UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSRS
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)
Robert J. DellaCroce
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) 956-8256
Date of fiscal year end: December 31
Date of reporting period: June 30, 2012
Form N-CSRS 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-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
Item 1. Reports to Shareholders
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, which moved dramatically higher in the first quarter of 2012 on the news of generally stronger than expected economic data, job growth and corporate profits, gave some of those gains back in the second quarter. Concerns relating to a global growth slowdown, potential fiscal problems in the U.S. and the continued European debt crisis had investors shunning higher-risk assets in favor of the safety of fixed-income securities for most of the second quarter. From a sector perspective, defensive sectors such as Utilities and Consumer Staples experienced relatively weaker returns in comparison to the Telecommunications, Financial and Technology sectors which all experienced double digit gains for the first half of the year. The Energy sector experienced a negative 2.30 percent return in the first half of the year due mainly to the drop in both oil and natural gas prices. In this environment, the U.S. stock market, as measured by the Wilshire 5000 Equity Index, returned 9.18 percent during the six month period ending June 30.
On a relative basis, large capitalization stocks provided somewhat higher returns than did small and mid capitalization stocks. Large capitalization stocks, as measured by the Russell 1000 Index, returned 9.38 percent for the six months, while small capitalization stocks, as measured by the Russell 2000 Index, returned 8.53 percent and mid capitalization stocks, as measured by the Russell Midcap Index, returned 7.97 percent. From a style perspective, growth stocks outperformed value stocks across all market capitalizations. Some of the underperformance within value stocks can be attributed to the relatively weaker performance within the Utilities sector. Lastly, one of the best performing equity asset classes for the six months was Real Estate Investment Trusts (REITs) as measured by the FTSE NAREIT Equity REIT Index’s return of 14.91 percent. REITs also have the distinct honor of having the best relative performance over the last one- and three-year periods, 12.92 percent and 32.41 percent, respectively.
International markets, both developed and emerging, ended the six month period behind U.S. equities. Developed international stocks, as measured by the MSCI EAFE Index, returned 3.38 percent while emerging market stocks, as measured by the MSCI Emerging Markets Index, returned 4.12 percent. Similar to the U.S., much of the volatility experienced in the international markets had to do with the European sovereign debt crisis. From an emerging markets standpoint, fears of slowing economic growth in China, India, Brazil and other important emerging countries also took its toll. On the final trading day of the second quarter, European leaders announced a series of agreements that bolstered investor sentiment. This provided the markets with some relief after months of political uncertainty as countries, such as Spain, Portugal, Italy and especially Greece, struggled with austerity measures in the face of deep recessions and high unemployment.
Investment-grade fixed-income securities, while enjoying positive returns in the first half of 2012, underperformed high yield bonds. Investment-grade bonds, as measured by the Barclays Capital U.S. Aggregate Index, returned 2.37 percent for the six month period, helped in large part by its Treasury exposure. The Credit Suisse First Boston High Yield Bond Index, which began the year with a strong advance, has returned 6.66 percent so far in 2012. Rising demand for government debt due to renewed macroeconomic fears led to a strong rally in longer-dated safe securities, sending the 10-year yield below the previous record set over 60+ years ago. By the end of the second quarter, it was evident that the U.S. Treasury market — large, liquid and relatively safe — had dominated fixed income markets due to all of the global turmoil. In this environment, Treasuries rallied, led by a strong return in the 20+ year maturity bucket as measured by the Barclays Capital U.S. Government Long Bond Index’s second quarter return of 10.32 percent. This brings the Index’s full year return, as of June 30, to a stellar 31.42 percent.
Once again, we thank you for the privilege of serving your financial needs. We hope you’ll work closely with your financial professional to continue to explore your options throughout all life’s stages.
Sincerely,
Peter M. Sherman
Executive Vice President and Chief Investment Officer
The Penn Mutual Life Insurance Company
President
Penn Series Funds, Inc.
Table of Contents
Penn Series Funds, Inc. Semi-Annual Report
1
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Limited Maturity Bond Fund
The Penn Series Limited Maturity Bond Fund returned 0.35% for the period ending June 30, 2012. The Fund’s index, the Barclays U.S. Government/Credit 1-3 year Bond Index, returned 0.58% the same period.
The Fund has historically been managed with a conservative, lower credit risk approach that has historically met total return performance goals without exposing the customer to undue default risk. In the deleveraging economic environment that we foresee, we expect credit and default risk will be greater than most of our peers think. Consequently, we will continue to pursue what we consider a prudent profile towards credit risk and our relative ranking will fluctuate heavily toward whether default premiums rise or fall. We did add risk in the beginning of the year as well as May and June as risk underperformed. A majority of the exposure has been in corporate bonds such as pharmaceuticals and food and beverage. We also continue to add asset-backed securities that have proven credit fundamentals over this cycle and offer floating rate exposure with yield that are equivalent to 5-7 year U.S. Treasuries. Finally, although our positioning in longer dated (4-5 year) versus shorter dated (2-3 year) securities has been a source of outperformance over the last 6 months, we have started to reverse that positioning. We don’t think short-term bond yields have much room to fall, but the same can start to be said for intermediate bond yields as well.
Over the past three years we have experienced periodic bouts of volatility in the risk markets associated with the European Sovereign debt crisis. During the first half of 2012 we experienced the hope of a possible resolution to the European crisis, and the fear that the problems are intractable. In the first quarter risk markets rallied based on the hope created by massive liquidity programs put in place by the European Central Bank only to see the rally fade due to the realization that the liquidity solution was no panacea for the structural problems in Europe. These problems came to the fore again in the second quarter as funding levels for Spain and Italy increased dramatically, and the political situation in Greece continues to be in turmoil. This volatility was exacerbated by a significant slowdown in China. These economies all contributed to a dismal global growth story that is being punctuated daily by weak economic data in the United States such as retail sales, region industrial activity surveys, and employment data. These challenges to risk assets have been partially offset by the voracious demand for high grade fixed income by retail investors.
Although we have been adding risk this year, we by no means are waving the all clear sign. The structural deficiencies in peripheral Europe are deep. A chaotic exit from the European currency union by a larger European country is still a low probability event, but a deep painful recession for the peripheral European countries is all but assured. This has created a world where normal cyclical slowdowns such as the one in China are very hard to manage from a global growth perspective. Although we do not view being systematically overweight risk as prudent at this point, we have capacity. During bouts of volatility, we are willing to buy higher risk bonds if and when markets provide us sufficient risk premium to do so.
Independence Capital Management, Inc.
Investment Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
U.S. Treasury Obligations | | | 55.2 | % |
Corporate bonds | | | 17.5 | % |
Agency Obligations | | | 11.5 | % |
Asset backed | | | 8.2 | % |
Residential Mortgage Backed | | | 5.6 | % |
Commercial Mortgage Backed | | | 1.3 | % |
Municipal Notes | | | 0.7 | % |
| | | | |
| | | 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 2.12% for the period ending June 30, 2012. The Fund’s index, the Barclays Capital U.S. Aggregate Bond Index, returned 2.37% over the same period.
Over the past three years we have experienced periodic bouts of volatility in the risk markets associated with the European Sovereign debt crisis. During the first half of 2012 we experienced the hope of a possible resolution to the European crisis, and the fear that the problems are intractable. In the first quarter risk markets rallied based on the hope created by massive liquidity programs put in place by the European Central Bank only to see the rally fade due to the realization that the liquidity solution was no panacea for the structural problems in Europe. These problems came to the fore again in the second quarter as funding levels for Spain and Italy increased dramatically, and the political situation in Greece continues to be in turmoil. This volatility was exacerbated by a significant slowdown in China. These economies all contributed to a dismal global growth story that is being punctuated daily by weak economic data in the United States such as retail sales, region industrial activity surveys, and employment data. These challenges to risk assets have been partially offset by the voracious demand for high grade fixed income by retail investors.
Results for 2012 and the last three years have been volatile for the Fund. Our thesis has been that these periodic bouts of volatility create windows of opportunity, but patience is a virtue. We added risk in the beginning of the year as well as May and June as risk underperformed. A majority of the exposure has been in the corporate sector including riskier sectors such as banks and insurance. We also continued to add asset-backed securities that have proven credit fundamentals over this cycle and offer floating rate exposure with yield that are equivalent to 5-7 year U.S. Treasuries. Finally, we have been selling 30-year securities to buy 5-year securities as we start to close out a strategy of owning longer dated rather than short-dated securities that has been very profitable over the last couple of years. Although we don’t necessarily think short interest rates have much more room to drop, the same can start to be said for longer dated rates at this point.
Although we added risk in the previous quarter, we by no means are waving the all clear sign. The structural deficiencies in peripheral Europe are deep. A chaotic exit from the European currency union by a larger European
country is still a low probability event, but a deep painful recession for the peripheral European countries is all but assured. This has created a world where normal cyclical slowdowns such as the one in China are very hard to manage from a global growth perspective. We think we have plenty of capacity to take advantage of future volatility, and expect it. In this environment it is not unreasonable to expect short-term interest rates and longer term interest rates to continue to converge. We will buy higher risk bonds if and when markets provide us sufficient risk premium to do so.
Independence Capital Management, Inc.
Investment Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
U.S. Treasury Obligations | | | 38.3 | % |
Residential Mortgage Backed | | | 28.0 | % |
Corporate Bonds | | | 23.1 | % |
Asset Backed Securities | | | 3.6 | % |
Agency Obligations | | | 2.9 | % |
Municipal Bonds | | | 2.1 | % |
Commercial Mortgage Backed | | | 1.6 | % |
Municipal Notes | | | 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 6.65% in the first half of 2012 while its benchmark, the Credit Suisse High Yield Bond Index, returned 6.66%.
High yield was one of the top-performing fixed income asset classes during the first three months of 2012, extending the recovery from 2011’s volatile third-quarter correction. While global macro concerns triggered a correction in May, high yield issuers rebounded as the period ended — largely due to some positive outcomes in Europe, including Greek election results.
Spreads tightened yet valuations remained attractive relative to the underlying fundamentals of most high yield issuers, especially given the low default rate.
According to J.P. Morgan, $54.6 billion of new high yield bonds came to the market during the second quarter, roughly half of the first quarter’s record volume. The slowdown in issuance combined with lean broker-dealer inventories contributed to the surprising stability of the below investment-grade market in the face of continued macroeconomic challenges.
A modest cash position detracted during a strong performance environment. We seek to effectively put money to work, and bouts of macro-driven weakness can create opportunities to invest in fundamentally sound businesses at attractive valuations.
Credit selection and an overweight allocation to the financials sector contributed to relative performance for the year-to-date period. Ally Financial, one of our largest holdings, rallied after receiving competing bids for its troubled mortgage unit. Our investment team increased our overweight allocation in the financials sector over the past six months and the Fund benefited. Several of our financial companies appear poised to return to investment grade with help from an accommodative Federal Reserve.
Our underweight exposure to building and real estate was a headwind, as these bonds rebounded significantly, especially during the first quarter. While we added select, higher-quality issuers, our exposure to the space remains minimal.
Our high-conviction position in Univision Communications boosted returns in the broadcasting sector. This issuer signed a new multi-platform distribution agreement with DISH Networks in the first quarter that will broaden its
viewing audience. Univision Communications is a Spanish-
language broadcasting company that allows advertisers to efficiently access the fastest-growing population segment in the U.S.
We hesitate to make an educated forecast for the second half of 2012 given that numerous uncertainties could derail the impressive year-to-date returns of the high yield asset class. Investor sentiment remains unpredictable and generally cautious. Company management teams also seem more guarded, as evidenced by weakening hiring trends in the United States. Moreover, deep-seated issues in Europe are unlikely to be solved any time soon, and the U.S. political system will again be tested by the looming expiration of fiscal support packages.
High yield bonds appear solidly positioned amid investors’ ongoing search for yield in a low interest rate environment. This is particularly true given that default rates are expected to remain well below historical averages over the next two years. For this reason, we reiterate our conviction in the relative attractiveness of the asset class for patient, long-term investors.
Independence Capital Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Bonds | | | | |
Credit quality – B rated | | | 32.9 | % |
Credit quality – BB rated | | | 35.3 | % |
Credit quality – BBB rated | | | 8.4 | % |
Credit quality – CCC rated | | | 8.7 | % |
Credit quality – below CCC rated | | | 11.6 | % |
Not rated | | | 0.8 | % |
Equity securities | | | 2.3 | % |
| | | | |
| | | 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 7.03% for the six-month period ending June 30, 2012, compared to its benchmarks the S&P 500 Index’s return of 9.49% and the Merrill Lynch Corporate/Government Index’s return of 2.79%.
