we view high-quality regional mall owners as being in a position to increase tenants’ rents, even as second- and third-tier malls struggle, as prime properties are limited and increasingly prized by retailers.

We consider the industrial sector’s valuations to be relatively and rental growth likely to decelerate in the coming year. We remain underweight offices, especially suburban property owners, due to high valuations, ample supply and flat or decelerating revenue trends in many markets.

Penn Mutual Asset Management, LLC

Investment Adviser

Cohen & Steers Capital Management

Investment Sub-Adviser

34

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Portfolio Composition as of 6/30/16

	Percent of Total Investments1
Apartments		18.5	%
Regional Malls		16.6	%
Diversified		14.9	%
Healthcare		11.4	%
Office Property		9.9	%
Storage & Warehousing		5.9	%
Industrial		5.8	%
Building & Real Estate		5.2	%
Strip Centers		4.7	%
Hotels & Resorts		3.0	%
Lodging		2.5	%
Manufactured Homes		1.6	%
		100.0	%

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

35

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Aggressive Allocation Fund

The Penn Series Aggressive Allocation Fund returned 2.82% for the six-month period ending June 30, 2016, compared to its benchmarks, the Russell 3000 Index’s return of 3.62% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% 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 underperformed its broad equity benchmark, the Russell 3000 Index for the year-to-date period. Detracting from 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, underperformed domestic equity indices by more than 7.8% during the period. Contributing to performance at the asset class level was exposure to real estate, mid cap value and large cap value.

While, from an asset class perspective, the Fund’s allocation to developed international equity detracted from equity returns, at the underlying fund level, the strongest year-to-date contribution within equity came from its allocation to the International Equity Fund. The International Equity Fund outperformed its respective benchmark by approximately 1.58% during the period which aided year-to-date performance of the Aggressive Allocation Fund. Also contributing to performance at the underlying fund level was the Mid Core Value Fund.

For the six month time period, at the asset class level, exposure to large cap value helped performance during the period, at the underlying fund level, allocations to the Large Cap Value and Large Core Value funds detracted from performance as both funds notably underperformed their benchmarks during the period.

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, LLC

Investment Adviser

Asset Allocation Target as of 6/30/16

International Stocks	23.0	%
Large Cap Value Stocks	18.0	%
Mid Cap Value Stocks	17.0	%
Large Cap Growth Stocks	11.0	%
Emerging Market Stocks	9.0	%
Intermediate Bonds	6.0	%
Mid Cap Growth Stocks	4.0	%
Small Cap Value Stocks	4.0	%
Small Cap Growth Stocks	4.0	%
REITs	4.0	%
	100.0	%

36

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Moderately Aggressive Allocation Fund

The Penn Series Moderately Aggressive Allocation Fund returned 3.09% for the six-month period ending June 30, 2016, compared to its benchmarks, the Russell 3000 Index’s return of 3.62% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% 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 underperformed its broad equity benchmark, the Russell 3000 Index for the year-to-date period. Detracting from 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, underperformed domestic equity indices by more than 7.8% during the period. Contributing to performance at the asset class level was exposure to real estate, mid cap value and large cap value.

While, from an asset class perspective, the Fund’s allocation to developed international equity detracted from equity returns, at the underlying fund level, the strongest year-to-date contribution within equity came from its allocation to the International Equity Fund. The International Equity Fund outperformed its respective benchmark by approximately 1.58% during the period which aided year-to-date performance of the Moderately Aggressive Allocation Fund. Also contributing to performance at the underlying fund level was the Mid Core Value Fund.

For the six month time period, at the asset class level, exposure to large cap value helped performance during the period, at the underlying fund level, allocations to the Large Cap Value and Large Core Value funds detracted from performance as both funds notably underperformed their benchmarks during the period.

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, LLC

Investment Adviser

Asset Allocation Target as of 6/30/16

International Stocks	20.0	%
Large Cap Value Stocks	16.0	%
Intermediate Bonds	16.0	%
Mid Cap Value Stocks	14.0	%
Large Cap Growth Stocks	9.0	%
Emerging Market Stocks	6.0	%
Small Cap Growth Stocks	4.0	%
Mid Cap Growth Stocks	3.0	%
Small Cap Value Stocks	3.0	%
REITs	3.0	%
Short Term Bonds	3.0	%
High Yield Bonds	3.0	%
	100.0	%

37

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Moderate Allocation Fund

The Penn Series Moderate Allocation Fund returned 3.55% for the six-month period ending June 30, 2016, compared to its benchmarks, the Russell 3000 Index’s return of 3.62% and the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% 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.

At the broad asset class level, the Moderate Allocation Fund’s equity allocation underperformed its broad equity benchmark, the Russell 3000 Index for the year-to-date period. The Fund’s fixed income allocation also slightly underperformed its broad fixed income benchmark, the Barclays U.S. Aggregate Bond Index during the period.

Detracting from the Fund’s performance versus its equity benchmark at the asset class level was the Fund’s allocation to developed international equity asset class. Developed international stocks, as represented by the MSCI EAFE Index, underperformed domestic equity indices by more than 7.8% during the first six months of the year and therefore had a negative impact to the Fund’s performance. Contributing to performance at the asset class level was exposure to real estate, mid cap value and large cap value.

While, from an asset class perspective, the Fund’s allocation to developed international equity detracted from equity returns, at the underlying fund level, the strongest year-to-date contribution within equity came from its allocation to the International Equity Fund. The International Equity Fund outperformed its respective benchmark by approximately 1.58% during the period which aided year-to-date performance of the Moderate Allocation Fund. Also contributing to performance at the underlying fund level was the Mid Core Value Fund.

On the fixed income side, the Fund’s asset class allocation to short-term bonds negatively impacted fixed income performance as this asset class did not perform as strongly as intermediate-term bonds during the period.

At the underlying fund level, the Fund’s allocation to intermediate-term bonds contributed the most to relative performance while its allocation to short-term bonds 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, LLC

Investment Adviser

Asset Allocation Target as of 6/30/16

Intermediate Bonds	33.0	%
International Stocks	14.0	%
Large Cap Value Stocks	12.0	%
Mid Cap Value Stocks	10.0	%
Large Cap Growth Stocks	6.0	%
Short Term Bonds	5.0	%
High Yield Bonds	4.0	%
Emerging Market Stocks	4.0	%
Mid Cap Growth Stocks	3.0	%
Small Cap Value Stocks	3.0	%
Small Cap Growth Stocks	3.0	%
REITs	2.0	%
Cash Equivalents	1.0	%
	100.0	%

38

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Moderately Conservative Allocation Fund

The Penn Series Moderately Conservative Allocation Fund returned 3.82% for the six-month period ending June 30, 2016, compared to its benchmarks, the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% and the Russell 3000 Index’s return of 3.62% 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 underperformed the Barclays Capital U.S. Aggregate Bond Index for the period mainly due to its asset class allocation to short-term fixed income and cash equivalents. At the underlying fund level, the Fund’s allocation to intermediate-term bonds contributed the most to relative fixed income performance during the period.

The Fund performed in-line with 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 large cap value, mid cap value and real estate.

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, LLC

Investment Adviser

Asset Allocation Target as of 6/30/16

Intermediate Bonds	43.0	%
Short Term Bonds	14.0	%
Large Cap Value Stocks	10.0	%
International Stocks	9.0	%
High Yield Bonds	6.0	%
Mid Cap Value Stocks	6.0	%
Large Cap Growth Stocks	4.0	%
Small Cap Value Stocks	2.0	%
Emerging Market Stocks	2.0	%
REITs	2.0	%
Cash Equivalents	1.0	%
Small Cap Growth Stocks	1.0	%
	100.0	%

39

Penn Series Funds, Inc.

Management’s Discussion of Fund Performance

Conservative Allocation Fund

The Penn Series Conservative Allocation Fund returned 3.77% for the six-month period ending June 30, 2016, compared to its benchmarks, the Barclays Capital U.S. Aggregate Bond Index’s return of 5.31% and the Russell 3000 Index’s return of 3.62% 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 negative impact to performance as its asset allocation to short-term bonds and cash equivalents underperformed 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, LLC

Investment Adviser

Asset Allocation Target as of 6/30/16

Intermediate Bonds	53.6	%
Short Term Bonds	19.8	%
High Yield Bonds	6.9	%
Large Cap Value Stocks	6.9	%
International Stocks	5.0	%
Cash Equivalents	4.8	%
Mid Cap Value Stocks	2.0	%
Large Cap Growth Stocks	1.0	%
	100.0	%

40

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, 2016 and held through June 30, 2016. 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, 2016 to June 30, 2016

Expense Table

	Beginning Value January 1, 2016		Ending Value June 30, 2016		Annualized Expense Ratio		Expenses Paid During Period *
Money Market Fund
Actual		$1,000.00		$1,000.06		0.42%		$2.09
Hypothetical		$1,000.00		$1,022.75		0.42%		$2.11
Limited Maturity Bond Fund
Actual		$1,000.00		$1,018.12		0.71%		$3.56
Hypothetical		$1,000.00		$1,021.29		0.71%		$3.57

41

Important Information about Fund Expenses

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

	Beginning Value January 1, 2016		Ending Value June 30, 2016		Annualized Expense Ratio		Expenses Paid During Period *
Quality Bond Fund
Actual		$1,000.00		$1,053.53		0.65%		$3.32
Hypothetical		$1,000.00		$1,021.59		0.65%		$3.27
High Yield Bond Fund
Actual		$1,000.00		$1,077.29		0.86%		$4.44
Hypothetical		$1,000.00		$1,020.53		0.86%		$4.33
Flexibly Managed Fund
Actual		$1,000.00		$1,051.36		0.89%		$4.54
Hypothetical		$1,000.00		$1,020.38		0.89%		$4.48
Balanced Fund
Actual		$1,000.00		$1,041.87		0.19%		$0.96
Hypothetical		$1,000.00		$1,023.90		0.19%		$0.96
Large Growth Stock Fund
Actual		$1,000.00		$937.82		0.97%		$4.67
Hypothetical		$1,000.00		$1,019.98		0.97%		$4.88
Large Cap Growth Fund
Actual		$1,000.00		$1,039.72		0.89%		$4.51
Hypothetical		$1,000.00		$1,020.38		0.89%		$4.48
Large Core Growth Fund
Actual		$1,000.00		$987.74		0.86%		$4.25
Hypothetical		$1,000.00		$1,020.53		0.86%		$4.33
Large Cap Value Fund
Actual		$1,000.00		$1,015.31		0.90%		$4.51
Hypothetical		$1,000.00		$1,020.33		0.90%		$4.53
Large Core Value Fund
Actual		$1,000.00		$1,016.93		0.91%		$4.56
Hypothetical		$1,000.00		$1,020.28		0.91%		$4.58
Index 500 Fund
Actual		$1,000.00		$1,035.94		0.36%		$1.82
Hypothetical		$1,000.00		$1,023.05		0.36%		$1.81
Mid Cap Growth Fund
Actual		$1,000.00		$1,022.12		0.99%		$4.98
Hypothetical		$1,000.00		$1,019.88		0.99%		$4.98
Mid Cap Value Fund
Actual		$1,000.00		$1,057.34		0.79%		$4.04
Hypothetical		$1,000.00		$1,020.88		0.79%		$3.98
Mid Core Value Fund
Actual		$1,000.00		$1,105.29		1.05%		$5.50
Hypothetical		$1,000.00		$1,019.57		1.05%		$5.29
SMID Cap Growth Fund
Actual		$1,000.00		$1,006.67		1.06%		$5.29
Hypothetical		$1,000.00		$1,019.52		1.06%		$5.34

42

Important Information about Fund Expenses

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

	Beginning Value January 1, 2016		Ending Value June 30, 2016		Annualized Expense Ratio		Expenses Paid During Period *
SMID Cap Value Fund
Actual		$1,000.00		$1,055.78		1.22%		$6.24
Hypothetical		$1,000.00		$1,018.72		1.22%		$6.14
Small Cap Growth Fund
Actual		$1,000.00		$1,017.48		1.03%		$5.17
Hypothetical		$1,000.00		$1,019.67		1.03%		$5.19
Small Cap Value Fund
Actual		$1,000.00		$1,050.95		0.97%		$4.95
Hypothetical		$1,000.00		$1,019.98		0.97%		$4.88
Small Cap Index Fund
Actual		$1,000.00		$1,019.17		0.68%		$3.41
Hypothetical		$1,000.00		$1,021.44		0.68%		$3.42
Developed International Index Fund
Actual		$1,000.00		$963.97		0.81%		$3.96
Hypothetical		$1,000.00		$1,020.78		0.81%		$4.08
International Equity Fund
Actual		$1,000.00		$1,009.08		1.13%		$5.64
Hypothetical		$1,000.00		$1,019.17		1.13%		$5.69
Emerging Markets Equity Fund
Actual		$1,000.00		$1,063.15		1.66%		$8.52
Hypothetical		$1,000.00		$1,016.50		1.66%		$8.36
Real Estate Securities Fund
Actual		$1,000.00		$1,093.92		0.95%		$4.95
Hypothetical		$1,000.00		$1,020.08		0.95%		$4.78
Aggressive Allocation Fund
Actual		$1,000.00		$1,028.22		0.33%		$1.66
Hypothetical		$1,000.00		$1,023.20		0.33%		$1.66
Moderately Aggressive Allocation Fund
Actual		$1,000.00		$1,030.87		0.30%		$1.51
Hypothetical		$1,000.00		$1,023.35		0.30%		$1.51
Moderate Allocation Fund
Actual		$1,000.00		$1,035.52		0.30%		$1.52
Hypothetical		$1,000.00		$1,023.35		0.30%		$1.51
Moderately Conservative Allocation Fund
Actual		$1,000.00		$1,038.23		0.31%		$1.57
Hypothetical		$1,000.00		$1,023.30		0.31%		$1.56
Conservative Allocation Fund
Actual		$1,000.00		$1,037.71		0.32%		$1.62
Hypothetical		$1,000.00		$1,023.25		0.32%		$1.61

* 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 (182), then divided by 366.

43

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Money Market Fund

	Par (000)		Value†
AGENCY OBLIGATIONS — 37.5%
Federal Farm Credit Banks
5.125%, 08/25/16	$	707	$	712,019
0.450%, 09/16/16		1,000		1,000,064
0.570%, 10/03/16		800		800,244
0.565%, 12/06/16•		250		250,097
0.470%, 01/30/17•		4,000		4,000,846
0.456%, 02/23/17•		1,000		1,000,095
0.504%, 03/29/17•		1,000		1,000,342
Federal Home Loan Banks
0.375%, 07/22/16		1,500		1,500,010
0.510%, 09/09/16		100		100,017
2.000%, 09/09/16		3,000		3,009,041
0.500%, 09/28/16		1,180		1,180,432
5.125%, 10/19/16		3,865		3,918,766
0.625%, 11/23/16		1,785		1,786,030
1.300%, 11/30/16		790		792,737
0.513%, 12/01/16•		2,000		2,000,000
4.750%, 12/16/16		500		509,734
Federal Home Loan Mortgage Corp.
2.000%, 08/25/16		2,320		2,325,208
0.875%, 10/14/16		425		425,506
5.125%, 10/18/16		2,588		2,623,312
0.625%, 11/01/16		500		500,321
Federal National Mortgage Association
5.375%, 07/15/16		1,014		1,015,950
0.625%, 08/26/16		2,715		2,716,153
1.250%, 09/28/16		8,209		8,225,184
1.375%, 11/15/16		460		461,550
1.125%, 04/27/17		800		803,189
TOTAL AGENCY OBLIGATIONS (Cost $42,656,847)				42,656,847
U.S. TREASURY OBLIGATIONS — 47.6%
U.S. Treasury Note
0.340%, 07/31/16•		12,500		12,500,234
0.625%, 08/15/16		1,500		1,500,133
1.000%, 08/31/16		6,000		6,004,790
3.000%, 08/31/16		3,000		3,011,335
0.500%, 09/30/16		2,000		2,000,357
0.323%, 10/31/16•		13,000		13,000,220
4.625%, 11/15/16		3,000		3,044,677
7.500%, 11/15/16		2,000		2,051,121
0.875%, 12/31/16		1,000		1,000,613
3.250%, 12/31/16		1,000		1,012,301
0.354%, 01/31/17•		4,000		4,000,699
4.625%, 02/15/17		2,000		2,051,143
3.000%, 02/28/17		1,000		1,016,284
0.750%, 03/15/17		1,000		1,001,313
3.250%, 03/31/17		1,000		1,019,834
TOTAL U.S. TREASURY OBLIGATIONS (Cost $54,215,054)				54,215,054

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 16.9%
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 - Class I		1		1
Fidelity Institutional Prime Money Market Portfolio - Institutional Class		650		650
Goldman Sachs Financial Square Funds - Government Fund		19,259,705		19,259,705
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 $19,260,361)				19,260,361
TOTAL INVESTMENTS — 102.0% (Cost $116,132,262)				116,132,262
Other Assets & Liabilities — (2.0)%				(2,283,628	)
TOTAL NET ASSETS — 100.0%			$	113,848,634

† See Security Valuation Note.

• Variable Rate Security.

Maturity Schedule (days)	Market Value		Percentage of Portfolio		Cumulative
1 to     7	$	36,511,377		31.4%		31.4%
8 to   14		—		0.0%		31.4%
15 to   30		8,517,244		7.3%		38.8%
31 to   60		19,753,747		17.0%		55.8%
61 to   90		25,532,176		22.0%		77. 8%
91 to 120		9,768,185		8.4%		86.2%
121 to 150		7,843,699		6.8%		92.9%
150+		8,205,835		7.1%		100.00%
Total Per Trial Balance	$	116,132,262		100.00%

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S. TREASURY OBLIGATIONS	$	54,215,054	$	—	$	54,215,054	$	—
AGENCY OBLIGATION		42,656,847		—		42,656,847		—
SHORT-TERM INVESTMENTS		19,260,361		19,260,361		—		—
TOTAL INVESTMENTS		116,132,262		19,260,361		96,871,901		—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

44

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
AGENCY OBLIGATION — 0.2%
Federal National Mortgage Association — 0.2%
Federal National Mortgage Association 1.233%, 09/25/22 (Cost $311,426)	$	314	$	314,776
ASSET BACKED SECURITIES — 32.4%
Ally Master Owner Trust 1.540%, 09/15/19		1,000		1,003,141
Americredit Automobile Receivables Trust 2013-5 2.290%, 11/08/19		1,000		1,010,816
Avenue CLO VI Ltd. 2007-6A 2.783%, 07/17/19 144A @,•		2,500		2,498,895
Black Diamond CLO 2006-1A, Luxembourg SA, Class D 1.328%, 04/29/19 144A @,•		2,000		1,926,930
BMW Vehicle Lease Trust 2015-1 2015 1.240%, 12/20/17		1,515		1,515,723
Brentwood CLO Corp. 2006-1A 1.457%, 02/01/22 144A @,•		2,000		1,856,990
Chesapeake Funding LLC 1.265%, 03/07/26 144A @,•		1,080		1,071,889
Chrysler Capital Auto Receivables Trust Series 2013-BA, Class C 2.240%, 09/16/19 144A @		1,705		1,717,163
Conseco Financial Corp. 7.650%, 04/15/19		2		2,033
Consumers Securitization Funding LLC 2014-A 1.334%, 11/01/20		1,743		1,742,373
CPS Auto Receivables Trust 2014-A 1.210%, 08/15/18 144A @		156		155,625
Cratos CLO Ltd. 2007-1A D 3.025%, 05/19/21 144A @,•		2,000		1,990,098
Entergy Arkansas Restoration Funding LLC 2.300%, 08/01/21		1,279		1,296,603
Equity One Mortgage Pass-Through Trust 2004-1 4.145%, 04/25/34•		8		7,743
Ford Credit Auto Owner Trust 2012-C 1.270%, 12/15/17		2,000		2,000,146
Ford Credit Auto Owner Trust 2012-D 1.970%, 05/15/19		1,800		1,802,463
Ford Credit Auto Owner Trust 2013-D 2013 1.540%, 03/15/19		2,780		2,786,915
Ford Credit Auto Owner Trust 2014-A, Class B 1.710%, 05/15/19		1,450		1,455,296
Gleneagles CLO Ltd. 2005-1A C 1.537%, 11/01/17 144A @,•		1,694		1,685,014
Golden Credit Card Trust 1.390%, 07/15/19 144A @		2,000		2,004,413
Honda Auto Receivables 2014-2 Owner Trust 2014 0.770%, 03/19/18		1,175		1,174,262

	Par (000)		Value†
Hyundai Auto Lease Securitization Trust 2014-B 1.540%, 12/17/18 144A @	$	1,100	$	1,100,138
Jasper CLO Ltd. 2005-1A 1.537%, 08/01/17 144A @,•		2,375		2,367,352
MSIM Peconic Bay Ltd. 2007-1A 3.884%, 07/20/19 144A @,•		1,500		1,499,997
Popular ABS Mortgage Pass-Through Trust 2004-4 4.628%, 09/25/34 •		3		3,473
Red River CLO Ltd. 1A C 1.357%, 07/27/18 144A @,•		2,000		1,961,220
Rockwall CDO II Ltd. 2007-1A 1.337%, 08/01/24 144A @,•		2,065		1,900,364
Rockwall CDO Ltd. 2006-1A 1.137%, 08/01/21 144A @,•		1,471		1,462,192
SACO I, Inc. 2005-4 1.353%, 06/25/35 144A @,•		62		61,486
Santander Drive Auto Receivables Trust 2013-2 2013 1.950%, 03/15/19		2,536		2,543,573
SLM Private Education Loan Trust 2012-A 2012 1.842%, 08/15/25 144A @,•		1,102		1,105,315
SLM Student Loan Trust 2004-4 1.018%, 01/27/25 •		2,200		2,148,669
SLM Student Loan Trust 2005-10 0.908%, 10/26/26 •		2,438		2,340,913
St James River CLO Ltd. 2.956%, 06/11/21 144A @,•		1,000		963,327
Stone Tower CLO VII Ltd. 2007-7A 2.753%, 08/30/21 144A @,•		2,000		1,981,346
Volvo Financial Equipment LLC Series 2013-1 1.620%, 08/17/20 144A @		1,000		1,001,183
Westchester CLO Ltd. 2007-1A B 1.077%, 08/01/22 144A @,•		2,500		2,330,700
World Financial Network Credit Card Master Trust 2012-B 1.760%, 05/17/21		2,032		2,044,914
World Omni Automobile Lease Securitization Trust 2014-A 0.710%, 03/15/17		838		837,632
TOTAL ASSET BACKED SECURITIES (Cost $58,391,798)				58,358,325
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.1%
SLM Student Loan Trust 2004-7• 0.808%, 01/27/20		306		304,153
0.998%, 04/25/25		3,612		3,542,764
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,825,953)				3,846,917

45

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — 14.6%
BAMLL Commercial Mortgage Securities Trust 2013-DSNY 1.942%, 09/15/26 144A @,•	$	1,000	$	994,987
Fannie Mae - Aces Series 2014-M2 Class ASV1 1.916%, 06/25/21		4,108		4,163,532
FREMF 2011-K701 Mortgage Trust 2011 4.436%, 07/25/48 144A @,•		2,000		2,048,421
FREMF Mortgage Trust Series 2010-K6 Class B 5.533%, 12/25/46 144A @,•		3,000		3,265,583
FREMF Mortgage Trust Series 2012-K708 Class C 3.883%, 02/25/45 144A @,•		2,000		1,998,576
FREMF Mortgage Trust Series 2012-K710 Class C 3.952%, 06/25/47 144A @,•		2,110		2,131,962
FREMF Mortgage Trust Series 2013-KF02 Class C 4.446%, 12/25/45 144A @,•		457		455,087
FREMF Mortgage Trust, Series 2013-K713 Class C 3.274%, 04/25/46 144A @,•		2,400		2,386,621
Government National Mortgage Association 2011 3.200%, 11/16/44		2,903		2,948,476
GSCCRE Commercial Mortgage Trust 2015-HULA 2015 2.742%, 08/15/32 144A @,•		2,000		1,973,711
HILT 2014-ORL Mortgage Trust 1.642%, 07/15/29 144A @,•		2,500		2,417,584
Morgan Stanley Capital I Trust 2006-IQ12 5.332%, 12/15/43		1,592		1,596,248
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $26,721,213)				26,380,788
CORPORATE BONDS — 35.9%
Aerospace & Defense — 0.5%
BAE Systems PLC 3.500%, 10/11/16 144A @		1,000		1,006,224
Airlines — 4.5%
American Airlines 2013-2 Class C Pass Through Trust 6.000%, 01/15/17 144A @		1,974		1,998,479
Continental Airlines 2009-1 Pass Through Trust 9.000%, 07/08/16		2,148		2,148,107
Delta Air Lines 2010-1 Class A Pass Through Trust 6.200%, 07/02/18		1,318		1,408,302
Northwest Airlines 2007-1 Class B Pass-Through Trust 8.028%, 11/01/17		1,943		2,080,656

	Par (000)		Value†
Airlines — (continued)
UAL 2009-2A Pass-Through Trust 9.750%, 01/15/17	$	485	$	499,033
				8,134,577
Banks — 4.2%
JPMorgan Chase & Co. 1.146%, 02/15/17 •		1,385		1,386,511
2.000%, 08/15/17		2,000		2,018,634
State Street Corp. 4.956%, 03/15/18		3,000		3,144,174
Wells Fargo Bank NA 6.000%, 11/15/17		1,000		1,064,027
				7,613,346
Beverages — 1.5%
Constellation Brands, Inc. 7.250%, 05/15/17		1,750		1,824,375
SABMiller Holdings, Inc. 1.327%, 08/01/18 144A @,•		900		899,428
				2,723,803
Diversified Financial Services — 5.3%
AerCap Aviation Solutions BV 6.375%, 05/30/17		1,000		1,032,500
Air Lease Corp. 2.625%, 09/04/18		2,000		1,999,578
Ally Financial, Inc. 3.600%, 05/21/18		1,000		1,002,500
3.250%, 11/05/18		1,000		998,750
Ford Motor Credit Co. LLC 1.724%, 12/06/17		2,000		2,004,254
Icahn Enterprises LP 3.500%, 03/15/17		1,000		1,004,300
International Lease Finance Corp. 6.750%, 09/01/16 144A @		1,463		1,470,315
				9,512,197
Electric — 2.2%
Dominion Resources Inc. 2.962%, 07/01/19		1,500		1,527,051
Israel Electric Corp. Ltd. 6.700%, 02/10/17 144A @		1,000		1,027,000
San Diego Gas & Electric Co. 1.914%, 02/01/22		1,376		1,376,870
				3,930,921
Electronics — 1.4%
Fortive Corp. 1.800%, 06/15/19 144A @		1,500		1,509,623
Thermo Fisher Scientific, Inc. 1.300%, 02/01/17		1,000		1,000,744
				2,510,367
Food — 0.3%
WM Wrigley Jr. Co. 1.400%, 10/21/16 144A @		500		500,760

46

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Limited Maturity Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Gas — 1.7%
Sabine Pass LNG LP 7.500%, 11/30/16	$	3,000	$	3,057,000
Healthcare Products — 0.5%
Stryker Corp. 2.000%, 03/08/19		1,000		1,016,547
Healthcare Services — 1.4%
Aetna Inc. 1.700%, 06/07/18		1,500		1,512,037
Fresenius Medical Care US Finance, Inc. 6.875%, 07/15/17		1,000		1,042,500
				2,554,537
Housewares — 0.6%
Diamond 1 Finance Corp / Diamond 2 Finance Corp. 3.480%, 06/01/19 144A @		1,000		1,024,410
Internet — 0.6%
eBay Inc. 2.500%, 03/09/18		1,000		1,018,250
Machinery — Diversified — 0.6%
Stanley Black & Decker, Inc. 2.451%, 11/17/18		1,000		1,021,742
Media — 0.5%
Thomson Reuters Corp. 1.300%, 02/23/17		1,000		1,000,171
Oil & Gas — 0.6%
Statoil ASA 3.125%, 08/17/17		1,000		1,024,085
Oil & Gas Services — 1.7%
Cameron International Corp. 1.150%, 12/15/16		1,000		1,001,743
Schlumberger Holdings Corp. 2.350%, 12/21/18 144A @		2,000		2,039,020
				3,040,763
Pharmaceuticals — 1.7%
Mylan NV 2.500%, 06/07/19 144A @		2,000		2,026,556
Perrigo Co., PLC 1.300%, 11/08/16 144A @		1,000		998,947
				3,025,503
Pipelines — 0.5%
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23		1,000		966,555
Semiconductors — 0.8%
NXP BV/NXP Funding LLC 3.750%, 06/01/18 144A @		1,000		1,020,000
Samsung Electronics America, Inc. 1.750%, 04/10/17 144A @		495		496,313
				1,516,313

	Par (000)		Value†
Telecommunications — 3.4%
America Movil S.A.B. de C.V. 2.375%, 09/08/16	$	1,000	$	1,002,934
Crown Castle Towers LLC 6.113%, 01/15/20 144A @		1,867		2,076,776
Sprint Nextel Corp. 6.000%, 12/01/16		2,000		2,012,500
Verizon Communications, Inc. 1.350%, 06/09/17		1,000		1,002,676
				6,094,886
Trucking and Leasing — 1.4%
Aviation Capital Group Corp. 2.875%, 09/17/18 144A @		1,500		1,485,000
GATX Corp. 1.250%, 03/04/17		1,000		998,640
				2,483,640
TOTAL CORPORATE BONDS (Cost $64,502,733)				64,776,597
MUNICIPAL NOTE — 0.2%
Regional — 0.2%
La Paz County Industrial Development Authority 6.250%, 12/01/19 (Cost $388,360)		375		393,180
RESIDENTIAL MORTGAGE BACKED SECURITIES — 2.3%
Collateralized Mortgage Obligations — 2.2%
Fannie Mae REMICS 0.653%, 10/27/37 •		4,079		4,068,897
Fannie Mae Pool — 0.1%
4.000%, 06/01/20		112		115,792
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $4,161,660)				4,184,689
U.S TREASURY OBLIGATION — 9.7%
U.S. Treasury Bond 0.750%, 12/31/17		9,500		9,524,861
U.S. Treasury Note 0.500%, 01/31/17		1,000		1,000,332
0.875%, 02/28/17		1,250		1,253,224
0.875%, 05/15/17		1,800		1,805,625
1.000%, 03/15/18		1,250		1,258,594
1.250%, 12/15/18		1,000		1,014,453
1.125%, 04/30/20		1,500		1,514,707
TOTAL U.S TREASURY OBLIGATION (Cost $17,296,266)				17,371,796

47

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Limited Maturity Bond Fund

	Number of Shares			Value†
SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		3,381,496		$	3,381,496
BlackRock Liquidity Funds TempFund - Institutional Shares		218			218
Federated Prime Obligations Fund - Class I		408			408
Fidelity Institutional Prime Money Market Portfolio - Class I		198			198
Fidelity Institutional Prime Money Market Portfolio - Institutional Class		1,024			1,024
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 $3,383,427)					3,383,427
TOTAL INVESTMENTS — 99.3% (Cost $178,982,836)					179,010,495
Other Assets & Liabilities — 0.7%					1,304,998
TOTAL NET ASSETS — 100.0%				$	180,315,493
	Number of Contracts			Value†
WRITTEN OPTIONS
Call Options
U.S.Treasury 10 yr Notes, $132.00, 07/22/16		(15	)		(24,609	)
TOTAL WRITTEN OPTIONS (Premiums $(9,844)					(24,609	)

† 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.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

REMICS — Real Estate Mortgage Investment Conduits.

Country Weightings as of 06/30/2016 ††
United States	81	%
Cayman Islands	13
Canada	2
Ireland	1
Israel	1
Luxembourg	1
Mexico	1
Netherlands	1
Norway	1
United Kingdom	1
Total	100	%

††% of total investments as of June 30, 2016

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S TREASURY OBLIGATION	$	17,371,796	$	—	$	17,371,796	$	—
AGENCY OBLIGATIONS		314,776		—		314,776		—
COLLATERALIZED MORTGAGE OBLIGATIONS		3,846,917		—		3,846,917		—
COMMERCIAL MORTGAGE BACKED SECURITIES		26,380,788		—		26,380,788		—
CORPORATE BONDS		64,776,597		—		64,776,597		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		4,184,689		—		4,184,689		—
SHORT-TERM INVESTMENTS		3,383,427		3,383,427		—		—
MUNICIPAL NOTES		393,180		—		393,180		—
ASSET BACKED SECURITIES		58,358,325		—		58,358,325		—
TOTAL INVESTMENTS		179,010,495		3,383,427		175,627,068		—

LIABILITIES TABLE
Description	Total Market Value at 06/30/2016			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
WRITTEN OPTIONS	$	(24,609	)	$	—	$	(24,609	)	$	—
TOTAL LIABILITIES	$	(24,609	)	$	—	$	(24,609	)	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

48

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
AGENCY OBLIGATIONS — 0.5%
Federal National Mortgage Association — 0.1%
1.233%, 09/01/22	$	410	$	411,176
Government National Mortgage Association — 0.4%
4.314%, 10/01/45 2011•		2,000		2,270,437
TOTAL AGENCY OBLIGATIONS (Cost $2,530,032)				2,681,613
ASSET BACKED SECURITIES — 16.8%
Avenue CLO VI Ltd. 2007-6A 2.783%, 07/17/19 144A @,•		2,500		2,498,895
Babson CLO, Inc. 2007-IA 1.883%, 01/18/21 144A @,•		2,500		2,452,278
Brentwood CLO Corp. 2006-1A 1.457%, 02/01/22 144A @,•		4,000		3,713,980
Chase Issuance Trust 07-B1 0.692%, 04/15/19•		2,000		1,994,782
Chrysler Capital Auto Receivables Trust 2014-BA 2.700%, 05/15/20 144A @		3,000		3,009,933
Conseco Financial Corp. 1996-10 7.240%, 11/15/28•		413		258,852
Cratos CLO Ltd. 2007-1A D 3.025%, 05/19/21 144A @,•		3,000		2,985,147
Cratos CLO Ltd. 2007-1A E 5.625%, 05/19/21 144A @,•		3,000		2,981,547
Emerson Place CLO Ltd. 2006-1A C 1.398%, 01/15/19 144A @,•		3,200		2,972,646
Ford Credit Auto Owner Trust 2012-D 1.010%, 05/15/18		2,385		2,380,144
Ford Credit Auto Owner Trust 2013-D 2013 1.540%, 03/15/19		6,800		6,816,914
Gleneagles CLO Ltd. 2005-1A C 1.537%, 11/01/17 144A @,•		2,117		2,106,267
Honda Auto Receivables 2014-1 Owner Trust 2014 1.040%, 02/21/20		3,750		3,756,327
Jasper CLO Ltd. 2005-1A 1.537%, 08/01/17 144A @,•		4,375		4,360,913
Keycorp Student Loan Trust 2006-A 0.950%, 09/27/35•		4,113		4,046,200
MSIM Peconic Bay Ltd. 2007-1A 3.884%, 07/20/19 144A @,•		1,667		1,666,997
Red River CLO Ltd. 1A C 1.357%, 07/27/18 144A @,•		3,500		3,432,135
Rockwall CDO II Ltd. 2007-1A
0.887%, 08/01/24 144A @,•		5,213		5,119,004
1.337%, 08/01/24 144A @,•		4,000		3,681,092
Rockwall CDO Ltd. 2006-1A 1.137%, 08/01/21 144A @,•		2,206		2,193,287
SACO I, Inc. 2005-4 1.353%, 06/25/35 144A @,•		186		184,458
SLC Student Loan Trust 2005-1 0.826%, 02/15/45•		6,042		5,058,248
SLM Student Loan Trust 2004-4 1.018%, 01/27/25•		5,800		5,664,672

	Par (000)		Value†
SLM Student Loan Trust 2005-10 0.908%, 10/26/26•	$	5,000	$	4,800,888
SLM Student Loan Trust 2012-6 1.453%, 04/27/43•		7,205		6,188,997
Stone Tower CLO VII Ltd. 2007-7A 2.753%, 08/30/21 144A @,•		3,000		2,972,019
Westchester CLO Ltd. 2007-1A B 1.077%, 08/01/22 144A @,•		4,500		4,195,260
TOTAL ASSET BACKED SECURITIES (Cost $92,904,182)				91,491,882
COMMERCIAL MORTGAGE BACKED SECURITIES — 19.1%
CFCRE Commercial Mortgage Trust 2011-C1 4.961%, 04/01/44 144A @,•		1,000		1,112,966
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4 5.322%, 12/01/49		1,143		1,155,111
FREMF Mortgage Trust Series 2010-K6 Class B 5.533%, 12/01/46 144A @,•		7,795		8,485,074
FREMF Mortgage Trust Series 2012-K18 Class B 4.400%, 01/01/45 144A @,•		6,000		6,501,072
FREMF Mortgage Trust Series 2012-K19 Class C 4.173%, 05/01/45 144A @,•		4,500		4,604,207
FREMF Mortgage Trust Series 2012-K20 Class C 4.005%, 05/01/45 144A @,•		6,000		5,917,904
FREMF Mortgage Trust Series 2012-K21 Class C 4.071%, 07/01/45 144A @,•		4,720		4,766,109
FREMF Mortgage Trust Series 2012-K23 Class C 3.782%, 10/01/45 144A @,•		5,000		4,949,418
FREMF Mortgage Trust Series 2012-K707 Class B 4.019%, 01/01/47 144A @,•		8,272		8,537,523
FREMF Mortgage Trust Series 2012-K710 Class C 3.952%, 06/01/47 144A @,•		5,175		5,228,863
FREMF Mortgage Trust Series 2012-K711 Class C 3.684%, 08/01/45 144A @,•		6,000		6,042,211
FREMF Mortgage Trust Series 2013-K27 Class C 3.616%, 01/01/46 144A @,•		5,000		4,550,577
FREMF Mortgage Trust Series 2013-K28 Class C 3.614%, 06/01/46 144A @,•		4,751		4,375,900
FREMF Mortgage Trust Series 2013-KF02 Class C 4.446%, 12/25/45 144A @,•		457		455,087
FREMF Mortgage Trust Series 2014-K37 Class B 4.713%, 01/01/47 144A @,•		5,825		6,310,417

49

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)
FREMF Mortgage Trust Series 2014-K40 Class B 4.208%, 11/01/47 144A @,•	$	4,500	$	4,615,847
FREMF Mortgage Trust Series 2014-K41 Class B 3.961%, 11/01/47 144A @,•		5,000		4,900,915
FREMF Mortgage Trust Series 2014-K503 Class B 3.080%, 10/01/47 144A @,•		5,000		5,063,849
FREMF Mortgage Trust Series 2015-K44 Class B 3.811%, 01/01/48 144A @,•		5,000		4,819,710
FREMF Mortgage Trust Series 2015-K45 Class B 3.714%, 04/01/48 144A @,•		5,000		4,767,581
FREMF Mortgage Trust Series 2015-K718 Class B 3.669%, 02/01/22 144A @,•		4,500		4,409,093
HILT 2014-ORL Mortgage Trust 1.642%, 07/15/29 144A @,•		1,500		1,450,551
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP10 5.420%, 01/01/49		1,347		1,366,909
Morgan Stanley Capital I Trust 2005-IQ10 6.292%, 09/01/42•		8		8,256
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $104,914,518)				104,395,150
CORPORATE BONDS — 34.1%
Aerospace & Defense — 0.6%
Lockheed Martin Corp. 3.100%, 01/15/23		3,000		3,161,955
Airlines — 3.3%
American Airlines 2013-2 Class C Pass Through Trust 6.000%, 01/15/17 144A @		4,175		4,226,783
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821%, 02/10/24		2,218		2,577,045
Delta Air Lines 2015-1 Class B Pass Through Trust 4.250%, 01/30/25		2,925		2,983,523
UAL 2009-1 Pass Through Trust 10.400%, 05/01/18		2,105		2,162,446
United Airlines 2016-1 Class AA Pass Through Trust 3.100%, 01/07/30		3,000		3,052,500
US Airways 2010-1 Class B, Pass Through Trust 8.500%, 10/22/18		3,113		3,229,849
				18,232,146
Apparel — 0.5%
Under Armour, Inc. 3.250%, 06/15/26		3,000		3,029,055

	Par (000)		Value†
Banks — 4.5%
Bank of America Corp. 5.650%, 05/01/18	$	1,000	$	1,071,648
JPMorgan Chase & Co. 3.875%, 09/10/24		3,600		3,727,213
Morgan Stanley 5.950%, 12/28/17		2,050		2,180,052
State Street Corp. 4.956%, 03/15/18		7,915		8,295,379
Wachovia Corp. 0.923%, 06/15/17•		5,350		5,342,296
Wells Fargo & Co. 3.000%, 02/19/25		4,000		4,096,904
				24,713,492
Beverages — 0.6%
Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		3,000		3,213,738
Biotechnology — 0.8%
Amgen, Inc. 2.700%, 05/01/22		3,000		3,087,399
Biogen Idec, Inc. 6.875%, 03/01/18		1,000		1,088,404
				4,175,803
Commercial Services — 0.5%
Drawbridge Special Opportunities Fund LP 5.000%, 08/01/21 144A @		2,000		1,840,000
ERAC USA Finance LLC 2.350%, 10/15/19 144A @		1,000		1,018,879
				2,858,879
Computers — 0.6%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 5.450%, 06/15/23 144A @		3,000		3,112,719
Diversified Financial Services — 1.4%
Air Lease Corp. 3.750%, 02/01/22		2,000		2,048,688
American Express Co. 6.150%, 08/28/17		2,000		2,110,612
General Electric Capital Corp. 7.500%, 08/21/35		2,263		3,394,984
				7,554,284
Electric — 0.2%
Enel Finance International NV 6.250%, 09/15/17 144A @		1,000		1,056,393
Engineering & Construction — 0.6%
SBA Tower Trust 3.156%, 10/15/45 144A @		3,000		3,041,250
Food — 1.1%
Kellogg Co. 4.500%, 04/01/46		3,000		3,212,781
Kraft Heinz Foods Co. 3.000%, 06/01/26 144A @		2,000		2,016,356

50

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Food — (continued)
WM Wrigley Jr. Co. 2.400%, 10/21/18 144A @	$	1,000	$	1,019,847
				6,248,984
Forest Products & Paper — 0.5%
Georgia-Pacific LLC 3.163%, 11/15/21 144A @		2,500		2,630,618
Gas — 0.8%
Sabine Pass LNG LP 7.500%, 11/30/16		4,380		4,463,220
Healthcare Products — 1.2%
Becton Dickinson and Co. 3.300%, 03/01/23		1,103		1,159,198
Covidien International Finance SA 6.000%, 10/15/17		1,000		1,063,139
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,000		1,024,328
Stryker Corp. 3.375%, 11/01/25		2,000		2,098,822
Zimmer Biomet Holdings, Inc. 4.625%, 11/30/19		1,000		1,087,230
				6,432,717
Housewares — 0.4%
Newell Rubbermaid, Inc. 4.200%, 04/01/26		2,000		2,168,102
Insurance — 1.1%
New York Life Insurance Co. 5.875%, 05/15/33 144A @		4,925		6,050,953
Investment Companies — 0.2%
Ares Capital Corp. 4.875%, 11/30/18		1,000		1,046,297
Lodging — 0.6%
Starwood Hotels & Resorts Worldwide, Inc. 4.500%, 10/01/34		3,500		3,570,613
Media — 1.6%
Belo Corp. 7.750%, 06/01/27		2,000		2,105,000
Charter Communications Operating LLC/Charter Communications Operating Capital 4.464%, 07/23/22 144A @		3,000		3,224,208
Comcast Cable Communications LLC 8.875%, 05/01/17		1,905		2,028,958
Comcast Cable Holdings LLC 9.875%, 06/15/22		1,000		1,344,883
				8,703,049
Mining — 0.2%
Goldcorp, Inc. 3.625%, 06/09/21		1,000		1,030,089

	Par (000)		Value†
Oil & Gas — 1.2%
Anadarko Petroleum Corp. 0.000%, 10/10/36 ¤	$	7,500	$	2,833,425
BG Energy Capital PLC 4.000%, 10/15/21 144A @		1,000		1,090,731
BP Capital Markets PLC 2.500%, 11/06/22		2,500		2,521,400
				6,445,556
Pharmaceuticals — 4.2%
Abbvie, Inc. 2.300%, 05/14/21		3,000		3,036,462
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34		1,000		1,268,300
Johnson & Johnson 4.375%, 12/05/33		4,000		4,818,820
Mead Johnson Nutrition Co. 4.125%, 11/15/25		2,000		2,181,508
Mylan NV
3.000%, 12/15/18 144A @		2,000		2,047,606
3.150%, 06/15/21 144A @		3,000		3,043,044
Perrigo Co. PLC 4.000%, 11/15/23		3,134		3,228,973
Zoetis, Inc. 4.500%, 11/13/25		3,000		3,308,529
				22,933,242
Pipelines — 0.7%
Regency Energy Partners LP/Regency Energy Finance Corp. 5.875%, 03/01/22		2,000		2,139,286
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23		1,500		1,449,833
				3,589,119
Real Estate Investment Trusts — 0.5%
American Tower Corp. 4.700%, 03/15/22		2,500		2,758,815
Retail — 1.8%
McDonald’s Corp. 5.700%, 02/01/39		2,110		2,621,795
Rite Aid Corp. 6.125%, 04/01/23 144A @		4,000		4,270,000
Walgreens Boots Alliance, Inc. 1.750%, 05/30/18		3,000		3,023,436
				9,915,231
Software — 0.4%
Activision Blizzard, Inc. 6.125%, 09/15/23 144A @		2,000		2,175,000
Telecommunications — 2.8%
Alcatel-Lucent USA, Inc. 6.500%, 01/15/28		3,000		3,082,500
Crown Castle Towers LLC 3.663%, 05/15/45 144A @		4,000		4,136,280
Sprint Nextel Corp. 6.000%, 12/01/16		3,000		3,018,750

51

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Quality Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — (continued)
Verizon Communications, Inc.
2.183%, 09/15/16 •	$	5,000	$	5,012,835
				15,250,365
Transportation — 0.8%
BNSF Railway Co. 2015-1 Pass Through Trust 3.442%, 06/16/28 144A @		2,887		2,990,580
Federal Express Corp 1999 Pass Through Trust 7.650%, 07/15/24		1,028		1,204,622
				4,195,202
Trucking and Leasing — 0.4%
Aviation Capital Group Corp. 2.875%, 09/17/18 144A @		2,500		2,475,000
TOTAL CORPORATE BONDS (Cost $181,315,152)				186,231,886
RESIDENTIAL MORTGAGE BACKED SECURITIES — 11.1%
Fannie Mae Pool — 10.4%
4.000%, 08/01/41		6,207		6,674,625
2.500%, 01/01/43		3,024		3,061,923
2.500%, 02/01/43		8,791		8,900,212
3.000%, 03/01/43		8,597		8,940,544
2.500%, 05/01/43		11,542		11,685,351
3.500%, 09/01/43		1,672		1,767,550
3.000%, 07/01/46		15,000		15,566,598
				56,596,803
Freddie Mac Gold Pool — 0.6%
3.500%, 01/01/41		2,244		2,369,170
3.500%, 02/01/41		684		722,642
				3,091,812
Ginnie Mae Pool — 0.1%
6.000%, 10/01/38		345		394,120
6.000%, 10/01/38		211		241,453
				635,573
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $57,756,104)				60,324,188
U.S TREASURY OBLIGATION — 19.4%
U.S. Treasury Bond
0.750%, 12/31/17		4,500		4,511,777
1.375%, 01/31/20		5,000		5,095,310
2.125%, 01/31/21		2,600		2,733,858
2.250%, 11/15/24		3,000		3,200,157
2.125%, 05/15/25		3,000		3,168,867
1.625%, 05/15/26		2,700		2,733,013
4.375%, 02/15/38		7,000		9,978,829
3.000%, 05/15/42		3,000		3,465,234
3.125%, 02/15/43		4,000		4,715,156
3.625%, 08/15/43		4,200		5,418,819
3.750%, 11/15/43		3,500		4,617,813
2.500%, 05/15/46		3,000		3,126,210

	Par (000)		Value†
U.S. Treasury Inflation Indexed Bonds
0.625%, 01/15/24	$	4,614	$	4,830,869
0.250%, 01/15/25		15,152		15,383,232
0.375%, 07/15/25		3,027		3,116,649
1.000%, 02/15/46		3,029		3,270,424
U.S. Treasury Note
0.625%, 05/31/17		750		750,674
0.625%, 08/31/17		3,000		3,002,694
2.000%, 07/31/22		5,000		5,235,155
1.500%, 02/28/23		6,500		6,594,451
1.750%, 05/15/23		6,250		6,447,512
2.500%, 08/15/23		4,000		4,333,280
Total U.S TREASURY OBLIGATION (Cost $99,625,412)				105,729,983
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		1,610,798		1,610,798
BlackRock Liquidity Funds TempFund - Institutional Shares		448		448
Federated Prime Obligations Fund - Class I		313		313
Fidelity Institutional Prime Money Market Portfolio - Class I		272		272
Fidelity Institutional Prime Money Market Portfolio - Institutional Class		717		717
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 $1,612,602)				1,612,602
TOTAL INVESTMENTS — 101.3% (Cost $540,658,002)				552,467,304
Other Assets & Liabilities — (1.3)%				(7,093,225	)
TOTAL NET ASSETS — 100.0%			$	545,374,079

† 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.

52

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Quality Bond Fund

	Number of Contracts			Value†
WRITTEN OPTIONS — (0.1)%
Call Options — (0.1)%
US 5YR Futures Option, $121.00, Sep16		(150	)	$	(205,078	)
US Bond Futures Option, $168.00, Aug16		(75	)		(356,250	)
TOTAL WRITTEN OPTIONS (Premiums $(216,797))					(561,328	)

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

Country Weightings as of 06/30/2016 ††
United States	90%
Cayman Islands	8
Ireland	1
United Kingdom	1
Total	100%

††% of total investments as of June 30, 2016

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S TREASURY OBLIGATION	$	105,729,983	$	—	$	105,729,983	$	—
AGENCY OBLIGATIONS		2,681,613		—		2,681,613		—
ASSET BACKED SECURITIES		91,491,882		—		91,491,882		—
COMMERCIAL MORTGAGE BACKED SECURITIES		104,395,150		—		104,395,150		—
CORPORATE BONDS		186,231,886		—		186,231,886		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		60,324,188		—		60,324,188		—
SHORT-TERM INVESTMENTS		1,612,602		1,612,602		—		—
TOTAL INVESTMENTS	$	552,467,304	$	1,612,602	$	550,854,702		—

LIABILITIES TABLE
Description	Total Market Value at 06/30/2016			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
WRITTEN OPTIONS	$	(561,328	)	$	—	$	(561,328	)	$	—
TOTAL LIABILITIES	$	(561,328	)	$	—	$	(561,328	)	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

53

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (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	$	325	$	342,063
VB-S1 Issuer LLC 2016 6.901%, 06/15/46 144A @		95		94,252
TOTAL ASSET BACKED SECURITIES (Cost $420,000)				436,315
	Number of Shares		Value†
COMMON STOCKS — 1.1%
Diversified Financial Services — 0.0%
Sentry Holdings A Shares*,^,~		294		0
Electric — 0.2%
NRG Energy, Inc.		16,643		249,479
Entertainment — 0.0%
New Cotai Participation Class B*144A @,^,~		1		36,928
Media — 0.2%
Altice N.V. Class A*		4,116		61,573
Altice N.V. Class B*		1,372		20,593
Liberty Broadband Corp.*		3,500		210,000
Liberty Global PLC*		2,300		65,895
Liberty Global PLC LiLAC*		287		9,324
				367,385
Oil & Gas — 0.3%
Rowan Cos PLC*		14,775		260,926
YPF S.A. ADR*		12,250		235,200
				496,126
Real Estate — 0.1%
The Howard Hughes Corp.*		1,675		191,486
Telecommunications — 0.3%
First Data Corp.*		10,500		116,235
T-Mobile US, Inc.*		9,400		406,738
				522,973
TOTAL COMMON STOCKS (Cost $1,765,610)				1,864,377
PREFERRED STOCKS — 0.4%
Diversified Financial Services — 0.0%
Sentry Holdings B Pref Shrs*^,~		65,529		43,618
Packaging and Containers — 0.0%
Smurfit-Stone Container Corp. (Escrow) CONV.*^,~		725		0
Pharmaceuticals — 0.2%
Allergan PLC		337		280,930
Telecommunications — 0.2%
Crown Castle International Corp. CONV.		1,550		187,333

	Number of Shares		Value†
Telecommunications — (continued)
T-Mobile US, Inc.		1,463	$	107,662
				294,995
TOTAL PREFERRED STOCKS (Cost $674,249)				619,543
	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 0.2%
Diversified — 0.2%
American Tower Corp. A Shares	$	1,207		135,787
American Tower Corp.		1,325		148,824
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $253,200)				284,611
CORPORATE BONDS — 85.6%
Advertising — 1.0%
Acosta, Inc. 7.750%, 10/01/22 144A @		300		263,250
Lamar Media Corp. 5.875%, 02/01/22		125		130,000
MDC Partners, Inc. 6.500%, 05/01/24 144A @		966		958,755
Outfront Media Capital LLC 5.625%, 02/15/24		400		412,000
				1,764,005
Aerospace & Defense — 0.7%
Accudyne Industries LLC 7.750%, 12/15/20 144A @		350		308,875
StandardAero Aviation Holdings, Inc. 10.000%, 07/15/23 144A @		500		498,750
TransDigm, Inc.
6.500%, 07/15/24		200		202,876
6.500%, 05/15/25		175		175,438
6.375%, 06/15/26 144A @		50		49,872
				1,235,811
Airlines — 1.3%
Air Canada1 6.750%, 10/01/19 144A @		50		51,760
7.750%, 04/15/21 144A @		350		363,125
American Airlines 2013-1 Class B Pass Through Trust 5.625%, 01/15/21 144A @		64		66,133
American Airlines 2013-1 Class C Pass Through Trust 6.125%, 07/15/18 144A @,^		200		206,500
American Airlines Group, Inc. 5.500%, 10/01/19 144A @		650		643,500
United Airlines 2014-2 Class B Pass Through Trust 4.625%, 03/03/24		67		66,566
United Continental Holdings, Inc. 6.375%, 06/01/18		325		338,812
6.000%, 12/01/20		500		522,500
				2,258,896

54

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Auto Manufacturers — 0.3%
Jaguar Land Rover Automotive PLC 5.625%, 02/01/23 144A @	$	425	$	441,469
Auto Parts & Equipment — 0.7%
MPG Holdco I , Inc. 7.375%, 10/15/22		475		466,688
Nexteer Automotive Group Ltd. 5.875%, 11/15/21 144A @		200		202,000
TI Group Automotive Systems LLC 8.750%, 07/15/23 144A @		550		539,000
				1,207,688
Banks — 3.7%
Ally Financial, Inc. 5.125%, 09/30/24		75		76,406
5.750%, 11/20/25		350		350,875
8.000%, 11/01/31		425		491,937
Banco Bilbao Vizcaya Argentaria SA 7.000%, 12/29/49 •		600		572,165
Banco Santander SA 6.375%, 05/29/49 •		600		523,852
Citigroup, Inc. 5.950%, 12/29/49 •		810		789,163
6.250%, 12/29/49 •		175		179,813
Credit Agricole SA 6.625%, 09/29/49 144A @,•		400		363,000
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/21 144A @		400		421,200
HSBC Holdings PLC 6.875%, 12/29/49 •		220		218,900
Intesa Sanpaolo SpA 7.700%, 12/29/49 144A @,•		925		797,812
JPMorgan Chase & Co. 5.300%, 12/29/49 •		710		707,337
Provident Funding Associates LP 6.750%, 06/15/21 144A @		250		236,875
Royal Bank of Scotland Group PLC 6.125%, 12/15/22		115		120,602
The Goldman Sachs Group, Inc. 5.375%, 12/29/49 •		475		469,737
				6,319,674
Biotechnology — 0.2%
AMAG Pharmaceuticals, Inc. 7.875%, 09/01/23 144A @		275		246,125
Concordia Healthcare Corp. 9.500%, 10/21/22 144A @		75		69,938
				316,063
Building Materials — 1.6%
Builders FirstSource, Inc. 7.625%, 06/01/21 144A @		311		324,995
Cemex Finance LLC 9.375%, 10/12/22 144A @		450		495,000
LSF9 Balta Issuer S.A. 7.750%, 09/15/22		325		379,858
Masonite International Corp. 5.625%, 03/15/23 144A @		175		181,562

	Par (000)		Value†
Building Materials — (continued)
NCI Building Systems, Inc. 8.250%, 01/15/23 144A @	$	225	$	241,828
Norbord, Inc. 6.250%, 04/15/23 144A @		225		230,625
Pfleiderer GmbH 7.875%, 08/01/19		400		457,761
Reliance Intermediate Holdings LP 6.500%, 04/01/23 144A @		450		468,000
				2,779,629
Chemicals — 1.5%
CVR Partners LP 9.250%, 06/15/23 144A @		250		254,375
Hexion, Inc. 6.625%, 04/15/20		825		689,947
10.000%, 04/15/20		150		140,250
Huntsman International LLC 4.875%, 11/15/20		50		50,250
INEOS Group Holdings S.A. 6.125%, 08/15/18 144A @		200		201,875
Platform Specialty Products Corp.
10.375%, 05/01/21 144A @		300		302,250
6.500%, 02/01/22 144A @		225		196,875
PQ Corp. 6.750%, 11/15/22 144A @		175		182,438
Univar USA, Inc. 6.750%, 07/15/23 144A @		575		567,812
WR Grace & Co. 5.125%, 10/01/21 144A @		75		77,063
				2,663,135
Coal — 0.1%
Murray Energy Corp. 11.250%, 04/15/21 144A @		600		168,000
Commercial Services — 2.0%
Alliance Data Systems Corp. 5.375%, 08/01/22 144A @		300		287,250
Ashtead Capital, Inc. 6.500%, 07/15/22 144A @		125		130,078
Avis Budget Car Rental LLC 5.250%, 03/15/25 144A @		475		429,875
CEB, Inc. 5.625%, 06/15/23 144A @		475		462,531
H&E Equipment Services, Inc. 7.000%, 09/01/22		250		258,750
Harland Clarke Holdings Corp. 9.750%, 08/01/18 144A @		175		177,625
6.875%, 03/01/20 144A @		125		115,000
Iron Mountain Europe PLC 6.125%, 09/15/22 144A @		225		302,079
Lender Processing Services, Inc. 5.750%, 04/15/23		128		134,080
Loxam SAS 7.000%, 07/23/22 144A @		225		265,925
Prime Security One MS, Inc. 4.875%, 07/15/32 144A @		250		190,937

55

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Commercial Services — (continued)
Prime Security Services Borrower LLC 9.250%, 05/15/23 144A @	$	175	$	185,500
Safway Group Holding LLC 7.000%, 05/15/18 144A @		250		249,375
The ADT Corp. 6.250%, 10/15/21		175		185,937
4.125%, 06/15/23		100		93,625
				3,468,567
Computers — 1.4%
Diamond 1 Finance Corp. 5.875%, 06/15/21 144A @		175		178,460
7.125%, 06/15/24 144A @		300		313,326
Western Digital Corp. 7.375%, 04/01/23 144A @		800		852,000
10.500%, 04/01/24 144A @		975		1,043,250
				2,387,036
Distribution & Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc. 5.750%, 12/15/23 144A @		150		155,250
Entertainment One Ltd. 6.875%, 12/15/22 144A @		100		133,711
				288,961
Diversified Financial Services — 3.8%
Cantor Commercial Real Estate Co. LP 7.750%, 02/15/18 144A @		150		144,000
Consolidated Energy Finance S.A. 6.750%, 10/15/19 144A @		750		705,000
Garfunkelux Holdco 3 S.A. 8.500%, 11/01/22 144A @		175		220,366
Icahn Enterprises LP 4.875%, 03/15/19		350		342,125
Ladder Capital Finance Holdings LLLP. 5.875%, 08/01/21 144A @		175		156,625
Lincoln Finance Ltd. 6.875%, 04/15/21 144A @		1,150		1,365,553
National Financial Partners Corp. 9.000%, 07/15/21 144A @		75		72,281
Nationstar Mortgage LLC 7.875%, 10/01/20		150		140,625
6.500%, 07/01/21		475		406,125
Navient Corp. 5.000%, 10/26/20		375		351,563
Nord Anglia Education Finance LLC 5.750%, 07/15/22 144A @		175		181,452
Ocwen Financial Corp. 6.625%, 05/15/19		491		333,880
OneMain Financial Holdings, Inc. 7.250%, 12/15/21 144A @		515		493,112
Outerwall, Inc. 6.000%, 03/15/19		450		414,000
Quicken Loans, Inc. 5.750%, 05/01/25 144A @		650		627,250
Springleaf Finance Corp. 8.250%, 12/15/20		375		375,938

	Par (000)		Value†
Diversified Financial Services — (continued)
Transworld Systems, Inc. 9.500%, 08/15/21 144A @	$	375	$	183,750
Walter Investment Management Corp. 7.875%, 12/15/21		175		85,969
				6,599,614
Electric — 2.6%
AES Corp. 5.500%, 03/15/24		500		511,875
6.000%, 05/15/26		225		229,781
Calpine Corp.
5.375%, 01/15/23		300		292,500
5.500%, 02/01/24		50		48,250
ContourGlobal Power Holdings S.A. 5.125%, 06/15/21 144A @		500		545,611
Dynegy, Inc. 6.750%, 11/01/19		400		400,500
Energy Future Intermediate Holding Co. LLC 11.750%, 03/01/22 144A @,¤		952		1,116,351
Infinis PLC 7.000%, 02/15/19 144A @		300		401,374
NRG Energy, Inc. 6.625%, 03/15/23		375		369,375
7.250%, 05/15/26 144A @		650		646,750
				4,562,367
Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc. 5.500%, 06/15/25 144A @		375		373,125
Energy-Alternate Sources — 0.2%
Terraform Power Operating LLC 5.875%, 02/01/23 144A @		75		71,385
6.125%, 06/15/25 144A @		225		212,625
				284,010
Engineering & Construction — 0.1%
Swissport Investments S.A. 6.750%, 12/15/21 144A @		100		113,750
Entertainment — 2.5%
Eldorado Resorts, Inc. 7.000%, 08/01/23		525		544,687
EMI Music Publishing Group North America Holdings, Inc. 7.625%, 06/15/24 144A @		125		128,438
GLP Capital LP 4.375%, 04/15/21		75		77,250
5.375%, 04/15/26		150		154,500
Great Canadian Gaming Corp. 6.625%, 07/25/22 144A @		450		355,277
International Game Technology PLC 6.250%, 02/15/22 144A @		600		609,750
6.500%, 02/15/25 144A @		350		352,625
Intralot Finance Luxembourg S.A. 9.750%, 08/15/18 144A @		225		260,317
Peninsula Gaming LLC 8.375%, 02/15/18 144A @		200		201,000

56

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Entertainment — (continued)
Regal Entertainment Group 5.750%, 03/15/22	$	575	$	587,937
Scientific Games International, Inc. 7.000%, 01/01/22 144A @		300		301,500
Shingle Springs Tribal Gaming Authority 9.750%, 09/01/21 144A @		440		479,600
WMG Acquisition Corp. 6.000%, 01/15/21 144A @		188		193,640
				4,246,521
Food — 1.4%
Albertsons Cos. LLC 6.625%, 06/15/24 144A @		400		413,000
Dean Foods Co. 6.500%, 03/15/23 144A @		450		464,625
Minerva Luxembourg S.A. 12.250%, 02/10/22 144A @		200		216,000
7.750%, 01/31/23 144A @		475		487,825
Post Holdings, Inc. 6.750%, 12/01/21 144A @		225		237,937
7.375%, 02/15/22		500		525,625
Safeway, Inc. 7.250%, 02/01/31		100		96,400
				2,441,412
Forest Products & Paper — 0.4%
Cascades, Inc. 5.500%, 07/15/22 144A @		150		145,688
Mercer International, Inc. 7.000%, 12/01/19		375		378,750
7.750%, 12/01/22		200		200,000
				724,438
Gas — 0.0%
NGL Energy Partner LP 5.125%, 07/15/19		75		68,250
Hand & Machine Tools — 0.6%
Apex Tool Group LLC 7.000%, 02/01/21 144A @		800		690,000
Milacron LLC 7.750%, 02/15/21 144A @		325		334,750
				1,024,750
Healthcare Products — 0.2%
Crimson Merger Sub, Inc. 6.625%, 05/15/22 144A @		250		206,250
Hill-Rom Holdings, Inc. 5.750%, 09/01/23 144A @		150		153,375
				359,625
Healthcare Services — 2.4%
Centene Corp. 5.625%, 02/15/21 144A @		175		182,438
6.125%, 02/15/24 144A @		100		106,313
HCA, Inc. 5.000%, 03/15/24		220		227,700
5.250%, 06/15/26		875		908,359

	Par (000)		Value†
Healthcare Services — (continued)
IASIS Healthcare LLC 8.375%, 05/15/19	$	450	$	432,281
Molina Healthcare, Inc. 5.375%, 11/15/22 144A @		275		274,312
MPH Acquisition Holdings LLC 7.125%, 06/01/24 144A @		125		131,250
Surgery Center Holdings, Inc. 8.875%, 04/15/21 144A @		250		256,875
Synlab Bondco PLC 6.250%, 07/01/22 144A @		375		439,047
Synlab Unsecured Bondco PLC 8.250%, 07/01/23 144A @		150		168,960
Tenet Healthcare Corp. 4.153%, 06/15/20 •		175		172,813
8.125%, 04/01/22		350		358,680
6.750%, 06/15/23		475		454,812
				4,113,840
Holding Companies — 0.5%
Argos Merger Sub, Inc. 7.125%, 03/15/23 144A @		600		618,000
James Hardie International Finance Ltd. 5.875%, 02/15/23 144A @		275		281,188
				899,188
Home Builders — 0.7%
Shea Homes LP 5.875%, 04/01/23 144A @		200		198,000
Taylor Morrison Communities, Inc. 5.875%, 04/15/23 144A @		250		251,250
William Lyon Homes, Inc. 8.500%, 11/15/20		400		411,000
7.000%, 08/15/22		375		371,250
				1,231,500
Home Furnishings — 0.3%
Tempur Sealy International, Inc. 5.625%, 10/15/23		250		257,500
5.500%, 06/15/26 144A @		200		196,500
				454,000
Household Products & Wares — 0.8%
Central Garden & Pet Co. 6.125%, 11/15/23		175		182,000
Reynolds Group Issuer, Inc. 5.750%, 10/15/20		225		232,313
8.250%, 02/15/21		650		679,978
7.000%, 07/15/24 144A @		275		283,112
				1,377,403
Housewares — 0.5%
Bormioli Rocco Holdings S.A. 10.000%, 08/01/18 144A @		300		338,087
RSI Home Products, Inc. 6.500%, 03/15/23 144A @		450		462,375
				800,462

57

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Insurance — 1.4%
CNO Financial Group, Inc. 5.250%, 05/30/25	$	125	$	128,750
Hub Holdings LLC PIK (Cash coupon 8.125%, PIK 8.875%) 8.125%, 07/15/19 144A @		425		408,000
HUB International Ltd. 9.250%, 02/15/21 144A @		125		130,625
7.875%, 10/01/21 144A @		525		504,000
USI, Inc. 7.750%, 01/15/21 144A @		650		643,500
Wayne Merger Sub LLC 8.250%, 08/01/23 144A @		675		666,562
				2,481,437
Internet — 1.8%
Ancestry.Com Holdings LLC PIK (Cash coupon 9.625%, PIK 10.375%) 9.625%, 10/15/18 144A @		475		480,937
Ancestry.Com, Inc. 11.000%, 12/15/20		125		133,750
Blue Coat Holdings, Inc. 8.375%, 06/01/23 144A @		425		480,250
Equinix, Inc. 5.375%, 01/01/22		275		283,938
5.750%, 01/01/25		150		155,250
Match Group, Inc. 6.750%, 12/15/22 144A @		350		364,000
6.375%, 06/01/24 144A @		175		182,000
United Group BV 7. 875%, 11/15/20 144A @		375		436,966
7.875%, 11/15/20		400		466,097
Zayo Group LLC 6.375%, 05/15/25		175		178,500
				3,161,688
Iron & Steel — 1.0%
ArcelorMittal 10.850%, 06/01/19		200		235,500
Bluescope Steel Finance Ltd. 7.125%, 05/01/18 144A @		110		113,300
6.500%, 05/15/21 144A @		475		491,815
Vale Overseas Ltd. 5.875%, 06/10/21		341		341,426
4.375%, 01/11/22		85		79,662
6.875%, 11/21/36		550		500,500
				1,762,203
Leisure Time — 0.8%
24 Hour Holdings IIII LLC 8.000%, 06/01/22 144A @		325		246,187
Cirsa Funding Luxembourg S.A. 5.875%, 05/15/23 144A @		300		334,758
ClubCorp Club Operations, Inc. 8.250%, 12/15/23 144A @		250		248,750
LTF Merger Sub, Inc. 8.500%, 06/15/23 144A @		400		378,000
Sabre GLBL, Inc. 5.375%, 04/15/23 144A @		125		127,813
				1,335,508

	Par (000)		Value†
Lodging — 0.9%
Boyd Gaming Corp. 6.375%, 04/01/26 144A @	$	325	$	339,625
MGM Growth Properties Operating Partnership LP 5.625%, 05/01/24 144A @		175		185,062
MGM Resorts International 6.000%, 03/15/23		325		342,875
Playa Resorts Holding BV 8.000%, 08/15/20 144A @		450		452,250
Seminole Hard Rock Entertainment, Inc. 5.875%, 05/15/21 144A @		300		300,750
				1,620,562
Machinery - Construction & Mining — 0.3%
BlueLine Rental Finance Corp. 7.000%, 02/01/19 144A @		225		193,500
Terex Corp. 6.000%, 05/15/21		375		375,469
				568,969
Machinery - Diversified — 0.5%
Gardner Denver, Inc. 6.875%, 08/15/21 144A @		300		272,250
Manitowoc Foodservice, Inc. 9.500%, 02/15/24 144A @		100		111,750
Zebra Technologies Corp. 7.250%, 10/15/22		382		404,920
				788,920
Media — 8.5%
AMC Networks, Inc. 4.750%, 12/15/22		175		173,688
Cable One, Inc. 5.750%, 06/15/22 144A @		175		179,375
CCO Holdings LLC 5.750%, 09/01/23		275		284,625
5.750%, 01/15/24		600		631,440
5.500%, 05/01/26 144A @		325		329,875
Cequel Communications Holdings I LLC 6.375%, 09/15/20 144A @		785		798,188
5.125%, 12/15/21 144A @		325		309,563
7.750%, 07/15/25 144A @		600		625,500
Charter Communications Operating LLC 6.384%, 10/23/35 144A @		350		414,465
6.484%, 10/23/45 144A @		350		417,907
Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/22		350		350,000
DISH DBS Corp. 6.750%, 06/01/21		500		518,125
5.875%, 07/15/22		250		243,125
7.750%, 07/01/26 144A @		200		206,000
LGE HoldCo VI BV 7.125%, 05/15/24 144A @		325		397,639
Mcgraw-hill Global Education Holdings LLC 7.875%, 05/15/24 144A @		325		336,375
MHGE Parent LLC 8.500%, 08/01/19 144A @		325		328,250

