NPORT-EX 2 0358PENN093023.htm
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — 97.2%
Australia — 7.0%
Ampol Ltd. 1,380 $29,794
ANZ Group Holdings Ltd. 16,287 267,134
APA Group 6,428 34,196
Aristocrat Leisure Ltd. 3,234 84,493
ASX Ltd. 1,057 38,663
Aurizon Holdings Ltd. 8,950 20,011
BHP Group Ltd. 27,287 766,515
BlueScope Steel Ltd. 2,498 30,934
Brambles Ltd. 7,263 66,722
Cochlear Ltd. 359 58,798
Coles Group Ltd. 7,016 70,026
Commonwealth Bank of Australia 8,966 572,713
Computershare Ltd. 3,143 52,377
CSL Ltd. 2,605 419,673
Dexus 5,310 24,753
EBOS Group Ltd. 933 19,113
Endeavour Group Ltd. 8,189 27,648
Fortescue Metals Group Ltd. 8,918 118,547
Goodman Group 8,916 122,201
IDP Education Ltd. 1,223 16,737
IGO Ltd. 3,649 29,283
Insurance Australia Group Ltd. 12,718 46,135
Lendlease Corp. Ltd. 4,030 18,482
Macquarie Group Ltd. 1,943 208,072
Medibank Pvt. Ltd. 14,114 31,151
Mineral Resources Ltd. 930 39,936
Mirvac Group 21,784 29,609
National Australia Bank Ltd. 16,988 315,371
Newcrest Mining Ltd. 4,938 77,806
Northern Star Resources Ltd. 6,358 42,219
Orica Ltd. 2,212 22,055
Origin Energy Ltd. 8,947 50,380
Pilbara Minerals Ltd. 13,602 37,109
Qantas Airways Ltd.* 4,237 14,027
QBE Insurance Group Ltd. 7,795 78,084
Ramsay Health Care Ltd. 1,007 33,422
REA Group Ltd. 262 25,876
Reece Ltd. 1,201 14,296
Rio Tinto Ltd. 1,958 141,226
Santos Ltd. 17,329 87,356
Scentre Group 29,458 46,289
SEEK Ltd. 1,770 25,005
Sonic Healthcare Ltd. 2,493 47,604
South32 Ltd. 18,110 39,103
South32 Ltd. 5,653 12,371
Stockland 13,685 34,250
Suncorp Group Ltd. 6,492 57,841
Telstra Group Ltd. 21,066 52,047
The GPT Group 9,446 23,523
The Lottery Corp. Ltd. 12,000 36,264
Transurban Group 16,251 132,050
Treasury Wine Estates Ltd. 3,577 28,246
Vicinity Ltd. 18,933 20,519
Washington H. Soul Pattinson & Co., Ltd. 1,266 26,410
  Number of
Shares 		Value†
 
Australia — (continued)
Wesfarmers Ltd. 6,000 $203,064
Westpac Banking Corp. 19,020 257,104
WiseTech Global Ltd. 856 35,533
Woodside Energy Group Ltd. 10,296 239,393
Woolworths Group Ltd. 6,435 154,062
    5,653,621
Austria — 0.2%
Erste Group Bank AG 1,797 62,063
OMV AG 740 35,346
Verbund AG 390 31,727
voestalpine AG 691 18,812
    147,948
Belgium — 0.8%
Ageas N.V. 872 35,915
Anheuser-Busch InBev N.V. 4,708 260,993
D'ieteren Group 111 18,714
Elia Group S.A. 148 14,483
Groupe Bruxelles Lambert N.V. 540 40,182
KBC Group N.V. 1,371 85,354
Lotus Bakeries N.V. 2 16,260
Sofina S.A. 94 18,999
Solvay S.A. 376 41,552
UCB S.A. 649 53,159
Umicore S.A. 1,037 24,553
Warehouses De Pauw CVA 903 22,316
    632,480
Bermuda — 0.1%
Aegon Ltd. 9,039 43,565
Chile — 0.0%
Antofagasta PLC 2,107 36,577
Denmark — 3.2%
A.P. Moller - Maersk A/S, Class A 15 26,545
A.P. Moller - Maersk A/S, Class B 26 46,771
Carlsberg A/S, Class B 509 64,177
Chr Hansen Holding A/S 572 34,991
Coloplast A/S, Class B 756 79,998
Danske Bank A/S 3,619 83,983
Demant A/S* 596 24,610
DSV A/S 984 183,359
Genmab A/S* 348 123,210
Novo Nordisk A/S, Class B 17,550 1,597,950
Novozymes A/S, Class B 1,061 42,689
Orsted A/S 991 53,914
Pandora A/S 488 50,357
ROCKWOOL A/S, Class B 55 13,293
Tryg A/S 1,852 33,890
Vestas Wind Systems A/S* 5,322 113,858
    2,573,595
Finland — 1.1%
Elisa OYJ 733 33,991
Fortum OYJ 2,232 25,884
 