Stocks were the strongest-performing asset class in the Fund, outperforming the S&P 500 Index. Our bond holdings also posted a positive return. Our holdings in convertibles also performed well, but they lagged their benchmark. On an absolute basis, the industrials and business services and the information technology sectors were sizable contributors to performance. The energy sector was the only sector to detract from performance.
U.S. stocks produced moderate gains, extending the rebound that started last October. Market volatility was high, driven by global economic uncertainty. Stocks rose briskly in the first quarter, amid optimism about U.S. economic growth, particularly employment trends. The European debt crisis became less acute following two long-term refinancing operations by the European Central Bank. However, equities surrendered some of their gains in the spring, as U.S. job growth moderated and the situation in the eurozone deteriorated. Election results in Greece and France revealed growing popular resentment toward fiscal austerity measures.
During the first quarter, we used the market’s strength to trim our equity weight by selling select names that held up well, particularly those in the consumer discretionary and information technology sectors. While our convertibles weight declined slightly since the end of last year, our fixed income allocation increased at the margin. The Fund’s cash position grew, as we used the equity rally in the first quarter to pare back our equity weight.
Industrials and business services was a leading contributor to performance. Shares of Ingersoll-Rand rose on the news that Nelson Peltz’s Trian Fund Management established a stake in the company. Elsewhere, shares of Cooper Industries rallied sharply on the announcement that Eaton would acquire the electrical products company at a premium. Performance was also aided by stock selection in the information technology sector, as shares of Apple were up sharply and Fiserv reported strong first-quarter earnings.
As concerns over global economic growth intensify, we believe investors are anticipating that the Federal Reserve will enact a third round of quantitative easing in an attempt to revive the U.S. economy. We continue to find value in companies with stable cash flows that do not pay dividends, as dividend-paying companies’ valuations have been stretched recently. Within the fixed income space, we continue to view leveraged loans as reasonable investments due to their floating rate structure and their high position in the capital structure. We have kept our cash position elevated and are content to wait for more compelling opportunities to redeploy the capital.
Independence Capital Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Corporate bonds | | | 22.9 | % |
Health Care | | | 13.6 | % |
Technology | | | 12.0 | % |
Financials | | | 9.9 | % |
Consumer Staples | | | 9.9 | % |
Consumer Discretionary | | | 9.7 | % |
Industrials | | | 9.1 | % |
Energy | | | 5.2 | % |
Telecommunications | | | 2.8 | % |
Utilities | | | 2.7 | % |
Materials & Processing | | | 2.6 | % |
Preferred Stocks | | | 0.5 | % |
Options | | | –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. |
5
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Balanced Fund
The Penn Series Balanced Fund returned 6.49% for the six-month period ending June 30, 2012, compared to its benchmarks, the S&P 500 Index’s return of 9.49% and the Barclays Capital U.S. Aggregate Bond Index’s return of 2.37% for the same time period.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/12
| | | | |
Index 500 | | | 60.0 | % |
Intermediate Bonds | | | 40.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
6
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Growth Stock Fund
The Penn Series Large Growth Stock Fund returned 13.29% for the six-month period ending June 30, 2012, compared to the 10.08% return for its benchmark, the Russell 1000 Growth Index.
U.S. stocks produced moderate gains in the first half of 2012. Market volatility was high, driven by global economic uncertainty and European sovereign debt concerns. Stocks rose briskly in the first quarter amid optimism about U.S. economic growth, particularly employment trends. However, equities pulled back in the spring as U.S. job growth moderated, the Chinese economy decelerated, and the situation in the eurozone deteriorated. The period ended with a European summit resulting in policy statements signaling steps toward greater economic integration. Large-cap stocks outperformed their smaller counterparts, as measured by Russell indices. Growth stocks outpaced value.
Information technology was the leading outperformer, driven primarily by stock selection and also by favorable overweighting. Shares of Apple were up sharply on continued strong demand for its products. The company is expected to release the next generation of the iPhone later this year. LinkedIn reported strong user growth outside the U.S., sending share prices higher. The company continues to expand the hiring tools it offers and has reached additional users through its mobile application.
Consumer discretionary also outperformed on stock selection. The Internet and catalog retail industry contributed strongly, as consumers worldwide shifted from traditional in-store purchases to online retailers. Shares of priceline.com soared as the company continued to see an increase in online travel bookings. In June, the company announced expansion of its website to offer consumers three different ways to book hotels. After declining in the fourth quarter of 2011 due to higher costs, shares of Amazon.com rose during the first half of 2012 after the Internet retailer reported an improvement in revenue and repurchased $960 million in stock.
Energy outperformed on a beneficial sector allocation, more than offsetting slightly negative stock selection. A significant average underweight to the sector contributed to relative results as an oversupply of oil and gas combined with a decrease in demand sent prices sharply lower, hurting energy company profits.
Telecommunication services was a positive contributor to relative results primarily due to stock selection. Wireless
communication tower companies, such as Crown Castle International, continued to benefit from global consumer demand for smartphones, which can download more data and require a more robust wireless network.
The health care sector performed relatively in line with the benchmark. A notable underperformer was biotechnology company Gilead Sciences, which surprised investors in February with negative results from an ongoing hepatitis C trial, sending share prices sharply lower.
The market environment has deteriorated in recent months. Although the U.S. economy continues to demonstrate slow, steady growth, fiscal uncertainty in the U.S. and the worsening economic situation in Europe have led to growing caution among investors. A softer Chinese economy has further dampened risk appetites. Despite risks to the global economy, U.S. corporate fundamentals are generally strong. Stock valuations are appealing following May’s sharp sell-off. We believe that our bottom-up approach to selecting stocks, rather than attempting to gauge the impact of macroeconomic events, will continue to serve investors well in the coming months.
Independence Capital Management, Inc.
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 37.1 | % |
Consumer Discretionary | | | 21.7 | % |
Industrials | | | 13.3 | % |
Health Care | | | 9.1 | % |
Financials | | | 6.2 | % |
Energy | | | 3.8 | % |
Materials & Processing | | | 3.3 | % |
Telecommunications | | | 2.8 | % |
Consumer Staples | | | 2.7 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
7
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Growth Fund
The Penn Series Large Cap Growth Fund returned 7.26% for the six-month period ending June 30, 2012, compared to the 10.08% return for its benchmark, the Russell 1000 Growth Index.
During the first three months of the year, the market shook off concerns regarding the lingering European debt crisis and rising oil prices, and responded favorably to a number of positive economic signals, such as the falling unemployment rate, an up-tick in consumer confidence, improving automobile sales and positive capital goods spending.
The equity markets were then beset by worries for the next three months as Greece’s potential exit from the eurozone, ailing Spanish banks, and slowing economic growth both in the United States and abroad weighed heavily on investors’ minds. With the economic picture once again becoming cloudy investors sought the safety of U.S. Treasuries, as the yield on the 10-Year Treasury Note declined from 2.2% to 1.7%. As investors flocked to safer Treasury investments, equities, as represented by the S&P 500 Index, traded 2.8% lower for the three month period. Despite the aforementioned headwinds which played a large role in investor sentiment and in the equity world, the stock market, as represented by the S&P 500 Index, produced a solid gain of 9.5% for the first six months of the year.
On an absolute basis seven of the nine economic sectors in which the Fund is invested generated positive returns for the semi-annual period. On a relative basis, the consumer staples and utility sectors contributed while the technology and health care sectors detracted. The main contributors to relative performance within the consumer staples sector were Whole Foods Market and Coca Cola Co. while Comcast and Enbridge were the main contributors within the utility sector. Within technology, SanDisk and Ubiquiti Networks detracted the most. Gilead Sciences and Agilent Technologies were the main detractors within the health care sector.
There was no shortage of gloomy financial news during the second quarter. But we think there is also considerable cause for optimism: the worst-case scenario of Greece leaving the eurozone has, so far, been avoided, and efforts are underway to restructure the debt of Spanish banks. Keep in mind, the S&P 500 Index climbed for six straight months before its second-quarter stumble, and corrections (a drop of about 10%) typically occur about once per year.
We think that when economic threats are as exhaustively chronicled as they have been of late, they have already been largely reflected in share prices, so we feel the downside risk is limited at this point. Other positive signs include the recent decline in gasoline prices, which should free up cash for consumers, and more recent indications that the housing market is on the mend.
Independence Capital Management, Inc.
Investment Adviser
Turner Investments L.P.
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 38.4 | % |
Consumer Discretionary | | | 18.4 | % |
Healthcare | | | 11.2 | % |
Industrials | | | 9.4 | % |
Consumer Staples | | | 7.9 | % |
Financials | | | 6.4 | % |
Energy | | | 6.1 | % |
Materials & Processing | | | 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. |
8
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Growth Fund
The Penn Series Large Core Growth Fund returned 12.38% for the six-month period ending June 30, 2012, compared to the 10.08% return for its benchmark, the Russell 1000 Growth Index.
Our positioning in the consumer discretionary space is currently biased towards companies with strong global brands, those serving the upper end of the consumer spectrum, and those with exposure to growing demand in international markets. Lululemon athletica is a company that fits these criteria. Lululemon, a specialty retailer of high-end athletic apparel, has the unique position of controlling the development, distribution and marketing of its brand. The company experienced fantastic product demand with growth expected to continue through international expansion, product line extensions for women beyond yoga and entirely new offerings for men. Priceline.com was another solid contributor to returns during the period. The company continues to execute on its plan to consolidate the online travel market, particularly in Europe.
Although consumer staples is an area of the market where superior growth is difficult to find, our focus on some unique areas led to outperformance. We established a position in Monster Beverage during the period. Monster is a leader in the fast growing energy drink market with brands such as Monster Energy and Java Energy. The company has strong brand recognition and growth potential through new product introductions and international expansion.
Nowhere in the market is secular growth more prevalent than the information technology sector. As more and more people rely on wireless devices for work productivity and flexibility, storage solutions and everyday tasks the demand for technology solutions compounds. Benefitting from this growth are companies such as Avago Technologies. As a component supplier to Apple’s iPhone and other leading handset manufacturers, Avago is benefitting from strong smart-phone adoption trends and a higher absolute content level in new products.
After contributing to returns in 2011, stock selection in health care detracted from relative returns during the period. Shire PLC, a leading manufacturer of attention deficit disorder drugs, was a notable detractor. In addition to the successful attention deficit disorder franchise, the company’s future growth is dependent on the development of a broad range of orphan drug therapies, drugs for rare and often fatal diseases that command premium pricing. Without immediate visibility into the success of those therapies, the stock paused during the
market rally and we exited the position during the period. Bristol-Myers Squibb was also a laggard during the period as the company reported slightly weaker than expected financial results. We continue to hold the position as we believe Bristol-Myers has one of the best pharmaceutical pipelines, with several milestone clinical results expected in 2012.
We believe that episodes of macro driven markets are here to stay. There are simply too many structural uncertainties in the world. As a result, the volatility of the first half of this year– eurozone fears, political stalemates, “risk off” sentiment — did not come as a surprise to us. The key question now is will this bout of macro uncertainty result in downward revisions to future earnings. So far during this recovery, corporate earnings have been extremely resilient to the multitude of macro shocks. Many companies, particularly those here in the U.S., have prudently managed balance sheets and capitalized on healthy global growth, especially in the emerging markets. However, with Europe facing recession and China facing questions about its growth trajectory, we would not be surprised to see more companies temper future expectations.
Independence Capital Management, Inc.
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 32.3 | % |
Consumer Discretionary | | | 21.4 | % |
Healthcare | | | 16.1 | % |
Industrials | | | 10.7 | % |
Consumer Staples | | | 7.9 | % |
Energy | | | 4.6 | % |
Telecommunications | | | 2.4 | % |
Financials | | | 2.3 | % |
Materials | | | 2.3 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
9
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Cap Value Fund
The Penn Series Large Cap Value Fund returned 4.56% for the six-month period ending June 30, 2012, compared to the 8.68% return for its benchmark, the Russell 1000 Value Index.
The year began during a period of improved market sentiment in which the United States managed to avoid a return to recession and European policymakers appeared to take steps to address the region’s sovereign debt and banking sector crises. Renewed investor optimism helped produce gains across a number of international equity markets over the first three months of 2012. The rebound across equities gained momentum after the European Central Bank implemented the Long-Term Refinancing Operation (LTRO) to enhance liquidity for troubled banks and reduce rates on newly issued sovereign debt securities.
However, the second quarter was a volatile time for global markets. The fear of contagion from the worsening European sovereign debt crisis and a recession across much of Europe drove negative market sentiment, particularly over May and June. In the U.S., slower than expected first quarter growth also contributed to a sell-off in the U.S. stock market. Consumer confidence dropped as U.S. unemployment figures ticked slightly upwards after showing signs of improvement from the recession highs. However, the period ended on a positive note for the markets. The results of elections in Greece avoided that county’s immediate exit from eurozone and European policymakers continued their efforts to stabilize the situation in the region through lending and other means. These events appeared to soothe market jitters slightly in the final days of the period.