58

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Media — (continued)
Neptune Finco Corp. 10.125%, 01/15/23 144A @	$	1,175	$	1,316,000
10.875%, 10/15/25 144A @		325		371,514
SFR S.A. 7.375%, 05/01/26 144A @		500		494,375
Sinclair Television Group, Inc. 5.875%, 03/15/26 144A @		150		153,000
Sirius XM Radio, Inc. 6.000%, 07/15/24 144A @		427		441,411
Time Warner Cable, Inc. 6.550%, 05/01/37		60		69,913
7.300%, 07/01/38		55		68,873
6.750%, 06/15/39		35		41,121
Townsquare Media, Inc. 6.500%, 04/01/23 144A @		411		406,376
Trader Corp 9.875%, 08/15/18 144A @		200		206,500
Tribune Media Co. 5.875%, 07/15/22		450		447,750
Unitymedia GmbH 6.125%, 01/15/25 144A @		800		819,920
Unitymedia Hessen GmbH & Co. KG 5.000%, 01/15/25 144A @		400		392,000
Univision Communications, Inc. 6.750%, 09/15/22 144A @		492		519,060
5.125%, 02/15/25 144A @		275		271,906
VTR Finance BV 6.875%, 01/15/24 144A @		750		747,735
WideOpenWest Finance LLC 10.250%, 07/15/19		425		439,875
13.375%, 10/15/19		600		637,500
Ziggo Bond Finance BV 5.875%, 01/15/25 144A @		225		217,125
				14,606,094
Metal Fabricate/Hardware — 0.3%
Zekelman Industries, Inc. 0.000%, 05/25/21		150		149,750
6.000%, 06/14/21		25		24,958
9.875%, 06/15/23 144A @		300		303,000
				477,708
Mining — 3.5%
Aleris International, Inc. 7.875%, 11/01/20		200		177,000
Constellium NV 7.875%, 04/01/21 144A @		500		515,625
Eldorado Gold Corp. 6.125%, 12/15/20 144A @		400		400,000
FMG Resources August 2006 Pty Ltd. 9.750%, 03/01/22 144A @		675		745,031
Freeport-McMoRan, Inc. 2.375%, 03/15/18		300		294,000
3.100%, 03/15/20		125		118,125
4.000%, 11/14/21		175		158,101
5.400%, 11/14/34		250		198,750
HudBay Minerals, Inc. 9.500%, 10/01/20		962		812,890

	Par (000)		Value†
Mining — (continued)
Joseph T Ryerson & Son, Inc. 11.000%, 05/15/22 144A @	$	600	$	621,000
Lundin Mining Corp. 7.500%, 11/01/20 144A @		500		510,000
7.875%, 11/01/22 144A @		150		153,375
Novelis, Inc. 8.750%, 12/15/20		175		182,438
Nyrstar Netherlands Holdings BV 8.500%, 09/15/19 144A @		500		558,484
Teck Resources Ltd. 8.000%, 06/01/21 144A @		175		180,250
6.000%, 08/15/40		225		157,500
6.250%, 07/15/41		275		195,250
				5,977,819
Miscellaneous Manufacturing — 0.2%
Bombardier, Inc. 7.500%, 03/15/18 144A @		400		411,000
Oil & Gas — 10.2%
Alberta Energy Co., Ltd 8. 125%, 09/15/30		65		72,240
7.375%, 11/01/31		180		190,237
Anadarko Petroleum Corp. 8.700%, 03/15/19		115		131,149
Cenovus Energy, Inc. 6.750%, 11/15/39		395		414,805
Cheniere Corpus Christi Holdings LLC 7.000%, 06/30/24 144A @		500		513,440
Chesapeake Energy Corp. 8.000%, 12/15/22 144A @		581		492,397
Concho Resources, Inc. 7.000%, 01/15/21		400		411,000
6.500%, 01/15/22		75		76,781
5.500%, 10/01/22		75		75,375
5.500%, 04/01/23		875		877,187
Continental Resources, Inc. 4.900%, 06/01/44		360		297,000
CrownRock LP 7.125%, 04/15/21 144A @		450		461,250
7.750%, 02/15/23 144A @		675		705,375
Devon Energy Corp. 7.950%, 04/15/32		145		166,143
Devon Financing Co. LLC 7.875%, 09/30/31		40		46,547
Encana Corp. 6.500%, 05/15/19		490		519,400
7.200%, 11/01/31		280		286,852
EQT Corp. 8.125%, 06/01/19		80		88,135
Gulfport Energy Corp. 7.750%, 11/01/20		375		385,312
6.625%, 05/01/23		385		379,225
Hess Corp. 8.125%, 02/15/19		50		55,720
7.875%, 10/01/29		740		881,349
7.300%, 08/15/31		100		114,835
7.125%, 03/15/33		40		44,726
6.000%, 01/15/40		100		103,413

59

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Oil & Gas — (continued)
Kosmos Energy Ltd. 7.875%, 08/01/21 144A @	$	400	$	386,000
Matador Resources Co. 6.875%, 04/15/23		641		653,820
Newfield Exploration Co. 5.750%, 01/30/22		150		151,875
5.625%, 07/01/24		200		200,000
5.375%, 01/01/26		200		194,500
Noble Energy, Inc. 8.250%, 03/01/19		35		40,086
Pacific Exploration and Production Corp. 12.000%, 12/22/16 ^,~		172		151,360
5.375%, 01/26/19 144A @		1,125		208,125
5.625%, 01/19/25 144A @		500		92,500
Parsley Energy LLC 7.500%, 02/15/22 144A @		600		625,500
6.250%, 06/01/24 144A @		50		50,625
Petrobras Global Finance BV 8.375%, 05/23/21		875		903,000
Pride International, Inc. 8.500%, 06/15/19		295		300,163
6.875%, 08/15/20		10		9,544
QEP Resources, Inc. 6.875%, 03/01/21		200		202,000
5.250%, 05/01/23		100		92,000
Range Resources Corp. 4.875%, 05/15/25		475		452,437
Rowan Cos, Inc. 7.875%, 08/01/19		410		422,300
Seven Generations Energy Ltd. 8.250%, 05/15/20 144A @		1,150		1,191,687
6.750%, 05/01/23 144A @		350		352,625
SM Energy Co. 6.500%, 01/01/23		300		279,000
Southwestern Energy Co. 7.500%, 02/01/18		475		504,687
4.050%, 01/23/20		325		319,313
4.950%, 01/23/25		75		71,813
Sunoco LP 6.250%, 04/15/21 144A @		350		349,125
6.375%, 04/01/23 144A @		75		74,438
Transocean, Inc. 6.000%, 03/15/18		200		203,000
8.125%, 12/15/21		175		147,875
WPX Energy, Inc. 5.250%, 01/15/17		275		275,688
7.500%, 08/01/20		500		499,060
YPF S.A. 8.500%, 03/23/21 144A @		400		427,000
				17,621,039
Oil & Gas Services — 1.0%
Archrock Partners LP 6.000%, 04/01/21		250		223,750
6.000%, 10/01/22		225		199,125
CGG S.A.^, 6.500%, 06/01/21		250		110,000
6.875%, 01/15/22		300		130,500

	Par (000)		Value†
Oil & Gas Services — (continued)
SESI LLC 7.125%, 12/15/21	$	1,025	$	986,562
				1,649,937
Packaging and Containers — 2.3%
AEP Industries, Inc. 8.250%, 04/15/19		200		204,000
Ardagh Finance Holdings S.A. PIK 8.375%, 06/15/19 144A @		299		336,741
PIK 8.625%, 06/15/19 144A @		691		697,126
Ardagh Packaging Finance PLC 6.750%, 01/31/21 144A @		200		201,250
6.000%, 06/30/21 144A @		200		198,500
7.250%, 05/15/24 144A @		325		331,703
Ball Corp. 4.000%, 11/15/23		75		73,875
Beverage Packaging Holdings Luxembourg II SA 5.625%, 12/15/16 144A @		225		225,562
Consolidated Container Co. LLC 10.125%, 07/15/20 144A @		375		340,312
Crown Cork & Seal Co., Inc. 7.375%, 12/15/26		100		110,000
Graphic Packaging International, Inc. 4.750%, 04/15/21		175		182,984
Pactiv LLC 7.950%, 12/15/25		175		181,563
SIG Combibloc Holdings S.C.A. 7.750%, 02/15/23 144A @		700		817,923
				3,901,539
Pharmaceuticals — 2.9%
Capsugel S.A. PIK (Cash coupon 7.000%, PIK 7.75%) 7.000%, 05/15/19 144A @		310		310,775
DPx Holdings BV 7.500%, 02/01/22 144A @		325		333,937
Endo Finance LLC 6.000%, 07/15/23 144A @		475		415,625
6.000%, 02/01/25 144A @		325		281,938
JLL/Delta Dutch Pledgeco BV PIK (Cash coupon 8.750%, PIK 9.500%) 8.750%, 05/01/20 144A @		575		575,000
Valeant Pharmaceuticals International, Inc. 5.375%, 03/15/20 144A @		875		747,578
7.000%, 10/01/20 144A @		100		88,250
6.375%, 10/15/20 144A @		1,000		860,000
6.750%, 08/15/21 144A @		250		213,125
5.875%, 05/15/23 144A @		1,350		1,090,125
				4,916,353
Pipelines — 2.7%
Boardwalk Pipelines LP 4.950%, 12/15/24		175		172,126
5.950%, 06/01/26		130		136,554
DCP Midstream LLC 9.750%, 03/15/19 144A @		75		82,125
8.125%, 08/16/30		75		73,500
6.450%, 11/03/36 144A @		150		131,250

60

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Pipelines — (continued)
DCP Midstream Operating LP 5.600%, 04/01/44	$	50	$	42,750
Energy Transfer Partners LP 9.700%, 03/15/19		110		124,541
9.000%, 04/15/19		300		335,357
Gibson Energy, Inc. 6.750%, 07/15/21 144A @		325		323,375
MPLX LP 4.500%, 07/15/23 144A @		500		484,615
NuStar Logistics LP 4.800%, 09/01/20		50		48,500
Rockies Express Pipeline LLC 6.000%, 01/15/19 144A @		100		101,750
Sabine Pass Liquefaction LLC 6.250%, 03/15/22		875		899,062
5.750%, 05/15/24		200		198,500
Targa Resources Partners LP 5.250%, 05/01/23		50		47,250
4.250%, 11/15/23		1,050		942,375
6.750%, 03/15/24 144A @		375		384,375
Tesoro Logistics LP 6.125%, 10/15/21		100		103,500
				4,631,505
Real Estate — 0.7%
Greystar Real Estate Partners LLC 8.250%, 12/01/22 144A @		300		309,000
MPT Operating Partnership LP 6.875%, 05/01/21		225		232,313
6.375%, 03/01/24		250		266,250
The Howard Hughes Corp. 6.875%, 10/01/21 144A @		425		428,187
				1,235,750
Real Estate Investment Trusts — 0.1%
VEREIT Operating Partnership LP 4.125%, 06/01/21		150		156,468
Retail — 3.3%
Group 1 Automotive, Inc. 5.000%, 06/01/22		175		172,375
5.250%, 12/15/23 144A @		175		171,938
JC Penney Corp., Inc. 8.125%, 10/01/19		425		439,743
5.875%, 07/01/23 144A @		200		201,250
Jo-Ann Stores Holdings, Inc. PIK (Cash coupon 9.750%, PIK 10.500%) 9.750%, 10/15/19 144A @		200		175,000
Jo-Ann Stores LLC 8.125%, 03/15/19 144A @		300		287,250
KFC Holding Co. 5.000%, 06/01/24 144A @		125		127,188
5.250%, 06/01/26 144A @		250		256,250
Kirk Beauty One GmbH 8.750%, 07/15/23 144A @		225	$	264,677
New Albertsons, Inc. 7.450%, 08/01/29		175		169,750
8.000%, 05/01/31		125		123,750

	Par (000)		Value†
Retail — (continued)
New Look Secured Issuer PLC 6.500%, 07/01/22 144A @	$	250	$	305,756
Penske Automotive Group, Inc. 5.750%, 10/01/22		200		200,000
5.500%, 05/15/26		350		332,500
PF Chang’s China Bistro, Inc. 10.250%, 06/30/20 144A @		175		160,563
Rite Aid Corp. 6.750%, 06/15/21		725		763,062
6.125%, 04/01/23 144A @		475		507,062
Sonic Automotive, Inc. 7.000%, 07/15/22		175		184,625
5.000%, 05/15/23		200		196,000
The Men’s Wearhouse, Inc. 7.000%, 07/01/22		400		336,000
Vista Outdoor, Inc. 5.875%, 10/01/23 144A @		225		234,000
				5,608,739
Semiconductors — 0.9%
Micron Technology, Inc. 5.250%, 08/01/23 144A @		250		213,125
Microsemi Corp. 9.125%, 04/15/23 144A @		375		412,500
NXP BV 5.750%, 02/15/21 144A @		200		207,500
5.750%, 03/15/23 144A @		250		261,250
Sensata Technologies UK Financing Co. PLC 6.250%, 02/15/26 144A @		425		439,875
				1,534,250
Software — 1.7%
Cengage Learning, Inc. 9.500%, 06/15/24 144A @		350		356,125
First Data Corp. 5.375%, 08/15/23 144A @		425		431,592
7.000%, 12/01/23 144A @		1,050		1,063,125
MSCI, Inc. 5.250%, 11/15/24 144A @		250		255,625
Rackspace Hosting, Inc. 6.500%, 01/15/24 144A @		375		370,312
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23		200		204,500
Veritas US, Inc. 10.500%, 02/01/24 144A @		200		169,500
				2,850,779
Telecommunications — 8.2%
Altice Financing S.A. 6.625%, 02/15/23 144A @		350		343,654
7.500%, 05/15/26 144A @		525		514,500
Altice Finco S.A. 8.125%, 01/15/24 144A @		600		580,500
Altice Luxembourg S.A. 7.750%, 05/15/22 144A @		1,250		1,262,500
7.625%, 02/15/25 144A @		700		683,375
CenturyLink, Inc. 7.500%, 04/01/24		350		353,062

61

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High Yield Bond Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — (continued)
CommScope Holding Co., Inc. PIK (Cash coupon 6.625%, PIK 7.375%) 6.625%, 06/01/20 144A @	$	5	$	5,163
CommScope Technologies Finance LLC 6.000%, 06/15/25 144A @		525		538,125
Digicel Group Ltd. 8.250%, 09/30/20 144A @		750		626,250
EarthLink Holdings Corp. 7.375%, 06/01/20		25		26,000
Frontier Communications Corp. 8.875%, 09/15/20		475		507,062
Hughes Satellite Systems Corp. 7.625%, 06/15/21		325		349,741
Intelsat Jackson Holdings S.A. 7.250%, 10/15/20		200		142,500
7.500%, 04/01/21		500		345,000
8.000%, 02/15/24 144A @		300		295,500
Level 3 Communications, Inc. 5.750%, 12/01/22		350		354,375
Level 3 Financing, Inc. 5.625%, 02/01/23		150		151,407
5.250%, 03/15/26 144A @		125		122,500
OTE PLC 7.875%, 02/07/18		400		474,309
Sable International Finance Ltd. 6.875%, 08/01/22 144A @		450		451,944
Sprint Capital Corp. 8.750%, 03/15/32		1,200		1,026,000
T-Mobile USA, Inc. 6.500%, 01/15/24		100		105,250
6.000%, 04/15/24		225		232,875
6.375%, 03/01/25		175		182,875
6.500%, 01/15/26		1,250		1,318,750
TBG Global Pte Ltd. 5.250%, 02/10/22		200		203,137
UPC Holding BV 6.750%, 03/15/23 144A @		200		237,461
VimpelCom Holdings BV 5.200%, 02/13/19 144A @		200		206,048
Virgin Media Finance 6.375%, 04/15/23 144A @		225		225,000
7.000%, 04/15/23 144A @		275		373,417
6.000%, 10/15/24 144A @		200		196,250
Virgin Media Secured Finance PLC 5.250%, 01/15/26 144A @		200		193,500
5.500%, 08/15/26 144A @		400		389,000
6.250%, 03/28/29		175		228,311
Wind Acquisition Finance S.A. 7.375%, 04/23/21 144A @		950		904,875
				14,150,216
Textiles — 0.3%
Springs Industries, Inc. 6.250%, 06/01/21		450		454,500
Transportation — 0.2%
OPE KAG Finance Sub, Inc. 7.875%, 07/31/23 144A @		175		172,375

	Par (000)		Value†
Transportation — (continued)
Watco Cos. LLC 6.375%, 04/01/23 144A @	$	250	$	247,500
				419,875
TOTAL CORPORATE BONDS (Cost $149,373,682)				147,296,047
LOAN AGREEMENTS — 8.8%‡
Chemicals — 0.6%
MacDermid, Inc. 5.500%, 06/07/20		372		366,791
Solenis International LP 7.750%, 07/31/22 •		675		621,560
				988,351
Commercial Services — 0.7%
Kronos, Inc. 4.500%, 10/30/19 •		541		538,788
9.750%, 04/30/20		375		376,564
Nord Anglia Education Finance LLC 5.000%, 03/31/21		348		346,266
				1,261,618
Computers — 0.3%
Western Digital Corp. 6.250%, 04/29/23		450		451,409
Diversified Financial Services — 0.5%
National Financial Partners Corp. 4.500%, 07/01/20		275		271,713
Onex Wizard Acquisition 4.250%, 03/11/22		343		340,024
Terra-Gen Finance Co., LLC 5.250%, 12/09/21		284		240,259
				851,996
Electric — 0.5%
Energy Future Intermediate Holding Co. LLC 4.250%, 12/19/16 •		875		872,813
Electronics — 0.2%
Linxens France S.A. 5.000%, 10/14/22		348		345,638
Entertainment — 0.9%
Delta 2 (Lux) S.a.r.l. 4.750%, 07/30/21		525		504,163
7.750%, 07/29/22		175		165,594
Lions Gate Entertainment Co. 5.000%, 03/17/22		375		378,750
Peninsula Gaming LLC 4.250%, 11/20/17 •		0		0
Scientific Games International, Inc . 6.000%, 10/18/20		175		172,667
William Morris Endeavor Entertainment LLC 8.250%, 05/06/22 •		300		291,000
				1,512,174

62

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

	Par (000)		Value†
LOAN AGREEMENTS — (continued)
Food — 0.2%
Hostess Brands LLC
4.500%, 08/03/22 •	$	248	$	247,629
8.500%, 08/03/23		162		160,552
				408,181
Healthcare Services — 0.1%
US Renal Care, Inc. 5.250%, 12/30/22		274		273,113
Insurance — 1.6%
Alliant Holdings I LLC 4.500%, 08/12/22 •		273		268,565
Asurion LLC
5.000%, 05/24/19 •		272		270,117
8.500%, 03/03/21		1,125		1,080,000
5.000%, 08/04/22		636		626,486
Sedgwick Claims Management Services, Inc. 6.750%, 02/28/22		375		359,063
USI, Inc. 4.250%, 12/27/19 •		173		170,672
				2,774,903
Internet — 0.1%
Match Group, Inc. 5.500%, 11/16/22		183		183,575
Machinery - Diversified — 0.2%
Filtration Group, Inc. 4.250%, 11/23/20 •		348		344,584
Manitowoc Foodservice, Inc. 5.750%, 03/03/23		97		97,985
				442,569
Media — 0.7%
Cumulus Media Holdings Inc 4.250%, 12/23/20 •		200		139,750
IHeartCommunications, Inc. 7.210%, 01/30/19 •		900		655,002
Neptune Finco Corp. 5.000%, 10/09/22 •		350		350,087
				1,144,839
Oil & Gas — 0.2%
Hercules Offshore, Inc. 10.500%, 05/06/20 ^		333		316,859
Oil & Gas Services — 0.3%
CGG Holding (U.S.), Inc. 6.500%, 05/15/19 •		299		237,555
Expro Finservices S.a.r.l. 5.750%, 09/02/21		309		230,148
				467,703
Retail — 1.0%
Academy Ltd 5.000%, 07/01/22 •		792		740,952
JC Penney Corp. 5.250%, 06/23/23 •		657		652,517

	Par (000)		Value†
Retail — (continued)
Neiman Marcus Group, Inc. 4.250%, 10/25/20	$	298	$	267,539
				1,661,008
Software — 0.7%
Cengage Learning, Inc. 5.250%, 06/07/23		250		246,875
SolarWinds, Inc. 6.500%, 02/03/23		375		372,187
Veritas US, Inc.
6.625%, 01/27/23		499		438,900
8.625%, 01/27/23 ^		275		234,094
				1,292,056
TOTAL LOAN AGREEMENTS‡ (Cost $15,477,288)				15,248,805
	Number of Shares		Value†
WARRANTS — 0.0%
Pacific Exploration and Production Corp.*^,~ (Cost $13,760)		4,300		13,760
SHORT-TERM INVESTMENTS — 3.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		2,504,040		2,504,040
T. Rowe Price Reserve Investment Fund		4,101,393		4,101,393
TOTAL SHORT-TERM INVESTMENTS (Cost $6,605,433)				6,605,433
TOTAL INVESTMENTS — 100.1% (Cost $174,583,222)				172,368,891
Other Assets & Liabilities — (0.1)%				(247,824	)
TOTAL NET ASSETS — 100.0%			$	172,121,067

† See Security Valuation Note.

‡ 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, 2016. 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.

63

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

High Yield Bond Fund

* 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.

^ Illiquid security. The total market value of illiquid securities at June 30, 2016 is $1,243,619.

• Variable Rate Security.

¤ Defaulted Security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2016 is $245,666.

ADR — American Depository Receipt.

CONV — Convertible Security.

LLC — Limited Liability Company.

LP — Limited Partnership.

PIK — Payment in Kind Security.

PLC — Public Limited Company.

Country Weightings as of 06/30/2016††
United States	72	%
Canada	7
Luxembourg	6
Netherlands	4
United Kingdom	3
France	1
Germany	1
Other	6
Total	100%

††% of total investments as of June 30, 2016

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	1,864,377	$	1,827,449	$	—	$	36,928
REAL ESTATE INVESTMENT TRUSTS		284,611		284,611		—		—
PREFERRED STOCKS
Diversified Financial Services		43,618		—		43,618		—
Pharmaceuticals		280,930		280,930		—		—
Telecommunications		294,995		294,995		—		—
CORPORATE BONDS		147,296,047		—		147,144,687		151,360
LOAN AGREEMENTS		15,248,805		—		15,248,805		—
WARRANTS		13,760		—		—		13,760
SHORT-TERM INVESTMENTS		6,605,433		6,605,433		—		—
ASSET BACKED SECURITIES		436,315		—		436,315		—
TOTAL INVESTMENTS	$	172,368,891	$	9,293,418	$	162,873,425	$	202,048

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 12/31/2015	$	30,920
Purchases		165,120
Change in Appreciation/(Depreciation)		6,008
Balance as of 6/30/2016	$	202,048

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 2 or Level 3 fair value hierarchy during the reporting period.

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

64

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
ASSET BACKED SECURITIES — 0.3%
Continental Airlines 2009-2 Class A, Pass Through Trust 7.250%, 05/10/21	$	568	$	648,653
Continental Airlines 2012-1 Class A, Pass Through Trust 4.150%, 10/11/25		1,884		1,987,282
Continental Airlines 2012-1 Class B, Pass Through Trust 6.250%, 10/11/21		324		344,324
DB Master Finance LLC 2015-1A A21 3.262%, 02/20/45 144A @		1,447		1,460,142
Taco Bell Funding LLC 2016-1A A21 3.832%, 05/25/46 144A @		3,605		3,648,981
Wendys Funding LLC 2015-1A A21 3.371%, 06/15/45 144A @		2,303		2,315,264
TOTAL ASSET BACKED SECURITIES (Cost $10,139,877)				10,404,646
	Number of Shares		Value†
COMMON STOCKS — 58.9%
Aerospace & Defense — 0.4%
The Boeing Co.		109,100		14,168,817
Agriculture — 2.1%
Altria Group, Inc.		291,300		20,088,048
Philip Morris International, Inc.		527,900		53,697,988
				73,786,036
Auto Parts & Equipment — 0.9%
Johnson Controls, Inc.		694,400		30,734,144
Banks — 2.5%
State Street Corp.		231,200		12,466,304
The Bank of New York Mellon Corp.		1,911,100		74,246,235
				86,712,539
Beverages — 1.0%
PepsiCo, Inc.		280,517		29,717,971
SABMiller PLC		92,008		5,365,853
				35,083,824
Biotechnology — 0.3%
Biogen, Inc.*		42,815		10,353,523
Chemicals — 0.6%
LyondellBasell Industries NV, Class A		283,173		21,073,735
Commercial Services — 1.0%
Capita PLC		1,133,748		14,609,001
Fleetcor Technologies, Inc.*		134,987		19,320,689
				33,929,690
Computers — 1.5%
Apple, Inc.		363,200		34,721,920
IHS, Inc., Class A*		149,936		17,334,101
				52,056,021

	Number of Shares		Value†
Diversified Financial Services — 2.6%
Affiliated Managers Group, Inc.*		137,628	$	19,373,894
BlackRock, Inc.		68,700		23,531,811
Julius Baer Group Ltd.		257,879		10,379,196
Visa, Inc., Class A		502,400		37,263,008
				90,547,909
Electric — 1.6%
PG&E Corp.		847,900		54,197,768
Xcel Energy, Inc.		42,100		1,885,238
				56,083,006
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		186,300		8,612,649
Electronics — 6.2%
PerkinElmer, Inc.		700,400		36,714,968
Sensata Technologies Holding NV*		403,850		14,090,327
Thermo Fisher Scientific, Inc.		699,700		103,387,672
Tyco International PLC		1,382,500		58,894,500
				213,087,467
Food — 1.4%
Compass Group PLC		231,572		4,405,770
Mondelez International, Inc., Class A		959,074		43,647,458
				48,053,228
Healthcare Products — 5.6%
Becton Dickinson & Co.		383,934		65,111,367
Danaher Corp.		1,252,270		126,479,270
				191,590,637
Healthcare Services — 3.4%
Aetna, Inc.		433,700		52,967,781
Humana, Inc.		90,123		16,211,325
UnitedHealth Group, Inc.		334,800		47,273,760
				116,452,866
Insurance — 6.8%
Marsh & McLennan Cos., Inc.		2,509,000		171,766,140
Willis Towers Watson PLC		512,279		63,681,402
				235,447,542
Internet — 2.7%
Alphabet, Inc., Class A*		11,800		8,301,654
Alphabet, Inc., Class C*		57,516		39,806,824
Amazon.com, Inc.*		64,100		45,871,242
				93,979,720
Lodging — 0.3%
Hilton Worldwide Holdings, Inc.		379,733		8,555,384
Machinery — Diversified — 0.9%
IDEX Corp.		106,500		8,743,650
Roper Technologies, Inc.		134,800		22,991,488
				31,735,138
Media — 2.2%
Comcast Corp., Class A		652,700		42,549,513

65

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Flexibly Managed Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Media — (continued)
Liberty Global PLC*		1,065,632	$	30,530,357
Liberty Global PLC LiLAC*		67,217		2,183,895
				75,263,765
Miscellaneous Manufacturing — 1.0%
Pentair PLC		593,864		34,616,333
Oil & Gas — 0.6%
Canadian Natural Resources Ltd.		667,900		20,591,357
Pharmaceuticals — 4.9%
Abbott Laboratories		1,666,600		65,514,046
Allergan PLC*		30,200		6,978,918
Pfizer, Inc.		1,239,831		43,654,449
Zoetis, Inc.		1,071,386		50,847,980
				166,995,393
Retail — 3.2%
AutoZone, Inc.*		72,699		57,711,374
CVS Health Corp.		237,900		22,776,546
Lowe’s Cos., Inc.		329,400		26,078,598
O’Reilly Automotive, Inc.*		12,600		3,415,860
				109,982,378
Semiconductors — 0.3%
Texas Instruments, Inc.		138,200		8,658,230
Software — 3.9%
Fiserv, Inc.*		481,200		52,320,876
Microsoft Corp.		1,628,400		83,325,228
				135,646,104
Telecommunications — 0.7%
SBA Communications Corp., Class A*		212,898		22,980,210
TOTAL COMMON STOCKS (Cost $1,667,057,042)				2,026,777,645
	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 1.8%
Commercial Services — 0.2%
Iron Mountain, Inc.144A @	$	5,925,000		6,199,031
Diversified — 1.6%
American Tower Corp.		283,397		32,196,733
American Tower Corp.		180,218		20,242,086
American Tower Corp.		3,575,000		3,729,447
				56,168,266
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $53,665,280)				62,367,297

	Number of Shares		Value†
PREFERRED STOCKS — 1.2%
Banks — 0.5%
State Street Corp.		86,000	$	2,399,400
State Street Corp.•		50,000		1,342,000
U.S. Bancorp, Series F•		71,000		2,186,800
U.S. Bancorp, Series G•		90,000		2,349,900
Wells Fargo & Co.		7,000		9,094,400
				17,372,500
Diversified Financial Services — 0.1%
The Charles Schwab Corp.		12,000		322,080
The Charles Schwab Corp.		150,000		4,092,000
				4,414,080
Electric — 0.6%
SCE Trust I		83,775		2,222,551
SCE Trust II		14,730		385,189
SCE Trust III•		161,355		4,679,295
SCE Trust IV•		340,000		9,475,800
SCE Trust V•		100,000		2,855,000
				19,617,835
TOTAL PREFERRED STOCKS (Cost $37,339,414)				41,404,415
	Par (000)		Value†
CORPORATE BONDS — 20.4%
Advertising — 0.0%
Lamar Media Corp. 5.875%, 02/01/22	$	1,450		1,508,000
Aerospace & Defense — 0.1%
Harris Corp. 1.999%, 04/27/18		1,080		1,085,498
Moog, Inc. 5.250%, 12/01/22 144A @		650		658,125
				1,743,623
Airlines — 0.1%
Continental Airlines 2009-1 Pass Through Trust 9.000%, 07/08/16		651		650,941
Delta Air Lines 2009-1, Class A Pass Through Trust 7.750%, 06/17/21		380		428,179
Delta Air Lines 2011-1, Class A Pass Through Trust 5.300%, 10/15/20		399		426,755
US Airways 2010-1 Class A, Pass Through Trust 6.250%, 10/22/24		1,673		1,877,602
US Airways 2010-1 Class B, Pass Through Trust 8.500%, 10/22/18 ^		149		154,430
US Airways 2012-2 Class A, Pass Through Trust 4.625%, 12/03/26		235		254,864

66

Penn Series Funds, Inc.

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Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Airlines — (continued)
US Airways 2012-2 Class B Pass Through Trust 6.750%, 12/03/22 ^	$	462	$	494,298
US Airways 2013-1 Class A, Pass Through Trust 3.950%, 05/15/27		4		4,597
US Airways 2013-1 Class B, Pass Through Trust 5.375%, 05/15/23		5		4,647
				4,296,313
Apparel — 0.1%
Levi Strauss & Co. 6.875%, 05/01/22		3,900		4,138,875
Auto Manufacturers — 0.1%
Tesla Motors Inc. 1.250%, 03/01/21		2,393		1,966,747
Banks — 0.6%
JPMorgan Chase & Co. 5.300%, 12/29/49•		10,255		10,216,544
Regions Bank 7.500%, 05/15/18		75		82,252
State Street Corp. 5.250%, 12/29/49•		4,360		4,479,900
Synovus Financial Corp. 5.125%, 06/15/17		32		32,550
The Bank of New York Mellon Corp. 4.950%, 12/29/49•		5,800		5,821,750
				20,632,996
Beverages — 0.3%
Anheuser-Busch InBev Finance Inc. 1.900%, 02/01/19		2,995		3,045,855
1.897%, 02/01/21•		3,820		3,935,838
2.650%, 02/01/21		1,690		1,752,555
PepsiCo, Inc. 1.250%, 04/30/18		1,635		1,643,741
				10,377,989
Chemicals — 0.2%
Cytec Industries, Inc. 3.950%, 05/01/25		3,680		3,667,444
Ecolab Inc. 2.000%, 01/14/19		2,330		2,360,397
				6,027,841
Computers — 0.1%
IHS Inc. 5.000%, 11/01/22		3,925		4,052,562
Diversified Financial Services — 1.9%
American Honda Finance Corp. 0.950%, 05/05/17		2,200		2,199,399
Caterpillar Financial Services Corp. 1.250%, 11/06/17		1,645		1,651,169
2.250%, 12/01/19		1,155		1,189,150

	Par (000)		Value†
Diversified Financial Services — (continued)
Ford Motor Credit Co. LLC 4.250%, 02/03/17	$	1,340	$	1,361,413
1.270%, 03/27/17•		7,660		7,662,873
1.461%, 03/27/17		10,560		10,578,712
6.625%, 08/15/17		1,675		1,768,015
1.181%, 09/08/17•		4,325		4,311,670
1.250%, 12/06/17•		6,325		6,292,262
1.724%, 12/06/17		2,150		2,154,573
2.145%, 01/09/18		3,360		3,389,424
5.000%, 05/15/18		1,800		1,907,161
2.375%, 03/12/19		4,275		4,334,961
2.597%, 11/04/19		5,350		5,473,478
National Rural Utilities Cooperative Finance Corp. 0.950%, 04/24/17		1,050		1,050,113
Visa, Inc. 1.200%, 12/14/17		11,030		11,098,496
				66,422,869
Electric — 0.4%
Berkshire Hathaway Energy Co. 2.400%, 02/01/20		2,550		2,619,271
CMS Energy Corp. 6.550%, 07/17/17		895		942,294
8.750%, 06/15/19		415		499,410
Dominion Resources Inc., STEP 2.962%, 07/01/19		350		356,312
Otter Tail Corp. 9.000%, 12/15/16 ^		890		915,588
The Southern Co. 1.550%, 07/01/18		3,795		3,819,823
1.850%, 07/01/19		1,770		1,792,392
Virginia Electric & Power Co. 3.150%, 01/15/26		1,525		1,610,051
				12,555,141
Electronics — 0.0%
Amphenol Corp. 1.550%, 09/15/17		920		920,286
Fortive Corp. 1.800%, 06/15/19 144A @		345		347,213
				1,267,499
Engineering & Construction — 0.1%
SBA Communications Corp. 4.875%, 07/15/22		2,575		2,568,563
Entertainment — 0.5%
Cedar Fair LP 5.250%, 03/15/21		5,800		5,942,419
Six Flags Entertainment Corp. 5.250%, 01/15/21 144A @		9,395		9,688,594
				15,631,013
Food — 0.1%
B&G Foods, Inc. 4.625%, 06/01/21		1,525		1,525,000

67

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Food — (continued)
The Kroger Co. 2.000%, 01/15/19	$	1,330	$	1,351,646
TreeHouse Foods, Inc. 6.000%, 02/15/24 144A @		600		636,000
				3,512,646
Gas — 0.1%
Southern California Gas Co. 3.200%, 06/15/25		3,625		3,889,378
Healthcare Products — 0.4%
Becton Dickinson and Co. 1.800%, 12/15/17		3,590		3,619,348
2.675%, 12/15/19		2,175		2,237,057
Medtronic, Inc.
1.500%, 03/15/18		4,025		4,059,933
2.500%, 03/15/20		2,845		2,950,587
Teleflex, Inc. 4.875%, 06/01/26		900		909,000
				13,775,925
Healthcare Services — 1.5%
Centene Corp. 5.750%, 06/01/17		2,100		2,142,000
DaVita HealthCare Partners, Inc. 5.750%, 08/15/22		16,265		17,017,256
Fresenius Medical Care U.S. Finance II, Inc. 5.625%, 07/31/19 144A @		6,300		6,831,531
5.875%, 01/31/22 144A @		3,450		3,782,063
Fresenius Medical Care U.S. Finance, Inc. 5.750%, 02/15/21 144A @		725		804,750
HCA, Inc. 8.000%, 10/01/18		7,544		8,411,560
3.750%, 03/15/19		1,725		1,785,375
4.250%, 10/15/19		850		886,125
6.500%, 02/15/20		7,425		8,213,906
UnitedHealth Group, Inc. 1.400%, 12/15/17		1,545		1,553,307
Wellcare Health Plans, Inc. 5.750%, 11/15/20		1,800		1,860,750
				53,288,623
Household Products & Wares — 0.1%
Reynolds Group Issuer, Inc. 5.750%, 10/15/20		3,300		3,407,250
Insurance — 0.5%
HUB International Ltd. 9.250%, 02/15/21 144A @		2,200		2,299,000
7.875%, 10/01/21 144A @		11,201		10,752,960
Marsh & McLennan Cos., Inc. 2.350%, 03/06/20		1,205		1,229,443
3.300%, 03/14/23		525		548,071
Trinity Acquisition PLC 4.400%, 03/15/26		2,400		2,505,898
				17,335,372

	Par (000)		Value†
Internet — 0.1%
Amazon.com, Inc. 2.600%, 12/05/19	$	4,155	$	4,333,918
Lodging — 0.2%
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625%, 10/15/21		5,749		5,950,215
Machinery — Diversified — 0.6%
Case New Holland Industrial, Inc. 7.875%, 12/01/17		341		366,575
CNH Industrial Capital LLC 6.250%, 11/01/16		7,400		7,492,500
3.250%, 02/01/17		4,775		4,803,650
3.625%, 04/15/18		5,700		5,700,000
3.875%, 07/16/18		425		427,125
Manitowoc Foodservice, Inc. 9.500%, 02/15/24 144A @		425		474,937
Xylem, Inc. 4.875%, 10/01/21		415		452,482
				19,717,269
Media — 1.0%
CCO Holdings LLC 6.625%, 01/31/22		8,200		8,651,000
Cequel Communications Holdings I LLC 6.375%, 09/15/20 144A @		3,550		3,609,640
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579%, 07/23/20 144A @		2,225		2,326,113
DISH DBS Corp. 4.625%, 07/15/17		4,850		4,934,875
Sirius XM Radio, Inc. 5.875%, 10/01/20 144A @		425		438,281
5.750%, 08/01/21 144A @		2,800		2,908,500
Time Warner Cable Inc. 5.850%, 05/01/17		1,760		1,821,908
Unitymedia GmbH 6.125%, 01/15/25 144A @		6,225		6,380,003
Unitymedia Hessen GmbH & Co. KG 5.500%, 01/15/23 144A @		4,925		4,949,625
				36,019,945
Oil & Gas — 2.6%
Canadian Natural Resources Ltd. 1.750%, 01/15/18		1,000		991,247
Chevron Corp. 1.365%, 03/02/18		4,400		4,424,165
Concho Resources, Inc. 7.000%, 01/15/21		14,490		14,888,475
6.500%, 01/15/22		6,975		7,140,656
5.500%, 10/01/22		4,150		4,170,750
5.500%, 04/01/23		13,400		13,433,500
Diamondback Energy, Inc. 7.625%, 10/01/21		4,500		4,753,125

68

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Oil & Gas — (continued)
EQT Corp. 6.500%, 04/01/18	$	1,620	$	1,687,910
8.125%, 06/01/19		1,754		1,932,370
4.875%, 11/15/21		8,005		8,511,893
Matador Resources Co. 6.875%, 04/15/23		3,300		3,366,000
Range Resources Corp. 5.750%, 06/01/21		5,712		5,583,480
5.000%, 08/15/22		4,200		3,958,500
5.000%, 03/15/23		6,175		5,789,062
4.875%, 05/15/25		4,100		3,905,250
Shell International Finance BV 1.080%, 05/11/20•		6,720		6,631,807
				91,168,190
Packaging and Containers — 0.1%
Beverage Packaging Holdings Luxembourg II SA 5.625%, 12/15/16 144A @		2,275		2,280,688
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 6.875%, 02/15/21		1,050		1,081,500
				3,362,188
Pharmaceuticals — 0.4%
Eli Lilly & Co. 1.250%, 03/01/18		2,200		2,216,524
Johnson & Johnson 1.125%, 11/21/17		1,360		1,367,339
Pfizer, Inc. 1.200%, 06/01/18		8,525		8,564,496
				12,148,359
Pipelines — 1.2%
MPLX LP
5.500%, 02/15/23 144A @		10,260		10,424,129
4.500%, 07/15/23 144A @		15,500		15,023,080
4.875%, 12/01/24 144A @		1,600		1,558,658
ONEOK Partners LP 2.000%, 10/01/17		830		828,854
Targa Resources Partners LP
4.125%, 11/15/19		1,325		1,311,750
6.875%, 02/01/21		5,100		5,189,250
5.250%, 05/01/23		2,775		2,622,375
4.250%, 11/15/23		3,325		2,984,188
				39,942,284
Real Estate — 0.1%
CBRE Services, Inc. 5.000%, 03/15/23		900		931,749
Iron Mountain, Inc. 4.375%, 06/01/21 144A @		1,300		1,309,750
				2,241,499

	Par (000)		Value†
Retail — 1.8%
AmeriGas Finance LLC 7.000%, 05/20/22	$	6,030	$	6,365,389
Autozone, Inc. 1.625%, 04/21/19		365		366,897
AutoZone, Inc. 2.500%, 04/15/21		1,915		1,950,157
L Brands, Inc.
6.900%, 07/15/17		5,200		5,514,600
8.500%, 06/15/19		4,454		5,166,640
7.000%, 05/01/20		1,726		1,950,380
6.625%, 04/01/21		8,221		9,248,625
McDonald’s Corp. 2.100%, 12/07/18		505		516,803
Rite Aid Corp.
9.250%, 03/15/20		11,490		12,124,018
6.750%, 06/15/21		7,950		8,367,375
Suburban Propane Partners LP 7.375%, 08/01/21		1,890		1,966,791
Walgreens Boots Alliance, Inc. 1.750%, 05/30/18		2,545		2,564,882
Yum! Brans, Inc.
3.875%, 11/01/20		2,625		2,667,656
3.750%, 11/01/21		5,050		4,949,000
				63,719,213
Semiconductors — 0.8%
NXP BV 5.750%, 02/15/21 144A @		5,075		5,265,313
NXP BV/NXP Funding LLC
3.500%, 09/15/16 144A @		60		60,062
3.750%, 06/01/18 144A @		20,760		21,175,200
				26,500,575
Software — 0.3%
Fiserv, Inc. 2.700%, 06/01/20		5,175		5,357,579
IMS Health, Inc. 6.000%, 11/01/20 144A @		875		890,313
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23		3,600		3,681,000
				9,928,892
Telecommunications — 4.0%
Crown Castle International Corp.
4.875%, 04/15/22		7,850		8,620,870
5.250%, 01/15/23		13,865		15,557,362
SBA Communications Corp. 5.625%, 10/01/19		5,800		5,988,500
SBA Telecommunications, Inc. 5.750%, 07/15/20		12,800		13,184,000
T-Mobile USA Inc. 5.250%, 09/01/18		825		841,500
T-Mobile USA, Inc.
6.542%, 04/28/20		13,000		13,406,250
6.625%, 11/15/20		5,475		5,646,094

69

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Flexibly Managed Fund

	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — (continued)
Telesat Canada 6.000%, 05/15/17 144A @	$	7,870	$	7,855,244
UPC Holding BV 6.375%, 09/15/22 144A @		4,975		5,837,109
UPCB Finance V Ltd. 7.250%, 11/15/21 144A @		17,285		18,019,091
UPCB Finance VI Ltd. 6.875%, 01/15/22 144A @		25,923		26,959,608
Virgin Media Finance PLC 6.000%, 10/15/24 144A @		325		318,906
Virgin Media Secured Finance PLC
5.375%, 04/15/21 144A @		11,093		11,286,619
6.000%, 04/15/21 144A @		1,215		1,661,957
5.250%, 01/15/26 144A @		3,450		3,337,875
				138,520,985
TOTAL CORPORATE BONDS (Cost $695,177,431)				701,952,757
LOAN AGREEMENTS — 3.7%‡
Beverages — 0.3%
De Master Blenders 4.250%, 07/02/22		1,011		1,122,648
4.250%, 07/02/22		7,549		7,563,298
				8,685,946
Commercial Services — 0.3%
Kronos, Inc. 4.500%, 10/30/19•		5,359		5,340,601
9.750%, 04/30/20		6,122		6,147,571
				11,488,172
Diversified Financial Services — 0.2%
Hilton Worldwide Finance LLC 3.500%, 10/25/20•		4,841		4,841,447
Electric — 0.0%
Texas Competitive Electric Holdings Co. LLC 3.750%, 11/07/16•		1,016		1,012,032
Entertainment — 0.0%
Kasima LLC 3.250%, 05/17/21•		450		448,919
Food — 0.2%
Pinnacle Foods Finance LLC• 3.250%, 04/29/20		3,744		3,735,289
3.250%, 04/29/20		4,246		4,243,026
				7,978,315
Healthcare Services — 0.3%
Davita Healthcare Partners, Inc. 3.500%, 06/24/21•		9,387		9,399,129
Holding Companies — 0.5%
Intelsat Jackson Holdings 3.750%, 06/30/19		20,221		18,386,258

	Par (000)			Value†
Insurance — 0.5%
HUB International Ltd. 4.000%, 10/02/20•	$	17,761		$	17,420,577
Machinery - Diversified — 0.2%
Manitowoc Foodservice, Inc. 5.750%, 03/03/23		5,773			5,805,579
Media — 0.1%
Charter Communications Operating LLC• 3.000%, 07/01/20		3,061			3,036,393
3.000%, 01/03/21		1,439			1,429,246
					4,465,639
Retail — 0.3%
Yum! Brands, Inc. 3.192%, 06/16/23		10,975			10,975,000
Semiconductors — 0.1%
NXP BV 3.750%, 12/07/20		1,853			1,855,189
Telecommunications — 0.7%
Telesat Canada• 3.000%, 03/28/17 ^		557			428,341
3.500%, 03/28/19		5,350			5,314,478
4.250%, 03/28/19 ^		3,628			2,784,553
UPC Financing Partnership 3.250%, 06/30/21•		16,075			15,666,373
					24,193,745
TOTAL LOAN AGREEMENTS (Cost $129,876,995)					126,955,947
	Number of Shares			Value†
SHORT-TERM INVESTMENTS — 12.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		21,972,509			21,972,509
T. Rowe Price Reserve Investment Fund		399,016,499			399,016,499
TOTAL SHORT-TERM INVESTMENTS (Cost $420,989,008)					420,989,008
TOTAL INVESTMENTS — 98.6% (Cost $3,014,245,047)					3,390,851,715
Other Assets & Liabilities — 1.4%					48,737,091
TOTAL NET ASSETS — 100.0%				$	3,439,588,806
	Number of Contracts			Value†
WRITTEN OPTIONS
Call Options
Allergan PLC, $270.00, 01/20/2017		(302	)		(217,440	)
Alphabet, Inc., $795.00, 01/20/2017		(117	)		(139,230	)
Alphabet, Inc., $800.00, 01/20/2017		(47	)		(55,225	)
Alphabet, Inc., $800.00, 01/20/2017		(31	)		(48,980	)

70

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Flexibly Managed Fund

	Number of Contracts			Value†
WRITTEN OPTIONS — (continued)
Call Options — (continued)
Alphabet, Inc., $820.00, 01/20/2017		(47	)	$	(33,840	)
Alphabet, Inc., $840.00, 01/20/2017		(47	)		(23,030	)
Alphabet, Inc., $900.00, 01/20/2017		(87	)		(27,840	)
Altria Group, Inc., $65.00, 01/20/2017		(1,456	)		(792,064	)
Altria Group, Inc., $67.50, 01/20/2017		(1,457	)		(575,515	)
American Tower Corp., $105.00, 01/20/2017		(170	)		(187,000	)
American Tower Corp., $110.00, 01/20/2017		(331	)		(264,800	)
American Tower Corp., $115.00, 01/20/2017		(484	)		(242,000	)
Apple, Inc., $105.00, 01/20/2017		(704	)		(198,528	)
Apple, Inc., $110.00, 01/20/2017		(704	)		(124,608	)
Apple, Inc., $115.00, 01/20/2017		(2,070	)		(221,490	)
AutoZone, Inc., $840.00, 01/20/2017		(45	)		(107,550	)
Comcast Corp., $62.50, 01/20/2017		(2,713	)		(1,410,760	)
Comcast Corp., $65.00, 01/20/2017		(3,814	)		(1,395,924	)
CVS Health Corp., $100.00, 01/20/17		(386	)		(110,396	)
CVS Health Corp., $105.00, 01/20/17		(564	)		(73,320	)
CVS Health Corp., $110.00, 01/20/17		(967	)		(45,449	)
CVS Health Corp., $115.00, 01/20/2017		(436	)		(7,412	)
Danaher Corp., $100.00, 01/20/2017		(405	)		(234,900	)
Danaher Corp., $105.00, 01/20/2017		(1,119	)		(352,485	)
Danaher Corp., $110.00, 01/20/2017		(713	)		(106,950	)
Danaher Corp., $115.00, 01/20/2017		(289	)		(15,895	)
Danaher Corp., $92.00, 01/20/2017		(895	)		(796,550	)
Danaher Corp., $92.50, 01/20/2017		(895	)		(975,550	)
Duke Energy Corp., $70.00 01/20/2017		192			297,600
Duke Energy Corp., $70.00, 01/20/2017		(192	)		(297,600	)
Lowe’s Cos, Inc., $87.50, 01/20/2017		(426	)		(62,622	)
Lowe’s Cos, Inc., $90.00, 01/20/2017		(863	)		(80,259	)
Lowe’s Cos., Inc., $80.00, 01/20/2017		(234	)		(101,790	)
Lowe’s Cos., Inc., $82.00, 01/20/2017		(1,117	)		(258,027	)
Lowe’s Cos., Inc., $82.50, 01/20/2017		(234	)		(80,730	)
LyondellBasell Industries NV, $87.50, 01/20/2017		(981	)		(137,340	)
LyondellBasell Industries NV, $90.00, 01/20/2017		(622	)		(68,420	)
LyondellBasell Industries NV, $92.50, 01/20/2017		(623	)		(46,725	)
Microsoft Corp., $57.50, 01/20/2017		(2,891	)		(291,991	)
Microsoft Corp., $62.50, 01/20/2017		(3,068	)		(95,108	)
Microsoft Corp., $65.00, 01/20/2017		(4,567	)		(73,072	)
PepsiCo, Inc., $100.00, 01/20/2017		(388	)		(291,000	)
PepsiCo, Inc., $105.00, 01/20/2017		(842	)		(391,530	)
PepsiCo, Inc., $110.00, 01/20/2017		(1,348	)		(296,560	)
Pfizer, Inc., $35.00, 01/20/2017		(4,211	)		(728,503	)
Pfizer, Inc., $36.00, 01/20/2017		(2,124	)		(261,252	)
Pfizer, Inc., $37.00, 01/20/2017		(639	)		(54,315	)
Philip Morris International, Inc., $92.50, 01/20/2017		(701	)		(655,435	)
Philip Morris International, Inc., $95.00, 01/20/2017		(1,300	)		(1,098,500	)
Philip Morris International, Inc., $97.50, 01/20/2017		(1,300	)		(884,000	)
Texas Instruments, Inc., $55.00, 01/20/2017		(598	)		(529,230	)
Texas Instruments, Inc., $60.00, 01/20/2017		(598	)		(322,920	)

	Number of Contracts			Value†
Call Options — (continued)
The Bank of New York Mellon Corp., $45.00, 01/20/2017		(2,763	)	$	(174,069	)
The Bank of New York Mellon Corp., $47.00, 01/20/2017		(1,901	)		(58,931	)
The Boeing Co., $160.00, 01/20/2017		(270	)		(14,850	)
The Boeing Co., $165.00, 01/20/2017		(269	)		(7,801	)
The Boeing Co., $170.00, 01/20/2017		(269	)		(4,573	)
Thermo Fisher Scientific, Inc., $155.00, 01/20/2017		(118	)		(66,080	)
Thermo Fisher Scientific, Inc., $160.00, 01/20/2017		(202	)		(76,760	)
Thermo Fisher Scientific, Inc., $165.00, 01/20/2017		(548	)		(134,260	)
Thermo Fisher Scientific, Inc., $170.00, 01/20/2017		(881	)		(132,150	)
UnitedHealth Group, Inc., $140.00, 01/20/2017		(891	)		(819,720	)
UnitedHealth Group, Inc., $145.00, 01/20/2017		(745	)		(510,325	)
Visa, Inc., $85.00, 01/20/2017		(576	)		(77,760	)
Visa, Inc., $87.50, 01/20/2017		(1,651	)		(156,845	)
Visa, Inc., $90.00, 01/20/2017		(576	)		(35,712	)
Zoetis, Inc., $55.00, 01/20/2017		(693	)		(58,905	)
TOTAL WRITTEN OPTIONS (Premiums $(14,646,929))					(17,922,801	)

† 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, 2016 is $4,777,210.

‡ 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, 2016. 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.

71

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Flexibly Managed Fund

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

STEP — Step Coupon Bond.

Country Weightings as of 06/30/2016††
United States	91	%
United Kingdom	5
Netherlands	2
Canada	1
Cayman Islands	1
Total	100	%

††% of total investments as of June 30, 2016

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	14,168,817	$	14,168,817	$	—	$	—
Agriculture		73,786,036		73,786,036		—		—
Auto Parts & Equipment		30,734,144		30,734,144		—		—
Banks		86,712,539		86,712,539		—		—
Beverages		35,083,824		29,717,971		5,365,853		—
Biotechnology		10,353,523		10,353,523		—		—
Chemicals		21,073,735		21,073,735		—		—
Commercial Services		33,929,690		19,320,689		14,609,001		—
Computers		52,056,021		52,056,021		—		—
Diversified Financial Services		90,547,909		90,547,909		—		—
Electric		56,083,006		56,083,006		—		—
Electrical Components & Equipment		8,612,649		8,612,649		—		—
Electronics		213,087,467		213,087,467		—		—
Food		48,053,228		43,647,458		4,405,770		—
Healthcare Products		191,590,637		191,590,637		—		—
Healthcare Services		116,452,866		116,452,866		—		—
Insurance		235,447,542		235,447,542		—		—
Internet		93,979,720		93,979,720		—		—
Lodging		8,555,384		8,555,384		—		—
Machinery — Diversified		31,735,138		31,735,138		—		—
Media		75,263,765		75,263,765		—		—
Miscellaneous Manufacturing		34,616,333		34,616,333		—		—
Oil & Gas		20,591,357		20,591,357		—		—
Pharmaceuticals		166,995,393		166,995,393		—		—
Retail		109,982,378		109,982,378		—		—
Semiconductors		8,658,230		8,658,230		—		—
Software		135,646,104		135,646,104		—		—
Telecommunications		22,980,210		22,980,210		—		—
REAL ESTATE INVESTMENT TRUSTS		62,367,297		52,438,819		9,928,478		—
TOTAL PREFERRED STOCKS		41,404,415		41,404,415		—		—
ASSET BACKED SECURITIES		10,404,646		—		10,404,646		—
CORPORATE BONDS		701,952,757		—		701,952,757		—
LOAN AGREEMENTS		126,955,947		—		126,955,947		—

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
SHORT-TERM INVESTMENTS		420,989,008		420,989,008		—		—
TOTAL INVESTMENTS	$	3,390,851,715	$	2,517,229,263	$	873,622,452	$	—

LIABILITIES TABLE
Description	Total Market Value at 06/30/2016			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
WRITTEN OPTIONS	$	(17,922,801	)	$	—	$	(17,922,801	)	$	—
TOTAL LIABILITIES	$	(17,922,801	)	$	—	$	(17,922,801	)	$	—

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 Level 2 or Level 3 fair value hierarchy during the reporting period.

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

72

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Balanced Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 59.8%
Penn Series Index 500 Fund* (Cost $20,550,405)		2,729,267	$	45,633,342
AFFILIATED FIXED INCOME FUNDS — 39.8%
Penn Series Quality Bond Fund* (Cost $24,260,089)		2,146,946		30,422,228
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $444,724)		444,724		444,724
TOTAL INVESTMENTS — 100.2% (Cost $45,255,218)				76,500,294
Other Assets & Liabilities — (0.2)%				(170,982	)
TOTAL NET ASSETS — 100.0%			$	76,329,312

† See Security Valuation Note.

* Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	45,633,342	$	45,633,342	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		30,422,228		30,422,228		—		—
SHORT-TERM INVESTMENTS		444,724		444,724		—		—
TOTAL INVESTMENTS		76,500,294		76,500,294		—		—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

73

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Growth Stock Fund

	Number of Shares		Value†
COMMON STOCKS — 92.9%
Aerospace & Defense — 1.2%
The Boeing Co.		24,000	$	3,116,880
Agriculture — 1.4%
Philip Morris International, Inc.		34,700		3,529,684
Airlines — 1.8%
American Airlines Group, Inc.		121,600		3,442,496
Delta Air Lines, Inc.		11,914		434,027
United Continental Holdings, Inc.*		15,598		640,142
				4,516,665
Apparel — 0.8%
Hanesbrands, Inc.		85,000		2,136,050
Auto Manufacturers — 1.8%
Ferrari NV		28,960		1,185,333
Tesla Motors, Inc.*		16,052		3,407,518
				4,592,851
Auto Parts & Equipment — 2.1%
BorgWarner, Inc.		34,700		1,024,344
Delphi Automotive PLC		20,400		1,277,040
Mobileye NV*		64,100		2,957,574
				5,258,958
Banks — 1.8%
Morgan Stanley		128,600		3,341,028
State Street Corp.		25,300		1,364,176
				4,705,204
Biotechnology — 4.2%
Alexion Pharmaceuticals, Inc.*		21,172		2,472,043
Biogen, Inc.*		7,900		1,910,378
BioMarin Pharmaceutical, Inc.*		5,500		427,900
Celgene Corp.*		18,200		1,795,066
Gilead Sciences, Inc.		6,300		525,546
Illumina, Inc.*		6,900		968,622
Incyte Corp.*		6,700		535,866
Vertex Pharmaceuticals, Inc.*		24,400		2,098,888
				10,734,309
Building Materials — 0.4%
Martin Marietta Materials, Inc.		5,100		979,200
Chemicals — 0.7%
Ashland, Inc.		16,300		1,870,751
Commercial Services — 0.7%
PayPal Holdings, Inc.*		52,300		1,909,473
Computers — 3.1%
Apple, Inc.		76,000		7,265,600
IHS, Inc., Class A*		6,900		797,709
				8,063,309
Diversified Financial Services — 7.1%
BlackRock, Inc.		1,900		650,807
Intercontinental Exchange, Inc.		11,200		2,866,752
MasterCard, Inc., Class A		68,800		6,058,528
TD Ameritrade Holding Corp.		60,280		1,716,473

	Number of Shares		Value†
Diversified Financial Services — (continued)
Visa, Inc., Class A		91,900	$	6,816,223
				18,108,783
Food — 0.7%
Mondelez International, Inc., Class A		39,500		1,797,645
Healthcare Products — 5.3%
Danaher Corp.		68,700		6,938,700
Intuitive Surgical, Inc.*		6,450		4,266,095
Stryker Corp.		20,100		2,408,583
				13,613,378
Healthcare Services — 5.6%
Aetna, Inc.		23,823		2,909,503
Anthem, Inc.		21,700		2,850,078
Cigna Corp.		14,900		1,907,051
Humana, Inc.		16,740		3,011,191
UnitedHealth Group, Inc.		26,000		3,671,200
				14,349,023
Internet — 26.5%
Alphabet, Inc., Class A*		12,200		8,583,066
Alphabet, Inc., Class C*		10,740		7,433,154
Amazon.com, Inc.*		29,800		21,325,476
Ctrip.com International Ltd. ADR*		9,600		395,520
Facebook, Inc., Class A*		96,200		10,993,736
Netflix, Inc.*		32,800		3,000,544
Tencent Holdings Ltd.		159,900		3,668,054
The Priceline Group, Inc.*		8,250		10,299,382
VeriSign, Inc.*		25,800		2,230,668
				67,929,600
Leisure Time — 0.4%
Royal Caribbean Cruises Ltd.		15,900		1,067,685
Lodging — 2.9%
Hilton Worldwide Holdings, Inc.		65,200		1,468,956
Las Vegas Sands Corp.		25,500		1,108,995
Marriott International, Inc., Class A		28,800		1,914,048
MGM Resorts International*		132,390		2,995,986
				7,487,985
Machinery — Diversified — 1.5%
Flowserve Corp.		10,975		495,741
Roper Technologies, Inc.		11,700		1,995,552
Wabtec Corp.		17,922		1,258,662
				3,749,955
Media — 0.2%
The Walt Disney Co.		4,700		459,754
Miscellaneous Manufacturing — 0.2%
Illinois Tool Works, Inc.		3,700		385,392
Pharmaceuticals — 5.8%
Allergan PLC*		20,113		4,647,913
Bristol-Myers Squibb Co.		89,300		6,568,015
McKesson Corp.		13,100		2,445,115

74

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Growth Stock Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Zoetis, Inc.		27,000	$	1,281,420
				14,942,463
Retail — 6.5%
AutoZone, Inc.*		3,522		2,795,904
Costco Wholesale Corp.		6,600		1,036,464
Lowe’s Cos., Inc.		43,700		3,459,729
Ross Stores, Inc.		33,800		1,916,122
Starbucks Corp.		35,800		2,044,896
Tractor Supply Co.		28,300		2,580,394
Walgreens Boots Alliance, Inc.		35,400		2,947,758
				16,781,267
Semiconductors — 2.0%
ASML Holding N.V.		21,800		2,162,778
NXP Semiconductors N.V.*		39,500		3,094,430
				5,257,208
Software — 6.6%
Fiserv, Inc.*		16,800		1,826,664
Microsoft Corp.		154,200		7,890,414
NetSuite, Inc.*		17,400		1,266,720
Salesforce.com, Inc.*		50,400		4,002,264
ServiceNow, Inc.*		29,300		1,945,520
				16,931,582
Telecommunications — 0.8%
Palo Alto Networks, Inc.*		4,900		600,936
T-Mobile US, Inc.*		31,300		1,354,351
				1,955,287
Transportation — 0.8%
FedEx Corp.		10,500		1,593,690
Kansas City Southern		4,100		369,369
				1,963,059
TOTAL COMMON STOCKS (Cost $189,806,837)				238,193,400
PREFERRED STOCKS — 1.7%
Internet — 0.9%
Dropbox. Inc., Class A*^,~		24,940		197,275
Flipkart Ltd., Ordinary Shares*^,~		566		54,500
Flipkart Ltd., Series A^,~		196		18,873
Flipkart Ltd., Series C*^,~		341		32,835
Flipkart Ltd., Series E*^,~		636		61,240
Flipkart Ltd., Series G*^,~		2,888		278,086
Flipkart Ltd., Series H*^,~		2,579		248,332
Livingsocial, Inc., Series F, CONV*^,~		15,066		0
Snapchat Inc. Series F CONV*^,~		12,884		395,797
Uber Technologies, Inc., Series G, CONV*^,~		12,545		611,847
Xiaoju Kuaizhi, Inc (didi), CONV*^,~		11,920		455,667
				2,354,452
Lodging — 0.5%
Airbnb, Inc., Series D*^,~		9,999		875,000
Airbnb, Inc., Series E, CONV*^,~		3,694		323,257
				1,198,257

	Number of Shares		Value†
Real Estate — 0.1%
WeWork Companies, Inc., Class A*^,~		923	$	34,746
WeWork Companies, Inc., Series E*^,~		8,297		312,334
				347,080
Software — 0.2%
Magic Leap Inc., Series C, CONV*^,~		15,808		364,106
TOTAL PREFERRED STOCKS (Cost $4,256,083)				4,263,895
REAL ESTATE INVESTMENT TRUSTS — 3.3%
Diversified — 3.3%
American Tower Corp.		43,800		4,976,118
Crown Castle International Corp.		26,100		2,647,323
Equinix, Inc.		2,200		853,006
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,437,129)				8,476,447
SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		1,017,203		1,017,203
T. Rowe Price Reserve Investment Fund		2,393,762		2,393,762
TOTAL SHORT-TERM INVESTMENTS (Cost $3,410,965)				3,410,965
TOTAL INVESTMENTS — 99.2% (Cost $202,911,014)			$	254,344,707
Other Assets & Liabilities — 0.8%				2,127,954
TOTAL NET ASSETS — 100.0%			$	256,472,661

^ Illiquid security. The total market value of illiquid securities at June 30, 2016 is $4,263,895.

† See Security Valuation Note.

* Non-income producing security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2016 is $4,263,895.

ADR — American Depository Receipt.

CONV — Convertible Security.

PLC — Public Limited Company.

Country Weightings as of 06/30/2016 ††
United States	94	%
China	2
Netherlands	2
Israel	1
United Kingdom	1
Total	100	%

††% of total investments as of June 30, 2016

75

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Growth Stock Fund

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	3,116,880	$	3,116,880	$	—	$	—
Agriculture		3,529,684		3,529,684		—		—
Airlines		4,516,665		4,516,665		—		—
Apparel		2,136,050		2,136,050		—		—
Auto Manufacturers		4,592,851		4,592,851		—		—
Auto Parts & Equipment		5,258,958		5,258,958		—		—
Banks		4,705,204		4,705,204		—		—
Biotechnology		10,734,309		10,734,309		—		—
Building Materials		979,200		979,200		—		—
Chemicals		1,870,751		1,870,751		—		—
Commercial Services		1,909,473		1,909,473		—		—
Computers		8,063,309		8,063,309		—		—
Diversified Financial Services		18,108,783		18,108,783		—		—
Food		1,797,645		1,797,645		—		—
Healthcare Products		13,613,378		13,613,378		—		—
Healthcare Services		14,349,023		14,349,023		—		—
Internet		67,929,600		64,261,546		3,668,054		—
Leisure Time		1,067,685		1,067,685		—		—
Lodging		7,487,985		7,487,985		—		—
Machinery — Diversified		3,749,955		3,749,955		—		—
Media		459,754		459,754		—		—
Miscellaneous Manufacturing		385,392		385,392		—		—
Pharmaceuticals		14,942,463		14,942,463		—		—
Retail		16,781,267		16,781,267		—		—
Semiconductors		5,257,208		5,257,208		—		—
Software		16,931,582		16,931,582		—		—
Telecommunications		1,955,287		1,955,287		—		—
Transportation		1,963,059		1,963,059		—		—
REAL ESTATE INVESTMENT TRUSTS
Diversified		8,476,447		8,476,447		—		—
PREFERRED STOCKS		4,263,895		—		—		4,263,895
SHORT-TERM INVESTMENTS		3,410,965		3,410,965		—		—
TOTAL INVESTMENTS	$	254,344,707	$	246,412,758	$	3,668,054	$	4,263,895

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 12/31/2015	$	3,814,644
Purchases		759,903
Change in Appreciation/(Depreciation)		(310,652	)
Balance as of 6/30/2016	$	4,263,895

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 2 or Level 3 fair value hierarchy during the reporting period.

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

76

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 98.2%
Advertising — 0.4%
Omnicom Group, Inc.		2,076	$	169,173
Aerospace & Defense — 2.1%
United Technologies Corp.		8,749		897,210
Apparel — 6.0%
Burberry Group PLC		19,518		303,612
LVMH Moet Hennessy Louis Vuitton S.E.		4,280		645,148
NIKE, Inc., Class B		21,046		1,161,739
VF Corp.		7,632		469,292
				2,579,791
Beverages — 2.2%
AMBEV S.A. ADR		46,117		272,551
PepsiCo, Inc.		2,264		239,848
Pernod Ricard S.A.		3,741		414,192
				926,591
Chemicals — 9.2%
Ecolab, Inc.		8,045		954,137
LyondellBasell Industries NV, Class A		1,911		142,217
Monsanto Co.		10,047		1,038,960
PPG Industries, Inc.		6,149		640,419
Praxair, Inc.		3,175		356,838
The Sherwin-Williams Co.		2,848		836,372
				3,968,943
Commercial Services — 2.9%
Equifax, Inc.		5,027		645,467
Moody’s Corp.		6,527		611,645
				1,257,112
Computers — 9.8%
Accenture PLC, Class A		19,363		2,193,634
Apple, Inc.		8,486		811,262
Cognizant Technology Solutions Corp., Class A*		17,320		991,397
EMC Corp.		7,430		201,873
				4,198,166
Cosmetics & Personal Care — 3.9%
Colgate-Palmolive Co.		17,565		1,285,758
L’Oreal S.A.		1,983		379,654
				1,665,412
Distribution & Wholesale — 2.1%
Fastenal Co.		7,501		332,969
W.W. Grainger, Inc.		2,456		558,126
				891,095
Diversified Financial Services — 6.7%
CME Group, Inc.		2,233		217,494
MasterCard, Inc., Class A		6,269		552,048
The Blackstone Group LP		10,987		269,621
The Charles Schwab Corp.		16,142		408,554
Visa, Inc., Class A		19,604		1,454,029
				2,901,746

	Number of Shares		Value†
Electronics — 7.6%
Amphenol Corp., Class A		9,923	$	568,885
Mettler-Toledo International, Inc.*		2,013		734,584
Thermo Fisher Scientific, Inc.		9,622		1,421,747
Waters Corp.*		3,749		527,297
				3,252,513
Food — 1.4%
Danone S.A.		8,760		613,051
Healthcare Products — 6.4%
Danaher Corp.		10,722		1,082,922
DENTSPLY SIRONA, Inc.		6,986		433,411
St. Jude Medical, Inc.		1,716		133,848
The Cooper Cos., Inc.		3,619		620,912
Zimmer Biomet Holdings, Inc.		4,161		500,901
				2,771,994
Household Products & Wares — 0.8%
Church & Dwight Co., Inc.		3,512		361,350
Insurance — 0.5%
Aon PLC		2,092		228,509
Internet — 5.4%
Alphabet, Inc., Class A		3,321		2,336,423
Media — 2.7%
The Walt Disney Co.		2,029		198,477
Time Warner, Inc.		2,815		207,015
Twenty-First Century Fox, Inc., Class A		28,392		768,004
				1,173,496
Miscellaneous Manufacturing — 0.8%
Colfax Corp.*		12,681		335,539
Oil & Gas Services — 0.6%
Schlumberger Ltd.		3,024		239,138
Pharmaceuticals — 11.2%
Abbott Laboratories		27,174		1,068,210
Eli Lilly & Co.		8,487		668,351
Express Scripts Holding Co.*		7,454		565,013
Mead Johnson Nutrition Co.		10,519		954,599
Roche Holding AG		2,593		684,241
Zoetis, Inc.		18,844		894,336
				4,834,750
Retail — 6.0%
AutoZone, Inc.*		1,250		992,300
CVS Health Corp.		8,118		777,217
The TJX Cos., Inc.		10,722		828,060
				2,597,577
Semiconductors — 3.8%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		21,822		572,391
Texas Instruments, Inc.		16,773		1,050,829
				1,623,220

77

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — 4.1%
Fidelity National Information Services, Inc.		11,345	$	835,900
Fiserv, Inc.*		5,144		559,307
Oracle Corp.		9,185		375,942
				1,771,149
Transportation — 1.6%
Union Pacific Corp.		8,008		698,698
TOTAL COMMON STOCKS (Cost $36,686,603)				42,292,646
SHORT-TERM INVESTMENTS — 0.3%
Money Market — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $132,387)		132,387		132,387
TOTAL INVESTMENTS — 98.5% (Cost $36,818,990)				42,425,033
Other Assets & Liabilities — 1.5%				653,527
TOTAL NET ASSETS — 100.0%			$	43,078,560

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

LP — Limited Partnership.

PLC — Public Limited Company.