1
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Finland — (continued)
Kesko OYJ, Class B 1,564 $28,021
Kone OYJ, Class B 1,763 74,293
Metso OYJ 3,773 39,567
Neste OYJ 2,329 78,880
Nokia OYJ 29,379 110,467
Nordea Bank Abp 17,155 188,083
Orion OYJ, Class B 570 22,393
Sampo OYJ, Class A* 2,539 109,765
Stora Enso OYJ, Class R 2,992 37,500
UPM-Kymmene OYJ 2,772 94,916
Wartsila OYJ Abp 2,745 31,112
    874,872
France — 11.6%
Accor S.A. 1,048 35,249
Aeroports de Paris S.A. 143 16,864
Air Liquide S.A. 2,826 475,988
Airbus S.E. 3,201 428,449
Alstom S.A. 1,697 40,337
Amundi S.A. 290 16,288
Arkema S.A. 347 34,159
AXA S.A. 9,934 294,731
BioMerieux 219 21,186
BNP Paribas S.A. 5,582 354,939
Bollore S.E. 4,361 23,406
Bouygues S.A. 1,091 38,146
Bureau Veritas S.A. 1,519 37,665
Capgemini S.E. 871 151,984
Carrefour S.A. 3,099 53,226
Cie de Saint-Gobain S.A. 2,461 147,292
Cie Generale des Etablissements Michelin SCA 3,571 109,297
Covivio SA 315 13,972
Credit Agricole S.A. 6,344 77,998
Danone S.A. 3,501 193,107
Dassault Aviation S.A. 122 22,979
Dassault Systemes S.E. 3,522 130,816
Edenred SE 1,309 81,886
Eiffage S.A. 393 37,303
Engie S.A. 9,643 147,887
EssilorLuxottica S.A. 1,596 277,617
Eurazeo S.E. 255 15,174
Gecina S.A. 271 27,631
Getlink S.E. 1,879 29,955
Hermes International SCA 171 311,704
Ipsen S.A. 217 28,432
Kering S.A. 394 179,019
Klepierre S.A. 1,098 26,885
La Francaise des Jeux SAEM 613 19,910
Legrand S.A. 1,407 129,284
L'Oreal S.A. 1,301 539,150
LVMH Moet Hennessy Louis Vuitton S.E. 1,486 1,121,678
Orange S.A. 9,801 112,420
Pernod Ricard S.A. 1,092 181,807
  Number of
Shares 		Value†
 
France — (continued)
Publicis Groupe S.A. 1,254 $94,919
Remy Cointreau S.A. 109 13,289
Renault S.A. 1,036 42,389
Safran S.A. 1,851 290,069
Sanofi 6,124 657,566
Sartorius Stedim Biotech 155 36,875
Schneider Electric S.E. 2,937 483,995
SEB S.A. 152 14,180
Societe Generale S.A. 3,827 92,604
Sodexo S.A. 482 49,621
STMicroelectronics N.V. 3,611 155,717
Teleperformance SE 336 42,187
Thales S.A. 576 80,953
TotalEnergies S.E. 12,111 796,291
Unibail-Rodamco-Westfield* 1,213 2,833
Unibail-Rodamco-Westfield* 544 26,751
Valeo SE 999 17,143
Veolia Environnement S.A. 3,572 103,253
Vinci S.A. 2,875 318,064
Vivendi S.E. 3,686 32,282
Wendel S.E. 159 12,568
Worldline S.A.* 1,310 36,773
    9,386,142
Germany — 7.6%
adidas AG 856 150,150
Allianz S.E. 2,176 517,836
BASF S.E. 4,732 214,194
Bayer AG 5,322 255,586
Bayerische Motoren Werke AG 1,601 162,609
Bechtle AG 394 18,349
Beiersdorf AG 527 67,977
Brenntag S.E. 795 61,514
Carl Zeiss Meditec AG 220 19,178
Commerzbank AG 5,556 63,057
Continental AG 590 41,455
Covestro AG* 1,005 54,044
Daimler Truck Holding AG 2,630 91,062
Delivery Hero S.E.* 873 24,927
Deutsche Bank AG 10,203 112,134
Deutsche Boerse AG 1,004 173,387
Deutsche Lufthansa AG* 2,966 23,471
Deutsche Post AG 5,330 216,267
Deutsche Telekom AG 17,517 367,451
E.ON S.E. 11,848 140,114
Evonik Industries AG 1,156 21,086
Fresenius Medical Care AG & Co., KGaA 1,105 47,506
Fresenius S.E. & Co., KGaA 2,333 72,463
GEA Group AG 840 30,958
Hannover Rueck S.E. 315 69,117
Heidelberg Materials AG 790 61,186
HelloFresh S.E.* 800 23,772
Henkel AG & Co., KGaA 536 33,796
Infineon Technologies AG 6,915 229,030
Knorr-Bremse AG 365 23,140
 
2
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Germany — (continued)
LEG Immobilien S.E.* 364 $25,031
Mercedes-Benz Group AG 4,269 297,109
Merck KGaA 681 113,528
MTU Aero Engines AG 275 49,805
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 742 288,974
Nemetschek S.E. 277 16,858
Puma S.E. 567 35,059
Rational AG 30 18,981
Rheinmetall AG 238 61,226
RWE AG 3,336 123,832
SAP S.E. 5,626 728,241
Scout24 S.E. 387 26,834
Siemens AG 4,098 585,640
Siemens Energy AG* 2,682 34,954
Siemens Healthineers AG 1,477 74,709
Symrise AG 694 66,068
Talanx AG 362 22,911
Telefonica Deutschland Holding AG 5,808 10,388
Volkswagen AG 143 18,780
Vonovia S.E. 4,036 96,696
Wacker Chemie AG 104 14,851
Zalando S.E.* 1,152 25,595
    6,122,886
Hong Kong — 2.4%
AIA Group Ltd. 61,800 499,786
BOC Hong Kong Holdings Ltd. 19,500 53,233
Budweiser Brewing Co., APAC, Ltd. 10,400 20,438
CK Asset Holdings Ltd. 11,034 57,957
CK Hutchison Holdings Ltd. 14,128 75,007
CK Infrastructure Holdings Ltd. 3,500 16,514
CLP Holdings Ltd. 8,500 62,763
ESR Group Ltd. 11,600 16,216
Futu Holdings Ltd., ADR* 300 17,343
Galaxy Entertainment Group Ltd. 12,000 71,803
Hang Lung Properties Ltd. 8,000 10,945
Hang Seng Bank Ltd. 4,200 52,111
Henderson Land Development Co., Ltd. 7,891 20,721
HKT Trust & HKT Ltd. 20,240 21,106
Hong Kong & China Gas Co., Ltd. 57,112 39,738
Hong Kong Exchanges & Clearing Ltd. 6,384 236,928
Hongkong Land Holdings Ltd. 5,900 21,041
Jardine Matheson Holdings Ltd. 900 41,707
Link REIT 13,262 64,845
MTR Corp. Ltd. 7,896 31,193
New World Development Co., Ltd. 8,458 16,399
Power Assets Holdings Ltd. 7,000 33,807
Prudential PLC 14,555 156,457
Sino Land Co., Ltd. 17,633 19,831
SITC International Holdings Co., Ltd. 8,000 13,423
Sun Hung Kai Properties Ltd. 7,661 81,743
Swire Pacific Ltd., Class A 2,000 13,471
Swire Properties Ltd. 7,136 14,841
Techtronic Industries Co., Ltd. 7,500 72,402
  Number of
Shares 		Value†
 