During the period, four out of the top five performing stocks for the Fund were within the Financials sector: Wells Fargo, JPMorgan Chase, U.S. Bancorp and MetLife. Following another round of bank stress tests by the Federal Reserve in March 2012, stocks of banks, including Wells Fargo, JPMorgan Chase and U.S Bancorp rallied. We exited our position in JPMorgan by period end. The stock of insurance company MetLife performed positively early in the period, and we exited our position over the first quarter, locking in gains. Also contributing to performance was consumer discretionary stock Comcast. The cable provider’s high-speed Internet subscriptions increased during the period, which contributed to a positive earnings surprise. Additionally, Comcast aggressively repurchased shares and increased its dividend by over forty percent.
The most significant detractors from performance were Juniper Networks, Navistar International and GenOn Energy. Networking company Juniper experienced declines over the second quarter of 2012, announcing a decrease in
revenue. Navistar, a manufacturer of commercial military and military trucks, was negatively impacted by higher costs. It also has lost share in the Heavy Duty Class 8 truck market as the company struggles to develop an engine that meets new emissions rules. GenOn Energy is one of the largest generators of wholesale electricity in the United States. Shares of GenOn were hampered by declining natural gas prices, which hit 10-year lows during the period. We continue to believe that GenOn will benefit from its healthy balance sheet and the potential for higher power prices stemming from EPA regulations that may essentially force the closure of several competing power plants.
Also hurting performance were Humana and Cisco Systems. Humana detracted from results as the managed health care company reported a decrease in profit in its first quarter, breaking a streak of four straight profit increases. Networking company Cisco declined after it releasing earnings guidance below analysts’ expectations.
At quarter end, the Fund had its most significant overweight positions relative to the Index in the health care, information technology and consumer discretionary sectors, with underweight positions in the financials, energy, utilities and telecommunication services sectors.
Independence Capital Management, Inc.
Investment Adviser
OppenheimerFunds, Inc.
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 22.4 | % |
Healthcare | | | 15.6 | % |
Energy | | | 11.8 | % |
Consumer Discretionary | | | 9.9 | % |
Industrials | | | 9.7 | % |
Technology | | | 9.0 | % |
Consumer Staples | | | 8.3 | % |
Utilities | | | 6.4 | % |
Materials | | | 4.1 | % |
Telecommunications | | | 2.8 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
10
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Large Core Value Fund
The Penn Series Large Core Value Fund returned 8.07% for the six-month period ending June 30, 2012, compared to the 8.68% return for its benchmark, the Russell 1000 Value Index.
The first six months of 2012 were marked by distinctly different quarters. The equity markets staged a broad-based rally during the first quarter of 2012 with most equity indices notching double digit gains in the backdrop of generally favorable macroeconomic developments. However, the second quarter of 2012 gave investors an unwelcome sense of déjà vu. For the third consecutive year, global equity markets began the year on a strong note, only to falter in the spring months amid renewed macroeconomic concerns.
After several months of relative calm, the European debt crisis intensified in May, putting downward pressure on stocks. As debt and banking woes spread from Greece to Spain, the collective investors’ psyche was further dampened by a weak U.S. jobs report, including an uptick in the unemployment rate. Following an upbeat forecast in April, the Federal Reserve in June revised economic projections downward and extended its “Operation Twist” program aimed at lowering long-term interest rates. Slowing economies in China, India and other developing nations added to investor pessimism. Many investors fled to U.S. Treasuries and other perceived safe havens, driving yields on those assets to record low levels. Late in the quarter, stocks regained some lost ground on positive readings from the U.S. housing sector and hopes for a meaningful resolution in Europe.
Disappointing stock selection in select sectors as well as unfavorable sector allocation decisions were a drag on relative results. Helping to partially offset these factors, favorable stock selection gains, particularly within information technology, aided relative performance.
Despite underperforming higher quality, lower beta stocks during the second quarter 2012, robust gains for lower quality, higher beta stocks during the first three months of 2012 propelled them ahead of their counterparts for the first six month period ended June 30, 2012, detracting from the Fund’s relative performance over the period.
Unfavorable stock selection results in financials and energy weighed on relative performance. In financials, not owning Bank of America, which posted a strong first quarter gain, hurt relative performance results. Within energy, overweight positions in Occidental Petroleum and Peabody Energy were a drag on performance. In telecommunication services, avoidance of strong-performing Verizon Communications also detracted.
Positive stock selection decisions within information technology and health care contributed to performance. Having exposure to select strong-performing information technology stalwarts including Apple, Microsoft, and Oracle, boosted relative performance during the period. In health care, an overweight to UnitedHealth Group was additive. Other top contributors over the period included TJX, American Express, and Sempra Energy.
While short-term risks continue to dominate the market’s direction, we believe the long-term case for equities remains favorable. In addition, we are still of the belief that U.S. fundamentals and economic conditions remain more stable and attractive than in much of the developed world.
From a positioning standpoint, the Fund remains quite balanced relative to the Index across the 10 economic sectors. We have adhered to our framework of modest sector over/under weights in this environment, placing the most emphasis on stock selection. Valuations for large-cap companies remain attractive relative to both historical levels and other asset classes. In effect, the Fund remains biased toward larger-cap companies and has maintained its overweight to higher-quality companies.
Independence Capital Management, Inc.
Investment Adviser
Eaton Vance Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 24.9 | % |
Energy | | | 15.0 | % |
Healthcare | | | 14.1 | % |
Industrials | | | 10.5 | % |
Technology | | | 9.0 | % |
Consumer Discretionary | | | 7.3 | % |
Consumer Staples | | | 7.0 | % |
Utilities | | | 5.8 | % |
Telecommunications | | | 3.8 | % |
Materials | | | 2.6 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
11
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Index 500 Fund
The Penn Series Index 500 Fund returned 9.30% for the six-month period ending June 30, 2012, compared to the 9.49% return for its benchmark, the S&P 500 Index.
Stocks in the U.S. began 2012 with an impressive uptrend, as ample liquidity and defensive positioning fostered persistent share buying. Quarterly earnings reports were solid, and a steady drumbeat of auspicious economic news, including declining jobless claims and rallying consumer confidence, provided an encouraging fundamental backdrop. The welcome signs of stronger activity even extended to the auto and housing industries. Climbing briskly in each of the first three months of 2012, the S&P 500 Index notched its sixth double-digit quarter in the last three years.
Sector performance across U.S. equities in the first quarter favored those groups that stood to benefit most from a more promising economic situation, although lingering worries about international activity took a toll on resource-related issues later in the period. Leading the way in both March and the first quarter as a whole was the financial sector, which had brought up the rear over the course of 2011. Information technology was not far behind, though, notching a close second for both the latest month and the full first quarter. In third place for both March and the full first quarter were the consumer discretionary stocks, which benefited from an ample rebound in housing-related names.
Stocks stumbled in early April when March payroll figures came in much lower than expected, but another season of solid earnings reports allowed them to recover their equilibrium within the month. Alas, the stability quickly vanished when May brought a new set of soggy employment figures and elections in Europe fostered growing concerns that Greece might wind up leaving the eurozone. Although the turmoil overseas spurred a rally in the dollar that made U.S. equities global outperformers on an unhedged basis, and a steep retreat in oil prices promised welcome summer relief for many U.S. consumers, the May payroll gains that were reported on June 1 reminded investors that the U.S. economy was hardly a panacea.
Growth-oriented portfolios also started to exhibit a change in character during the second quarter. Having outpaced value names handily early in 2012, growth issues found progress tougher as the spring progressed. Value stocks, on the other hand, began to attract buyers in search of a
boost from accommodative policy. If central banks were to act aggressively, the best equity gainers might arise from downtrodden cyclical issues, and not from the steadier growers that already had attracted ample capital.
While economically sensitive sectors like energy, materials, and industrials started to interest bargain hunters during June, they could not recover fully from weak relative performance earlier in the second quarter, which belonged primarily to defensive issues. As the growth outlook stalled, commodity prices tumbled, and policy makers showed little clear intention or capacity to boost longer-term prospects, income producers like telecommunications services and utilities were among the quarterly winners. But the best performance in June came from the health care sector, which rallied 5.8% on the month, barely edging out energy and telecommunications. Financials and materials also bounced back strongly and outperformed the S&P 500 in June. The weakest sector in June was consumer discretionary, but it still produced a 1.9% gain for the month, and the discretionary sector remained an outperformer for both the second quarter and the full first half.
Independence Capital Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 19.8 | % |
Financials | | | 14.3 | % |
Healthcare | | | 12.0 | % |
Consumer Staples | | | 11.3 | % |
Consumer Discretionary | | | 11.0 | % |
Energy | | | 10.8 | % |
Industrials | | | 10.5 | % |
Utilities | | | 3.7 | % |
Materials & Processing | | | 3.4 | % |
Telecommunications | | | 3.2 | % |
| | | | |
| | | 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. |
12
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Growth Fund
The Penn Series Mid Cap Growth Fund returned 5.02% for the six-month period ending June 30, 2012, compared to the 8.10% return for its benchmark, the Russell Midcap Growth Index.
During the first three months of the year, the market shook off concerns regarding the lingering European debt crisis and rising oil prices, and responded favorably to a number of positive economic signals, such as the falling unemployment rate, an up-tick in consumer confidence, improving automobile sales and positive capital goods spending.
The equity markets were then beset by worries for the next three months as Greece’s potential exit from the eurozone, ailing Spanish banks, and slowing economic growth both in the United States and abroad weighed heavily on investors’ minds. With the economic picture once again becoming cloudy investors sought the safety of U.S. Treasuries, as the yield on the 10-Year Treasury Note declined from 2.2% to 1.7%. As investors flocked to safer Treasury investments, equities, as represented by the S&P 500 Index, traded 2.8% lower for the three month period. Despite the aforementioned headwinds which played a large role in investor sentiment and in the equity world, the stock market, as represented by the S&P 500 Index, produced a solid gain of 9.5% for the first six months of the year.
On an absolute basis seven of the eight economic sectors in which the Fund was invested generated positive results during the first half of 2012. The Fund had no exposure to utilities. On a relative basis, the consumer staples and financial sectors contributed while the technology and energy sectors detracted. Within consumer staples, Monster Beverage and Green Mountain Coffee Roasters led the way. VeriFone Systems and Equifax were the main contributors within the financial sector. The worst performers in technology were SanDisk and ON Semiconductor. The main detractors within the energy sector were SM Energy and Peabody Energy.
There was no shortage of gloomy financial news during the second quarter. But we think there is also considerable cause for optimism: the worst-case scenario of Greece leaving the eurozone has, so far, been avoided, and efforts are underway to restructure the debt of Spanish banks. Keep in mind, the S&P 500 Index climbed for six straight months before its second-quarter stumble, and corrections (a drop of about 10%) typically occur about once per year.
We think that when economic threats are as exhaustively chronicled as they have been of late, they have already been largely reflected in share prices, so we feel the downside risk is limited at this point. Other positive signs include the recent decline in gasoline prices, which should free up cash for consumers, and more recent indications that the housing market is on the mend.
Independence Capital Management, Inc.
Investment Adviser
Turner Investments L.P.
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 25.2 | % |
Consumer Discretionary | | | 23.2 | % |
Industrials | | | 13.6 | % |
Healthcare | | | 12.2 | % |
Financials | | | 9.8 | % |
Consumer Staples | | | 6.0 | % |
Materials & Processing | | | 5.3 | % |
Energy | | | 4.7 | % |
| | | | |
| | | 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. |
13
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Cap Value Fund
The Penn Series Mid Cap Value Fund returned 6.78% for the six-month period ending June 30, 2012, compared to the 7.78% return for its benchmark, the Russell Micap Value Index.
The bull market that started in the fourth quarter of 2011 continued into 2012, with the broad market averages up around 30% at quarter end from the October lows at the end of the first quarter. The first quarter rally was fueled by better economic data in the U.S., the second round of the European Central Bank’s (ECB) Long Term Refunding Operation (LTRO), and a short-term solution to the Greek sovereign debt issue. Investor sentiment turned negative for most of the second quarter with continued financial turmoil in Europe and a slowdown in global economic growth. The market continued with its risk-on/risk-off investor sentiment and volatility increased. While stocks were down significantly in April and May, they rallied in June on hopes that the Federal Reserve and the ECB would once again step in with increased liquidity.
After outperforming the benchmark in the first quarter, the Fund underperformed during the second quarter, which resulted in slight underperformance for the first half of the year. In general, we attribute the underperformance during the second quarter to investor disdain for contrarian/turnaround situations, of which we own many. In fact, despite several of these companies selling at compelling valuations, during the downdrafts these stocks declined more than the market. In many cases, we have used the market volatility to add to positions where the investment case is still intact.
