Sub-Item 77Q1: Exhibits
(e) Copies of any new or amended Registrant investment advisory
contracts
The Amended and Restated Investment Advisory Agreement, dated
October 1, 2017, between Penn Series Funds, Inc. and Penn Mutual
Asset Management, LLC ("PMAM"), reflecting a reduction in the
advisory fee paid to PMAM for its services on behalf of the XXXX
Cap Value Fund, is filed herewith as Exhibit 77Q1(e)(i).
The Amended and Restated Investment Sub-Advisory Agreement,
dated October 1, 2017, between PMAM and AllianceBernstein L.P.
("AllianceBernstein"), reflecting a reduction in the sub-
advisory fee paid to AllianceBernstein for its services on
behalf of the XXXX Cap Value Fund, is filed herewith as Exhibit
77Q1(e)(ii).