Hong Kong — (continued)
WH Group Ltd. 43,872 $22,963
Wharf Real Estate Investment Co., Ltd. 9,000 34,685
Xinyi Glass Holdings Ltd. 7,208 9,288
    1,920,705
Ireland — 1.2%
AerCap Holdings N.V.* 900 56,403
AIB Group PLC 8,306 37,229
Bank of Ireland Group PLC 5,881 57,490
CRH PLC 3,919 214,487
DCC PLC 489 27,379
Experian PLC 4,856 158,828
Flutter Entertainment PLC* 932 152,038
James Hardie Industries PLC* 2,312 60,466
Kerry Group PLC, Class A 835 69,768
Kingspan Group PLC 842 62,883
Smurfit Kappa Group PLC 1,428 47,438
    944,409
Israel — 0.7%
Azrieli Group Ltd. 257 13,192
Bank Hapoalim BM 6,615 58,937
Bank Leumi Le-Israel BM 8,059 66,776
Check Point Software Technologies Ltd.* 512 68,239
CyberArk Software Ltd.* 200 32,754
Elbit Systems Ltd. 135 26,758
Global-e Online Ltd.* 500 19,870
ICL Group Ltd. 4,391 24,230
Israel Discount Bank Ltd., Class A 7,042 38,169
Mizrahi Tefahot Bank Ltd. 844 30,650
Monday.com Ltd.* 100 15,922
Nice Ltd.* 332 56,626
Teva Pharmaceutical Industries Ltd.* 5,764 58,783
Wix.com Ltd.* 311 28,550
    539,456
Italy — 2.1%
Amplifon SpA 601 17,790
Assicurazioni Generali SpA 5,334 108,880
Davide Campari-Milano N.V. 2,775 32,668
DiaSorin SpA 153 13,933
Enel SpA 44,044 270,111
Eni SpA 12,841 206,275
Ferrari N.V. 667 196,622
FinecoBank Banca Fineco SpA 3,098 37,409
Infrastrutture Wireless Italiane SpA 1,623 19,285
Intesa Sanpaolo SpA 85,434 218,815
Mediobanca Banca di Credito Finanziario SpA 2,923 38,537
Moncler SpA 1,078 62,476
Nexi SpA* 3,202 19,510
Poste Italiane SpA 2,669 28,028
Prysmian SpA 1,469 58,963
Recordati Industria Chimica e Farmaceutica SpA 515 24,270
 
3
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Italy — (continued)
Snam SpA 11,062 $51,906
Telecom Italia SpA* 60,149 18,758
Terna - Rete Elettrica Nazionale 7,216 54,275
UniCredit SpA 9,761 232,569
    1,711,080
Japan — 22.4%
Advantest Corp. 4,000 111,574
Aeon Co., Ltd. 3,400 67,348
AGC, Inc. 1,100 38,552
Aisin Corp. 900 34,007
Ajinomoto Co., Inc. 2,500 96,397
ANA Holdings, Inc.* 800 16,750
Asahi Group Holdings Ltd. 2,600 97,122
Asahi Intecc Co., Ltd. 1,300 23,307
Asahi Kasei Corp. 6,900 43,432
Astellas Pharma, Inc. 9,600 132,880
Azbil Corp. 700 21,385
Bandai Namco Holdings, Inc. 3,300 67,124
BayCurrent Consulting, Inc. 800 26,658
Bridgestone Corp. 3,000 116,904
Brother Industries Ltd. 1,100 17,719
Canon, Inc. 5,300 127,670
Capcom Co., Ltd. 1,000 35,992
Central Japan Railway Co. 4,000 97,272
Chubu Electric Power Co., Inc. 3,400 43,282
Chugai Pharmaceutical Co., Ltd. 3,700 114,086
Concordia Financial Group Ltd. 5,200 23,689
CyberAgent, Inc. 2,400 12,919
Dai Nippon Printing Co., Ltd. 1,200 31,222
Daifuku Co., Ltd. 1,500 28,315
Dai-ichi Life Holdings, Inc. 4,900 101,157
Daiichi Sankyo Co., Ltd. 10,000 273,773
Daikin Industries Ltd. 1,400 219,480
Daito Trust Construction Co., Ltd. 400 42,133
Daiwa House Industry Co., Ltd. 3,100 83,202
Daiwa House REIT Investment Corp. 13 22,936
Daiwa Securities Group, Inc. 6,900 39,789
Denso Corp. 9,200 147,622
Dentsu Group, Inc. 1,100 32,353
Disco Corp. 500 92,378
East Japan Railway Co. 1,600 91,563
Eisai Co., Ltd. 1,300 72,051
ENEOS Holdings, Inc. 14,990 59,003
FANUC Corp. 5,100 132,638
Fast Retailing Co., Ltd. 1,000 217,815
Fuji Electric Co., Ltd. 700 31,525
FUJIFILM Holdings Corp. 2,000 115,701
Fujitsu Ltd. 1,000 117,611
GLP J-Reit 26 23,239
GMO Payment Gateway, Inc. 200 10,913
Hakuhodo DY Holdings, Inc. 1,500 12,321
Hamamatsu Photonics K.K. 800 33,643
Hankyu Hanshin Holdings, Inc. 1,200 40,945
Hikari Tsushin, Inc. 100 15,230
  Number of
Shares 		Value†
 