While the macroeconomic environment remains challenging, Fund valuations, in our opinion, are favorable. We have been emphasizing companies that generate substantial free cash flow that is being shared with stockholders through share repurchase programs and dividend payments. While we believe we are identifying attractive investment opportunities, recently we have seen macro and geopolitical forces creating a high degree of correlation among stocks, thus negating stock selection.
In the first half of the year, the Fund benefitted most from individual stocks where strategic events were announced. Several of our top performers were involved in corporate restructuring activity. Sunoco accepted an offer to sell the company at a premium to Energy Transfer Partners; Constellation Brands agreed to acquire the remaining 50% of Crown Imports, which is highly accretive; and Corrections Corp. announced it was exploring creating a REIT structure.
Detracting from performance was our underweight in financial services (despite positive contributions from most
of our holdings in this sector) and the significant price pressure that was placed on our producer durables holdings, where in several cases (e.g., Navistar International, our top detractor, Brink’s, ITT and KBR) stock specific issues surfaced. A few of our contrarian consumer names, including Safeway and Best Buy came under pressure, despite, in our opinion, compelling valuation levels. Additionally, overseas sales and the perceived risks of recessions abroad hurt our technology stock Freescale Semiconductor, another significant detractor.
As we begin the second half of the year, considerable uncertainty remains including the fiscal cliff in the U.S., the forthcoming presidential election and general gridlock in Washington, a decelerating profit growth outlook, financial instability and turmoil in Europe, and a slowdown in economic growth in China. While this macro economic backdrop is concerning, Fund valuations remain very attractive and discount a large part of this uncertainty, in our opinion. We strongly believe that over time the true value of an enterprise gets reflected in its stock price and that volatility in the market creates opportunity for value investors. As a result, we think the Fund is positioned to benefit when the macro environment improves.
Independence Capital Management, Inc.
Investment Adviser
Neuberger Berman Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Industrials | | | 23.8 | % |
Consumer Discretionary | | | 15.4 | % |
Technology | | | 14.4 | % |
Financials | | | 12.6 | % |
Health Care | | | 10.5 | % |
Consumer Staples | | | 9.2 | % |
Utilities | | | 6.1 | % |
Energy | | | 5.2 | % |
Materials & Processing | | | 2.8 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
14
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Mid Core Value Fund
The Penn Series Mid Core Value Fund returned 3.66% for the six-month period ending June 30, 2012, compared to the 7.78% return for its benchmark, the Russell Midcap Value Index.
During the six month period, stock selection within the industrials and financials sectors detracted from the Fund’s relative performance. Within industrials, shares of engineering and construction firm Jacobs Engineering Group declined following disappointing fiscal second quarter results, partly due to budgetary constraints and project delays in the company’s government segment. In addition, shares of Dun & Bradstreet Corporation, a provider of commercial information and insight on businesses, fell as the company has struggled to acquire new customers, partly due to increased competition. We eliminated this position from the Fund. Within financials, shares of Lazard Ltd., a financial advisory and asset management firm, fell on concerns about margins, as the firm’s compensation expense is expected to rise in the coming year. The Fund was also negatively impacted by an underweight allocation within the financials sector.
Contributing to relative performance during the six month period was positive stock selection within the health care and telecommunication services sectors. Within health care, DaVita, a provider of dialysis services for patients with chronic kidney failure, announced first quarter earnings that beat expectations, aided by strong volumes and tight cost controls. The market reacted favorably to the company’s May announcement that it would acquire HealthCare Partners, an operator of primary care medical groups. In addition, shares of Community Health Systems, an operator of hospitals, reacted favorably to the Supreme Court ruling upholding the Patient Protection and Affordable Care Act (ACA). The firm is expected to benefit from the ACA as the insured population grows. Within telecommunication services, our position in CenturyLink, an integrated communications services company, was a top contributor, as the firm continues to benefit from increased investment and broadband service offerings to its customers, as well as cost synergies derived from recent acquisitions. The Fund’s underweight allocation within the utilities sector also benefited relative performance.
We continue to execute a time-tested investment process predicated on valuation analysis and independent fundamental research. While we are cognizant of several risk factors, including uncertainty in Europe, the U.S. “fiscal cliff,” a presidential election, and a slowing economy in
China, we believe that the Fund is properly positioned to benefit in the event of a continued slow expansion of the U.S. economy. The health care sector is now the largest overweight in the Fund, primarily concentrated in the pharmaceuticals and health care providers and services industries. Within the industrials sector, we significantly reduced our exposure to machinery firms during the period. However, this sector remains a large overweight within the Fund. We decreased our position in the energy sector, as we sold out of companies negatively affected by low natural gas prices. In addition, we reduced our exposure within materials, mainly in the chemicals segment. During the six month period, we increased our exposure to the utilities sector, although this sector is currently the largest underweight in the Fund relative to the index. We also increased our exposure to financials, particularly in insurance companies, although we continue to be underweight within the sector.
Independence Capital Management, Inc.
Investment Adviser
Lord, Abbett & Co.
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 25.5 | % |
Industrials | | | 13.6 | % |
Health Care | | | 12.6 | % |
Consumer Discretionary | | | 12.1 | % |
Technology | | | 10.2 | % |
Materials & Processing | | | 8.6 | % |
Energy | | | 6.8 | % |
Utilities | | | 5.2 | % |
Consumer Staples | | | 4.1 | % |
Telecommunications | | | 1.3 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
15
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Growth Fund
The Penn Series SMID Cap Growth Fund returned 10.91% for the six-month period ending June 30, 2012, compared to the 8.44% return for its benchmark, the Russell 2500 Growth Index.
Stock selection within the technology and industrial sectors drove returns during the period. Within technology, shares of Equinix, a leading provider of data center services, appreciated 73%. Improving demand, specifically among the firm’s financial services customer base, combined with a growing international footprint, helped the company to report better than expected revenue and earnings. In what has become an increasingly common occurrence, we used this strength as an opportunity to take gains and trimmed our Equinix position during the period. Additionally within the sector, Avago Technologies gained after reporting better than expected earnings. As a component supplier to Apple’s iPhone and other leading handset manufacturers, Avago is benefitting from strong smart-phone adoption trends and a higher absolute content level in new products.
Among our industrial holdings, Chart Industries gained due to positive trends in the natural gas market. The company produces heat exchangers that are critical to the liquefaction process of natural gas. Additionally, the firm’s distribution and storage business is experiencing significant growth as shipments of liquefied natural gas to emerging economies such as China and India have increased. Another holding benefitting from strong underlying business trends is TransDigm Group. This aerospace parts manufacturer experienced strong demand in its key aftermarket operations.
Although consumer staples is a sector where we are typically underweight versus the benchmark, our focus on the fastest growing staples companies led to outperformance. We established a position in Monster Beverage during the period, a move that was rewarded. Monster is a leader in the fast growing energy drink market with brands such as Monster Energy and Java Energy. The company has strong brand recognition and growth potential through new product introductions and international expansion. Another example in the staples sector was Hain Celestial Group, a company focused squarely in the expanding natural and organic segment of the food industry. Hain’s management execution has boosted earnings growth through strong brand development and broader distribution.
The substantial decline in crude oil prices and the persistently low price of natural gas plagued the energy sector during the period. Natural gas continued to be affected by the excess supply created by drilling technology advancements. Nearly every energy portfolio
holding declined during the period as pricing pressure continued on these commodities. One exception was Cabot Oil & Gas which bucked the trend and generated a healthy return. Cabot remains one of the lowest cost producers with strong production growth and a high quality balance sheet, enabling it to weather the commodity price storm.
Our response to this environment has changed little from the past few quarters. The cornerstone of our view is that in a world struggling to grow, companies that innovate to create true secular, organic growth are scarce, and thus more valuable. This simple view is expressed by the expected forward 12-month growth rate of your portfolio compared to the broad market. The level of expected growth is so significantly higher that, barring a massive macro shock, we would expect solid performance in the coming months. We are being cautious with macro sensitive exposures in an attempt to isolate our stock selection within secular growers. While sticking to our growth discipline, our process has uncovered exciting new themes, especially in the health care and consumer staples sectors. These themes — biotechnology, maturing pipelines within pharmaceuticals, health and wellness products, beverages, rural consumers — have proven to be strong additions to our long-standing overweights in technology and consumer discretionary.
Independence Capital Management, Inc.
Investment Adviser
Wells Capital Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Technology | | | 28.0 | % |
Industrials | | | 19.8 | % |
Healthcare | | | 16.6 | % |
Consumer Discretionary | | | 16.0 | % |
Energy | | | 5.3 | % |
Consumer Staples | | | 4.9 | % |
Telecommunications | | | 3.8 | % |
Financials | | | 2.8 | % |
Materials | | | 2.8 | % |
| | | | |
| | | 100.0 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
16
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
SMID Cap Value Fund
The Penn Series SMID Cap Value Fund returned 7.03% for the six-month period ending June 30, 2012, compared to the 8.15% return for its benchmark, the Russell 2500 Value Index.
The Fund’s underperformance during the period was predominately in the consumer cyclicals, financials and technology sectors. In technology, companies such as Vishay and Arrow sold off as investors have become more wary that the eurozone crisis will depress demand for their products. In financials, our underweight in the more defensive REIT sector was a detractor. The largest individual detractors for the quarter were: Health Net, TTM Technologies, Vishay Intertechnology, Bristow Group and First Niagara.
On a more positive note, stock selection in energy, capital equipment and industrial resources contributed to performance. Leading contributors were: Dean Foods, Molina Healthcare, Western Refining, Westlake Chemical and Enersys. Heightened investor anxiety has impacted the deeper value stocks that are the portfolio’s focus. Deeper value stocks, characterized by low price to sales and book ratios, have underperformed for the year.
The market continues to disproportionately favor stocks deemed to have more secure near-term earnings and profitability, creating an opportunity for investors willing to take a longer-term perspective. Though we share investors’ concerns about the economic backdrop, we are finding companies that are overcoming this headwind by aggressively managing their businesses through this tumultuous period.
Independence Capital Management, Inc.
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 32.3 | % |
Technology | | | 16.3 | % |
Consumer Discretionary | | | 14.9 | % |
Industrials | | | 10.6 | % |
Utilities | | | 8.1 | % |
Energy | | | 6.5 | % |
Consumer Staples | | | 4.6 | % |
Healthcare | | | 3.5 | % |
Materials | | | 3.2 | % |
| | | | |
| | | 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. |
17
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Growth Fund
The Penn Series Small Cap Growth Fund returned 4.68% for the six-month period ending June 30, 2012, compared to the 8.81% return for its benchmark, the Russell 2000 Growth Index.
Year-to-date, stock selection in the information technology, consumer discretionary and financials sectors were the primary detractors from relative performance. Stock selection was positive in the energy, industrials and health care sectors.
Year-to-date, our largest contributor to relative performance is Zoll Medical. During the first quarter, Asahi Kasei announced a tender offer to buy Zoll for a 24% premium over the prior day’s closing price. In the third quarter of 2011, Zoll Medical sold off due to concerns that government reimbursement for its LifeVest product, an external wearable defibrillator, would be cut or limited. At that time, we aggressively bought into the weakness due to our conviction in physician support and utility of the product. IPG Photonics, maker of fiber lasers for industrial use, performed well as it experienced a strong rebound in product demand. The company announced a strong outlook that we believe will alleviate any remaining concerns regarding the company’s geographic exposure to the European and Asian markets. We continue to believe that the company is in the early stages of a highly secular new product cycle.
Our largest relative detractor from performance on a year-to-date basis is Acme Packet. During the second quarter, due to the continued pause in spending by telecommunication service provider customers, Acme Packet experienced excessive selling pressure based on lack of near-term visibility. We had anticipated this trend and continue to find the company’s market position and opportunity compelling. While it is not clear whether spending will re-accelerate in the second half of 2012 or early 2013, we believe that when it does, Acme Packet will be a significant beneficiary. As a result, we have added aggressively to the position based on the stock’s weakness.
During the second quarter, mortgage insurer MGIC Investment Corp. was among the Fund’s largest detractors. While we remain encouraged about gradual improvement in its business and an expected return to profitability in the next year, we became concerned about the company’s
decision to litigate against its largest customer, a government entity. This represented a significant enough change in our thesis to exit the position for the time being.