Country Weightings as of 06/30/2016 ††
United States	85%
France	5
Ireland	5
Switzerland	2
Brazil	1
Taiwan	1
United Kingdom	1
Total	100%

††% of total investments as of June 30, 2016

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Advertising	$	169,173	$	169,173	$	—	$	—
Aerospace & Defense		897,210		897,210		—		—
Apparel		2,579,791		1,631,031		948,760		—
Beverages		926,591		512,399		414,192		—
Chemicals		3,968,943		3,968,943		—		—
Commercial Services		1,257,112		1,257,112		—		—
Computers		4,198,166		4,198,166		—		—
Cosmetics & Personal Care		1,665,412		1,285,758		379,654		—
Distribution & Wholesale		891,095		891,095		—		—
Diversified Financial Services		2,901,746		2,901,746		—		—
Electronics		3,252,513		3,252,513		—		—
Food		613,051		—		613,051		—
Healthcare Products		2,771,994		2,771,994		—		—
Household Products & Wares		361,350		361,350		—		—
Insurance		228,509		228,509		—		—
Internet		2,336,423		2,336,423		—		—
Media		1,173,496		1,173,496		—		—
Miscellaneous Manufacturing		335,539		335,539		—		—
Oil & Gas Services		239,138		239,138		—		—
Pharmaceuticals		4,834,750		4,150,509		684,241		—
Retail		2,597,577		2,597,577		—		—
Semiconductors		1,623,220		1,623,220		—		—
Software		1,771,149		1,771,149		—		—
Transportation		698,698		698,698		—		—
SHORT-TERM INVESTMENTS		132,387		132,387		—		—
TOTAL INVESTMENTS	$	42,425,033	$	39,385,135	$	3,039,898	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

78

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Core Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 98.2%
Aerospace & Defense — 1.9%
Harris Corp.		23,480	$	1,959,171
Agriculture — 2.7%
Reynolds American, Inc.		52,520		2,832,404
Airlines — 1.0%
Delta Air Lines, Inc.		29,320		1,068,128
Apparel — 1.3%
Coach, Inc.		33,140		1,350,124
Beverages — 7.2%
Constellation Brands, Inc., Class A		17,470		2,889,538
Dr. Pepper Snapple Group, Inc.		22,800		2,203,164
Monster Beverage Corp.*		15,840		2,545,646
				7,638,348
Biotechnology — 2.3%
Alexion Pharmaceuticals, Inc.*		5,470		638,677
Biogen, Inc.*		4,230		1,022,899
Celgene Corp.*		7,780		767,341
				2,428,917
Chemicals — 2.2%
The Sherwin-Williams Co.		7,980		2,343,487
Commercial Services — 4.9%
Aramark		31,860		1,064,761
PayPal Holdings, Inc.*		54,710		1,997,462
S&P Global Inc.		8,170		876,314
Verisk Analytics, Inc., Class A*		14,950		1,212,146
				5,150,683
Computers — 3.9%
Apple, Inc.		43,105		4,120,838
Cosmetics & Personal Care — 1.0%
The Procter & Gamble Co.		12,160		1,029,587
Diversified Financial Services — 5.6%
Intercontinental Exchange, Inc.		7,710		1,973,452
Visa, Inc., Class A		52,430		3,888,733
				5,862,185
Electrical Components & Equipment — 1.3%
Acuity Brands, Inc.		5,520		1,368,739
Healthcare Products — 4.4%
Baxter International, Inc.		33,920		1,533,862
Boston Scientific Corp.*		56,880		1,329,286
Intuitive Surgical, Inc.*		2,750		1,818,877
				4,682,025
Healthcare Services — 4.8%
Novo Nordisk A/S Class B, ADR		30,480		1,639,214
UnitedHealth Group, Inc.		24,340		3,436,808
				5,076,022
Internet — 16.3%
Alphabet, Inc., Class A*		8,810		6,198,099
Amazon.com, Inc.*		6,395		4,576,390

	Number of Shares		Value†
Internet — (continued)
Facebook, Inc., Class A*		40,270	$	4,602,056
Tencent Holdings Ltd. ADR		78,690		1,807,509
				17,184,054
Lodging — 1.0%
Wynn Resorts Ltd.		12,070		1,094,025
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.		42,850		3,151,618
Retail — 19.2%
Dollar General Corp.		20,940		1,968,360
McDonald’s Corp.		19,380		2,332,189
O’Reilly Automotive, Inc.		6,960		1,886,856
Starbucks Corp.		47,900		2,736,048
The Home Depot, Inc.		29,070		3,711,948
The TJX Cos., Inc.		30,080		2,323,078
Tractor Supply Co.		14,720		1,342,170
Ulta Salon Cosmetics & Fragrance, Inc.*		6,990		1,703,044
Yum! Brands, Inc.		27,270		2,261,228
				20,264,921
Semiconductors — 1.6%
Broadcom Ltd.		11,100		1,724,940
Software — 9.1%
Adobe Systems, Inc.*		21,710		2,079,601
Electronic Arts, Inc.*		25,000		1,894,000
Fidelity National Information Services, Inc.		29,990		2,209,663
Salesforce.com, Inc.*		22,745		1,806,181
ServiceNow, Inc.*		24,400		1,620,160
				9,609,605
Telecommunications — 1.2%
Zayo Group Holdings, Inc.*		43,870		1,225,289
Transportation — 2.3%
J.B. Hunt Transport Services, Inc.		13,180		1,066,657
Kansas City Southern		14,520		1,308,107
				2,374,764
TOTAL COMMON STOCKS (Cost $85,724,459)				103,539,874
SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,354,235)		1,354,235		1,354,235
TOTAL INVESTMENTS — 99.5% (Cost $87,078,694)				104,894,109
Other Assets & Liabilities — 0.5%				569,355
TOTAL NET ASSETS — 100.0% $			$	105,463,464

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

79

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Core Growth Fund

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	103,539,874	$	103,539,874	$	—	$	—
SHORT-TERM INVESTMENTS		1,354,235		1,354,235		—		—
TOTAL INVESTMENTS	$	104,894,109	$	104,894,109	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

The accompanying notes are an integral part of these financial statements

80

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 97.6%
Aerospace & Defense — 4.7%
Harris Corp.		18,407	$	1,535,880
Northrop Grumman Corp.		16,601		3,690,070
United Technologies Corp.		40,970		4,201,474
				9,427,424
Agriculture — 1.7%
Philip Morris International, Inc.		33,750		3,433,050
Apparel — 1.0%
Ralph Lauren Corp.		22,519		2,018,153
Banks — 12.5%
Bank of America Corp.		280,274		3,719,236
Citigroup, Inc.		83,293		3,530,790
Fifth Third Bancorp		191,292		3,364,826
JPMorgan Chase & Co.		99,022		6,153,227
State Street Corp.		29,128		1,570,582
The PNC Financial Services Group, Inc.		33,633		2,737,390
Wells Fargo & Co.		84,510		3,999,859
				25,075,910
Beverages — 1.5%
PepsiCo, Inc.		28,943		3,066,221
Building Materials — 1.9%
Vulcan Materials Co.		31,881		3,837,197
Chemicals — 1.4%
E.I. du Pont de Nemours & Co.		43,947		2,847,766
Computers — 1.7%
Apple, Inc.		29,713		2,840,563
EMC Corp.		21,115		573,694
				3,414,257
Diversified Financial Services — 5.4%
American Express Co.		30,239		1,837,322
Ameriprise Financial, Inc.		26,683		2,397,468
Discover Financial Services		63,890		3,423,865
FNF Group		86,609		3,247,837
				10,906,492
Electric — 4.1%
Calpine Corp.*		119,273		1,759,277
NextEra Energy, Inc.		26,947		3,513,889
PG&E Corp.		45,187		2,888,353
				8,161,519
Electronics — 1.5%
Honeywell International, Inc.		24,985		2,906,255
Food — 1.6%
Mondelez International, Inc., Class A		72,137		3,282,955
Healthcare Products — 2.1%
Medtronic PLC		47,957		4,161,229

	Number of Shares		Value†
Healthcare Services — 3.3%
Humana, Inc.	13,175	$	2,369,919
UnitedHealth Group, Inc.	30,092		4,248,990
			6,618,909
Housewares — 1.2%
Newell Brands, Inc.	50,172		2,436,854
Insurance — 5.6%
American International Group, Inc.	61,241		3,239,036
MetLife, Inc.	64,824		2,581,940
The Travelers Cos., Inc.	26,715		3,180,154
Unum Group	70,888		2,253,529
			11,254,659
Internet — 2.3%
Liberty Interactive Corp. QVC Group, Class A*	84,115		2,133,998
Symantec Corp.	118,115		2,426,082
			4,560,080
Leisure Time — 1.0%
Harley-Davidson, Inc.	44,904		2,034,151
Media — 2.9%
Comcast Corp., Class A	59,763		3,895,950
Liberty Global PLC, Class A*	66,857		1,942,865
Liberty Global PLC, LiLAC, Class A*	1		28
			5,838,843
Miscellaneous Manufacturing — 3.9%
Eaton Corp. PLC	43,643		2,606,796
Ingersoll-Rand PLC	36,442		2,320,627
Pentair PLC	51,457		2,999,428
			7,926,851
Oil & Gas — 6.3%
Chevron Corp.	34,560		3,622,925
Hess Corp.	70,022		4,208,322
Royal Dutch Shell PLC ADR, Class A	53,035		2,928,593
Valero Energy Corp.	35,189		1,794,639
			12,554,479
Oil & Gas Services — 3.0%
Halliburton Co.	86,823		3,932,214
National Oilwell Varco, Inc.	61,687		2,075,767
			6,007,981
Packaging and Containers — 1.5%
Sealed Air Corp.	65,260		3,000,002
Pharmaceuticals — 10.8%
AbbVie, Inc.	45,038		2,788,303
Allergan PLC*	13,409		3,098,686
Eli Lilly & Co.	46,728		3,679,830
Merck & Co., Inc.	71,961		4,145,673
Pfizer, Inc.	137,334		4,835,530
Teva Pharmaceutical Industries Ltd. ADR	61,583		3,093,314
			21,641,336

81

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Real Estate — 0.5%
CBRE Group, Inc., Class A*		38,481	$	1,018,977
Retail — 4.1%
Advance Auto Parts, Inc.		11,873		1,919,033
CVS Health Corp.		32,858		3,145,825
Dollar General Corp.		17,774		1,670,756
Lowe’s Cos., Inc.		19,388		1,534,948
				8,270,562
Semiconductors — 1.3%
QUALCOMM, Inc.		48,657		2,606,555
Software — 2.8%
Microsoft Corp.		109,971		5,627,216
Telecommunications — 4.6%
Cisco Systems, Inc.		120,563		3,458,952
Verizon Communications, Inc.		61,940		3,458,730
Vodafone Group PLC-ADR		73,837		2,280,825
				9,198,507
Transportation — 1.4%
Norfolk Southern Corp.		33,408		2,844,023
TOTAL COMMON STOCKS (Cost $170,164,392)				195,978,413
REAL ESTATE INVESTMENT TRUSTS — 1.9%
Advertising — 0.5%
Outfront Media, Inc.		44,517		1,075,976
Diversified — 1.4%
Weyerhaeuser Co.		90,811		2,703,443
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,661,373)				3,779,419
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $421,746)		421,746		421,746
TOTAL INVESTMENTS — 99.7% (Cost $174,247,511)				200,179,578
Other Assets & Liabilities — 0.3%				689,195
TOTAL NET ASSETS — 100.0%			$	200,868,773

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Country Weightings as of 06/30/2016††
United States	93	%
United Kingdom	4
Israel	2
Netherlands	1
Total	100	%

†† % of total investments as of June 30, 2016

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	195,978,413	$	195,978,413	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		3,779,419		3,779,419		—		—
SHORT-TERM INVESTMENTS		421,746		421,746		—		—
TOTAL INVESTMENTS	$	200,179,578	$	200,179,578	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

82

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — 93.6%
Aerospace & Defense — 2.6%
United Technologies Corp.		48,682	$	4,992,339
Agriculture — 3.8%
Altria Group, Inc.		29,348		2,023,838
Reynolds American, Inc.		99,785		5,381,405
				7,405,243
Auto Parts & Equipment — 0.9%
The Goodyear Tire & Rubber Co.		69,154		1,774,492
Banks — 13.8%
Credit Suisse Group AG ADR		169,931		1,818,262
JPMorgan Chase & Co.		100,758		6,261,102
The Goldman Sachs Group, Inc.		29,542		4,389,350
The PNC Financial Services Group, Inc.		40,366		3,285,389
U.S. Bancorp		73,432		2,961,513
Wells Fargo & Co.		167,200		7,913,576
				26,629,192
Building Materials — 0.8%
Masco Corp.		52,684		1,630,043
Chemicals — 1.6%
PPG Industries, Inc.		29,211		3,042,326
Diversified Financial Services — 5.7%
Invesco Ltd.		43,956		1,122,636
iShares Russell 1000 Value ETF		40,784		4,211,356
The Charles Schwab Corp.		114,999		2,910,625
Visa, Inc., Class A		36,825		2,731,310
				10,975,927
Electric — 4.4%
NextEra Energy, Inc.		39,788		5,188,355
PG&E Corp.		51,736		3,306,965
				8,495,320
Electrical Components & Equipment — 1.6%
Hubbell, Inc.		29,184		3,078,037
Electronics — 0.9%
Thermo Fisher Scientific, Inc.		11,596		1,713,425
Food — 5.5%
General Mills, Inc.		37,363		2,664,729
Kellogg Co.		37,849		3,090,371
The Kroger Co.		133,271		4,903,040
				10,658,140
Forest Products & Paper — 0.5%
International Paper Co.		23,658		1,002,626
Gas — 2.3%
Sempra Energy		38,663		4,408,355
Healthcare Products — 1.2%
Zimmer Biomet Holdings, Inc.		19,485		2,345,604
Home Furnishings — 0.8%
Whirlpool Corp.		8,882		1,480,097

	Number of Shares		Value†
Insurance — 5.0%
Aflac, Inc.		30,249	$	2,182,768
Alleghany Corp*		2,021		1,110,701
American Financial Group, Inc.		21,290		1,573,970
Chubb, Ltd		31,502		4,117,626
W. R. Berkley Corp.		12,196		730,784
				9,715,849
Internet — 3.2%
Alphabet, Inc., Class C*		4,828		3,341,459
eBay, Inc.*		119,789		2,804,260
				6,145,719
Machinery — Diversified — 0.9%
Rockwell Automation, Inc.		14,478		1,662,364
Miscellaneous Manufacturing — 4.2%
General Electric Co.		261,413		8,229,281
Oil & Gas — 10.1%
Chevron Corp.		69,739		7,310,739
EOG Resources, Inc.		45,753		3,816,715
Exxon Mobil Corp.		16,788		1,573,707
Occidental Petroleum Corp.		58,949		4,454,187
Pioneer Natural Resources Co.		9,310		1,407,765
Royal Dutch Shell PLC ADR, Class A		18,923		1,059,688
				19,622,801
Oil & Gas Services — 2.7%
Halliburton Co.		39,086		1,770,205
Schlumberger Ltd.		43,126		3,410,404
				5,180,609
Pharmaceuticals — 13.4%
Allergan PLC*		13,356		3,086,438
Eli Lilly & Co.		38,733		3,050,224
Johnson & Johnson		72,111		8,747,064
McKesson Corp.		13,764		2,569,051
Pfizer, Inc.		162,185		5,710,534
Teva Pharmaceutical Industries Ltd. ADR		56,567		2,841,360
				26,004,671
Retail — 1.4%
Sally Beauty Holdings, Inc.*		34,067		1,001,911
The Home Depot, Inc.		12,899		1,647,073
				2,648,984
Semiconductors — 2.9%
Intel Corp.		114,171		3,744,809
NXP Semiconductors N.V.*		23,781		1,863,003
				5,607,812
Telecommunications — 2.4%
Verizon Communications, Inc.		83,537		4,664,706
Transportation — 1.0%
C.H. Robinson Worldwide, Inc.		26,371		1,958,047
TOTAL COMMON STOCKS (Cost $166,662,963)				181,072,009

83

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Large Core Value Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 5.5%
Apartments — 2.7%
Equity Residential		76,761	$	5,287,298
Regional Malls — 1.3%
Simon Property Group, Inc.		11,479		2,489,795
Strip Centers — 1.5%
Federal Realty Investment Trust		17,447		2,888,350
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,131,614)				10,665,443
SHORT-TERM INVESTMENTS — 2.2%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $4,280,401)		4,280,401		4,280,401
TOTAL INVESTMENTS — 101.3% (Cost $181,074,978)				196,017,853
Other Assets & Liabilities — (1.3)%				(2,562,274	)
TOTAL NET ASSETS — 100.0%			$	193,455,579

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Country Weightings as of 06/30/2016††
United States	92	%
Other	3
France	2
Israel	1
Netherlands	1
Switzerland	1
Total	100	%

††% of total investments as of June 30, 2016

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	181,072,009	$	181,072,009	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		10,665,443		10,665,443		—		—
SHORT-TERM INVESTMENTS		4,280,401		4,280,401		—		—
TOTAL INVESTMENTS	$	196,017,853	$	196,017,853	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

84

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — 96.3%
Advertising — 0.2%
Omnicom Group, Inc.		5,467	$	445,506
The Interpublic Group of Cos., Inc.		9,034		208,685
				654,191
Aerospace & Defense — 2.1%
General Dynamics Corp.		6,597		918,566
Harris Corp.		2,600		216,944
L-3 Communications Holdings, Inc.		1,800		264,042
Lockheed Martin Corp.		6,037		1,498,202
Northrop Grumman Corp.		4,192		931,798
Raytheon Co.		6,876		934,792
Rockwell Collins, Inc.		2,945		250,738
The Boeing Co.		13,721		1,781,946
TransDigm Group, Inc.*		1,200		316,428
United Technologies Corp.		17,842		1,829,697
				8,943,153
Agriculture — 2.0%
Altria Group, Inc.		44,778		3,087,891
Archer-Daniels-Midland Co.		13,499		578,972
Philip Morris International, Inc.		35,453		3,606,279
Reynolds American, Inc.		18,854		1,016,796
				8,289,938
Airlines — 0.5%
Alaska Air Group, Inc.		2,800		163,212
American Airlines Group, Inc.		13,600		385,016
Delta Air Lines, Inc.		17,900		652,097
Southwest Airlines Co.		14,717		577,054
United Continental Holdings, Inc.*		7,600		311,904
				2,089,283
Apparel — 0.7%
Hanesbrands, Inc.		8,700		218,631
Michael Kors Holdings Ltd.		4,000		197,920
NIKE, Inc., Class B		30,992		1,710,758
Ralph Lauren Corp.		1,428		127,977
Under Armour, Inc., Class A*		3,900		156,507
Under Armour, Inc., Class C*		3,928		142,967
VF Corp.		7,732		475,441
				3,030,201
Auto Manufacturers — 0.6%
Ford Motor Co.		88,867		1,117,058
General Motors Co.		32,400		916,920
PACCAR, Inc.		7,944		412,056
				2,446,034
Auto Parts & Equipment — 0.3%
BorgWarner, Inc.		5,400		159,408
Delphi Automotive PLC		6,400		400,640
Johnson Controls, Inc.		15,111		668,813
The Goodyear Tire & Rubber Co.		6,106		156,680
				1,385,541
Banks — 6.3%
Bank of America Corp.		235,811		3,129,212
BB&T Corp.		17,799		633,822

	Number of Shares		Value†
Banks — (continued)
Capital One Financial Corp.		12,141	$	771,075
Citigroup, Inc.		67,369		2,855,772
Citizens Financial Group, Inc.		12,100		241,758
Comerica, Inc.		3,844		158,104
Fifth Third Bancorp		17,946		315,670
Huntington Bancshares, Inc.		17,665		157,925
JPMorgan Chase & Co.		83,664		5,198,881
KeyCorp.		18,599		205,519
M&T Bank Corp.		3,652		431,776
Morgan Stanley		34,563		897,947
Northern Trust Corp.		4,947		327,788
Regions Financial Corp.		30,194		256,951
State Street Corp.		9,047		487,814
SunTrust Banks, Inc.		11,588		476,035
The Bank of New York Mellon Corp.		24,480		951,048
The Goldman Sachs Group, Inc.		8,943		1,328,751
The PNC Financial Services Group, Inc.		11,583		942,740
U.S. Bancorp		37,156		1,498,502
Wells Fargo & Co.		105,437		4,990,333
Zions Bancorporation		4,804		120,725
				26,378,148
Beverages — 2.3%
Brown-Forman Corp., Class B		2,293		228,750
Constellation Brands, Inc., Class A		3,923		648,864
Dr. Pepper Snapple Group, Inc.		4,300		415,509
Molson Coors Brewing Co., Class B		4,138		418,476
Monster Beverage Corp.*		3,268		525,200
PepsiCo, Inc.		33,039		3,500,152
The Coca-Cola Co.		88,886		4,029,202
				9,766,153
Biotechnology — 2.5%
Alexion Pharmaceuticals, Inc.*		5,200		607,152
Amgen, Inc.		17,145		2,608,612
Biogen, Inc.*		4,933		1,192,898
Celgene Corp.*		17,756		1,751,274
Gilead Sciences, Inc.		30,478		2,542,475
Illumina, Inc.*		3,400		477,292
Regeneron Pharmaceuticals, Inc.*		1,800		628,614
Vertex Pharmaceuticals, Inc.*		5,700		490,314
				10,298,631
Building Materials — 0.3%
Fortune Brands Home & Security, Inc.		3,500		202,895
Martin Marietta Materials, Inc.		1,500		288,000
Masco Corp.		7,377		228,244
Vulcan Materials Co.		3,041		366,015
				1,085,154
Chemicals — 2.0%
Air Products & Chemicals, Inc.		4,521		642,163
Albemarle Corp.		2,600		206,206
CF Industries Holdings, Inc.		5,300		127,730
E.I. du Pont de Nemours & Co.		19,823		1,284,530
Eastman Chemical Co.		3,282		222,848
Ecolab, Inc.		6,033		715,514

85

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
FMC Corp.		3,100	$	143,561
International Flavors & Fragrances, Inc.		1,875		236,381
LyondellBasell Industries NV, Class A		7,800		580,476
Monsanto Co.		10,036		1,037,823
PPG Industries, Inc.		6,128		638,231
Praxair, Inc.		6,426		722,218
The Dow Chemical Co.		25,379		1,261,590
The Mosaic Co.		7,600		198,968
The Sherwin-Williams Co.		1,834		538,591
				8,556,830
Commercial Services — 1.4%
Allegion PLC		2,266		157,328
Alliance Data Systems Corp.*		1,400		274,288
Automatic Data Processing, Inc.		10,543		968,585
Cintas Corp.		1,955		191,844
Equifax, Inc.		2,677		343,727
Global Payments, Inc.		3,481		248,474
H&R Block, Inc.		5,266		121,118
Moody’s Corp.		3,873		362,939
Paychex, Inc.		7,275		432,863
PayPal Holdings, Inc.*		25,328		924,725
Quanta Services, Inc.*		3,400		78,608
Robert Half International, Inc.		3,207		122,379
S&p Global Inc		5,986		642,058
The Western Union Co.		11,178		214,394
Total System Services, Inc.		3,977		211,219
United Rentals, Inc.*		2,300		154,330
Verisk Analytics, Inc., Class A*		3,600		291,888
				5,740,767
Computers — 4.9%
Accenture PLC, Class A		14,300		1,620,047
Apple, Inc.		125,502		11,997,991
Cognizant Technology Solutions Corp., Class A*		13,904		795,865
CSRA Inc.		3,357		78,655
EMC Corp.		44,048		1,196,784
Hewlett Packard Enterprise Co.		38,783		708,565
HP, Inc.		38,983		489,237
International Business Machines Corp.		20,220		3,068,992
NetApp, Inc.		6,421		157,892
Seagate Technology PLC		6,900		168,084
Teradata Corp.*		3,516		88,146
Western Digital Corp.		6,197		292,870
				20,663,128
Cosmetics & Personal Care — 1.7%
Colgate-Palmolive Co.		20,270		1,483,764
The Estee Lauder Cos., Inc., Class A		5,074		461,835
The Procter & Gamble Co.		60,494		5,122,027
				7,067,626
Distribution & Wholesale — 0.3%
Fastenal Co.		6,700		297,413
Genuine Parts Co.		3,405		344,756

	Number of Shares		Value†
Distribution & Wholesale — (continued)
LKQ Corp.*		7,000	$	221,900
W.W. Grainger, Inc.		1,272		289,062
				1,153,131
Diversified Financial Services — 3.0%
Affiliated Managers Group, Inc.*		1,300		183,001
American Express Co.		18,680		1,134,997
Ameriprise Financial, Inc.		3,946		354,548
BlackRock, Inc.		2,899		992,994
CME Group, Inc.		7,760		755,824
Discover Financial Services		9,678		518,644
E*TRADE Financial Corp.*		6,481		152,239
Franklin Resources, Inc.		8,456		282,177
Intercontinental Exchange, Inc.		2,670		683,413
Invesco Ltd.		9,567		244,341
Legg Mason, Inc.		2,261		66,677
MasterCard, Inc., Class A		22,500		1,981,350
Nasdaq, Inc.		2,800		181,076
Navient Corp.		7,534		90,031
Synchrony Financial*		18,912		478,095
T. Rowe Price Group, Inc.		5,581		407,246
The Charles Schwab Corp.		27,769		702,833
Visa, Inc., Class A		43,856		3,252,800
				12,462,286
Diversified Operations — 0.0%
Leucadia National Corp.		7,260		125,816
Electric — 3.3%
AES Corp.		14,644		182,757
Alliant Energy Corp.		5,200		206,440
Ameren Corp.		5,798		310,657
American Electric Power Co., Inc.		11,157		781,994
CMS Energy Corp.		6,243		286,304
Consolidated Edison, Inc.		6,834		549,727
Dominion Resources, Inc.		14,109		1,099,514
DTE Energy Co.		4,092		405,599
Duke Energy Corp.		15,718		1,348,447
Edison International		7,400		574,758
Entergy Corp.		4,147		337,358
Eversource Energy		7,193		430,861
Exelon Corp.		20,310		738,472
FirstEnergy Corp.		9,956		347,564
NextEra Energy, Inc.		10,515		1,371,156
NRG Energy, Inc.		7,800		116,922
PG&E Corp.		11,350		725,492
Pinnacle West Capital Corp.		2,569		208,243
PPL Corp.		15,298		577,500
Public Service Enterprise Group, Inc.		11,749		547,621
SCANA Corp.		3,400		257,244
TECO Energy, Inc.		5,123		141,600
The Southern Co.		20,743		1,112,447
WEC Energy Group, Inc.		7,050		460,365
Xcel Energy, Inc.		11,630		520,791
				13,639,833

86

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — 0.3%
Acuity Brands, Inc.		1,000	$	247,960
AMETEK, Inc.		5,300		245,019
Emerson Electric Co.		14,576		760,284
				1,253,263
Electronics — 1.3%
Agilent Technologies, Inc.		7,345		325,824
Amphenol Corp., Class A		6,900		395,577
FLIR Systems, Inc.		3,043		94,181
Garmin Ltd.		2,800		118,776
Honeywell International, Inc.		17,508		2,036,530
PerkinElmer, Inc.		2,516		131,889
TE Connectivity Ltd.		8,300		474,013
Thermo Fisher Scientific, Inc.		9,082		1,341,956
Tyco International PLC		10,000		426,000
Waters Corp.*		1,858		261,328
				5,606,074
Engineering & Construction — 0.1%
Fluor Corp.		3,170		156,218
Jacobs Engineering Group, Inc.*		2,983		148,583
				304,801
Environmental Control — 0.3%
Republic Services, Inc.		5,314		272,661
Stericycle, Inc.*		2,000		208,240
Waste Management, Inc.		9,400		622,938
				1,103,839
Food — 2.0%
Campbell Soup Co.		4,016		267,184
ConAgra Foods, Inc.		9,902		473,415
General Mills, Inc.		13,510		963,533
Hormel Foods Corp.		6,200		226,920
Kellogg Co.		5,766		470,794
McCormick & Co., Inc.		2,619		279,369
Mondelez International, Inc.		35,763		1,627,574
Sysco Corp.		12,152		616,592
The Hershey Co.		3,187		361,693
The J.M. Smucker Co.		2,634		401,448
The Kraft Heinz Co.		13,654		1,208,106
The Kroger Co.		22,290		820,049
Tyson Foods, Inc., Class A		6,649		444,087
Whole Foods Market, Inc.		7,586		242,904
				8,403,668
Forest Products & Paper — 0.1%
International Paper Co.		9,267		392,735
Gas — 0.3%
AGL Resources, Inc.		2,600		171,522
CenterPoint Energy, Inc.		10,322		247,728
NiSource, Inc.		7,365		195,320
Sempra Energy		5,398		615,480
				1,230,050

	Number of Shares		Value†
Hand & Machine Tools — 0.1%
Snap-On, Inc.		1,328	$	209,585
Stanley Black & Decker, Inc.		3,340		371,475
				581,060
Healthcare Products — 2.6%
Baxter International, Inc.		12,142		549,052
Becton Dickinson & Co.		4,835		819,967
Boston Scientific Corp.*		30,548		713,907
C.R. Bard, Inc.		1,742		409,649
Danaher Corp.		13,568		1,370,368
DENTSPLY SIRONA, Inc.		5,500		341,220
Edwards Lifesciences Corp.*		5,000		498,650
Henry Schein, Inc.*		1,900		335,920
Hologic, Inc.*		5,700		197,220
Intuitive Surgical, Inc.*		907		599,899
Medtronic PLC		31,997		2,776,380
Patterson Cos., Inc.		1,974		94,535
St. Jude Medical, Inc.		6,430		501,540
Stryker Corp.		7,081		848,516
Varian Medical Systems, Inc.*		2,157		177,370
Zimmer Biomet Holdings, Inc.		4,029		485,011
				10,719,204
Healthcare Services — 1.9%
Aetna, Inc.		7,893		963,972
Anthem, Inc.		5,995		787,383
Centene Corp.*		3,900		278,343
Cigna Corp.		5,894		754,373
DaVita HealthCare Partners, Inc.*		3,698		285,929
HCA Holdings, Inc.*		6,900		531,369
Humana, Inc.		3,410		613,391
Laboratory Corp. of America Holdings*		2,377		309,652
Quest Diagnostics, Inc.		3,387		275,736
UnitedHealth Group, Inc.		21,741		3,069,829
Universal Health Services, Inc., Class B		2,055		275,576
				8,145,553
Home Builders — 0.1%
D.R. Horton, Inc.		7,376		232,196
Lennar Corp., Class A		4,036		186,060
PulteGroup, Inc.		6,834		133,195
				551,451
Home Furnishings — 0.1%
Harman International Industries, Inc.		1,738		124,823
Whirlpool Corp.		1,769		294,786
				419,609
Household Products & Wares — 0.5%
Avery Dennison Corp.		2,183		163,179
Church & Dwight Co., Inc.		3,100		318,959
Kimberly-Clark Corp.		8,287		1,139,297
The Clorox Co.		2,997		414,755
				2,036,190
Housewares — 0.1%
Newell Brands, Inc.		10,416		505,905

87

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — 4.1%
Aflac, Inc.		9,710	$	700,674
American International Group, Inc.		26,285		1,390,214
Aon PLC		6,244		682,032
Arthur J Gallagher & Co.		4,000		190,400
Assurant, Inc.		1,460		126,013
Berkshire Hathaway, Inc., Class B*		42,750		6,189,772
Chubb, Ltd		10,460		1,367,227
Cincinnati Financial Corp.		3,292		246,538
Lincoln National Corp.		5,573		216,065
Loews Corp.		6,225		255,785
Marsh & McLennan Cos., Inc.		11,809		808,444
MetLife, Inc.		24,885		991,169
Principal Financial Group, Inc.		6,465		265,776
Prudential Financial, Inc.		10,230		729,808
The Allstate Corp.		8,776		613,881
The Hartford Financial Services Group, Inc.		9,257		410,826
The Progressive Corp.		12,956		434,026
The Travelers Cos., Inc.		6,631		789,354
Torchmark Corp.		2,552		157,765
Unum Group		5,376		170,903
Willis Towers Watson PLC		3,245		403,386
XL Group PLC		6,849		228,140
				17,368,198
Internet — 6.3%
Alphabet, Inc., Class A*		6,670		4,692,545
Alphabet, Inc., Class C*		6,802		4,707,664
Amazon.com, Inc.*		8,875		6,351,128
eBay, Inc.*		25,028		585,905
Expedia, Inc.		2,794		297,002
F5 Networks, Inc.*		1,500		170,760
Facebook, Inc., Class A*		53,000		6,056,840
Netflix, Inc.*		9,800		896,504
Symantec Corp.		13,538		278,071
The Priceline Group, Inc.*		1,137		1,419,442
TripAdvisor, Inc.*		2,594		166,794
VeriSign, Inc.*		2,209		190,990
Yahoo!, Inc.*		20,017		751,839
				26,565,484
Iron & Steel — 0.1%
Nucor Corp.		7,135		352,540
Leisure Time — 0.2%
Carnival Corp.		10,445		461,669
Harley-Davidson, Inc.		4,228		191,528
Royal Caribbean Cruises Ltd.		4,000		268,600
				921,797
Lodging — 0.2%
Marriott International, Inc., Class A		4,285		284,781
Starwood Hotels & Resorts Worldwide, Inc.		3,852		284,856
Wyndham Worldwide Corp.		2,560		182,349
Wynn Resorts Ltd.		1,930		174,935
				926,921

	Number of Shares		Value†
Machinery — Construction & Mining — 0.2%
Caterpillar, Inc.		13,328	$	1,010,396
Machinery — Diversified — 0.5%
Cummins, Inc.		3,674		413,105
Deere & Co.		6,732		545,561
Flowserve Corp.		2,800		126,476
Rockwell Automation, Inc.		2,971		341,130
Roper Technologies, Inc.		2,300		392,288
Xylem, Inc.		4,154		185,476
				2,004,036
Media — 2.7%
CBS Corp., Class B		9,754		531,008
Comcast Corp., Class A		55,477		3,616,546
Discovery Communications, Inc., Class A*		3,500		88,305
Discovery Communications, Inc., Class C*		5,600		133,560
News Corp., Class A		9,115		103,455
News Corp., Class B		2,500		29,175
Nielsen Holdings PLC		8,400		436,548
Scripps Networks Interactive, Inc., Class A		2,056		128,027
TEGNA, Inc.		5,374		124,516
The Walt Disney Co.		34,308		3,356,008
Time Warner, Inc.		17,904		1,316,660
Twenty-First Century Fox, Inc., Class A		25,360		685,988
Twenty-First Century Fox, Inc., Class B		10,100		275,225
Viacom, Inc., Class B		7,981		330,972
				11,155,993
Mining — 0.3%
Alcoa, Inc.		28,348		262,786
Freeport-McMoRan, Inc.		28,696		319,673
Newmont Mining Corp.		12,383		484,423
				1,066,882
Miscellaneous Manufacturing — 2.9%
3M Co.		13,780		2,413,154
Dover Corp.		3,405		236,035
Eaton Corp. PLC		10,406		621,550
General Electric Co.		210,574		6,628,869
Illinois Tool Works, Inc.		7,419		772,763
Ingersoll-Rand PLC		5,800		369,344
Leggett & Platt, Inc.		3,354		171,423
Parker-Hannifin Corp.		3,181		343,707
Pentair PLC		4,019		234,267
Textron, Inc.		6,076		222,139
				12,013,251
Office & Business Equipment — 0.1%
Pitney Bowes, Inc.		4,161		74,066
Xerox Corp.		22,855		216,894
				290,960
Oil & Gas — 5.8%
Anadarko Petroleum Corp.		11,459		610,192
Apache Corp.		8,557		476,368
Cabot Oil & Gas Corp.		9,088		233,925
Chesapeake Energy Corp.*		12,410		53,115
Chevron Corp.		43,070		4,515,028

88

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Cimarex Energy Co.		2,100	$	250,572
Concho Resources, Inc.*		3,000		357,810
ConocoPhillips		28,180		1,228,648
Devon Energy Corp.		11,729		425,176
Diamond Offshore Drilling, Inc.		1,600		38,928
EOG Resources, Inc.		12,616		1,052,427
EQT Corp.		3,600		278,748
Exxon Mobil Corp.		94,865		8,892,645
Helmerich & Payne, Inc.		2,300		154,399
Hess Corp.		5,497		330,370
Marathon Oil Corp.		19,451		291,960
Marathon Petroleum Corp.		12,150		461,214
Murphy Oil Corp.		3,917		124,365
Newfield Exploration Co.*		4,100		181,138
Noble Energy, Inc.		10,138		363,650
Occidental Petroleum Corp.		17,458		1,319,126
Phillips 66		10,840		860,046
Pioneer Natural Resources Co.		3,700		559,477
Range Resources Corp.		3,923		169,238
Southwestern Energy Co.*		8,490		106,804
Tesoro Corp.		2,794		209,326
Valero Energy Corp.		10,640		542,640
				24,087,335
Oil & Gas Services — 1.0%
Baker Hughes, Inc.		10,228		461,590
FMC Technologies, Inc.*		5,072		135,270
Halliburton Co.		19,469		881,751
National Oilwell Varco, Inc.		8,483		285,453
Schlumberger Ltd.		31,687		2,505,808
Transocean Ltd.		8,300		98,687
				4,368,559
Packaging and Containers — 0.2%
Ball Corp.		3,226		233,208
Owens-Illinois, Inc.*		4,000		72,040
Sealed Air Corp.		4,333		199,188
WestRock Co.		5,746		223,347
				727,783
Pharmaceuticals — 7.4%
Abbott Laboratories		33,496		1,316,728
AbbVie, Inc.		36,696		2,271,850
Allergan PLC*		9,013		2,082,814
AmerisourceBergen Corp.		4,400		349,008
Bristol-Myers Squibb Co.		37,997		2,794,679
Cardinal Health, Inc.		7,582		591,472
Eli Lilly & Co.		22,154		1,744,628
Endo International PLC		4,698		73,242
Express Scripts Holding Co.*		14,364		1,088,791
Johnson & Johnson		63,041		7,646,873
Mallinckrodt PLC		2,700		164,106
McKesson Corp.		5,225		975,246
Mead Johnson Nutrition Co.		4,168		378,246
Merck & Co., Inc.		63,430		3,654,202
Mylan NV		9,356		404,554
Perrigo Co. PLC		3,400		308,278

	Number of Shares		Value†
Pharmaceuticals — (continued)
Pfizer, Inc.		138,005	$	4,859,156
Zoetis, Inc.		10,407		493,916
				31,197,789
Pipelines — 0.5%
Columbia Pipeline Group, Inc.		8,965		228,518
Kinder Morgan, Inc.		41,736		781,298
ONEOK, Inc.		4,800		227,760
Spectra Energy Corp.		15,084		552,527
The Williams Cos., Inc.		16,034		346,815
				2,136,918
Real Estate — 0.0%
CBRE Group, Inc., Class A*		6,401		169,499
Retail — 6.6%
Advance Auto Parts, Inc.		1,700		274,771
AutoNation, Inc.*		1,719		80,759
AutoZone, Inc.*		641		508,851
Bed Bath & Beyond, Inc.		3,866		167,088
Best Buy Co., Inc.		6,168		188,741
CarMax, Inc.*		4,300		210,829
Chipotle Mexican Grill, Inc.*		700		281,932
Coach, Inc.		6,277		255,725
Costco Wholesale Corp.		9,977		1,566,788
CVS Health Corp.		24,567		2,352,045
Darden Restaurants, Inc.		2,540		160,884
Dollar General Corp.		6,600		620,400
Dollar Tree, Inc.*		5,454		513,985
Foot Locker, Inc.		3,100		170,066
Kohl’s Corp.		4,501		170,678
L Brands, Inc.		5,760		386,669
Lowe’s Cos., Inc.		20,340		1,610,318
Macy’s, Inc.		7,027		236,177
McDonald’s Corp.		20,078		2,416,186
Nordstrom, Inc.		2,737		104,143
O’Reilly Automotive, Inc.*		2,200		596,420
PVH Corp.		1,900		179,037
Ross Stores, Inc.		9,200		521,548
Signet Jewelers Ltd.		1,900		156,579
Staples, Inc.		15,637		134,791
Starbucks Corp.		33,688		1,924,259
Target Corp.		13,732		958,768
The Gap, Inc.		5,282		112,084
The Home Depot, Inc.		28,517		3,641,336
The TJX Cos., Inc.		15,318		1,183,009
Tiffany & Co.		2,464		149,417
Tractor Supply Co.		3,000		273,540
Ulta Salon Cosmetics & Fragrance, Inc.*		1,500		365,460
Urban Outfitters, Inc.*		1,700		46,750
Wal-Mart Stores, Inc.		34,947		2,551,830
Walgreens Boots Alliance, Inc.		19,579		1,630,343
Yum! Brands, Inc.		9,225		764,937
				27,467,143
Savings & Loans — 0.0%
People’s United Financial, Inc.		7,700		112,882

89

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Semiconductors — 2.8%
Analog Devices, Inc.		6,976	$	395,121
Applied Materials, Inc.		26,121		626,120
Broadcom Ltd.		8,551		1,328,825
First Solar, Inc.*		1,800		87,264
Intel Corp.		108,003		3,542,498
KLA-Tencor Corp.		3,427		251,028
Lam Research Corp.		3,559		299,170
Linear Technology Corp.		5,541		257,823
Microchip Technology, Inc.		4,518		229,334
Micron Technology, Inc.*		22,886		314,911
NVIDIA Corp.		11,754		552,556
Qorvo, Inc.*		2,800		154,728
QUALCOMM, Inc.		33,999		1,821,326
Skyworks Solutions, Inc.		4,500		284,760
Texas Instruments, Inc.		22,793		1,427,982
Xilinx, Inc.		5,764		265,893
				11,839,339
Software — 4.5%
Activision Blizzard, Inc.		11,900		471,597
Adobe Systems, Inc.*		11,405		1,092,485
Akamai Technologies, Inc.*		4,160		232,669
Autodesk, Inc.*		5,281		285,913
CA, Inc.		6,995		229,646
Cerner Corp.*		7,000		410,200
Citrix Systems, Inc.*		3,391		271,585
Electronic Arts, Inc.*		7,030		532,593
Fidelity National Information Services, Inc.		6,259		461,163
Fiserv, Inc.*		5,114		556,045
Intuit, Inc.		5,992		668,767
Microsoft Corp.		180,315		9,226,719
Oracle Corp.		71,917		2,943,563
Red Hat, Inc.*		4,200		304,920
salesforce.com, Inc.*		14,300		1,135,563
The Dun & Bradstreet Corp.		900		109,656
				18,933,084
Telecommunications — 3.9%
AT&T, Inc.		140,293		6,062,061
CenturyLink, Inc.		12,326		357,577
Cisco Systems, Inc.		114,680		3,290,169
Corning, Inc.		25,015		512,307
Frontier Communications Corp.		25,072		123,856
Juniper Networks, Inc.		7,971		179,268
Level 3 Communications, Inc.*		6,600		339,834
Motorola Solutions, Inc.		3,488		230,103
Verizon Communications, Inc.		93,139		5,200,882
				16,296,057
Textiles — 0.1%
Mohawk Industries, Inc.*		1,500		284,640
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,612		219,382
Mattel, Inc.		7,481		234,080
				453,462

	Number of Shares		Value†
Transportation — 1.5%
C.H. Robinson Worldwide, Inc.		3,439	$	255,346
CSX Corp.		22,166		578,089
Expeditors International of Washington, Inc.		4,182		205,085
FedEx Corp.		5,866		890,341
J.B. Hunt Transport Services, Inc.		2,000		161,860
Kansas City Southern		2,400		216,216
Norfolk Southern Corp.		6,952		591,824
Ryder System, Inc.		1,125		68,783
Union Pacific Corp.		19,220		1,676,945
United Parcel Service, Inc., Class B		15,674		1,688,403
				6,332,892
Water — 0.1%
American Water Works Co., Inc.		4,100		346,491
TOTAL COMMON STOCKS (Cost $236,783,982)				403,459,577
REAL ESTATE INVESTMENT TRUSTS — 3.1%
Apartments — 0.6%
Apartment Investment & Management Co., Class A		3,662		161,714
AvalonBay Communities, Inc.		3,192		575,805
Equity Residential		8,292		571,153
Essex Property Trust, Inc.		1,500		342,135
UDR, Inc.		6,000		221,520
Weyerhaeuser Co.		18,201		541,844
				2,414,171
Building & Real Estate — 0.1%
Realty Income Corp.		5,400		374,544
Commercial Services — 0.0%
Iron Mountain, Inc.		4,697		187,081
Diversified — 0.8%
American Tower Corp.		9,659		1,097,359
Crown Castle International Corp.		7,600		770,868
Digital Realty Trust, Inc.		3,300		359,667
Equinix, Inc.		1,535		595,166
Vornado Realty Trust		4,087		409,190
				3,232,250
Healthcare — 0.4%
HCP, Inc.		10,840		383,519
Ventas, Inc.		7,653		557,292
Welltower, Inc.		8,100		616,977
				1,557,788
Hotels & Resorts — 0.1%
Host Hotels & Resorts, Inc.		17,676		286,528
Industrial — 0.1%
Prologis, Inc.		11,899		583,527
Office Property — 0.2%
Boston Properties, Inc.		3,442		454,000
SL Green Realty Corp.		2,300		244,881
				698,881

90

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Index 500 Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Regional Malls — 0.5%
General Growth Properties, Inc.		13,400	$	399,588
Simon Property Group, Inc.		7,028		1,524,373
The Macerich Co.		2,800		239,092
				2,163,053
Storage & Warehousing — 0.2%
Extra Space Storage, Inc.		2,800		259,112
Public Storage		3,316		847,536
				1,106,648
Strip Centers — 0.1%
Federal Realty Investment Trust		1,600		264,880
Kimco Realty Corp.		9,564		300,118
				564,998
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $8,682,835)				13,169,469
	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bill¤ 0.450%, 09/08/16 (Cost $374,676)	$	375		374,854
	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,214,634)		2,214,634		2,214,634
TOTAL INVESTMENTS — 100.0% (Cost $248,056,127)				419,218,534
Other Assets & Liabilities — 0.0%				(135,447	)
TOTAL NET ASSETS — 100.0%			$	419,083,087

† 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.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	403,459,577	$	403,459,577	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		13,169,469		13,169,469		—		—
U.S. TREASURY OBLIGATIONS		374,854		—		374,854		—
SHORT-TERM INVESTMENTS		2,214,634		2,214,634		—		—
TOTAL INVESTMENTS	$	419,218,534	$	418,843,680	$	374,854	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

91

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Mid Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 98.6%
Aerospace & Defense — 1.6%
Harris Corp.		20,030	$	1,671,303
Apparel — 1.4%
Burberry Group PLC		63,064		980,992
Under Armour, Inc., Class A*		11,608		465,829
				1,446,821
Auto Parts & Equipment — 1.3%
BorgWarner, Inc.		45,628		1,346,939
Banks — 5.8%
First Republic Bank		26,027		1,821,630
Northern Trust Corp.		38,369		2,542,330
Signature Bank*		13,304		1,661,935
				6,025,895
Biotechnology — 1.2%
BioMarin Pharmaceutical, Inc.*		16,299		1,268,062
Building Materials — 2.2%
Fortune Brands Home & Security, Inc.		39,939		2,315,264
Commercial Services — 4.2%
CoStar Group, Inc.*		12,937		2,828,804
Verisk Analytics, Inc.*		19,911		1,614,384
				4,443,188
Distribution & Wholesale — 3.3%
Fastenal Co.		76,996		3,417,853
Diversified Financial Services — 4.1%
CME Group, Inc.		26,651		2,595,807
Ellie Mae, Inc.*		8,910		816,602
Oaktree Capital Group LLC		19,591		876,893
				4,289,302
Electrical Components & Equipment — 0.8%
Generac Holdings, Inc.*		24,302		849,598
Electronics — 2.6%
Trimble Navigation Ltd.*		76,135		1,854,649
Woodward, Inc.		14,497		835,607
				2,690,256
Food — 4.8%
Blue Buffalo Pet Products, Inc.*		45,241		1,055,925
The Hain Celestial Group, Inc.*		40,999		2,039,700
Whole Foods Market, Inc.		59,358		1,900,643
				4,996,268
Healthcare Products — 7.5%
Align Technology, Inc.*		21,408		1,724,414
Edwards Lifesciences Corp.*		18,868		1,881,706
Henry Schein, Inc.*		5,999		1,060,623
Intuitive Surgical, Inc.*		4,773		3,156,910
				7,823,653
Healthcare Services — 2.3%
Acadia Healthcare Co., Inc.*		15,980		885,292

	Number of Shares		Value†
Healthcare Services — (continued)
Laboratory Corp. of America Holdings*		12,053	$	1,570,144
				2,455,436
Home Builders — 1.7%
D.R. Horton, Inc.		56,312		1,772,702
Household Products & Wares — 1.2%
The Scotts Miracle-Gro Co., Class A		17,351		1,213,008
Insurance — 1.5%
Willis Towers Watson PLC		12,902		1,603,848
Internet — 4.0%
GrubHub, Inc.*		45,227		1,405,203
Pandora Media, Inc.*		137,112		1,707,044
TripAdvisor, Inc.*		17,009		1,093,679
				4,205,926
Leisure Time — 1.7%
Polaris Industries, Inc.		22,239		1,818,261
Machinery - Diversified — 1.5%
IDEX Corp.		18,951		1,555,877
Miscellaneous Manufacturing — 0.9%
A.O. Smith Corp.		10,739		946,213
Oil & Gas — 5.3%
Cabot Oil & Gas Corp.		49,978		1,286,434
Cimarex Energy Co.		10,927		1,303,809
Continental Resources, Inc.*		38,612		1,747,965
Noble Energy, Inc.		32,918		1,180,769
				5,518,977
Pharmaceuticals — 9.5%
ACADIA Pharmaceuticals, Inc.*		24,165		784,396
Alkermes PLC*		33,371		1,442,294
Diplomat Pharmacy, Inc.*		22,805		798,175
Mead Johnson Nutrition Co.		30,840		2,798,730
Medivation, Inc.*		17,427		1,050,848
Pacira Pharmaceuticals, Inc.*		100		3,373
Zoetis, Inc.		63,584		3,017,697
				9,895,513
Retail — 11.4%
Bed Bath & Beyond, Inc.		31,881		1,377,897
DSW, Inc., Class A		51,363		1,087,868
Dunkin’ Brands Group, Inc.		44,699		1,949,770
Kate Spade & Co.*		54,815		1,129,737
lululemon athletica, Inc.*		17,915		1,323,202
Tiffany & Co.		23,743		1,439,776
Tractor Supply Co.		23,639		2,155,404
Williams-Sonoma, Inc.		28,000		1,459,640
				11,923,294
Semiconductors — 3.9%
Maxim Integrated Products, Inc.		29,722		1,060,778
Microchip Technology, Inc.		56,777		2,882,001

92

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Mid Cap Growth Fund

	Number of Shares			Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Monolithic Power Systems, Inc.		1,240		$	84,717
					4,027,496
Software — 8.8%
Akamai Technologies, Inc.*		9,661			540,340
ANSYS, Inc.*		16,300			1,479,225
Electronic Arts, Inc.*		34,705			2,629,251
Guidewire Software, Inc.*		18,667			1,152,874
Red Hat, Inc.*		21,318			1,547,687
ServiceNow, Inc.*		28,554			1,895,985
					9,245,362
Toys, Games & Hobbies — 2.1%
Mattel, Inc.		68,545			2,144,773
Transportation — 2.0%
Expeditors International of Washington, Inc.		42,116			2,065,369
TOTAL COMMON STOCKS (Cost $102,160,974)					102,976,457
PURCHASED OPTIONS — 0.0%
Put Options — 0.0%
Alkermes PLC, $38.00, 08/19/16 (Cost $30,150)		115			10,925
SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,996,806)		1,996,806			1,996,806
TOTAL INVESTMENTS — 100.5% (Cost $104,187,930)					104,984,188
Other Assets & Liabilities — (0.5)%					(482,017	)
TOTAL NET ASSETS — 100.0%				$	104,502,171
WRITTEN OPTIONS — (0.4)%
Call Options — 0.0%
Alkermes PLC, $52.00, 08/19/16		(115	)		(8,624	)
Signature Bank, $145.00, 09/16/16		(69	)		(1,035	)
					(9,659	)
Put Options — (0.3)%
Alkermes PLC, $30.00, 08/19/16		(115	)		(575	)
Pacira Pharmaceuticals, Inc., $85.00, 08/19/16		(73	)		(360,620	)
					(361,195	)
TOTAL WRITTEN OPTIONS (Cost $(254,558))					(370,854	)

† See Security Valuation Note.

* Non-income producing security.

LLC — Limited Liability Company.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	1,671,303		$	1,671,303	$	—		$	—
Apparel		1,446,821			465,829		980,992			—
Auto Parts & Equipment		1,346,939			1,346,939		—			—
Banks		6,025,895			6,025,895		—			—
Biotechnology		1,268,062			1,268,062		—			—
Building Materials		2,315,264			2,315,264		—			—
Commercial Services		4,443,188			4,443,188		—			—
Distribution & Wholesale		3,417,853			3,417,853		—			—
Diversified Financial Services		4,289,302			4,289,302		—			—
Electrical Components & Equipment		849,598			849,598		—			—
Electronics		2,690,256			2,690,256		—			—
Food		4,996,268			4,996,268		—			—
Healthcare Products		7,823,653			7,823,653		—			—
Healthcare Services		2,455,436			2,455,436		—			—
Home Builders		1,772,702			1,772,702		—			—
Household Products & Wares		1,213,008			1,213,008		—			—
Insurance		1,603,848			1,603,848		—			—
Internet		4,205,926			4,205,926		—			—
Leisure Time		1,818,261			1,818,261		—			—
Machinery - Diversified		1,555,877			1,555,877		—			—
Miscellaneous Manufacturing		946,213			946,213		—			—
Oil & Gas		5,518,977			5,518,977		—			—
Pharmaceuticals		9,895,513			9,895,513		—			—
Retail		11,923,294			11,923,294		—			—
Semiconductors		4,027,496			4,027,496		—			—
Software		9,245,362			9,245,362		—			—
Toys, Games & Hobbies		2,144,773			2,144,773		—			—
Transportation		2,065,369			2,065,369		—			—
TOTAL COMMON STOCKS	$	102,976,457		$	101,995,465	$	980,992		$	—
PURCHASED OPTIONS		10,925			10,925		—			—
SHORT-TERM INVESTMENTS		1,996,806			1,996,806		—			—
TOTAL INVESTMENTS	$	104,984,188		$	104,003,196	$	980,992		$	—
LIABILITIES TABLE
Description	Total Market Value at 06/30/2016			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
WRITTEN OPTIONS	$	(370,854	)	$	—	$	(370,854	)	$	—
TOTAL LIABILITIES	$	(370,854	)	$	—	$	(370,854	)	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

93

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Mid Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 84.9%
Aerospace & Defense — 8.7%
AerCap Holdings N.V.*		124,100	$	4,168,519
B/E Aerospace, Inc.		71,900		3,319,983
General Dynamics Corp.		29,350		4,086,694
Spirit AerosyStems Holdings, Inc., Class A*		70,300		3,022,900
				14,598,096
Airlines — 1.4%
American Airlines Group, Inc.		84,700		2,397,857
Apparel — 2.2%
Deckers Outdoor Corp.*		62,900		3,618,008
Banks — 6.2%
BB&T Corp.		52,200		1,858,842
Comerica, Inc.		79,600		3,273,948
Huntington Bancshares, Inc.		143,600		1,283,784
M&T Bank Corp.		23,100		2,731,113
State Street Corp.		23,600		1,272,512
				10,420,199
Chemicals — 2.3%
Ashland, Inc.		33,900		3,890,703
Commercial Services — 2.9%
Avis Budget Group, Inc.*		60,000		1,933,800
Hertz Global Holdings, Inc.		255,800		2,831,706
				4,765,506
Computers — 5.0%
Cadence Design Systems, Inc.*		125,700		3,054,510
Teradata Corp.*		136,200		3,414,534
Western Digital Corp.		41,323		1,952,925
				8,421,969
Electric — 5.7%
AES Corp.		321,600		4,013,568
Edison International		46,100		3,580,587
Flextronics International Ltd.*		161,300		1,903,340
				9,497,495
Electronics — 5.6%
Itron, Inc.*		114,400		4,930,640
Tyco International PLC		103,800		4,421,880
				9,352,520
Entertainment — 1.0%
Lions Gate Entertainment Corp.		78,200		1,581,986
Environmental Control — 2.4%
Covanta Holding Corp.		245,100		4,031,895
Food — 2.7%
Whole Foods Market, Inc.		138,300		4,428,366
Gas — 2.3%
CenterPoint Energy, Inc.		160,000		3,840,000
Healthcare Products — 3.5%
Zimmer Biomet Holdings, Inc.		48,300		5,814,354

	Number of Shares		Value†
Household Products & Wares — 1.7%
Avery Dennison Corp.		38,500	$	2,877,875
Lodging — 1.1%
Wyndham Worldwide Corp.		24,900		1,773,627
Media — 2.0%
CBS Corp., Class B		60,100		3,271,844
Miscellaneous Manufacturing — 2.2%
Valmont Industries, Inc.		26,900		3,638,763
Oil & Gas — 4.9%
Cabot Oil & Gas Corp.		137,500		3,539,250
Devon Energy Corp.		127,900		4,636,375
				8,175,625
Pipelines — 2.2%
ONEOK, Inc.		78,300		3,715,335
Retail — 6.2%
Best Buy Co., Inc.		117,100		3,583,260
GNC Holdings, Inc., Class A		95,400		2,317,266
Kohl’s Corp.		36,800		1,395,456
Macy’s, Inc.		57,800		1,942,658
Office Depot, Inc.*		356,100		1,178,691
				10,417,331
Savings & Loans — 2.1%
BankUnited, Inc.		115,200		3,538,944
Semiconductors — 3.6%
ON Semiconductor Corp.*		314,200		2,771,244
Skyworks Solutions, Inc.		50,300		3,182,984
				5,954,228
Software — 4.3%
Check Point Software Technologies Ltd.*		49,200		3,920,256
Nuance Communications, Inc.*		213,788		3,341,506
				7,261,762
Telecommunications — 2.7%
Amdocs Ltd.		79,500		4,588,740
TOTAL COMMON STOCKS (Cost $129,798,449)				141,873,028
REAL ESTATE INVESTMENT TRUSTS — 7.3%
Building & Real Estate — 4.8%
Colony Starwood Homes		150,220		4,569,693
Starwood Property Trust, Inc.		165,900		3,437,448
				8,007,141
Diversified — 2.5%
Corrections Corporation of America		118,217		4,139,959
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,816,799)				12,147,100

94

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Mid Cap Value Fund

	Number of Shares		Value†
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 — 7.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $12,206,608)		12,206,608		12,206,608
TOTAL INVESTMENTS — 99.5% (Cost $152,872,169)				166,226,736
Other Assets & Liabilities — 0.5%				884,785
TOTAL NET ASSETS — 100.0%			$	167,111,521

† See Security Valuation Note.

* Non-income producing security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2016 is $0.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	141,873,028	$	141,873,028	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		12,147,100		12,147,100		—		—
RIGHTS		—		—		—		—
SHORT-TERM INVESTMENTS		12,206,608		12,206,608		—		—
TOTAL INVESTMENTS	$	166,226,736	$	166,226,736	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

95

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Mid Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — 90.6%
Apparel — 0.5%
Ralph Lauren Corp.		5,462	$	489,504
Auto Manufacturers — 1.3%
Honda Motor Co. Ltd. ADR		26,570		673,018
Oshkosh Corp.		11,464		546,948
				1,219,966
Banks — 11.6%
Bank of Hawaii Corp.		9,632		662,682
BB&T Corp.		26,348		938,252
Comerica, Inc.		12,015		494,177
Commerce Bancshares, Inc.		19,887		952,587
M&T Bank Corp.		7,455		881,405
Northern Trust Corp.		41,056		2,720,370
State Street Corp.		16,208		873,935
SunTrust Banks, Inc.		14,795		607,779
The PNC Financial Services Group, Inc.		11,548		939,892
UMB Financial Corp.		11,092		590,205
Westamerica Bancorporation		17,864		879,981
				10,541,265
Diversified Financial Services — 2.2%
Ameriprise Financial, Inc.		4,114		369,643
Franklin Resources, Inc.		8,443		281,743
Invesco Ltd.		17,806		454,765
Markit Ltd.*		9,371		305,495
T. Rowe Price Group, Inc.		8,061		588,211
				1,999,857
Electric — 8.3%
Ameren Corp.		15,169		812,755
Consolidated Edison, Inc.		8,850		711,894
Edison International		22,047		1,712,391
Eversource Energy		8,357		500,584
NorthWestern Corp.		10,730		676,741
PG&E Corp.		24,520		1,567,318
Xcel Energy, Inc.		35,732		1,600,079
				7,581,762
Electrical Components & Equipment — 1.6%
Emerson Electric Co.		11,231		585,809
Hubbell, Inc.		7,790		821,611
				1,407,420
Electronics — 5.6%
Keysight Technologies, Inc.*		28,382		825,632
Koninklijke Philips N.V.		47,685		1,184,323
TE Connectivity Ltd.		16,243		927,638
Tyco International PLC		49,691		2,116,837
				5,054,430
Environmental Control — 2.5%
Clean Harbors, Inc.*		11,426		595,409
Republic Services, Inc.		33,330		1,710,162
				2,305,571

	Number of Shares		Value†
Food — 7.3%
ConAgra Foods, Inc.		26,282	$	1,256,542
Flowers Foods, Inc.		31,863		597,431
General Mills, Inc.		12,351		880,873
Kellogg Co.		8,073		659,161
Mondelez International, Inc.		24,763		1,126,964
Sysco Corp.		27,324		1,386,420
The J.M. Smucker Co.		5,024		765,708
				6,673,099
Gas — 1.8%
Atmos Energy Corp.		9,015		733,100
Spire, Inc.		12,950		917,378
				1,650,478
Healthcare Products — 4.2%
Baxter International, Inc.		20,466		925,473
Becton Dickinson & Co.		1,931		327,478
Boston Scientific Corp.*		9,955		232,648
STERIS PLC		7,105		488,469
Zimmer Biomet Holdings, Inc.		15,354		1,848,314
				3,822,382
Healthcare Services — 2.9%
LifePoint Health, Inc.*		21,726		1,420,229
Quest Diagnostics, Inc.		14,798		1,204,705
				2,624,934
Home Builders — 1.3%
PulteGroup, Inc.		37,297		726,918
Thor Industries, Inc.		6,705		434,082
				1,161,000
Insurance — 7.1%
Aflac, Inc.		6,960		502,234
Brown & Brown, Inc.		20,593		771,620
Chubb, Ltd		10,387		1,357,685
MetLife, Inc.		15,308		609,718
ProAssurance Corp.		9,864		528,217
Reinsurance Group of America, Inc.		11,389		1,104,619
The Allstate Corp.		6,710		469,364
Torchmark Corp.		5,758		355,959
Unum Group		24,728		786,103
				6,485,519
Iron & Steel — 0.2%
Nucor Corp.		4,319		213,402
Leisure Time — 1.0%
Carnival Corp.		11,343		501,361
Polaris Industries, Inc.		5,121		418,693
				920,054
Machinery — Diversified — 0.5%
Rockwell Automation, Inc.		4,084		468,925
Miscellaneous Manufacturing — 2.0%
Ingersoll-Rand PLC		4,935		314,261
Parker-Hannifin Corp.		6,857		740,899

96

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Mid Core Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — (continued)
Textron, Inc.		21,435	$	783,663
				1,838,823
Oil & Gas — 10.5%
Anadarko Petroleum Corp.		17,868		951,471
Cimarex Energy Co.		4,481		534,673
Devon Energy Corp.		32,282		1,170,222
EQT Corp.		21,658		1,676,979
Helmerich & Payne, Inc.		3,336		223,946
Imperial Oil Ltd.		67,944		2,149,890
Noble Energy, Inc.		37,249		1,336,122
Occidental Petroleum Corp.		17,017		1,285,805
Pioneer Natural Resources Co.		1,430		216,230
				9,545,338
Oil & Gas Services — 2.0%
FMC Technologies, Inc.*		17,072		455,310
Frank’s International NV		36,501		533,280
Halliburton Co.		19,018		861,325
				1,849,915
Packaging and Containers — 2.3%
Bemis Co., Inc.		3,700		190,513
Sonoco Products Co.		13,102		650,645
WestRock Co.		32,162		1,250,137
				2,091,295
Pharmaceuticals — 1.1%
Abbott Laboratories		17,970		706,401
Mead Johnson Nutrition Co.		3,557		322,798
				1,029,199
Pipelines — 0.3%
Spectra Energy Partners LP		4,653		219,529
Retail — 3.4%
Advance Auto Parts, Inc.		7,231		1,168,746
CST Brands, Inc.		27,659		1,191,550
Target Corp.		9,961		695,477
				3,055,773
Savings & Loans — 1.0%
Capitol Federal Financial, Inc.		66,037		921,216
Semiconductors — 4.6%
Applied Materials, Inc.		52,579		1,260,318
Lam Research Corp.		8,978		754,691
Maxim Integrated Products, Inc.		31,680		1,130,659
Teradyne, Inc.		51,678		1,017,540
				4,163,208
Telecommunications — 0.9%
CenturyLink, Inc.		28,874		837,635
Toys, Games & Hobbies — 0.3%
Mattel, Inc.		7,348		229,919
Transportation — 2.3%
CSX Corp.		42,979		1,120,892

	Number of Shares		Value†
Transportation — (continued)
Heartland Express, Inc.		55,759	$	969,649
				2,090,541
TOTAL COMMON STOCKS (Cost $76,238,359)				82,491,959
REAL ESTATE INVESTMENT TRUSTS — 6.3%
Apartments — 1.8%
Weyerhaeuser Co.		53,288		1,586,384
Diversified — 0.9%
Corrections Corporation of America		23,973		839,534
Healthcare — 0.2%
Welltower, Inc.		2,051		156,225
Hotels & Resorts — 1.3%
Host Hotels & Resorts, Inc.		41,733		676,492
MGM Growth Properties LLC		19,084		509,161
				1,185,653
Office Property — 2.1%
Boston Properties, Inc.		3,914		516,257
Empire State Realty Trust, Inc., Class A		24,000		455,760
Piedmont Office Realty Trust, Inc., Class A		43,678		940,824
				1,912,841
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,317,084)				5,680,637
EXCHANGE TRADED FUNDS — 2.2%
Investment Companies — 2.2%
iShares Russell MidCap Value Index Fund (Cost $1,811,564)		26,662		1,980,720
SHORT-TERM INVESTMENTS — 2.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,219,622)		2,219,622		2,219,622
TOTAL INVESTMENTS — 101.5% (Cost $85,586,629)				92,372,938
Other Assets & Liabilities — (1.5)%				(1,357,375	)
TOTAL NET ASSETS — 100.0%			$	91,015,563

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

97

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Mid Core Value Fund

Country Weightings as of 06/30/2016††
United States	92%
Other	2
Canada	2
Netherlands	2
Japan	1
United Kingdom	1
Total	100%

††% of total investments as of June 30, 2016

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Apparel	$	489,504	$	489,504	$	—	$	—
Auto Manufacturers		1,219,966		1,219,966		—		—
Banks		10,541,265		10,541,265		—		—
Diversified Financial Services		1,999,857		1,999,857		—		—
Electric		7,581,762		7,581,762		—		—
Electrical Components & Equipment		1,407,420		1,407,420		—		—
Electronics		5,054,430		3,870,107		1,184,323		—
Environmental Control		2,305,571		2,305,571		—		—
Food		6,673,099		6,673,099		—		—
Gas		1,650,478		1,650,478		—		—
Healthcare Products		3,822,382		3,822,382		—		—
Healthcare Services		2,624,934		2,624,934		—		—
Home Builders		1,161,000		1,161,000		—		—
Insurance		6,485,519		6,485,519		—		—
Iron & Steel		213,402		213,402		—		—
Leisure Time		920,054		920,054		—		—
Machinery — Diversified		468,925		468,925		—		—
Miscellaneous Manufacturing		1,838,823		1,838,823		—		—
Oil & Gas		9,545,338		9,545,338		—		—
Oil & Gas Services		1,849,915		1,849,915		—		—
Packaging and Containers		2,091,295		2,091,295		—		—
Pharmaceuticals		1,029,199		1,029,199		—		—
Pipelines		219,529		219,529		—		—
Retail		3,055,773		3,055,773		—		—
Savings & Loans		921,216		921,216		—		—
Semiconductors		4,163,208		4,163,208		—		—
Telecommunications		837,635		837,635		—		—
Toys, Games & Hobbies		229,919		229,919		—		—
Transportation		2,090,541		2,090,541		—		—
TOTAL COMMON STOCKS	$	82,491,959	$	81,307,636	$	1,184,323	$	—
REAL ESTATE INVESTMENT TRUSTS		5,680,637		5,680,637		—		—
EXCHANGE TRADED FUNDS		1,980,720		1,980,720		—		—
SHORT-TERM INVESTMENTS		2,219,622		2,219,622		—		—
TOTAL INVESTMENTS	$	92,372,938	$	91,188,615	$	1,184,323	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

98

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

SMID Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 98.5%
Aerospace & Defense — 2.4%
Harris Corp.		7,150	$	596,596
Orbital ATK Inc.		7,150		608,751
				1,205,347
Airlines — 1.5%
Spirit Airlines, Inc.*		16,920		759,200
Apparel — 0.8%
Columbia Sportswear Co.		6,643		382,238
Auto Parts & Equipment — 1.6%
Gentherm, Inc.*		11,962		409,698
WABCO Holdings, Inc.*		4,480		410,234
				819,932
Beverages — 1.5%
Constellation Brands, Inc., Class A		4,530		749,262
Biotechnology — 3.9%
Alnylam Pharmaceuticals, Inc.*		4,214		233,835
Bluebird Bio, Inc.*		4,060		175,757
Cambrex Corp.*		14,254		737,360
Ligand Pharmaceuticals, Inc.*		4,714		562,239
Prothena Corp. PLC*		3,695		129,177
Ultragenyx Pharmaceutical, Inc.*		2,640		129,122
				1,967,490
Building Materials — 2.8%
Masonite International Corp.*		9,560		632,299
Vulcan Materials Co.		6,450		776,322
				1,408,621
Commercial Services — 22.8%
Allegion PLC		16,010		1,111,574
Aramark		28,590		955,478
Bright Horizons Family Solutions, Inc.*		13,990		927,677
CoStar Group, Inc.*		5,894		1,288,782
Euronet Worldwide, Inc.*		9,541		660,142
HealthEquity, Inc.*		20,363		618,730
KAR Auction Services Inc.		28,914		1,206,870
LendingTree, Inc.*		4,603		406,583
SEI Investments Co.		17,930		862,612
ServiceMaster Global Holdings, Inc.*		28,862		1,148,708
TransUnion*		23,414		782,964
Vantiv, Inc., Class A*		10,487		593,564
WEX, Inc.*		9,870		875,173
				11,438,857
Computers — 1.9%
EPAM Systems, Inc.*		11,597		745,803
Secureworks Corp., Class A*		15,937		224,712
				970,515
Distribution & Wholesale — 2.8%
HD Supply Holdings, Inc.*		24,180		841,948
Pool Corp.		5,830		548,195
				1,390,143

	Number of Shares		Value†
Diversified Financial Services — 1.8%
Evercore Partners, Inc., Class A, Class A		12,000	$	530,280
Raymond James Financial, Inc.		7,540		371,722
				902,002
Electrical Components & Equipment — 1.8%
Acuity Brands, Inc.		2,191		543,280
Universal Display Corp.*		5,150		349,170
				892,450
Electronics — 1.1%
FLIR Systems, Inc.		18,430		570,409
Entertainment — 4.5%
Cinemark Holdings, Inc.		21,950		800,297
Six Flags Entertainment Corp.		11,450		663,528
Vail Resorts, Inc.		5,750		794,822
				2,258,647
Environmental Control — 1.4%
Waste Connections, Inc.		10,080		726,264
Healthcare Products — 6.9%
Align Technology, Inc.*		9,740		784,557
DexCom, Inc.*		11,839		939,188
Integra LifeSciences Holdings Corp.*		9,660		770,675
Nevro Corp.*		8,096		597,161
Teleflex, Inc.		2,073		367,563
				3,459,144
Healthcare Services — 2.0%
Amedisys, Inc.*		12,200		615,856
Surgical Care Affiliates, Inc.*		7,954		379,167
				995,023
Internet — 0.7%
Yandex NV, Class A*		16,353		357,313
Machinery — Diversified — 0.9%
Cognex Corp.		10,672		459,963
Miscellaneous Manufacturing — 4.8%
A.O. Smith Corp.		10,620		935,728
Carlisle Cos., Inc.		6,450		681,636
John Bean Technologies Corp.		8,380		513,024
Proto Labs, Inc.*		4,683		269,553
				2,399,941
Oil & Gas — 0.9%
Diamondback Energy, Inc.*		5,080		463,347
Pharmaceuticals — 2.2%
Ophthotech Corp.*		2,790		142,374
VCA, Inc.*		14,100		953,301
				1,095,675
Real Estate — 1.1%
CBRE Group, Inc., Class A*		21,980		582,030
Retail — 8.4%
Burlington Stores, Inc.*		13,220		881,906

99

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

SMID Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Coach, Inc.		14,670	$	597,656
Dave & Buster’s Entertainment, Inc.*		11,615		543,466
Lithia Motors, Inc., Class A		4,945		351,441
Sally Beauty Holdings, Inc.*		21,120		621,139
The Michaels Cos, Inc.*		25,407		722,575
Ulta Salon Cosmetics & Fragrance, Inc.*		2,120		516,517
				4,234,700
Software — 13.6%
Broadridge Financial Solutions, Inc.		13,680		891,936
Guidewire Software, Inc.*		12,951		799,854
HubSpot, Inc.*		12,150		527,553
Paycom Software, Inc.*		20,872		901,879
ServiceNow, Inc.*		12,330		818,712
Tableau Software, Inc., Class A*		7,962		389,501
Take-Two Interactive Software, Inc.*		20,030		759,538
Tyler Technologies, Inc.*		6,341		1,057,108
Veeva Systems, Inc., Class A*		19,811		675,951
				6,822,032
Telecommunications — 2.4%
Zayo Group Holdings, Inc.*		42,856		1,196,968
Transportation — 2.0%
J.B. Hunt Transport Services, Inc.		6,160		498,529
Kansas City Southern		5,570		501,801
				1,000,330
TOTAL COMMON STOCKS (Cost $43,440,420)				49,507,843
SHORT-TERM INVESTMENTS — 2.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,385,624)		1,385,624		1,385,624
TOTAL INVESTMENTS — 101.3% (Cost $44,826,044)				50,893,467
Other Assets & Liabilities — (1.3)%				(638,333	)
TOTAL NET ASSETS — 100.0%			$	50,255,134