Japan — (continued)
Hirose Electric Co., Ltd. 220 $25,448
Hitachi Construction Machinery Co., Ltd. 500 15,173
Hitachi Ltd. 5,000 309,888
Honda Motor Co., Ltd. 24,600 276,742
Hoshizaki Corp. 600 20,829
Hoya Corp. 1,900 194,593
Hulic Co., Ltd. 2,300 20,624
Ibiden Co., Ltd. 600 31,824
Idemitsu Kosan Co., Ltd. 1,056 24,209
Iida Group Holdings Co., Ltd. 900 14,935
Inpex Corp. 5,300 79,491
Isuzu Motors Ltd. 3,000 37,715
ITOCHU Corp. 6,300 227,518
Japan Airlines Co., Ltd. 800 15,543
Japan Exchange Group, Inc. 2,600 48,168
Japan Metropolitan Fund Invest 34 22,051
Japan Post Bank Co., Ltd. 7,700 67,004
Japan Post Holdings Co., Ltd. 12,000 96,002
Japan Post Insurance Co., Ltd. 1,100 18,500
Japan Real Estate Investment Corp. 7 27,277
Japan Tobacco, Inc. 6,300 144,951
JFE Holdings, Inc. 2,600 38,075
JSR Corp.* 900 24,145
Kajima Corp. 2,200 35,812
Kao Corp. 2,600 96,369
Kawasaki Kisen Kaisha Ltd. 800 27,301
KDDI Corp. 8,100 247,945
Keio Corp. 600 20,627
Keisei Electric Railway Co., Ltd. 700 24,247
Keyence Corp. 1,032 381,660
Kikkoman Corp. 700 36,689
Kintetsu Group Holdings Co., Ltd. 1,000 28,353
Kirin Holdings Co., Ltd. 4,000 56,002
Kobayashi Pharmaceutical Co., Ltd. 300 13,380
Kobe Bussan Co., Ltd. 800 18,729
Koei Tecmo Holdings Co., Ltd. 780 11,082
Koito Manufacturing Co., Ltd. 1,200 18,096
Komatsu Ltd. 4,900 132,159
Konami Group Corp. 500 26,362
Kose Corp. 200 14,496
Kubota Corp. 5,500 80,909
Kurita Water Industries Ltd. 600 20,879
Kyocera Corp. 1,700 86,186
Kyowa Kirin Co., Ltd. 1,300 22,603
Lasertec Corp. 400 62,205
Lixil Corp. 1,500 17,433
LY Corp. 13,800 38,283
M3, Inc. 2,400 43,533
Makita Corp. 1,200 29,591
Marubeni Corp. 8,100 126,265
MatsukiyoCocokara & Co. 1,800 32,243
Mazda Motor Corp. 2,800 31,793
McDonald's Holdings Co., Japan Ltd. 500 19,105
MEIJI Holdings Co., Ltd. 1,200 29,825
 
4
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Japan — (continued)
MINEBEA MITSUMI, Inc. 1,900 $30,957
MISUMI Group, Inc. 1,400 21,801
Mitsubishi Chemical Group Corp. 6,600 41,580
Mitsubishi Corp. 6,200 295,432
Mitsubishi Electric Corp. 10,200 126,016
Mitsubishi Estate Co., Ltd. 6,200 80,885
Mitsubishi HC Capital, Inc. 3,900 25,986
Mitsubishi Heavy Industries Ltd. 1,700 94,821
Mitsubishi UFJ Financial Group, Inc. 61,600 522,008
Mitsui & Co., Ltd. 7,000 253,890
Mitsui Chemicals, Inc. 900 23,317
Mitsui Fudosan Co., Ltd. 4,700 103,513
Mitsui OSK Lines Ltd. 1,900 52,210
Mizuho Financial Group, Inc. 12,808 217,454
MonotaRO Co., Ltd. 1,500 15,992
MS&AD Insurance Group Holdings, Inc. 2,290 83,801
Murata Manufacturing Co., Ltd. 9,300 169,652
NEC Corp. 1,300 71,789
Nexon Co., Ltd. 2,200 39,311
NGK Insulators Ltd. 1,100 14,579
NIDEC Corp. 2,300 106,199
Nintendo Co., Ltd. 5,500 228,541
Nippon Building Fund, Inc. 8 32,396
NIPPON EXPRESS HOLDINGS, INC. 400 20,872
Nippon Paint Holdings Co., Ltd. 5,000 33,581
Nippon Prologis REIT, Inc. 13 24,271
Nippon Sanso Holdings Corp. 1,000 23,676
Nippon Steel Corp. 4,717 110,511
Nippon Telegraph & Telephone Corp. 157,900 186,896
Nippon Yusen K.K. 2,500 64,912
Nissan Chemical Corp. 700 29,757
Nissan Motor Co., Ltd. 12,500 55,166
Nissin Foods Holdings Co., Ltd. 300 24,928
Nitori Holdings Co., Ltd. 500 55,748
Nitto Denko Corp. 800 52,460
Nomura Holdings, Inc. 16,000 64,071
Nomura Real Estate Holdings, Inc. 500 12,553
Nomura Real Estate Master Fund, Inc. 21 23,520
Nomura Research Institute Ltd. 2,130 55,362
NTT Data Group Corp. 3,400 45,497
Obayashi Corp. 3,200 28,160
Obic Co., Ltd. 364 55,153
Odakyu Electric Railway Co., Ltd. 1,800 26,895
Oji Holdings Corp. 4,700 19,774
Olympus Corp. 6,600 85,691
Omron Corp. 1,000 44,501
Ono Pharmaceutical Co., Ltd. 2,000 38,357
Open House Group Co., Ltd. 400 13,563
Oracle Corp. Japan 200 14,815
Oriental Land Co., Ltd. 5,800 190,284
ORIX Corp. 6,200 115,769
Osaka Gas Co., Ltd. 2,000 32,910
Otsuka Corp. 600 25,385
Otsuka Holdings Co., Ltd. 2,100 74,561
Pan Pacific International Holdings Corp. 2,000 41,974
  Number of
Shares 		Value†
 