Our market outlook remains cautiously optimistic. Despite attractive valuations, the market has been focused on global macro concerns, which have been a headwind for fundamentally based investment strategies. We believe U.S. economic growth will remain tepid and the market will remain volatile until macro concerns subside. In this environment, we will continue to seek solid secular growth companies that are not reliant on economic growth to outperform the broad market. We firmly believe that company level fundamentals will once again reassert themselves as the drivers of equity performance, and that our conviction in the investments in the Fund remains unwavering. While recent relative performance has been a struggle, our discipline and understanding of how we add value over the long term has not changed. We are steadfast in our commitment to delivering strong results to our clients moving forward.
Independence Capital Management, Inc.
Investment Adviser
Allianz Global Investors Capital
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | | | |
| | | | | Percent of
Total Investments1 | |
Technology | | | | | 24.9 | % |
Industrials | | | | | 19.5 | % |
Healthcare | | | | | 14.9 | % |
Energy | | | | | 14.5 | % |
Consumer Discretionary | | | | | 14.1 | % |
Materials & Processing | | | | | 6.0 | % |
Financials | | | | | 3.5 | % |
Consumer Staples | | | | | 1.6 | % |
Telecommunications | | | | | 1.0 | % |
| | | | | | |
| | | | | 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. |
18
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Value Fund
The Penn Series Small Cap Value Fund returned 6.48% for the six-month period ending June 30, 2012, compared to the 8.23% return for its benchmark, the Russell 2000 Value Index.
Stock selection in the financials sector was challenged in the first quarter of 2012, driven by our holdings in Meadowbrook Insurance Group, a specialty insurance underwriter. Its shares declined as the company announced weak quarterly earnings, driven by reserve deficiencies within its sizeable workers’ compensation business. Health care holding, Team Health Holdings, which provides staffing and administrative services to hospitals, was also a bottom performing stock. After outperforming in during the fourth quarter of 2011, its shares declined due to higher operating costs and tax expenses. We view these as being short-term headwinds given this was temporary and driven by net new contract growth.
In the first quarter, stock selection in the Fund was the strongest in the information technology sector. Information technology holding, Parametric Technology positively contributed to returns, driven by a strong earnings announcement with better-than-expected results stemming from strong sales from Europe. Our stock selection in materials was also a strong positive contributor to performance during the first quarter. Materials holding, H.B. Fuller, a manufacturer of specialty chemicals, was a top contributor to returns, boosted by an accretive acquisition during the quarter and continued strong execution by management.
During the second quarter, the largest detractor from performance in the Fund was the consumer discretionary sector. Tempur-Pedic International was the top detractor from returns. Shares of the mattress producer fell as the company lowered its full-year guidance for revenue growth. Management indicated that the company is facing increased competition, particularly from specialty mattress shops. While we continue to believe that there is significant opportunity for gross profit margin expansion, we exited the position as our thesis may take longer to play out than originally expected.
Also at the stock level, shares of Key Energy Services came under pressure, along with the broader energy sector, after the company reported first quarter earnings and revenues that fell short of expectations. Management cited slower growth in U.S. natural gas and higher costs associated with gas and oil price dislocation. Despite these short-term headwinds, we continue to believe that Key Energy is well-positioned to benefit from the rapid growth of oil shale drilling in the U.S. During the second quarter,
our investments in health care contributed positively to returns. Lincare Holdings was the top overall contributor to performance in the sector. Its shares increased due to stronger-than-expected first quarter earnings and revenues, driven by expanded gross margins and lower operating expenses. Investors’ speculation surrounding an additional round of competitive bidding for the company provided further support. We continue to believe that Lincare Holdings should benefit from its exposure to an aging domestic population and further expansion into ancillary businesses.
Looking ahead into the rest of the year, while risks remain over the financial situation in Europe, geopolitical risk, and political uncertainty (especially in a U.S. election year), we remain cautiously optimistic on the U.S. equity market going forward. Companies continue to exhibit solid fundamentals and cash-rich balance sheets. As we gain clarity on some of these macro issues, we believe that this will provide further catalysts for management teams focused on returning value to shareholders through M&A, buybacks, dividends and deleveraging of balance sheets. While markets remain volatile, we believe that there remains an attractive risk-reward trade-off for small-cap stocks.
Independence Capital Management, Inc.
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 36.9 | % |
Industrials | | | 14.5 | % |
Technology | | | 11.8 | % |
Consumer Discretionary | | | 9.9 | % |
Utilities | | | 7.3 | % |
Healthcare | | | 6.2 | % |
Energy | | | 4.9 | % |
Materials | | | 4.9 | % |
Consumer Staples | | | 3.1 | % |
Telecommunications | | | 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. |
19
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Small Cap Index Fund
The Penn Series Small Cap Index Fund returned 8.13% for the six-month period ending June 30, 2012, compared to the 8.53% return for its benchmark, the Russell 2000 Index.
Stocks in the U.S. began 2012 with an impressive uptrend, as ample liquidity and defensive positioning fostered persistent share buying. Quarterly earnings reports were solid, and a steady drumbeat of auspicious economic news, including declining jobless claims and rallying consumer confidence, provided an encouraging fundamental backdrop. The welcome signs of stronger activity even extended to the auto and housing industries. When the results of stress tests on major financial institutions arrived in mid-March, demonstrating that a solid majority of the largest banks could withstand even severe market dislocations, U.S. equities seemed to acquire additional cachet as a haven from funding strains in Europe and slowdown concerns in Asia.
Stocks stumbled in early April when March payroll figures came in much lower than expected, but another season of solid earnings reports allowed them to recover their equilibrium within the month. Alas, the stability quickly vanished when May brought a new set of soggy employment figures and elections in Europe fostered growing concerns that Greece might wind up leaving the eurozone. Although the turmoil overseas spurred a rally in the dollar that made U.S. equities global outperformers on an unhedged basis, and a steep retreat in oil prices promised welcome summer relief for many U.S. consumers, the May payroll gains that were reported on June 1 reminded investors that the U.S. economy was hardly a panacea. Share prices nevertheless began to find support as European authorities sought to assemble bailout mechanisms for the Spanish banking system and new measures from the U.S. Federal Reserve seemed increasingly likely. In the event, the Fed decided to extend Operation Twist, using its balance sheet to keep long yields low. Despite mild disappointment that the Fed did not announce more outright asset purchases, U.S. equities still ended the quarter strong after Europe outlined cooperative plans to recapitalize troubled eurozone banks.
Equity in larger U.S. companies performed best for most of the second quarter, but during June, as sluggish activity at home and banking turmoil in Europe drove hopes for more aggressive policy responses, stock in smaller firms began to attract renewed interest. Having broadly fizzled since they kicked off 2012 with several weeks of outperformance, secondary issues may have started signaling an
improvement in market conditions during the summer. The Russell 2000 Index began its relative rebound early enough to return 5.0% in June and outpace the S&P 500 for the month.
While economically sensitive sectors like energy, materials, and industrials started to interest bargain hunters during June, they could not recover fully from weak relative performance earlier in the second quarter, which belonged primarily to defensive issues. As the growth outlook stalled, commodity prices tumbled, and policy makers showed little clear intention or capacity to boost longer-term prospects, income producers like telecommunications services and utilities were among the quarterly winners. But the best performance in June came from the health care sector, which rallied 5.8% on the month, barely edging out energy and telecommunications. Financials and materials also bounced back strongly and outperformed the S&P 500 in June. The weakest sector in June was consumer discretionary, but it still produced a 1.9% gain for the month, and the discretionary sector remained an outperformer for both the second quarter and the full first half.
Independence Capital Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Financials | | | 21.1 | % |
Technology | | | 17.8 | % |
Industrials | | | 15.0 | % |
Consumer Discretionary | | | 13.8 | % |
Healthcare | | | 13.2 | % |
Energy | | | 6.1 | % |
Materials | | | 4.7 | % |
Utilities | | | 3.7 | % |
Consumer Staples | | | 3.7 | % |
Telecommunications | | | 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. |
20
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Developed International Index Fund
The Penn Series Developed International Index Fund returned 3.49% for the six-month period ending June 30, 2012, compared to the 3.38% return for its benchmark, the MSCI EAFE Index.
Stock markets around the world enjoyed strong rallies through January and February, rebounding nicely from the dismal sentiment and downbeat growth expectations that had prevailed into the end of 2011. But the steady progress for equities in the first two months of 2012 quickly turned to hesitation in early March, as tepid economic figures from Europe and Japan gave share buyers pause. A solid majority of EAFE markets lost ground during March, but only one finished the full first quarter in the red. The unfortunate laggard was MSCI Spain.
Stock markets outside the US endured a particularly volatile second quarter, slipping lower in April, tumbling in May, and then chopping through June before finishing with a celebratory surge. The epicenter of the challenges was the eurozone, where the liquidity injections of early 2012 began to lose their buzz in early April, and Spanish and Italian bond yields pushed higher again. The biggest losses and subsequent rebounds during the quarter came within the eurozone, but equities in the broader European region and the Pacific area as well mimicked the overall pattern. In total, the MSCI EAFE Index of developed market equities scored a 7.0% advance for June, but still showed a 7.1% loss for the second quarter as a whole. Still, the late June flurry was enough to get EAFE back into the black on a year-to-date basis.
All 10 EAFE sectors gained ground during the June rebound, with banks leading the financials to a strong 11.0% surge, and telecommunications services also climbing by double digits in the latest month. Cyclical sectors were well represented among the June underperformers, with materials and information technology faring the worst, but still adding more than 3% for the month. There was considerably greater differentiation for the second quarter as a whole. Materials and technology were still the laggards, hurt in turn by mining and hardware names that led these groups to respective three-month losses of 13.2% and 14.2%. Industrials, consumer discretionary, and energy each lagged EAFE by roughly two percentage points for the quarter, and financials were a milder underperformer. But consumer staples and telecommunications services only suffered small losses for the period, and the health care sector actually eked out a second-quarter gain of 0.8%. Consumer discretionary remains the sector leader on a year-to-date basis with a six-month return of 8.6%, and financials, consumer staples, and health care are also outperforming EAFE nicely. Energy is the poorest performing EAFE sector on a year-to-date basis, with a 5.4%
decline since the start of 2012, but materials and technology also remain firmly in negative territory.
Independence Capital Management, Inc.
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Japan | | | 22.1 | % |
United Kingdom | | | 20.1 | % |
Switzerland | | | 8.7 | % |
Australia | | | 8.7 | % |
France | | | 8.7 | % |
Germany | | | 7.9 | % |
Netherlands | | | 4.9 | % |
Hong Kong | | | 3.1 | % |
Sweden | | | 3.0 | % |
Spain | | | 2.7 | % |
Italy | | | 2.0 | % |
Singapore | | | 1.8 | % |
Denmark | | | 1.1 | % |
Belgium | | | 1.1 | % |
Finland | | | 0.7 | % |
Norway | | | 0.7 | % |
Ireland | | | 0.7 | % |
Israel | | | 0.6 | % |
Luxembourg | | | 0.4 | % |
Austria | | | 0.3 | % |
United States | | | 0.1 | % |
Portugal | | | 0.1 | % |
Greece | | | 0.1 | % |
Bermuda | | | 0.1 | % |
China | | | 0.1 | % |
Jersey | | | 0.1 | % |
New Zealand | | | 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. |
21
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
International Equity Fund
The Penn Series International Equity Fund returned 7.68% for the six-month period ending June 30, 2012, compared to the 3.38% return for its benchmark, the MSCI EAFE Index.
The Euro crisis re-ignited early in the period. Spain’s recession deepened, its sovereign debt rating fell, and Spanish bond yields popped. The need for a Spanish bank bailout intensified and market concern about the stability of the eurozone increased. Pushed ever closer to the brink, eurozone leaders moved beyond political posturing and agreed, during a late-quarter summit, that rescue funds could be used to recapitalize troubled eurozone banks. This was hailed as a first step toward a potential “banking union,” which would harmonize banking regulation and oversight across the eurozone. We think it is a positive move, which demonstrates that the eurozone can and will take action when pushed far enough. Risk in the region remains high and one or more countries may ultimately exit the European Union (EU). However, we have become greater believers in the resolve of the EU and its commitment to surviving over the longer term, both politically and functionally, no matter how painful or occasionally illogical that journey may be.
The Fund’s overweight exposure to the consumer staples sector helped relative performance during the period. Stock selection and limited exposure to the cyclical industrial sector helped performance during the period. The Fund’s underweight to the consumer discretionary sector hurt performance during the period.
Novo Nordisk, Philip Morris International, and HDFC BANK helped performance during the period and Tesco, Valeant Pharmaceuticals and Newcrest Mining detracted from performance during the period.
The Fund has had little exposure to financial companies during the past few years. During the period, our research identified some attractive opportunities, and we decided that it was a good time to dip back into the sector. We added UBS in Switzerland and HSBC in the United Kingdom to the Fund.