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	49,507,843	$	49,507,843	$	—	$	—
SHORT-TERM INVESTMENTS		1,385,624		1,385,624		—		—
TOTAL INVESTMENTS	$	50,893,467	$	50,893,467	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

100

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

SMID Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 93.1%
Aerospace & Defense — 2.0%
B/E Aerospace, Inc.		18,180	$	839,462
Esterline Technologies Corp.*		9,480		588,139
				1,427,601
Airlines — 0.7%
SkyWest, Inc.		20,260		536,080
Apparel — 1.2%
Crocs, Inc.*		74,720		842,842
Auto Manufacturers — 1.5%
Oshkosh Corp.		22,640		1,080,154
Auto Parts & Equipment — 2.6%
Dana Holding Corp.		48,940		516,806
Lear Corp.		6,840		696,039
Tenneco, Inc.*		14,090		656,735
				1,869,580
Banks — 8.4%
Associated Banc-Corp.		39,650		679,997
Comerica, Inc.		22,955		944,139
Fulton Financial Corp.		51,200		691,200
Huntington Bancshares, Inc.		105,930		947,014
Synovus Financial Corp.		20,940		607,051
Texas Capital Bancshares, Inc.*		11,370		531,661
Webster Financial Corp.		22,628		768,221
Zions Bancorporation		35,420		890,105
				6,059,388
Chemicals — 1.4%
Huntsman Corp.		48,780		656,091
Ingevity Corp.		9,279		315,857
				971,948
Commercial Services — 4.7%
ABM Industries, Inc.		24,510		894,125
Booz Allen Hamilton Holding Corp.		36,220		1,073,561
Quanta Services, Inc.*		39,460		912,315
Sotheby’s*		17,970		492,378
				3,372,379
Computers — 2.1%
Genpact Ltd.*		16,380		439,639
NCR Corp.*		39,630		1,100,525
				1,540,164
Distribution & Wholesale — 0.7%
WESCO International, Inc.*		10,240		527,258
Diversified Financial Services — 0.6%
Onemain Holdings Inc*		18,340		418,519
Electric — 3.1%
PNM Resources, Inc.		30,060		1,065,326
Westar Energy, Inc.		20,660		1,158,820
				2,224,146

	Number of Shares		Value†
Electronics — 2.8%
Keysight Technologies, Inc.*		26,200	$	762,158
TTM Technologies, Inc.*		65,770		495,248
Vishay Intertechnology, Inc.		63,160		782,552
				2,039,958
Engineering & Construction — 3.8%
AECOM*		30,854		980,232
EMCOR Group, Inc.		15,840		780,278
Granite Construction, Inc.		9,630		438,647
Tutor Perini Corp.*		21,950		516,922
				2,716,079
Entertainment — 1.2%
Regal Entertainment Group, Class A		40,360		889,534
Food — 1.6%
Ingredion, Inc.		8,590		1,111,632
Gas — 1.8%
Southwest Gas Corp.		16,230		1,277,463
Hand & Machine Tools — 0.7%
Regal-Beloit Corp.		9,740		536,187
Healthcare Services — 4.5%
ICON PLC*		12,350		864,623
LifePoint Health, Inc.*		12,070		789,016
Molina Healthcare, Inc.*		17,540		875,246
WellCare Health Plans, Inc.*		6,570		704,830
				3,233,715
Home Builders — 2.3%
Meritage Homes Corp.*		19,870		745,920
PulteGroup, Inc.		46,410		904,531
				1,650,451
Household Products & Wares — 0.9%
Helen of Troy Ltd.*		5,970		613,955
Insurance — 8.6%
American Financial Group, Inc.		12,310		910,078
CNO Financial Group, Inc.		28,870		504,070
Essent Group Ltd.*		41,354		901,931
First American Financial Corp.		25,930		1,042,905
Reinsurance Group of America, Inc.		9,160		888,429
The Hanover Insurance Group, Inc.		9,660		817,429
Validus Holdings Ltd.		22,380		1,087,444
				6,152,286
Internet — 2.1%
CDW Corp.		21,730		870,939
Shutterfly, Inc.*		14,030		653,938
				1,524,877
Media — 1.7%
Cable One, Inc		990		506,296
Scholastic Corp.		17,810		705,454
				1,211,750

101

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Schedule of Investments — June 30, 2016 (Unaudited)

SMID Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — 1.0%
ITT Inc		22,040	$	704,839
Oil & Gas — 5.7%
Gulfport Energy Corp.*		35,910		1,122,546
Helmerich & Payne, Inc.		16,090		1,080,122
QEP Resources, Inc.*		63,620		1,121,621
Synergy Resources Corp.*		117,440		782,150
				4,106,439
Oil & Gas Services — 3.8%
MRC Global Inc*		75,190		1,068,450
Oil States International, Inc.*		23,870		784,846
RPC, Inc.*		54,770		850,578
				2,703,874
Packaging and Containers — 1.3%
Graphic Packaging Holding Co.		76,810		963,197
Retail — 7.8%
Big Lots, Inc.		17,530		878,428
Bloomin’ Brands, Inc.		54,460		973,200
Brinker International, Inc.		13,751		626,083
Caleres, Inc.		26,720		646,891
Office Depot, Inc.*		174,590		577,893
The Children’s Place, Inc.		13,020		1,043,944
The Michaels Cos, Inc.*		30,820		876,521
				5,622,960
Savings & Loans — 0.6%
First Niagara Financial Group, Inc.		43,660		425,248
Semiconductors — 3.7%
Advanced Micro Devices, Inc.*		67,290		345,871
Cypress Semiconductor Corp.		94,140		993,177
Lam Research Corp.		5,360		450,561
Qorvo, Inc.*		15,750		870,345
				2,659,954
Software — 1.2%
Verint Systems, Inc.*		26,910		891,528
Telecommunications — 5.5%
Amdocs Ltd.		16,485		951,514
Anixter International, Inc.*		16,540		881,251
Finisar Corp.*		54,080		946,941
Infinera Corp.*		43,190		487,183
Polycom, Inc.*		59,700		671,625
				3,938,514
Transportation — 1.5%
Ryder System, Inc.		8,890		543,535
Werner Enterprises, Inc.		22,230		510,623
				1,054,158
TOTAL COMMON STOCKS (Cost $60,096,509)				66,898,657

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 4.0%
Apartments — 1.4%
Mid-America Apartment Communities, Inc.		9,830	$	1,045,912
Office Property — 1.6%
Gramercy Property Trust		124,808		1,150,730
Strip Centers — 1.0%
DDR Corp.		37,940		688,232
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,241,057)				2,884,874
SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $923,501)		923,501		923,501
TOTAL INVESTMENTS — 98.4% (Cost $63,261,067)				70,707,032
Other Assets & Liabilities — 1.6%				1,146,174
TOTAL NET ASSETS — 100.0%			$	71,853,206

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	66,898,657	$	66,898,657	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		2,884,874		2,884,874		—		—
SHORT-TERM INVESTMENTS		923,501		923,501		—		—
TOTAL INVESTMENTS	$	70,707,032	$	70,707,032	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

102

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Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — 99.7%
Aerospace & Defense — 2.3%
HEICO Corp., Class A		35,796	$	1,920,455
Apparel — 3.7%
Carter’s, Inc.		14,104		1,501,653
Gildan Activewear, Inc.		19,475		571,202
Wolverine World Wide, Inc.		52,214		1,060,988
				3,133,843
Auto Parts & Equipment — 0.5%
Gentherm, Inc.		11,220		384,285
Banks — 2.1%
Bank of the Ozarks, Inc.		23,820		893,726
Kearny Financial Corp.		39,534		497,338
SVB Financial Group*		3,741		355,994
				1,747,058
Beverages — 0.3%
Britvic PLC		33,152		259,424
Biotechnology — 1.1%
Ligand Pharmaceuticals, Inc.*		5,491		654,912
Puma Biotechnology, Inc.*		9,576		285,269
				940,181
Building Materials — 0.8%
Trex Co., Inc.*		15,294		687,006
Chemicals — 2.5%
Sensient Technologies Corp.		30,291		2,151,873
Commercial Services — 12.9%
Alarm.com Holdings, Inc.*		16,528		423,613
CEB, Inc.		14,637		902,810
CoStar Group, Inc.*		4,423		967,133
Euronet Worldwide, Inc.*		23,198		1,605,069
ExamWorks Group, Inc.*		10,680		372,198
Gartner, Inc.*		7,273		708,463
Healthcare Services Group, Inc.		27,592		1,141,757
HealthEquity, Inc.*		21,922		666,100
MAXIMUS, Inc.		15,126		837,527
Nord Anglia Education Inc.*		44,405		938,722
Rollins, Inc.		16,855		493,346
ServiceMaster Global Holdings, Inc.*		37,747		1,502,330
SP Plus Corp.*		15,965		360,490
				10,919,558
Computers — 4.8%
Cadence Design Systems, Inc.*		72,233		1,755,262
Fleetmatics Group PLC*		16,660		721,878
Jack Henry & Associates, Inc.		18,277		1,595,033
				4,072,173
Diversified Financial Services — 4.8%
Artisan Partners Asset Management, Inc., Class A		12,865		356,103
Financial Engines, Inc.		19,698		509,587
LPL Financial Holdings, Inc.		21,220		478,087
MarketAxess Holdings, Inc.		10,666		1,550,836
Markit Ltd.*		28,656		934,186

	Number of Shares		Value†
Diversified Financial Services — (continued)
WisdomTree Investments, Inc.		26,075	$	255,274
				4,084,073
Electrical Components & Equipment — 2.8%
Belden, Inc.		20,405		1,231,850
EnerSys		19,104		1,136,115
				2,367,965
Electronics — 4.3%
CTS Corp.		33,276		596,306
FEI Co.		14,256		1,523,681
National Instruments Corp.		13,149		360,283
OSI Systems, Inc.*		12,873		748,308
Sensata Technologies Holding NV*		11,632		405,840
				3,634,418
Energy-Alternate Sources — 0.4%
SolarEdge Technologies Inc.*		17,873		350,311
Entertainment — 2.5%
AMC Entertainment Holdings, Inc., Class A		26,499		731,637
Manchester United PLC		32,130		511,831
National CineMedia, Inc.		58,233		901,447
				2,144,915
Environmental Control — 0.9%
Clean Harbors, Inc.*		14,447		752,833
Food — 0.8%
Amplify Snack Brands Inc.*		48,388		713,723
Hand & Machine Tools — 0.7%
Kennametal, Inc.		27,241		602,298
Healthcare Products — 8.0%
Bio-Techne Corp.		11,138		1,256,032
Endologix, Inc.*		69,807		869,795
Globus Medical, Inc., Class A*		30,574		728,578
LDR Holding Corp.*		29,266		1,081,379
Masimo Corp.*		14,295		750,702
Merit Medical Systems, Inc.*		32,426		643,008
Quidel Corp.*		22,969		410,226
STERIS PLC		14,522		998,388
				6,738,108
Healthcare Services — 1.2%
Catalent, Inc.*		42,836		984,800
Household Products & Wares — 1.1%
Ontex Group NV		30,563		963,622
Insurance — 1.0%
RLI Corp.		12,011		826,117
Internet — 1.5%
ChannelAdvisor Corp.*		27,144		393,317
Wayfair, Inc., Class A*		8,164		318,396
Zillow Group, Inc.*		16,070		588,965
				1,300,678

103

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Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Growth Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Investment Companies — 0.4%
Pace Holdings Corp.*		33,082	$	330,820
Machinery — Diversified — 1.6%
Nordson Corp.		11,062		924,894
Wabtec Corp.		6,093		427,911
				1,352,805
Medical Instruments — 0.5%
Novadaq Technologies, Inc.*		40,411		397,644
Metal Fabricate/Hardware — 1.1%
Rexnord Corp.*		47,012		922,846
Miscellaneous Manufacturing — 1.2%
Proto Labs, Inc.*		9,243		532,027
Raven Industries, Inc.		26,450		500,963
				1,032,990
Oil & Gas Services — 0.7%
Dril-Quip, Inc.*		9,605		561,220
Pharmaceuticals — 7.3%
ACADIA Pharmaceuticals, Inc.*		18,083		586,974
Akorn, Inc.*		15,950		454,336
Aralez Pharmaceuticals Inc.*		43,020		141,966
DBV Technologies SA*		13,870		452,439
Diplomat Pharmacy, Inc.*		19,795		692,825
Dyax Corp Escrow*~		36,639		40,669
Eagle Pharmaceuticals, Inc.*		10,976		425,759
Heron Therapeutics, Inc.*		18,033		325,496
Ironwood Pharmaceuticals, Inc.*		41,173		538,337
Phibro Animal Health Corp., Class A		32,971		615,239
Prestige Brands Holdings, Inc.*		20,780		1,151,212
Relypsa, Inc.*		20,205		373,793
Teligent Inc.*		53,279		380,412
				6,179,457
Publishing / Newspapers — 0.9%
Cimpress NV*		7,916		732,072
Real Estate — 0.8%
Jones Lang LaSalle, Inc.		3,866		376,742
The St. Joe Co.*		19,337		342,651
				719,393
Real Estate Investment Trusts — 0.9%
Lamar Advertising Co.		11,525		764,107
Retail — 5.4%
Biglari Holdings, Inc.*		2,905		1,171,703
Casey’s General Stores, Inc.		10,857		1,427,804
Dunkin’ Brands Group, Inc.		11,852		516,984
Five Below, Inc.*		18,864		875,478
Sally Beauty Holdings, Inc.*		21,154		622,139
				4,614,108
Semiconductors — 1.0%
ON Semiconductor Corp.*		91,512		807,136

	Number of Shares		Value†
Software — 13.4%
ACI Worldwide, Inc.*		31,596	$	616,438
Athenahealth, Inc.*		5,378		742,218
Blackbaud, Inc.		37,564		2,550,595
Broadridge Financial Solutions, Inc.		34,619		2,257,159
Descartes Systems Group Inc.*		28,945		553,606
Envestnet, Inc.*		24,811		826,454
Guidewire Software, Inc.*		13,484		832,772
RealPage, Inc.*		33,084		738,766
SPS Commerce, Inc.*		7,713		467,408
SS&C Technologies Holdings, Inc.		64,016		1,797,569
				11,382,985
Telecommunications — 2.0%
NICE Systems, Ltd. ADR		26,828		1,712,968
Transportation — 1.5%
Landstar System, Inc.		9,031		620,069
Old Dominion Freight Line, Inc.*		10,169		613,292
				1,233,361
TOTAL COMMON STOCKS (Cost $69,542,911)				84,423,629
SHORT-TERM INVESTMENTS — 0.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $677,606)		677,606		677,606
TOTAL INVESTMENTS — 100.5% (Cost $70,220,517)				85,101,235
Other Assets & Liabilities — (0.5)%				(458,274	)
TOTAL NET ASSETS — 100.0%			$	84,642,961

† See Security Valuation Note.

* Non-income producing security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2016 is $40,669.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Country Weightings as of 06/30/2016††
United States	88	%
Israel	3
United Kingdom	3
Canada	2
Belgium	1
Hong Kong	1
Netherlands	1
Other	1
Total	100	%

††% of total investments as of June 30, 2016

104

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Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Growth Fund

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Aerospace & Defense	$	1,920,455	$	1,920,455	$	—	$	—
Apparel		3,133,843		3,133,843		—		—
Auto Parts & Equipment		384,285		384,285		—		—
Banks		1,747,058		1,747,058		—		—
Beverages		259,424		—		259,424		—
Biotechnology		940,181		940,181		—		—
Building Materials		687,006		687,006		—		—
Chemicals		2,151,873		2,151,873		—		—
Commercial Services		10,919,558		10,919,558		—		—
Computers		4,072,173		4,072,173		—		—
Diversified Financial Services		4,084,073		4,084,073		—		—
Electrical Components & Equipment		2,367,965		2,367,965		—		—
Electronics		3,634,418		3,634,418		—		—
Energy-Alternate Sources		350,311		350,311		—		—
Entertainment		2,144,915		2,144,915		—		—
Environmental Control		752,833		752,833		—		—
Food		713,723		713,723		—		—
Hand & Machine Tools		602,298		602,298		—		—
Healthcare Products		6,738,108		6,738,108		—		—
Healthcare Services		984,800		984,800		—		—
Household Products & Wares		963,622		—		963,622		—
Insurance		826,117		826,117		—		—
Internet		1,300,678		1,300,678		—		—
Investment Companies		330,820		330,820		—		—
Machinery — Diversified		1,352,805		1,352,805		—		—
Medical Instruments		397,644		397,644		—		—
Metal Fabricate/Hardware		922,846		922,846		—		—
Miscellaneous Manufacturing		1,032,990		1,032,990		—		—
Oil & Gas Services		561,220		561,220		—		—
Pharmaceuticals		6,179,457		6,138,788		40,669		—
Publishing / Newspapers		732,072		732,072		—		—
Real Estate		719,393		719,393		—		—
Real Estate Investment Trusts		764,107		764,107		—		—
Retail		4,614,108		4,614,108		—		—
Semiconductors		807,136		807,136		—		—
Software		11,382,985		11,382,985		—		—
Telecommunications		1,712,968		1,712,968		—		—
Transportation		1,233,361		1,233,361		—		—
TOTAL COMMON STOCKS	$	84,423,629	$	83,159,914	$	1,263,715	$	—
SHORT-TERM INVESTMENTS		677,606		677,606		—		—
TOTAL INVESTMENTS	$	85,101,235	$	83,837,520	$	1,263,715	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

105

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Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — 84.9%
Aerospace & Defense — 2.3%
Curtiss-Wright Corp.		16,139	$	1,359,711
Esterline Technologies Corp.*		15,832		982,217
Kaman Corp.		24,123		1,025,710
KLX, Inc.*		15,391		477,121
Moog, Inc., Class A*		21,278		1,147,310
				4,992,069
Apparel — 0.7%
Columbia Sportswear Co.		11,839		681,216
G-III Apparel Group Ltd.*		10,824		494,873
Steven Madden Ltd.*		11,800		403,324
				1,579,413
Auto Parts & Equipment — 0.2%
Tower International, Inc.		26,377		542,839
Banks — 16.9%
Ameris Bancorp		21,220		630,234
BancorpSouth, Inc.		38,876		882,096
Bank of the Ozarks, Inc.		29,067		1,090,594
Banner Corp.		26,761		1,138,413
BNC Bancorp		27,116		615,804
Boston Private Financial Holdings, Inc.		64,455		759,280
CenterState Banks, Inc.		13,841		217,996
CoBiz Financial, Inc.		34,838		407,605
Columbia Banking System, Inc.		41,626		1,168,026
Community Bank System, Inc.		27,269		1,120,483
ConnectOne Bancorp, Inc.		22,608		354,720
CU Bancorp*		11,075		251,735
CVB Financial Corp.		78,460		1,285,959
First Financial Bankshares, Inc.		36,348		1,191,851
First Merchants Corp.		38,530		960,553
First Midwest Bancorp, Inc.		45,786		804,002
Glacier Bancorp, Inc.		47,569		1,264,384
Great Western Bancorp, Inc.		46,249		1,458,693
Heritage Financial Corp.		25,020		439,852
Home BancShares, Inc.		56,465		1,117,442
Independent Bank Corp.		22,232		1,016,002
Independent Bank Group, Inc.		8,822		378,552
Lakeland Financial Corp.		11,502		540,709
LegacyTexas Financial Group, Inc.		54,414		1,464,281
MB Financial, Inc.		49,506		1,796,078
PacWest Bancorp		32,441		1,290,503
Pinnacle Financial Partners, Inc.		29,673		1,449,526
PrivateBancorp, Inc.		64,248		2,828,839
Prosperity Bancshares, Inc.		31,701		1,616,434
Renasant Corp.		34,923		1,129,061
Sandy Spring Bancorp, Inc.		14,604		424,392
South State Corp.		19,431		1,322,280
Southwest Bancorp, Inc.		12,610		213,487
State Bank Financial Corp.		32,708		665,608
Texas Capital Bancshares, Inc.*		10,628		496,965
The First of Long Island Corp.		11,277		323,312
TriCo Bancshares		16,064		443,366
UMB Financial Corp.		3,893		207,147
Webster Financial Corp.		68,560		2,327,612

	Number of Shares		Value†
Banks — (continued)
Yadkin Financial Corp.		4,205	$	105,503
				37,199,379
Building Materials — 2.5%
Armstrong World Industries, Inc.*		14,197		555,812
Continental Building Products, Inc.*		31,651		703,602
Eagle Materials, Inc.		16,064		1,239,338
Gibraltar Industries, Inc.*		24,091		760,553
Masonite International Corp.*		20,250		1,339,335
Summit Materials, Inc., Class A*		47,137		964,423
				5,563,063
Chemicals — 2.1%
Methanex Corp.		1,538		44,756
Minerals Technologies, Inc.		15,767		895,565
Olin Corp.		9,165		227,659
PolyOne Corp.		23,120		814,749
Quaker Chemical Corp.		6,522		581,762
Univar Inc.*		35,903		678,926
WR Grace & Co.		17,779		1,301,600
				4,545,017
Commercial Services — 3.1%
ABM Industries, Inc.		46,660		1,702,157
HMS Holdings Corp.*		24,780		436,376
Live Nation Entertainment, Inc.*		75,689		1,778,692
MAXIMUS, Inc.		15,118		837,084
Monro Muffler Brake, Inc.		10,724		681,617
On Assignment, Inc.*		21,532		795,607
Team Health Holdings, Inc.*		14,015		569,990
				6,801,523
Computers — 1.7%
Convergys Corp.		43,722		1,093,050
DST Systems Inc.		6,634		772,397
Electronics For Imaging, Inc.*		25,354		1,091,236
NetScout Systems, Inc.*		38,228		850,573
				3,807,256
Distribution & Wholesale — 1.5%
Beacon Roofing Supply, Inc.*		32,222		1,465,134
Core-Mark Holding Co., Inc.		25,816		1,209,738
WESCO International, Inc.*		11,548		594,607
				3,269,479
Diversified Financial Services — 1.4%
MarketAxess Holdings, Inc.		7,338		1,066,945
OM Asset Management PLC		55,275		737,921
Stifel Financial Corp.*		30,544		960,609
Virtu Financial, Inc., Class A		21,719		390,942
				3,156,417
Electric — 4.3%
Black Hills Corp.		23,582		1,486,609
Dynegy, Inc.*		34,710		598,400
IDACORP, Inc.		25,693		2,090,126
NorthWestern Corp.		24,758		1,561,487
PNM Resources, Inc.		53,528		1,897,032
Portland General Electric Co.		43,287		1,909,823
				9,543,477

106

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Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — 0.5%
EnerSys		9,465	$	562,884
Littelfuse, Inc.		4,628		546,983
				1,109,867
Electronics — 1.8%
CTS Corp.		40,353		723,126
Plexus Corp.*		21,666		935,971
Watts Water Technologies, Inc., Class A		23,918		1,393,463
Woodward, Inc.		15,485		892,555
				3,945,115
Engineering & Construction — 0.8%
EMCOR Group, Inc.		34,044		1,677,007
Entertainment — 1.3%
Marriott Vacations Worldwide Corp.		15,356		1,051,732
Vail Resorts, Inc.		12,424		1,717,370
				2,769,102
Environmental Control — 0.3%
MSA Safety, Inc.		12,091		635,140
Waste Connections Inc.		1		49
				635,189
Food — 2.0%
Pinnacle Foods, Inc.		26,712		1,236,499
Post Holdings, Inc.*		6,315		522,187
SUPERVALU, Inc.*		24,399		115,163
TreeHouse Foods, Inc.*		24,875		2,553,419
				4,427,268
Forest Products & Paper — 0.1%
Mercer International, Inc.		15,795		126,044
Gas — 2.8%
New Jersey Resources Corp.		45,394		1,749,939
South Jersey Industries, Inc.		26,499		837,899
Southwest Gas Corp.		23,016		1,811,589
WGL Holdings, Inc.		25,675		1,817,533
				6,216,960
Healthcare Products — 1.8%
CONMED Corp.		24,376		1,163,467
Endologix, Inc.*		67,261		838,072
Integra LifeSciences Holdings Corp.*		15,088		1,203,721
VWR Corp*		22,366		646,377
Wright Medical Group NV*		11,252		195,447
				4,047,084
Healthcare Services — 1.4%
Air Methods Corp.*		20,240		725,199
American Renal Associates Holdings Inc*		13,023		377,276
Amsurg Corp.*		12,141		941,413
Catalent, Inc.*		21,665		498,079
HealthSouth Corp.		14,085		546,780
				3,088,747
Home Builders — 0.8%
CalAtlantic Group, Inc.		22,666		832,069
Meritage Homes Corp.*		15,011		563,513

	Number of Shares		Value†
Home Builders — (continued)
William Lyon Homes, Class A*		17,909	$	288,693
				1,684,275
Household Products & Wares — 1.2%
Spectrum Brands Holdings, Inc.		21,400		2,553,234
Insurance — 4.7%
American Equity Investment Life Holding Co.		10,333		147,245
AMERISAFE, Inc.		10,078		616,975
AmTrust Financial Services, Inc.		29,735		728,507
CNO Financial Group, Inc.		109,504		1,911,940
Endurance Specialty Holdings Ltd.		17,872		1,200,284
Enstar Group Ltd.*		5,349		866,485
Maiden Holdings Ltd.		91,230		1,116,655
National General Holdings Corp.		52,446		1,123,393
ProAssurance Corp.		14,776		791,255
Radian Group, Inc.		84,482		880,302
RLI Corp.		15,259		1,049,514
				10,432,555
Internet — 0.2%
Marketo, Inc.*		12,532		436,364
Investment Companies — 0.3%
Golub Capital BDC, Inc.		16,816		303,865
New Mountain Finance Corp.		21,024		271,210
				575,075
Iron & Steel — 0.6%
Commercial Metals Co.		53,170		898,573
United States Steel Corp.		30,946		521,749
				1,420,322
Lodging — 0.2%
Extended Stay America, Inc.		26,257		392,542
Media — 0.4%
Media General, Inc.*		4,668		80,243
Nexstar Broadcasting Group, Inc., Class A		17,160		816,473
Townsquare Media, Inc., Class A*		11,278		88,983
				985,699
Metal Fabricate/Hardware — 0.8%
RBC Bearings, Inc.*		11,766		853,035
Rexnord Corp.*		31,306		614,537
TriMas Corp.*		15,397		277,146
				1,744,718
Mining — 1.2%
Hecla Mining Co.		82,179		419,113
Kaiser Aluminum Corp.		15,796		1,428,116
Royal Gold, Inc.		10,936		787,611
				2,634,840
Miscellaneous Manufacturing — 1.5%
Barnes Group, Inc.		27,466		909,674
CLARCOR, Inc.		14,854		903,569
ITT Inc		18,934		605,509
Standex International Corp.		5,377		444,301

107

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — (continued)
Trinseo SA		11,547	$	495,713
				3,358,766
Oil & Gas — 5.2%
Carrizo Oil & Gas, Inc.*		26,255		941,242
Memorial Resource Development Corp.*		84,465		1,341,304
Murphy USA Inc*		12,882		955,329
Parsley Energy, Inc., Class A*		49,063		1,327,645
PBF Energy, Inc. Class A		29,368		698,371
PDC Energy, Inc.*		17,975		1,035,540
Rice Energy, Inc.*		102,681		2,263,089
RSP Permian, Inc.*		49,956		1,742,965
Synergy Resources Corp.*		37,766		251,521
Whiting Petroleum Corp.*		37,246		344,898
WPX Energy, Inc.*		60,367		562,017
				11,463,921
Oil & Gas Services — 0.3%
Thermon Group Holdings, Inc.*		33,303		639,751
Packaging and Containers — 1.2%
Berry Plastics Group, Inc.*		44,238		1,718,646
Graphic Packaging Holding Co.		72,573		910,066
				2,628,712
Pharmaceuticals — 1.0%
PRA Health Sciences, Inc.*		12,333		515,026
Prestige Brands Holdings, Inc.*		12,909		715,159
VCA, Inc.*		14,991		1,013,541
				2,243,726
Real Estate — 0.7%
Kennedy-Wilson Holdings, Inc.		79,866		1,514,259
Retail — 3.1%
American Eagle Outfitters, Inc.		57,884		922,092
Ascena Retail Group, Inc.*		7,789		54,445
Boot Barn Holdings, Inc.*		36,651		315,932
Burlington Stores, Inc.*		32,024		2,136,321
CST Brands, Inc.		13,362		575,635
GMS Inc*		13,611		302,845
Jack in the Box, Inc.		15,851		1,361,918
Lithia Motors, Inc., Class A		14,666		1,042,312
Office Depot, Inc.*		11,611		38,432
				6,749,932
Savings & Loans — 2.0%
Brookline Bancorp, Inc.		49,003		540,503
Dime Community Bancshares, Inc.		18,726		318,529
EverBank Financial Corp.		61,243		910,071
Flushing Financial Corp.		30,214		600,654
OceanFirst Financial Corp.		7,676		139,473
Oritani Financial Corp.		23,759		379,906
Provident Financial Services, Inc.		43,592		856,147
WSFS Financial Corp.		18,130		583,605
				4,328,888
Semiconductors — 3.9%
Cabot Microelectronics Corp.		14,953		633,110
Cypress Semiconductor Corp.		72,531		765,202

	Number of Shares		Value†
Semiconductors — (continued)
Entegris, Inc.*		111,861	$	1,618,629
Fairchild Semiconductor International, Inc.*		51,392		1,020,131
Intersil Corp., Class A		130,830		1,771,438
MKS Instruments, Inc.		30,154		1,298,431
Semtech Corp.*		42,298		1,009,230
Silicon Laboratories, Inc.*		11,901		580,055
				8,696,226
Software — 2.3%
Bottomline Technologies, Inc.*		27,444		590,869
CommVault Systems, Inc.*		21,532		929,967
Cornerstone OnDemand, Inc.*		7,125		271,178
Monotype Imaging Holdings, Inc.		12,708		312,998
Press Ganey Holdings, Inc.*		13,085		514,895
Radware Ltd.*		41,631		468,765
Verint Systems, Inc.*		56,784		1,881,254
				4,969,926
Storage & Warehousing — 0.4%
Mobile Mini, Inc.		25,906		897,384
Telecommunications — 1.6%
Anixter International, Inc.*		15,917		848,058
Ixia*		62,551		614,251
Polycom, Inc.*		107,251		1,206,573
Viavi Solutions, Inc.*		134,433		891,291
				3,560,173
Textiles — 0.3%
G&K Services, Inc., Class A		9,556		731,703
Transportation — 1.0%
Forward Air Corp.		27,532		1,226,000
Golar LNG Ltd.		57,364		889,142
				2,115,142
Water — 0.5%
California Water Service Group		33,059		1,154,751
TOTAL COMMON STOCKS (Cost $160,172,277)				186,955,199
REAL ESTATE INVESTMENT TRUSTS — 13.2%
Apartments — 0.7%
Post Properties, Inc.		25,979		1,586,018
Building & Real Estate — 2.3%
Apollo Commercial Real Estate Finance, Inc.		33,522		538,699
Blackstone Mortgage Trust, Inc., Class A		58,671		1,623,427
MFA Financial, Inc.		170,020		1,236,045
PennyMac Mortgage Investment Trust		18,249		296,181
Two Harbors Investment Corp.		171,166		1,465,181
				5,159,533
Diversified — 0.7%
PS Business Parks, Inc.		15,157		1,607,854
Hotels & Resorts — 2.6%
Chesapeake Lodging Trust		96,094		2,234,185
Pebblebrook Hotel Trust		98,903		2,596,204

108

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Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Value Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Hotels & Resorts — (continued)
RLJ Lodging Trust		37,245	$	798,905
				5,629,294
Industrial — 0.9%
Terreno Realty Corp.		73,869		1,910,991
Internet — 1.2%
CyrusOne, Inc.		46,915		2,611,289
Office Property — 1.0%
Highwoods Properties, Inc.		22,029		1,163,131
Hudson Pacific Properties, Inc.		35,120		1,024,802
				2,187,933
Real Estate Investment Trusts — 0.7%
Care Capital Properties Inc.		57,780		1,514,414
Regional Malls — 0.2%
CBL & Associates Properties, Inc.		51,373		478,283
Storage & Warehousing — 1.9%
CubeSmart		70,736		2,184,328
Sovran Self Storage, Inc.		18,580		1,949,413
				4,133,741
Strip Centers — 1.0%
Acadia Realty Trust		61,859		2,197,232
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $25,553,149)				29,016,582
SHORT-TERM INVESTMENTS — 2.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $4,695,746)		4,695,746		4,695,746
TOTAL INVESTMENTS — 100.2% (Cost $190,421,172)				220,667,527
Other Assets & Liabilities — (0.2)%				(486,013	)
TOTAL NET ASSETS — 100.0%			$	220,181,514

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	186,955,199	$	186,955,199	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		29,016,582		29,016,582		—		—
SHORT-TERM INVESTMENTS		4,695,746		4,695,746		—		—
TOTAL INVESTMENTS	$	220,667,527	$	220,667,527	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

109

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — 89.5%
Advertising — 0.1%
Marchex, Inc., Class B*		1,545	$	4,913
MDC Partners, Inc., Class A		1,800		32,922
				37,835
Aerospace & Defense — 1.2%
AAR Corp.		1,269		29,619
Aerojet Rocketdyne Holdings, Inc.*		2,440		44,603
AeroVironment, Inc.*		718		19,960
Astronics Corp.*		878		29,202
Cubic Corp.		1,069		42,931
Curtiss-Wright Corp.		1,826		153,841
Ducommun, Inc.*		400		7,912
Esterline Technologies Corp.*		1,140		70,726
Kaman Corp.		1,048		44,561
KLX, Inc.*		2,100		65,100
Kratos Defense & Security Solutions, Inc.*		2,422		9,930
Moog, Inc., Class A*		1,291		69,611
National Presto Industries, Inc.		146		13,775
Teledyne Technologies, Inc.*		1,404		139,066
Triumph Group, Inc.		2,000		71,000
				811,837
Agriculture — 0.3%
Alico, Inc.		151		4,568
Limoneira Co.		600		10,572
MGP Ingredients, Inc.		400		15,292
Tejon Ranch Co.*		688		16,264
The Andersons, Inc.		1,132		40,231
Universal Corp.		855		49,368
Vector Group Ltd.		3,352		75,152
				211,447
Airlines — 0.4%
Allegiant Travel Co.		501		75,902
Hawaiian Holdings, Inc.*		2,126		80,703
SkyWest, Inc.		1,881		49,771
Virgin America, Inc.*		800		44,968
				251,344
Apparel — 0.8%
Columbia Sportswear Co.		1,122		64,560
Crocs, Inc.*		2,900		32,712
Deckers Outdoor Corp.*		1,300		74,776
Delta Apparel, Inc.*		300		6,765
G-III Apparel Group Ltd.*		1,708		78,090
Iconix Brand Group, Inc.*		1,842		12,452
Oxford Industries, Inc.		608		34,425
Perry Ellis International, Inc.*		414		8,329
Sequential Brands Group Inc.*		1,740		13,885
Steven Madden Ltd.*		2,549		87,125
Superior Uniform Group Inc.		500		9,545
Unifi, Inc.*		460		12,526
Vince Holding Corp.*		527		2,888
Weyco Group, Inc.		400		11,112
Wolverine World Wide, Inc.		4,182		84,978
				534,168
Auto Manufacturers — 0.1%
Navistar International Corp.*		1,800		21,042

	Number of Shares		Value†
Auto Manufacturers — (continued)
Wabash National Corp.*		2,600	$	33,020
				54,062
Auto Parts & Equipment — 1.0%
American Axle & Manufacturing Holdings, Inc.*		3,016		43,672
Cooper Tire & Rubber Co.		2,249		67,065
Cooper-Standard Holding, Inc.*		600		47,394
Dana Holding Corp.		5,796		61,206
Dorman Products, Inc.*		992		56,742
Douglas Dynamics, Inc.		900		23,157
Federal-Mogul Holdings Corp.*		916		7,612
Gentherm, Inc.*		1,468		50,279
Horizon Global Corp.*		718		8,149
Meritor, Inc.*		3,645		26,244
Metaldyne Performance Group, Inc.		400		5,500
Miller Industries, Inc.		443		9,121
Modine Manufacturing Co.*		2,077		18,278
Motorcar Parts of America, Inc.*		700		19,026
Spartan Motors, Inc.		1,500		9,390
Standard Motor Products, Inc.		900		35,802
Strattec Security Corp.		100		4,077
Superior Industries International, Inc.		1,119		29,967
Supreme Industries Inc.		600		8,220
Tenneco, Inc.*		2,200		102,542
Titan International, Inc.		1,913		11,861
Tower International, Inc.		800		16,464
				661,768
Banks — 9.1%
1st Source Corp.		688		22,284
Access National Corp.		400		7,804
ACNB Corp.		300		7,533
Allegiance Bancshares Inc.*		500		12,440
American National Bankshares, Inc.		400		10,072
Ameris Bancorp		1,247		37,036
Ames National Corp.		499		13,383
Arrow Financial Corp.		378		11,450
Atlantic Capital Bancshares Inc.*		800		11,568
Avenue Financial Holdings Inc		400		7,860
BancFirst Corp.		260		15,683
Banco Latinoamericano de Comercio Exterior SA		1,110		29,415
BancorpSouth, Inc.		3,649		82,796
Bank of Marin Bancorp		290		14,027
Bank of the Ozarks, Inc.		3,352		125,767
Banner Corp.		1,200		51,048
Bar Harbor Bankshares		200		7,020
BB&T Corp.		0		0
BBCN Bancorp, Inc.		3,185		47,520
Blue Hills Bancorp, Inc.		1,300		19,188
BNC Bancorp		1,600		36,336
Boston Private Financial Holdings, Inc.		3,558		41,913
Bridge Bancorp, Inc.		707		20,079
Bryn Mawr Bank Corp.		732		21,374
C&F Financial Corp.		200		8,952
C1 Financial Inc.*		400		9,332
Camden National Corp.		326		13,692

110

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Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Capital Bank Financial Corp., Class A		800	$	23,040
Capital City Bank Group, Inc.		269		3,744
Cardinal Financial Corp.		1,218		26,723
Carolina Financial Corp.		500		9,340
Cascade Bancorp*		1,262		6,992
Cass Information Systems, Inc.		454		23,472
Cathay General Bancorp		3,050		86,010
CenterState Banks, Inc.		1,932		30,429
Central Pacific Financial Corp.		1,300		30,680
Century Bancorp, Inc., Class A		69		2,921
Chemical Financial Corp.		1,566		58,396
Citizens & Northern Corp.		356		7,198
City Holding Co.		648		29,465
CNB Financial Corp.		474		8,437
CoBiz Financial, Inc.		1,700		19,890
Codorus Valley Bancorp Inc.		400		8,148
Columbia Banking System, Inc.		2,214		62,125
Community Bank System, Inc.		1,711		70,305
Community Trust Bancorp, Inc.		683		23,673
CommunityOne Bancorp*		700		8,848
ConnectOne Bancorp, Inc.		1,060		16,631
CU Bancorp*		800		18,184
Customers Bancorp, Inc.*		1,180		29,653
CVB Financial Corp.		3,992		65,429
Eagle Bancorp, Inc.*		1,173		56,433
Enterprise Bancorp, Inc.		313		7,509
Enterprise Financial Services Corp.		782		21,810
F.N.B. Corp.		8,543		107,129
Farmers Capital Bank Corp.		300		8,205
Farmers National Banc Corp.		1,100		9,680
Fidelity Southern Corp.		607		9,512
Financial Institutions, Inc.		440		11,471
First Bancorp		824		14,486
First Bancorp Puerto Rico*		4,700		18,659
First Bancorp, Inc.		234		5,040
First Busey Corp.		1,334		28,534
First Business Financial Services, Inc.		400		9,388
First Citizens BancShares, Inc., Class A		304		78,709
First Commonwealth Financial Corp.		3,121		28,713
First Community Bancshares, Inc.		626		14,047
First Connecticut Bancorp, Inc.		659		10,913
First Financial Bancorp		2,605		50,667
First Financial Bankshares, Inc.		2,452		80,401
First Financial Corp.		480		17,578
First Foundation Inc.*		600		12,900
First Interstate BancSystem, Inc., Class A		800		22,480
First Merchants Corp.		1,538		38,342
First Mid-Illinois Bancshares Inc.		300		7,500
First Midwest Bancorp, Inc.		3,214		56,438
First NBC Bank Holding Co.*		600		10,074
First Northwest Bancorp*		500		6,370
FirstMerit Corp.		6,394		129,606
Franklin Financial Network Inc.*		300		9,408
Fulton Financial Corp.		6,900		93,150
German American Bancorp, Inc.		692		22,123
Glacier Bancorp, Inc.		2,921		77,640

	Number of Shares		Value†
Banks — (continued)
Great Southern Bancorp, Inc.		471	$	17,413
Great Western Bancorp, Inc.		2,400		75,696
Green Bancorp Inc.*		700		6,104
Guaranty Bancorp		500		8,350
Hancock Holding Co.		3,072		80,210
Hanmi Financial Corp.		1,213		28,493
Heartland Financial USA, Inc.		917		32,361
Heritage Commerce Corp.		600		6,318
Heritage Financial Corp.		1,130		19,865
Heritage Oaks Bancorp		1,300		10,322
Home BancShares, Inc.		4,928		97,525
Horizon Bancorp		400		10,056
IBERIABANK Corp.		1,646		98,316
Independent Bank Corp.		971		44,375
Independent Bank Corp.		1,000		14,510
Independent Bank Group, Inc.		400		17,164
International Bancshares Corp.		2,225		58,050
Kearny Financial Corp.		3,876		48,760
Lakeland Bancorp, Inc.		1,711		19,471
Lakeland Financial Corp.		594		27,924
LCNB Corp.		400		6,320
LegacyTexas Financial Group, Inc.		1,866		50,214
Live Oak Bancshares Inc.		900		12,699
Macatawa Bank Corp.		1,300		9,646
MainSource Financial Group, Inc.		921		20,308
MB Financial, Inc.		2,884		104,632
MBT Financial Corp.		900		7,200
Mercantile Bank Corp.		800		19,088
Merchants Bancshares, Inc.		86		2,621
MidWestOne Financial Group, Inc.		400		11,424
National Bankshares, Inc.		319		11,140
National Commerce Corp.*		400		9,328
NBT Bancorp, Inc.		1,769		50,646
Nicolet Bankshares Inc.*		300		11,424
Northrim BanCorp, Inc.		300		7,887
OFG Bancorp		1,810		15,023
Old Line Bancshares, Inc.		400		7,200
Old National Bancorp		5,361		67,173
Old Second Bancorp, Inc.		1,600		10,928
Opus Bank		700		23,660
Orrstown Financial Services, Inc.		400		7,220
Pacific Continental Corp.		862		13,542
Park National Corp.		524		48,093
Park Sterling Corp.		1,600		11,344
Peapack Gladstone Financial Corp.		636		11,772
Penns Woods Bancorp, Inc.		268		11,253
People’s Utah Bancorp		600		9,960
Peoples Bancorp, Inc.		572		12,464
Peoples Financial Services Corp.		300		11,742
Pinnacle Financial Partners, Inc.		1,663		81,238
Preferred Bank		500		14,438
Premier Financial Bancorp Inc.		400		6,740
PrivateBancorp, Inc.		3,098		136,405
Prosperity Bancshares, Inc.		2,726		138,999
QCR Holdings, Inc.		400		10,876
Renasant Corp.		1,635		52,860

111

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Republic Bancorp, Inc., Class A		387	$	10,693
Republic First Bancorp, Inc.*		1,700		7,327
S&T Bancorp, Inc.		1,259		30,783
Sandy Spring Bancorp, Inc.		1,085		31,530
Seacoast Banking Corp of Florida*		1,040		16,890
ServisFirst Bancshares, Inc.		900		44,451
Shore Bancshares, Inc.		600		7,050
Sierra Bancorp		712		11,883
Simmons First National Corp., Class A		1,100		50,804
South State Corp.		958		65,192
Southern First Bancshares Inc.*		300		7,230
Southern National Bancorp of Virginia Inc.		600		7,290
Southside Bancshares, Inc.		946		29,252
Southwest Bancorp, Inc.		636		10,768
State Bank Financial Corp.		1,600		32,560
Stock Yards Bancorp, Inc.		967		27,298
Stonegate Bank		500		16,135
Suffolk Bancorp		443		13,870
Summit Financial Group Inc.		400		7,000
Sun Bancorp, Inc.*		220		4,545
Talmer Bancorp, Inc., Class A		2,400		46,008
Texas Capital Bancshares, Inc.*		1,873		87,582
The Bancorp, Inc.*		1,412		8,500
The First of Long Island Corp.		593		17,001
Tompkins Financial Corp.		558		36,270
Towne Bank		1,832		39,663
TriCo Bancshares		904		24,950
TriState Capital Holdings, Inc.*		1,000		13,730
Triumph BanCorp., Inc.*		500		8,000
TrustCo Bank Corp.		3,252		20,845
Trustmark Corp.		2,630		65,356
UMB Financial Corp.		1,781		94,767
Umpqua Holdings Corp.		8,501		131,510
Union Bankshares Corp.		1,828		45,170
United Bankshares, Inc.		2,692		100,977
United Community Banks, Inc.		2,878		52,639
Univest Corp. of Pennsylvania		600		12,612
Valley National Bancorp		9,435		86,047
Walker & Dunlop, Inc.*		900		20,502
Washington Trust Bancorp, Inc.		670		25,406
WashingtonFirst Bankshares Inc.		400		8,644
Webster Financial Corp.		3,528		119,776
WesBanco, Inc.		1,531		47,538
West Bancorporation, Inc.		778		14,463
Westamerica Bancorporation		1,073		52,856
Wilshire Bancorp, Inc.		2,676		27,884
Wintrust Financial Corp.		1,942		99,042
Yadkin Financial Corp.		2,050		51,435
Your Community Bankshares Inc.		200		7,432
				5,988,166
Beverages — 0.2%
Coca-Cola Bottling Co. Consolidated		174		25,660
Craft Brew Alliance, Inc.*		700		8,064
Farmer Bros Co.*		204		6,540
National Beverage Corp.*		442		27,762
Primo Water Corp.*		1,000		11,810

	Number of Shares		Value†
Beverages — (continued)
The Boston Beer Co., Inc., Class A*		359	$	61,400
				141,236
Biotechnology — 3.4%
Acceleron Pharma, Inc.*		1,100		37,378
Achillion Pharmaceuticals, Inc.*		4,300		33,540
Acorda Therapeutics, Inc.*		1,731		44,149
Aduro Biotech, Inc.*		1,500		16,965
Advaxis, Inc.*		1,000		8,090
Adverum Biotechnologies Inc*		700		2,212
Agenus, Inc.*		3,200		12,960
Alder Biopharmaceuticals, Inc.*		1,900		47,443
AMAG Pharmaceuticals, Inc.*		1,256		30,043
Anavex Life Sciences Corp.*		300		1,833
ANI Pharmaceuticals, Inc.*		300		16,746
Applied Genetic Technologies Corp.*		600		8,478
Ardelyx, Inc.*		800		6,984
Arena Pharmaceuticals, Inc.*		8,506		14,545
ARIAD Pharmaceuticals, Inc.*		6,600		48,774
Arrowhead Pharmaceuticals Inc*		2,100		11,172
Atara Biotherapeutics, Inc.*		700		15,757
Athersys Inc.*		3,600		7,812
Bellicum Pharmaceuticals, Inc.*		900		11,664
BioCryst Pharmaceuticals, Inc.*		2,900		8,236
BioTime, Inc.*		1,100		2,871
Bluebird Bio, Inc.*		1,500		64,935
Blueprint Medicines Corp.*		900		18,225
Cambrex Corp.*		1,167		60,369
Celator Pharmaceuticals Inc.*		1,300		39,234
Celldex Therapeutics, Inc.*		3,644		15,997
Cellular Biomedicine Group, Inc.*		300		3,597
ChromaDex Corp.*		1,400		5,796
Coherus Biosciences, Inc.*		1,300		21,957
Curis, Inc.*		3,600		5,616
Cytokinetics, Inc.*		1,000		9,490
CytomX Therapeutics Inc.*		400		4,086
CytRx Corp.*		2,600		5,798
Dermira, Inc.*		900		26,325
Dynavax Technologies Corp.*		1,320		19,246
Edge Therapeutics Inc.*		800		8,088
Editas Medicine Inc*		400		9,760
Emergent BioSolutions, Inc.*		1,258		35,375
Enzo Biochem, Inc.*		1,800		10,746
Epizyme, Inc.*		1,900		19,456
Exact Sciences Corp.*		3,600		44,100
Exelixis, Inc.*		9,269		72,391
Five Prime Therapeutics, Inc.*		1,000		41,350
Foundation Medicine, Inc.*		518		9,666
Galena Biopharma, Inc.*		8,000		3,729
Geron Corp.*		6,550		17,554
Halozyme Therapeutics, Inc.*		3,989		34,425
Idera Pharmaceuticals, Inc.*		2,300		3,519
ImmunoGen, Inc.*		3,263		10,050
Immunomedics, Inc.*		2,936		6,811
Innoviva Inc.*		3,600		37,908
Inovio Pharmaceuticals, Inc.*		2,500		23,100
Insmed, Inc.*		2,300		22,678

112

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Intellia Therapeutics Inc.*		300	$	6,405
Karyopharm Therapeutics, Inc.*		800		5,368
Kite Pharma, Inc.*		1,600		80,000
Lexicon Pharmaceuticals, Inc.*		1,760		25,256
Ligand Pharmaceuticals, Inc.*		744		88,737
Lion Biotechnologies, Inc.*		1,500		12,150
Loxo Oncology, Inc.*		600		13,908
MacroGenics, Inc.*		1,300		35,087
Merrimack Pharmaceuticals, Inc.*		4,500		24,255
Momenta Pharmaceuticals, Inc.*		2,182		23,566
Myriad Genetics, Inc.*		2,700		82,620
NeoGenomics, Inc.*		1,700		13,668
NewLink Genetics Corp.*		700		7,882
Novavax, Inc.*		10,129		73,638
Omeros Corp.*		1,400		14,728
OncoMed Pharmaceuticals, Inc.*		600		7,386
Organovo Holdings, Inc.*		2,700		10,044
Pacific Biosciences of California, Inc.*		3,200		22,512
Paratek Pharmaceuticals, Inc.*		400		5,564
PDL BioPharma, Inc.		6,217		19,521
Pfenex, Inc.*		500		4,185
PharmAthene, Inc.*		3,100		7,564
Prothena Corp. PLC*		1,400		48,944
PTC Therapeutics, Inc.*		1,200		8,424
Puma Biotechnology, Inc.*		1,000		29,790
REGENXBIO Inc.*		300		2,400
Repligen Corp.*		1,300		35,568
Retrophin, Inc.*		1,200		21,372
Rigel Pharmaceuticals, Inc.*		2,690		5,999
RTI Surgical, Inc.*		2,035		7,306
Sage Therapeutics, Inc.*		1,100		33,143
Sangamo BioSciences, Inc.*		2,403		13,913
Spark Therapeutics, Inc.*		700		35,791
Spectrum Pharmaceuticals, Inc.*		2,414		15,860
Stemline Therapeutics, Inc.*		400		2,708
Synthetic Biologics Inc.*		3,800		6,840
The Medicines Co.*		2,592		87,169
Theravance Biopharma Inc.*		1,500		34,035
Tokai Pharmaceuticals Inc.*		600		3,306
Trovagene, Inc.*		800		3,624
Ultragenyx Pharmaceutical, Inc.*		1,500		73,365
Versartis, Inc.*		700		7,742
WaVe Life Sciences Ltd.*		400		8,276
XBiotech Inc.*		800		16,736
ZIOPHARM Oncology, Inc.*		4,627		25,402
				2,210,786
Building Materials — 1.7%
AAON, Inc.		1,585		43,603
Apogee Enterprises, Inc.		1,243		57,613
Armstrong Flooring Inc.*		1,000		16,950
Boise Cascade Co.*		1,400		32,130
Builders FirstSource, Inc.*		3,473		39,071
Caesarstone Ltd.*		1,000		34,760
Comfort Systems USA, Inc.		1,527		49,734
Continental Building Products, Inc.*		1,500		33,345
Drew Industries, Inc.		891		75,593

	Number of Shares		Value†
Building Materials — (continued)
Gibraltar Industries, Inc.*		1,101	$	34,759
Griffon Corp.		1,256		21,176
Headwaters, Inc.*		2,880		51,667
Louisiana-Pacific Corp.*		5,794		100,526
LSI Industries, Inc.		1,314		14,546
Masonite International Corp.*		1,200		79,368
NCI Building Systems, Inc.*		1,264		20,211
Nortek, Inc.*		400		23,724
Patrick Industries, Inc.*		650		39,189
PGT, Inc.*		1,700		17,510
Ply Gem Holdings, Inc.*		600		8,742
Quanex Building Products Corp.		1,425		26,491
Simpson Manufacturing Co., Inc.		1,685		67,350
Summit Materials, Inc., Class A*		2,613		53,462
Trex Co., Inc.*		1,262		56,689
Universal Forest Products, Inc.		783		72,576
US Concrete, Inc.*		600		36,546
				1,107,331
Chemicals — 2.2%
A. Schulman, Inc.		1,188		29,011
Aceto Corp.		1,042		22,809
American Vanguard Corp.		1,078		16,289
Axiall Corp.		2,900		94,569
Balchem Corp.		1,205		71,878
Chemtura Corp.*		2,514		66,319
Codexis, Inc.*		1,600		6,448
CSW Industrials Inc.*		600		19,566
Ferro Corp.*		3,438		46,001
GCP Applied Technologies Inc.*		2,900		75,516
H.B. Fuller Co.		1,980		87,100
Hawkins, Inc.		449		19,491
Ingevity Corp.*		1,700		57,868
Innophos Holdings, Inc.		796		33,599
Innospec, Inc.		900		41,391
KMG Chemicals, Inc.		500		12,995
Kraton Performance Polymers, Inc.*		1,241		34,661
Kronos Worldwide, Inc.		900		4,725
Landec Corp.*		1,218		13,106
Minerals Technologies, Inc.		1,328		75,431
Oil-Dri Corp. of America		97		3,350
Olin Corp.		6,592		163,745
OMNOVA Solutions, Inc.*		2,368		17,168
PolyOne Corp.		3,355		118,230
Quaker Chemical Corp.		511		45,581
Rayonier Advanced Materials, Inc.		1,400		19,026
Sensient Technologies Corp.		1,774		126,025
Stepan Co.		708		42,147
The Chemours Co.		7,500		61,800
Tronox Ltd., Class A		2,400		10,584
Univar Inc.*		1,700		32,147
				1,468,576
Coal — 0.0%
SunCoke Energy, Inc.*		2,341		13,625
Westmoreland Coal Co.*		600		5,712
				19,337

113

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Commercial Services — 5.1%
Aaron’s Inc.		2,700	$	59,103
ABM Industries, Inc.		2,139		78,031
Acacia Research Corp.*		1,880		8,272
Alarm.com Holdings, Inc.*		400		10,252
Albany Molecular Research, Inc.*		900		12,096
American Public Education, Inc.*		755		21,216
AMN Healthcare Services, Inc.*		1,909		76,303
Apollo Education Group, Inc., Class A*		3,300		30,096
ARC Document Solutions, Inc.*		1,436		5,586
Ascent Capital Group Inc., Class A*		531		8,172
Barrett Business Services, Inc.		342		14,131
Bridgepoint Education, Inc.*		480		3,475
Bright Horizons Family Solutions, Inc.*		1,800		119,358
Capella Education Co.		407		21,424
Cardtronics, Inc.*		1,763		70,185
Care.com Inc*		1,100		12,848
Career Education Corp.*		2,300		13,685
Carriage Services, Inc.		600		14,208
CBIZ, Inc.*		2,140		22,277
CEB, Inc.		1,269		78,272
Collectors Universe, Inc.		400		7,900
CorVel Corp.*		362		15,631
Cotiviti Holdings Inc.*		600		12,678
CPI Card Group Inc.		800		4,008
CRA International, Inc.*		274		6,910
Cross Country Healthcare, Inc.*		1,084		15,089
Deluxe Corp.		1,907		126,568
DeVry Education Group, Inc.		2,300		41,032
Electro Rent Corp.*		715		11,018
Ennis, Inc.		858		16,456
EVERTEC, Inc.		2,600		40,404
ExamWorks Group, Inc.*		1,500		52,275
ExlService Holdings, Inc.*		1,400		73,374
Forrester Research, Inc.		375		13,823
Franklin Covey Co.*		597		9,152
FTI Consulting, Inc.*		1,556		63,298
Grand Canyon Education, Inc.*		1,756		70,100
Great Lakes Dredge & Dock Corp.*		2,751		11,994
Green Dot Corp., Class A*		1,900		43,681
Healthcare Services Group, Inc.		2,880		119,174
HealthEquity, Inc.*		1,800		54,693
Heidrick & Struggles International, Inc.		669		11,293
HMS Holdings Corp.*		3,415		60,138
Huron Consulting Group, Inc.*		828		50,028
ICF International, Inc.*		748		30,593
INC Research Holdings, Inc., Class A*		1,700		64,821
Insperity, Inc.		624		48,192
James River Group Holdings Ltd.		600		20,376
K12, Inc.*		1,152		14,388
Kelly Services, Inc., Class A		1,014		19,236
Kforce, Inc.		1,086		18,343
Korn/Ferry International		2,390		49,473
Landauer, Inc.		480		19,757
LendingTree, Inc.*		300		26,499
Liberty Tax, Inc.		200		2,664
LifeLock, Inc.*		3,700		58,497

	Number of Shares		Value†
Commercial Services — (continued)
Matthews International Corp., Class A		1,305	$	72,610
MAXIMUS, Inc.		2,588		143,298
McGrath RentCorp		953		29,152
Medifast, Inc.		331		11,012
MoneyGram International, Inc.*		878		6,014
Monro Muffler Brake, Inc.		1,237		78,624
Monster Worldwide, Inc.*		3,900		9,321
Multi-Color Corp.		467		29,608
National Research Corp., Class A		687		9,412
Navigant Consulting, Inc.*		1,984		32,042
On Assignment, Inc.*		1,952		72,126
PAREXEL International Corp.*		2,099		131,985
Patriot National Inc.*		500		4,090
Paylocity Holding Corp.*		900		38,880
PFSWeb, Inc.*		400		3,800
Quad/Graphics, Inc.		1,000		23,290
Rent-A-Center, Inc.		1,953		23,983
Resources Connection, Inc.		1,322		19,539
RPX Corp.*		2,100		19,257
ServiceSource International, Inc.*		2,400		9,672
Sotheby’s*		2,041		55,923
SP Plus Corp.*		793		17,906
Strayer Education, Inc.*		400		19,652
Team Health Holdings, Inc.*		2,772		112,737
Team, Inc.*		1,383		34,340
TeleTech Holdings, Inc.		707		19,181
The Advisory Board Co.*		1,550		54,855
The Brink’s Co.		1,910		54,416
The Hackett Group, Inc.		1,116		15,479
The Providence Service Corp.*		600		26,928
Travelport Worldwide Ltd.		4,700		60,583
TriNet Group, Inc.*		1,700		35,343
TrueBlue, Inc.*		1,576		29,818
Vectrus, Inc.*		300		8,547
Viad Corp.		771		23,901
Weight Watchers International, Inc.*		1,200		13,956
				3,333,826
Computers — 2.5%
3D Systems Corp.*		4,400		60,236
A10 Networks, Inc.*		2,000		12,940
Agilysys, Inc.*		376		3,937
Barracuda Networks, Inc.*		1,000		15,140
CACI International, Inc., Class A*		950		85,889
Carbonite, Inc.*		800		7,784
Convergys Corp.		3,583		89,575
Cray, Inc.*		1,599		47,842
Datalink Corp.*		900		6,750
Diebold, Inc.		2,500		62,075
Digimarc Corp.		300		9,588
Electronics For Imaging, Inc.*		1,824		78,505
Engility Holdings, Inc.*		700		14,784
EPAM Systems, Inc.*		1,900		122,189
Fleetmatics Group PLC*		1,500		64,995
Globant SA*		1,100		43,285
Immersion Corp.*		842		6,180
Insight Enterprises, Inc.*		1,543		40,118

114

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Computers — (continued)
LivePerson, Inc.*		1,925	$	12,205
Lumentum Holdings, Inc.*		2,100		50,820
Maxwell Technologies, Inc.*		1,500		7,920
Mentor Graphics Corp.		4,376		93,034
Mercury Systems, Inc.*		1,436		35,699
Mitek Systems, Inc.*		1,400		9,954
MTS Systems Corp.		560		24,550
NetScout Systems, Inc.*		3,865		85,996
Nimble Storage, Inc.*		2,700		21,492
Pure Storage Inc., Class A*		2,600		28,340
Qualys, Inc.*		1,100		32,791
RadiSys Corp.*		1,700		7,616
Science Applications International Corp.		1,800		105,030
Silicon Graphics International Corp.*		1,366		6,871
Silver Spring Networks, Inc.*		1,500		18,225
Stratasys Ltd.*		2,100		48,069
Super Micro Computer, Inc.*		1,471		36,554
Sykes Enterprises, Inc.*		1,536		44,483
Synaptics, Inc.*		1,416		76,110
Syntel, Inc.*		1,360		61,554
The KEYW Holding Corp.*		1,300		12,922
Unisys Corp.*		1,724		12,551
USA Technologies Inc.*		1,800		7,686
Varonis Systems, Inc.*		300		7,206
Virtusa Corp.*		1,089		31,450
Vocera Communications, Inc.*		800		10,280
				1,661,220
Cosmetics & Personal Care — 0.2%
Avon Products, Inc.*		17,900		67,662
Elizabeth Arden, Inc.*		760		10,458
Inter Parfums, Inc.		624		17,828
Revlon, Inc., Class A*		570		18,342
				114,290
Distribution & Wholesale — 0.7%
Beacon Roofing Supply, Inc.*		2,381		108,264
Core-Mark Holding Co., Inc.		1,764		82,661
Essendant, Inc.		1,519		46,421
Fossil Group, Inc.*		1,700		48,501
H&E Equipment Services, Inc.		1,159		22,056
Owens & Minor, Inc.		2,476		92,553
ScanSource, Inc.*		981		36,405
Siteone Landscape Supply Inc*		500		16,995
Titan Machinery, Inc.*		523		5,831
Veritiv Corp.*		300		11,274
				470,961
Diversified Financial Services — 2.3%
Aircastle Ltd.		1,976		38,651
Altisource Portfolio Solutions SA*		500		13,920
Associated Capital Group Inc., Class A*		262		7,514
BGC Partners, Inc., Class A		8,807		76,709
Blackhawk Network Holdings, Inc.*		2,200		73,678
Calamos Asset Management, Inc., Class A		469		3,428
Cohen & Steers, Inc.		817		33,040
Cowen Group, Inc., Class A*		3,790		11,218

	Number of Shares		Value†
Diversified Financial Services — (continued)
Diamond Hill Investment Group, Inc.*		107	$	20,161
Ellie Mae, Inc.*		1,200		109,980
Encore Capital Group, Inc.*		997		23,459
Enova International, Inc.*		1,029		7,573
Evercore Partners, Inc., Class A, Class A		1,622		71,676
Federal Agricultural Mortgage Corp., Class C		300		10,446
Financial Engines, Inc.		2,100		54,327
FNFV Group*		2,800		32,116
GAIN Capital Holdings, Inc.		800		5,056
GAMCO Investors, Inc., Class A		262		8,586
Greenhill & Co., Inc.		1,100		17,710
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,400		30,240
Houlihan Lokey Inc.		600		13,422
Impac Mortgage Holdings, Inc.*		500		7,840
INTL. FCstone, Inc.*		593		16,183
Investment Technology Group, Inc.		1,300		21,736
Janus Capital Group, Inc.		5,600		77,952
KCG Holdings, Inc., Class A*		2,181		29,007
Ladder Capital Corp.Class A		1,536		18,739
Ladenburg Thalmann Financial Services, Inc.*		4,000		9,440
LendingClub Corp.*		13,400		57,620
Manning & Napier, Inc.		700		6,650
Marlin Business Services Corp.		200		3,260
Moelis & Co., Class A		600		13,500
Nationstar Mortgage Holdings, Inc.*		1,300		14,638
Nelnet, Inc., Class A		799		27,765
NewStar Financial, Inc.*		1,300		10,946
Ocwen Financial Corp.*		3,800		6,498
OM Asset Management PLC		1,700		22,695
On Deck Capital, Inc.*		2,200		11,330
Oppenheimer Holdings, Inc., Class A		238		3,680
PennyMac Financial Service, Class A, Class A*		500		6,245
PHH Corp.*		1,989		26,494
Piper Jaffray Cos.*		487		18,360
PJT Partners Inc.		800		18,400
PRA Group, Inc.*		1,848		44,611
Pzena Investment Management, Inc., Class A		130		989
Regional Management Corp.*		600		8,796
Stifel Financial Corp.*		2,706		85,104
Teton Advisors, Inc., Class B~		2		0
Virtu Financial, Inc., Class A		1,100		19,800
Virtus Investment Partners, Inc.		240		17,083
Waddell & Reed Financial, Inc., Class A		3,200		55,104
Wageworks, Inc.*		1,500		89,715
Walter Investment Management Corp.*		1,353		3,734
Westwood Holdings Group, Inc.		311		16,110
WisdomTree Investments, Inc.		4,400		43,076
World Acceptance Corp.*		262		11,947
				1,487,957
Electric — 2.4%
Abengoa Yield PLC		2,100		39,018
ALLETE, Inc.		2,051		132,556
Ameresco, Inc., Class A*		1,100		4,807

115

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Electric — (continued)
Atlantic Power Corp.*		4,127	$	10,235
Avista Corp.		2,439		109,267
Black Hills Corp.		2,048		129,106
Dynegy, Inc.*		5,000		86,200
El Paso Electric Co.		1,577		74,545
EnerNOC, Inc.*		1,300		8,216
Genie Energy Ltd., Class B*		800		5,416
IDACORP, Inc.		2,001		162,781
MGE Energy, Inc.		1,342		75,843
NorthWestern Corp.		1,980		124,879
NRG Yield, Inc., Class A		1,500		22,830
NRG Yield, Inc., Class C		2,500		38,975
Ormat Technologies, Inc.		1,500		65,640
Otter Tail Corp.		1,592		53,316
PNM Resources, Inc.		3,110		110,218
Portland General Electric Co.		3,656		161,303
Spark Energy Inc.		200		6,610
Talen Energy Corp.*		3,500		47,425
The Empire District Electric Co.		1,719		58,395
Unitil Corp.		663		28,290
				1,555,871
Electrical Components & Equipment — 1.1%
Advanced Energy Industries, Inc.*		1,693		64,266
Belden, Inc.		1,655		99,912
Encore Wire Corp.		771		28,743
Energous Corp.*		700		9,065
EnerSys		1,723		102,467
Generac Holdings, Inc.*		2,649		92,609
General Cable Corp.		1,900		24,149
Graham Corp.		466		8,584
Insteel Industries, Inc.		691		19,756
Littelfuse, Inc.		878		103,771
Novanta Inc*		1,500		22,725
Powell Industries, Inc.		429		16,877
Universal Display Corp.*		1,649		111,802
Vicor Corp.*		422		4,249
				708,975
Electronics — 2.2%
Allied Motion Technologies Inc.		400		9,304
American Science & Engineering, Inc.		278		10,400
Applied Optoelectronics, Inc.*		700		7,805
AVX Corp.		1,600		21,728
Badger Meter, Inc.		559		40,824
Bel Fuse, Inc., Class B		269		4,783
Benchmark Electronics, Inc.*		2,077		43,928
Brady Corp., Class A		1,857		56,750
Coherent, Inc.*		973		89,302
Control4 Corp.*		400		3,264
CTS Corp.		1,263		22,633
Electro Scientific Industries, Inc.		1,300		7,592
ESCO Technologies, Inc.		1,034		41,298
FARO Technologies, Inc.*		620		20,975
Fluidigm Corp.*		1,100		9,933
GoPro Inc.*		4,200		45,402
II-VI, Inc.*		2,456		46,074
IMAX Corp.*		2,500		73,700

	Number of Shares		Value†
Electronics — (continued)
Imprivata, Inc.*		300	$	4,200
Itron, Inc.*		1,300		56,030
Kimball Electronics, Inc.*		933		11,616
Mesa Laboratories, Inc.		100		12,300
Methode Electronics, Inc.		1,460		49,976
Multi-Fineline Electronix, Inc.*		452		10,486
NVE Corp.		209		12,258
OSI Systems, Inc.*		757		44,004
Park Electrochemical Corp.		833		12,103
Plexus Corp.*		1,303		56,290
Rofin-Sinar Technologies, Inc.*		1,186		37,881
Rogers Corp.*		760		46,436
Sanmina Corp.*		3,126		83,808
Sparton Corp.*		400		8,708
Stoneridge, Inc.*		1,273		19,019
TASER International, Inc.*		2,011		50,034
Tech Data Corp.*		1,400		100,590
TTM Technologies, Inc.*		2,429		18,290
Vishay Intertechnology, Inc.		5,400		66,906
Vishay Precision Group, Inc.*		300		4,026
Watts Water Technologies, Inc., Class A		1,117		65,076
Woodward, Inc.		2,123		122,370
ZAGG, Inc.*		900		4,725
				1,452,827
Energy-Alternate Sources — 0.3%
Clean Energy Fuels Corp.*		2,900		10,063
FuelCell Energy Inc.*		581		3,614
FutureFuel Corp.		1,100		11,968
Green Plains, Inc.		1,467		28,929
Pacific Ethanol, Inc.*		900		4,905
Pattern Energy Group, Inc.		2,300		52,831
Plug Power, Inc.*		6,800		12,648
Renewable Energy Group, Inc.*		1,600		14,128
REX American Resources Corp.*		192		11,487
Sunrun Inc.*		2,700		16,011
TerraForm Global Inc., Class A*		2,100		6,846
Terraform Power, Inc., Class A*		3,700		40,330
Vivint Solar, Inc.*		800		2,456
				216,216
Engineering & Construction — 1.0%
Aegion Corp.*		1,555		30,338
Argan, Inc.		536		22,362
Dycom Industries, Inc.*		1,253		112,469
EMCOR Group, Inc.		2,463		121,327
Exponent, Inc.		1,040		60,746
Granite Construction, Inc.		1,644		74,884
Hill International, Inc.*		1,500		6,105
MasTec, Inc.*		2,464		54,997
McDermott International, Inc.*		9,300		45,942
Mistras Group, Inc.*		800		19,096
MYR Group, Inc.*		683		16,447
NV5 Holdings Inc*		300		8,532
Orion Marine Group, Inc.*		1,137		6,038
Topbuild Corp.*		1,600		57,920
Tutor Perini Corp.*		1,397		32,899