Japan — (continued)
Panasonic Corp. 11,600 $130,938
Persol Holdings Co., Ltd. 10,000 16,242
Rakuten Group, Inc. 8,500 34,925
Recruit Holdings Co., Ltd. 7,800 238,641
Renesas Electronics Corp.* 6,700 102,342
Resona Holdings, Inc. 11,100 61,374
Ricoh Co., Ltd. 2,800 24,158
Rohm Co., Ltd. 2,000 37,598
SBI Holdings, Inc. 1,210 25,465
SCSK Corp. 700 12,204
Secom Co., Ltd. 1,100 74,625
Seiko Epson Corp. 1,700 26,698
Sekisui Chemical Co., Ltd. 1,900 27,335
Sekisui House Ltd. 3,400 67,665
Seven & i Holdings Co., Ltd. 4,000 156,601
SG Holdings Co., Ltd. 1,700 21,763
Sharp Corp.* 1,200 7,471
Shimadzu Corp. 1,200 31,830
Shimano, Inc. 400 53,538
Shimizu Corp. 2,600 18,060
Shin-Etsu Chemical Co., Ltd. 9,700 281,743
Shionogi & Co., Ltd. 1,400 62,446
Shiseido Co., Ltd. 2,100 73,593
Shizuoka Financial Group, Inc. 2,800 22,819
SMC Corp. 302 135,375
SoftBank Corp. 15,200 172,038
SoftBank Group Corp. 5,600 235,903
Sompo Holdings, Inc. 1,625 69,642
Sony Group Corp. 6,800 556,074
Square Enix Holdings Co., Ltd. 500 17,133
Subaru Corp. 3,400 66,111
SUMCO Corp. 1,700 22,122
Sumitomo Chemical Co., Ltd. 7,900 21,487
Sumitomo Corp. 5,900 117,752
Sumitomo Electric Industries Ltd. 3,800 45,778
Sumitomo Metal Mining Co., Ltd. 1,300 38,176
Sumitomo Mitsui Financial Group, Inc. 6,900 338,970
Sumitomo Mitsui Trust Holdings, Inc. 1,843 69,383
Sumitomo Realty & Development Co., Ltd. 1,500 38,942
Suntory Beverage & Food Ltd. 800 24,346
Suzuki Motor Corp. 2,000 80,442
Sysmex Corp. 900 42,765
T&D Holdings, Inc. 2,700 44,401
Taisei Corp. 900 31,676
Takeda Pharmaceutical Co., Ltd. 8,395 260,216
TDK Corp. 2,100 77,638
Terumo Corp. 3,600 95,295
The Chiba Bank Ltd. 2,500 18,163
The Kansai Electric Power Co., Inc. 3,700 51,225
TIS, Inc. 1,100 24,188
Tobu Railway Co., Ltd. 1,100 28,272
Toho Co., Ltd. 600 20,469
Tokio Marine Holdings, Inc. 9,800 226,906
 
5
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Tokyo Electric Power Co. Holdings, Inc.* 7,800 $34,793
Tokyo Electron Ltd. 2,500 341,481
Tokyo Gas Co., Ltd. 2,200 49,880
Tokyu Corp. 2,700 31,130
TOPPAN Holdings, Inc. 1,200 28,706
Toray Industries, Inc. 7,500 39,023
Toshiba Corp.* 500 15,396
Tosoh Corp. 1,600 20,514
TOTO Ltd. 800 20,644
Toyota Industries Corp. 800 62,972
Toyota Motor Corp. 57,040 1,023,316
Toyota Tsusho Corp. 1,100 64,698
Trend Micro, Inc. 700 26,497
Unicharm Corp. 2,200 77,787
USS Co., Ltd. 1,000 16,531
Welcia Holdings Co., Ltd. 600 10,361
West Japan Railway Co. 1,200 49,657
Yakult Honsha Co., Ltd. 1,400 34,002
Yamaha Corp. 800 21,849
Yamaha Motor Co., Ltd. 1,600 42,059
Yamato Holdings Co., Ltd. 1,600 26,042
Yaskawa Electric Corp. 1,200 43,213
Yokogawa Electric Corp. 1,100 21,231
Zensho Holdings Co., Ltd. 500 21,712
ZOZO, Inc. 600 10,987
    18,124,640
Jordan — 0.0%
Hikma Pharmaceuticals PLC 864 21,940
Luxembourg — 0.2%
ArcelorMittal S.A. 2,636 65,995
Eurofins Scientific S.E. 738 41,592
Tenaris S.A. 2,440 38,542
    146,129
Macao — 0.0%
Sands China Ltd.* 13,200 40,141
Netherlands — 4.4%
ABN AMRO Bank N.V. 2,159 30,512
Adyen N.V.* 114 84,523
Akzo Nobel N.V. 930 67,052
Argenx S.E.* 294 143,715
ASM International N.V. 247 103,145
ASML Holding N.V. 2,169 1,277,000
ASR Nederland N.V. 850 31,805
BE Semiconductor Industries N.V. 410 40,101
Euronext N.V. 460 31,997
EXOR N.V. 590 52,185
Heineken Holding N.V. 690 51,999
Heineken N.V. 1,532 135,063
IMCD N.V. 310 39,195
ING Groep N.V. 19,614 258,514
JDE Peet's N.V. 767 21,424
  Number of
Shares 		Value†
 