UBS is the second largest bank in Europe and the largest manager of private wealth assets in the world. Swiss regulatory rules are among the most stringent in the world, and UBS’s Tier 1 capital ratio stands at about 18.7%. Given that the bank is trading at a significant discount to its tangible book value, and that the ongoing businesses will continue to grow and generate significant earnings streams, we believe there is sufficient margin of error to weather what could be a bumpy ride over the medium term. HSBC has a strong core Tier 1 ratio of 10.4% under today’s more stringent post-crisis definition. The bank has
a large, liquid securities portfolio, with minimal exposure to peripheral European countries.
A cloud of uncertainty continues to hang over world markets. Economic growth has slowed in the U.S., and concern about its fiscal cliff — and the potential effect on the economy — is growing. Recent cooperation among eurozone leaders was heartening, but we expect Europe ultimately will be pushed to the brink before any type of resolution is reached. Economic weakness and lack of decisive action by leaders in developed countries have affected growth in the developing world and are likely to continue to do so. The silver lining is that uncertainty and volatility create opportunities for investors like us. We continue to focus on underlying growth drivers, profitability, and earnings potential, as we pursue our objective: outperformance over full market cycles.
Independence Capital Management, Inc.
Investment Adviser
Vontobel Asset Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
United Kingdom | | | 25.4 | % |
India | | | 13.0 | % |
Switzerland | | | 8.9 | % |
Netherlands | | | 8.2 | % |
United States | | | 7.4 | % |
France | | | 6.3 | % |
Canada | | | 5.5 | % |
Denmark | | | 3.6 | % |
Belgium | | | 3.0 | % |
Australia | | | 2.6 | % |
Brazil | | | 2.5 | % |
Mexico | | | 2.5 | % |
China | | | 2.5 | % |
Japan | | | 2.2 | % |
Germany | | | 2.1 | % |
Ireland | | | 1.7 | % |
Hong Kong | | | 1.5 | % |
Columbia | | | 1.1 | % |
| | | | |
| | | 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. |
22
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Emerging Markets Equity Fund
The Penn Series Emerging Markets Equity Fund returned 5.91% for the six-month period ending June 30, 2012, compared to its benchmarks the MSCI Emerging Markets Index’s return of 4.12%.
Despite the early year rally in cyclicals, we have maintained our conviction that markets are still restrained by an overarching secular bear market, as illustrated by the additional spike in cross-asset return correlations. This year has seen a continued rise in correlations across such varied asset classes as developed and emerging markets debt and equity, commodities, and currencies in both developed and emerging markets. In our view, high correlations underscore the structural problems burdening much of the developed world, including rising leverage in much of Europe and Japan even as the US has marginally chipped away at its own high debt levels. In our view, markets have been behaving consistently with their historic patterns shown in other major secular bear markets.
We do, however, see some encouraging signs that investors are beginning to pay attention to the fundamental differences between countries and companies. The unusually high correlation between equities and commodities shown in the years since the global financial crisis of 2008 has begun to show some signs of breaking down since October.
We have long positioned the Fund with the expectation that China cannot sustain either its high growth levels of the past decade or its appetite for commodities. With most developed countries struggling to recover and credit less accessible than it was in the last decade, we believe emerging markets are entering an era that will be marked by more moderate gross domestic product (GDP) growth of about 5% on average, more volatile business cycles and the gradual breakup of the herd behavior that has marked the last several years. As investors increasingly pay greater attention to the fundamentals distinguishing one country from another, country allocation decisions will be better rewarded.
We remain focused on seeking sources of healthy, secular growth in the Fund. We maintain our overweight to the countries with resilient or growing domestic demand and underpenetrated credit markets. We continue to favor countries where political reform, rising GDP per capita and productivity gains support growth and healthy company earnings. We tend to favor countries whose current account balances should benefit from an eventually declining cost of their energy import bills.
We are overweight the Philippines, Indonesia, Thailand, Turkey and South Korea. Our country allocations decisions give consideration to a country’s currency valuations. South Korea’s currency is relatively undervalued, having become more competitive over the past decade and thus supportive for selective exports of automobiles and electronics consumer goods. By contrast, currencies in Brazil and Russia have more than doubled in value over the past decade, gaining from the sharp rise in energy and commodities prices since 2000. This has reduced the competiveness of their exporting sectors. Our largest relative country underweights are China, Brazil and Taiwan. We are also underweight Russia and South Africa, where we are concerned about deteriorating political and macro developments.
At the bottom-up level, the Fund is overweight companies in the consumer staples and discretionary sectors in cases where the companies are growing market share and delivering stable or improving earnings and attractive return on equity. While we are underweight financials relative to the index, we nevertheless have approximately 18% of the Fund in financials — primarily banks and particularly in countries where credit penetration is low but likely to grow based on rising GDP per capita.
Independence Capital Management, Inc.
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
23
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
South Korea | | | 15.9 | % |
Brazil | | | 8.7 | % |
China | | | 8.6 | % |
India | | | 8.2 | % |
Taiwan | | | 7.0 | % |
Indonesia | | | 5.4 | % |
Phillippines | | | 5.4 | % |
Mexico | | | 4.7 | % |
Turkey | | | 4.3 | % |
South Africa | | | 4.1 | % |
Thailand | | | 3.8 | % |
Russia | | | 3.2 | % |
Malaysia | | | 2.9 | % |
United States | | | 2.9 | % |
Chile | | | 2.7 | % |
Hong Kong | | | 2.6 | % |
Poland | | | 2.4 | % |
Peru | | | 1.7 | % |
United Kingdom | | | 1.3 | % |
Portugal | | | 1.1 | % |
Japan | | | 1.0 | % |
Hungary | | | 0.8 | % |
Qatar | | | 0.5 | % |
Switzerland | | | 0.5 | % |
Cyprus | | | 0.3 | % |
| | | | |
| | | 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. |
24
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Real Estate Securities Fund
The Penn Series Real Estate Securities Fund returned 13.58% for the six-month period ending June 30, 2012, compared to the 14.91% return for its benchmark, the FTSE NAREIT Equity REIT Index.
U.S. real estate securities advanced in the first half of 2012 and outperformed the broader equity market. After a strong start, the pace of the rally cooled in the second quarter amid slowing economic growth with more-modest job creation. In a less-certain economic environment, investors appeared to favor REITs for their relatively stable lease-based cash flows and access to capital at historically attractive terms.
All property sectors advanced, led by owners of regional malls. The group was aided by good earnings reports from leading companies and continued sales growth from mall tenants broadly. Simon Property Group reported first-quarter earnings that grew 13% compared with the first quarter of 2011, and announced a 5% dividend increase. Simon also acquired a 29% stake in Klépierre, a French retail landlord majority-owned by BNP Paribas.
Office REITs saw stronger-than-expected demand on the West Coast and in Manhattan. SL Green Realty was a standout, announcing one of the largest lease deals in New York City history with media tenant Viacom. In the diversified sector, data-center operator Digital Realty Trust announced the purchase of three facilities near London. Similar to Simon Property Group’s venture into Europe, this was an example of a U.S. company using its low cost of capital to acquire attractively priced, higher-yielding European assets.
The typically cyclical hotel sector performed broadly in line with the typically defensive health care property sector, alternating leadership in the first and second quarters, respectively. Apartment REITs underperformed, as improving sentiment in the single-family housing market prompted concerns of slower cash flow growth in the rental market.
The Fund had a positive total return for the period, but underperformed its benchmark. Stock selection in the hotel sector detracted from relative performance. Our holdings included out-of-index companies with operations in Europe that underperformed in the period. We believe they have good fundamentals, although revenue growth in dollar terms has been hindered recently by weakness in the euro. In the industrial sector we were overweight Prologis, which had a sizable absolute gain but trailed smaller industrial property stocks that had larger rebounds. Our underweight in the health care sector also detracted from relative returns.
Factors that aided relative performance included stock selection among shopping center companies and our
overweight in regional malls, specifically Simon Property Group. Stock selection in the apartment sector modestly benefited relative returns.
Recent disappointments in employment reports notwithstanding, we continue to expect slow but steady growth, with modest job creation. Such an environment should allow for incremental gains in demand for real estate companies and continued low financing costs as interest rates remain low. Fundamentals in most sectors should also be supported by only gradual additions to supply, to the potential benefit of property-level cash flow growth.
Recent property transactions have largely confirmed our value estimates, but we continue to carefully evaluate our inputs. We have a modest cyclical lean (overweight in hotel and industrial companies), but with a defensive component in the Fund. We have a generally favorable view of key office markets, including life sciences, technology and media, as well as New York offices broadly. We are marginally underweight apartments based on valuations and improved statistics for single-family homes, although we are monitoring the group for buying opportunities based on its relative underperformance versus other property sectors. We continue to favor prime retail owners, while staying cautious toward health care properties, suburban offices and secondary retail.
Independence Capital Management, Inc.
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
Portfolio Composition as of 6/30/12
| | | | |
| | | Percent of
Total Investments1 | |
Regional Malls | | | 20.8 | % |
Apartments | | | 16.9 | % |
Diversified | | | 15.1 | % |
Office Property | | | 10.5 | % |
Healthcare | | | 8.3 | % |
Storage & Warehousing | | | 7.4 | % |
Hotels and Resorts | | | 6.9 | % |
Industrial | | | 6.5 | % |
Strip Centers | | | 4.2 | % |
Building & Real Estate | | | 2.5 | % |
Manufactured Homes | | | 1.0 | % |
| | | | |
| | | 100.1 | % |
| | | | |
| 1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
25
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Aggressive Allocation Fund
The Penn Series Aggressive Allocation Fund returned 6.89% for the six-month period ending June 30, 2012, compared to its benchmarks, the Russell 3000 Index’s return of 10.40% and the Barclays Capital U.S. Aggregate Bond Index’s return of 2.37% for the same time period.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/12
| | | | |
International Stocks | | | 21.0 | % |
Large Cap Value Stocks | | | 19.0 | % |
Large Growth Stocks | | | 16.0 | % |
Mid Cap Value Stocks | | | 8.0 | % |
Emerging Markets | | | 8.0 | % |
Mid Cap Growth Stocks | | | 7.0 | % |
Small Cap Value Stocks | | | 6.0 | % |
Small Cap Growth Stocks | | | 5.0 | % |
REITs | | | 5.0 | % |
Intermediate Bonds | | | 5.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
26
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Aggressive Allocation Fund
The Penn Series Moderately Aggressive Allocation Fund returned 6.22% for the six-month period ending June 30, 2012, compared to its benchmarks, the Russell 3000 Index’s return of 10.40% and the Barclays Capital U.S. Aggregate Bond Index’s return of 2.37% for the same time period.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/12
| | | | |
Large Cap Value Stocks | | | 17.0 | % |
International Stocks | | | 17.0 | % |
Large Growth Stocks | | | 13.0 | % |
Intermediate Bonds | | | 13.0 | % |
Mid Cap Value Stocks | | | 7.0 | % |
Emerging Markets | | | 7.0 | % |
Mid Cap Growth Stocks | | | 6.0 | % |
Short Term Bonds | | | 5.0 | % |
Small Cap Value Stocks | | | 5.0 | % |
Small Cap Growth Stocks | | | 4.0 | % |
REITs | | | 4.0 | % |
High Yield Bonds | | | 2.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
27
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderate Allocation Fund
The Penn Series Moderate Allocation Fund returned 5.09% for the six-month period ending June 30, 2012, compared to its benchmarks, the Russell 3000 Index’s return of 10.40% and the Barclays Capital U.S. Aggregate Bond Index’s return of 2.37% for the same time period.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/12
| | | | |
Intermediate Bonds | | | 21.0 | % |
Large Cap Value Stocks | | | 13.0 | % |
International Stocks | | | 13.0 | % |
Short Term Bonds | | | 12.0 | % |
Large Growth Stocks | | | 10.0 | % |
Mid Cap Value Stocks | | | 5.0 | % |
Emerging Markets | | | 5.0 | % |
Small Cap Value Stocks | | | 4.0 | % |
High Yield Bonds | | | 4.0 | % |
Mid Cap Growth Stocks | | | 4.0 | % |
Cash Equivalents | | | 3.0 | % |
Small Cap Growth Stocks | | | 3.0 | % |
REITs | | | 3.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
28
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Moderately Conservative Allocation Fund
The Penn Series Moderately Conservative Allocation Fund returned 4.01% for the six-month period ending June 30, 2012, compared to its benchmarks, the Russell 3000 Index’s return of 10.40% and the Barclays Capital U.S. Aggregate Bond Index’s return of 2.37% for the same time period.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/12
| | | | |
Intermediate Bonds | | | 29.0 | % |
Short Term Bonds | | | 20.0 | % |
Large Cap Value Stocks | | | 10.0 | % |
International Stocks | | | 9.0 | % |
Large Growth Stocks | | | 7.0 | % |
High Yield Bonds | | | 6.0 | % |
Cash Equivalents | | | 5.0 | % |
Mid Cap Value Stocks | | | 4.0 | % |
Emerging Markets | | | 2.0 | % |
Mid Cap Growth Stocks | | | 2.0 | % |
REITs | | | 2.0 | % |
Small Cap Growth Stocks | | | 2.0 | % |
Small Cap Value Stocks | | | 2.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
29
Penn Series Funds, Inc.