116

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Engineering & Construction — (continued)
VSE Corp.		204	$	13,627
				683,729
Entertainment — 0.9%
AMC Entertainment Holdings, Inc., Class A		800		22,088
Carmike Cinemas, Inc.*		1,100		33,132
Churchill Downs, Inc.		520		65,707
DreamWorks Animation SKG, Inc., Class A*		3,000		122,610
Eldorado Resorts, Inc.*		1,000		15,195
Eros International PLC*		1,200		19,524
International Speedway Corp., Class A		1,100		36,795
Isle of Capri Casinos, Inc.*		841		15,407
Marriott Vacations Worldwide Corp.		1,000		68,490
National CineMedia, Inc.		2,374		36,749
Penn National Gaming, Inc.*		3,200		44,640
Pinnacle Entertainment Inc*		2,382		26,393
Reading International, Inc., Class A*		700		8,743
Scientific Games Corp., Class A*		1,900		17,461
SeaWorld Entertainment, Inc.		2,700		38,691
Speedway Motorsports, Inc.		316		5,609
				577,234
Environmental Control — 0.5%
Calgon Carbon Corp.		2,162		28,430
Casella Waste Systems, Inc., Class A*		2,300		18,055
CECO Environmental Corp.		709		6,197
Darling Ingredients, Inc.*		6,267		93,378
Energy Recovery, Inc.*		1,500		13,335
Heritage-Crystal Clean, Inc.*		200		2,442
MSA Safety, Inc.		1,221		64,139
Tetra Tech, Inc.		2,364		72,681
TRC Cos., Inc.*		900		5,688
U.S. Ecology, Inc.		942		43,285
				347,630
Food — 1.7%
Amplify Snack Brands Inc.*		900		13,275
B&G Foods, Inc.		2,572		123,971
Cal-Maine Foods, Inc.		1,246		55,223
Calavo Growers, Inc.		651		43,617
Dean Foods Co.		3,700		66,933
Fresh Del Monte Produce Inc.		1,216		66,187
Ingles Markets, Inc., Class A		604		22,529
Inventure Foods, Inc.*		500		3,905
J&J Snack Foods Corp.		596		71,085
John B. Sanfilippo & Son, Inc.*		400		17,052
Lancaster Colony Corp.		733		93,538
Lifeway Foods, Inc.		87		841
NutriSystem, Inc.		1,037		26,298
Performance Food Group Co.*		1,500		40,365
Sanderson Farms, Inc.		834		72,258
Seaboard Corp.		11		31,577
Seneca Foods Corp., Class A*		211		7,640
Smart & Final Stores, Inc.*		1,100		16,379
Snyder’s-Lance, Inc.		3,212		108,855
SpartanNash Co.		1,530		46,787
SUPERVALU, Inc.*		10,300		48,616

	Number of Shares		Value†
Food — (continued)
Terravia Holdings Inc*		3,100	$	8,122
The Chefs’ Warehouse Holdings, Inc.*		750		12,000
Tootsie Roll Industries, Inc.		860		33,136
United Natural Foods, Inc.*		1,900		88,920
Village Super Market, Inc., Class A		268		7,743
Weis Markets, Inc.		466		23,556
				1,150,408
Forest Products & Paper — 0.4%
Clearwater Paper Corp.*		778		50,858
Deltic Timber Corp.		392		26,315
KapStone Paper and Packaging Corp.		3,240		42,153
Neenah Paper, Inc.		674		48,777
Orchids Paper Products Co.		400		14,228
P.H. Glatfelter Co.		1,659		32,450
Schweitzer-Mauduit International, Inc.		1,176		41,489
				256,270
Gas — 1.4%
Chesapeake Utilities Corp.		535		35,406
Delta Natural Gas Co., Inc.		300		8,082
New Jersey Resources Corp.		3,464		133,537
Northwest Natural Gas Co.		1,050		68,061
ONE Gas, Inc.		2,100		139,839
South Jersey Industries, Inc.		3,280		103,714
Southwest Gas Corp.		1,894		149,077
Spire, Inc.		1,856		131,479
WGL Holdings, Inc.		1,994		141,155
				910,350
Hand & Machine Tools — 0.2%
Franklin Electric Co., Inc.		1,870		61,804
Kennametal, Inc.		3,200		70,752
Milacron Holdings Corp.*		700		10,157
				142,713
Healthcare Products — 3.3%
Abaxis, Inc.		829		39,154
Accelerate Diagnostics, Inc.*		951		13,685
Accuray, Inc.*		2,738		14,210
Analogic Corp.		507		40,276
AngioDynamics, Inc.*		958		13,766
AtriCure, Inc.*		1,200		16,956
Atrion Corp.		61		26,099
AxoGen Inc.*		1,200		8,256
BioTelemetry, Inc.*		800		13,040
Cantel Medical Corp.		1,375		94,504
Cardiovascular Systems, Inc.*		1,000		18,375
Cepheid, Inc.*		2,880		88,560
Cerus Corp.*		3,600		22,464
ConforMIS Inc.*		1,600		11,232
CONMED Corp.		1,003		47,873
CryoLife, Inc.		1,399		16,522
Cutera, Inc.*		500		5,605
Cynosure, Inc., Class A*		894		43,489
Endologix, Inc.*		3,198		39,847
Entellus Medical Inc.*		400		7,308
Exactech, Inc.*		509		13,611
GenMark Diagnostics, Inc.*		1,200		10,440

117

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
Genomic Health, Inc.*		709	$	18,360
Glaukos Corp.*		700		20,412
Globus Medical, Inc., Class A*		2,600		61,958
Greatbatch, Inc.		1,293		39,992
Haemonetics Corp.*		1,946		56,415
Halyard Health, Inc.*		1,900		61,788
HeartWare International, Inc.*		689		39,790
ICU Medical, Inc.*		579		65,282
Inogen, Inc.*		700		35,077
Insulet Corp.*		2,146		64,895
Integra LifeSciences Holdings Corp.*		1,226		97,810
Intersect ENT, Inc.*		1,100		14,223
Invacare Corp.		1,190		14,435
InVivo Therapeutics Holdings Corp.*		900		5,202
K2M Group Holdings, Inc.*		1,100		17,072
LDR Holding Corp.*		1,100		40,645
LeMaitre Vascular, Inc.		400		5,708
Luminex Corp.*		1,753		35,463
Masimo Corp.*		1,704		89,486
Medgenics Inc.*		1,000		5,550
Meridian Bioscience, Inc.		1,760		34,320
Merit Medical Systems, Inc.*		1,575		31,232
MiMedx Group, Inc.*		3,800		30,324
Nanostring Technologies, Inc.*		600		7,560
Natus Medical, Inc.*		1,375		51,975
Nevro Corp.*		1,000		73,760
Novocure Ltd.*		2,100		24,507
NuVasive, Inc.*		1,906		113,826
NxStage Medical, Inc.*		2,284		49,517
Ocular Therapeutix, Inc.*		700		3,465
OraSure Technologies, Inc.*		2,201		13,008
Orthofix International NV*		671		28,450
Oxford Immunotec Global PLC*		600		5,400
Penumbra Inc.*		1,000		59,500
Quidel Corp.*		1,051		18,771
Rockwell Medical, Inc.*		1,800		13,626
STAAR Surgical Co.*		1,400		7,714
SurModics, Inc.*		373		8,758
T2 Biosystems Inc.*		600		4,734
Tandem Diabetes Care, Inc.*		400		3,016
The Spectranetics Corp.*		1,465		27,410
TransEnterix Inc*		2,500		3,050
Utah Medical Products, Inc.		200		12,600
Vascular Solutions, Inc.*		783		32,620
Wright Medical Group NV*		4,218		73,267
Zeltiq Aesthetics, Inc.*		1,300		35,529
				2,162,774
Healthcare Services — 1.7%
AAC Holdings, Inc.*		200		4,564
Addus Homecare Corp.*		400		6,972
Adeptus Health, Inc., Class A*		500		25,830
Air Methods Corp.*		1,487		53,279
Almost Family, Inc.*		277		11,803
Amedisys, Inc.*		1,206		60,879
American Renal Associates Holdings Inc*		400		11,588
Capital Senior Living Corp.*		1,036		18,306

	Number of Shares		Value†
Healthcare Services — (continued)
Catalent, Inc.*		4,000	$	91,960
Chemed Corp.		629		85,739
Civitas Solutions, Inc.*		400		8,332
Community Health Systems, Inc.*		4,500		54,225
Genesis Healthcare, Inc.*		1,861		3,294
HealthSouth Corp.		3,536		137,268
Healthways, Inc.*		1,258		14,530
Invitae Corp.*		1,100		8,129
Kindred Healthcare, Inc.		3,374		38,092
LHC Group, Inc.*		582		25,189
Magellan Health Services, Inc.*		1,041		68,467
Molina Healthcare, Inc.*		1,768		88,223
Natera, Inc.*		700		8,446
National Healthcare Corp.		406		26,284
Nobilis Health Corp.*		1,200		2,676
OvaScience, Inc.*		800		4,168
Quorum Health Corp.*		1,300		13,923
RadNet, Inc.*		1,500		8,010
Select Medical Holdings Corp.*		4,400		47,828
Surgery Partners Inc.*		700		12,530
Surgical Care Affiliates, Inc.*		1,100		52,437
Teladoc, Inc.*		500		8,010
The Ensign Group, Inc.		1,880		39,499
Triple-S Management Corp., Class B*		1,091		26,653
U.S. Physical Therapy, Inc.		491		29,563
Universal American Corp.*		1,780		13,492
				1,110,188
Holding Companies — 0.2%
FCB Financial Holdings Inc, Class A*		1,200		40,800
HRG Group, Inc.*		4,875		66,934
National Bank Holdings Corp., Class A, Class A		1,000		20,360
Resource America, Inc., Class A		1,000		9,720
Tiptree Financial, Inc., Class A		1,100		6,028
				143,842
Home Builders — 0.7%
Beazer Homes USA, Inc.*		1,424		11,036
Cavco Industries, Inc.*		369		34,575
Century Communities, Inc.*		500		8,670
Green Brick Partners, Inc.*		1,100		7,997
Hovnanian Enterprises, Inc., Class A*		4,810		8,081
Installed Building Products, Inc.*		700		25,403
KB Home		3,400		51,714
LGI Homes, Inc.*		600		19,164
M/I Homes, Inc.*		836		15,742
MDC Holdings, Inc.		1,500		36,510
Meritage Homes Corp.*		1,490		55,935
Tailored Brands Inc.		1,756		22,231
Taylor Morrison Home Corp., Class A*		1,100		16,324
The New Home Co., Inc.*		600		5,724
TRI Pointe Homes, Inc.*		6,300		74,466
WCI Communities, Inc.*		700		11,830
William Lyon Homes, Class A*		1,000		16,120
Winnebago Industries, Inc.		1,122		25,716
				447,238

118

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Home Furnishings — 0.5%
American Woodmark Corp.*		569	$	37,770
Bassett Furniture Industries, Inc.		300		7,182
Daktronics, Inc.		1,209		7,556
DTS, Inc.*		703		18,594
Ethan Allen Interiors, Inc.		1,028		33,965
Flexsteel Industries, Inc.		200		7,924
Hooker Furniture Corp.		500		10,745
iRobot Corp.*		1,082		37,957
Kimball International, Inc., Class B		1,244		14,157
La-Z-Boy, Inc.		1,962		54,583
Select Comfort Corp.*		2,072		44,299
TiVo, Inc.*		3,955		39,155
Universal Electronics, Inc.*		600		43,368
				357,255
Hotels & Resorts — 0.1%
Caesars Entertainment Corp.*		2,000		15,380
La Quinta Holdings Inc*		3,900		44,460
				59,840
Household Products & Wares — 0.5%
ACCO Brands Corp.*		4,393		45,379
Central Garden & Pet Co.*		500		11,415
Central Garden & Pet Co., Class A*		1,402		30,437
CSS Industries, Inc.		412		11,046
Helen of Troy Ltd.*		1,095		112,610
Tumi Holdings, Inc.*		2,300		61,502
WD-40 Co.		546		64,128
				336,517
Housewares — 0.0%
Libbey, Inc.		800		12,712
Lifetime Brands, Inc.		200		2,918
				15,630
Insurance — 2.7%
Ambac Financial Group, Inc.*		1,700		27,982
American Equity Investment Life Holding Co.		3,176		45,258
AMERISAFE, Inc.		708		43,344
Argo Group International Holdings Ltd.		1,260		65,368
Atlas Financial Holdings Inc.*		400		6,888
Baldwin & Lyons, Inc., Class B		325		8,015
Citizens, Inc.*		1,466		11,142
CNO Financial Group, Inc.		7,393		129,082
Crawford & Co., Class B		638		5,417
Donegal Group, Inc., Class A		283		4,667
eHealth, Inc.*		720		10,094
EMC Insurance Group, Inc.		450		12,474
Employers Holdings, Inc.		1,282		37,204
Enstar Group Ltd.*		474		76,783
Essent Group Ltd.*		3,000		65,430
FBL Financial Group, Inc., Class A		327		19,839
Federated National Holding Co.		500		9,520
Fidelity & Guaranty Life		500		11,590
Genworth Financial, Inc., Class A*		20,500		52,890
Global Indemnity PLC*		383		10,544
Greenlight Capital Re Ltd., Class A*		1,128		22,740
Hallmark Financial Services, Inc.*		255		2,955

	Number of Shares		Value†
Insurance — (continued)
HCI Group, Inc.		300	$	8,184
Heritage Insurance Holdings, Inc.		800		9,576
Hilltop Holdings, Inc.*		2,983		62,613
Horace Mann Educators Corp.		1,509		50,989
Independence Holding Co.		500		8,985
Infinity Property & Casualty Corp.		420		33,877
Kemper Corp.		1,700		52,666
Maiden Holdings Ltd.		2,468		30,208
MBIA, Inc.*		5,500		37,565
MGIC Investment Corp.*		12,827		76,321
National General Holdings Corp.		2,000		42,840
National Interstate Corp.		402		12,160
National Western Life Group Inc., Class A		95		18,551
NMI Holdings, Inc., Class A*		2,100		11,508
OneBeacon Insurance Group Ltd., Class A		1,100		15,180
Primerica, Inc.		1,900		108,756
Radian Group, Inc.		8,703		90,685
RLI Corp.		1,522		104,683
Safety Insurance Group, Inc.		582		35,840
Selective Insurance Group, Inc.		2,175		83,107
State Auto Financial Corp.		776		17,002
State National Cos., Inc.		1,000		10,530
Stewart Information Services Corp.		808		33,459
The Navigators Group, Inc.		395		36,328
Third Point Reinsurance Ltd.*		3,000		35,160
Trupanion Inc.*		1,000		13,250
United Fire Group, Inc.		880		37,338
United Insurance Holdings Corp.		800		13,104
Universal Insurance Holdings, Inc.		1,251		23,244
WMIH Corp.*		8,700		19,314
				1,812,249
Internet — 2.1%
1-800-Flowers.com, Inc., Class A*		737		6,648
Angie’s List, Inc.*		1,600		10,416
Bankrate, Inc.*		1,923		14,384
Bazaarvoice, Inc.*		1,900		7,619
Blucora, Inc.*		1,496		15,499
Blue Nile, Inc.*		439		12,020
Boingo Wireless, Inc.*		1,700		15,164
Box, Inc., Class A*		2,100		21,714
Brightcove, Inc.*		1,200		10,560
ChannelAdvisor Corp.*		900		13,041
Chegg, Inc.*		3,100		15,500
Cogent Communications Holdings, Inc.		1,619		64,857
comScore, Inc.*		1,793		42,817
DHI Group, Inc.*		1,863		11,606
Endurance International Group Holdings, Inc.*		2,100		18,879
ePlus, Inc.*		245		20,039
Etsy, Inc.*		4,300		41,237
FTD Cos, Inc.*		818		20,417
Global Eagle Entertainment, Inc.*		1,500		9,960
GrubHub, Inc.*		3,100		96,317
HealthStream, Inc.*		900		23,868
IntraLinks Holdings, Inc.*		1,700		11,050
Limelight Networks, Inc.*		1,172		1,746

119

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — (continued)
Lionbridge Technologies, Inc.*		2,243	$	8,860
Liquidity Services, Inc.*		1,035		8,114
Marketo, Inc.*		1,700		59,194
MeetMe Inc.*		1,900		10,127
New Media Investment Group, Inc.		1,700		30,719
NIC, Inc.*		2,629		57,680
Overstock.com, Inc.*		571		9,199
Perficient, Inc.*		1,245		25,286
Q2 Holdings, Inc.*		900		25,218
QuinStreet, Inc.*		1,815		6,443
Quotient Technology Inc.*		2,700		36,207
Rapid7 Inc.*		400		5,032
RealNetworks, Inc.*		515		2,220
Reis, Inc.		400		9,960
RetailMeNot, Inc.*		1,300		10,023
RingCentral, Inc., Class A*		2,400		47,328
Safeguard Scientifics, Inc.*		850		10,617
Shutterfly, Inc.*		1,390		64,788
Shutterstock, Inc.*		800		36,640
Stamps.com, Inc.*		662		57,872
TechTarget, Inc.*		500		4,050
The Rubicon Project, Inc.*		1,200		16,380
TrueCar, Inc.*		1,700		13,345
United Online, Inc.		500		5,500
VASCO Data Security International, Inc.*		1,028		16,849
VirnetX Holding Corp.*		1,583		6,332
Wayfair, Inc., Class A*		1,300		50,700
Web.com Group, Inc.*		1,900		34,542
WebMD Health Corp.*		1,486		86,351
XO Group, Inc.*		859		14,972
Zendesk, Inc.*		3,300		87,054
Zix Corp.*		1,848		6,930
				1,369,890
Investment Companies — 0.1%
Arlington Asset Investment Corp., Class A		900		11,709
Caesars Acquisition Co., Class A*		1,900		21,318
Real Industry, Inc.*		800		6,216
				39,243
Iron & Steel — 0.5%
AK Steel Holding Corp.*		9,800		45,668
Allegheny Technologies, Inc.		4,400		56,100
Carpenter Technology Corp.		1,800		59,274
Cliffs Natural Resources, Inc.*		8,100		45,927
Commercial Metals Co.		4,500		76,050
Ryerson Holding Corp.*		800		14,000
Schnitzer Steel Industries, Inc., Class A		900		15,840
TimkenSteel Corp.*		1,400		13,468
				326,327
Leisure Time — 0.5%
Arctic Cat, Inc.*		444		7,548
Callaway Golf Co.		3,946		40,289
ClubCorp Holdings, Inc.		2,700		35,100
Diamond Resorts International, Inc.*		1,700		50,932
Escalade, Inc.		600		6,144
Fox Factory Holding Corp.*		1,000		17,370

	Number of Shares		Value†
Leisure Time — (continued)
Interval Leisure Group, Inc.		4,416	$	70,214
Johnson Outdoors, Inc., Class A		200		5,140
Liberty TripAdvisor Holdings, Inc., Class A*		2,900		63,452
Lindblad Expeditions Holdings Inc.*		700		6,741
Malibu Boats, Inc., Class A*		500		6,040
Marine Products Corp.		160		1,354
Nautilus, Inc.*		1,300		23,192
Performance Sports Group Ltd.*		1,600		4,800
Planet Fitness Inc., Class A*		800		15,104
				353,420
Lodging — 0.3%
Belmond Ltd., Class A*		3,745		37,076
Boyd Gaming Corp.*		3,400		62,560
Intrawest Resorts Holdings, Inc.*		1,000		12,980
Monarch Casino & Resort, Inc.*		485		10,655
Red Rock Resorts Inc.*		1,300		28,574
The Marcus Corp.		933		19,686
				171,531
Machinery — Construction & Mining — 0.3%
Astec Industries, Inc.		698		39,193
Babcock & Wilcox Enterprises Inc.*		1,900		27,911
Hyster-Yale Materials Handling, Inc.		344		20,464
Joy Global, Inc.		4,000		84,560
				172,128
Machinery — Diversified — 0.7%
Alamo Group, Inc.		317		20,913
Albany International Corp., Class A		1,132		45,201
Altra Industrial Motion Corp.		1,003		27,061
Applied Industrial Technologies, Inc.		1,582		71,411
Briggs & Stratton Corp.		1,836		38,886
Chart Industries, Inc.*		1,177		28,401
Columbus McKinnon Corp.		685		9,693
DXP Enterprises, Inc.*		522		7,793
Hurco Cos., Inc.		200		5,566
Kadant, Inc.		499		25,704
Lindsay Corp.		453		30,741
NACCO Industries, Inc., Class A		222		12,432
Power Solutions International, Inc.*		100		1,785
SPX FLOW Inc.*		1,500		39,105
Tennant Co.		736		39,648
The ExOne Co.*		500		5,285
The Gorman-Rupp Co.		751		20,585
The Manitowoc Co., Inc.		5,300		28,885
				459,095
Media — 1.4%
Central European Media Enterprises Ltd., Class A*		3,100		6,541
Daily Journal Corp.*		41		9,716
Entercom Communications Corp., Class A		700		9,499
Entravision Communications Corp., Class A		2,800		18,816
Gannett, Inc.		4,800		66,288
Gray Television, Inc.*		2,600		28,210
Hemisphere Media Group, Inc.*		600		7,080
Houghton Mifflin Harcourt Co.*		5,300		82,839
Liberty Braves Group*		1,300		19,058

120

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Media — (continued)
Liberty Braves Group*		500	$	7,520
Liberty Media Group*		1,000		19,140
Liberty Media Group*		1,900		36,043
Media General, Inc.*		4,400		75,636
Meredith Corp.		1,400		72,674
MSG Networks Inc.*		2,500		38,350
Nexstar Broadcasting Group, Inc., Class A		1,200		57,096
Saga Communications, Inc., Class A		133		5,259
Scholastic Corp.		956		37,867
Sinclair Broadcast Group, Inc., Class A		2,617		78,144
The E.W. Scripps Co., Class A*		2,329		36,891
The New York Times Co., Class A		5,321		64,384
Time, Inc.		4,300		70,778
tronc Inc.*		2,100		28,980
World Wrestling Entertainment, Inc., Class A		1,314		24,191
				901,000
Metal Fabricate/Hardware — 0.9%
Advanced Drainage Systems, Inc.		1,200		32,844
CIRCOR International, Inc.		735		41,888
Dynamic Materials Corp.		700		7,525
Global Brass & Copper Holdings, Inc.		1,000		27,290
Haynes International, Inc.		564		18,093
Lawson Products, Inc.*		400		7,944
Mueller Industries, Inc.		2,188		69,753
Mueller Water Products, Inc., Class A		6,192		70,713
NN, Inc.		1,000		13,990
Olympic Steel, Inc.		231		6,309
Omega Flex, Inc.*		59		2,244
RBC Bearings, Inc.*		937		67,932
Rexnord Corp.*		3,400		66,742
Sun Hydraulics Corp.		859		25,504
TriMas Corp.*		1,795		32,310
Worthington Industries, Inc.		1,884		79,693
				570,774
Mining — 0.7%
Century Aluminum Co.*		1,754		11,103
Coeur Mining, Inc.*		6,128		65,324
Ferroglobe PLC		2,414		20,784
Gold Resource Corp.		2,400		8,616
Hecla Mining Co.		15,517		79,137
Kaiser Aluminum Corp.		716		64,734
Materion Corp.		857		21,219
Ring Energy, Inc.*		1,600		14,112
Stillwater Mining Co.*		4,524		53,655
United States Lime & Minerals, Inc.		29		1,711
US Silica Holdings, Inc.		2,600		89,622
				430,017
Miscellaneous Manufacturing — 1.6%
Actuant Corp., Class A		2,406		54,400
American Railcar Industries, Inc.		400		15,788
AZZ, Inc.		976		58,540
Barnes Group, Inc.		2,065		68,393
Chase Corp.		300		17,721
CLARCOR, Inc.		1,898		115,455

	Number of Shares		Value†
Miscellaneous Manufacturing — (continued)
EnPro Industries, Inc.		917	$	40,706
Fabrinet*		1,500		55,680
Federal Signal Corp.		2,343		30,178
FreightCar America, Inc.		570		8,009
GP Strategies Corp.*		400		8,676
Handy & Harman Ltd.*		200		5,238
Harsco Corp.*		3,200		21,248
Hillenbrand, Inc.		2,374		71,315
John Bean Technologies Corp.		1,129		69,117
Koppers Holdings, Inc.*		820		25,199
LSB Industries, Inc.*		749		9,048
Lydall, Inc.*		600		23,136
Movado Group, Inc.		760		16,477
Myers Industries, Inc.		1,125		16,200
NL Industries, Inc.*		90		231
Park-Ohio Holdings Corp.		400		11,312
Proto Labs, Inc.*		1,000		57,560
Raven Industries, Inc.		1,346		25,493
Smith & Wesson Holding Corp.*		2,179		59,225
SPX Corp.*		1,700		25,245
Standex International Corp.		500		41,315
Sturm Ruger & Co., Inc.		719		46,023
Tredegar Corp.		1,061		17,103
Trinseo SA		1,200		51,516
				1,065,547
Office & Business Equipment — 0.0%
Eastman Kodak Co.*		800		12,864
Office Furnishings — 0.4%
Herman Miller, Inc.		2,232		66,714
HNI Corp.		1,843		85,681
Interface, Inc.		2,595		39,574
Knoll, Inc.		1,953		47,419
Steelcase, Inc., Class A		3,131		42,488
				281,876
Oil & Gas — 1.5%
Abraxas Petroleum Corp.*		4,100		4,633
Adams Resources & Energy, Inc.		100		3,850
Alon USA Energy, Inc.		1,352		8,761
Atwood Oceanics, Inc.*		2,300		28,796
Bill Barrett Corp.*		2,025		12,940
California Resources Corp.*		1,400		17,080
Callon Petroleum Co.*		5,000		56,150
Carrizo Oil & Gas, Inc.*		2,265		81,200
Clayton Williams Energy, Inc.*		217		5,959
Cobalt International Energy, Inc.*		17,000		22,780
Contango Oil & Gas Co.*		703		8,605
CVR Energy, Inc.		700		10,850
Delek US Holdings, Inc.		2,298		30,357
Denbury Resources, Inc.*		14,400		51,696
Eclipse Resources Corp.*		1,400		4,676
EP Energy Corp.*		1,800		9,324
Evolution Petroleum Corp.		500		2,735
EXCO Resources, Inc.*		6,375		8,287
Fairmount Santrol Holdings, Inc.*		2,200		16,962
Isramco, Inc.*		21		1,727

121

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Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Jones Energy, Inc. 48019R108, Class A*		600	$	2,472
Matador Resources Co.*		3,300		65,340
Northern Oil & Gas, Inc.*		2,253		10,409
Oasis Petroleum, Inc.*		6,900		64,446
Panhandle Oil and Gas, Inc., Class A		634		10,569
Par Petroleum Corp.*		1,200		18,408
Parker Drilling Co.*		5,217		11,947
PDC Energy, Inc.*		1,812		104,389
RSP Permian, Inc.*		3,200		111,648
Sanchez Energy Corp.*		1,900		13,414
Seadrill Ltd.		15,500		50,220
Synergy Resources Corp.*		7,600		50,616
Trecora Resources*		1,000		10,430
Unit Corp.*		1,800		28,008
W&T Offshore, Inc.*		1,643		3,812
Western Refining, Inc.		2,737		56,464
				999,960
Oil & Gas Services — 0.8%
Archrock Inc.		2,600		24,492
CARBO Ceramics, Inc.*		800		10,480
Dawson Geophysical Co.*		1,000		8,150
Exterran Corp.*		1,300		16,705
Flotek Industries, Inc.*		2,000		26,400
Forum Energy Technologies, Inc.*		2,300		39,813
Geospace Technologies Corp.*		476		7,792
Helix Energy Solutions Group, Inc.*		4,101		27,723
Hornbeck Offshore Services, Inc.*		1,378		11,492
Independence Contract Drilling Inc.*		1,100		5,973
Matrix Service Co.*		987		16,276
MRC Global Inc*		3,700		52,577
Natural Gas Services Group, Inc.*		594		13,603
Newpark Resources, Inc.*		3,512		20,334
NOW Inc.*		4,300		78,002
Oil States International, Inc.*		2,100		69,048
Pioneer Energy Services Corp.*		2,650		12,190
SEACOR Holdings, Inc.*		700		40,565
Tesco Corp.*		1,400		9,366
TETRA Technologies, Inc.*		2,979		18,976
Thermon Group Holdings, Inc.*		1,100		21,131
				531,088
Packaging and Containers — 0.1%
AEP Industries, Inc.		138		11,103
Greif Inc.		300		16,425
Greif, Inc., Class A		1,100		40,997
Multi Packaging Solutions International Ltd.*		800		10,680
UFP Technologies, Inc.*		300		6,762
				85,967
Pharmaceuticals — 3.1%
Aclaris Therapeutics Inc., Class A*		300		5,541
Adamas Pharmaceuticals, Inc.*		700		10,598
Aerie Pharmaceuticals, Inc.*		700		12,320
Aimmune Therapeutics Inc.*		1,100		11,902
Akebia Therapeutics, Inc.*		1,200		8,976
Amicus Therapeutics, Inc.*		4,400		24,024

	Number of Shares		Value†
Pharmaceuticals — (continued)
Amphastar Pharmaceuticals, Inc.*		1,100	$	17,732
Ampio Pharmaceuticals, Inc.*		2,200		2,838
Anika Therapeutics, Inc.*		500		26,825
Anthera Pharmaceuticals, Inc.*		1,100		3,399
Aratana Therapeutics, Inc.*		900		5,688
Array BioPharma, Inc.*		4,748		16,903
Avexis Inc*		300		11,406
Axovant Sciences Ltd.*		800		10,272
Bio-Path Holdings, Inc.*		4,000		7,960
BioScrip, Inc.*		2,011		5,128
Biospecifics Technologies Corp.*		300		11,982
Cara Therapeutics, Inc.*		800		3,848
Cempra, Inc.*		1,500		24,735
ChemoCentryx, Inc.*		1,000		4,490
Chimerix, Inc.*		1,700		6,681
Clovis Oncology, Inc.*		1,100		15,092
Collegium Pharmaceutical Inc.*		400		4,740
Concert Pharmaceuticals, Inc.*		500		5,615
Corcept Therapeutics, Inc.*		2,900		15,834
DepoMed, Inc.*		2,283		44,792
Diplomat Pharmacy, Inc.*		1,900		66,500
Durect Corp.*		3,500		4,270
Dyax Corp Escrow*~		5,620		6,238
Eagle Pharmaceuticals, Inc.*		300		11,637
Enanta Pharmaceuticals, Inc.*		600		13,230
Endocyte, Inc.*		1,500		4,815
Esperion Therapeutics, Inc.*		500		4,940
Fibrogen, Inc.*		2,200		36,102
Flexion Therapeutics, Inc.*		400		5,986
Global Blood Therapeutics Inc.*		300		4,977
Heron Therapeutics, Inc.*		1,200		21,660
Heska Corp.*		300		11,151
Horizon Pharma PLC*		6,500		107,055
Ignyta, Inc.*		600		3,252
Immune Design Corp.*		400		3,264
Impax Laboratories, Inc.*		2,837		81,762
Infinity Pharmaceuticals, Inc.*		1,828		2,431
Insys Therapeutics, Inc.*		800		10,352
Intra-Cellular Therapies, Inc.*		1,400		54,348
Ironwood Pharmaceuticals, Inc.*		5,161		67,480
Keryx Biopharmaceuticals, Inc.*		3,500		23,170
La Jolla Pharmaceutical CO*		400		6,400
Lannett Co., Inc.*		997		23,719
Lifevantage Corp.*		700		9,520
MannKind Corp.*		8,904		10,329
MediciNova Inc.*		1,400		10,570
Minerva Neurosciences Inc.*		800		8,168
Mirati Therapeutics, Inc.*		500		2,730
MyoKardia Inc.*		500		6,200
Natural Grocers By Vitamin Cottage, Inc.*		400		5,220
Natural Health Trends Corp.		300		8,457
Nature’s Sunshine Products, Inc.		200		1,906
Nektar Therapeutics*		5,333		75,889
Neogen Corp.*		1,502		84,487
Neos Therapeutics Inc.*		400		3,712
Nutraceutical International Corp.*		196		4,537

122

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Omega Protein Corp.*		1,000	$	19,990
Ophthotech Corp.*		1,200		61,236
Osiris Therapeutics, Inc.*		773		3,935
Otonomy, Inc.*		700		11,116
Pacira Pharmaceuticals, Inc.*		1,400		47,222
PharMerica Corp.*		1,220		30,085
Phibro Animal Health Corp., Class A		700		13,062
Portola Pharmaceuticals, Inc.*		1,900		44,840
PRA Health Sciences, Inc.*		1,000		41,760
Prestige Brands Holdings, Inc.*		2,072		114,789
Progenics Pharmaceuticals, Inc.*		2,601		10,976
Radius Health, Inc.*		1,200		44,100
Raptor Pharmaceutical Corp.*		2,600		13,962
Regulus Therapeutics, Inc.*		1,200		3,468
Relypsa, Inc.*		1,600		29,600
Revance Therapeutics, Inc.*		700		9,520
Sagent Pharmaceuticals, Inc.*		1,000		14,980
Sarepta Therapeutics, Inc.*		1,600		30,512
SciClone Pharmaceuticals, Inc.*		2,277		29,738
Seres Therapeutics, Inc.*		800		23,240
Sorrento Therapeutics, Inc.*		900		5,040
Sucampo Pharmaceuticals, Inc., Class A*		871		9,555
Supernus Pharmaceuticals, Inc.*		1,900		38,703
Synergy Pharmaceuticals, Inc.*		7,600		28,880
Synutra International, Inc.*		311		1,185
Teligent Inc.*		1,800		12,852
TESARO, Inc.*		900		75,645
Tetraphase Pharmaceuticals, Inc.*		1,200		5,160
TG Therapeutics, Inc.*		1,200		7,272
TherapeuticsMD, Inc.*		5,900		50,150
Trevena, Inc.*		1,000		6,300
USANA Health Sciences, Inc.*		224		24,960
Vanda Pharmaceuticals, Inc.*		1,841		20,601
Vitae Pharmaceuticals, Inc.*		1,200		12,948
Vital Therapies, Inc.*		800		4,960
Voyager Therapeutics Inc.*		300		3,297
Xencor, Inc.*		1,000		18,990
XenoPort, Inc.		1,927		13,566
Zafgen, Inc.*		600		3,594
Zogenix, Inc.*		1,175		9,459
				2,077,033
Pipelines — 0.1%
Primoris Services Corp.		1,490		28,206
SemGroup Corp., Class A		1,600		52,096
				80,302
Publishing / Newspapers — 0.1%
Cimpress NV*		1,000		92,480
Real Estate — 0.6%
Alexander & Baldwin, Inc.		2,000		72,280
AV Homes, Inc.*		195		2,383
Community Healthcare Trust Inc.		600		12,684
Consolidated-Tomoka Land Co.		124		5,886
Farmland Partners Inc.		600		6,792
Forestar Group, Inc.*		1,163		13,828
Four Corners Property Trust Inc.		2,500		51,475

	Number of Shares		Value†
Real Estate — (continued)
FRP Holdings, Inc.*		369	$	12,731
HFF, Inc., Class A*		1,500		43,320
Kennedy-Wilson Holdings, Inc.		3,581		67,896
Marcus & Millichap, Inc.*		500		12,705
RE/MAX Holdings, Inc., Class A		700		28,182
RMR Group Inc., Class A		367		11,366
The St. Joe Co.*		2,100		37,212
				378,740
Real Estate Investment Trusts — 0.2%
City Office REIT Inc.		900		11,682
Global Net Lease Inc.		7,000		55,650
Great Ajax Corp.		600		8,322
NorthStar Realty Europe Corp.		2,500		23,125
Seritage Growth Properties		1,000		49,840
				148,619
Retail — 5.3%
Abercrombie & Fitch Co., Class A		2,800		49,868
America’s Car-Mart, Inc.*		227		6,410
American Eagle Outfitters, Inc.		6,700		106,731
Asbury Automotive Group, Inc.*		849		44,776
Ascena Retail Group, Inc.*		6,713		46,924
Barnes & Noble Education, Inc.*		1,137		11,541
Barnes & Noble, Inc.		2,600		29,510
Big 5 Sporting Goods Corp.		581		5,386
Big Lots, Inc.		1,900		95,209
Biglari Holdings, Inc.*		40		16,134
BJ’s Restaurants, Inc.*		920		40,324
Bloomin’ Brands, Inc.		4,800		85,776
BMC Stock Holdings Inc.*		2,300		40,986
Bob Evans Farms, Inc.		842		31,954
Bojangles’, Inc.*		500		8,475
Boot Barn Holdings, Inc.*		400		3,448
Buffalo Wild Wings, Inc.*		747		103,796
Build-A-Bear Workshop, Inc.*		700		9,394
Caleres, Inc.		1,654		40,043
Carrols Restaurant Group, Inc.*		1,713		20,385
Cash America International, Inc.		925		39,423
Chico’s FAS, Inc.		5,600		59,976
Chuy’s Holdings, Inc.*		600		20,766
Citi Trends, Inc.		503		7,812
Conn’s, Inc.*		1,104		8,302
Cracker Barrel Old Country Store, Inc.		724		124,144
Dave & Buster’s Entertainment, Inc.*		1,500		70,185
Del Frisco’s Restaurant Group, Inc.*		1,000		14,320
Del Taco Restaurants Inc.*		1,100		10,010
Denny’s Corp.*		3,552		38,113
Destination XL Group, Inc.*		1,500		6,855
DineEquity, Inc.		671		56,887
DSW, Inc., Class A		2,800		59,304
Duluth Holdings Inc., Class B*		500		12,230
El Pollo Loco Holdings Inc*		400		5,200
Express, Inc.*		3,154		45,765
Ezcorp, Inc., Class A*		1,766		13,351
Fiesta Restaurant Group, Inc.*		1,013		22,094
First Cash Financial Services, Inc.		1,162		59,645
Five Below, Inc.*		2,100		97,461

123

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Francesca’s Holdings Corp.*		1,658	$	18,321
Fred’s, Inc., Class A		1,431		23,053
Freshpet, Inc.*		700		6,531
Genesco, Inc.*		895		57,557
GMS Inc*		300		6,675
GNC Holdings, Inc., Class A		2,800		68,012
Group 1 Automotive, Inc.		907		44,770
Guess?, Inc.		2,400		36,120
Haverty Furniture Cos., Inc.		950		17,128
Hibbett Sports, Inc.*		955		33,224
HSN, Inc.		1,279		62,581
J. Alexanders Holdings, Inc.*		483		4,796
Jack in the Box, Inc.		1,314		112,899
Jamba, Inc.*		440		4,528
Kirkland’s, Inc.*		827		12,140
Kona Grill, Inc.*		500		5,360
Krispy Kreme Doughnuts, Inc.*		2,622		54,957
Lands’ End, Inc.*		700		11,494
Lithia Motors, Inc., Class A		894		63,537
Lumber Liquidators Holdings, Inc.*		1,033		15,929
MarineMax, Inc.*		1,000		16,970
Mattress Firm Holding Corp.*		700		23,485
Noodles & Co.*		300		2,934
Office Depot, Inc.*		22,500		74,475
Ollie’s Bargain Outlet Holdings Inc.*		600		14,934
Outerwall, Inc.		650		27,300
Papa John’s International, Inc.		1,110		75,480
Party City Holdco, Inc.*		800		11,128
PC Connection, Inc.*		565		13,447
PetMed Express, Inc.		613		11,500
Pier 1 Imports, Inc.		3,644		18,730
Popeyes Louisiana Kitchen, Inc.*		859		46,936
Potbelly Corp.*		1,000		12,540
PriceSmart, Inc.		831		77,757
Red Robin Gourmet Burgers, Inc.*		520		24,664
Regis Corp.*		1,332		16,583
Restoration Hardware Holdings, Inc.*		1,600		45,888
Ruby Tuesday, Inc.*		2,213		7,989
Rush Enterprises Inc.*		300		6,237
Rush Enterprises, Inc., Class A*		1,435		30,924
Ruth’s Hospitality Group, Inc.		1,195		19,060
Sears Holding Corp.*		500		6,805
Shake Shack, Inc., Class A*		700		25,501
Shoe Carnival, Inc.		458		11,477
Sonic Automotive, Inc., Class A		1,134		19,403
Sonic Corp.		2,032		54,966
Sportsman’s Warehouse Holdings, Inc.*		600		4,836
Stage Stores, Inc.		1,381		6,739
Stein Mart, Inc.		1,261		9,735
Systemax, Inc.*		262		2,235
Texas Roadhouse, Inc.		2,770		126,312
The Buckle, Inc.		1,049		27,263
The Cato Corp., Class A		1,104		41,643
The Cheesecake Factory, Inc.		1,916		92,236
The Children’s Place, Inc.		794		63,663
The Container Store Group, Inc.*		600		3,210

	Number of Shares		Value†
Retail — (continued)
The Finish Line, Inc., Class A		1,793	$	36,201
The Habit Restaurants, Inc., Class A*		400		6,552
Tile Shop Holdings, Inc.*		1,300		25,844
Tilly’s, Inc., Class A*		400		2,316
Tuesday Morning Corp.*		1,629		11,436
Vera Bradley, Inc.*		800		11,336
Vitamin Shoppe, Inc.*		1,000		30,570
West Marine, Inc.*		664		5,571
Wingstop Inc.*		700		19,075
Winmark Corp.		100		9,967
Zoe’s Kitchen, Inc.*		700		25,389
Zumiez, Inc.*		703		10,060
				3,497,827
Savings & Loans — 1.9%
Astoria Financial Corp.		3,701		56,736
Banc of California, Inc.		1,900		34,390
Bank Mutual Corp.		2,432		18,678
BankFinancial Corp.		609		7,302
BBX Capital Corp., Class A*		110		1,691
Bear State Financial Inc.*		800		7,544
Beneficial Bancorp, Inc.*		2,773		35,273
Berkshire Hills Bancorp, Inc.		1,102		29,666
BofI Holding, Inc.*		2,400		42,504
Brookline Bancorp, Inc.		2,922		32,230
BSB Bancorp*		500		11,325
Capitol Federal Financial, Inc.		5,500		76,725
Charter Financial Corp.		900		11,952
Clifton Bancorp, Inc.		1,146		17,270
Dime Community Bancshares, Inc.		1,030		17,520
EverBank Financial Corp.		4,200		62,412
First Defiance Financial Corp.		300		11,655
Flagstar Bancorp, Inc.*		800		19,528
Flushing Financial Corp.		1,338		26,599
Fox Chase Bancorp, Inc.		420		8,543
Hingham Institution for Savings		100		12,292
Home Bancorp, Inc.		300		8,241
Homestreet, Inc.*		1,000		19,920
HomeTrust Bancshares, Inc.*		900		16,650
Investors Bancorp, Inc.		12,055		133,569
Lake Sunapee Bank Group		400		6,844
Meridian Bancorp, Inc.		1,874		27,698
Meta Financial Group, Inc.		400		20,384
MutualFirst Financial Inc.		300		8,205
Northfield Bancorp, Inc.		1,993		29,556
Northwest Bancshares, Inc.		3,775		55,983
OceanFirst Financial Corp.		927		16,844
Oritani Financial Corp.		1,718		27,471
Pacific Premier Bancorp, Inc.*		1,000		24,000
Provident Financial Services, Inc.		2,403		47,195
SI Financial Group Inc.		500		6,620
Southern Missouri Bancorp Inc.		300		7,059
Sterling Bancorp, Inc.		5,114		80,290
Territorial Bancorp, Inc.		243		6,432
United Community Financial Corp.		1,700		10,336
United Financial Bancorp, Inc.		2,131		27,660
Washington Federal, Inc.		3,700		89,762

124

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Savings & Loans — (continued)
Waterstone Financial, Inc.		1,000	$	15,330
WSFS Financial Corp.		1,271		40,913
				1,268,797
Semiconductors — 3.1%
Advanced Micro Devices, Inc.*		25,300		130,042
Alpha & Omega Semiconductor Ltd.*		1,000		13,930
Ambarella Inc.*		1,200		60,972
Amkor Technology, Inc.*		3,211		18,463
Applied Micro Circuits Corp.*		2,958		18,990
Axcelis Technologies, Inc.		4,100		11,029
Brooks Automation, Inc.		2,477		27,792
Cabot Microelectronics Corp.		961		40,689
Cavium, Inc.*		2,179		84,109
CEVA, Inc.*		671		18,231
Cirrus Logic, Inc.*		2,481		96,238
Cohu, Inc.		904		9,808
Diodes, Inc.*		1,399		26,287
DSP Group, Inc.*		557		5,910
EMCOR Group, Inc.*		1,200		7,128
Entegris, Inc.*		5,770		83,492
Exar Corp.*		1,532		12,333
Fairchild Semiconductor International, Inc.*		4,400		87,340
FormFactor, Inc.*		2,629		23,638
Gerber Scientific, Inc.~		500		0
Inphi Corp.*		1,600		51,248
Integrated Device Technology, Inc.*		5,193		104,535
Intersil Corp., Class A		5,100		69,054
InvenSense, Inc.*		2,800		17,164
IXYS Corp.		1,266		12,977
Kopin Corp.*		1,507		3,346
Lattice Semiconductor Corp.*		4,924		26,343
M/A-COM Technology Solutions Holdings, Inc.*		1,000		32,980
MaxLinear, Inc., Class A*		2,243		40,329
Microsemi Corp.*		4,624		151,112
MKS Instruments, Inc.		2,196		94,560
Monolithic Power Systems, Inc.		1,567		107,057
Nanometrics, Inc.*		900		18,711
Photronics, Inc.*		2,692		23,986
Power Integrations, Inc.		1,095		54,827
QLogic Corp.*		3,200		47,168
Rambus, Inc.*		4,723		57,054
Rovi Corp.*		3,100		48,484
Rudolph Technologies, Inc.*		1,054		16,369
Semtech Corp.*		2,609		62,251
Sigma Designs, Inc.*		1,200		7,716
Silicon Laboratories, Inc.*		1,700		82,858
Tessera Technologies, Inc.		2,023		61,985
Ultra Clean Holdings, Inc.*		900		5,121
Ultratech, Inc.*		978		22,465
Veeco Instruments, Inc.*		1,393		23,068
Xcerra Corp.*		2,466		14,179
				2,033,368
Software — 4.6%
2U, Inc.*		1,500		44,115
ACI Worldwide, Inc.*		4,527		88,322

	Number of Shares		Value†
Software — (continued)
Actua Corp.*		1,428	$	12,895
Acxiom Corp.*		2,967		65,244
Amber Road, Inc.*		600		4,626
American Software, Inc., Class A		593		6,215
Apigee Corp.*		700		8,554
Aspen Technology, Inc.*		3,253		130,901
AVG Technologies NV*		1,700		32,283
Avid Technology, Inc.*		1,100		6,391
Benefitfocus, Inc.*		400		15,248
Blackbaud, Inc.		1,850		125,615
Bottomline Technologies, Inc.*		1,545		33,264
BroadSoft, Inc.*		1,061		43,533
Callidus Software, Inc.*		2,000		39,960
Castlight Health, Inc., Class B*		1,200		4,752
CommVault Systems, Inc.*		1,548		66,858
Computer Programs & Systems, Inc.		447		17,844
Cornerstone OnDemand, Inc.*		2,100		79,926
CSG Systems International, Inc.		1,281		51,637
Cvent, Inc.*		1,200		42,864
Demandware, Inc.*		1,500		112,350
Digi International, Inc.*		657		7,050
Ebix, Inc.		1,036		49,624
Envestnet, Inc.*		1,713		57,060
Epiq Systems, Inc.		1,168		17,053
Everyday Health, Inc.*		700		5,516
Evolent Health, Inc., Class A*		700		13,440
Exa Corp.*		700		10,115
Fair Isaac Corp.		1,288		145,557
Five9 Inc.*		1,100		13,090
Glu Mobile, Inc.*		4,000		8,800
Guidance Software, Inc.*		400		2,476
Hortonworks, Inc.*		1,700		18,173
HubSpot, Inc.*		1,200		52,104
Imperva, Inc.*		1,200		51,612
inContact, Inc.*		2,100		29,085
Infoblox, Inc.*		2,100		39,396
InnerWorkings, Inc.*		1,724		14,257
Instructure Inc.*		300		5,700
Interactive Intelligence Group, Inc.*		597		24,471
Jive Software, Inc.*		1,500		5,640
ManTech International Corp., Class A		1,039		39,295
Medidata Solutions, Inc.*		2,088		97,864
MicroStrategy, Inc., Class A*		375		65,632
MINDBODY Inc., Class A*		500		8,070
Mobileiron, Inc.*		1,200		3,660
Model N, Inc.*		1,100		14,685
Monotype Imaging Holdings, Inc.		1,599		39,383
New Relic, Inc.*		900		26,442
Omnicell, Inc.*		1,435		49,120
Park City Group Inc.*		700		6,279
Paycom Software, Inc.*		1,800		77,778
PDF Solutions, Inc.*		1,200		16,788
pdvWireless Inc.*		600		12,834
Pegasystems, Inc.		1,260		33,957
Planet Payment Inc.*		2,000		8,980
Press Ganey Holdings, Inc.*		900		35,415

125

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
Progress Software Corp.*		1,986	$	54,536
Proofpoint, Inc.*		1,700		107,253
PROS Holdings, Inc.*		917		15,983
QAD, Inc., Class A		392		7,554
Qlik Technologies, Inc.*		3,841		113,617
Quality Systems, Inc.*		1,704		20,295
RealPage, Inc.*		2,000		44,660
Rosetta Stone, Inc.*		1,000		7,750
Sapiens International Corp. NV*		800		9,368
SciQuest, Inc.*		900		15,894
SPS Commerce, Inc.*		600		36,360
Synchronoss Technologies, Inc.*		1,546		49,256
SYNNEX Corp.		1,194		113,215
Take-Two Interactive Software, Inc.*		3,344		126,804
Tangoe, Inc.*		1,769		13,657
TubeMogul, Inc.*		500		5,950
Verint Systems, Inc.*		2,395		79,346
Workiva Inc.*		500		6,830
Xactly Corp.*		1,000		12,810
Xura, Inc.*		990		24,186
				3,005,122
Storage & Warehousing — 0.1%
Mobile Mini, Inc.		1,777		61,555
Wesco Aircraft Holdings, Inc.*		2,640		35,429
				96,984
Telecommunications — 3.1%
8X8, Inc.*		3,400		49,674
Acacia Communications Inc.*		200		7,988
ADTRAN, Inc.		1,905		35,528
Aerohive Networks, Inc.*		1,300		8,606
Anixter International, Inc.*		1,134		60,420
ATN International Inc.		349		27,156
Black Box Corp.		562		7,351
CalAmp Corp.*		1,400		20,734
Calix, Inc.*		1,487		10,275
Ciena Corp.*		5,600		105,000
Cincinnati Bell, Inc.*		7,785		35,577
Clearfield, Inc.*		400		7,156
Comtech Telecommunications Corp.		552		7,088
Consolidated Communications Holdings, Inc.		1,841		50,149
DigitalGlobe, Inc.*		2,569		54,951
EarthLink Holdings Corp.		4,016		25,702
Extreme Networks, Inc.*		3,147		10,668
FairPoint Communications, Inc.*		600		8,808
Finisar Corp.*		4,221		73,910
General Communication, Inc., Class A*		1,486		23,479
Gigamon, Inc.*		1,300		48,607
Globalstar, Inc.*		14,900		18,029
Gogo Inc*		2,200		18,458
GTT Communications, Inc.*		800		14,784
Harmonic, Inc.*		2,870		8,179
Hawaiian Telcom Holdco, Inc.*		500		10,595
HC2 Holdings, Inc.*		700		3,010
IDT Corp., Class B		800		11,352
Infinera Corp.*		5,194		58,588

	Number of Shares		Value†
Telecommunications — (continued)
Inteliquent, Inc.		1,226	$	24,385
Intelsat SA*		1,200		3,096
InterDigital, Inc.		1,394		77,618
Iridium Communications, Inc.*		3,500		31,080
Ixia*		2,113		20,750
j2 Global, Inc.		1,874		118,381
Knowles Corp.*		3,452		47,223
KVH Industries, Inc.*		354		2,726
LogMeIn, Inc.*		981		62,225
Loral Space & Communications, Inc.*		546		19,257
Lumos Networks Corp.*		782		9,462
NeoPhotonics Corp.*		900		8,577
NETGEAR, Inc.*		1,329		63,181
NeuStar, Inc., Class A*		2,300		54,073
NII Holdings, Inc.*		2,500		7,950
Oclaro, Inc.*		4,400		21,472
ORBCOMM, Inc.*		2,700		26,865
Plantronics, Inc.		1,367		60,148
Polycom, Inc.*		5,300		59,625
Preformed Line Products Co.		45		1,818
RigNet, Inc.*		500		6,695
Shenandoah Telecommunications Co.		2,018		78,823
ShoreTel, Inc.*		2,281		15,260
Silicom Ltd.		300		8,970
Sonus Networks, Inc.*		1,843		16,016
Spok Holdings, Inc.		1,112		21,311
Straight Path Communications, Inc., Class B*		300		8,301
Telenav, Inc.*		1,000		5,100
Ubiquiti Networks, Inc.*		1,000		38,660
ViaSat, Inc.*		1,762		125,807
Viavi Solutions, Inc.*		9,600		63,648
Vonage Holdings Corp.*		7,500		45,750
West Corp.		1,700		33,422
Windstream Holdings, Inc.		3,500		32,445
				2,041,942
Textiles — 0.2%
Culp, Inc.		300		8,289
G&K Services, Inc., Class A		776		59,418
UniFirst Corp.		577		66,771
				134,478
Toys, Games & Hobbies — 0.0%
JAKKS Pacific, Inc.*		584		4,619
Transportation — 1.5%
Air Transport Services Group, Inc.*		2,085		27,022
ArcBest Corp.		995		16,169
Ardmore Shipping Corp.		800		5,416
Atlas Air Worldwide Holdings, Inc.*		1,048		43,408
Bristow Group, Inc.		1,350		15,403
CAI International, Inc.*		660		4,950
Celadon Group, Inc.		935		7,639
Costamare Inc.		1,200		9,204
Covenant Transportation Group, Inc., Class A*		400		7,228
DHT Holdings Inc.		3,900		19,617

126

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Transportation — (continued)
Dorian LPG Ltd.*		900	$	6,345
Echo Global Logistics, Inc.*		1,300		29,146
Era Group, Inc.*		800		7,520
Forward Air Corp.		1,196		53,258
Frontline Ltd.		2,800		22,036
GasLog Ltd.		1,700		22,066
Gener8 Maritime Inc.*		900		5,760
Golar LNG Ltd.		3,600		55,800
Heartland Express, Inc.		1,967		34,206
Hub Group, Inc., Class A*		1,443		55,368
Knight Transportation, Inc.		2,564		68,151
Marten Transport Ltd.		1,051		20,810
Matson, Inc.		1,600		51,664
Navios Maritime Acquisition Corp.		3,700		5,809
Nordic American Tankers Ltd.		3,567		49,546
Overseas Shipholding Group Inc.*		1,600		17,584
P.A.M. Transportation Services, Inc.*		200		3,178
PHI, Inc.*		593		10,603
Radiant Logistics, Inc.*		1,000		3,000
Roadrunner Transportation Systems, Inc.*		1,000		7,460
Saia, Inc.*		961		24,159
Scorpio Bulkers Inc.*		1,100		3,069
Scorpio Tankers Inc.		7,100		29,820
Ship Finance International Ltd.		2,284		33,666
Swift Transportation Co.*		3,300		50,853
Teekay Corp.		1,900		13,547
Teekay Tankers Ltd., Class A		3,193		9,515
Tidewater, Inc.*		1,600		7,056
Universal Truckload Services, Inc.		100		1,290
USA Truck, Inc.*		200		3,502
Werner Enterprises, Inc.		1,752		40,243
XPO Logistics, Inc.*		3,941		103,491
YRC Worldwide, Inc.*		1,300		11,440
				1,017,017
Trucking and Leasing — 0.2%
GATX Corp.		1,700		74,749
TAL International Group, Inc.		1,293		17,339
Textainer Group Holdings Ltd.		812		9,046
The Greenbrier Cos., Inc.		1,047		30,499
				131,633
Water — 0.4%
American States Water Co.		1,524		66,782
Artesian Resources Corp., Class A		413		14,009
California Water Service Group		1,766		61,686
Connecticut Water Service, Inc.		519		29,168
Consolidated Water Co. Ltd.		800		10,448
Middlesex Water Co.		531		23,035
PICO Holdings, Inc.*		792		7,492
SJW Corp.		688		27,093
The York Water Co.		697		22,332
				262,045
TOTAL COMMON STOCKS (Cost $49,055,819)				59,055,636

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 8.9%
Apartments — 0.4%
Bluerock Residential Growth Reit, Inc.		600	$	7,800
Education Realty Trust, Inc.		2,701		124,624
Independence Realty Trust, Inc.		1,792		14,659
Monogram Residential Trust, Inc.		6,500		66,365
Preferred Apartment Communities, Inc., Class A		800		11,776
Silver Bay Realty Trust Corp.		1,637		27,878
				253,102
Building & Real Estate — 1.2%
Agree Realty Corp.		796		38,399
Altisource Residential Corp.		2,200		20,218
Anworth Mortgage Asset Corp.		3,731		17,536
Apollo Commercial Real Estate Finance, Inc.		2,200		35,354
Ares Commercial Real Estate Corp.		1,000		12,290
Capstead Mortgage Corp.		3,475		33,707
Colony Financial, Inc. Class A		4,416		67,786
Colony Starwood Homes		2,600		79,092
CYS Investments, Inc.		5,856		49,015
Dynex Capital, Inc.		2,307		16,011
Getty Realty Corp.		1,169		25,075
Hatteras Financial Corp.*		3,800		62,320
Invesco Mortgage Capital, Inc.		4,407		60,332
iStar Financial, Inc.*		3,318		31,820
New York Mortgage Trust, Inc.		4,700		28,670
PennyMac Mortgage Investment Trust		2,692		43,691
Redwood Trust, Inc.		3,377		46,636
Resource Capital Corp.		1,175		15,110
Select Income REIT		2,600		67,574
				750,636
Diversified — 1.0%
AG Mortgage Investment Trust, Inc.		1,188		17,155
Armada Hoffler Properties, Inc.		1,400		19,236
CatchMark Timber Trust, Inc., Class A		1,300		15,886
CorEnergy Infrastructure Trust Inc.		300		8,655
CoreSite Realty Corp.		1,400		124,166
DuPont Fabros Technology, Inc.		3,050		144,997
New York REIT, Inc.		6,200		57,350
NexPoint Residential Trust, Inc.		600		10,920
PS Business Parks, Inc.		765		81,151
STAG lndustrial, Inc.		2,600		61,906
The GEO Group, Inc.		2,968		101,446
UMH Properties, Inc.		968		10,890
Whitestone REIT		800		12,064
				665,822
Diversified Financial Services — 0.5%
American Capital Mortgage Investment Corp.		2,043		32,259
Apollo Residential Mortgage, Inc.		1,332		17,849
ARMOUR Residential REIT, Inc.		1,375		27,500
New Residential Investment Corp.		9,200		127,328
Orchid Island Capital, Inc.		600		6,174
Owens Realty Mortgage, Inc.		500		8,320
RAIT Financial Trust		3,606		11,286
United Development Funding IV~		1,000		3,200
Western Asset Mortgage Capital Corp.		1,597		14,996

127

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Diversified Financial Services — (continued)
WP Glimcher, Inc.		7,600	$	85,044
				333,956
Forest Products & Paper — 0.1%
Potlatch Corp.		1,578		53,810
Healthcare — 1.1%
CareTrust REIT, Inc.		2,395		33,003
Healthcare Realty Trust, Inc.		4,172		145,978
LTC Properties, Inc.		1,517		78,474
Medical Properties Trust, Inc.		9,607		146,123
National Health Investors, Inc.		1,457		109,406
New Senior Investment Group, Inc.		3,400		36,312
Physicians Realty Trust		5,300		111,353
Sabra Health Care REIT, Inc.		2,588		53,403
Universal Health Realty Income Trust		520		29,734
				743,786
Hotels & Resorts — 1.2%
Ashford Hospitality Prime, Inc.		987		13,956
Ashford Hospitality Trust, Inc.		3,020		16,217
Chatham Lodging Trust		1,400		30,772
Chesapeake Lodging Trust		2,389		55,544
DiamondRock Hospitality Co.		7,523		67,933
FelCor Lodging Trust, Inc.		5,918		36,869
Hersha Hospitality Trust		1,917		32,877
LaSalle Hotel Properties		4,517		106,511
Pebblebrook Hotel Trust		2,709		71,111
RLJ Lodging Trust		5,100		109,395
Ryman Hospitality Properties, Inc.		1,712		86,713
Summitt Hotel Properties, Inc.		3,500		46,340
Sunstone Hotel Investors, Inc.		8,847		106,783
				781,021
Industrial — 0.8%
EastGroup Properties, Inc.		1,275		87,873
First Industrial Realty Trust, Inc.		4,729		131,561
First Potomac Realty Trust		2,392		22,006
InfraREIT, Inc.		1,700		29,818
Monmouth Real Estate Investment Corp., Class A		2,649		35,126
QTS Realty Trust, Inc., Class A		1,900		106,362
Rexford Industrial Realty, Inc.		2,600		54,834
Terreno Realty Corp.		1,675		43,332
				510,912
Mixed Industrial/Office — 0.5%
Cousins Properties, Inc.		8,461		87,994
Gladstone Commercial Corp.		652		11,012
Investors Real Estate Trust		4,618		29,878
Lexington Realty Trust		9,315		94,175
One Liberty Properties, Inc.		503		11,997
Washington Real Estate Investment Trust		3,006		94,569
				329,625
Office Property — 0.9%
American Assets Trust, Inc.		1,600		67,904
Easterly Government Proper, Inc.		1,000		19,730
Franklin Street Properties Corp.		4,045		49,632
Government Properties Income Trust		2,744		63,277

	Number of Shares		Value†
Office Property — (continued)
Gramercy Property Trust		17,017	$	156,897
Hudson Pacific Properties, Inc.		3,000		87,540
Mack-Cali Realty Corp.		3,500		94,500
Parkway Properties, Inc.		3,380		56,547
				596,027
Real Estate — 0.1%
Xenia Hotels & Resorts, Inc.		4,400		73,832
Real Estate Investment Trusts — 0.1%
Tier REIT Inc.		2,000		30,660
Regional Malls — 0.2%
CBL & Associates Properties, Inc.		6,900		64,239
Pennsylvania Real Estate Investment Trust		2,715		58,237
Rouse Properties, Inc.		1,400		25,550
				148,026
Storage & Warehousing — 0.0%
National Storage Affiliates Trust		1,000		20,820
Strip Centers — 0.8%
Acadia Realty Trust		2,720		96,614
Alexander’s, Inc.		86		35,194
Cedar Realty Trust, Inc.		2,826		20,997
Kite Realty Group Trust		3,251		91,126
Ramco-Gershenson Properties Trust		3,141		61,595
Retail Opportunity Investments Corp.		3,900		84,513
Saul Centers, Inc.		451		27,831
Urban Edge Properties		3,500		104,510
Urstadt Biddle Properties, Inc., Class A		1,216		30,133
				552,513
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,027,181)				5,844,548
RIGHTS — 0.0%
Chelsea Therapeutics Intl Ltd. CVR~		1,600		0
Clinical Data, Inc.~		354		0
Cubist Pharmaceuticals, Inc.~		1,200		0
Durata Therapeutics CVR Shares~		500		0
Furiex Pharmaceuticals Rights~		300		0
Leap Wireless CVR~		2,300		5,796
TOTAL RIGHTS (Cost $5,740)				5,796
	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bill 0.000%, 09/08/16 (Cost $64,944)	$	65		64,975

128

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 2.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,401,926)		1,401,926	$	1,401,926
TOTAL INVESTMENTS — 100.6% (Cost $55,555,610)				66,372,881
Other Assets & Liabilities — (0.6)%				(363,933	)
TOTAL NET ASSETS — 100.0%			$	66,008,948

~ Fair valued security. The total market value of fair valued securities at June 30, 2016 is $15,234.

† See Security Valuation Note.

* Non-income producing security.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.1%		$	37,835
Aerospace & Defense		1.4%			811,837
Agriculture		0.4%			211,447
Airlines		0.4%			251,344
Apparel		0.9%			534,168
Auto Manufacturers		0.1%			54,062
Auto Parts & Equipment		1.1%			661,768
Banks		10.1%			5,988,166
Beverages		0.2%			141,236
Biotechnology		3.7%			2,210,786
Building Materials		1.9%			1,107,331
Chemicals		2.5%			1,468,576
Coal		—%	+		19,337
Commercial Services		5.6%			3,333,826
Computers		2.8%			1,661,220
Cosmetics & Personal Care		0.2%			114,290
Distribution & Wholesale		0.8%			470,961
Diversified Financial Services		2.5%			1,487,957
Electric		2.6%			1,555,871
Electrical Components & Equipment		1.2%			708,975
Electronics		2.5%			1,452,827
Energy-Alternate Sources		0.4%			216,216
Engineering & Construction		1.2%			683,729
Entertainment		1.0%			577,234
Environmental Control		0.6%			347,630
Food		2.0%			1,150,408
Forest Products & Paper		0.4%			256,270
Gas		1.5%			910,350
Hand & Machine Tools		0.2%			142,713
Healthcare Products		3.7%			2,162,774
Healthcare Services		1.9%			1,110,188
Holding Companies		0.2%			143,842
Home Builders		0.8%			447,238
Home Furnishings		0.6%			357,255
Hotels & Resorts		0.1%			59,840

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Household Products & Wares		0.6%		$	336,517
Housewares		—%	+		15,630
Insurance		3.1%			1,812,249
Internet		2.3%			1,369,890
Investment Companies		0.1%			39,243
Iron & Steel		0.6%			326,327
Leisure Time		0.6%			353,420
Lodging		0.3%			171,531
Machinery — Construction & Mining		0.3%			172,128
Machinery — Diversified		0.8%			459,095
Media		1.5%			901,000
Metal Fabricate/Hardware		1.0%			570,774
Mining		0.7%			430,017
Miscellaneous Manufacturing		1.8%			1,065,547
Office & Business Equipment		—%	+		12,864
Office Furnishings		0.5%			281,876
Oil & Gas		1.7%			999,960
Oil & Gas Services		0.9%			531,088
Packaging and Containers		0.1%			85,967
Pharmaceuticals		3.5%			2,077,033
Pipelines		0.1%			80,302
Publishing / Newspapers		0.2%			92,480
Real Estate		0.6%			378,740
Real Estate Investment Trusts		0.3%			148,619
Retail		5.9%			3,497,827
Savings & Loans		2.2%			1,268,797
Semiconductors		3.4%			2,033,368
Software		5.1%			3,005,122
Storage & Warehousing		0.2%			96,984
Telecommunications		3.5%			2,041,942
Textiles		0.2%			134,478
Toys, Games & Hobbies		—%	+		4,619
Transportation		1.7%			1,017,017
Trucking and Leasing		0.2%			131,633
Water		0.4%			262,045
		100.0%		$	59,055,636

+ Rounded.

129

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Small Cap Index Fund

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Advertising	$	37,835	$	37,835	$	—	$	—
Aerospace & Defense		811,837		811,837		—		—
Agriculture		211,447		211,447		—		—
Airlines		251,344		251,344		—		—
Apparel		534,168		534,168		—		—
Auto Manufacturers		54,062		54,062		—		—
Auto Parts & Equipment		661,768		661,768		—		—
Banks		5,988,166		5,988,166		—		—
Beverages		141,236		141,236		—		—
Biotechnology		2,210,786		2,210,786		—		—
Building Materials		1,107,331		1,107,331		—		—
Chemicals		1,468,576		1,468,576		—		—
Coal		19,337		19,337		—		—
Commercial Services		3,333,826		3,333,826		—		—
Computers		1,661,220		1,661,220		—		—
Cosmetics & Personal Care		114,290		114,290		—		—
Distribution & Wholesale		470,961		470,961		—		—
Diversified Financial Services		1,487,957		1,487,957		—		—
Electric		1,555,871		1,555,871		—		—
Electrical Components & Equipment		708,975		708,975		—		—
Electronics		1,452,827		1,452,827		—		—
Energy-Alternate Sources		216,216		216,216		—		—
Engineering & Construction		683,729		683,729		—		—
Entertainment		577,234		577,234		—		—
Environmental Control		347,630		347,630		—		—
Food		1,150,408		1,150,408		—		—
Forest Products & Paper		256,270		256,270		—		—
Gas		910,350		910,350		—		—
Hand & Machine Tools		142,713		142,713		—		—
Healthcare Products		2,162,774		2,162,774		—		—
Healthcare Services		1,110,188		1,110,188		—		—
Holding Companies		143,842		143,842		—		—
Home Builders		447,238		447,238		—		—
Home Furnishings		357,255		357,255		—		—
Hotels & Resorts		59,840		59,840		—		—
Household Products & Wares		336,517		336,517		—		—
Housewares		15,630		15,630		—		—
Insurance		1,812,249		1,812,249		—		—
Internet		1,369,890		1,369,890		—		—
Investment Companies		39,243		39,243		—		—
Iron & Steel		326,327		326,327		—		—
Leisure Time		353,420		353,420		—		—
Lodging		171,531		171,531		—		—
Machinery — Construction & Mining		172,128		172,128		—		—
Machinery — Diversified		459,095		459,095		—		—
Media		901,000		901,000		—		—
Metal Fabricate/Hardware		570,774		570,774		—		—
Mining		430,017		430,017		—		—
Miscellaneous Manufacturing		1,065,547		1,065,547		—		—

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Office & Business Equipment	$	12,864	$	12,864	$	—	$	—
Office Furnishings		281,876		281,876		—		—
Oil & Gas		999,960		999,960		—		—
Oil & Gas Services		531,088		531,088		—		—
Packaging and Containers		85,967		85,967		—		—
Pharmaceuticals		2,077,033		2,070,795		6,238		—
Pipelines		80,302		80,302		—		—
Publishing / Newspapers		92,480		92,480		—		—
Real Estate		378,740		378,740		—		—
Real Estate Investment Trusts		148,619		148,619		—		—
Retail		3,497,827		3,497,827		—		—
Savings & Loans		1,268,797		1,268,797		—		—
Semiconductors		2,033,368		2,033,368		—		—
Software		3,005,122		3,005,122		—		—
Storage & Warehousing		96,984		96,984		—		—
Telecommunications		2,041,942		2,041,942		—		—
Textiles		134,478		134,478		—		—
Toys, Games & Hobbies		4,619		4,619		—		—
Transportation		1,017,017		1,017,017		—		—
Trucking and Leasing		131,633		131,633		—		—
Water		262,045		262,045		—		—
REAL ESTATE INVESTMENT TRUSTS
Apartments		253,102		253,102		—		—
Building & Real Estate		750,636		750,636		—		—
Diversified		665,822		665,822		—		—
Diversified Financial Services		333,956		330,756		3,200		—
Forest Products & Paper		53,810		53,810		—		—
Healthcare		743,786		743,786		—		—
Hotels & Resorts		781,021		781,021		—		—
Industrial		510,912		510,912		—		—
Mixed Industrial/Office		329,625		329,625		—		—
Office Property		596,027		596,027		—		—
Real Estate		73,832		73,832		—		—
Real Estate Investment Trusts		30,660		30,660		—		—
Regional Malls		148,026		148,026		—		—
Storage & Warehousing		20,820		20,820		—		—
Strip Centers		552,513		552,513		—		—
U.S. TREASURY OBLIGATIONS		64,975		—		64,975		—
RIGHTS		5,796		—		5,796		—
SHORT-TERM INVESTMENTS		1,401,926		1,401,926		—		—
TOTAL INVESTMENTS	$	66,372,881	$	66,292,672	$	80,209	$	—

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 Level 2 or Level 3 fair value hierarchy during the reporting period.