Netherlands — (continued)
Koninklijke Ahold Delhaize N.V. 5,156 $155,400
Koninklijke KPN N.V. 16,843 55,492
Koninklijke Philips N.V.* 4,900 97,766
NN Group N.V. 1,342 43,022
OCI NV 619 17,213
Prosus N.V.* 8,132 239,618
QIAGEN N.V.* 1,255 50,639
Randstad N.V. 579 31,987
Stellantis N.V. 4,149 79,498
Stellantis N.V. 7,754 148,477
Universal Music Group N.V. 4,312 112,527
Wolters Kluwer N.V. 1,360 164,663
    3,564,532
New Zealand — 0.2%
Auckland International Airport Ltd. 6,706 31,792
Fisher & Paykel Healthcare Corp. Ltd. 3,178 40,974
Mercury NZ Ltd. 4,492 16,413
Meridian Energy Ltd. 6,255 19,237
Spark New Zealand Ltd. 10,047 28,924
Xero Ltd.* 777 55,880
    193,220
Norway — 0.7%
Adevinta ASA* 1,674 16,492
Aker BP ASA 1,791 49,453
DNB Bank ASA 4,840 97,244
Equinor ASA 5,030 164,843
Gjensidige Forsikring ASA 1,242 18,225
Kongsberg Gruppen ASA 500 20,607
Mowi ASA 2,508 44,330
Norsk Hydro ASA 7,369 46,114
Orkla ASA 3,735 27,896
Salmar ASA 343 17,372
Telenor ASA 3,766 42,709
Yara International ASA 895 33,795
    579,080
Portugal — 0.2%
EDP - Energias de Portugal S.A. 17,400 72,348
Galp Energia SGPS S.A. 2,701 40,008
Jeronimo Martins SGPS S.A. 1,517 34,069
    146,425
Singapore — 1.4%
CapitaLand Ascendas REIT 21,190 42,500
CapitaLand Integrated Commercial Trust 29,400 39,676
CapitaLand Investment Ltd. 14,107 31,876
CDL Hospitality Trusts 477 362
City Developments Ltd. 2,500 12,065
DBS Group Holdings Ltd. 9,848 241,863
Genting Singapore Ltd. 36,200 22,348
Grab Holdings Ltd., Class A* 10,700 37,878
Jardine Cycle & Carriage Ltd. 600 13,989
Keppel Corp. Ltd. 7,500 37,244
Mapletree Logistics Trust 20,077 24,613
 
6
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Singapore — (continued)
Mapletree Pan Asia Commercial Trust 12,700 $13,254
Oversea-Chinese Banking Corp. Ltd. 17,891 167,318
Sea Ltd., ADR* 2,000 87,900
Seatrium Ltd.* 262,539 25,671
Sembcorp Industries Ltd. 4,800 17,841
Singapore Airlines Ltd. 8,500 40,096
Singapore Exchange Ltd. 4,300 30,590
Singapore Technologies Engineering Ltd. 7,600 21,689
Singapore Telecommunications Ltd. 43,200 76,468
United Overseas Bank Ltd. 6,637 138,236
UOL Group Ltd. 2,407 11,259
Wilmar International Ltd. 10,300 28,029
    1,162,765
Spain — 2.6%
Acciona S.A. 148 18,849
ACS Actividades de Construccion y Servicios S.A. 1,136 40,839
Aena SME S.A. 411 61,846
Amadeus IT Group S.A. 2,379 143,698
Banco Bilbao Vizcaya Argentaria S.A. 31,933 258,431
Banco Santander S.A. 87,249 332,250
CaixaBank S.A. 21,428 85,369
Cellnex Telecom S.A. 2,975 103,476
Corp. ACCIONA Energias Renovables S.A. 397 10,226
EDP Renovaveis S.A. 1,789 29,299
Enagas S.A. 1,204 19,938
Endesa S.A. 1,591 32,379
Ferrovial S.E. 2,641 80,701
Grifols S.A.* 1,529 19,803
Iberdrola S.A. 32,902 367,991
Industria de Diseno Textil S.A. 5,772 214,788
Naturgy Energy Group S.A. 633 17,221
Redeia Corp. S.A. 2,108 33,162
Repsol S.A. 6,984 114,880
Telefonica S.A. 28,674 117,143
    2,102,289
Sweden — 2.8%
Alfa Laval AB 1,578 54,059
Assa Abloy AB, Class B 5,279 114,705
Atlas Copco AB, Class A 14,200 190,716
Atlas Copco AB, Class B 8,112 94,870
Beijer Ref AB 1,927 20,275
Boliden AB 1,554 44,595
Epiroc AB, Class A 3,574 67,861
Epiroc AB, Class B 2,199 35,178
EQT AB 2,023 39,859
Essity AB, Class B 3,191 68,821
Evolution AB 1,014 102,322
Fastighets AB Balder, Class B* 3,781 16,950
Getinge AB, Class B 1,344 23,617
H & M Hennes & Mauritz AB, Class B 3,540 50,198
Hexagon AB, Class B 11,349 96,588
  Number of
Shares 		Value†
 