Management’s Discussion of Fund Performance
Conservative Allocation Fund
The Penn Series Conservative Allocation Fund returned 2.79% for the period ending June 30, 2012, compared to its benchmarks, the Russell 3000 Index’s return of 10.40% and the Barclays Capital U.S. Aggregate Bond Index’s return of 2.37% for the same time period.
Independence Capital Management, Inc.
Investment Adviser
Asset Allocation Target as of 6/30/12
| | | | |
Intermediate Bonds | | | 37.0 | % |
Short Term Bonds | | | 25.0 | % |
Cash Equivalents | | | 10.0 | % |
High Yield Bonds | | | 8.0 | % |
Large Cap Value Stocks | | | 7.0 | % |
Large Growth Stocks | | | 5.0 | % |
International Stocks | | | 5.0 | % |
Mid Cap Value Stocks | | | 2.0 | % |
Mid Cap Growth Stocks | | | 1.0 | % |
| | | | |
| | | 100.0 | % |
| | | | |
30
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, 2012 and held through June 30, 2012. 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, 2012 to June 30, 2012
Expense Table
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
1/1/12 | | | Ending
Value
6/30/12 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| Money Market Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,000.10 | | | | 0.22% | | | | $1.09 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.76 | | | | 0.22% | | | | $1.11 | |
| Limited Maturity Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,003.50 | | | | 0.58% | | | | $2.89 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.94 | | | | 0.58% | | | | $2.92 | |
31
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
1/1/12 | | | Ending
Value
6/30/12 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| Quality Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,123.80 | | | | 0.57% | | | | $2.86 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.99 | | | | 0.57% | | | | $2.87 | |
| High Yield Bond Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,066.50 | | | | 0.83% | | | | $4.26 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.68 | | | | 0.83% | | | | $4.18 | |
| Flexibly Managed Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,070.30 | | | | 0.84% | | | | $4.32 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.63 | | | | 0.84% | | | | $4.23 | |
| Balanced Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,064.90 | | | | 0.19% | | | | $0.98 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.91 | | | | 0.19% | | | | $0.96 | |
| Large Growth Stock Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,132.90 | | | | 0.92% | | | | $4.88 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.23 | | | | 0.92% | | | | $4.63 | |
| Large Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,072.60 | | | | 0.89% | | | | $4.59 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.38 | | | | 0.89% | | | | $4.48 | |
| Large Core Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,080.70 | | | | 0.90% | | | | $4.75 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.33 | | | | 0.90% | | | | $4.53 | |
| Large Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,045.60 | | | | 0.88% | | | | $4.48 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.43 | | | | 0.88% | | | | $4.43 | |
| Large Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,080.70 | | | | 0.89% | | | | $4.60 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.38 | | | | 0.89% | | | | $4.48 | |
| Index 500 Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,093.00 | | | | 0.35% | | | | $1.82 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.10 | | | | 0.35% | | | | $1.76 | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,050.20 | | | | 1.00% | | | | $5.10 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.83 | | | | 1.00% | | | | $5.03 | |
| Mid Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,067.80 | | | | 0.85% | | | | $4.37 | |
| Hypothetical | | | $1,000.00 | | | | $1,020.58 | | | | 0.85% | | | | $4.28 | |
| Mid Core Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,036.60 | | | | 1.07% | | | | $5.42 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.48 | | | | 1.07% | | | | $5.39 | |
| SMID Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,109.10 | | | | 1.05% | | | | $5.51 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.58 | | | | 1.05% | | | | $5.29 | |
32
Important Information about Fund Expenses
Hypothetical Examples of a $1,000 Investment (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Beginning
Value
1/1/12 | | | Ending
Value
6/30/12 | | | Annualized
Expense
Ratio | | | Expenses
Paid During
Period * | |
| SMID Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,070.30 | | | | 1.14% | | | | $5.87 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.12 | | | | 1.14% | | | | $5.74 | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,046.80 | | | | 1.09% | | | | $5.55 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.38 | | | | 1.09% | | | | $5.49 | |
| Small Cap Value Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,064.80 | | | | 1.15% | | | | $5.90 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.07 | | | | 1.15% | | | | $5.79 | |
| Small Cap Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,081.30 | | | | 0.55% | | | | $2.85 | |
| Hypothetical | | | $1,000.00 | | | | $1,022.09 | | | | 0.55% | | | | $2.77 | |
Developed International Index Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,034.90 | | | | 0.59% | | | | $2.99 | |
| Hypothetical | | | $1,000.00 | | | | $1,021.89 | | | | 0.59% | | | | $2.97 | |
| International Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,076.80 | | | | 1.18% | | | | $6.09 | |
| Hypothetical | | | $1,000.00 | | | | $1,018.92 | | | | 1.18% | | | | $5.94 | |
| Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,059.10 | | | | 1.68% | | | | $8.60 | |
| Hypothetical | | | $1,000.00 | | | | $1,016.41 | | | | 1.68% | | | | $8.46 | |
| Real Estate Securities Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,135.80 | | | | 1.01% | | | | $5.36 | |
| Hypothetical | | | $1,000.00 | | | | $1,019.78 | | | | 1.01% | | | | $5.08 | |
| Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,068.90 | | | | 0.33% | | | | $1.70 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.20 | | | | 0.33% | | | | $1.66 | |
Moderately Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,062.20 | | | | 0.32% | | | | $1.64 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.25 | | | | 0.32% | | | | $1.61 | |
| Moderate Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,050.90 | | | | 0.32% | | | | $1.63 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.25 | | | | 0.32% | | | | $1.61 | |
| Moderately Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,040.20 | | | | 0.33% | | | | $1.67 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.20 | | | | 0.33% | | | | $1.66 | |
| Conservative Allocation Fund | | | | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,027.90 | | | | 0.33% | | | | $1.66 | |
| Hypothetical | | | $1,000.00 | | | | $1,023.20 | | | | 0.33% | | | | $1.66 | |
33
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Money Market Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| AGENCY OBLIGATION — 0.6% | | | | | | | | |
| FNMA | |
0.010%, 07/02/12
(Cost $900,000) | | $ | 900 | | | $ | 900,000 | |
| | | | | | | | |
| COMMERCIAL PAPER — 52.2% | | | | | | | | |
| Aerospace & Defense — 1.4% | | | | | | | | |
Honeywell International, Inc.
0.250%, 09/25/12 | | | 2,000 | | | | 1,998,819 | |
| | | | | | | | |
| Banks — 0.2% | | | | | | | | |
Bank of Nova Scotia
0.080%, 07/02/12 | | | 250 | | | | 250,000 | |
| | | | | | | | |
| Beverages — 4.5% | | | | | | | | |
Coca-Cola Co.
0.190%, 09/11/12 | | | 1,400 | | | | 1,399,475 | |
0.200%, 09/18/12 | | | 2,000 | | | | 1,999,133 | |
0.210%, 10/05/12 | | | 3,000 | | | | 2,998,338 | |
| | | | | | | | |
| | | | | | | 6,396,946 | |
| | | | | | | | |
| Biotechnology — 0.5% | | | | | | | | |
Celgene Corp.
0.430%, 07/12/12 | | | 700 | | | | 699,916 | |
| | | | | | | | |
| Chemicals — 2.2% | | | | | | | | |
E.I. Du Pont de Nemours & Co.
0.210%, 09/12/12 | | | 2,000 | | | | 1,999,160 | |
The Sherwin-Williams Co.
0.130%, 07/02/12 | | | 1,200 | | | | 1,200,000 | |
| | | | | | | | |
| | | | | | | 3,199,160 | |
| | | | | | | | |
| Diversified Financial Services — 21.6% | | | | | | | | |
BP Capital Markets Plc | | | | | | | | |
0.230%, 08/20/12 | | | 1,100 | | | | 1,099,656 | |
0.350%, 11/15/12 | | | 800 | | | | 798,942 | |
Covidien International Finance S.A.
0.450%, 08/01/12 | | | 5,000 | | | | 4,998,125 | |
ENI Finance USA, Inc.
0.500%, 07/02/12 | | | 1,000 | | | | 1,000,000 | |
Nestlé Finance International Ltd.
0.180%, 08/28/12 | | | 3,000 | | | | 2,999,145 | |
Novartis Finance Corp.
0.190%, 10/09/12 | | | 3,000 | | | | 2,998,432 | |
Reckitt & Benckiser Treasury Services Plc
0.220%, 08/29/12 | | | 1,000 | | | | 999,646 | |
0.650%, 09/06/12 | | | 1,150 | | | | 1,148,630 | |
0.300%, 10/25/12 | | | 2,900 | | | | 2,897,221 | |
Total Capital Canada Ltd.
0.190%, 08/09/12 | | | 2,800 | | | | 2,799,438 | |
0.260%, 10/26/12 | | | 1,000 | | | | 999,162 | |
Toyota Motor Credit Corp.
0.280%, 11/08/12 | | | 2,800 | | | | 2,797,191 | |
0.290%, 11/08/12 | | | 2,000 | | | | 1,997,922 | |
WGL Holdings, Inc.
0.230%, 07/02/12 | | | 3,000 | | | | 3,000,000 | |
0.300%, 07/12/12 | | | 440 | | | | 439,963 | |
| | | | | | | | |
| | | | | | | 30,973,473 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Electric — 10.3% | |
Basin Electric Power Cooperative
0.180%, 07/18/12 | | $ | 3,000 | | | $ | 2,999,760 | |
Electricite de France
0.430%, 07/03/12 | | | 1,400 | | | | 1,399,983 | |
0.360%, 07/23/12 | | | 1,000 | | | | 999,790 | |
Florida Power & Light Co.
0.260%, 07/12/12 | | | 2,055 | | | | 2,054,852 | |
IDACORP, Inc
0.450%, 07/10/12 | | | 676 | | | | 675,932 | |
Oglethorpe Power Corp.
0.280%, 07/09/12 | | | 2,100 | | | | 2,099,886 | |
0.320%, 07/11/12 | | | 500 | | | | 499,960 | |
Southern Co. | | | | | | | | |
0.200%, 07/06/12 | | | 1,000 | | | | 999,978 | |
0.210%, 07/31/12 | | | 3,000 | | | | 2,999,492 | |
| | | | | | | | |
| | | | 14,729,633 | |
| | | | | | | | |
| Food — 0.5% | | | | | | | | |
ConAgra Foods, Inc.
0.290%, 07/02/12 | | | 700 | | | | 700,000 | |
| | | | | | | | |
| Gas — 4.9% | | | | | | | | |
San Diego Gas & Electric Co.
0.140%, 07/02/12 | | | 7,000 | | | | 7,000,000 | |
| | | | | | | | |
| Healthcare Products — 1.8% | | | | | | | | |
Baxter International, Inc.
0.250%, 07/17/12 | | | 2,525 | | | | 2,524,983 | |
| | | | | | | | |
| Oil & Gas — 2.7% | | | | | | | | |
ConocoPhillips
0.130%, 07/02/12 | | | 435 | | | | 435,000 | |
0.230%, 09/13/12 | | | 2,000 | | | | 1,999,067 | |
Duke Energy Corp.
0.420%, 07/16/12 | | | 725 | | | | 724,882 | |
Enbridge Energy Co., Inc.
0.430%, 07/27/12 | | | 700 | | | | 699,791 | |
| | | | | | | | |
| | | | | | | 3,858,740 | |
| | | | | | | | |
| Oil & Gas Services — 0.5% | | | | | | | | |
TransCanada Pipelines Ltd.
0.450%, 07/17/12 | | | 700 | | | | 699,869 | |
| Retail — 1.1% | | | | | | | | |
Hudson’s Bay Co.
0.180%, 08/14/12 | | | 1,600 | | | | 1,599,656 | |
| | | | | | | | |
TOTAL COMMERCIAL PAPER
(Cost $74,631,195) | | | | 74,631,195 | |
| | | | | | | | |
| FOREIGN GOVERNMENT SECURITIES — 1.1% | |
Province of Ontario
5.125%, 07/17/12
(Cost $1,520,967) | | | 1,518 | | | | 1,520,967 | |
| | | | | | | | |
34
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Money Market Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — 3.3% | | | | | | | | |
| Banks — 0.7% | |
American Express Centurion Bank
5.550%, 10/17/12 | | $ | 1,000 | | | $ | 1,013,746 | |
| | | | | | | | |
| Diversified Financial Services — 0.5% | |
Wells Fargo Financial, Inc.