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

130

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — 92.0%
Australia — 6.8%
AGL Energy Ltd.		5,276	$	76,624
Alumina Ltd.		25,717		25,279
Amcor Ltd.		9,071		101,991
AMP Ltd.		24,438		95,240
APA Group		8,753		60,880
Aristocrat Leisure Ltd.		4,196		43,651
Asciano Ltd.		4,969		32,968
ASX Ltd.		1,401		48,237
Aurizon Holdings Ltd.		15,495		56,220
Ausnet Services		18,561		22,860
Australia & New Zealand Banking Group Ltd.		22,660		412,867
Bank of Queensland Ltd.		3,114		24,844
Bendigo & Adelaide Bank Ltd.		3,686		26,689
BHP Billiton Ltd.		24,967		347,947
Boral Ltd.		4,756		22,329
Brambles Ltd.		12,159		113,521
Caltex Australia Ltd.		2,100		50,631
Challenger Ltd/Australia		4,465		29,171
CIMIC Group Ltd.		829		22,381
Coca-Cola Amatil Ltd.		4,963		30,637
Cochlear Ltd.		371		33,850
Commonwealth Bank of Australia		13,264		744,512
Computershare Ltd.		3,381		23,379
Crown Resorts Ltd.		2,801		26,642
CSL Ltd.		3,643		307,224
Dexus Property Group		6,834		46,373
Domino’s Pizza Enterprises Ltd		473		24,339
DUET Group		18,193		34,123
Flight Centre Travel Group Ltd.		439		10,444
Fortescue Metals Group Ltd.		13,816		36,972
Goodman Group		12,872		69,039
Harvey Norman Holdings Ltd.		3,235		11,257
Healthscope Ltd.		13,599		29,264
Incitec Pivot Ltd.		13,612		30,577
Insurance Australia Group Ltd.		19,230		79,214
Lend Lease Group		4,333		41,160
Macquarie Group Ltd.		2,346		122,120
Medibank Pvt. Ltd.		21,209		47,032
Mirvac Group		26,971		41,019
National Australia Bank Ltd.		20,366		391,016
Newcrest Mining Ltd.*		6,279		108,827
Oil Search Ltd.		10,741		54,238
Orica Ltd.		2,861		26,615
Origin Energy Ltd.		14,077		61,504
Platinum Asset Management Ltd.		1,805		7,839
Qantas Airways Ltd.		2,415		5,116
QBE Insurance Group Ltd.		10,872		85,885
Ramsay Health Care Ltd.		980		52,965
REA Group Ltd.		400		17,951
Rio Tinto Ltd.		3,224		111,520
Santos Ltd.		12,884		45,607
Scentre Group		41,494		153,692
Seek Ltd.		2,700		30,995
Sonic Healthcare Ltd.		3,512		56,955
South32 Ltd.*		16,770		20,039

	Number of Shares		Value†
Australia — (continued)
South32 Ltd.*		24,967	$	29,281
Stockland		18,825		66,744
Suncorp Group Ltd.		9,636		88,362
Sydney Airport		9,491		49,559
Tabcorp Holdings Ltd.		7,043		24,262
Tatts Group Ltd.		13,129		37,782
Telstra Corp. Ltd.		33,844		141,459
The GPT Group		15,260		62,057
The GPT Group, In Specie~		16,419		0
TPG Telecom Ltd.		2,224		19,942
Transurban Group		15,315		137,939
Treasury Wine Estates Ltd.		5,948		41,332
Vicinity Centres		24,226		60,440
Vocus Communications Ltd.		3,554		23,113
Wesfarmers Ltd.		8,949		269,874
Westfield Corp.		15,906		127,768
Westpac Banking Corp.		26,039		577,430
Woodside Petroleum Ltd.		6,074		123,164
Woolworths Ltd.		10,150		159,645
				6,674,424
Austria — 0.1%
Andritz AG		668		31,675
Erste Group Bank AG		1,965		44,739
Immoeast AG~		2,678		0
OMV AG		1,135		31,906
Raiffeisen Bank International AG*		750		9,474
Voestalpine AG		1,009		33,958
				151,752
Belgium — 1.4%
Ageas		1,453		50,505
Anheuser-Busch InBev N.V.		6,202		820,134
Belgacom S.A.		1,133		36,005
Colruyt S.A.		647		35,804
Delhaize Group S.A.		768		81,128
Groupe Bruxelles Lambert S.A.		667		54,698
KBC Groep N.V.*		2,043		100,477
Solvay S.A.		600		56,045
Telenet Group Holding N.V.		377		17,239
UCB S.A.		1,013		76,064
Umicore S.A.		738		38,121
				1,366,220
Bermuda — 0.0%
Noble Group Ltd.*~		38,270		5,682
China — 0.1%
Sands China Ltd.		19,200		64,971
Yangzijiang Shipbuilding Holdings Ltd.		19,000		12,744
				77,715
Denmark — 1.8%
A.P. Moller - Maersk A/S, B Shares		55		71,839
A.P. Moller - Maersk A/S, A Shares		31		39,071
Carlsberg A/S, B Shares		840		80,143
Chr Hansen Holding AS		775		50,898

131

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Denmark — (continued)
Coloplast A/S, B Shares		905	$	67,743
Danske Bank A/S		5,515		145,157
DSV A/S		1,517		63,787
Genmab AS*		417		76,039
ISS A/S		1,307		49,157
Novo Nordisk A/S, B Shares		14,316		770,958
Novozymes A/S, B Shares		1,916		92,008
Pandora A/S		896		122,035
TDC A/S		6,200		30,383
Tryg A/S		965		17,278
Vestas Wind Systems A/S		1,794		121,937
William Demant Holding A/s		690		13,431
				1,811,864
Finland — 0.9%
Elisa OYJ		1,000		38,423
Fortum OYJ		3,489		56,056
Kone OYJ, B Shares		2,641		121,884
Metso OYJ		661		15,540
Neste OYJ		812		29,118
Nokia OYJ		44,858		255,487
Nokian Renkaat OYJ		765		27,419
Orion OYJ, B Shares		750		29,123
Sampo OYJ, A Shares		3,551		145,223
Stora Enso OYJ, R Shares		4,323		34,766
UPM-Kymmene OYJ		4,158		76,386
Wartsila OYJ Abp		1,184		48,309
				877,734
France — 8.4%
Accor S.A.		1,361		52,149
Aeroports de Paris		215		23,558
Air Liquide S.A.		2,701		281,396
Alstom S.E.		1,018		23,504
Arkema S.A.		594		45,413
AtoS S.A.		702		57,879
AXA S.A.		15,218		300,901
BNP Paribas S.A.		8,262		362,336
Bollore S.A.		6,919		23,293
Bouygues S.A.		1,571		45,007
Bureau Veritas S.A.		1,772		37,203
Cap Gemini S.A.		1,210		104,415
Carrefour S.A.		4,457		109,623
Casino Guichard Perrachon S.A.		468		25,978
Christian Dior S.E.		408		65,359
CNP Assurances		1,617		23,857
Compagnie de Saint-Gobain		3,782		143,360
Compagnie Generale des Establissements Michelin, B Shares		1,486		140,042
Credit Agricole S.A.		8,537		71,770
Danone S.A.		4,621		323,391
Dassault Systemes S.A.		988		74,492
Edenred		1,755		35,936
Eiffage S.A.		442		31,422
Electricite de France S.A.		2,020		24,493
Essilor International S.A.		1,632		214,493

	Number of Shares		Value†
France — (continued)
Eurazeo S.A.		360	$	21,357
Eutelsat Communications S.A.		1,342		25,330
Fonciere Des Regions		278		24,571
GDF Suez		11,414		183,272
Gecina S.A.		313		42,395
Groupe Eurotunnel S.E.		3,742		39,526
Hermes International		218		81,266
ICADE		313		21,995
Iliad S.A.		205		41,382
Imerys S.A.		213		13,591
Ingenico Group S.A.		436		50,535
JCDecaux S.A.		510		17,196
Kering		565		90,955
Klepierre		1,527		67,380
L’Oreal S.A.		1,971		377,356
Lagardere S.C.A.		948		20,621
Legrand S.A.		2,075		106,223
LVMH Moet Hennessy Louis Vuitton S.E.		2,159		325,438
Natixis		7,282		27,401
Numericable-SFR		671		16,768
Orange S.A.		15,576		253,275
Pernod Ricard S.A.		1,689		187,001
Peugeot S.A.*		3,574		42,839
Publicis Groupe S.A.		1,489		99,631
Remy Cointreau S.A.		152		13,084
Renault S.A.		1,493		112,718
Rexel S.A.		1,960		24,642
Safran S.A.		2,358		158,793
Sanofi S.A.		9,135		758,964
Schneider Electric S.E.		4,325		252,325
SCOR S.E.		1,118		33,054
Societe BIC S.A.		246		34,660
Societe Generale S.A.		5,784		180,959
Sodexo		765		81,954
Suez Environment Co.		2,507		39,103
Technip S.A.		909		49,200
Thales S.A.		773		64,194
TOTAL S.A.		17,446		836,644
Unibail-Rodamco S.E.		776		200,747
Valeo SA		1,761		78,178
Veolia Environment S.A.		3,504		75,668
Vinci S.A.		3,863		272,601
Vivendi S.A.		8,958		167,593
Wendel S.A.		253		26,156
Zodiac Aerospace		1,724		40,218
				8,320,029
Germany — 7.5%
Adidas AG		1,452		208,434
Allianz S.E.		3,570		509,289
Axel Springer S.E.		327		17,169
BASF S.E.		7,181		550,632
Bayer AG		6,425		645,297
Bayerische Motoren Werke AG		2,574		187,324
Beiersdorf AG		792		74,983
Brenntag AG		1,140		55,224

132

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Germany — (continued)
Commerzbank AG		8,718	$	56,775
Continental AG		878		166,142
Covestro Ag144A @		547		24,364
Daimler AG		7,547		451,602
Deutsche Annington Immobilien S.E.		3,477		126,960
Deutsche Bank AG*		10,968		151,613
Deutsche Boerse AG		1,516		124,547
Deutsche Lufthansa AG		1,991		23,409
Deutsche Post AG		7,523		211,943
Deutsche Telekom AG		25,250		430,572
Deutsche Wohnen AG		2,580		87,844
E.ON S.E.		16,007		161,588
Evonik Industries AG		1,096		32,670
Fraport AG Frankfurt Airport Services Worldwide		272		14,563
Fresenius Medical Care AG & Co. KGaA		1,651		143,813
Fresenius S.E. & Co. KGaA		3,157		231,969
GEA Group AG		1,522		71,841
Hannover Rueck S.E.		474		49,665
HeidelbergCement AG		1,060		79,852
Henkel AG & Co. KGaA		823		89,023
Hochtief AG		160		20,658
Hugo Boss AG		567		32,235
Infineon Technologies AG		8,492		122,934
K+S AG		1,330		27,228
LANXESS AG		691		30,316
Linde AG		1,444		201,203
MAN S.E.		297		30,312
Merck KGaA		1,016		103,270
Metro AG		1,566		48,164
Muenchener Ruckversicherungs AG		1,290		216,327
OSRAM Licht AG		667		34,655
ProSiebenSat.1 Media AG		1,773		77,555
RWE AG*		3,801		60,532
SAP S.E.		7,580		569,300
Siemens AG		5,900		605,468
Symrise AG		897		61,186
Telefonica Deutschland Holding AG		4,698		19,352
ThyssenKrupp AG		2,865		57,588
TUI AG		3,650		41,544
United Internet AG		908		37,745
Volkswagen AG		247		32,743
Zalando SE*144A @		677		17,918
				7,427,340
Hong Kong — 2.9%
AIA Group Ltd.		94,200		566,493
ASM Pacific Technology Ltd.		1,700		12,224
Bank of East Asia Ltd.		8,017		31,003
BOC Hong Kong Holdings Ltd.		27,500		82,867
Cathay Pacific Airways Ltd.		10,000		14,671
Cheung Kong Infrastructure Holdings Ltd.		5,000		43,110
Cheung Kong Property Holdings Ltd.		21,170		133,385
CK Hutchison Holdings Ltd.		21,128		232,418
CLP Holdings Ltd.		12,500		127,690
First Pacific Co., Ltd.		15,750		11,434

	Number of Shares		Value†
Hong Kong — (continued)
Galaxy Entertainment Group Ltd.		18,000	$	53,856
Hang Lung Properties Ltd.		19,000		38,386
Hang Seng Bank Ltd.		5,700		97,771
Henderson Land Development Co., Ltd.		8,935		50,472
HK Electric Investments & HK Electric Investments Ltd.144A @		20,777		19,387
HKT Trust & HKT Ltd.		21,240		30,608
Hong Kong & China Gas Co., Ltd.		59,464		108,654
Hong Kong Exchanges & Clearing Ltd.		9,038		220,216
Hysan Development Co., Ltd.		6,140		27,381
Kerry Properties Ltd.		3,509		8,688
Li & Fung Ltd.		50,000		24,245
Link REIT		18,176		124,291
Melco Crown Entertainment Ltd. ADR		1,467		18,455
MGM China Holdings Ltd.		8,400		10,968
MTR Corp., Ltd.		11,600		58,848
New World Development Co., Ltd.		49,698		50,611
Noble Group Ltd.*		38,270		5,795
NWS Holdings Ltd.		13,307		21,063
PCCW Ltd.		33,068		22,220
Power Assets Holdings Ltd.		10,500		96,543
Shangri-La Asia Ltd.		6,666		6,693
Sino Land Co., Ltd.		21,298		35,067
SJM Holdings Ltd.		17,000		10,409
Sun Hung Kai Properties Ltd.		11,161		134,701
Swire Pacific Ltd., A Shares		5,000		56,506
Swire Properties Ltd.		9,336		24,875
Techtronic Industries Co.		11,000		45,936
The Wharf Holdings Ltd.		11,000		67,128
WH Group Ltd.144A @		45,343		35,911
Wheelock & Co., Ltd.		7,000		32,884
Yue Yuen Industrial Holdings Ltd.		7,000		27,743
				2,821,606
Ireland — 1.1%
Anglo Irish Bank Corp. PLC~		3,146		0
Bank of Ireland*		220,348		45,425
CRH PLC		6,548		190,812
DCC Plc		683		60,104
Experian PLC		7,434		141,039
James Hardie Industries PLC		3,154		48,847
Kerry Group PLC, A Shares		1,174		104,121
Paddy Power Betfair PLC		632		66,421
Ryanair Holdings PLC ADR		257		17,872
Shire PLC		6,944		429,159
				1,103,800
Israel — 0.7%
Azrieli Group		283		12,034
Bank Hapoalim BM		8,292		41,774
Bank Leumi Le-Israel BM*		11,337		39,806
Bezeq The Israeli Telecommunication Corp., Ltd.		15,011		29,736
Check Point Software Technologies Ltd.*		1,012		80,636
Israel Chemicals Ltd.		3,410		13,286
Mizrahi Tefahot Bank Ltd.		783		9,029

133

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Israel — (continued)
Mobileye NV*		1,353	$	62,427
NICE Systems Ltd.		400		25,453
Taro Pharmaceutical Industries Ltd*		116		16,890
Teva Pharmaceutical Industries Ltd.		7,175		363,128
				694,199
Italy — 1.7%
Assicurazioni Generali SpA		9,446		111,391
Atlantia SpA		3,091		77,229
Enel SpA		58,806		261,067
Eni SpA		20,206		325,463
Exor SpA		848		31,304
Ferrari NV		737		30,256
Finmeccanica SpA*		3,179		32,148
Intesa Sanpaolo SpA		98,312		187,257
Intesa Sanpaolo SpA, RSP		8,795		15,745
Luxottica Group SpA		1,314		64,042
Mediobanca SpA		4,539		26,153
Poste Italiane Spa144A @		4,029		26,752
Prysmian SpA		1,389		30,488
Saipem SpA*		46,345		18,530
Snam SpA		18,898		112,981
Telecom Italia SpA		78,086		64,133
Telecom Italia SpA, RSP		52,300		33,649
Terna Rete Elettrica Nasionale SpA		11,628		64,711
UniCredit SpA		39,577		87,040
Unione di Banche Italiane SCpA		7,359		20,322
Unipolsai SPA		8,602		12,982
				1,633,643
Japan — 21.5%
ABC-Mart, Inc.		200		13,422
Acom Co., Ltd.*		3,200		15,503
Aeon Co., Ltd.		4,900		76,080
AEON Financial Service Co., Ltd.		700		15,157
Aeon Mall Co., Ltd.		710		9,290
Air Water, Inc.		1,000		14,714
Aisin Seiki Co., Ltd.		1,400		57,027
Ajinomoto Co., Inc.		4,000		94,244
Alfresa Holdings Corp.		1,600		33,427
Alps Electric Co., Ltd.		1,400		26,598
Amada Holdings Co., Ltd.		3,000		30,456
ANA Holdings, Ltd.		11,000		31,346
Aozora Bank Ltd.		10,000		34,690
Asahi Glass Co., Ltd.		7,000		37,988
Asahi Group Holdings Ltd.		3,200		103,471
Asahi Kasei Corp.		9,000		62,631
Asics Corp.		1,000		16,895
Astellas Pharma, Inc.		16,200		254,054
Bandai Namco Holdings, Inc.		1,500		38,710
Benesse Holdings, Inc.		700		16,433
Bridgestone Corp.		5,200		167,112
Brother Industries Ltd.		1,500		16,089
Calbee, Inc.		400		16,734
Canon, Inc.		8,300		236,967
Casio Computer Co., Ltd.		1,500		21,600

	Number of Shares		Value†
Japan — (continued)
Central Japan Railway Co.		1,100	$	195,650
Chubu Electric Power Co., Inc.		5,100		72,578
Chugai Pharmaceutical Co., Ltd.		1,800		64,149
Concordia Financial Group Ltd*		8,000		30,895
Credit Saison Co., Ltd.		1,000		16,798
Cyberdyne Inc*		1,000		22,540
Dai Nippon Printing Co., Ltd.		4,000		44,580
Daicel Corp.		2,000		20,724
Daihatsu Motor Co., Ltd.		1,800		23,447
Daiichi Sankyo Co., Ltd.		4,800		116,617
Daikin Industries Ltd.		1,800		151,281
Daito Trust Construction Co., Ltd.		500		81,181
Daiwa House Industry Co., Ltd.		4,500		132,152
Daiwa Securities Group, Inc.		13,000		68,489
Denso Corp.		3,900		137,223
Dentsu, Inc.		1,800		84,377
Don Quijote Holdings Co., Ltd.		800		29,730
East Japan Railway Co.		2,600		240,951
Eisai Co., Ltd.		2,000		111,672
Electric Power Development Co., Ltd.		1,000		23,298
FamilyMart Co., Ltd.		500		30,471
FANUC Corp.		1,500		244,010
Fast Retailing Co., Ltd.		400		107,392
Fuji Electric Co., Ltd.		4,000		16,654
Fuji Heavy Industries Ltd.		4,500		154,680
FUJIFILM Holdings Corp.		3,400		131,921
Fujitsu Ltd.		15,000		55,160
Fukuoka Financial Group, Inc.		6,000		19,783
GungHo Online Entertainment, Inc.		3,000		8,129
Hakuhodo DY Holdings, Inc.		1,500		17,979
Hamamatsu Photonics K.K.		1,000		28,059
Hankyu Hanshin Holdings, Inc.		8,000		59,652
Hikari Tsushin, Inc.		200		16,755
Hino Motors Ltd.		2,000		19,920
Hirose Electric Co., Ltd.		210		25,823
Hisamitsu Pharmaceutical Co., Inc.		400		23,065
Hitachi Chemical Co., Ltd.		1,000		18,676
Hitachi Construction Machinery Co., Ltd.		1,000		14,596
Hitachi High-Technologies Corp.		500		13,684
Hitachi Ltd.		38,000		159,215
Hitachi Metals Ltd.		2,000		20,318
Hokuriku Electric Power Co.		1,200		14,869
Honda Motor Co., Ltd.		12,800		321,091
Hongkong Land Holdings Ltd.		9,000		55,082
Hoshizaki Electric Co. Ltd.		300		29,368
Hoya Corp.		3,300		117,863
Hulic Co., Ltd.		2,500		26,344
Idemitsu Kosan Co., Ltd.		400		8,684
IHI Corp.		12,000		32,346
Iida Group Holdings Co., Ltd.		1,000		20,479
Inpex Corp.		7,200		56,308
Isetan Mitsukoshi Holdings Ltd.		2,500		22,252
Isuzu Motors Ltd.		4,500		55,426
ITOCHU Corp.		12,000		146,799
J. Front Retailing Co., Ltd.		2,000		20,737

134

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Japan Airlines Co., Ltd.		1,000	$	32,173
Japan Airport Terminal Co., Ltd.		300		10,884
Japan Exchange Group, Inc.		4,000		46,054
Japan Post Bank Co. Ltd.		3,000		35,276
Japan Post Holdings Co. Ltd.		3,000		36,496
Japan Prime Realty Investment Corp.		5		21,456
Japan Real Estate Investment Corp.		10		61,766
Japan Retail Fund Investment Corp.		20		51,069
Japan Tobacco, Inc.		8,700		350,629
JFE Holdings, Inc.		3,700		48,267
JGC Corp.		1,000		14,316
JSR Corp.		1,100		14,567
JTEKT Corp.		1,500		17,002
JX Holdings, Inc.		17,690		69,050
Kajima Corp.		7,000		48,627
Kakaku.Com, Inc.		1,100		21,857
Kamigumi Co., Ltd.		2,000		18,486
Kaneka Corp.		2,000		13,345
Kansai Paint Co., Ltd.		2,000		40,379
Kao Corp.		3,900		227,144
Kawasaki Heavy Industries Ltd.		10,000		28,196
KDDI Corp.		14,500		440,941
Keihan Electric Railway Co., Ltd.		3,000		20,788
Keikyu Corp.		4,000		40,252
Keio Corp.		5,000		47,164
Keisei Electric Railway Co., Ltd.		2,000		25,780
Keyence Corp.		341		232,674
Kikkoman Corp.		1,000		36,900
Kintetsu Group Holdings Co., Ltd.		13,000		55,633
Kirin Holdings Co., Ltd.		6,800		114,690
Kobe Steel Ltd.		26,000		21,369
Koito Manufacturing Co., Ltd.		700		32,231
Komatsu Ltd.		7,300		126,813
Konami Corp.		600		22,890
Konica Minolta, Inc.		4,000		29,138
Kose Corp.		200		16,948
Kubota Corp.		8,200		110,908
Kuraray Co., Ltd.		2,400		28,636
Kurita Water Industries Ltd.		800		17,833
Kyocera Corp.		2,600		123,715
Kyowa Hakko Kirin Co., Ltd.		2,000		34,112
Kyushu Electric Power Co., Inc.		2,900		29,085
Kyushu Financial Group Inc.		3,000		14,870
Lawson, Inc.		500		39,917
LIXIL Group Corp.		2,300		37,770
M3, Inc.		1,300		45,370
Mabuchi Motor Co., Ltd.		400		16,942
Makita Corp.		1,000		66,397
Marubeni Corp.		13,000		58,731
Marui Group Co., Ltd.		1,500		20,193
Maruichi Steel Tube Ltd.		300		10,485
Mazda Motor Corp.		3,900		51,610
McDonald’s Holdings Co., Japan Ltd.		700		19,014
Medipal Holdings Corp.		800		13,153
MEIJI Holdings Co., Ltd.		900		92,480

	Number of Shares		Value†
Japan — (continued)
Minebea Co., Ltd.		3,000	$	20,382
Miraca Holdings, Inc.		400		17,347
Mitsubishi Chemical Holdings Corp.		9,500		43,548
Mitsubishi Corp.		11,600		204,245
Mitsubishi Electric Corp.		15,000		179,075
Mitsubishi Estate Co., Ltd.		10,000		183,428
Mitsubishi Gas Chemical Co., Inc.		3,000		15,651
Mitsubishi Heavy Industries Ltd.		24,000		96,509
Mitsubishi Logistics Corp.		1,000		13,990
Mitsubishi Materials Corp.		7,000		16,761
Mitsubishi Motors Corp.		5,200		24,005
Mitsubishi Tanabe Pharma Corp.		1,900		34,330
Mitsubishi UFJ Financial Group, Inc.		99,900		447,837
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,600		17,676
Mitsui & Co., Ltd.		12,900		153,990
Mitsui Chemicals, Inc.		5,000		18,374
Mitsui Fudosan Co., Ltd.		7,000		160,655
Mitsui OSK Lines Ltd.		10,000		21,265
Mixi, Inc.		200		8,269
Mizuho Financial Group, Inc.		186,580		268,500
MS&AD Insurance Group Holdings, Inc.		4,090		105,972
Murata Manufacturing Co., Ltd.		1,500		168,172
Nabtesco Corp.		700		16,702
Nagoya Railroad Co., Ltd.		7,000		39,441
NEC Corp.		21,000		48,927
Nexon Co. Ltd.		1,100		16,280
NGK Insulators Ltd.		2,000		40,435
NGK Spark Plug Co., Ltd.		1,400		21,133
NH Foods Ltd.		1,000		24,494
NHK Spring Co., Ltd.		1,200		9,739
Nidec Corp.		1,800		137,021
Nikon Corp.		2,900		39,265
Nintendo Co., Ltd.		900		129,329
Nippon Building Fund, Inc.		10		61,600
Nippon Electric Glass Co., Ltd.		2,000		8,349
Nippon Express Co., Ltd.		6,000		27,418
Nippon Paint Holdings Co., Ltd.		1,000		24,722
Nippon Prologis REIT, Inc.		10		24,430
Nippon Steel & Sumitomo Metal Corp.		5,917		114,551
Nippon Telegraph & Telephone Corp.		5,300		248,543
Nippon Yusen K.K.		13,000		22,870
Nissan Motor Co., Ltd.		19,400		173,132
Nisshin Seifun Group, Inc.		1,815		29,176
Nissin Foods Holdings Co., Ltd.		500		27,305
Nitori Holdings Co., Ltd.		600		72,770
Nitto Denko Corp.		1,200		76,121
NOK Corp.		1,000		17,006
Nomura Holdings, Inc.		28,500		101,362
Nomura Real Estate Holdings, Inc.		1,000		17,474
Nomura Real Estate Master Fund Inc.		28		44,263
Nomura Research Institute Ltd.		1,100		40,343
NSK Ltd.		4,000		29,280
NTT Data Corp.		1,000		47,228
NTT DOCOMO, Inc.		11,200		302,048
NTT Urban Development Corp.		1,000		10,751

135

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Obayashi Corp.		5,000	$	53,235
Obic Co. Ltd.		500		27,523
Odakyu Electric Railway Co., Ltd.		5,000		58,630
Oji Holdings Corp.		6,000		23,034
Olympus Corp.		2,200		82,151
Omron Corp.		1,600		52,225
Ono Pharmaceutical Co., Ltd.		3,000		130,683
Oracle Corp. Japan		200		10,665
Oriental Land Co., Ltd.		1,600		103,599
ORIX Corp.		10,600		137,169
Osaka Gas Co., Ltd.		16,000		61,512
Otsuka Corp.		300		14,028
Otsuka Holdings Co., Ltd.		3,000		138,249
Panasonic Corp.		17,500		150,562
Park24 Co., Ltd.		800		27,492
Pola Orbis Holdings Inc		200		18,822
Rakuten, Inc.		7,300		79,229
Recruit Holdings Co., Ltd.		2,000		73,068
Resona Holdings, Inc.		17,800		65,057
Ricoh Co., Ltd.		5,000		43,342
Rinnai Corp.		300		26,509
Rohm Co., Ltd.		800		31,576
Ryohin Keikaku Co. Ltd.		200		48,740
Sankyo Co., Ltd.		400		14,997
Santen Pharmaceutical Co., Ltd.		3,000		47,152
SBI Holdings, Inc.		1,710		17,028
Secom Co., Ltd.		1,700		125,686
Sega Sammy Holdings, Inc.		1,200		12,924
Seibu Holdings, Inc.		1,000		16,937
Seiko Epson Corp.		2,200		35,270
Sekisui Chemical Co., Ltd.		3,000		36,962
Sekisui House Ltd.		4,600		80,556
Seven & I Holdings Co., Ltd.		6,000		251,569
Seven Bank Ltd.		5,300		16,451
Shikoku Electric Power Co., Inc.		1,300		15,399
Shimadzu Corp.		2,000		30,067
Shimamura Co., Ltd.		200		29,757
Shimano, Inc.		600		91,739
Shimizu Corp.		5,000		46,845
Shin-Etsu Chemical Co., Ltd.		3,000		175,765
Shinsei Bank Ltd.		14,000		20,398
Shionogi & Co., Ltd.		2,300		125,732
Shiseido Co., Ltd.		2,600		67,750
Showa Shell Sekiyu K.K.		1,000		9,334
SMC Corp.		400		98,410
SoftBank Corp.		7,500		424,141
Sohgo Security Services Co. Ltd.		500		24,718
Sompo Japan Nipponkoa Holdings, Inc.		2,525		67,196
Sony Corp.		9,900		291,674
Sony Financial Holdings, Inc.		1,200		13,568
Stanley Electric Co., Ltd.		1,300		27,763
Start Today Co Ltd		500		26,429
Sumitomo Chemical Co., Ltd.		12,000		49,513
Sumitomo Corp.		8,500		85,679
Sumitomo Dainippon Pharma Co., Ltd.		1,400		24,266

	Number of Shares		Value†
Japan — (continued)
Sumitomo Electric Industries Ltd.		5,900	$	78,089
Sumitomo Heavy Industries Ltd.		5,000		21,964
Sumitomo Metal Mining Co., Ltd.		4,000		40,690
Sumitomo Mitsui Financial Group, Inc.		10,400		300,301
Sumitomo Mitsui Trust Holdings, Inc.		25,430		82,744
Sumitomo Realty & Development Co., Ltd.		3,000		81,352
Sumitomo Rubber Industries Ltd.		1,200		16,065
Sundrug Co Ltd		300		28,168
Suntory Beverage & Food Ltd.		1,000		45,251
Suruga Bank Ltd.		1,600		36,159
Suzuken Co., Ltd.		440		13,850
Suzuki Motor Corp.		2,800		75,818
Sysmex Corp.		1,200		82,630
T&D Holdings, Inc.		4,300		36,516
Taiheiyo Cement Corp.		8,000		18,949
Taisei Corp.		8,000		65,734
Taisho Pharmaceutical Holdings Co., Ltd.		300		31,569
Taiyo Nippon Sanso Corp.		1,000		9,191
Takashimaya Co., Ltd.		2,000		14,325
Takeda Pharmaceutical Co., Ltd.		5,500		237,205
TDK Corp.		900		50,379
Teijin Ltd.		6,000		19,881
Terumo Corp.		2,600		110,956
The Bank of Kyoto Ltd.		3,000		18,401
The Chiba Bank Ltd.		5,000		23,629
The Chugoku Bank Ltd.		1,000		10,203
The Chugoku Electric Power Co., Inc.		2,100		26,698
The Dai-ichi Life Insurance Co., Ltd.		8,500		95,152
The Hachijuni Bank Ltd.		4,000		17,421
The Hiroshima Bank Ltd.		4,000		13,365
The Iyo Bank Ltd.		2,000		12,249
The Joyo Bank Ltd.		6,000		22,431
The Kansai Electric Power Co., Inc.*		5,900		57,462
The Shizuoka Bank Ltd.		4,000		28,170
The Yokohama Rubber Co., Ltd.		1,000		12,542
THK Co., Ltd.		1,000		17,044
Tobu Railway Co., Ltd.		9,000		49,397
Toho Co., Ltd.		900		24,922
Toho Gas Co., Ltd.		3,000		24,548
Tohoku Electric Power Co., Inc.		3,100		39,124
Tokio Marine Holdings, Inc.		5,400		179,772
Tokyo Electric Power Co., Inc.*		12,200		51,667
Tokyo Electron Ltd.		1,200		101,410
Tokyo Gas Co., Ltd.		17,000		70,189
Tokyo Tatemono Co., Ltd.		1,500		17,988
Tokyu Corp.		8,000		70,238
Tokyu Fudosan Holdings Corp.		4,000		24,954
TonenGeneral Sekiyu K.K.		2,000		18,219
Toppan Printing Co., Ltd.		4,000		34,395
Toray Industries, Inc.		11,000		93,862
Toshiba Corp.*		32,000		87,168
TOTO Ltd.		1,000		39,959
Toyo Seikan Group Holdings Ltd.		1,000		19,108
Toyo Suisan Kaisha Ltd.		600		24,338
Toyoda Gosei Co., Ltd.		400		7,124

136

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Toyota Industries Corp.		1,200	$	47,712
Toyota Motor Corp.		20,600		1,015,550
Toyota Tsusho Corp.		1,800		38,753
Trend Micro, Inc.		800		28,611
Tsuruha Holdings Inc		300		36,327
Unicharm Corp.		3,000		67,403
United Urban Investment Corp.		19		34,226
USS Co., Ltd.		1,500		24,790
West Japan Railway Co.		1,300		82,385
Yahoo Japan Corp.		10,400		46,117
Yakult Honsha Co., Ltd.		700		36,381
Yamada Denki Co., Ltd.		5,300		27,978
Yamaguchi Financial Group, Inc.		2,000		18,913
Yamaha Corp.		1,200		32,344
Yamaha Motor Co., Ltd.		1,900		28,984
Yamato Holdings Co., Ltd.		2,800		64,291
Yamazaki Baking Co., Ltd.		1,000		27,918
Yaskawa Electric Corp.		2,000		26,113
Yokogawa Electric Corp.		2,000		22,554
				21,185,580
Jersey — 0.1%
Randgold Resources Ltd.		746		83,715
Luxembourg — 0.2%
ArcelorMittal*		14,042		64,020
Millicom International Cellular S.A.		489		29,995
RTL Group S.A.		294		24,011
SES S.A.		2,387		51,100
Tenaris S.A.		3,987		57,625
				226,751
Macau — 0.0%
Wynn Macau Ltd.		12,400		17,969
Netherlands — 5.0%
ABN AMRO Group N.V.144A @		1,812		29,791
Aegon N.V.		14,082		55,798
AerCap Holdings N.V.*		1,313		44,104
Airbus Group N.V.		4,687		268,660
Akzo Nobel N.V.		2,024		125,733
Altice N.V. Class A*		2,890		43,152
Altice N.V. Class B*		694		10,456
ASML Holding N.V.		2,841		279,664
CNH Industrial N.V.		7,320		53,097
Gemalto N.V.		668		40,470
Heineken Holdings N.V.		733		59,389
Heineken N.V.		1,750		160,514
ING Groep N.V.		30,081		311,217
Koninklijke Ahold N.V.		6,540		144,421
Koninklijke Boskalis Westminster N.V.		686		23,408
Koninklijke DSM N.V.		1,494		86,190
Koninklijke KPN N.V.		25,159		89,678
Koninklijke Philips N.V.		7,511		186,546
Koninklijke Vopak N.V.		584		29,071
NN Group N.V.		2,543		70,002
NXP Semiconductors N.V.*		2,268		177,675

	Number of Shares		Value†
Netherlands — (continued)
OCI N.V.*		783	$	10,607
QIAGEN N.V.*		1,520		33,124
Randstad Holding N.V.		923		36,912
Reed Elsevier N.V.		7,963		137,766
Royal Dutch Shell PLC, A Shares		33,670		924,757
Royal Dutch Shell PLC, B Shares		28,886		798,083
Unilever N.V.		12,634		587,605
Wolters Kluwer N.V.		2,160		87,461
				4,905,351
New Zealand — 0.2%
Auckland International Airport Ltd.		7,482		34,805
Contact Energy Ltd.		7,262		26,960
Fletcher Building Ltd.		4,795		29,494
Meridian Energy Ltd.		7,526		14,204
Mighty River Power Ltd.		4,163		8,985
Ryman Healthcare Ltd.		2,831		18,896
Spark New Zealand Ltd.		16,634		42,278
				175,622
Norway — 0.6%
DNB ASA		7,620		91,210
Gjensidige Forsikring ASA		1,418		23,625
Marine Harvest Asa		2,950		49,758
Norsk Hydro ASA		10,203		37,351
Orkla ASA		6,430		57,186
Schibsted ASA		593		17,776
Schibsted ASA		698		19,970
Statoil ASA		9,002		155,541
Telenor ASA		6,070		100,477
Yara International ASA		1,246		39,581
				592,475
Portugal — 0.1%
Banco Espirito Santo S.A.~		27,017		0
EDP - Energias de Portugal S.A.		16,826		51,514
Galp Energia SGPS, S.A.		3,568		49,625
Jeronimo Martins SGPS, S.A.		2,107		33,231
				134,370
Singapore — 1.4%
Ascendas Real Estate Investment Trust		15,562		28,801
CapitaLand Commercial Trust Ltd.		16,000		17,598
CapitaLand Ltd.		18,000		41,328
CapitaLand Mall Trust		21,700		34,503
City Developments Ltd.		3,000		18,231
ComfortDelGro Corp. Ltd.		14,000		28,751
DBS Group Holdings Ltd.		13,707		161,618
Genting Singapore PLC		54,000		29,293
Global Logistic Properties Ltd.		26,000		35,101
Golden Agri-Resources Ltd.		65,000		17,007
Hutchison Port Holdings Trust		35,100		16,061
Jardine Cycle & Carriage Ltd.		1,111		30,392
Jardine Matheson Holdings Ltd.		2,000		116,927
Keppel Corp. Ltd.		11,600		47,854
Oversea-Chinese Banking Corp. Ltd.		24,550		159,625

137

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Singapore — (continued)
Sembcorp Industries Ltd.		9,000	$	19,059
SembCorp Marine Ltd.		7,000		8,146
Singapore Airlines Ltd.		4,000		31,764
Singapore Exchange Ltd.		6,000		34,178
Singapore Press Holdings Ltd.		10,000		29,468
Singapore Technologies Engineering Ltd.		12,000		28,247
Singapore Telecommunications Ltd.		63,000		194,583
StarHub Ltd.		5,000		14,108
Suntec Real Estate Investment Trust		16,000		21,142
United Overseas Bank Ltd.		9,609		132,392
UOL Group Ltd.		4,210		17,161
Wilmar International Ltd.		17,000		41,383
				1,354,721
South Africa — 0.1%
Mediclinic International PLC		2,866		41,958
Mondi PLC		2,860		53,546
				95,504
Spain — 2.7%
Abertis Infraestructuras S.A.		3,759		55,549
ACS Actividades de Construccion y Servicios S.A.		1,447		39,690
ACS Actividades de Construccion y Servicios SA		1,447		1,016
Aena S.A.144A @		488		64,685
Amadeus IT Holding S.A.		3,406		150,065
Banco Bilbao Vizcaya Argentaria S.A.		51,042		292,444
Banco de Sabadell S.A.		40,310		53,381
Banco Popular Espanol S.A.		26,681		34,674
Banco Santander S.A.		111,322		432,007
Bankia S.A.		36,141		26,310
Bankinter S.A.		4,820		31,114
CaixaBank		20,891		46,043
Distribuidora Internacional de Alimentacion S.A.		4,084		23,838
Enagas S.A.		1,740		53,158
Endesa S.A.		2,463		49,421
Ferrovial S.A.		3,615		70,775
Gas Natural SDG S.A.		2,914		57,924
Grifols SA		2,504		56,882
Iberdrola S.A.		42,328		288,745
Inditex S.A.		8,480		284,878
Mapfre S.A.		8,177		17,958
Red Electrica Corp. S.A.		908		81,133
Repsol S.A.		8,340		106,910
Repsol Sa		8,307		2,701
Telefonica S.A.		34,805		330,434
Zardoya Otis S.A.		1,605		15,156
				2,666,891
Sweden — 2.5%
Alfa Laval AB		2,088		32,909
Assa Abloy AB		7,585		156,045
Atlas Copco AB, A Shares		3,255		77,151
Atlas Copco AB, B Shares		5,275		137,003

	Number of Shares		Value†
Sweden — (continued)
Boliden AB		1,883	$	36,801
Electrolux AB, B Shares		1,720		46,896
Getinge AB, B Shares		1,448		29,895
Hennes & Mauritz AB, B Shares		7,381		217,155
Hexagon AB, B Shares		2,081		76,156
Husqvarna AB, B Shares		2,834		21,103
ICA Gruppen AB		521		17,461
Industrivarden AB, C Shares		1,227		19,963
Investor AB, B Shares		3,414		114,696
Kinnevik Ab		1,832		43,793
Lundin Petroleum AB*		1,488		27,116
Nordea Bank AB		24,214		205,423
Sandvik AB		8,213		82,228
Securitas AB, B Shares		1,984		30,629
Skandinaviska Enskilda Banken AB, A Shares		12,133		105,990
Skanska AB, B Shares		2,985		62,503
SKF AB, B Shares		3,338		53,485
Svenska Cellulosa AB SCA, B Shares		4,703		151,110
Svenska Handelsbanken AB		11,485		139,434
Swedbank AB, A Shares		7,333		154,016
Swedish Match AB		1,496		52,208
Tele2 AB, B Shares		2,927		25,697
Telefonaktiebolaget LM Ericsson, B Shares		23,658		181,754
TeliaSonera AB		21,208		100,430
Volvo AB, B Shares		11,928		118,496
				2,517,546
Switzerland — 8.9%
ABB Ltd.		15,174		300,325
Actelion Ltd.		835		140,612
Adecco S.A.		1,364		68,798
Aryzta AG		739		27,310
Baloise Holding AG		408		45,443
Barry Callebaut AG		17		20,931
Chocoladefabriken Lindt & Spruengli AG		1		71,463
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		7		41,749
Cie Financiere Richemont S.A.		4,087		239,231
Coca-Cola HBC AG*		1,371		27,742
Credit Suisse Group AG		13,912		148,197
Dufry AG*		317		37,914
EMS-Chemie Holding AG		65		33,560
Galenica AG		31		41,791
Geberit AG		283		107,190
Givaudan S.A.		74		149,001
Glencore PLC		91,641		188,884
Holcim Ltd.		3,404		142,415
Julius Baer Group Ltd.		1,649		66,369
Kuehne + Nagel International AG		444		62,209
Lonza Group AG		392		65,116
Nestle S.A.		24,590		1,905,192
Novartis AG		17,549		1,448,469
Pargesa Holding S.A.		272		17,984
Partners Group Holding AG		113		48,428
Roche Holding AG		5,418		1,429,701
Schindler Holding AG		145		26,388

138

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Switzerland — (continued)
Schindler Holding AG, Participation Certificates		349	$	63,186
SGS S.A.		43		98,502
Sika AG		18		75,475
Sonova Holding AG		427		56,674
STMicroelectronics N.V.		4,919		28,719
Swiss Life Holding AG		234		54,077
Swiss Prime Site AG		430		38,927
Swiss Re AG		2,573		224,727
Swisscom AG		202		100,355
Syngenta AG		723		277,523
The Swatch Group AG		253		73,623
The Swatch Group AG, Registered Shares		366		20,960
UBS Group AG		28,612		371,258
Wolseley PLC		2,086		108,021
Zurich Insurance Group AG		1,170		289,438
				8,783,877
United Kingdom — 15.3%
3i Group PLC		6,896		50,597
Aberdeen Asset Management PLC		7,687		28,841
Admiral Group PLC		1,518		41,275
Aggreko PLC		2,157		36,891
Anglo American PLC		10,459		102,522
Antofagasta PLC		3,403		21,279
ARM Holdings PLC		11,309		171,781
Ashtead Group PLC		3,679		52,551
Associated British Foods PLC		2,872		104,651
AstraZeneca PLC		9,905		592,159
Auto Trader Group PLC144A @		7,720		36,495
Aviva PLC		32,002		168,693
Babcock International Group PLC		1,759		21,267
BAE Systems PLC		25,041		175,302
Barclays PLC		131,262		244,134
Barratt Developments PLC		7,726		41,983
Berkeley Group Holdings Plc		1,009		34,072
BHP Billiton PLC		16,770		212,258
BP PLC		142,567		834,523
British American Tobacco PLC		14,523		941,517
BT Group PLC		64,921		356,846
Bunzl PLC		2,435		74,922
Burberry Group PLC		3,582		55,720
Capita PLC		4,936		63,603
Carnival PLC		1,381		61,261
Centrica PLC		40,740		123,198
Cobham PLC		12,699		26,755
Coca-Cola European Partners PLC		1,676		60,058
Compass Group PLC		12,645		240,577
Croda International Plc		923		38,746
Diageo PLC		19,654		549,050
Direct Line Insurance Group PLC		9,937		45,941
Dixons Carphone PLC		7,844		33,667
easyJet PLC		1,334		19,385
Fiat Chrysler Automobiles N.V.		7,378		45,415
Fresnillo PLC		1,200		26,426
G4S PLC		12,521		30,681

	Number of Shares		Value†
United Kingdom — (continued)
GKN PLC		13,828	$	49,995
GlaxoSmithKline PLC		37,559		806,584
Hammerson PLC		6,716		48,373
Hargreaves Lansdown PLC		1,892		31,561
Hikma Pharmaceuticals Plc		1,108		36,488
HSBC Holdings PLC		151,793		940,446
ICAP PLC		4,325		24,336
IMI PLC		1,958		25,374
Imperial Brands PLC		7,532		408,483
Inmarsat PLC		3,494		37,655
Intercontinental Hotels Group Plc		1,619		59,709
International Consolidated Airlines Group S.A. (London Main Market Exchange)		2,764		13,709
International Consolidated Airlines Group S.A. (Spanish Stock Exchange)		3,606		17,854
Intertek Group PLC		1,257		58,568
Intu Properties PLC		8,310		32,308
Investec PLC		4,543		28,238
ITV PLC		30,751		73,731
J. Sainsbury PLC		9,762		30,411
Johnson Matthey PLC		1,520		57,011
Kingfisher PLC		18,641		80,065
Land Securities Group PLC		6,374		88,698
Legal & General Group PLC		47,123		120,640
Lloyds Banking Group PLC		495,405		358,819
London Stock Exchange Group PLC		2,429		82,534
Marks & Spencer Group PLC		12,979		55,583
Meggitt PLC		5,739		31,194
Merlin Entertainments PLC144A @		5,527		32,549
National Grid PLC		29,117		428,177
Next PLC		1,131		74,732
Old Mutual PLC		38,468		103,921
Pearson PLC		6,696		87,103
Persimmon PLC		2,549		49,430
Petrofac Ltd.		1,906		19,812
Provident Financial PLC		1,152		35,521
Prudential PLC		20,038		340,025
Reckitt Benckiser Group PLC		4,949		496,247
Reed Elsevier PLC		8,553		157,499
Rio Tinto PLC		9,512		295,506
Rolls Royce Pfd C Entitlement*~		982,640		1,308
Rolls-Royce Holdings PLC		13,840		132,103
Royal Bank of Scotland Group PLC*		25,364		57,479
Royal Mail PLC		7,054		47,393
RSA Insurance Group PLC		7,501		50,275
SABMiller PLC		7,565		441,186
Schroders PLC		1,078		34,066
Segro PLC		6,572		36,428
Severn Trent PLC		1,743		56,873
Sky PLC		7,899		89,760
Smith & Nephew PLC		7,021		119,225
Smiths Group PLC		3,378		52,201
SSE PLC		7,972		165,923
St James’s Place PLC		4,100		43,238
Standard Chartered PLC		24,957		189,349

139

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
United Kingdom — (continued)
Standard Life PLC		16,040	$	63,284
Tate & Lyle PLC		3,269		29,228
Taylor Wimpey PLC		25,341		44,957
Tesco PLC*		64,072		150,480
The British Land Co. PLC		7,994		64,906
The Sage Group PLC		8,870		76,669
The Weir Group PLC		1,715		33,123
Travis Perkins PLC		2,061		40,664
Unilever PLC		10,072		482,604
United Utilities Group PLC		5,606		77,701
Vodafone Group PLC		206,585		629,852
W.M. Morrison Supermarkets PLC		17,966		45,102
Whitbread PLC		1,474		68,968
William Hill PLC		7,259		25,004
Worldpay Group PLC*144A @		8,553		31,131
WPP PLC		10,017		208,769
				15,073,180
United States — 0.0%
Ball Corp.		64		4,613
TOTAL COMMON STOCKS (Cost $81,433,977)				90,784,173
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		477		30,407
Fuchs Petrolub S.E.		598		23,526
Henkel AG & Co. KGaA		1,395		170,485
Porsche Automobil Holding S.E.		1,203		55,605
Schaeffler Ag		1,280		16,907
Volkswagen AG		1,455		176,231
TOTAL PREFERRED STOCKS (Cost $416,389)				473,161
WARRANTS — 0.0%
Belgium — 0.0%
Anheuser-Busch InBev N.V. 02/27/13 0.000%, 12/31/49 (Cost $0)		0		0
SHORT-TERM INVESTMENTS — 0.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $151,380)		151,380		151,380
TOTAL INVESTMENTS — 92.6% (Cost $82,001,746)				91,408,714
Other Assets & Liabilities — 7.4%				7,263,230
TOTAL NET ASSETS — 100.0%			$	98,671,944

† See Security Valuation Note.

* Non-income producing security.

~ Fair valued security. The total market value of fair valued securities at June 30, 2016 is $6,990.

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.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.5%		$	427,952
Aerospace & Defense		0.9%			841,368
Agriculture		2.0%			1,811,227
Airlines		0.2%			189,427
Apparel		0.9%			813,090
Auto Manufacturers		3.2%			2,905,816
Auto Parts & Equipment		1.2%			1,093,793
Banks		11.0%			9,982,795
Beverages		2.9%			2,673,624
Biotechnology		0.4%			399,232
Building & Real Estate		0.2%			136,370
Building Materials		1.3%			1,165,821
Building-Maintenance Service		0.1%			49,157
Chemicals		3.5%			3,134,309
Commercial Services		1.8%			1,593,834
Computers		0.4%			392,938
Cosmetics & Personal Care		0.9%			814,636
Distribution & Wholesale		0.9%			850,855
Diversified		—%	+		28,801
Diversified Financial Services		1.8%			1,635,731
Diversified Operations		0.3%			241,166
Electric		2.8%			2,504,054
Electrical Components & Equipment		1.1%			953,633
Electronics		1.4%			1,230,402
Energy-Alternate Sources		0.2%			198,561
Engineering & Construction		1.4%			1,248,643
Entertainment		0.3%			315,634
Environmental Control		—%	+		17,833
Food		5.9%			5,323,337
Forest Products & Paper		0.4%			338,842
Gas		1.0%			893,560
Hand & Machine Tools		0.5%			416,243
Healthcare Products		1.2%			1,074,668
Healthcare Services		0.3%			301,893
Holding Companies		0.4%			326,480
Home Builders		0.3%			304,221
Home Furnishings		0.5%			489,132
Hotels & Resorts		0.1%			121,818
Household Products & Wares		0.7%			641,033
Industrial		0.1%			132,103
Insurance		5.2%			4,764,930
Internet		0.4%			356,603
Investment Companies		0.2%			213,208
Iron & Steel		0.4%			397,043
Leisure Time		0.3%			279,240
Lodging		0.2%			226,916
Machinery — Construction & Mining		0.4%			355,563

140

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Developed International Index Fund

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Machinery — Diversified		1.1%		$	981,538
Media		1.1%			1,040,113
Metal Fabricate/Hardware		0.3%			306,920
Mining		1.9%			1,769,822
Miscellaneous Manufacturing		1.2%			1,046,736
Mixed Industrial/Office		0.5%			451,114
Office & Business Equipment		0.3%			315,579
Oil & Gas		5.0%			4,562,187
Oil & Gas Services		0.1%			87,542
Packaging and Containers		0.1%			125,712
Pharmaceuticals		9.3%			8,398,823
Pipelines		0.1%			60,880
Real Estate		1.8%			1,612,002
Real Estate Investment Trusts		1.1%			1,041,768
Real Estate Management Services		0.1%			126,960
Retail		2.8%			2,507,882
Semiconductors		1.0%			925,983
Shipbuilding		—%	+		20,890
Software		1.2%			1,049,469
Storage & Warehousing		—%	+		13,990
Telecommunications		5.7%			5,174,181
Textiles		0.2%			142,379
Toys, Games & Hobbies		0.2%			168,039
Transportation		2.2%			1,977,675
Unknown		2.2%			1,968,512
Venture Capital		0.1%			50,597
Water		0.3%			249,345
		100.0%		$	90,784,173

+ Rounded.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Australia	$	6,674,424	$	24,339	$	6,650,085	$	—
Austria		151,752		—		151,752		—
Belgium		1,366,220		—		1,366,220		—
Bermuda		5,682		—		5,682		—
China		77,715		—		77,715		—
Denmark		1,811,864		13,431		1,798,433		—
Finland		877,734		—		877,734		—
France		8,320,029		109,600		8,210,429		—
Germany		7,427,340		45,022		7,382,318		—
Hong Kong		2,821,606		49,063		2,772,543		—
Ireland		1,103,800		77,976		1,025,824		—
Israel		694,199		159,953		534,246		—
Italy		1,633,643		26,752		1,606,891		—
Japan		21,185,580		163,181		21,022,399		—
Jersey		83,715		—		83,715		—
Luxembourg		226,751		—		226,751		—
Macau		17,969		—		17,969		—
Netherlands		4,905,351		251,570		4,653,781		—
New Zealand		175,622		—		175,622		—
Norway		592,475		49,758		542,717		—

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Portugal	$	134,370	$	—	$	134,370	$	—
Singapore		1,354,721		16,061		1,338,660		—
South Africa		95,504		—		95,504		—
Spain		2,666,891		3,717		2,663,174		—
Sweden		2,517,546		43,793		2,473,753		—
Switzerland		8,783,877		66,369		8,717,508		—
United Kingdom		15,073,180		195,001		14,878,179		—
United States		4,613		4,613		—		—
PREFERRED STOCKS
Germany		473,161		16,907		456,254		—
SHORT-TERM INVESTMENTS		151,380		151,380		—		—
TOTAL INVESTMENTS	$	91,408,714	$	1,468,486	$	89,940,228	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

$1,223,993 was transferred from Level 1 into Level 2 at 6/30/16 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

141

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

International Equity Fund

	Number of Shares		Value†
COMMON STOCKS — 95.5%
Australia — 3.3%
CSL Ltd.		72,594	$	6,122,048
Ramsay Health Care Ltd.		99,324		5,368,025
				11,490,073
Canada — 3.1%
Alimentation Couche Tard, Inc., Class B		161,038		6,915,429
Canadian National Railway Co.		70,043		4,136,058
				11,051,487
China — 1.7%
Tencent Holdings Ltd.		262,993		6,032,973
Denmark — 2.9%
Coloplast A/S, B Shares		47,357		3,544,890
Novo Nordisk A/S, B Shares		126,672		6,821,654
				10,366,544
France — 5.5%
Bureau Veritas S.A.		203,413		4,270,682
Essilor International S.A.		39,547		5,197,649
Hermes International		11,953		4,455,838
L’Oreal S.A.		27,848		5,331,617
				19,255,786
Germany — 2.6%
SAP S.E.		123,444		9,271,322
Hong Kong — 1.2%
Link REIT		631,432		4,317,863
India — 10.3%
HDFC Bank Ltd.~		913,560		18,460,152
Housing Development Finance Corp., Ltd.		755,034		14,066,695
ITC Ltd.		728,854		3,990,395
				36,517,242
Ireland — 4.0%
Accenture PLC, Class A		58,917		6,674,707
DCC PLC		41,194		3,625,075
Paddy Power Betfair PLC		36,384		3,823,843
				14,123,625
Japan — 5.1%
Daito Trust Construction Co., Ltd.		37,761		6,130,966
Japan Tobacco, Inc.		169,800		6,843,314
Unicharm Corp.		224,200		5,037,231
				18,011,511
Netherlands — 4.0%
Unilever N.V.		300,350		13,969,225
South Africa — 2.3%
Naspers Ltd., N Shares		52,018		7,942,892
Spain — 3.2%
Aena S.A. 144A @		38,142		5,055,765
Grifols SA		269,666		6,125,861
				11,181,626

	Number of Shares		Value†
Switzerland — 11.2%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		1,075	$	6,411,431
Nestle S.A.		177,865		13,780,684
Roche Holding AG		59,986		15,829,095
UBS Group AG*		269,794		3,500,737
				39,521,947
United Kingdom — 21.9%
British American Tobacco PLC		318,775		20,665,982
Diageo PLC		201,582		5,631,355
Domino’s Pizza Group PLC		1,066,077		4,736,493
Imperial Brands PLC		162,539		8,814,985
Lloyds Banking Group PLC		6,338,172		4,590,701
Persimmon PLC		200,723		3,892,378
Reckitt Benckiser Group PLC		173,691		17,416,372
SABMiller PLC		198,473		11,574,829
				77,323,095
United States — 13.2%
Alphabet, Inc., Class C*		14,333		9,919,869
MasterCard, Inc., Class A		58,506		5,152,039
PayPal Holdings, Inc.*		153,961		5,621,116
Philip Morris International, Inc.		192,528		19,583,948
The Priceline Group, Inc.*		5,048		6,301,974
				46,578,946
TOTAL COMMON STOCKS (Cost $265,824,275)				336,956,157
SHORT-TERM INVESTMENTS — 3.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $11,614,625)		11,614,625		11,614,625
TOTAL INVESTMENTS — 98.8% (Cost $277,438,900)				348,570,782
Other Assets & Liabilities — 1.2%				4,406,545
TOTAL NET ASSETS — 100.0%			$	352,977,327

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.

~ Fair valued security. The total market value of fair valued securities at June 30, 2016 is $18,460,152.

† See Security Valuation Note.

* Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

142

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Schedule of Investments — June 30, 2016 (Unaudited)

International Equity Fund

Country Weightings as of 06/30/2016††
United Kingdom	22	%
United States	17
Switzerland	11
India	10
France	6
Japan	5
Ireland	4
Other	25
Total	100	%

†† % of total investments as of June 30, 2016

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Agriculture		17.8%	$	59,898,624
Apparel		1.3%		4,455,838
Banks		7.9%		26,551,590
Beverages		5.1%		17,206,184
Biotechnology		1.8%		6,122,048
Building & Real Estate		1.2%		3,892,378
Commercial Services		2.9%		9,891,798
Computers		2.0%		6,674,707
Cosmetics & Personal Care		3.1%		10,368,848
Diversified Financial Services		5.7%		19,218,734
Entertainment		1.1%		3,823,843
Food		10.1%		34,161,340
Healthcare Products		2.6%		8,742,539
Healthcare Services		1.6%		5,368,025
Household Products & Wares		5.2%		17,416,372
Internet		6.6%		22,254,816
Media		2.4%		7,942,892
Pharmaceuticals		6.7%		22,650,749
Real Estate		1.8%		6,130,966
Real Estate Investment Trusts		1.3%		4,317,863
Retail		2.1%		6,915,429
Software		2.7%		9,271,322
Transportation		2.7%		9,191,823
Unknown		4.3%		14,487,429
		100.0%	$	336,956,157

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Australia	$	11,490,073	$	—	$	11,490,073	$	—
Canada		11,051,487		11,051,487		—		—
China		6,032,973		—		6,032,973		—
Denmark		10,366,544		—		10,366,544		—
France		19,255,786		—		19,255,786		—
Germany		9,271,322		—		9,271,322		—
Hong Kong		4,317,863		—		4,317,863		—
India		36,517,242		—		36,517,242		—
Ireland		14,123,625		10,299,782		3,823,843		—
Japan		18,011,511		—		18,011,511		—
Netherlands		13,969,225		—		13,969,225		—

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
South Africa	$	7,942,892	$	—	$	7,942,892	$	—
Spain		11,181,626		—		11,181,626		—
Switzerland		39,521,947		—		39,521,947		—
United Kingdom		77,323,095		4,736,493		72,586,602		—
United States		46,578,946		46,578,946		—		—
TOTAL COMMON STOCKS		336,956,157		72,666,708		264,289,449		—
SHORT-TERM INVESTMENTS		11,614,625		11,614,625		—		—
TOTAL INVESTMENTS	$	348,570,782	$	84,281,333	$	264,289,449	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

$13,697,686 was transferred from Level 1 into Level 2 at 6/30/16 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

143

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Schedule of Investments — June 30, 2016 (Unaudited)

Emerging Markets Equity Fund

	Number of Shares		Value†
COMMON STOCKS — 95.0%
Argentina — 1.7%
Banco Macro S.A. ADR		7,570	$	561,845
Grupo Financiero Galicia S.A. ADR		16,586		506,536
MercadoLibre, Inc.		10,374		1,459,311
				2,527,692
Austria — 1.2%
Erste Group Bank AG		57,387		1,306,592
Vienna Insurance Group AG Wiener Versicherung Gruppe		26,749		508,015
				1,814,607
Brazil — 3.3%
BRF S.A.		125,563		1,753,106
Lojas Renner S.A.		86,922		643,195
Raia Drogasil S.A.		79,205		1,565,213
Ultrapar Participacoes S.A.		41,362		914,205
				4,875,719
Chile — 0.6%
S.A.C.I. Falabella		119,419		908,983
China — 12.1%
Alibaba Group Holding Ltd. ADR*		20,882		1,660,745
Bank of China Ltd., Class H		4,667,000		1,875,704
China Construction Bank Corp., Class H		3,976,930		2,651,173
China Machinery Engineering Corp.		406,000		265,480
China Pacific Insurance Group Co. Ltd., Class H		356,800		1,209,249
Chongqing Changan Automobile Co. Ltd., Class B		139,000		194,709
CRCC High-Tech Equipment Corp. Ltd.		649,000		284,380
Huadian Power International Corp. Ltd., Class H		602,000		288,532
JD.Com, Inc. ADR*		32,922		698,934
NetEase, Inc. ADR		2,403		464,308
New Oriental Education & Technology Group, Inc ADR		8,261		345,971
Shanghai Jin Jiang International Hotels Group Co. Ltd., Class H		578,000		190,112
Shenzhou International Group Holdings Ltd.		138,000		667,322
TAL Education Group ADR*		8,567		531,668
Tencent Holdings Ltd.		273,800		6,280,883
				17,609,170
Colombia — 0.3%
Grupo de Inversiones Suramericana S.A.		31,670		416,141
Czech Republic — 1.0%
Komercni Banka, A.S.		39,008		1,462,569
Egypt — 0.4%
Commercial International Bank Egypt SAE		138,346		622,822
Hong Kong — 5.8%
AIA Group Ltd.		297,600		1,789,685
China Mengniu Dairy Co. Ltd.		285,000		498,583
China Mobile Ltd.		293,500		3,391,162
China Overseas Land & Investment Ltd.		266,000		847,969

	Number of Shares		Value†
Hong Kong — (continued)
China Taiping Insurance Holdings Co. Ltd.*		197,000	$	370,727
China Unicom Hong Kong Ltd.		572,000		596,448
CSPC Pharmaceutical Group Ltd.		562,000		502,126
Shenzhen International Holdings Ltd.		269,000		391,160
				8,387,860
India — 10.8%
Ashok Leyland Ltd.		1,291,998		1,889,298
Bharat Financial Inclusion L*		42,829		471,718
Bharat Petroleum Corp. Ltd.		82,770		1,317,020
Glenmark Pharmaceuticals Ltd.		53,731		638,368
HDFC Bank Ltd.~		78,532		1,586,883
IndusInd Bank Ltd.		103,182		1,705,116
Larsen & Toubro Ltd.		68,570		1,527,166
Marico Ltd.		277,135		1,084,243
Maruti Suzuki India Ltd.		20,493		1,273,972
Shree Cement Ltd.		7,940		1,715,309
Shriram Transport Finance Co. Ltd.		99,527		1,779,767
Zee Entertainment Enterprises Ltd.		109,257		741,614
				15,730,474
Indonesia — 4.0%
Bank Mandiri Persero Tbk PT		58,700		42,479
Bank Negara Indonesia Persero Tbk PT		1,715,600		679,873
Bumi Serpong Damai Tbk PT		3,798,600		611,263
Jasa Marga Persero Tbk PT		1,173,500		470,786
Link Net Tbk PT		1,741,700		536,759
Matahari Department Store Tbk PT		1,018,000		1,551,543
Semen Indonesia Persero Tbk PT		88,900		63,322
Surya Citra Media Tbk PT		1,932,700		485,659
United Tractors Tbk PT		493,600		556,913
Xl Axiata Tbk PT*		3,125,075		868,776
				5,867,373
Japan — 0.6%
Nexon Co. Ltd.		54,600		808,082
Mexico — 6.3%
Alfa S.A.B. de C.V.		444,070		763,412
Alsea S.A.B.de C.V.		191,273		728,159
Cemex S.A.B. de C.V. ADR*		235,522		1,453,171
Fomento Economico Mexicano S.A.B. de C.V. ADR		28,266		2,614,322
Grupo Financiero Banorte S.A.B. de C.V., Series O		388,572		2,171,704
Grupo Financiero Santander Mexico S.A.B. de C.V., Series B ADR		80,751		734,026
Mexichem S.A.B. de C.V.		334,598		705,340
				9,170,134
Netherlands — 1.2%
Steinhoff International Holdings NV		298,346		1,711,514
Pakistan — 1.3%
Lucky Cement Ltd.		143,000		886,853
United Bank Ltd.		560,000		947,051
				1,833,904

144

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Schedule of Investments — June 30, 2016 (Unaudited)

Emerging Markets Equity Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
Panama — 0.4%
Copa Holdings S.A., Class A		10,091	$	527,356
Peru — 2.3%
Cia de Minas Buenaventura S.A. ADR*		70,906		847,327
Credicorp Ltd.		15,782		2,435,636
				3,282,963
Philippines — 4.3%
Ayala Corp.		30,420		550,451
BDO Unibank, Inc.		261,620		625,030
DMCI Holdings, Inc.		2,448,150		658,736
International Container Terminal Services, Inc.		355,120		465,747
LT Group, Inc.		1,738,150		588,339
Metro Pacific Investments Corp.		5,729,100		853,162
Metropolitan Bank & Trust Co.		703,563		1,355,070
SM Investments Corp.		58,000		1,199,066
				6,295,601
Poland — 2.5%
Bank Pekao S.A.		21,923		765,426
CCC S.A.		22,277		905,333
Eurocash S.A.		52,532		615,549
LPP S.A.		388		497,797
PKP Cargo S.A.*		20,412		171,407
Polski Koncern Naftowy Orlen S.A.		42,508		746,674
				3,702,186
Portugal — 0.9%
Jeronimo Martins SGPS, S.A.		79,728		1,257,456
Russia — 2.0%
Mail.Ru Group Ltd. GDR*		46,942		854,345
MMC Norilsk Nickel PJSC. ADR		51,182		685,498
X5 Retail Group N.V. GDR*		23,581		472,821
Yandex NV, Class A*		44,546		973,330
				2,985,994
Slovakia — 0.3%
Innocean Worldwide Inc.		6,860		485,806
South Africa — 4.3%
Clicks Group Ltd.		37,497		312,390
Life Healthcare Group Holdings Ltd.		293,935		723,177
Naspers Ltd., N Shares		18,641		2,846,389
Sasol Ltd.		41,913		1,133,904
Vodacom Group Ltd.		111,996		1,276,158
				6,292,018
South Korea — 10.3%
Amorepacific Corp.		3,640		1,372,242
CJ Cheiljedang Corp.		696		235,724
CJ Corp.		2,430		429,028
Cosmax, Inc.		2,740		410,727
Coway Co. Ltd.		11,619		1,057,940
Hotel Shilla Co. Ltd.		4,825		286,273
Hugel, Inc*		1,572		436,059
Hyundai Development Co.		23,790		825,338

	Number of Shares		Value†
South Korea — (continued)
Hyundai WIA Corp.		4,615	$	359,780
Kia Motors Corp.		12,721		479,320
Korea Aerospace Industries Ltd.		14,571		934,183
Korea Electric Power Corp.		18,405		966,115
LG Chem Ltd.		2,680		612,028
Mando Corp.		1,483		281,622
NAVER Corp.		2,045		1,266,910
Samsung Electronics Co. Ltd.		2,762		3,439,660
Samsung Fire & Marine Insurance Co. Ltd.		2,788		640,348
SK Holdings Co. Ltd.		5,567		983,961
				15,017,258
Spain — 0.3%
Cemex Latam Holdings S.A.*		100,545		433,729
Switzerland — 0.7%
DKSH Holding AG		14,717		964,078
Taiwan — 9.9%
Advanced Semiconductor Engineering, Inc.		935,000		1,063,746
Catcher Technology Co. Ltd.		121,000		902,198
Chailease Holding Co. Ltd.		91,540		149,245
Delta Electronics, Inc.		176,242		859,942
E.sun Financial Holding Co. Ltd		627,000		371,439
Eclat Textile Co. Ltd.		55,314		536,426
Formosa Plastics Corp.		163,000		395,293
Fubon Financial Holding Co. Ltd.		418,310		493,200
Hon Hai Precision Industry Co. Ltd.		582,400		1,500,428
Nien Made Enterprise Co. Ltd*		44,000		401,425
PChome Online, Inc.		45,000		498,812
Pegatron Corp.		370,000		785,854
President Chain Store Corp		30,000		234,401
Taiwan Mobile Co. Ltd.		169,000		590,696
Taiwan Semiconductor Manufacturing Co. Ltd.		782,769		3,944,919
Uni-President Enterprises Corp.		671,962		1,327,153
Yeong Guan Energy Technology Group Co. Ltd		64,000		407,964
				14,463,141
Thailand — 2.2%
BTS Rail Mass Transit Growth Infrastructure Fund		1,692,633		606,920
Central Pattana PCL		273,500		466,029
Kasikornbank PCL NVDR		152,700		741,496
Land and Houses PCL NVDR		1,942,900		501,257
Minor International PCL NVDR		700,670		805,359
Sino-Thai Engineering & Construction PCL		26,400		17,940
				3,139,001
Turkey — 1.2%
Arcelik A.S.		143,282		943,421
Ulker Biskuvi Sanayi A.S.		107,828		787,961
				1,731,382
United Kingdom — 0.8%
Mondi PLC		63,417		1,159,647

145

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Emerging Markets Equity Fund

	Number of Shares		Value†
COMMON STOCKS — (continued)
United States — 2.0%
Samsonite International S.A.		726,000	$	2,010,194
Yum! Brands, Inc.		10,460		867,343
				2,877,537
TOTAL COMMON STOCKS (Cost $123,431,839)				138,362,197
PREFERRED STOCKS — 3.8%
Brazil — 2.6%
Banco Bradesco S.A.		239,497		1,876,581
Itau Unibanco Holding S.A.		193,946		1,826,979
				3,703,560
Colombia — 0.2%
Grupo de Inversiones Suramericana S.A.		26,055		337,900
South Korea — 1.0%
Samsung Electronics Co. Ltd.		1,414		1,458,664
TOTAL PREFERRED STOCKS (Cost $6,423,983)				5,500,124
SHORT-TERM INVESTMENTS — 0.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,158,641)		1,158,641		1,158,641
TOTAL INVESTMENTS — 99.6% (Cost $131,014,463)				145,020,962
Other Assets & Liabilities — 0.4%				563,669
TOTAL NET ASSETS — 100.0%			$	145,584,631

~ Fair valued security. The total market value of fair valued securities at June 30, 2016 is $1,586,883.

† 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.

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Advertising		1.0%	$	1,449,884
Aerospace & Defense		0.7%		934,183
Airlines		0.4%		527,356
Apparel		1.2%		1,701,545
Auto Manufacturers		2.8%		3,837,299
Auto Parts & Equipment		0.5%		641,402
Banks		16.5%		22,777,031
Beverages		2.3%		3,202,661

COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value		Value†
Biotechnology		0.3%	$	436,059
Building Materials		3.6%		4,953,809
Chemicals		1.9%		2,626,866
Commercial Services		1.6%		2,205,332
Computers		0.7%		983,961
Cosmetics & Personal Care		1.3%		1,782,969
Diversified Financial Services		2.4%		3,265,369
Electric		0.9%		1,254,647
Electrical Components & Equipment		1.2%		1,645,796
Electronics		1.1%		1,500,428
Engineering & Construction		2.6%		3,579,040
Food		5.0%		6,948,353
Forest Products & Paper		0.8%		1,159,647
Healthcare Services		0.5%		723,177
Holding Companies		0.9%		1,192,440
Home Builders		0.4%		501,257
Home Furnishings		2.7%		3,712,875
Hotels & Resorts		0.2%		286,273
Household Products & Wares		2.2%		3,094,437
Insurance		3.3%		4,518,024
Internet		10.3%		14,230,029
Investment Companies		0.3%		416,141
Iron & Steel		0.3%		407,964
Lodging		0.1%		190,112
Machinery — Construction & Mining		0.4%		556,913
Media		2.9%		4,073,662
Metal Fabricate/Hardware		0.6%		902,198
Mining		1.1%		1,532,825
Oil & Gas		2.3%		3,197,598
Pharmaceuticals		0.8%		1,140,494
Real Estate		1.8%		2,475,712
Retail		7.0%		9,720,985
Semiconductors		6.1%		8,448,325
Software		0.9%		1,272,390
Telecommunications		4.9%		6,723,240
Transportation		0.6%		778,327
Water		0.6%		853,162
		100.0%	$	138,362,197

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Argentina	$	2,527,692	$	2,527,692	$	—	$	—
Austria		1,814,607		—		1,814,607		—
Brazil		4,875,719		4,875,719		—		—
Chile		908,983		908,983		—		—
China		17,609,170		3,701,626		13,907,544		—
Colombia		416,141		416,141		—		—
Czech Republic		1,462,569		—		1,462,569		—
Egypt		622,822		622,822		—		—
Hong Kong		8,387,860		—		8,387,860		—
India		15,730,474		471,718		15,258,756		—

146

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Emerging Markets Equity Fund

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Indonesia	$	5,867,373	$	105,801	$	5,761,572	$	—
Japan		808,082		—		808,082		—
Mexico		9,170,134		9,170,134		—		—
Netherlands		1,711,514		—		1,711,514		—
Pakistan		1,833,904		—		1,833,904		—
Panama		527,356		527,356		—		—
Peru		3,282,963		3,282,963		—		—
Philippines		6,295,601		—		6,295,601		—
Poland		3,702,186		—		3,702,186		—
Portugal		1,257,456		—		1,257,456		—
Russia		2,985,994		1,658,828		1,327,166		—
Slovakia		485,806		—		485,806		—
South Africa		6,292,018		312,390		5,979,628		—
South Korea		15,017,258		1,742,213		13,275,045		—
Spain		433,729		433,729		—		—
Switzerland		964,078		—		964,078		—
Taiwan		14,463,141		1,415,229		13,047,912		—
Thailand		3,139,001		17,940		3,121,061		—
Turkey		1,731,382		—		1,731,382		—
United Kingdom		1,159,647		—		1,159,647		—
United States		2,877,537		867,343		2,010,194		—
TOTAL COMMON STOCKS		138,362,197		33,058,627		105,303,570		—
PREFERRED STOCKS		5,500,124		4,041,459		1,458,665		—
SHORT-TERM INVESTMENTS		1,158,641		1,158,641		—		—
TOTAL INVESTMENTS	$	145,020,962	$	38,258,727	$	106,762,235	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of the period.