Sweden — (continued)
Holmen AB, Class B 551 $21,418
Husqvarna AB, Class B 2,510 19,154
Industrivarden AB, Class A 694 18,300
Industrivarden AB, Class C 848 22,346
Indutrade AB 1,349 24,915
Investment AB Latour, Class B 921 16,187
Investor AB, Class B 9,147 175,115
L E Lundbergforetagen AB, Class B 471 19,639
Lifco AB, Class B 1,359 23,773
Nibe Industrier AB, Class B 7,900 51,648
Saab AB, Class B 458 23,310
Sagax AB, Class B 919 17,457
Sandvik AB 5,885 108,286
Securitas AB, Class B 2,542 20,100
Skandinaviska Enskilda Banken AB, Class A 8,409 100,251
Skanska AB, Class B 1,869 30,690
SKF AB, Class B 1,796 29,816
Svenska Cellulosa AB SCA, Class B 3,289 45,033
Svenska Handelsbanken AB, Class A 7,620 67,802
Swedbank AB, Class A 4,396 80,805
Swedish Orphan Biovitrum AB* 1,123 22,931
Tele2 AB, Class B 2,749 21,023
Telefonaktiebolaget LM Ericsson, Class B 15,286 74,470
Telia Co., AB 12,823 26,450
Volvo AB, Class A 971 20,164
Volvo AB, Class B 7,972 164,204
Volvo Car AB, Class B* 3,803 15,383
    2,281,284
Switzerland — 10.3%
ABB Ltd. 8,658 309,032
Adecco Group AG 908 37,294
Alcon, Inc. 2,644 204,031
Bachem Holding AG 200 14,752
Baloise Holding AG 248 35,905
Banque Cantonale Vaudoise 182 19,045
Barry Callebaut AG 18 28,624
BKW AG 127 22,357
Chocoladefabriken Lindt & Spruengli AG 1 109,496
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates 3 33,338
Cie Financiere Richemont S.A., Class A 2,821 343,551
Clariant AG* 1,199 18,904
Coca-Cola HBC AG* 1,222 33,414
DSM-Firmenich AG 1,028 86,869
Dufry AG* 564 21,413
EMS-Chemie Holding AG 37 25,073
Geberit AG 179 89,263
Givaudan S.A. 49 159,536
Glencore PLC 56,576 322,173
Helvetia Holding AG 212 29,614
Holcim AG* 2,773 177,497
 
7
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Switzerland — (continued)
Julius Baer Group Ltd. 1,120 $71,689
Kuehne + Nagel International AG 282 80,125
Logitech International S.A. 886 60,955
Lonza Group AG 394 182,244
Nestle S.A. 14,359 1,625,382
Novartis AG 11,031 1,126,581
Partners Group Holding AG 120 134,711
Roche Holding AG 3,781 1,032,217
Roche Holding AG 164 48,181
Schindler Holding AG 125 24,051
Schindler Holding AG, Participation Certificates 207 41,234
SGS S.A. 785 65,882
SIG Group AG* 1,646 40,550
Sika AG 795 201,422
Sonova Holding AG 284 67,216
Straumann Holding AG 611 77,767
Swiss Life Holding AG 169 105,148
Swiss Prime Site AG 413 37,810
Swiss Re AG 1,593 163,602
Swisscom AG 136 80,755
Temenos AG 314 21,961
The Swatch Group AG 158 40,467
The Swatch Group AG 298 14,554
UBS Group AG 17,756 437,369
VAT Group AG 147 52,456
Zurich Insurance Group AG 813 371,993
    8,327,503
United Arab Emirates — 0.0%
NMC Health PLC* 538 0
United Kingdom — 14.0%
3i Group PLC 5,130 129,125
abrdn PLC 11,339 21,424
Admiral Group PLC 1,092 31,558
Anglo American PLC 6,715 184,391
Ashtead Group PLC 2,316 140,448
Associated British Foods PLC 1,882 47,283
AstraZeneca PLC 8,341 1,125,072
Auto Trader Group PLC 4,893 36,766
Aviva PLC 14,575 68,986
BAE Systems PLC 16,150 196,252
Barclays PLC 82,087 158,217
Barratt Developments PLC 5,409 29,001
Berkeley Group Holdings PLC 623 31,112
BP PLC 93,559 603,075
British American Tobacco PLC 11,482 360,520
BT Group PLC 38,077 54,072
Bunzl PLC 1,861 66,277
Burberry Group PLC 2,050 47,509
Centrica PLC 29,109 54,751
CNH Industrial N.V. 5,354 64,996
Coca-Cola Europacific Partners PLC 1,134 71,031
Compass Group PLC 9,237 224,843
Croda International PLC 769 45,934
  Number of
Shares 		Value†
 
United Kingdom — (continued)
Diageo PLC 12,129 $447,173
Endeavour Mining PLC 1,062 20,501
Entain PLC 3,405 38,619
GSK PLC 22,122 400,271
Haleon PLC 30,358 125,837
Halma PLC 2,077 48,936
Hargreaves Lansdown PLC 2,149 20,211
HSBC Holdings PLC 106,158 830,728
Imperial Brands PLC 4,838 98,146
Informa PLC 7,588 69,290
InterContinental Hotels Group PLC 944 69,813
Intertek Group PLC 877 43,858
J. Sainsbury PLC 8,379 25,803
JD Sports Fashion PLC 12,768 23,193
Johnson Matthey PLC 879 17,402
Kingfisher PLC 10,488 28,471
Land Securities Group PLC 3,485 24,981
Legal & General Group PLC 31,357 84,612
Lloyds Banking Group PLC 350,377 188,291
London Stock Exchange Group PLC 2,304 230,921
M&G PLC 11,743 28,135
Melrose Industries PLC 7,190 40,986
Mondi PLC 2,643 44,090
National Grid PLC 19,967 238,792
NatWest Group PLC 30,926 88,466
Next PLC 660 58,536
Ocado Group PLC* 3,089 22,460
Pearson PLC 3,239 34,174
Persimmon PLC 1,547 20,260
Phoenix Group Holdings PLC 3,684 21,590
Reckitt Benckiser Group PLC 3,888 274,185
RELX PLC 6,467 218,196
RELX PLC 3,621 122,405
Rentokil Initial PLC 13,823 102,630
Rio Tinto PLC 6,084 382,030
Rolls-Royce Holdings PLC* 45,897 122,976
Schroders PLC 4,151 20,511
Segro PLC 6,202 54,231
Severn Trent PLC 1,298 37,454
Shell PLC 36,079 1,143,496
Smith & Nephew PLC 4,804 59,620
Smiths Group PLC 1,814 35,714
Spirax-Sarco Engineering PLC 418 48,385
SSE PLC 5,742 112,522
St. James's Place PLC 3,047 30,741
Standard Chartered PLC 12,680 116,625
Taylor Wimpey PLC 17,417 24,840
Tesco PLC 38,561 124,031
The Sage Group PLC 5,350 64,381
Unilever PLC 7,276 359,920
Unilever PLC 6,278 310,807
United Utilities Group PLC 3,526 40,743
Vodafone Group PLC 120,761 113,201
Whitbread PLC 1,086 45,713
Wise PLC, Class A* 3,518 29,338
 