$3,206,889 was transferred from Level 1 into Level 2 at 6/30/16 as the Fund utilized third-party vendor modeling tools to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. The Fund did not have any transfers in and transfers out of Level 3 fair value hierarchy during the reporting period.

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

147

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Real Estate Securities Fund

	Number of Shares		Value†
COMMON STOCKS — 5.0%
Entertainment — 1.5%
Gaming and Leisure Properties, Inc.		61,395	$	2,116,899
Healthcare Services — 0.6%
Brookdale Senior Living, Inc.*		57,768		891,938
Hotels & Resorts — 0.5%
La Quinta Holdings Inc.*		59,159		674,413
Lodging — 2.4%
Extended Stay America, Inc.		43,073		643,941
Hilton Worldwide Holdings, Inc.		126,573		2,851,690
				3,495,631
TOTAL COMMON STOCKS (Cost $7,657,354)				7,178,881
REAL ESTATE INVESTMENT TRUSTS — 94.1%
Apartments — 18.4%
American Campus Communities, Inc.		35,495		1,876,621
American Homes 4 Rent, Class A		25,584		523,960
Apartment Investment & Management Co., Class A		128,875		5,691,120
Camden Property Trust		21,639		1,913,320
Education Realty Trust, Inc.		35,370		1,631,972
Essex Property Trust, Inc.		25,723		5,867,159
Mid-America Apartment Communities, Inc.		10,199		1,085,174
UDR, Inc.		215,445		7,954,229
				26,543,555
Building & Real Estate — 5.1%
National Retail Properties, Inc.		43,331		2,241,079
Spirit Realty Capital, Inc.		281,182		3,590,694
STORE Capital Corp.		53,809		1,584,675
				7,416,448
Diversified — 14.8%
American Tower Corp.		9,852		1,119,286
Digital Realty Trust, Inc.		45,904		5,003,077
DuPont Fabros Technology, Inc.		40,804		1,939,822
Equinix, Inc.		16,916		6,558,841
Retail Properties of America, Inc., Class A		133,147		2,250,184
Vornado Realty Trust		44,652		4,470,558
				21,341,768
Healthcare — 10.6%
HCP, Inc.		159,136		5,630,232
Healthcare Trust of America, Inc., Class A		88,360		2,857,562
Omega Healthcare Investors, Inc.		88,973		3,020,633
Physicians Realty Trust		73,500		1,544,235
Ventas, Inc.		31,229		2,274,096
				15,326,758
Hotels & Resorts — 1.1%
DiamondRock Hospitality Co.		92,956		839,393
Host Hotels & Resorts, Inc.		43,138		699,267
				1,538,660

	Number of Shares		Value†
Industrial — 5.7%
Prologis, Inc.		128,383	$	6,295,902
QTS Realty Trust, Inc., Class A		34,459		1,929,015
				8,224,917
Manufactured Homes — 1.6%
Sun Communities, Inc.		29,615		2,269,694
Office Property — 9.8%
Alexandria Real Estate Equities, Inc.		28,541		2,954,564
Douglas Emmett, Inc.		93,784		3,331,208
Empire State Realty Trust, Inc., Class A		70,186		1,332,832
Gramercy Property Trust		6,910		63,710
Kilroy Realty Corp.		63,961		4,239,975
SL Green Realty Corp.		20,389		2,170,817
				14,093,106
Regional Malls — 16.5%
General Growth Properties, Inc.		94,818		2,827,473
Pennsylvania Real Estate Investment Trust		53,673		1,151,286
Simon Property Group, Inc.		81,444		17,665,203
Tanger Factory Outlet Centers, Inc.		45,195		1,815,935
WP Glimcher, Inc.		22,119		247,512
				23,707,409
Storage & Warehousing — 5.9%
CubeSmart		158,206		4,885,401
Extra Space Storage, Inc.		22,730		2,103,434
Public Storage		5,874		1,501,336
				8,490,171
Strip Centers — 4.6%
Brixmor Property Group, Inc.		146,234		3,869,352
DDR Corp.		155,442		2,819,717
				6,689,069
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $114,322,244)				135,641,555
SHORT-TERM INVESTMENTS — 1.2%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,813,634)		1,813,634		1,813,634
TOTAL INVESTMENTS — 100.3% (Cost $123,793,231)				144,634,070
Other Assets & Liabilities — (0.3)%				(482,639	)
TOTAL NET ASSETS — 100.0%			$	144,151,431

† See Security Valuation Note.

* Non-income producing security.

148

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Real Estate Securities Fund

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS	$	7,178,881	$	7,178,881	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		135,641,555		135,641,555		—		—
SHORT-TERM INVESTMENTS		1,813,634		1,813,634		—		—
TOTAL INVESTMENTS	$	144,634,070	$	144,634,070	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

149

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Aggressive Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 65.6%
Penn Series Flexibly Managed Fund*		54,995	$	2,431,344
Penn Series Index 500 Fund*		181,769		3,039,180
Penn Series Large Cap Growth Fund*		89,322		1,215,672
Penn Series Large Cap Value Fund*		269,550		6,078,359
Penn Series Large Core Value Fund*		323,748		4,862,688
Penn Series Large Growth Stock Fund*		86,218		2,431,344
Penn Series Mid Cap Growth Fund*		84,834		1,215,672
Penn Series Mid Cap Value Fund*		178,164		3,647,016
Penn Series Mid Core Value Fund*		187,797		3,647,016
Penn Series Real Estate Securities Fund*		117,286		2,431,344
Penn Series Small Cap Growth Fund*		62,685		1,823,508
Penn Series Small Cap Index Fund*		35,734		607,836
Penn Series Small Cap Value Fund*		87,301		2,431,344
Penn Series SMID Cap Growth Fund*		61,992		1,215,672
Penn Series SMID Cap Value Fund*		145,904		3,039,180
TOTAL AFFILIATED EQUITY FUNDS (Cost $27,230,371)				40,117,175
AFFILIATED FIXED INCOME FUNDS — 2.0%
Penn Series Quality Bond Fund* (Cost $1,082,268)		85,792		1,215,672
AFFILIATED INTERNATIONAL EQUITY FUNDS — 31.8%
Penn Series Developed International Index Fund*		498,680		5,470,524
Penn Series Emerging Markets Equity Fund*		532,670		5,470,524
Penn Series International Equity Fund*		348,045		8,509,704
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $16,635,662)				19,450,752
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $401,104)		401,104		401,104
TOTAL INVESTMENTS — 100.0% (Cost $45,349,405)				61,184,703
Other Assets & Liabilities — 0.0%				(18,400	)
TOTAL NET ASSETS — 100.0%			$	61,166,303

* Non-income producing security.

† See Security Valuation Note.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	40,117,175	$	40,117,175	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		1,215,672		1,215,672		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		19,450,752		19,450,752		—		—
SHORT-TERM INVESTMENTS		401,104		401,104		—		—
TOTAL INVESTMENTS	$	61,184,703	$	61,184,703	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

150

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Moderately Aggressive Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 57.8%
Penn Series Flexibly Managed Fund*		317,747	$	14,047,593
Penn Series Index 500 Fund*		560,111		9,365,062
Penn Series Large Cap Growth Fund*		344,051		4,682,531
Penn Series Large Cap Value Fund*		830,604		18,730,124
Penn Series Large Core Value Fund*		1,247,012		18,730,124
Penn Series Large Growth Stock Fund*		249,071		7,023,796
Penn Series Mid Cap Growth Fund*		326,764		4,682,531
Penn Series Mid Cap Value Fund*		571,877		11,706,327
Penn Series Mid Core Value Fund*		602,797		11,706,327
Penn Series Real Estate Securities Fund*		338,823		7,023,796
Penn Series Small Cap Growth Fund*		160,967		4,682,531
Penn Series Small Cap Index Fund*		275,281		4,682,531
Penn Series Small Cap Value Fund*		252,201		7,023,796
Penn Series SMID Cap Growth Fund*		119,391		2,341,265
Penn Series SMID Cap Value Fund*		449,595		9,365,062
TOTAL AFFILIATED EQUITY FUNDS (Cost $87,373,521)				135,793,396
AFFILIATED FIXED INCOME FUNDS — 15.9%
Penn Series High Yield Bond Fund*		614,505		7,023,796
Penn Series Limited Maturity Bond Fund*		595,237		7,023,796
Penn Series Quality Bond Fund*		1,652,269		23,412,655
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $33,154,517)				37,460,247
AFFILIATED INTERNATIONAL EQUITY FUNDS — 25.9%
Penn Series Developed International Index Fund*		1,707,395		18,730,123
Penn Series Emerging Markets Equity Fund*		1,367,828		14,047,593
Penn Series International Equity Fund*		1,149,087		28,095,185
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $50,058,618)				60,872,901
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,159,282)		1,159,282		1,159,282
TOTAL INVESTMENTS — 100.1% (Cost $171,745,938)				235,285,826
Other Assets & Liabilities — (0.1)%				(191,011	)
TOTAL NET ASSETS — 100.0%			$	235,094,815

† See Security Valuation Note.

* Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	135,793,396	$	135,793,396	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		37,460,247		37,460,247		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		60,872,901		60,872,901		—		—
SHORT-TERM INVESTMENTS		1,159,282		1,159,282		—		—
TOTAL INVESTMENTS	$	235,285,826	$	235,285,826	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

151

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Moderate Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 45.9%
Penn Series Flexibly Managed Fund*		531,590	$	23,501,611
Penn Series Index 500 Fund*		602,399		10,072,119
Penn Series Large Cap Growth Fund*		246,684		3,357,373
Penn Series Large Cap Value Fund*		893,314		20,144,238
Penn Series Large Core Value Fund*		1,341,161		20,144,237
Penn Series Large Growth Stock Fund*		238,112		6,714,746
Penn Series Mid Cap Growth Fund*		468,580		6,714,746
Penn Series Mid Cap Value Fund*		492,043		10,072,119
Penn Series Mid Core Value Fund*		864,411		16,786,865
Penn Series Real Estate Securities Fund*		323,914		6,714,746
Penn Series Small Cap Growth Fund*		115,413		3,357,373
Penn Series Small Cap Index Fund*		394,753		6,714,746
Penn Series Small Cap Value Fund*		361,656		10,072,119
Penn Series SMID Cap Growth Fund*		171,207		3,357,373
Penn Series SMID Cap Value Fund*		322,359		6,714,746
TOTAL AFFILIATED EQUITY FUNDS (Cost $98,040,390)				154,439,157
AFFILIATED FIXED INCOME FUNDS — 34.9%
Penn Series High Yield Bond Fund*		1,174,934		13,429,492
Penn Series Limited Maturity Bond Fund*		1,422,616		16,786,865
Penn Series Quality Bond Fund*		6,160,317		87,291,698
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $101,633,056)				117,508,055
AFFILIATED INTERNATIONAL EQUITY FUNDS — 17.9%
Penn Series Developed International Index Fund*		1,530,252		16,786,865
Penn Series Emerging Markets Equity Fund*		1,307,643		13,429,492
Penn Series International Equity Fund*		1,235,843		30,216,356
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $46,884,362)				60,432,713
AFFILIATED MONEY MARKET FUND — 1.0%
Penn Series Money Market Fund (Cost $3,281,623)		3,281,623		3,281,623
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $893,578)		893,578		893,578
TOTAL INVESTMENTS — 100.0% (Cost $250,733,009)				336,555,126
Other Assets & Liabilities — 0.0%				(103,356	)
TOTAL NET ASSETS — 100.0%			$	336,451,770

* Non-income producing security.

† See Security Valuation Note.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	154,439,157	$	154,439,157	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		117,508,055		117,508,055		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		60,432,714		60,432,714		—		—
AFFILIATED MONEY MARKET FUNDS		3,281,623		3,281,623		—		—
SHORT-TERM INVESTMENTS		893,578		893,578		—		—
TOTAL INVESTMENTS	$	336,555,127	$	336,555,127	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

152

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Moderately Conservative Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 32.7%
Penn Series Flexibly Managed Fund*		181,029	$	8,003,293
Penn Series Index 500 Fund*		119,666		2,000,823
Penn Series Large Cap Growth Fund*		73,506		1,000,412
Penn Series Large Cap Value Fund*		221,821		5,002,058
Penn Series Large Core Value Fund*		333,027		5,002,058
Penn Series Large Growth Stock Fund*		35,476		1,000,412
Penn Series Mid Cap Value Fund*		97,744		2,000,823
Penn Series Mid Core Value Fund*		154,544		3,001,235
Penn Series Real Estate Securities Fund*		96,518		2,000,823
Penn Series Small Cap Index Fund*		58,813		1,000,411
Penn Series Small Cap Value Fund*		71,843		2,000,823
Penn Series SMID Cap Value Fund*		48,027		1,000,412
TOTAL AFFILIATED EQUITY FUNDS (Cost $21,416,341)				33,013,583
AFFILIATED FIXED INCOME FUNDS — 54.6%
Penn Series High Yield Bond Fund*		525,150		6,002,470
Penn Series Limited Maturity Bond Fund*		1,186,929		14,005,762
Penn Series Quality Bond Fund*		2,471,024		35,014,406
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $46,975,179)				55,022,638
AFFILIATED INTERNATIONAL EQUITY FUNDS — 10.9%
Penn Series Developed International Index Fund*		273,586		3,001,235
Penn Series Emerging Markets Equity Fund*		194,822		2,000,823
Penn Series International Equity Fund*		245,500		6,002,470
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $8,504,308)				11,004,528
AFFILIATED MONEY MARKET FUND — 1.0%
Penn Series Money Market Fund (Cost $977,938)		977,938		977,938
SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $736,241)		736,241		736,241
TOTAL INVESTMENTS — 99.9% (Cost $78,610,007)				100,754,928
Other Assets & Liabilities — 0.1%				56,618
TOTAL NET ASSETS — 100.0%			$	100,811,546

† See Security Valuation Note.

* Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	33,013,583	$	33,013,583	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		55,022,638		55,022,638		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		11,004,528		11,004,528		—		—
AFFILIATED MONEY MARKET FUNDS		977,938		977,938		—		—
SHORT-TERM INVESTMENTS		736,241		736,241		—		—
TOTAL INVESTMENTS	$	100,754,928	$	100,754,928	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

153

Penn Series Funds, Inc.

Schedule of Investments — June 30, 2016 (Unaudited)

Conservative Allocation Fund

	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 18.7%
Penn Series Flexibly Managed Fund*		121,859	$	5,387,384
Penn Series Index 500 Fund*		35,801		598,598
Penn Series Large Cap Value Fund*		79,636		1,795,794
Penn Series Large Core Value Fund*		159,414		2,394,393
Penn Series Mid Core Value Fund*		61,648		1,197,196
TOTAL AFFILIATED EQUITY FUNDS (Cost $8,352,281)				11,373,365
AFFILIATED FIXED INCOME FUNDS — 71.0%
Penn Series High Yield Bond Fund*		366,596		4,190,187
Penn Series Limited Maturity Bond Fund*		1,014,573		11,971,964
Penn Series Quality Bond Fund*		1,900,982		26,936,918
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $36,475,914)				43,099,069
AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9%
Penn Series Developed International Index Fund*		109,134		1,197,196
Penn Series International Equity Fund*		73,448		1,795,795
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $2,488,315)				2,992,991
AFFILIATED MONEY MARKET FUND — 4.8%
Penn Series Money Market Fund (Cost $2,922,615)		2,922,615		2,922,615
SHORT-TERM INVESTMENTS — 1.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,020,929)		1,020,929		1,020,929
TOTAL INVESTMENTS — 101.1% (Cost $51,260,054)				61,408,969
Other Assets & Liabilities — (1.1)%				(672,756	)
TOTAL NET ASSETS — 100.0%			$	60,736,213

† See Security Valuation Note.

* Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 06/30/2016 are as follows (See Security Valuation Note):

ASSETS TABLE
Description	Total Market Value at 06/30/2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	11,373,365	$	11,373,365	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		43,099,069		43,099,069		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		2,992,991		2,992,991		—		—
AFFILIATED MONEY MARKET FUNDS		2,922,615		2,922,615		—		—
SHORT-TERM INVESTMENTS		1,020,929		1,020,929		—		—
TOTAL INVESTMENTS	$	61,408,969	$	61,408,969	$	—	$	—

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 2 or Level 3 fair value hierarchy during the reporting period.

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

154

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2016

	Money Market Fund		Limited Maturity Bond Fund			Quality Bond Fund			High Yield Bond Fund
ASSETS
Investments at value	$	116,132,262	$	179,010,495		$	552,467,304		$	172,368,891
Cash		663		—			55			20,575
Initial Margin Held by Broker for Open Futures		—		204,325			921,507			—
Interest, dividends and reclaims receivable		358,007		796,333			2,975,721			2,903,565
Receivable for investment securities sold		—		7,120,917			4,574,533			13,992,348
Receivable for capital stock sold		204,999		674,733			4,878,285			8,437
Future variation margin receivable		—		28,125			111,484			—
Net unrealized appreciation of forward foreign currency contracts		—		—			—			326,586
Other assets		20,853		1,649			3,959			1,168
Total Assets		116,716,784		187,836,577			565,932,848			189,621,570
LIABILITIES
Call options written, at value		—		24,609			561,328			—
Payable for investment securities purchased		1,001,308		2,995,350			19,334,872			16,231,421
Payable for capital stock redeemed		1,778,367		4,336,567			182,170			1,077,506
Future variation margin payable		—		1,172			70,313			—
Payable to investment adviser (See Note 3)		30,848		69,547			193,843			79,595
Payable to the administrator (See Note 3)		8,721		13,862			40,087			12,868
Net unrealized depreciation of forward foreign currency contracts		—		—			—			23,627
Other liabilities		48,906		79,977			176,156			75,486
Total Liabilities		2,868,150		7,521,084			20,558,769			17,500,503
NET ASSETS	$	113,848,634	$	180,315,493		$	545,374,079		$	172,121,067
Investments at cost		116,132,262		178,982,836			540,658,002			174,583,222
Call options written, premiums received		—		(9,844	)		(216,797	)		—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	113,838,390	$	179,074,398		$	527,147,529		$	181,196,407
Undistributed net investment income (loss)		10,244		1,375,047			6,772,664			4,947,321
Accumulated net realized gain (loss) on investment transactions and foreign exchange		—		(504,190	)		796,303			(12,105,938	)
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		—		370,238			10,657,583			(1,916,723	)
NET ASSETS	$	113,848,634	$	180,315,493		$	545,374,079		$	172,121,067
Shares outstanding, $0.10 par value, 500 million shares authorized		113,822,464
Shares outstanding, $0.10 par value, 250 million shares authorized							38,494,731			15,064,062
Shares outstanding, $0.0001 par value, 250 million shares authorized				15,277,975
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	1.00	$	11.80		$	14.17		$	11.43

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

155

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2016

	Flexibly Managed Fund			Balanced Fund			Large Growth Stock Fund			Large Cap Growth Fund
ASSETS
Investments of affiliated issuers at value	$	—		$	76,055,570		$	—		$	—
Investments of unaffiliated issuers at value		3,390,851,715			444,724			254,344,707			42,425,033
Cash		506,259			—			—			500
Interest, dividends and reclaims receivable		13,294,374			—			155,825			45,342
Receivable for investment securities sold		78,854,786			34,046			1,555,369			675,180
Receivable for capital stock sold		563,337			—			1,641,980			311,748
Other assets		26,502			511			2,248			252
Total Assets		3,484,096,973			76,534,851			257,700,129			43,458,055
LIABILITIES
Call options written, at value		17,922,801			—			—			—
Payable for investment securities purchased		22,066,997			117,164			948,092			329,913
Payable for capital stock redeemed		1,299,407			55,974			4,622			2,731
Payable to investment adviser (See Note 3)		1,957,176			—			152,015			19,399
Payable to the administrator (See Note 3)		252,813			5,676			19,422			4,283
Net unrealized depreciation of forward foreign currency contracts		9,205			—			—			—
Other liabilities		999,768			26,725			103,317			23,169
Total Liabilities		44,508,167			205,539			1,227,468			379,495
NET ASSETS	$	3,439,588,806		$	76,329,312		$	256,472,661		$	43,078,560
Investments of affiliated issuers at cost		—			44,810,495			—			—
Investments of unaffiliated issuers at cost		3,014,245,047			444,723			202,911,014			36,818,990
Call options written, premiums received		(14,646,929	)		—			—			—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	2,987,185,208		$	46,736,303		$	189,741,283		$	36,869,522
Undistributed net investment income (loss)		19,366,581			(71,996	)		(235,502	)		68,222
Accumulated net realized gain (loss) on investment transactions and foreign exchange		59,724,005			(1,580,071	)		15,533,729			535,054
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		373,313,012			31,245,076			51,433,151			5,605,762
NET ASSETS	$	3,439,588,806		$	76,329,312		$	256,472,661		$	43,078,560
Shares outstanding, $0.10 par value, 250 million shares authorized		77,809,125						9,094,190
Shares outstanding, $0.0001 par value, 250 million shares authorized					4,512,316						3,165,600
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	44.21		$	16.92		$	28.20		$	13.61

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

156

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2016

	Large Core Growth Fund		Large Cap Value Fund			Large Core Value Fund			Index 500 Fund
ASSETS
Investments at value	$	104,894,109	$	200,179,578		$	196,017,853		$	419,218,534
Interest, dividends and reclaims receivable		71,429		274,111			344,381			472,223
Receivable for investment securities sold		667,330		4,575,873			1,435,239			—
Receivable for capital stock sold		—		3,616			230,016			85,684
Future variation margin receivable		—		—			—			37,440
Other assets		647		1,289			1,407			2,752
Total Assets		105,633,515		205,034,467			198,028,896			419,816,633
LIABILITIES
Payable for investment securities purchased		—		2,984,420			4,368,906			412,666
Payable for capital stock redeemed		71,394		979,886			12,520			100,796
Payable to investment adviser (See Note 3)		51,996		110,227			104,660			44,745
Payable to the administrator (See Note 3)		7,905		15,070			14,381			31,179
Other liabilities		38,756		76,091			72,850			144,160
Total Liabilities		170,051		4,165,694			4,573,317			733,546
NET ASSETS	$	105,463,464	$	200,868,773		$	193,455,579		$	419,083,087
Investments at cost		87,078,694		174,247,511			181,074,978			248,056,127
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	84,852,234	$	179,041,457		$	179,439,532		$	243,774,018
Undistributed net investment income (loss)		61,912		498,049			1,745,893			3,697,932
Accumulated net realized gain (loss) on investment transactions and foreign exchange		2,733,903		(4,602,800	)		(2,672,721	)		410,090
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		17,815,415		25,932,067			14,942,875			171,201,047
NET ASSETS	$	105,463,464	$	200,868,773		$	193,455,579		$	419,083,087
Shares outstanding, $0.10 par value, 250 million shares authorized				8,906,264
Shares outstanding, $0.0001 par value, 250 million shares authorized		6,549,745					12,882,195			25,060,100
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	16.10	$	22.55		$	15.02		$	16.72

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

157

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2016

	Mid Cap Growth Fund			Mid Cap Value Fund			Mid Core Value Fund		SMID Cap Growth Fund
ASSETS
Investments at value	$	104,984,188		$	166,226,736		$	92,372,938	$	50,893,467
Cash		—			—			500		—
Interest, dividends and reclaims receivable		61,923			463,933			172,286		25,360
Receivable for investment securities sold		223,356			—			3,893,104		3,311,686
Receivable for capital stock sold		—			581,279			2,411		—
Net unrealized appreciation of forward foreign currency contracts		—			—			4,061		—
Other assets		661			1,115			649		448
Total Assets		105,270,128			167,273,063			96,445,949		54,230,961
LIABILITIES
Call options written, at value		370,854			—			—		—
Payable for investment securities purchased		1,950			—			3,910,434		490,495
Payable for capital stock redeemed		287,254			6,562			1,385,941		3,418,694
Payable to investment adviser (See Note 3)		60,343			75,657			54,164		32,841
Payable to the administrator (See Note 3)		7,791			12,446			6,699		3,943
Net unrealized depreciation of forward foreign currency contracts		—			—			28,808		—
Other liabilities		39,765			66,877			44,340		29,854
Total Liabilities		767,957			161,542			5,430,386		3,975,827
NET ASSETS	$	104,502,171		$	167,111,521		$	91,015,563	$	50,255,134
Investments at cost		104,187,930			152,872,169			85,586,629		44,826,044
Call options written, premiums received		(254,558	)		—			—		—
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	104,752,444		$	160,608,376		$	83,039,468	$	45,486,725
Undistributed net investment income (loss)		(59,107	)		230,572			492,048		(124,352	)
Accumulated net realized gain (loss) on investment transactions and foreign exchange		(871,128	)		(7,081,994	)		722,377		(1,174,662	)
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		679,962			13,354,567			6,761,670		6,067,423
NET ASSETS	$	104,502,171		$	167,111,521		$	91,015,563	$	50,255,134
Shares outstanding, $0.0001 par value, 250 million shares authorized		7,291,883			8,162,487			4,686,760		2,564,707
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	14.33		$	20.47		$	19.42	$	19.59

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

158

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2016

	SMID Cap Value Fund		Small Cap Growth Fund			Small Cap Value Fund		Small Cap Index Fund
ASSETS
Investments of unaffiliated issuers at value	$	70,707,032	$	85,101,235		$	220,667,527	$	66,372,881
Interest, dividends and reclaims receivable		87,479		26,038			472,072		82,853
Receivable for investment securities sold		1,372,629		—			2,436,135		—
Receivable for capital stock sold		420,883		—			—		—
Future variation margin receivable		—		—			—		20,130
Other assets		503		620			1,488		387
Total Assets		72,588,526		85,127,893			223,577,222		66,476,251
LIABILITIES
Payable for investment securities purchased		638,981		320			1,678,614		3,698
Payable for capital stock redeemed		4,557		388,122			1,480,633		398,827
Payable to investment adviser (See Note 3)		56,336		52,100			130,282		16,392
Payable to the administrator (See Note 3)		5,275		6,305			16,318		4,895
Other liabilities		30,171		38,085			89,861		43,491
Total Liabilities		735,320		484,932			3,395,708		467,303
NET ASSETS	$	71,853,206	$	84,642,961		$	220,181,514	$	66,008,948
Investments at cost		63,261,067		70,220,517			190,421,172		55,555,610
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	63,340,842	$	70,487,699		$	187,712,720	$	53,160,517
Undistributed net investment income (loss)		90,778		(193,534	)		861,326		226,592
Accumulated net realized gain (loss) on investment transactions and foreign exchange		975,621		(531,602	)		1,361,113		1,801,072
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		7,445,965		14,880,398			30,246,355		10,820,767
NET ASSETS	$	71,853,206	$	84,642,961		$	220,181,514	$	66,008,948
Shares outstanding, $0.10 par value, 250 million shares authorized				2,909,795			7,905,046
Shares outstanding, $0.0001 par value, 250 million shares authorized		3,450,416							3,881,592
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	20.82	$	29.09		$	27.85	$	17.01

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

159

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2016

	Developed International Index Fund			International Equity Fund			Emerging Markets Equity Fund			Real Estate Securities Fund
ASSETS
Investments at value	$	91,408,714		$	348,570,782		$	145,020,962		$	144,634,070
Cash		1,809,998			139,131			159,979			—
Initial Margin Held by Broker for Open Futures		242,679			—			—			—
Interest, dividends and reclaims receivable		509,963			1,768,202			767,718			406,961
Receivable for investment securities sold		25,323			1,744,884			3,566,768			1,697,500
Receivable for capital stock sold		4,780,473			2,640,295			133,280			—
Future variation margin receivable		38,940			—			—			—
Net unrealized appreciation of forward foreign currency contracts		—			—			51,243			—
Other assets		683			2,557			791			992
Total Assets		98,816,773			354,865,851			149,700,741			146,739,523
LIABILITIES
Payable for investment securities purchased		1,183			1,432,562			3,646,535			884,669
Payable for capital stock redeemed		10,705			19,827			8,682			1,561,648
Payable to investment adviser (See Note 3)		23,298			246,560			138,341			80,149
Payable to the administrator (See Note 3)		7,162			26,572			10,630			10,358
Deferred Indian capital gains tax		—			—			188,250			—
Other liabilities		102,481			163,003			123,672			51,268
Total Liabilities		144,829			1,888,524			4,116,110			2,588,092
NET ASSETS	$	98,671,944		$	352,977,327		$	145,584,631		$	144,151,431
Investments at cost		82,001,746			277,438,900			131,014,463			123,793,231
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	92,293,524		$	282,794,463		$	145,794,887		$	116,295,067
Undistributed net investment income (loss)		611,210			(4,567,471	)		12,925			1,289,767
Accumulated net realized gain (loss) on investment transactions and foreign exchange		(3,607,504	)		3,654,248			(14,083,405	)		5,725,758
Net unrealized appreciation (depreciation) in value of investments, futures contracts and foreign currency related items		9,374,714			71,096,087			13,860,224			20,840,839
NET ASSETS	$	98,671,944		$	352,977,327		$	145,584,631		$	144,151,431
Shares outstanding, $0.10 par value, 250 million shares authorized					14,437,401
Shares outstanding, $0.0001 par value, 250 million shares authorized		8,992,967						14,178,933			6,954,738
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.97		$	24.45		$	10.27		$	20.73

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

160

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2016

	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
ASSETS
Investments of affiliated issuers at value	$	60,783,599		$	234,126,544		$	335,661,548		$	100,018,687
Investments of unaffiliated issuers at value		401,104			1,159,282			893,578			736,241
Receivable for investment securities sold		1,057,354			3,934,205			5,033,027			1,246,346
Receivable for capital stock sold		4,086			1,191			—			76,671
Other assets		451			1,662			2,368			711
Total Assets		62,246,594			239,222,884			341,590,521			102,078,656
LIABILITIES
Payable for investment securities purchased		1,047,592			3,919,209			4,789,921			1,215,241
Payable for capital stock redeemed		—			92,958			185,726			11
Payable to investment adviser (See Note 3)		7,081			22,890			31,959			9,869
Payable to the administrator (See Note 3)		4,554			17,655			25,160			7,489
Other liabilities		21,064			75,357			105,985			34,500
Total Liabilities		1,080,291			4,128,069			5,138,751			1,267,110
NET ASSETS	$	61,166,303		$	235,094,815		$	336,451,770		$	100,811,546
Investments of affiliated issuers at cost		44,948,301			170,586,656			249,839,431			77,873,766
Investments of unaffiliated issuers at cost		401,104			1,159,282			893,578			736,241
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	43,466,505		$	163,213,242		$	241,243,329		$	75,672,872
Undistributed net investment income (loss)		(97,116	)		(345,436	)		(489,335	)		(151,730	)
Accumulated net realized gain (loss) on investment transactions		1,961,616			8,687,122			9,875,659			3,145,483
Net unrealized appreciation (depreciation) in value of investments		15,835,298			63,539,887			85,822,117			22,144,921
NET ASSETS	$	61,166,303		$	235,094,815		$	336,451,770		$	100,811,546
Shares outstanding, $0.0001 par value, 250 million shares authorized		3,998,895			14,668,010			22,624,188			7,137,273
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	15.30		$	16.03		$	14.87		$	14.12

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

161

Penn Series Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

June 30, 2016

	Conservative Allocation Fund
ASSETS
Investments of affiliated issuers at value	$	60,388,040
Investments of unaffiliated issuers at value		1,020,929
Receivable for investment securities sold		590,297
Receivable for capital stock sold		8,516
Other assets		392
Total Assets		62,008,174
LIABILITIES
Payable for investment securities purchased		1,239,045
Payable to investment adviser (See Note 3)		6,025
Payable to the administrator (See Note 3)		4,548
Other liabilities		22,343
Total Liabilities		1,271,961
NET ASSETS	$	60,736,213
Investments of affiliated issuers at cost		50,239,125
Investments of unaffiliated issuers at cost		1,020,929
COMPONENTS OF NET ASSETS:
Paid-in Capital	$	48,744,388
Undistributed net investment income (loss)		(95,862	)
Accumulated net realized gain (loss) on investment transactions		1,938,772
Net unrealized appreciation (depreciation) in value of investments		10,148,915
NET ASSETS	$	60,736,213
Shares outstanding, $0.0001 par value, 250 million shares authorized		4,597,942
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	13.21

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

162

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2016

	Money Market Fund			Limited Maturity Bond Fund			Quality Bond Fund			High Yield Bond Fund
INVESTMENT INCOME:
Dividends	$	6,312		$	1,211		$	6,240		$	37,635
Interest		261,519			2,034,067			8,514,012			5,907,857
Total Investment Income		267,831			2,035,278			8,520,252			5,945,492
EXPENSES
Investment advisory fees (See Note 3)		197,096			428,124			1,172,687			473,377
Shareholder servicing fees (See Note 3)		53,753			83,764			240,359			76,078
Administration fees (See Note 3)		17,836			27,921			80,120			25,359
Accounting fees (See Note 3)		39,826			56,481			119,901			52,211
Director fees and expenses		2,709			4,868			12,775			4,310
Custodian fees and expenses		4,183			6,515			18,694			8,965
Pricing fees		5,472			11,244			17,713			30,105
Professional fees		5,309			9,389			24,166			8,219
Printing fees		4,539			8,258			21,485			7,299
Other expenses		25,305			23,667			39,688			39,498
Total Expenses		356,028			660,231			1,747,588			725,421
Less: Waivers and reimbursement from advisor (See Note 3)		104,166			—			—			—
Net Expenses		251,862			660,231			1,747,588			725,421
Net investment income (loss)		15,969			1,375,047			6,772,664			5,220,071
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT
SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		—			(161,410	)		2,258,613			(4,197,574	)
Net realized gain (loss) on futures contracts		—			72,727			(1,455,849	)		—
Net realized foreign currency exchange gain (loss)		—			—			—			84,239
Change in net unrealized appreciation (depreciation) of investments and foreign currency		—			1,631,338			21,075,191			11,470,362
Change in net unrealized appreciation (depreciation) of futures contracts		—			432,046			(757,969	)		(5,287	)
Net Gain (Loss) on Investment Securities and Foreign Currency		—			1,974,701			21,119,986			7,351,740
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,969		$	3,349,748		$	27,892,650		$	12,571,811
	Flexibly Managed Fund			Balanced Fund			Large Growth Stock Fund			Large Cap Growth Fund
INVESTMENT INCOME:
Dividends	$	18,068,324		$	305		$	1,016,678		$	341,300
Interest		15,945,261			—			—			313
Foreign tax withheld		(45,144	)		—			(5,595	)		(12,019	)
Total Investment Income		33,968,441			305			1,011,083			329,594
EXPENSES
Investment advisory fees (See Note 3)		11,443,117			—			924,261			115,623
Shareholder servicing fees (See Note 3)		1,475,041			33,672			115,786			18,920
Administration fees (See Note 3)		491,680			11,224			38,595			6,307
Accounting fees (See Note 3)		397,404			5,967			74,271			14,716
Director fees and expenses		74,066			1,825			6,766			1,244
Custodian fees and expenses		110,014			2,619			10,965			2,382
Pricing fees		42,367			1,182			5,626			2,462
Professional fees		145,757			3,466			12,937			2,356
Printing fees		124,617			3,088			11,480			2,143
Recaptured administration fee (See Note 3)		—			—			—			1,072
Other expenses		268,074			9,258			45,898			22,227
Total Expenses		14,572,137			72,301			1,246,585			189,452
Less: Waivers and reimbursement from administrator (See Note 3)		—			—			—			2,353
Net Expenses		14,572,137			72,301			1,246,585			187,099
Net investment income (loss)		19,396,304			(71,996	)		(235,502	)		142,495
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT
SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		66,269,672			2,138,232			15,710,607			655,576
Net realized gains (loss) on written options		3,679,747			—			—			—
Net realized foreign currency exchange gain (loss)		(176,156	)		—			(341	)		(506	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		76,624,459			1,022,012			(34,808,290	)		785,494
Change in net unrealized appreciation (depreciation) of futures contracts		(24,127	)		—			(542	)		(225	)
Change in net unrealized appreciation (depreciation) of written options		(1,484,402	)		—			—			—
Net Gain (Loss) on Investment Securities and Foreign Currency		144,889,193			3,160,244			(19,098,566	)		1,440,339
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	164,285,497		$	3,088,248		$	(19,334,068	)	$	1,582,834

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

163

Penn Series Funds, Inc.

Statements of Operations (Unaudited)

For The Six Months Ended June 30, 2016

	Large Core Growth Fund			Large Cap Value Fund			Large Core Value Fund			Index 500 Fund
INVESTMENT INCOME:
Dividends	$	505,698		$	2,746,049		$	2,635,435		$	4,433,388
Interest		—			—			—			552
Foreign tax withheld		196			(21,047	)		(26,599	)		—
Total Investment Income		505,894			2,725,002			2,608,836			4,433,940
EXPENSES
Investment advisory fees (See Note 3)		310,277			651,262			629,638			265,756
Shareholder servicing fees (See Note 3)		46,542			88,109			85,115			182,534
Administration fees (See Note 3)		15,514			29,370			28,372			60,845
Accounting fees (See Note 3)		35,770			58,895			57,231			100,626
Director fees and expenses		2,770			5,033			4,441			9,957
Custodian fees and expenses		3,620			6,853			6,620			14,197
Pricing fees		2,070			4,555			2,681			8,640
Professional fees		5,288			9,562			8,714			19,001
Printing fees		4,723			8,570			7,486			16,912
Other expenses		17,408			21,553			32,645			57,540
Total Expenses		443,982			883,762			862,943			736,008
Net investment income (loss)		61,912			1,841,240			1,745,893			3,697,932
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		3,008,204			(4,248,381	)		(1,377,573	)		8,709,529
Net realized gain (loss) on futures contracts		—			—			—			210,610
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(4,620,707	)		5,071,926			2,182,930			1,789,454
Change in net unrealized appreciation (depreciation) of futures contracts		—			—			—			43,005
Net Gain (Loss) on Investment Securities and Foreign Currency		(1,612,503	)		823,545			805,357			10,752,598
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,550,591	)	$	2,664,785		$	2,551,250		$	14,450,530
	Mid Cap Growth Fund			Mid Cap Value Fund			Mid Core Value Fund			SMID Cap Growth Fund
INVESTMENT INCOME:
Dividends	$	397,844		$	1,545,710		$	915,990		$	144,752
Foreign tax withheld		—			(1,099	)		(3,005	)		—
Total Investment Income		397,844			1,544,611			912,985			144,752
EXPENSES
Investment advisory fees (See Note 3)		354,341			443,681			312,494			190,984
Shareholder servicing fees (See Note 3)		45,558			72,602			39,062			22,918
Administration fees (See Note 3)		15,186			24,201			13,021			7,639
Accounting fees (See Note 3)		35,137			50,280			30,381			17,825
Director fees and expenses		2,806			4,148			2,028			1,369
Custodian fees and expenses		3,543			5,647			3,514			1,782
Pricing fees		3,250			3,169			2,844			1,613
Professional fees		11,738			7,933			3,940			2,692
Printing fees		4,801			7,081			3,425			2,340
Recaptured advisory fees (See Note 3)		1,656			—			—			1,081
Other expenses		22,884			18,401			43,933			19,942
Total Expenses		500,900			637,143			454,642			270,185
Less: Waivers and reimbursement from advisor (See Note 3)		—			—			—			1,081
Net Expenses		500,900			637,143			454,642			269,104
Net investment income (loss)		(103,056	)		907,468			458,343			(124,352	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		(694,318	)		(4,425,175	)		1,733,468			(402,079	)
Net realized foreign currency exchange gain (loss)		(959	)		—			(115,689	)		—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		2,675,283			12,638,408			6,467,156			675,367
Change in net unrealized appreciation (depreciation) of written options		(367,002	)		—			—			—
Net Gain (Loss) on Investment Securities and Foreign Currency		1,613,004			8,213,233			8,084,935			273,288
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,509,948		$	9,120,701		$	8,543,278		$	148,936

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, 2016

	SMID Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Small Cap Index Fund
INVESTMENT INCOME:
Dividends	$	501,450		$	235,484		$	1,890,999		$	464,750
Interest		—			—			—			104
Foreign tax withheld		—			(4,090	)		(1,447	)		(126	)
Total Investment Income		501,450			231,394			1,889,552			464,728
EXPENSES
Investment advisory fees (See Note 3)		319,569			306,840			757,255			93,653
Shareholder servicing fees (See Note 3)		30,275			37,053			94,964			28,096
Administration fees (See Note 3)		10,092			12,351			31,655			9,365
Accounting fees (See Note 3)		23,547			28,819			62,703			21,852
Director fees and expenses		1,687			2,275			5,440			1,533
Custodian fees and expenses		2,355			2,882			7,386			2,185
Pricing fees		1,835			3,161			5,078			14,405
Professional fees		3,250			4,325			10,514			2,964
Printing fees		2,879			3,883			9,263			2,606
Other expenses		15,183			23,339			43,968			34,280
Total Expenses		410,672			424,928			1,028,226			210,939
Net investment income (loss)		90,778			(193,534	)		861,326			253,789
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		1,196,990			(446,428	)		2,216,126			2,091,961
Net realized gain (loss) on futures contracts		—			—			—			44,998
Net realized foreign currency exchange gain (loss)		—			396			—			—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		2,467,748			1,519,688			6,809,727			(1,185,580	)
Change in net unrealized appreciation (depreciation) of futures contracts		—			(320	)		—			(22,746	)
Net Gain (Loss) on Investment Securities and Foreign Currency		3,664,738			1,073,336			9,025,853			928,633
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,755,516		$	879,802		$	9,887,179		$	1,182,422
	Developed International Index Fund			International Equity Fund			Emerging Markets Equity Fund			Real Estate Securities Fund
INVESTMENT INCOME:
Dividends	$	2,264,201		$	5,448,655		$	1,915,153		$	1,925,828
Foreign tax withheld		(194,042	)		(353,092	)		(215,990	)		—
Total Investment Income		2,070,159			5,095,563			1,699,163			1,925,828
EXPENSES
Investment advisory fees (See Note 3)		139,531			1,494,543			818,683			470,428
Shareholder servicing fees (See Note 3)		41,859			157,711			62,442			60,484
Administration fees (See Note 3)		13,953			52,570			20,814			20,161
Accounting fees (See Note 3)		37,208			115,086			51,573			43,547
Director fees and expenses		2,359			8,805			3,402			3,176
Custodian fees and expenses		12,593			58,871			43,248			4,704
Pricing fees		42,397			9,300			10,867			2,496
Professional fees		4,482			19,440			13,060			6,105
Printing fees		4,009			14,915			5,955			5,356
Other expenses		76,374			46,871			123,943			19,604
Total Expenses		374,765			1,978,112			1,153,987			636,061
Net investment income (loss)		1,695,394			3,117,451			545,176			1,289,767
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY
Net realized gains (losses) on investment transactions		(260,736	)		11,504,535			(265,019	)		5,817,043
Net realized gain (loss) on futures contracts		(15,275	)		—			—			—
Net realized foreign currency exchange gain (loss)		14,297			(302,062	)		(121,696	)		—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(4,988,568	)		(12,046,260	)		8,152,404			5,425,037
Change in net unrealized appreciation (depreciation) of futures contracts		(27,866	)		(33,856	)		(95	)		—
Net Gain (Loss) on Investment Securities and Foreign Currency		(5,278,148	)		(877,643	)		7,765,594			11,242,080
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,582,754	)	$	2,239,808		$	8,310,770		$	12,531,847

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, 2016

	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
INVESTMENT INCOME:
Dividends	$	370		$	973		$	1,022		$	664
Total Investment Income		370			973			1,022			664
EXPENSES
Investment advisory fees (See Note 3)		35,450			136,998			191,898			59,362
Shareholder servicing fees (See Note 3)		26,587			103,952			148,870			44,522
Administration fees (See Note 3)		8,862			34,651			49,623			14,841
Accounting fees (See Note 3)		5,967			11,550			16,541			5,967
Director fees and expenses		1,464			5,714			8,212			2,464
Custodian fees and expenses		2,068			8,085			11,579			3,463
Pricing fees		1,151			2,907			3,926			1,564
Professional fees		2,796			10,864			15,610			4,670
Printing fees		2,489			9,692			13,910			4,170
Recaptured advisory fee (See Note 3)		1,730			—			—			—
Other expenses		8,922			21,996			30,188			11,371
Total Expenses		97,486			346,409			490,357			152,394
Net investment loss		(97,116	)		(345,436	)		(489,335	)		(151,730	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
Net realized gain (loss) on investment transactions		2,411,405			10,429,984			11,325,763			3,604,204
Change in net unrealized appreciation (depreciation) of affiliated investments		(688,463	)		(3,026,666	)		673,968			232,204
Net Gain (Loss) on Investment Securities		1,722,942			7,403,318			11,999,731			3,836,408
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,625,826		$	7,057,882		$	11,510,396		$	3,684,678
	Conservative Allocation Fund
INVESTMENT INCOME:
Dividends	$	959
Total Investment Income		959
EXPENSES
Investment advisory fees (See Note 3)		36,365
Shareholder servicing fees (See Note 3)		27,274
Administration fees (See Note 3)		9,091
Accounting fees (See Note 3)		5,967
Director fees and expenses		1,450
Custodian fees and expenses		2,121
Pricing fees		1,094
Professional fees		2,760
Printing fees		2,442
Recaptured advisory fees (See Note 3)		119
Other expenses		8,137
Total Expenses		96,820
Net investment loss		(95,861	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
Net realized gain (loss) on investment transactions		2,217,383
Change in net unrealized appreciation (depreciation) of affiliated investments		139,693
Net Gain (Loss) on Investment Securities		2,357,076
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,261,215

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

166

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Money Market Fund						Limited Maturity Bond Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	15,969		$	11,992		$	1,375,047		$	2,655,082
Net realized gains (loss) from investment transactions		—			—			(161,410	)		268,084
Net realized gains (loss) on futures contracts		—			—			72,727			(324,813	)
Net change in unrealized appreciation (depreciation) of investments		—			—			2,063,384			(650,690	)
Net change in unrealized appreciation (depreciation) of future contracts		—			—			—			(51,250	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,969			11,992			3,349,748			1,896,413
Distributions from:
Net investment income		(5,989	)		(11,728	)		—			—
Total Distributions		(5,989	)		(11,728	)		—			—
Capital Share Transactions:
Shares issued		34,980,895			88,029,875			7,245,241			36,008,080
Shares issued in lieu of cash distributions		5,989			11,728			—			—
Shares redeemed		(54,793,587	)		(87,127,948	)		(20,125,867	)		(70,119,812	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(19,806,703	)		913,655			(12,880,626	)		(34,111,732	)
Total Increase (Decrease)		(19,796,723	)		913,919			(9,530,878	)		(32,215,319	)
Net Assets:
Beginning of period		133,645,357			132,731,438			189,846,371			222,061,690
End of Period	$	113,848,634		$	133,645,357		$	180,315,493		$	189,846,371
Undistributed net investment income (loss)	$	10,244		$	264		$	1,375,047		$	—
Shares Issued and Redeemed:
Shares issued		34,980,895			88,029,875			620,915			3,108,690
Shares issued in lieu of cash distributions		5,989			11,728			—			—
Shares redeemed		(54,793,587	)		(87,127,948	)		(1,720,179	)		(6,045,850	)
		(19,806,703	)		913,655			(1,099,264	)		(2,937,160	)
	Quality Bond Fund						High Yield Bond Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	6,772,664		$	13,607,991		$	5,220,071		$	11,061,361
Net realized gains (loss) from investment transactions		2,258,613			10,225,061			(3,808,013	)		(6,266,501	)
Net realized gains (loss) on futures contracts		(1,455,849	)		453,523			—			—
Net realized foreign exchange gain (loss)		—			(265	)		(305,322	)		585,927
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		20,317,222			(22,025,118	)		11,465,075			(11,129,127	)
Net Increase (Decrease) in Net Assets Resulting from Operations		27,892,650			2,261,192			12,571,811			(5,748,340	)
Capital Share Transactions:
Shares issued		20,069,448			51,580,293			3,296,345			15,583,960
Shares redeemed		(37,263,140	)		(78,782,330	)		(16,779,899	)		(31,306,417	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(17,193,692	)		(27,202,037	)		(13,483,554	)		(15,722,457	)
Total Increase (Decrease)		10,698,958			(24,940,845	)		(911,743	)		(21,470,797	)
Net Assets:
Beginning of period		534,675,121			559,615,966			173,032,810			194,503,607
End of Period	$	545,374,079		$	534,675,121		$	172,121,067		$	173,032,810
Undistributed net investment income (loss)	$	6,772,664		$	—		$	4,947,321		$	(272,749	)
Shares Issued and Redeemed:
Shares issued		1,450,176			3,814,695			304,704			1,408,093
Shares issued in lieu of cash distributions		—			—			—			—
Shares redeemed		(2,705,928	)		(5,820,984	)		(1,553,119	)		(2,810,375	)
		(1,255,752	)		(2,006,289	)		(1,248,415	)		(1,402,282	)

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

167

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Flexibly Managed Fund						Balanced Fund
	For the six  months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	19,396,304		$	35,653,712		$	(71,996	)	$	(170,857	)
Net realized gains (loss) from investment transactions		69,949,419			291,569,245			2,138,232			3,338,369
Net realized gains (loss) on written options		—			(17,244	)		—			—
Net realized foreign exchange gain (loss)		(176,156	)		(610,362	)		—			—
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		73,631,528			(180,003,900	)		1,022,012			(2,623,599	)
Net change in unrealized appreciation (depreciation) of written options		1,484,402			8,462,912			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		164,285,497			155,054,363			3,088,248			543,913
Capital Share Transactions:
Shares issued		84,022,472			216,314,515			1,369,867			3,697,483
Shares redeemed		(130,915,554	)		(123,360,667	)		(4,715,423	)		(9,448,421	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(46,893,082	)		92,953,848			(3,345,556	)		(5,750,938	)
Total Increase (Decrease)		117,392,415			248,008,211			(257,308	)		(5,207,025	)
Net Assets:
Beginning of period		3,322,196,391			3,074,188,180			76,586,620			81,793,645
End of Period	$	3,439,588,806		$	3,322,196,391		$	76,329,312		$	76,586,620
Undistributed net investment income (loss)	$	19,366,581			(29,723	)	$	(71,996	)	$	—
Shares Issued and Redeemed:
Shares issued		1,994,927			5,210,741			84,180			227,681
Shares redeemed		(3,184,374	)		(2,982,711	)		(288,893	)		(581,655	)
		(1,189,447	)		2,228,030			(204,713	)		(353,974	)
	Large Growth Stock Fund						Large Cap Growth Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(235,502	)	$	(903,524	)	$	142,495		$	214,386
Net realized gains (loss) from investment transactions		15,710,607			32,485,479			655,576			4,946,662
Net realized foreign exchange gain (loss)		(341	)		(4,022	)		(506	)		1,211
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		(34,808,832	)		(2,752,058	)		785,269			(5,748,356	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(19,334,068	)		28,825,875			1,582,834			(586,097	)
Capital Share Transactions:
Shares issued		9,846,472			21,826,727			1,442,095			5,105,548
Shares redeemed		(30,742,876	)		(34,631,243	)		(3,648,210	)		(18,480,718	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(20,896,404	)		(12,804,516	)		(2,206,115	)		(13,375,170	)
Total Increase (Decrease)		(40,230,472	)		16,021,359			(623,281	)		(13,961,267	)
Net Assets:
Beginning of period		296,703,133			280,681,774			43,701,841			57,663,108
End of Period	$	256,472,661		$	296,703,133		$	43,078,560		$	43,701,841
Undistributed net investment income (loss)	$	(235,502	)	$	—		$	68,590		$	(74,273	)
Shares Issued and Redeemed:
Shares issued		352,674			744,580			108,715			385,521
Shares redeemed		(1,126,052	)		(1,191,486	)		(281,514	)		(1,445,763	)
		(773,378	)		(446,906	)		(172,799	)		(1,060,242	)

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

168

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Large Core Growth Fund						Large Cap Value Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	61,912		$	(243,051	)	$	1,841,240		$	2,607,629
Net realized gains (loss) from investment transactions		3,008,204			10,304,491			(4,248,381	)		10,201,080
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		(4,620,707	)		(8,242,993	)		5,071,926			(22,143,663	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,550,591	)		1,818,447			2,664,785			(9,334,954	)
Capital Share Transactions:
Shares issued		1,724,588			3,033,469			4,819,029			15,700,343
Shares redeemed		(6,390,205	)		(19,152,485	)		(14,307,052	)		(27,753,537	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(4,665,617	)		(16,119,016	)		(9,488,023	)		(12,053,194	)
Total Increase (Decrease)		(6,216,208	)		(14,300,569	)		(6,823,238	)		(21,388,148	)
Net Assets:
Beginning of period		111,679,672			125,980,241			207,692,011			229,080,159
End of Period	$	105,463,464		$	111,679,672		$	200,868,773		$	207,692,011
Undistributed net investment income (loss)	$	61,912		$	—		$	498,049		$	(1,343,191	)
Shares Issued and Redeemed:
Shares issued		112,799			186,621			222,792			696,968
Shares redeemed		(412,998	)		(1,193,376	)		(666,786	)		(1,210,583	)
		(300,199	)		(1,006,755	)		(443,994	)		(513,615	)
	Large Core Value Fund						Index 500 Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,745,893		$	2,865,780		$	3,697,932		$	7,365,475
Net realized gains (loss) from investment transactions		(1,377,573	)		17,515,483			8,709,529			10,334,116
Net realized gains (loss) on futures contracts		—			—			210,610			336,718
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		2,182,930			(20,328,266	)		1,832,459			(13,632,674	)
Net change in unrealized appreciation (depreciation) of written options		—			—			—			(351,802	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,551,250			52,997			14,450,530			4,051,833
Capital Share Transactions:
Shares issued		4,446,094			36,293,794			8,505,134			27,836,558
Shares redeemed		(16,553,868	)		(26,030,180	)		(21,837,508	)		(56,758,285	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(12,107,774	)		10,263,614			(13,332,374	)		(28,921,727	)
Total Increase (Decrease)		(9,556,524	)		10,316,611			1,118,156			(24,869,894	)
Net Assets:
Beginning of period		203,012,103			192,695,492			417,964,931			442,834,825
End of Period	$	193,455,579		$	203,012,103		$	419,083,087		$	417,964,931
Undistributed net investment income (loss)	$	1,745,893		$	—		$	3,697,932		$	—
Shares Issued and Redeemed:
Shares issued		305,187			2,557,882			539,307			1,732,802
Shares redeemed		(1,168,452	)		(1,753,261	)		(1,368,977	)		(3,553,537	)
		(863,265	)		804,621			(829,670	)		(1,820,735	)

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

169

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Mid Cap Growth Fund						Mid Cap Value Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(103,056	)	$	(28,391	)	$	907,468		$	1,701,454
Net realized gains (loss) from investment transactions		(694,318	)		5,797,189			(4,425,175	)		26,296,013
Net realized gains (loss) on written options		—			118,982			—			—
Net realized foreign exchange gain (loss)		(959	)		(658	)		—			—
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		2,308,281			(12,976,960	)		12,638,408			(42,348,949	)
Net change in unrealized appreciation (depreciation) of written options		—			233,582			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		1,509,948			(6,856,256	)		9,120,701			(14,351,482	)
Capital Share Transactions:
Shares issued		1,963,857			8,045,737			3,572,593			16,099,583
Shares redeemed		(10,714,048	)		(17,933,265	)		(11,431,032	)		(21,191,909	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(8,750,191	)		(9,887,528	)		(7,858,439	)		(5,092,326	)
Total Increase (Decrease)		(7,240,243	)		(16,743,784	)		1,262,262			(19,443,808	)
Net Assets:
Beginning of period		111,742,414			128,486,198			165,849,259			185,293,067
End of Period	$	104,502,171		$	111,742,414		$	167,111,521		$	165,849,259
Undistributed net investment income (loss)	$	(59,107	)	$	43,949		$	230,572		$	(676,896	)
Shares Issued and Redeemed:
Shares issued		141,942			554,269			182,903			778,338
Shares redeemed		(822,524	)		(1,219,379	)		(584,945	)		(1,021,668	)
		(680,582	)		(665,110	)		(402,042	)		(243,330	)
	Mid Core Value Fund						SMID Cap Growth Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	458,343		$	942,980		$	(124,352	)	$	(427,475	)
Net realized gains (loss) from investment transactions		1,733,468			7,036,472			(402,079	)		4,385,704
Net realized foreign exchange gain (loss)		(115,689	)		436,520			—			—
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		6,467,156			(9,226,776	)		675,367			(5,703,654	)
Net Increase (Decrease) in Net Assets Resulting from Operations		8,543,278			(810,804	)		148,936			(1,745,425	)
Capital Share Transactions:
Shares issued		4,561,314			18,173,946			1,818,474			18,476,093
Shares redeemed		(12,638,963	)		(17,042,212	)		(7,713,885	)		(16,331,135	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(8,077,649	)		1,131,734			(5,895,411	)		2,144,958
Total Increase (Decrease)		465,629			320,930			(5,746,475	)		399,533
Net Assets:
Beginning of period		90,549,934			90,229,004			56,001,609			55,602,076
End of Period	$	91,015,563		$	90,549,934		$	50,255,134		$	56,001,609
Undistributed net investment income (loss)	$	492,048		$	33,704		$	(124,352	)	$	—
Shares Issued and Redeemed:
Shares issued		249,754			1,057,402			98,705			880,485
Shares redeemed		(717,943	)		(959,286	)		(411,732	)		(816,373	)
		(468,189	)		98,116			(313,027	)		64,112

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

170

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	SMID Cap Value Fund						Small Cap Growth Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	90,778		$	(16,641	)	$	(193,534	)	$	(481,029	)
Net realized gains (loss) from investment transactions		1,196,990			5,289,080			(446,428	)		8,505,456
Net realized foreign exchange gain (loss)		—			—			396			(674	)
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		2,467,748			(9,717,509	)		1,519,368			(7,010,917	)
Net Increase (Decrease) in Net Assets Resulting from Operations		3,755,516			(4,445,070	)		879,802			1,012,836
Capital Share Transactions:
Shares issued		4,506,293			10,634,347			1,845,635			10,002,130
Shares redeemed		(4,367,791	)		(12,136,270	)		(9,748,082	)		(22,027,172	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		138,502			(1,501,923	)		(7,902,447	)		(12,025,042	)
Total Increase (Decrease)		3,894,018			(5,946,993	)		(7,022,645	)		(11,012,206	)
Net Assets:
Beginning of period		67,959,188			73,906,181			91,665,606			102,677,812
End of Period	$	71,853,206		$	67,959,188		$	84,642,961		$	91,665,606
Undistributed net investment income (loss)	$	90,778		$	—		$	(193,534	)	$	—
Shares Issued and Redeemed:
Shares issued		225,615			509,005			66,378			339,948
Shares redeemed		(220,848	)		(597,177	)		(363,290	)		(740,200	)
		4,767			(88,172	)		(296,912	)		(400,252	)
	Small Cap Value Fund						Small Cap Index Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	861,326		$	1,478,773		$	253,789		$	443,550
Net realized gains (loss) from investment transactions		2,216,126			13,550,651			2,091,961			3,739,682
Net realized gains (loss) on futures contracts		—			—			44,998			(130,343	)
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		6,809,727			(27,740,785	)		(1,208,326	)		(7,476,015	)
Net change in unrealized appreciation (depreciation) of future contracts		—			—			—			31,132
Net Increase (Decrease) in Net Assets Resulting from Operations		9,887,179			(12,711,361	)		1,182,422			(3,391,994	)
Capital Share Transactions:
Shares issued		2,698,512			17,861,045			2,658,709			7,946,828
Shares redeemed		(19,542,743	)		(24,138,080	)		(3,312,305	)		(5,732,698	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(16,844,231	)		(6,277,035	)		(653,596	)		2,214,130
Total Increase (Decrease)		(6,957,052	)		(18,988,396	)		528,826			(1,177,864	)
Net Assets:
Beginning of period		227,138,566			246,126,962			65,480,122			66,657,986
End of Period	$	220,181,514		$	227,138,566		$	66,008,948		$	65,480,122
Undistributed net investment income (loss)	$	861,326		$	—		$	226,592		$	(27,197	)
Shares Issued and Redeemed:
Shares issued		105,699			661,526			166,001			458,812
Shares redeemed		(771,214	)		(872,806	)		(206,959	)		(326,348	)
		(665,515	)		(211,280	)		(40,958	)		132,464

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

171

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Developed International Index Fund						International Equity Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,695,394		$	2,094,447		$	3,117,451		$	4,507,715
Net realized gains (loss) from investment transactions		(260,736	)		(274,176	)		11,504,535			(668,375	)
Net realized gains (loss) on futures contracts		(15,275	)		(29,042	)		—			—
Net realized foreign exchange gain (loss)		14,297			(48,768	)		(302,062	)		(461,980	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency		(5,016,434	)		(3,211,981	)		(12,080,116	)		10,112,442
Net change in unrealized appreciation (depreciation) of futures contracts		—			52,511			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,582,754	)		(1,417,009	)		2,239,808			13,489,802
Capital Share Transactions:
Shares issued		9,577,872			12,943,251			7,779,884			19,618,564
Shares redeemed		(5,432,377	)		(14,927,281	)		(32,217,581	)		(38,831,644	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		4,145,495			(1,984,030	)		(24,437,697	)		(19,213,080	)
Total Increase (Decrease)		562,741			(3,401,039	)		(22,197,889	)		(5,723,278	)
Net Assets:
Beginning of period		98,109,203			101,510,242			375,175,216			380,898,494
End of Period	$	98,671,944		$	98,109,203		$	352,977,327		$	375,175,216
Undistributed net investment income (loss)	$	611,210		$	(1,084,184	)	$	(4,567,471	)	$	(7,684,922	)
Shares Issued and Redeemed:
Shares issued		873,313			1,090,834			323,435			818,745
Shares redeemed		(499,353	)		(1,265,039	)		(1,368,232	)		(1,618,252	)
		373,960			(174,205	)		(1,044,797	)		(799,507	)
	Emerging Markets Equity Fund						Real Estate Securities Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	545,176		$	366,468		$	1,289,767		$	1,962,589
Net realized gains (loss) from investment transactions		(265,019	)		(7,002,030	)		5,817,043			13,470,692
Net realized foreign exchange gain (loss)		(121,696	)		85,163			—			—
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		8,152,309			(9,977,031	)		5,425,037			(8,417,398	)
Net Increase (Decrease) in Net Assets Resulting from Operations		8,310,770			(16,527,430	)		12,531,847			7,015,883
Capital Share Transactions:
Shares issued		2,747,207			23,548,567			2,825,661			15,495,865
Shares redeemed		(13,292,585	)		(16,229,303	)		(8,850,031	)		(21,728,647	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(10,545,378	)		7,319,264			(6,024,370	)		(6,232,782	)
Total Increase (Decrease)		(2,234,608	)		(9,208,166	)		6,507,477			783,101
Net Assets:
Beginning of period		147,819,239			157,027,405			137,643,954			136,860,853
End of Period	$	145,584,631		$	147,819,239		$	144,151,431		$	137,643,954
Undistributed net investment income (loss)	$	12,925		$	(532,251	)	$	1,289,767		$	—
Shares Issued and Redeemed:
Shares issued		281,562			2,346,437			152,138			859,332
Shares redeemed		(1,405,241	)		(1,527,572	)		(461,387	)		(1,194,354	)
		(1,123,679	)		818,865			(309,249	)		(335,022	)

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

172

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Aggressive Allocation Fund						Moderately Aggressive Allocation Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment loss	$	(97,116	)	$	(219,440	)	$	(345,436	)	$	(803,621	)
Net realized gains (loss) from investment transactions		2,411,405			4,822,664			10,429,984			17,402,186
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		(688,463	)		(5,588,441	)		(3,026,666	)		(19,421,099	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,625,826			(985,217	)		7,057,882			(2,822,534	)
Capital Share Transactions:
Shares issued		1,243,797			6,891,553			4,076,240			13,775,523
Shares redeemed		(2,822,393	)		(9,291,819	)		(14,947,142	)		(22,446,770	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,578,596	)		(2,400,266	)		(10,870,902	)		(8,671,247	)
Total Increase (Decrease)		47,230			(3,385,483	)		(3,813,020	)		(11,493,781	)
Net Assets:
Beginning of period		61,119,073			64,504,556			238,907,835			250,401,616
End of Period	$	61,166,303		$	61,119,073		$	235,094,815		$	238,907,835
Undistributed net investment income (loss)	$	(96,076	)	$	—		$	(345,436	)	$	—
Shares Issued and Redeemed:
Shares issued		86,103			448,753			263,458			864,219
Shares redeemed		(194,197	)		(607,727	)		(960,288	)		(1,413,845	)
		(108,094	)		(158,974	)		(696,830	)		(549,626	)
	Moderate Allocation Fund						Moderately Conservative Allocation Fund
	For the six months ended 6/30/16			For the year ended 12/31/15			For the six months ended 6/30/16			For the year ended 12/31/15
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment loss	$	(489,335	)	$	(1,138,721	)	$	(151,730	)	$	(352,294	)
Net realized gains (loss) from investment transactions		11,325,763			20,563,227			3,604,204			5,545,786
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		673,968			(21,152,431	)		232,204			(5,307,141	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,510,396			(1,727,925	)		3,684,678			(113,649	)
Capital Share Transactions:
Shares issued		3,129,341			12,043,800			4,025,611			12,026,453
Shares redeemed		(20,339,671	)		(32,208,260	)		(8,999,280	)		(17,481,509	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(17,210,330	)		(20,164,460	)		(4,973,669	)		(5,455,056	)
Total Increase (Decrease)		(5,699,934	)		(21,892,385	)		(1,288,991	)		(5,568,705	)
Net Assets:
Beginning of period		342,151,704			364,044,089			102,100,537			107,669,242
End of Period	$	336,451,770		$	342,151,704		$	100,811,546		$	102,100,537
Undistributed net investment income (loss)	$	(489,335	)	$	—		$	(151,730	)	$	—
Shares Issued and Redeemed:
Shares issued		218,096			820,440			295,690			871,423
Shares redeemed		(1,423,490	)		(2,205,630	)		(664,670	)		(1,266,079	)
		(1,205,394	)		(1,385,190	)		(368,980	)		(394,656	)

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

173

Penn Series Funds, Inc.

Statements of Changes in Net Assets

	Conservative Allocation Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15
	(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net investment loss	$	(95,861	)	$	(214,380	)
Net realized gains (loss) from investment transactions		2,217,383			3,028,683
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency		139,693			(2,719,124	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,261,215			95,179
Capital Share Transactions:
Shares issued		4,217,966			8,503,642
Shares redeemed		(6,959,536	)		(12,565,119	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(2,741,570	)		(4,061,477	)
Total Increase (Decrease)		(480,355	)		(3,966,298	)
Net Assets:
Beginning of period		61,216,568			65,182,866
End of Period	$	60,736,213		$	61,216,568
Undistributed net investment income (loss)	$	(95,862	)	$	—
Shares Issued and Redeemed:
Shares issued		328,736			663,655
Shares redeemed		(540,013	)		(978,878	)
		(211,277	)		(315,223	)

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

174

Penn Series Funds, Inc.

Financial Highlights

MONEY MARKET FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
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) 2		—	(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)	$	113,849		$	133,645		$	132,731		$	124,881		$	141,725		$	154,213
Ratio of net expenses to average net assets 3		0.42%	*		0.23%			0.12%			0.16%			0.22%			0.22%
Ratio of total expenses to average net assets 4		0.60%	*		0.61%			0.57%			0.48%			0.49%			0.49%
Ratio of net investment income (loss) to average net assets 3		0.03%	*		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. Total returns may reflect adjustments to conform with generally accepted accounting principles. 2     The net investment income (loss) per share was calculated using the average shares outstanding method. 3     The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 4    The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. (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, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	11.59		$	11.50		$	11.48		$	11.49		$	11.42		$	11.17
Income from investment operations:
Net investment income (loss) 2		0.09			0.13			0.08			0.05			0.09			0.13
Net realized and unrealized gain (loss) on investment transactions		0.12			(0.04	)		(0.06	)		(0.06	)		(0.02	)		0.12
Total from investment operations		0.21			0.09			0.02			(0.01	)		0.07			0.25
Net asset value, end of period	$	11.80		$	11.59		$	11.50		$	11.48		$	11.49		$	11.42
Total return 1		1.81%	#		0.78%			0.17%			(0.09%	)		0.61%			2.24%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	180,315		$	189,846		$	222,062		$	243,667		$	202,385		$	174,290
Ratio of total expenses to average net assets		0.71%	*		0.73%			0.67%			0.57%			0.57%			0.58%
Ratio of net investment income (loss) to average net assets		1.48%	*		1.10%			0.67%			0.60%			0.81%			1.14%
Portfolio turnover rate		45%	#		127%			82%			50%			31%			50%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

175

Penn Series Funds, Inc.

Financial Highlights

QUALITY BOND FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012		2011
Net asset value, beginning of period	$	13.45		$	13.40		$	12.75		$	13.14		$	12.73	$	11.56
Income from investment operations:
Net investment income (loss) 2		0.17			0.33			0.26			0.25			0.27		0.32
Net realized and unrealized gain (loss) on investment transactions		0.55			(0.28	)		0.39			(0.64	)		0.14		0.85
Total from investment operations		0.72			0.05			0.65			(0.39	)		0.41		1.17
Net asset value, end of period	$	14.17		$	13.45		$	13.40		$	12.75		$	13.14	$	12.73
Total return 1		5.35%	#		0.37%			5.10%			(2.97%	)		3.22%		10.12%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	545,374		$	534,675		$	559,616		$	546,759		$	568,400	$	477,606
Ratio of total expenses to average net assets		0.65%	*		0.68%			0.64%			0.56%			0.56%		0.57%
Ratio of net investment income (loss) to average net assets		2.54%	*		2.46%			1.95%			1.91%			2.06%		2.62%
Portfolio turnover rate		43%	#		131%			135%			47%			32%		44%
*   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. 2     The net investment income (loss) per share was calculated using the average shares outstanding method.
HIGH YIELD BOND FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012		2011
Net asset value, beginning of period	$	10.61		$	10.98		$	10.78		$	9.99		$	8.72	$	8.46
Income (loss) from investment operations:
Net investment income (loss) 2		0.33			0.66			0.62			0.62			0.61		0.62
Net realized and unrealized gain (loss) on investment transactions		0.49			(1.03	)		(0.42	)		0.17			0.66		(0.36	)
Total from investment operations		0.82			(0.37	)		0.20			0.79			1.27		0.26
Net asset value, end of period	$	11.43		$	10.61		$	10.98		$	10.78		$	9.99	$	8.72
Total return 1		7.73%	#		(3.37%	)		1.86%			7.91%			14.56%		3.07%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	172,121		$	173,033		$	194,504		$	188,788		$	179,720	$	141,290
Ratio of total expenses to average net assets		0.86%	*		0.87%			0.85%			0.82%			0.82%		0.83%
Ratio of net investment income (loss) to average net assets		6.18%	*		5.88%			5.58%			5.96%			6.52%		7.16%
Portfolio turnover rate		44%	#		72%			56%			68%			69%		58%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

176

Penn Series Funds, Inc.

Financial Highlights

FLEXIBLY MANAGED FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015		2014		2013		2012		2011
Net asset value, beginning of period	$	42.05		$	40.04	$	35.72	$	29.22	$	25.46	$	24.71
Income (loss) from investment operations:
Net investment income (loss) 2		0.25			0.46		0.45		0.34		0.44		0.40
Net realized and unrealized gain (loss) on investment transactions		1.91			1.55		3.87		6.16		3.32		0.35
Total from investment operations		2.16			2.01		4.32		6.50		3.76		0.75
Net asset value, end of period	$	44.21		$	42.05	$	40.04	$	35.72	$	29.22	$	25.46
Total return 1		5.14%	#		5.02%		12.09%		22.25%		14.77%		3.04%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	3,439,589		$	3,322,196	$	3,074,188	$	2,685,504	$	2,010,412	$	1,655,254
Ratio of total expenses to average net assets		0.89%	*		0.92%		0.89%		0.83%		0.84%		0.84%
Ratio of net investment income (loss) to average net assets		1.18%	*		1.10%		1.18%		1.04%		1.59%		1.60%
Portfolio turnover rate		30%	#		69%		74%		63%		65%		83%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

BALANCED FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	16.24		$	16.13		$	14.71		$	12.60		$	11.40		$	10.80
Income (loss) from investment operations:
Net investment income (loss) 3		(0.02	)		(0.03	)		(0.03	)		(0.03	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investment transactions		0.70			0.14			1.45			2.14			1.22			0.62
Total from investment operations		0.68			0.11			1.42			2.11			1.20			0.60
Net asset value, end of period	$	16.92		$	16.24		$	16.13		$	14.71		$	12.60		$	11.40
Total return 1		4.19%	#		0.68%			9.65%			16.75%			10.53%			5.56%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	76,329		$	76,587		$	81,794		$	78,642		$	71,601		$	65,342
Ratio of net expenses to average net assets 2, 4		0.19%	*		0.21%			0.20%			0.20%			0.19%			0.18%
Ratio of total expenses to average net assets 2, 5		0.19%	*		0.21%			0.21%			0.22%			0.23%			0.24%
Ratio of net investment income (loss) to average net assets 4		(0.19%	)*		(0.21%	)		(0.20%	)		(0.20%	)		(0.19%	)		(0.18%	)
Portfolio turnover rate		2%	#		8%			8%			16%			15%			17%

* 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.

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.

³  The net investment income (loss) per share was calculated using the average shares outstanding method.

⁴  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁵ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

177

Penn Series Funds, Inc.

Financial Highlights

LARGE GROWTH STOCK FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012		2011
Net asset value, beginning of period	$	30.07		$	27.21		$	25.11		$	18.05		$	15.20	$	15.44
Income (loss) from investment operations:
Net investment income (loss) 2		(0.03	)		(0.09	)		(0.07	)		(0.04	)		0.01		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		(1.84	)		2.95			2.17			7.10			2.84		(0.21	)
Total from investment operations		(1.87	)		2.86			2.10			7.06			2.85		(0.24	)
Net asset value, end of period	$	28.20		$	30.07		$	27.21		$	25.11		$	18.05	$	15.20
Total return 1		(6.22%	)#		10.51%			8.36%			39.11%			18.75%		(1.55%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	256,473		$	296,703		$	280,682		$	262,358		$	210,999	$	176,692
Ratio of total expenses to average net assets		0.97%	*		0.98%			0.96%			0.90%			0.91%		0.93%
Ratio of net investment income (loss) to average net assets		(0.18%	)*		(0.30%	)		(0.26%	)		(0.21%	)		0.03%		(0.19%	)
Portfolio turnover rate		21%	#		37%			38%			36%			35%		33%
*   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. 2     The net investment income (loss) per share was calculated using the average shares outstanding method.
LARGE CAP GROWTH FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012		2011
Net asset value, beginning of period	$	13.09		$	13.11		$	11.78		$	9.57		$	8.68	$	9.31
Income (loss) from investment operations:
Net investment income (loss) 2		0.04			0.05			0.06			0.04			0.01		(0.02	)
Net realized and unrealized gain (loss) on investment transactions		0.48			(0.07	)		1.27			2.17			0.88		(0.61	)
Total from investment operations		0.52			(0.02	)		1.33			2.21			0.89		(0.63	)
Net asset value, end of period	$	13.61		$	13.09		$	13.11		$	11.78		$	9.57	$	8.68
Total return 1		3.97%	#		(0.15%	)		11.29%			23.09%			10.25%		(6.77%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	43,079		$	43,702		$	57,663		$	54,762		$	29,751	$	37,465
Ratio of net expenses to average net assets 3		0.89%	*		0.89%			0.89%			0.90%			0.90%		0.96%
Ratio of total expenses to average net assets 4		0.90%	*		0.89%			0.90%			0.90%			0.90%		0.96%
Ratio of net investment income (loss) to average net assets 3		0.68%	*		0.39%			0.47%			0.40%			0.06%		(0.25%	)
Portfolio turnover rate		12%	#		29%			25%			107%			97%		153%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

178

Penn Series Funds, Inc.

Financial Highlights

LARGE CORE GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012		2011
Net asset value, beginning of period	$	16.30		$	16.03		$	14.88		$	10.79		$	9.29	$	9.78
Income (loss) from investment operations:
Net investment income (loss) 2		0.01			(0.03	)		(0.03	)		(0.01	)		0.02		(0.01	)
Net realized and unrealized gain (loss) on investment transactions		(0.21	)		0.30			1.18			4.10			1.48		(0.48	)
Total from investment operations		(0.20	)		0.27			1.15			4.09			1.50		(0.49	)
Net asset value, end of period	$	16.10		$	16.30		$	16.03		$	14.88		$	10.79	$	9.29
Total return 1		(1.23%	)#		1.68%			7.73%			37.91%			16.15%		(5.01%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	105,463		$	111,680		$	125,980		$	127,757		$	106,053	$	100,397
Ratio of total expenses to average net assets		0.86%	*		0.87%			0.87%			0.88%			0.89%		0.90%
Ratio of net investment income (loss) to average net assets		0.12%	*		(0.20%	)		(0.19%	)		(0.08%	)		0.17%		(0.11%	)
Portfolio turnover rate		37%	#		124%			83%			109%			105%		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. Total returns may reflect adjustments to conform with generally accepted accounting principles.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

LARGE CAP VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014		2013		2012		2011
Net asset value, beginning of period	$	22.21		$	23.22		$	20.86	$	15.66	$	13.83	$	14.47
Income (loss) from investment operations:
Net investment income (loss) 2		0.20			0.27			0.30		0.21		0.20		0.18
Net realized and unrealized gain (loss) on investment transactions		0.14			(1.28	)		2.06		4.99		1.63		(0.82	)
Total from investment operations		0.34			(1.01	)		2.36		5.20		1.83		(0.64	)
Net asset value, end of period	$	22.55		$	22.21		$	23.22	$	20.86	$	15.66	$	13.83
Total return 1		1.53%	#		(4.35%	)		11.31%		33.21%		13.23%		(4.42%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	200,869		$	207,692		$	229,080	$	217,351	$	166,955	$	166,056
Ratio of total expenses to average net assets		0.90%	*		0.92%			0.90%		0.87%		0.88%		0.89%
Ratio of net investment income (loss) to average net assets		1.88%	*		1.17%			1.38%		1.16%		1.32%		1.24%
Portfolio turnover rate		7%	#		19%			22%		186%		90%		87%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

179

Penn Series Funds, Inc.

Financial Highlights

LARGE CORE VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014		2013		2012		2011
Net asset value, beginning of period	$	14.77		$	14.89		$	13.38	$	10.31	$	8.92	$	9.31
Income (loss) from investment operations:
Net investment income (loss) 3		0.13			0.22			0.19		0.15		0.16		0.14
Net realized and unrealized gain (loss) on investment transactions		0.12			(0.34	)		1.32		2.92		1.23		(0.53	)
Total from investment operations		0.25			(0.12	)		1.51		3.07		1.39		(0.39	)
Net asset value, end of period	$	15.02		$	14.77		$	14.89	$	13.38	$	10.31	$	8.92
Total return 1,2		1.69%	#		(0.81%	)		11.29%		29.78%		15.58%		(4.19%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	193,456		$	203,012		$	192,695	$	185,630	$	158,589	$	143,147
Ratio of total expenses to average net assets		0.91%	*		0.92%			0.91%		0.87%		0.88%		0.89%
Ratio of net investment income (loss) to average net assets		1.85%	*		1.47%			1.33%		1.25%		1.64%		1.52%
Portfolio turnover rate		42%	#		98%			80%		59%		38%		51%

* 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.

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%.

³  The net investment income (loss) per share was calculated using the average shares outstanding method.

INDEX 500 FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014		2013		2012		2011
Net asset value, beginning of period	$	16.14		$	15.98		$	14.11	$	10.70	$	9.25	$	9.09
Income (loss) from investment operations:
Net investment income (loss) 2		0.14			0.27			0.24		0.21		0.20		0.16
Net realized and unrealized gain (loss) on investment transactions		0.44			(0.11	)		1.63		3.20		1.25		—
Total from investment operations		0.58			0.16			1.87		3.41		1.45		0.16
Net asset value, end of period	$	16.72		$	16.14		$	15.98	$	14.11	$	10.70	$	9.25
Total return 1		3.59%	#		1.00%			13.25%		31.87%		15.68%		1.76%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	419,083		$	417,965		$	442,835	$	398,537	$	312,146	$	267,009
Ratio of net expenses to average net assets 3		0.36%	*		0.38%			0.38%		0.34%		0.34%		0.35%
Ratio of total expenses to average net assets 4		0.36%	*		0.38%			0.38%		0.34%		0.34%		0.36%
Ratio of net investment income (loss) to average net assets 3		1.82%	*		1.68%			1.63%		1.72%		1.93%		1.71%
Portfolio turnover rate		2%	#		3%			3%		8%		4%		4%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴  The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

180

Penn Series Funds, Inc.

Financial Highlights

MID CAP GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	14.02		$	14.88		$	13.59		$	9.94		$	9.37		$	10.16
Income (loss) from investment operations:
Net investment income (loss) 2		(0.01	)		—			(0.02	)		(0.06	)		(0.01	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		0.32			(0.86	)		1.31			3.71			0.58			(0.75	)
Total from investment operations		0.31			(0.86	)		1.29			3.65			0.57			(0.79	)
Net asset value, end of period	$	14.33		$	14.02		$	14.88		$	13.59		$	9.94		$	9.37
Total return 1		2.21%	#		(5.78%	)		9.49%			36.72%			6.08%			(7.78%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	104,502		$	111,742		$	128,486		$	120,563		$	101,293		$	99,083
Ratio of total expenses to average net assets		0.99%	*		1.00%			0.97%			0.99%			1.00%			1.00%
Ratio of net investment income (loss) to average net assets		(0.20%	)*		(0.02%	)		(0.14%	)		(0.49%	)		(0.12%	)		(0.42%	)
Portfolio turnover rate		15%	#		43%			140%			80%			129%			110%
*   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. 2     The net investment income (loss) per share was calculated using the average shares outstanding method.
MID CAP VALUE FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	19.36		$	21.04		$	18.51		$	13.59		$	11.80		$	12.59
Income (loss) from investment operations:
Net investment income (loss) 2		0.11			0.20			0.17			0.19			0.19			0.09
Net realized and unrealized gain (loss) on investment transactions		1.00			(1.88	)		2.36			4.73			1.60			(0.88	)
Total from investment operations		1.11			(1.68	)		2.53			4.92			1.79			(0.79	)
Net asset value, end of period	$	20.47		$	19.36		$	21.04		$	18.51		$	13.59		$	11.80
Total return 1		5.73%	#		(7.98%	)		13.67%			36.20%			15.17%			(6.27%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	167,112		$	165,849		$	185,293		$	172,994		$	124,651		$	97,048
Ratio of total expenses to average net assets		0.79%	*		0.81%			0.81%			0.82%			0.84%			0.84%
Ratio of net investment income (loss) to average net assets		1.12%	*		0.93%			0.86%			1.21%			1.49%			0.70%
Portfolio turnover rate		15%	#		42%			32%			43%			43%			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. Total returns may reflect adjustments to conform with generally accepted accounting principles.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

181

Penn Series Funds, Inc.

Financial Highlights

MID CORE VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014		2013		2012		2011
Net asset value, beginning of period	$	17.57		$	17.84		$	15.33	$	11.87	$	10.37	$	10.75
Income (loss) from investment operations:
Net investment income (loss) 2		0.09			0.19			0.21		0.14		0.08		0.03
Net realized and unrealized gain (loss) on investment transactions		1.76			(0.46	)		2.30		3.32		1.42		(0.41	)
Total from investment operations		1.85			(0.27	)		2.51		3.46		1.50		(0.38	)
Net asset value, end of period	$	19.42		$	17.57		$	17.84	$	15.33	$	11.87	$	10.37
Total return 1		10.53%	#		(1.51%	)		16.37%		29.15%		14.46%		(3.53%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	91,016		$	90,550		$	90,229	$	71,874	$	57,168	$	60,179
Ratio of total expenses to average net assets		1.05%	*		1.07%			1.05%		1.08%		1.08%		1.08%
Ratio of net investment income (loss) to average net assets		1.06%	*		1.06%			1.27%		0.97%		0.68%		0.29%
Portfolio turnover rate		37%	#		77%			69%		166%		75%		51%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

SMID CAP GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	19.46		$	19.76		$	19.64		$	13.75		$	11.92		$	12.51
Income (loss) from investment operations:
Net investment income (loss) 2		(0.04	)		(0.15	)		(0.15	)		(0.10	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss) on investment transactions		0.17			(0.15	)		0.27			5.99			1.89			(0.50	)
Total from investment operations		0.13			(0.30	)		0.12			5.89			1.83			(0.59	)
Net asset value, end of period	$	19.59		$	19.46		$	19.76		$	19.64		$	13.75		$	11.92
Total return 1		0.67%			(1.52%	)		0.61%			42.84%			15.35%			(4.72%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	50,255		$	56,002		$	55,602		$	63,627		$	40,578		$	26,996
Ratio of net expenses to average net assets 3		1.06%	*		1.07%			1.06%			1.05%			1.05%			1.05%
Ratio of total expenses to average net assets 4		1.06%	*		1.07%			1.06%			1.07%			1.12%			1.13%
Ratio of net investment income (loss) to average net assets 3		(0.49%	)*		(0.71%	)		(0.81%	)		(0.61%	)		(0.46%	)		(0.77%	)
Portfolio turnover rate		36%	#		103%			89%			90%			95%			160%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴  The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

182

Penn Series Funds, Inc.

Financial Highlights

SMID CAP VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014		2013		2012		2011
Net asset value, beginning of period	$	19.72		$	20.91		$	19.14	$	13.87	$	11.66	$	12.56
Income (loss) from investment operations:
Net investment income (loss) 2		0.03			—			0.05		0.07		0.07		0.03
Net realized and unrealized gain (loss) on investment transactions		1.07			(1.19	)		1.72		5.20		2.14		(0.93	)
Total from investment operations		1.10			(1.19	)		1.77		5.27		2.21		(0.90	)
Net asset value, end of period	$	20.82		$	19.72		$	20.91	$	19.14	$	13.87	$	11.66
Total return 1		5.58%	#		(5.69%	)		9.25%		38.00%		18.95%		(7.17%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	71,853		$	67,959		$	73,906	$	63,544	$	43,575	$	32,949
Ratio of net expenses to average net assets 3		1.22%	*		1.23%			1.20%		1.14%		1.14%		1.14%
Ratio of total expenses to average net assets 4		1.22%	*		1.23%			1.24%		1.25%		1.27%		1.31%
Ratio of net investment income (loss) to average net assets 3		0.27%	*		(0.02%	)		0.24%		0.41%		0.51%		0.27%
Portfolio turnover rate		33%	#		48%			51%		58%		52%		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. Total returns may reflect adjustments to conform with generally accepted accounting principles.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

SMALL CAP GROWTH FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	28.59		$	28.47		$	26.42		$	19.20		$	18.16		$	20.43
Income (loss) from investment operations:
Net investment income (loss) 2		(0.06	)		(0.14	)		(0.11	)		(0.11	)		(0.18	)		(0.15	)
Net realized and unrealized gain (loss) on investment transactions		0.56			0.26			2.16			7.33			1.22			(2.12	)
Total from investment operations		0.50			0.12			2.05			7.22			1.04			(2.27	)
Net asset value, end of period	$	29.09		$	28.59		$	28.47		$	26.42		$	19.20		$	18.16
Total return 1		1.75%	#		0.42%			7.76%			37.60%			5.73%			(11.11%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	84,643		$	91,666		$	102,678		$	89,539		$	77,720		$	78,447
Ratio of total expenses to average net assets		1.03%	*		1.03%			1.02%			1.07%			1.10%			1.08%
Ratio of net investment income (loss) to average net assets		(0.47%	)*		(0.48%	)		(0.42%	)		(0.50%	)		(0.92%	)		(0.71%	)
Portfolio turnover rate		6%	#		26%			33%			143%			103%			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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

183

Penn Series Funds, Inc.

Financial Highlights

SMALL CAP VALUE FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014		2013		2012		2011
Net asset value, beginning of period	$	26.50		$	28.03		$	26.16	$	18.83	$	16.21	$	16.07
Income (loss) from investment operations:
Net investment income (loss) 2		0.11			0.17			0.19		0.10		0.24		0.08
Net realized and unrealized gain (loss) on investment transactions		1.24			(1.70	)		1.68		7.23		2.38		0.06
Total from investment operations		1.35			(1.53	)		1.87		7.33		2.62		0.14
Net asset value, end of period	$	27.85		$	26.50		$	28.03	$	26.16	$	18.83	$	16.21
Total return 1		5.09%	#		(5.46%	)		7.15%		38.93%		16.16%		0.87%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	220,182		$	227,139		$	246,127	$	238,772	$	175,841	$	159,365
Ratio of total expenses to average net assets		0.97%	*		0.99%			1.03%		1.14%		1.15%		1.15%
Ratio of net investment income (loss) to average net assets		0.82%	*		0.62%			0.70%		0.46%		1.36%		0.51%
Portfolio turnover rate		27%	#		47%			45%		59%		50%		47%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

SMALL CAP INDEX FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014		2013		2012		2011
Net asset value, beginning of period	$	16.69		$	17.59		$	16.88	$	12.22	$	10.58	$	11.08
Income (loss) from investment operations:
Net investment income (loss) 2		0.06			0.12			0.12		0.10		0.16		0.08
Net realized and unrealized gain (loss) on investment transactions		0.26			(1.02	)		0.59		4.56		1.48		(0.58	)
Total from investment operations		0.32			(0.90	)		0.71		4.66		1.64		(0.50	)
Net asset value, end of period	$	17.01		$	16.69		$	17.59	$	16.88	$	12.22	$	10.58
Total return 1		1.92%	#		(5.12%	)		4.21%		38.13%		15.50%		(4.51%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	66,009		$	65,480		$	66,658	$	64,860	$	42,443	$	29,202
Ratio of net expenses to average net assets 3		0.68%	*		0.69%			0.64%		0.55%		0.55%		0.55%
Ratio of total expenses to average net assets 4		0.68%	*		0.69%			0.69%		0.71%		0.70%		0.91%
Ratio of net investment income (loss) to average net assets 3		0.81%	*		0.66%			0.72%		0.71%		1.42%		0.70%
Portfolio turnover rate		13%	#		18%			20%		17%		18%		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. Total returns may reflect adjustments to conform with generally accepted accounting principles.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

184

Penn Series Funds, Inc.

Financial Highlights

DEVELOPED INTERNATIONAL INDEX FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013		2012		2011
Net asset value, beginning of period	$	11.38		$	11.54		$	12.29		$	10.15	$	8.59	$	9.83
Income (loss) from investment operations:
Net investment income (loss) 2		0.20			0.24			0.30			0.28		0.25		0.27
Net realized and unrealized gain (loss) on investment transactions		(0.61	)		(0.40	)		(1.05	)		1.86		1.31		(1.51	)
Total from investment operations		(0.41	)		(0.16	)		(0.75	)		2.14		1.56		(1.24	)
Net asset value, end of period	$	10.97		$	11.38		$	11.54		$	12.29	$	10.15	$	8.59
Total return 1		(3.60%	)#		(1.39%	)		(6.10%	)		21.08%		18.16%		(12.61%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	98,672		$	98,109		$	101,510		$	103,233	$	89,786	$	61,858
Ratio of net expenses to average net assets 3		0.81%	*		0.83%			0.75%			0.59%		0.59%		0.59%
Ratio of total expenses to average net assets 4		0.81%	*		0.83%			0.82%			0.92%		1.00%		1.01%
Ratio of net investment income (loss) to average net assets 3		3.65%	*		2.02%			2.47%			2.50%		2.73%		2.80%
Portfolio turnover rate		2%	#		2%			7%			9%		2%		1%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

INTERNATIONAL EQUITY FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015		2014		2013		2012		2011
Net asset value, beginning of period	$	24.23		$	23.39	$	22.72	$	21.44	$	17.71	$	17.55
Income (loss) from investment operations:
Net investment income (loss) 2		0.21			0.28		0.27		0.24		0.25		0.35
Net realized and unrealized gain (loss) on investment transactions		0.01			0.56		0.40		1.04		3.48		(0.19	)
Total from investment operations		0.22			0.84		0.67		1.28		3.73		0.16
Net asset value, end of period	$	24.45		$	24.23	$	23.39	$	22.72	$	21.44	$	17.71
Total return 1		0.91%	#		3.59%		2.95%		5.97%		21.06%		0.91%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	352,977		$	375,175	$	380,898	$	378,189	$	348,599	$	309,920
Ratio of total expenses to average net assets		1.13%	*		1.15%		1.15%		1.17%		1.17%		1.20%
Ratio of net investment income (loss) to average net assets		1.78%	*		1.17%		1.14%		1.09%		1.30%		1.95%
Portfolio turnover rate		14%	#		27%		31%		34%		43%		30%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

185

Penn Series Funds, Inc.

Financial Highlights

EMERGING MARKETS EQUITY FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012		2011
Net asset value, beginning of period	$	9.66		$	10.84		$	11.40		$	11.53		$	9.64	$	11.82
Income (loss) from investment operations:
Net investment income (loss) 2		0.04			0.03			0.02			0.03			0.03		0.07
Net realized and unrealized gain (loss) on investment transactions		0.57			(1.21	)		(0.58	)		(0.16	)		1.86		(2.25	)
Total from investment operations		0.61			(1.18	)		(0.56	)		(0.13	)		1.89		(2.18	)
Net asset value, end of period	$	10.27		$	9.66		$	10.84		$	11.40		$	11.53	$	9.64
Total return 1		6.31%	#		(10.89%	)		(4.91%	)		(1.13%	)		19.61%		(18.44%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	145,585		$	147,819		$	157,027		$	163,179		$	152,858	$	121,066
Ratio of net expenses to average net assets 3		1.66%	*		1.74%			1.75%			1.68%			1.68%		1.68%
Ratio of total expenses to average net assets 4		1.66%	*		1.68%			1.69%			1.82%			1.72%		1.91%
Ratio of net investment income (loss) to average net assets 3		0.79%	*		0.24%			0.19%			0.25%			0.31%		0.63%
Portfolio turnover rate		23%	#		41%			42%			48%			47%		60%

* 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.

²  The net investment income (loss) per share was calculated using the average shares outstanding method.

³  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁴ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

REAL ESTATE SECURITIES FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015		2014		2013		2012		2011 2
Net asset value, beginning of period	$	18.95		$	18.01	$	13.83	$	13.41	$	11.56	$	10.80
Income (loss) from investment operations:
Net investment income (loss) 3		0.18			0.26		0.23		0.18		0.16		0.12
Net realized and unrealized gain (loss) on investment transactions		1.60			0.68		3.95		0.24		1.69		0.64
Total from investment operations		1.78			0.94		4.18		0.42		1.85		0.76
Net asset value, end of period	$	20.73		$	18.95	$	18.01	$	13.83	$	13.41	$	11.56
Total return 1		9.39%	#		5.22%		30.22%		3.13%		16.00%		7.04%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	144,151		$	137,644	$	136,861	$	114,290	$	98,146	$	76,346
Ratio of total expenses to average net assets		0.95%	*		0.97%		0.97%		0.99%		1.01%		1.00%
Ratio of net investment income (loss) to average net assets		1.92%	*		1.42%		1.43%		1.35%		1.27%		1.09%
Portfolio turnover rate		39%	#		61%		54%		69%		85%		144%

* 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.

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

³  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

186

Penn Series Funds, Inc.

Financial Highlights

AGGRESSIVE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	14.88		$	15.12		$	14.16		$	11.56		$	10.01		$	10.39
Income (loss) from investment operations:
Net investment income (loss) 3		(0.02	)		(0.05	)		(0.05	)		(0.04	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		0.44			(0.19	)		1.01			2.64			1.59			(0.35	)
Total from investment operations		0.42			(0.24	)		0.96			2.60			1.55			(0.38	)
Net asset value, end of period	$	15.30		$	14.88		$	15.12		$	14.16		$	11.56		$	10.01
Total return 1		2.82%	#		(1.59%	)		6.78%			22.49%			15.48%			(3.66%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	61,167		$	61,119		$	64,505		$	56,879		$	41,234		$	28,182
Ratio of net expenses to average net assets 2, 4		0.33%	*		0.34%			0.34%			0.33%			0.33%			0.33%
Ratio of total expenses to average net assets 2, 5		0.32%	*		0.34%			0.34%			0.33%			0.35%			0.38%
Ratio of net investment income (loss) to average net assets 4		(0.33%	)*		(0.34%	)		(0.34%	)		(0.33%	)		(0.33%	)		(0.33%	)
Portfolio turnover rate		5%	#		24%			20%			30%			24%			29%
*   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. 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. 3     The net investment income (loss) per share was calculated using the average shares outstanding method. 4     The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. 5    The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	15.55		$	15.73		$	14.80		$	12.42		$	10.93		$	11.13
Income (loss) from investment operations:
Net investment income (loss) 3		(0.02	)		(0.05	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		0.50			(0.13	)		0.98			2.42			1.53			(0.16	)
Total from investment operations		0.48			(0.18	)		0.93			2.38			1.49			(0.20	)
Net asset value, end of period	$	16.03		$	15.55		$	15.73		$	14.80		$	12.42		$	10.93
Total return 1		3.09%	#		(1.14%	)		6.28%			19.16%			13.63%			(1.80%	)
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	235,095		$	238,908		$	250,402		$	231,185		$	179,229		$	134,968
Ratio of total expenses to average net assets 2		0.30%	*		0.32%			0.32%			0.31%			0.32%			0.32%
Ratio of net investment income (loss) to average net assets		(0.30%	)*		(0.32%	)		(0.32%	)		(0.31%	)		(0.32%	)		(0.32%	)
Portfolio turnover rate		4%	#		20%			17%			23%			25%			30%

* 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.

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.

³  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

187

Penn Series Funds, Inc.

Financial Highlights

MODERATE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	14.36		$	14.44		$	13.67		$	11.98		$	10.80		$	10.73
Income (loss) from investment operations:
Net investment income (loss) 3		(0.02	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		0.53			(0.03	)		0.81			1.73			1.22			0.10
Total from investment operations		0.51			(0.08	)		0.77			1.69			1.18			0.07
Net asset value, end of period	$	14.87		$	14.36		$	14.44		$	13.67		$	11.98		$	10.80
Total return 1		3.55%	#		(0.55%	)		5.63%			14.11%			10.93%			0.65%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	336,452		$	342,152		$	364,044		$	350,164		$	290,951		$	224,256
Ratio of total expenses to average net assets 2		0.30%	*		0.32%			0.31%			0.31%			0.31%			0.32%
Ratio of net investment income (loss) to average net assets		(0.30%	)*		(0.32%	)		(0.31%	)		(0.31%	)		(0.31%	)		(0.32%	)
Portfolio turnover rate		3%	#		17%			17%			20%			20%			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. Total returns may reflect adjustments to conform with generally accepted accounting principles. 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. 3     The net investment income (loss) per share was calculated using the average shares outstanding method.
MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	13.60		$	13.63		$	12.98		$	11.87		$	10.96		$	10.67
Income (loss) from investment operations:
Net investment income (loss) 3		(0.02	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		0.54			0.02			0.69			1.15			0.95			0.33
Total from investment operations		0.52			(0.03	)		0.65			1.11			0.91			0.29
Net asset value, end of period	$	14.12		$	13.60		$	13.63		$	12.98		$	11.87		$	10.96
Total return 1		3.82%	#		(0.22%	)		5.01%			9.35%			8.30%			2.72%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	100,812		$	102,101		$	107,669		$	111,452		$	96,028		$	89,677
Ratio of total expenses to average net assets 2		0.31%	*		0.33%			0.32%			0.32%			0.33%			0.33%
Ratio of net investment income (loss) to average net assets		(0.31%	)*		(0.33%	)		(0.32%	)		(0.32%	)		(0.33%	)		(0.33%	)
Portfolio turnover rate		6%	#		23%			20%			28%			37%			30%

* 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.

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.

³  The net investment income (loss) per share was calculated using the average shares outstanding method.

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

188

Penn Series Funds, Inc.

Financial Highlights

CONSERVATIVE ALLOCATION FUND

For a share outstanding throughout each period

	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period	$	12.73		$	12.72		$	12.26		$	11.74		$	11.13		$	10.71
Income (loss) from investment operations:
Net investment income (loss) 3		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		0.50			0.05			0.50			0.56			0.65			0.46
Total from investment operations		0.48			0.01			0.46			0.52			0.61			0.42
Net asset value, end of period	$	13.21		$	12.73		$	12.72		$	12.26		$	11.74		$	11.13
Total return 1		3.77%	#		0.08%			3.75%			4.43%			5.48%			3.92%
Ratios/Supplemental data:
Net assets, end of period (in thousands)	$	60,736		$	61,217		$	65,183		$	68,185		$	70,604		$	63,096
Ratio of net expenses to average net assets 2, 4		0.32%	*		0.34%			0.33%			0.33%			0.33%			0.33%
Ratio of total expenses to average net assets 2, 5		0.32%	*		0.34%			0.33%			0.33%			0.33%			0.34%
Ratio of net investment income (loss) to average net assets 4		(0.32%	)*		(0.34%	)		(0.33%	)		(0.33%	)		(0.33%	)		(0.33%	)
Portfolio turnover rate		9%	#		24%			26%			38%			44%			39%

* 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.

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.

³  The net investment income (loss) per share was calculated using the average shares outstanding method.

⁴  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.

⁵ The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

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

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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 valued 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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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 “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, LLC. (“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 Funds’ investments. Inputs refer broadly to the assumptions that

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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 year ended June 30, 2016, if any, are shown as notes on the Schedule of Investments of the individual Fund.

Significant Level 3 items at June 30, 2016 consist of $4,263,895 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.

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 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.

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Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

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, 2015 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, 2015, 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 July 1, 2016, Penn Mutual Asset Management, LLC., the investment adviser to each series of Penn Series, converted its form of business organization from a Pennsylvania corporation to a Pennsylvania limited liability company and changed its name to Penn Mutual Asset Management, LLC. 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.
Balanced Fund	None	None
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%

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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, Co-Administrative and Shareholder Services

Effective January 1, 2016, Penn Series entered into new and revised service provider arrangements with PMAM and Penn Mutual. Each of the Funds pays Penn Mutual, on a quarterly basis, 0.01% of the Fund’s average daily net assets under a revised administrative and corporate services agreement and 0.09% under a new shareholder servicing agreement. Each of the Funds pays PMAM, on a quarterly basis, 0.02% of the Fund’s average daily assets under a new co-administrative agreement.

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

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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. Effective January 1, 2016, each of the Funds pays BNY Mellon approximately 0.01% of the Fund’s average daily net assets for additional services under a new fund administration and accounting agreement.

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.

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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, 2016, 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, 2016		December 31, 2017		December 31, 2018		December 31, 2019
Money Market Fund	$	176,621	$	220,934	$	75,300		—
Balanced Fund		20,510		7,278		—		—
Large Cap Growth Fund		—		—		531	$	2,353

During the six months ended June 30, 2016, previously waived administrative fees were recaptured by Penn Mutual. The recaptured fees are shown as Recaptured administrative fees on the statement of operations and are as follows:

Large Cap Growth Fund $ 1,072

As of June 30, 2016, 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, 2016		December 31, 2017		December 31, 2018		December 31, 2019
Money Market Fund	$	247,479	$	388,671	$	372,994	$	104,166
SMID Cap Growth Fund		10,433		3,212		—		—
SMID Cap Value Fund		61,894		22,348		—		—
Small Cap Index Fund		85,442		31,741		—		—
Developed International Index Fund		329,477		72,559		—		—
Aggressive Allocation Fund		631		179		—		—

During the six months ended June 30, 2016, 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:

Mid Cap Growth Fund	$	1,656
SMID Cap Growth		1,081
Aggressive Allocation Fund		1,730
Conservative Allocation Fund		119

Total fees of $190,500 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2016. 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.

197

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

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, 2016 are as follows:

Money Market Fund	$	5,781,444
Limited Maturity Bond Fund		32,492,285
Quality Bond Fund		36,136,741
Large Growth Stock Fund		19,266,806
Large Core Value Fund		24,468,981
Index 500 Fund		20,010,139
SMID Cap Growth Fund		3,819,172
SMID Cap Value Fund		4,094,583
Small Cap Index Fund		3,293,049
Developed International Index Fund		2,630,694
International Equity Fund		6,955,631

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, 2016 were as follows:

Large Growth Stock Fund	$	16
Large Core Growth Fund		55
Small Cap Value Fund		12,196
Emerging Markets Equity Fund		767

The Funds may purchase securities from or sell to other funds that have a common adviser. These interfund transactions are primarily used for transactional cost purposes and are made pursuant to Rule 17a-7 of the Investment Company Act of 1940.

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, 2016 is as follows:

Balanced Fund	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Quality Bond Fund	$	30,492,870	$	30,422,228	$	450,731	$	2,109,771	$	—	$	469,570
Penn Series Index 500 Fund		45,739,306		45,633,342		1,000,396		2,678,206		—		1,668,661
	$	76,232,176	$	76,055,570	$	1,451,127	$	4,787,977	$	—	$	2,138,232
Aggressive Allocation Fund	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Quality Bond Fund	$	1,216,144	$	1,215,672	$	1,128,336	$	69,615	$	—	$	18,062
Penn Series Flexibly Managed Fund		2,432,289		2,431,344		1,852,773		103,719		—		65,283
Penn Series Large Growth Stock Fund		2,432,289		2,431,344		1,374,540		44,658		—		72,298
Penn Series Large Cap Growth Fund		1,216,144		1,215,672		1,066,179		67,532		—		20,892
Penn Series Large Cap Value Fund		6,080,722		6,078,360		3,809,586		148,066		—		207,346

198

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

Aggressive Allocation Fund (continued)	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Large Core Value Fund	$	4,864,577	$	4,862,688	$	3,514,567	$	100,663	$	—	$	133,248
Penn Series Index 500 Fund		3,040,361		3,039,180		1,298,771		65,109		—		99,600
Penn Series Mid Cap Growth Fund		1,216,144		1,215,672		1,049,729		39,345		—		26,901
Penn Series Mid Cap Value Fund		3,648,433		3,647,016		2,829,334		106,497		—		192,637
Penn Series Mid Core Value Fund		3,648,433		3,647,016		2,778,146		174,553		—		264,538
Penn Series SMID Cap Growth Fund		1,824,217		1,215,672		1,230,922		322,037		—		424,421
Penn Series SMID Cap Value Fund		3,040,361		3,039,180		1,770,613		82,374		—		167,631
Penn Series Small Cap Growth Fund		1,824,217		1,823,508		1,489,637		43,658		—		67,272
Penn Series Small Cap Value Fund		2,432,289		2,431,344		1,450,521		61,290		—		114,721
Penn Series Small Cap Index Fund		608,072		607,836		296,387		15,047		—		22,810
Penn Series Developed International Index Fund		4,864,577		5,470,524		3,837,491		140,419		—		93,590
Penn Series International Equity Fund		8,513,011		8,509,704		6,358,068		208,929		—		200,415
Penn Series Emerging Markets Equity Fund		5,472,650		5,470,524		5,737,017		420,159		—		28,612
Penn Series Real Estate Securities Fund		2,432,289		2,431,344		1,410,841		76,683		—		191,127
	$	60,807,219	$	60,783,600	$	44,283,458	$	2,290,353	$	—	$	2,411,404
Moderately Aggressive Allocation Fund	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Limited Maturity Bond Fund	$	7,135,107	$	7,023,796	$	6,773,491	$	397,794	$	—	$	44,909
Penn Series Quality Bond Fund		23,783,691		23,412,654		21,838,436		1,561,408		—		412,592
Penn Series High Yield Fund		7,135,107		7,023,796		6,194,410		371,108		—		383,099
Penn Series Flexibly Managed Fund		14,270,215		14,047,593		10,579,929		699,264		—		450,791
Penn Series Large Growth Stock Fund		7,135,107		7,023,796		4,236,704		197,394		—		245,310
Penn Series Large Cap Growth Fund		4,756,738		4,682,531		3,690,315		303,318		—		98,614
Penn Series Large Cap Value Fund		19,026,953		18,730,124		10,685,226		538,495		—		832,355
Penn Series Large Core Value Fund		19,026,953		18,730,124		13,529,009		541,092		—		639,451
Penn Series Index 500 Fund		9,513,476		9,365,062		3,945,498		202,617		—		417,946
Penn Series Mid Cap Growth Fund		4,756,738		4,682,531		3,851,324		170,488		—		152,867

199

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

Moderately Aggressive Allocation Fund (continued)	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Mid Cap Value Fund	$	11,891,846	$	11,706,327	$	7,734,516	$	341,963	$	—	$	772,294
Penn Series Mid Core Value Fund		11,891,845		11,706,327		7,948,042		547,019		—		1,015,974
Penn Series SMID Cap Growth Fund		4,756,738		2,341,265		3,807,337		1,603,303		—		1,162,792
Penn Series SMID Cap Value Fund		9,513,476		9,365,062		6,024,719		272,755		—		620,594
Penn Series Small Cap Growth Fund		4,756,738		4,682,531		3,480,506		127,888		—		225,004
Penn Series Small Cap Value Fund		7,135,107		7,023,796		3,497,579		202,062		—		409,481
Penn Series Small Cap Index Fund		4,756,738		4,682,531		2,368,589		139,133		—		220,782
Penn Series Developed International Index Fund		16,648,584		18,730,124		12,617,528		560,482		—		472,642
Penn Series International Equity Fund		28,540,429		28,095,185		19,917,587		828,480		—		942,333
Penn Series Emerging Markets Equity Fund		14,270,214		14,047,593		14,932,329		1,074,786		—		262,469
Penn Series Real Estate Securities Fund		7,135,107		7,023,796		3,617,280		206,290		—		647,688
	$	237,836,907	$	234,126,544	$	171,270,354	$	10,887,139	$	—	$	10,429,987
Moderate Allocation Fund	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Money Market Fund	$	3,407,652	$	3,281,623	$	3,407,652	$	199,422	$	—	$	—
Penn Series Limited Maturity Bond Fund		20,445,739		16,786,865		19,413,093		3,891,506		—		394,442
Penn Series Quality Bond Fund		85,190,580		87,291,698		77,010,348		4,890,910		—		1,392,525
Penn Series High Yield Fund		13,630,493		13,429,492		10,270,678		637,301		—		694,458
Penn Series Flexibly Managed Fund		23,853,363		23,501,611		15,101,619		728,403		—		1,006,317
Penn Series Large Growth Stock Fund		6,815,247		6,714,746		2,707,747		153,840		—		248,353
Penn Series Large Cap Growth Fund		3,407,623		3,357,373		2,626,420		201,769		—		62,441
Penn Series Large Cap Value Fund		20,445,739		20,144,238		11,570,257		594,352		—		791,685
Penn Series Large Core Value Fund		20,445,739		20,144,237		14,775,473		518,912		—		687,663
Penn Series Index 500 Fund		10,222,870		10,072,119		4,664,947		242,177		—		361,110
Penn Series Mid Cap Growth Fund		6,815,246		6,714,746		5,061,361		166,443		—		268,019
Penn Series Mid Cap Value Fund		10,222,870		10,072,119		7,322,933		598,288		—		283,651

200

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

Moderate Allocation Fund (continued)	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Mid Core Value Fund	$	17,038,116	$	16,786,865	$	12,912,450	$	739,297	$	—	$	1,356,883
Penn Series SMID Cap Growth Fund		3,407,623		3,357,373		3,604,100		153,089		—		136,509
Penn Series SMID Cap Value Fund		6,815,246		6,714,746		3,705,299		279,827		—		308,611
Penn Series Small Cap Growth Fund		3,407,623		3,357,373		1,899,215		88,760		—		149,611
Penn Series Small Cap Value Fund		10,222,870		10,072,119		6,526,590		284,248		—		549,043
Penn Series Small Cap Index Fund		6,815,246		6,714,746		3,513,531		197,414		—		289,354
Penn Series Developed International Index Fund		17,038,116		16,786,865		12,903,165		565,033		—		440,446
Penn Series International Equity Fund		30,668,609		30,216,356		20,055,805		861,989		—		947,874
Penn Series Emerging Markets Equity Fund		13,630,493		13,429,492		13,468,547		787,814		—		388,762
Penn Series Real Estate Securities Fund		6,815,247		6,714,746		3,092,974		192,725		—		568,008
	$	340,762,350	$	335,661,548	$	255,614,204	$	16,973,519	$	—	$	11,325,765
Moderately Conservative Allocation Fund	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Money Market Fund	$	1,013,492	$	977,939	$	1,013,492	$	88,851	$	—	$	—
Penn Series Limited Maturity Bond Fund		15,202,256		14,005,762		14,376,184		1,922,783		—		211,926
Penn Series Quality Bond Fund		34,458,447		35,014,406		30,196,539		2,595,659		—		824,772
Penn Series High Yield Fund		6,080,903		6,002,470		4,198,029		367,568		—		380,672
Penn Series Flexibly Managed Fund		8,107,870		8,003,293		4,883,507		297,165		—		496,878
Penn Series Large Growth Stock Fund		1,013,484		1,000,412		379,806		34,491		—		54,447
Penn Series Large Cap Growth Fund		1,013,484		1,000,412		784,000		80,498		—		23,037
Penn Series Large Cap Value Fund		5,067,419		5,002,058		3,054,844		200,607		—		289,118
Penn Series Large Core Value Fund		5,067,419		5,002,058		3,923,639		184,426		—		260,263
Penn Series Index 500 Fund		2,026,967		2,000,823		768,360		63,279		—		115,070
Penn Series Mid Cap Value Fund		2,026,967		2,000,823		1,457,499		155,493		—		68,240
Penn Series Mid Core Value Fund		3,040,451		3,001,235		1,951,174		155,745		—		292,996
Penn Series SMID Cap Value Fund		1,013,481		1,000,412		450,140		40,688		—		71,383

201

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

Moderately Conservative Allocation Fund (continued)	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Small Cap Value Fund	$	2,026,967	$	2,000,823	$	2,044,973	$	242,701	$	—	$	(18,946	)
Penn Series Small Cap Index Fund		1,013,484		1,000,412		444,558		40,860		—		60,834
Penn Series Developed International Index Fund		3,040,451		3,001,235		2,235,107		159,256		—		107,559
Penn Series International Equity Fund		6,080,902		6,002,470		3,972,239		264,143		—		269,484
Penn Series Emerging Markets Equity Fund		2,026,968		2,000,823		2,138,232		258,236		—		(34,102	)
Penn Series Real Estate Securities Fund		2,026,967		2,000,823		1,163,346		146,233		—		130,569
	$	101,348,379	$	100,018,689	$	79,435,668	$	7,298,682	$	—	$	3,604,200
Conservative Allocation Fund	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Net Realized Gain/(Loss)
Penn Series Money Market Fund	$	3,014,197	$	2,922,615	$	3,014,197	$	348,569	$	—	$	—
Penn Series Limited Maturity Bond Fund		12,659,521		11,971,963		11,952,294		1,718,949		—		189,004
Penn Series Quality Bond Fund		26,524,710		26,936,918		22,711,261		2,500,281		—		821,342
Penn Series High Yield Fund		4,219,840		4,190,187		2,700,670		308,066		—		333,115
Penn Series Flexibly Managed Fund		4,822,674		5,387,384		2,689,664		203,327		—		363,312
Penn Series Large Cap Value Fund		1,808,503		1,795,795		1,581,282		188,745		—		40,059
Penn Series Large Core Value Fund		2,411,337		2,394,393		2,108,725		108,906		—		169,951
Penn Series Index 500 Fund		602,834		598,598		235,315		24,658		—		46,258
Penn Series Mid Core Value Fund		1,205,669		1,197,196		941,473		106,033		—		109,502
Penn Series Developed International Index Fund		1,205,669		1,197,196		1,050,191		105,377		—		34,051
Penn Series International Equity Fund		1,808,503		1,795,795		1,289,163		98,353		—		110,788
	$	60,283,457	$	60,388,040	$	50,274,235	$	5,711,264	$	—	$	2,217,382

202

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

5 — PURCHASES AND SALES OF SECURITIES

During the six months ended June 30, 2016, 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	$	13,959,351	$	15,864,743	$	66,286,178	$	79,384,732
Quality Bond Fund		96,464,747		101,813,803		135,283,500		154,279,147
High Yield Bond Fund		5,268,969		5,290,247		67,804,853		74,859,984
Flexibly Managed Fund		—		—		855,509,422		841,581,580
Balanced Fund		—		—		1,451,127		4,787,977
Large Growth Stock Fund		—		—		53,167,209		76,061,057
Large Cap Growth Fund		—		—		5,189,295		7,860,740
Large Core Growth Fund		—		—		38,610,731		45,572,842
Large Cap Value Fund		—		—		14,377,918		19,651,240
Large Core Value Fund		—		—		80,270,026		91,589,204
Index 500 Fund		—		—		7,578,027		22,859,239
Mid Cap Growth Fund		—		—		15,094,932		23,918,697
Mid Cap Value Fund		—		—		22,459,267		36,195,763
Mid Core Value Fund		—		—		31,805,856		38,466,358
SMID Cap Growth Fund		—		—		18,236,295		23,637,404
SMID Cap Value Fund		—		—		22,484,951		22,265,597
Small Cap Growth Fund		—		—		4,874,235		11,294,376
Small Cap Value Fund		—		—		55,935,086		70,515,158
Small Cap Index Fund		—		—		8,014,345		8,257,698
Developed International Index Fund		—		—		2,297,149		2,253,694
International Equity Fund		—		—		49,059,900		80,758,560
Emerging Markets Equity Fund		—		—		31,617,574		31,266,705
Real Estate Securities Fund		—		—		53,228,785		56,838,175
Aggressive Allocation Fund		—		—		2,955,193		4,701,756
Moderately Aggressive Allocation Fund		—		—		10,203,444		21,317,125
Moderate Allocation Fund		—		—		11,125,356		28,099,860
Moderately Conservative Allocation Fund		—		—		5,683,482		10,814,028
Conservative Allocation Fund		—		—		5,419,166		7,580,077

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, 2015, 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.

203

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (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, 2015, 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	$	(2,343,752	)	$	(569,803	)	$	2,913,555
Quality Bond Fund		(13,607,990	)		(10,955,844	)		24,563,834
High Yield Bond Fund		(10,964,355	)		(878,211	)		11,842,566
Flexibly Managed Fund		(35,213,788	)		(298,595,307	)		333,809,095
Balanced Fund		170,857			(3,201,498	)		3,030,641
Large Growth Stock Fund		903,525			(32,479,610	)		31,576,085
Large Cap Growth Fund		(201,719	)		(5,035,581	)		5,237,300
Large Core Growth Fund		243,051			(10,422,157	)		10,179,106
Large Cap Value Fund		(2,607,630	)		(10,201,067	)		12,808,697
Large Core Value Fund		(2,942,370	)		(18,600,355	)		21,542,725
Index 500 Fund		(7,345,117	)		(7,396,578	)		14,741,695
Mid Cap Growth Fund		36,713			(6,035,586	)		5,998,873
Mid Cap Value Fund		(1,537,384	)		(28,952,832	)		30,490,216
Mid Core Value Fund		(933,784	)		(7,930,300	)		8,864,084
SMID Cap Growth Fund		427,475			(4,832,551	)		4,405,076
SMID Cap Value Fund		16,640			(5,307,397	)		5,290,757
Small Cap Growth Fund		471,098			(8,576,331	)		8,105,233
Small Cap Value Fund		(1,478,773	)		(13,868,118	)		15,346,891
Small Cap Index Fund		(462,337	)		(3,589,917	)		4,052,254
Developed International Index Fund		(2,163,776	)		41,291			2,122,485
International Equity Fund		(4,625,165	)		(517,478	)		5,142,643
Emerging Markets Equity Fund		(347,030	)		(80,801	)		427,831
Real Estate Securities Fund		(1,962,589	)		(13,407,348	)		15,369,937
Aggressive Allocation Fund		219,440			(4,836,094	)		4,616,654
Moderately Aggressive Allocation Fund		803,621			(16,990,837	)		16,187,216
Moderate Allocation Fund		1,138,722			(20,357,981	)		19,219,259
Moderalely Conservative Allocation Fund		352,296			(5,316,442	)		4,964,146
Conservative Allocation Fund		214,379			(2,896,979	)		2,682,600

These reclassifications had no effect on net assets or net asset value per share.

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Tax character of distributions:

The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2015 and 2014 were as follows:

	Ordinary Income and Short-Term Capital  Gains				Long-Term Capital Gains				Total
	2015		2014		2015		2014		2015		2014
Money Market Fund	$	11,728	$	13,590	$	—	$	—	$	11,728	$	13,590
Limited Maturity Bond Fund		2,913,555		1,732,444		—		519,805		2,913,555		2,252,249
Quality Bond Fund		18,851,832		13,678,658		5,712,002		6,445,953		24,563,834		20,124,611
High Yield Bond Fund		11,842,565		12,356,614		—		598,520		11,842,565		12,955,134
Flexibly Managed Fund		83,145,583		117,363,812		250,663,512		253,958,645		333,809,095		371,322,457
Balanced Fund		1,736,535		1,447,124		4,308,714		2,025,883		6,045,249		3,473,007
Large Growth Stock Fund		—		1,456,751		32,483,632		35,677,081		32,483,632		37,133,832
Large Cap Growth Fund		215,596		1,359,763		5,021,704		1,871,834		5,237,300		3,231,597
Large Core Growth Fund		—		446,222		10,422,157		16,678,687		10,422,157		17,124,909
Large Cap Value Fund		2,607,630		7,987,988		10,201,067		8,122,500		12,808,697		16,110,488
Large Core Value Fund		5,810,205		2,444,387		15,732,524		30,222,954		21,542,729		32,667,341
Index 500 Fund		7,365,475		6,829,576		7,376,220		—		14,741,695		6,829,576
Mid Cap Growth Fund		3,579,096		7,378,374		2,419,772		21,812,142		5,998,868		29,190,516
Mid Cap Value Fund		3,582,629		3,225,211		26,907,782		14,313,536		30,490,411		17,538,747
Mid Core Value Fund		3,527,900		5,488,235		5,336,338		3,579,477		8,864,238		9,067,712
SMID Cap Growth Fund		—		—		4,762,153		7,095,131		4,762,153		7,095,131
SMID Cap Value Fund		110,136		1,251,210		5,180,621		6,958,220		5,290,757		8,209,430
Small Cap Growth Fund		213,113		2,658,817		7,892,122		2,483,401		8,105,235		5,142,218
Small Cap Value Fund		1,957,827		6,601,797		13,389,064		20,979,162		15,346,891		27,580,959
Small Cap Index Fund		733,578		872,014		3,318,676		3,192,013		4,052,254		4,064,027
Developed International Index Fund		2,122,485		3,193,128		—		—		2,122,485		3,193,128
International Equity Fund		5,142,643		9,095,358		—		—		5,142,643		9,095,358
Emerging Markets Equity Fund		427,831		473,407		—		—		427,831		473,407
Real Estate Securities Fund		4,122,694		3,376,987		11,247,243		8,332,542		15,369,937		11,709,529
Aggressive Allocation Fund		886,647		1,468,137		7,798,589		4,096,219		8,685,236		5,564,356
Moderately Aggressive Allocation Fund		4,394,203		6,147,670		27,334,592		13,387,233		31,728,795		19,534,903
Moderate Allocation Fund		7,572,549		8,627,023		31,886,947		18,454,127		39,459,496		27,081,150
Moderately Conservative Allocation Fund		2,399,500		2,549,865		8,096,434		5,487,908		10,495,934		8,037,773
Conservative Allocation Fund		1,542,898		1,419,532		3,883,603		1,835,238		5,426,501		3,254,770

Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.

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Capital loss carryforwards:

At December 31, 2015, 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
International Equity Fund		—	$	5,284,998	$	5,284,998
Emerging Markets Equity Fund	$	4,867,907		—		4,867,907

At December 31, 2015, 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
High Yield Bond Fund	$	4,636,015	$	1,271,754
Developed International Index Fund		172,355		2,631,345
International Equity Fund		1,942,102		—
Emerging Markets Equity Fund		4,872,058		2,999,643

During the year ended December 31, 2015, the following Fund utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:

Index 500 Fund $ 2,434,673

Qualified Late-Year Losses:

The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2016:

	Late-Year Ordinary Losses		Late-Year Capital Losses
Limited Maturity Bond Fund		—	$	467,149
High Yield Bond Fund		—		2,008,812
Mid Cap Growth Fund	$	312		—
Mid Cap Value Fund		—		2,641,763
SMID Cap Growth Fund		—		583,236
SMID Cap Value Fund		—		74,488
Developed International Index Fund		25,856		66,729
International Equity Fund		168,175		—
Emerging Markets Equity Fund		—		118,627

Tax cost of securities:

At June 30, 2016, 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, 2016 were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Money Market Fund	$	116,132,262		—		—			—
Limited Maturity Bond Fund		179,005,535	$	700,652	$	(695,692	)	$	4,960
Quality Bond Fund		540,715,792		15,566,826		(3,815,314	)		11,751,512
High Yield Bond Fund		174,604,755		4,286,831		(6,522,695	)		(2,235,864	)
Flexibly Managed Fund		3,024,278,717		415,674,294		(49,101,296	)		366,572,998

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	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Balanced Fund	$	48,659,689	$	31,245,076	$	(3,404,471	)	$	27,480,605
Large Growth Stock Fund		203,468,437		60,839,478		(9,963,208	)		50,876,270
Large Cap Growth Fund		36,949,572		7,065,164		(1,589,703	)		5,475,461
Large Core Growth Fund		87,221,918		18,848,774		(1,176,583	)		17,672,191
Large Cap Value Fund		174,601,929		34,302,901		(8,725,252	)		25,577,649
Large Core Value Fund		181,698,564		20,595,305		(6,276,016	)		14,319,289
Index 500 Fund		256,660,474		181,413,977		(18,855,917	)		162,558,060
Mid Cap Growth Fund		104,469,581		11,547,571		(11,032,964	)		514,607
Mid Cap Value Fund		152,872,169		25,231,045		(11,876,478	)		13,354,567
Mid Core Value Fund		86,659,033		9,136,729		(3,422,824	)		5,713,905
SMID Cap Growth Fund		44,995,639		7,596,066		(1,698,238	)		5,897,828
SMID Cap Value Fund		63,400,275		9,933,014		(2,626,257	)		7,306,757
Small Cap Growth Fund		70,336,681		20,659,301		(5,894,747	)		14,764,554
Small Cap Value Fund		191,138,388		39,300,538		(9,771,399	)		29,529,139
Small Cap Index Fund		55,818,606		17,467,310		(6,913,035	)		10,554,275
Developed International Index Fund		82,465,183		26,999,737		(18,056,206	)		8,943,531
International Equity Fund		277,777,039		101,365,913		(30,572,170	)		70,793,743
Emerging Markets Equity Fund		132,443,502		29,077,201		(16,499,741	)		12,577,460
Real Estate Securities Fund		123,945,008		22,437,961		(1,748,899	)		20,689,062
Aggressive Allocation Fund		45,781,847		15,835,298		(432,442	)		15,402,856
Moderately Aggressive Allocation Fund		173,115,965		63,782,620		(1,612,759	)		62,169,861
Moderate Allocation Fund		252,094,821		86,132,106		(1,671,801	)		84,460,305
Moderately Conservative Allocation Fund		79,016,579		22,144,921		(406,572	)		21,738,349
Conservative Allocation Fund		51,441,141		10,148,915		(181,087	)		9,967,828

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.

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

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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, 2016. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds at June 30, 2016 were as follows:

Fund	Type	Futures Contract	Expiration Date		Number of Contracts			Units per Contract		Closing Price		Unrealized Appreciation (Depreciation)
Limited Maturity Bond	Buy/Long	US Treasury Note		9/30/2016		15			1,000		133		54,141
Limited Maturity Bond	Buy/Long	US Treasury Note		10/5/2016		5			2,000		110		7,657
Limited Maturity Bond	Buy/Long	US Treasury Note		10/5/2016		195			2,000		110		295,562
												$	357,359
Quality Bond	Sell/Short	US Treasury Note		9/30/2016		(175	)		1,000		133		(583,789	)
Quality Bond	Buy/Long	US Treasury Note		9/30/2016		75			1,000		172		759,375
Quality Bond	Buy/Long	US Treasury Note		10/5/2016		150			1,000		122		336,328
Quality Bond	Sell/Short	US Treasury Note		10/5/2016		(150	)		2,000		110		(225,000	)
Quality Bond	Sell/Short	US Treasury Ultra Bond		9/30/2016		(95	)		1,000		186		(1,096,211	)
												$	(809,297	)
Index 500	Buy/Long	E-Mini S&P 500 Index		9/16/2016		32			50		2,090		38,712
												$	38,712
Small Cap Index	Buy/Long	Russell 2000 Mini Index		9/16/2016		11			100		1,147		3,520
												$	3,520
Developed International Index	Buy/Long	E-Mini MSCI EAFE Index		9/16/2016		33			50		1,615		(5,775	)
												$	(5,775	)

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, 2016 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.

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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 Quality Bond, Flexibly Managed and Mid Cap Growth Funds 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, 2016 for the Quality Bond, Flexibly Managed and Mid Cap Growth Funds were as follows:

Quality Bond Fund	Number of contracts/ Notional Amount		Premium Received
Options outstanding at December 31, 2015		—	$	—
Options written		225		216,797
Options outstanding at June 30, 2016		225	$	216,797

Flexibly Managed Fund	Number of contracts/ Notional Amount			Premium Received
Options outstanding at December 31, 2015		31,436		$	8,944,776
Options written		54,011			10,270,702
Options repurchased		(6,242	)		(1,741,990	)
Options expired		(12,496	)		(2,004,209	)
Options exercised		(3,386	)		(822,350	)
Options outstanding at June 30, 2016		63,323		$	14,646,929

Mid Cap Growth Fund	Number of contracts/ Notional Amount			Premium Received
Options outstanding at December 31, 2015		74		$	309,166
Options written		1,376			885,757
Options repurchased		(942	)		(891,396	)
Options expired		(135	)		(46,172	)
Options exercised		(1	)		(2,797	)
Options outstanding at June 30, 2016		372		$	254,558

The total market value of written options held in the Quality Bond, Flexibly Managed and Mid Cap Growth Funds as of June 30, 2016 can be found on the Schedule of Investments.

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Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

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 Emerging Markets Fund at June 30, 2016 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	Euro	UBS Securities		07/21/2016		(2,619,732	)		0.90041	$	(2,958,988	)	$	(2,909,491	)	$	49,497
Buy	South African Rand	Goldman Sachs		07/01/2017		434,924			14.73099		28,196			29,524			1,328
Buy	South African Rand	Goldman Sachs		07/05/2018		194,628			14.74293		12,824			13,202			378
Buy	South African Rand	UBS Securities		07/06/2019		63,589			14.74591		4,272			4,312			40
	Total															$	51,243

Open forward foreign currency contracts held by High Yield Bond Fund at June 30, 2016 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	BAML		09/15/2016		(473,000	)		1.29175	$	(361,414	)	$	(366,170	)	$	(4,756	)
Buy	Euro	JP Morgan Chase		06/15/2016		207,633			0.89858		235,275			231,069			(4,206	)
Buy	Euro	Deutsche Bank		06/15/2016		133,000			0.89858		147,991			148,012			21
Sell	Euro	Citibank		06/15/2016		(400,000	)		0.89858		(450,170	)		(445,149	)		5,021
Sell	Euro	Standard Chartered Bank		06/15/2016		(8,382,000	)		0.89858		(9,478,625	)		(9,328,103	)		150,523
Buy	Pounds Sterling	BAML		06/15/2016		7,873			0.75107		11,402			10,482			(920	)
Buy	Pounds Sterling	Morgan Stanley		04/15/2016		107,114			0.75107		155,429			142,614			(12,815	)
Buy	Pounds Sterling	BNYMellon		04/15/2016		9,625			0.75107		13,745			12,815			(930	)
Sell	Pounds Sterling	Barclays Capital		04/15/2016		(182,984	)		0.75107		(270,913	)		(243,631	)		27,282
Sell	Pounds Sterling	Westpac Banking Corp.		04/15/2016		(1,517,177	)		0.75107		(2,162,857	)		(2,020,012	)		142,845
Sell	Swiss Francs	Standard Chartered Bank		04/15/2016		(184,000	)		0.97364		(189,875	)		(188,981	)		894
	Total															$	302,959

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Notes to Financial Statements — June 30, 2016 (Unaudited)

Open forward foreign currency contracts held by Mid Core Value Fund at June 30, 2016 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		09/30/2016		(2,220,926	)		1.29175	$	(1,698,111	)	$	(1,719,315	)	$	(21,204	)
Buy	Euro		UBS		09/30/2016		44,180			0.89804		48,921			49,196			275
Sell	Euro		UBS		09/30/2016		(934,876	)		0.89804		(1,033,415	)		(1,041,019	)		(7,604	)
Sell	Japanese Yen		Credit Suisse		09/30/2016		(40,606,213	)		102.92835		(398,295	)		(394,509	)		3,786
	Total																$	(24,747	)

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, 2016 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, 2016:

	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*
Interest rate contracts	Net unrealized appreciation in value of investments, futures contracts and foreign currency related items*	Net unrealized appreciation in value of investments, futures contracts and foreign currency contracts*
Foreign currency contracts	Net unrealized appreciation of forward foreign currency contracts	Net unrealized depreciation of forward foreign currency contracts

* 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.

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, 2016:

	ASSET DERIVATIVE VALUE						LIABILITY DERIVATIVE VALUE
	Equity contracts		Foreign currency contracts		Interest rate contracts		Equity contracts			Foreign currency contracts			Interest rate contracts
Limited Maturity Bond Fund	$	—	$	—	$	357,359	$	—		$	—		$	—
Quality Bond Fund		—		—		1,095,703		(561,328	)		—			(1,905,000	)
High Yield Fund		—		326,586		—		—			(23,627	)		—
Flexibly Managed Fund		—		—		—		(17,922,801	)		—			—
Index 500 Fund		38,712		—		—		—			—			—
Mid Cap Growth Fund		—		—		—		(370,854	)		—			—
Mid Core Value Fund		—		4,061		—		—			(28,808	)		—
Small Cap Index Fund		3,520		—		—		—			—			—

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	ASSET DERIVATIVE VALUE						LIABILITY DERIVATIVE VALUE
	Equity contracts		Foreign currency contracts		Interest rate contracts		Equity contracts			Foreign currency contracts		Interest rate contracts
Developed International Index Fund	$	—	$	—	$	—	$	(5,775	)	$	—	$	—
Emerging Market Equity Fund		—		51,243		—		—			—		—

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 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, 2016:

		Gross Amounts Presented on Statements of Assets and Liabilities
Fund and Counterparty	Form of Master Netting Agreement	Value of Assets		Value of Liabilities			Net Amount Due  (to)/from Counterparty			Collateral Pledged (Received by fund		Loss Exposure, After Collateral (note less than $0)
Quality Bond Fund
Well Fargo	ISDA	$	—	$	(561,328	)	$	(561,328	)	$	—	$	(561,328	)
Total			—		(561,328	)		(561,328	)		—		(561,328	)

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Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

		Gross Amounts Presented on Statements of Assets and Liabilities
Fund and Counterparty	Form of Master Netting Agreement	Value of Assets		Value of Liabilities			Net Amount Due  (to)/from Counterparty			Collateral Pledged (Received by fund		Loss Exposure, After Collateral (note less than $0)
High Yield Fund
Bank of New York Mellon	Fx Letter	$	—	$	(930	)	$	(930	)	$	—	$	(930	)
Bank of America Merrill Lynch	Fx Letter		—		(5,676	)		(5,676	)		—		(5,676	)
Barclays Capital	Fx Letter		27,282		—			27,282			—		27,282
Citigroup	Fx Letter		5,021		—			5,021			—		5,021
Deutsche Bank	Fx Letter		21		—			21			—		21
JPMorgan Chase	Fx Letter		—		(4,206	)		(4,206	)		—		(4,206	)
Morgan Stanley & Co	Fx Letter		—		(12,815	)		(12,815	)		—		(12,815	)
Standard Chartered Bank	Fx Letter		151,417		—			151,417			—		151,417
Westpac Banking Corp.	Fx Letter		142,845		—			142,845			—		142,845
Total			326,587		(23,627	)		302,959			—		302,959
Flexibly Managed Fund
Citigroup Global Markets	ISDA		—		(11,431,597	)		(11,431,597	)				(11,431,597	)
Deutsche Bank	ISDA		—		(4,894,921	)		(4,894,921	)		—		(4,894,921	)
JPMorgan Chase	ISDA		—		(621,252	)		(621,252	)		—		(621,252	)
Morgan Stanley & Co	ISDA		—		(373,495	)		(373,495	)		—		(373,495	)
RBC Securities	ISDA		—		(601,536	)		(601,536	)		—		(601,536	)
Total			—		(17,922,801	)		(17,922,801	)		—		(17,922,801	)
Mid Cap Growth
Morgan Stanley & Co	ISDA		—		(1,035	)		(1,035	)		—		(1,035	)
Goldman Sachs	ISDA		—		(369,819	)		(369,819	)		—		(369,819	)
Total			—		(370,854	)		(370,854	)		—		(370,854	)
Mid Core Value Fund
Credit Suisse	Fx Letter		3,786		—			3,786			—		3,786
Morgan Stanley & Co	Fx Letter		—		(21,204	)		(21,204	)		—		(21,204	)
UBS	Fx Letter		275		(7,604	)		(7,329	)		—		(7,329	)
Total			4,061		(28,808	)		(24,747	)		—		(24,747	)
Emerging Markets Equity Fund
Goldman Sachs	Fx Letter		1,706		—			1,706			—		1,706
UBS	Fx Letter		49,537		—			49,537			—		49,537
Total		$	59,365		—		$	51,243			—	$	51,243

The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2016:

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 futures contracts
	Change in net unrealized appreciation (depreciation) of written options
Interest rate contracts	Net realized gain (loss) on futures contracts
	Change in net unrealized appreciation (depreciation) of futures contracts
Foreign currency contracts	Net realized foreign currency exchange gain (loss)
	Change in net unrealized appreciation (depreciation) of investments and foreign currency related items

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Notes to Financial Statements — June 30, 2016 (Unaudited)

Portfolio	Realized Gain (Loss) on Derivatives Recognized in Income
	Equity contracts			Foreign currency contracts			Interest rate contracts
Limited Maturity Bond Fund		—			—		$	72,727
Quality Bond Fund		—			—			(1,455,849	)
High Yield Fund		—		$	84,239			—
Flexibly Managed Fund	$	3,679,747			—			—
Index 500 Fund		210,610			—			—
Mid Cap Growth Fund		(959	)		—			—
Mid Core Value Fund		—			(115,689	)		—
Small Cap Index Fund		44,998			—			—
Developed International Index Fund		(15,275	)		14,297			—
Emerging Market Fund		—			(121,696	)		—

Portfolio	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Equity contracts			Foreign currency contracts			Interest rate contracts
Limited Maturity Bond Fund		—			—		$	432,046
Quality Bond Fund	$	(344,531	)		—			(757,969	)
High Yield Fund		—		$	31,649			—
Flexibly Managed Fund		(1,484,402	)		—			—
Index 500 Fund		43,005			—			—
Mid Cap Growth Fund		(367,002	)		—			—
Mid Core Value Fund		—			(18,603	)		—
Small Cap Index Fund		(22,746	)		—			—
Developed International Index Fund		(27,866	)		—			—
Emerging Market Fund		—			31,331			—

The table below summarizes the average balance of derivative holdings by Fund during the year ended June 30, 2016. 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)			Future contracts (Average Notional Value) Long		Future contracts (Average Notional Value) Short			Purchased Options (Average Notional Cost)		Written Options (Premiums Received)
Limited Maturity Bond Fund		—		$	38,536,193	$	2,995,473			—		—
Quality Bond Fund		—			28,637,555		(14,857,162	)		—	$	(72,266	)
High Yield Fund	$	(13,767,206	)		—		—			—		—
Flexibly Managed Fund		—			—		—			—		(10,943,661	)
Index 500 Fund		—			5,865,539		—			—		—
Mid Cap Growth Fund		—			—		—		$	89,414		(210,611	)
Mid Core Value Fund		(2,867,038	)		—		—			—		—
Small Cap Index Fund		—			1,179,582		—			—		—
Developed International Index Fund		—			2,199,487		—			—		—
Emerging Market Fund		(4,022,049	)		—		—			—		—

214

Penn Series Funds, Inc.

Notes to Financial Statements — June 30, 2016 (Unaudited)

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.

Each Fund may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of each Fund’s investments.

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/or 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. On September 9, 2015, the Board approved changes to the MMF’s investment objective and principal investment strategies to enable the MMF to operate as a government money market fund. As a government money market fund, MMF is permitted to continue to transact at a constant net asset value. To qualify as a government money market fund, MMF must invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are “collateralized fully” (i.e., backed by cash or U.S. government securities). Accordingly, MMF’s revised investment objective and principal investment strategies require that MMF invest 99.5% or more of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized fully by cash and/or U.S. government securities. MMF’s conversion to a government money market fund was successfully completed on May 1, 2016.

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 no additional subsequent events require recognition or disclosure in the financial statements.

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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 24, 2016. 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, 2016 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.

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June 30, 2016

Board Approval of Investment Advisory and Sub-Advisory Agreements

The Penn Series Funds, Inc. (the “Company”) and Penn Mutual Asset Management, LLC (“PMAM”), formerly Penn Mutual Asset 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 Penn Series 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 10, 2016 and May 19, 2016 (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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June 30, 2016

Sub-Adviser	Fund
AllianceBernstein L.P.	SMID Cap Value Fund
American Century Investment Management, Inc.	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 Investment Advisers 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 Incorporated	Large Core Growth Fund
Wells Capital Management Incorporated	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 Penn Series Funds’ operations and the Penn Series 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 Penn Series 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 a report from Broadridge, 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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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 Penn Series 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 Penn Series 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 Penn Series 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 Penn Series Funds in the past, and that these services are appropriate in scope and extent in light of the Penn Series 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 Broadridge, an independent, third party research provider, to prepare advisory contract renewal reports to help the Board compare the Penn Series Funds’ performance with the performance of a peer group of comparable funds selected by Broadridge. 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 concerning potential changes to the advisory arrangements for the SMID Cap Growth Fund and Large Core Growth Fund. 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.

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 Broadridge to prepare

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June 30, 2016

advisory contract renewal reports to help the Board compare the Penn Series Funds’ fees and expenses with those of a peer group of comparable funds selected by Broadridge. 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 Penn Series 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. In its consideration of the profitability of PMAM and its affiliates, the Directors were provided with information about, and considered the profitability of, the various administrative and servicing arrangements between the Penn Series Funds and PMAM and its affiliates. The Directors also 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 are shared with a Penn Series Fund’s shareholders through breakpoints or other means, including any fee waivers by PMAM and its affiliates or the Sub-Advisers. The Directors, in particular, considered PMAM’s approach to the implementation of new breakpoints and the review of existing breakpoints. 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 the realization of any economies of scale 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.

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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. © 2016 The Penn Mutual Life Insurance Company and The Penn Insurance & Annuity Company, Philadelphia, PA 19172 www.pennmutual.com PM8081 02/16

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. Investments.

(a) The full Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

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.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) Based on his evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) as of a date within 90 days of the filing date of this report, the Registrant’s principal executive officer and principal financial officer has concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to him by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period 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) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.

(Registrant)                                Penn Series Funds, Inc.
By (Signature and Title)*          /s/ David M. O’Malley
	David M. O’Malley, President
	(principal executive officer)
Date  9-6-2016

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.

By (Signature and Title)*          /s/ David M. O’Malley
	David M. O’Malley, President
	(principal executive officer)
Date  9-6-2016

By (Signature and Title)*          /s/ Steven Viola
	Steven Viola, Treasurer
	(principal financial officer)
Date  9-6-2016

^* Print the name and title of each signing officer under his or her signature.