8
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
United Kingdom — (continued)
WPP PLC 5,591 $49,812
    11,271,696
TOTAL COMMON STOCKS
(Cost $61,065,360) 		  78,548,980
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG 341 31,741
Dr. Ing. h.c. F. Porsche AG 628 58,923
Henkel AG & Co., KGaA 924 65,798
Porsche Automobil Holding S.E. 835 41,073
Sartorius AG 146 49,449
Volkswagen AG 1,088 125,011
TOTAL PREFERRED STOCKS
(Cost $396,260) 		  371,995
SHORT-TERM INVESTMENTS — 1.1%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.236%)
(Cost $907,944) 		907,944 907,944
TOTAL INVESTMENTS — 98.8%
(Cost $62,369,564) 		  $79,828,919
Other Assets & Liabilities — 1.2% 948,962
TOTAL NET ASSETS — 100.0%   $80,777,881
† See Security Valuation Note in the most recent semi-annual or annual report.
* Non-income producing security.
A/S— Aktieselskab.
AB— Aktiebolag.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
ASA— Allmennaksjeselskap.
K.K.— Kabushiki Kaisha
KGaA— Kommanditgesellschaft auf Aktien.
MSCI— Morgan Stanley Capital International.
N.V.— Naamloze Vennootschap.
OYJ— Julkinen Osakeyhtiö.
PLC— Public Limited Company.
REIT— Real Estate Investment Trust.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
SpA— Società per Azioni.
    
Country Weightings as of 9/30/2023††
Japan 23%
United Kingdom 14
France 12
Switzerland 10
Germany 8
Australia 7
Netherlands 5
Other 21
Total 100%
†† % of total investments as of September 30, 2023.
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		Value†
Advertising 0.2% $189,405
Aerospace & Defense 1.7 1,365,452
Agriculture 0.8 631,646
Airlines 0.1 109,887
Apparel 2.3 1,845,119
Auto Manufacturers 3.6 2,807,582
Auto Parts & Equipment 0.8 607,853
Banks 11.1 8,753,111
Beverages 2.0 1,566,840
Biotechnology 0.9 724,281
Building Materials 1.8 1,446,054
Chemicals 2.8 2,192,267
Commercial Services 2.5 1,990,879
Computers 1.0 784,127
Cosmetics & Personal Care 2.2 1,734,757
Distribution & Wholesale 1.5 1,209,741
Diversified 0.0 29,609
Diversified Financial Services 1.7 1,316,344
Electric 2.7 2,100,818
Electrical Components & Equipment 0.9 689,961
Electronics 1.6 1,269,616
Energy-Alternate Sources 0.2 124,084
Engineering & Construction 1.3 983,803
Entertainment 1.0 779,274
Environmental Control 0.0 20,879
Food 4.4 3,418,932
Food Service 0.4 274,464
Forest Products & Paper 0.3 227,636
Gas 0.3 266,344
Hand & Machine Tools 0.3 198,803
Healthcare Products 2.1 1,612,993
Healthcare Services 0.6 477,168
Holding Companies 0.1 55,178
Home Builders 0.4 311,913
Home Furnishings 1.0 748,473
Household Products & Wares 0.4 307,981
Insurance 5.1 4,038,491
Internet 0.9 707,106
Investment Companies 0.5 385,744
Iron & Steel 0.5 422,810
Leisure Time 0.2 117,446
Lodging 0.4 274,784
Machinery — Construction & Mining 1.2 963,903
Machinery — Diversified 1.9 1,517,958
Media 0.4 323,815
 
9
Penn Series Funds, Inc.
Schedule of Investments — September 30, 2023 (Unaudited)
Developed International Index Fund
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		Value†
Metal Fabricate/Hardware 0.2% $142,615
Mining 2.8 2,220,189
Miscellaneous Manufacturing 1.1 825,401
Office & Business Equipment 0.2 178,526
Oil & Gas 4.8 3,779,172
Oil & Gas Services 0.0 25,671
Packaging and Containers 0.1 78,050
Pharmaceuticals 9.8 7,667,875
Pipelines 0.0 34,196
Private Equity 0.4 350,745
Real Estate 1.1 837,300
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Real Estate Investment Trusts 1.1%   $832,075
Retail 2.1   1,627,720
Semiconductors 3.3   2,608,336
Shipbuilding 0.0   20,607
Software 1.6   1,258,345
Telecommunications 3.0   2,331,973
Toys, Games & Hobbies 0.4   295,665
Transportation 1.7   1,327,738
Water 0.2   181,450
  100.0%   $78,548,980
 
Open forward foreign currency contracts held at September 30, 2023 are as follows:
Open forward foreign currency contracts
  Currency   Counterparty   Settlement
Date 		  Foreign
Currency
Contract 		  Forward
Rate 		  U.S.
Contract
Amount 		  U.S.
Contract
Value 		  Unrealized
Foreign
Exchange
Gain 		  Unrealized
Foreign
Exchange
Loss
Sell Swiss Franc   Deutsche Bank AG   12/14/23   (205,000)   0.90752   $(232,148)   $(225,891)   $6,257   $—
Sell Euro   JPMorgan   12/14/23   (200,000)   0.94246   (215,536)   (212,211)   3,325   —
  Total                           $9,582   $—
Futures contracts held by the Fund at September 30, 2023 are as follows:
Futures Contracts:
Exchange Traded
Type   Futures Contract   Expiration
Date 		  Numbers
of
Contracts 		  Units per
Contract 		  Closing
Price 		  Notional
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Long   MSCI EAFE Index   12/15/23   19   50   $2,042   $1,939,425   $—   $(50,625)
                            $—   $(50,625)
10