5.500%, 08/01/12 | | | 779 | | | | 782,232 | |
| | | | | | | | |
| Insurance — 2.1% | | | | | | | | |
Metropolitan Life Global Funding I @
2.875%, 09/17/12 | | | 625 | | | | 628,144 | |
New York Life Global Funding @
5.250%, 10/16/12 | | | 2,300 | | | | 2,332,727 | |
| | | | | | | | |
| | | | 2,960,871 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $4,756,849) | | | | 4,756,849 | |
| | | | | | | | |
| MUNICIPAL NOTES — 41.0% | | | | | | | | |
California Housing Finance Agency
0.170%, 08/01/36• | | | 2,000 | | | | 2,000,000 | |
City of Minneapolis
0.180%, 12/01/27• | | | 2,290 | | | | 2,290,000 | |
Colorado Housing & Finance Authority
0.160%, 05/01/22• | | | 2,600 | | | | 2,600,000 | |
0.160%, 10/01/30• | | | 2,800 | | | | 2,800,000 | |
0.190%, 04/01/43• | | | 1,325 | | | | 1,325,000 | |
Idaho Housing & Finance Association | | | | | | | | |
0.160%, 01/01/38• | | | 4,000 | | | | 4,000,000 | |
0.180%, 01/01/40• | | | 4,240 | | | | 4,240,000 | |
Iowa Finance Authority | | | | | | | | |
0.190%, 07/01/34• | | | 1,405 | | | | 1,405,000 | |
0.190%, 01/01/39• | | | 2,300 | | | | 2,300,000 | |
Kansas State Department of Transportation
0.150%, 09/01/22• | | | 3,100 | | | | 3,100,000 | |
Michigan State Housing Development Authority
0.180%, 06/01/39• | | | 4,700 | | | | 4,700,000 | |
Minnesota Housing Finance Agency
0.180%, 07/01/36• | | | 4,000 | | | | 4,000,000 | |
Pennsylvania Turnpike Commission
0.350%, 07/15/41• | | | 5,000 | | | | 5,000,000 | |
South Dakota Housing Development Authority
0.190%, 05/01/39• | | | 5,000 | | | | 5,000,000 | |
State of Texas
0.200%, 12/01/29• | | | 4,000 | | | | 4,000,000 | |
Triborough Bridge & Tunnel Authority
0.500%, 01/01/19• | | | 3,000 | | | | 3,000,000 | |
Wisconsin Housing & Economic Development Authority
0.170%, 09/01/22• | | | 4,000 | | | | 4,000,000 | |
0.280%, 05/01/34• | | | 2,870 | | | | 2,870,000 | |
| | | | | | | | |
Total MUNICIPAL NOTES
(Cost $58,630,000) | | | | 58,630,000 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| SHORT-TERM INVESTMENTS — 1.8% | | | | | | | | |
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 | | | 2,605,401 | | | | 2,605,401 | |
Fidelity Institutional Prime Money Market Portfolio - Class I | | | 1 | | | | 1 | |
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class | | | 1 | | | | 1 | |
Wells Fargo Advantage Municipal Cash Management Money Market Fund -Institutional Class | | | 1 | | | | 1 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,605,407) | | | | 2,605,407 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $143,044,418) | | | $ | 143,044,418 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| @ | 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. |
Plc — Public Limited Company.
| | | | | | | | | | | | |
Maturity
Schedule | | Market
Value | | | % of
Portfolio | | |
(Cumulative) | |
1 — 7 days | | $ | 34,431,338 | | | | 24.1% | | | | 24.1% | |
8 — 14 days | | | 1,699,581 | | | | 1.2% | | | | 25.3% | |
15 — 30 days | | | 11,579,287 | | | | 8.1% | | | | 33.4% | |
31 — 60 days | | | 13,486,208 | | | | 9.4% | | | | 42.8% | |
61 — 90 days | | | 14,621,093 | | | | 10.2% | | | | 53.0% | |
91 — 120 days | | | 12,037,969 | | | | 8.4% | | | | 61.4% | |
121 — 150 days | | | 798,942 | | | | 0.6% | | | | 62.0% | |
over 150 days | | | 54,390,000 | | | | 38.0% | | | | 100.0% | |
| | | | | |
| | | |
| | $ | 143,044,418 | | | | 100.0% | | | | | |
| | | | | | | | | | | | |
Average Weighted Maturity — 32 days
35
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Money Market Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMERCIAL PAPER | | $ | 74,631,195 | | | $ | — | | | $ | 74,631,195 | | | $ | — | |
AGENCY OBLIGATION | | | 900,000 | | | | — | | | | 900,000 | | | | — | |
CORPORATE BONDS | | | 4,756,849 | | | | — | | | | 4,756,849 | | | | — | |
MUNI NOTES | | | 58,630,000 | | | | — | | | | 58,630,000 | | | | — | |
FOREIGN GOVERNMENT SECURITIES | | | 1,520,967 | | | | — | | | | 1,520,967 | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,605,407 | | | | 2,605,407 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 143,044,418 | | | $ | 2,605,407 | | | $ | 140,439,011 | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of the financial statements.
36
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| AGENCY OBLIGATIONS — 10.5% | | | | | | | | |
| Federal Home Loan Mortgage Corporation — 1.1% | |
1.375%, 02/25/14 | | $ | 2,000 | | | $ | 2,033,670 | |
| | | | | | | | |
| Federal National Mortgage Association — 9.4% | | | | | |
0.375%, 12/28/12 | | | 6,700 | | | | 6,707,732 | |
0.500%, 08/09/13 | | | 2,000 | | | | 2,004,766 | |
1.000%, 09/23/13 | | | 2,000 | | | | 2,016,658 | |
0.750%, 12/18/13 | | | 7,000 | | | | 7,046,256 | |
| | | | | | | | |
| | | | | | | 17,775,412 | |
| | | | | | | | |
TOTAL AGENCY OBLIGATIONS
(Cost $19,684,336) | | | | | | | 19,809,082 | |
| | | | | | | | |
| ASSET BACKED SECURITIES — 7.5% | | | | | | | | |
Cabela’s Master Credit Card Trust
0.772%, 02/18/20 @• | | | 3,000 | | | | 3,011,088 | |
Chase Issuance Trust
0.492%, 04/15/19 • | | | 2,398 | | | | 2,372,947 | |
Conseco Financial Corp.
7.650%, 04/15/19 | | | 63 | | | | 66,220 | |
Enterprise Mortgage Acceptance Co.
LLC 144A
7.565%, 01/15/27 @•~ | | | 462 | | | | 367,280 | |
Equity One ABS, Inc.
4.145%, 04/25/34 • | | | 14 | | | | 13,771 | |
FDIC Trust 2012-C1 A
0.841%, 05/25/35 ~ | | | 2,910 | | | | 2,909,220 | |
GE Capital Credit Card Master Note Trust
1.092%, 09/15/16 • | | | 1,400 | | | | 1,403,934 | |
0.950%, 06/15/18 | | | 2,000 | | | | 1,999,471 | |
Hyundai Auto Lease Securitization Trust
2011-A 144A
0.920%, 08/17/15 @ | | | 1,500 | | | | 1,501,003 | |
Popular ABS Mortgage Pass-Through Trust
4.628%, 09/25/34 • | | | 16 | | | | 15,984 | |
SACO I, Inc. 144A
1.145%, 06/25/35 @• | | | 494 | | | | 410,488 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $14,173,550) | | | | | | | 14,071,406 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 1.2% | |
Bear Stearns Commercial Mortgage Securities
5.571%, 03/11/39 • | | | 978 | | | | 980,710 | |
Federal Express Corp. 2012 Pass Through Trust 144A
2.625%, 01/15/18 @ | | | 1,000 | | | | 998,150 | |
JPMorgan Chase Commercial Mortgage Securities Corp.
4.545%, 01/15/42 | | | 274 | | | | 274,067 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $2,249,799) | | | | | | | 2,252,927 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — 16.0% | |
| Aerospace & Defense — 1.1% | |
Raytheon Co.
1.400%, 12/15/14 | | $ | 1,000 | | | $ | 1,014,592 | |
United Technologies Corp.
1.200%, 06/01/15 | | | 1,000 | | | | 1,011,637 | |
| | | | | | | | |
| | | | 2,026,229 | |
| | | | | | | | |
| Banks — 4.9% | | | | | | | | |
Bank of Montreal 144A
2.850%, 06/09/15 @ | | | 1,000 | | | | 1,058,240 | |
Bank of Nova Scotia 144A
1.050%, 03/20/15 @ | | | 1,000 | | | | 1,006,546 | |
Canadian Imperial Bank of Commerce 144A
2.000%, 02/04/13 @ | | | 3,000 | | | | 3,027,687 | |
Commonwealth Bank of Australia 144A
3.492%, 08/13/14 @ | | | 1,000 | | | | 1,056,824 | |
The Toronto-Dominion Bank 144A
1.625%, 09/14/16 @ | | | 2,000 | | | | 2,037,112 | |
Westpac Banking Corp. 144A
3.585%, 08/14/14 @ | | | 1,000 | | | | 1,054,521 | |
| | | | | | | | |
| | | | 9,240,930 | |
| | | | | | | | |
| Beverages — 0.6% | | | | | | | | |
The Coca-Cola Co.
1.800%, 09/01/16 | | | 1,000 | | | | 1,027,077 | |
| | | | | | | | |
| Computers — 0.6% | | | | | | | | |
Google, Inc.
2.125%, 05/19/16 | | | 1,000 | | | | 1,043,747 | |
| | | | | | | | |
| Diversified Financial Services — 4.9% | | | | | | | | |
Caisse Centrale Desjardins du Quebec 144A
2.550%, 03/24/16 @ | | | 3,000 | | | | 3,157,362 | |
General Electric Capital Corp
2.300%, 04/27/17 | | | 1,000 | | | | 1,006,761 | |
General Electric Capital Corp.
2.625%, 12/28/12 | | | 4,000 | | | | 4,045,536 | |
Toyota Motor Credit Corp.
1.000%, 02/17/15 | | | 1,000 | | | | 1,001,184 | |
| | | | | | | | |
| | | | 9,210,843 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.5% | | | | | | | | |
BP Capital Markets Plc
1.700%, 12/05/14 | | | 1,000 | | | | 1,015,083 | |
| | | | | | | | |
| Food — 0.3% | | | | | | | | |
General Mills, Inc.
5.650%, 09/10/12 | | | 500 | | | | 504,416 | |
| | | | | | | | |
| Insurance — 0.5% | | | | | | | | |
Metropolitan Life Global Funding I 144A
2.000%, 01/09/15 @ | | | 1,000 | | | | 1,014,654 | |
| | | | | | | | |
| Investment Companies — 0.5% | | | | | | | | |
USAA Capital Corp. 144A
2.250%, 12/13/16 @ | | | 1,000 | | | | 1,020,360 | |
| | | | | | | | |
| Mining — 0.5% | | | | | | | | |
BHP Billiton Finance USA Ltd.
1.125%, 11/21/14 | | | 1,000 | | | | 1,005,844 | |
| | | | | | | | |
37
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2011 (Unaudited)
Limited Maturity Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Oil & Gas — 0.5% | | | | | | | | |
SeaRiver Maritime, Inc.
0.000%, 09/01/12+ | | $ | 1,000 | | | $ | 994,226 | |
| | | | | | | | |
| Pharmaceuticals — 1.1% | | | | | | | | |
Teva Pharmaceutical Finance IV LLC
1.700%, 11/10/14 | | | 1,000 | | | | 1,020,272 | |
Zimmer Holdings, Inc.
1.400%, 11/30/14 | | | 1,000 | | | | 1,002,685 | |
| | | | | | | | |
| | | | | | | 2,022,957 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $29,583,295) | | | | | | | 30,126,366 | |
| | | | | | | | |
| MUNICIPAL NOTE — 0.6% | | | | | | | | |
| Regional — 0.6% | | | | | | | | |
Province of British Columbia
2.850%, 06/15/15
(Cost $999,685) | | | 1,000 | | | | 1,063,340 | |
| | | | | | | | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 5.1% | |
| Collateralized Mortgage Obligations — 4.1% | | | | | |
Fannie Mae REMICs
0.645%, 11/25/39• | | | 7,797 | | | | 7,792,062 | |
| | | | | | | | |
| Fannie Mae Pool — 1.0% | | | | | | | | |
4.000%, 06/01/20 | | | 545 | | | | 579,478 | |
2.707%, 12/01/33• | | | 745 | | | | 797,612 | |
2.875%, 04/01/34• | | | 239 | | | | 254,305 | |
2.485%, 07/01/36• | | | 229 | | | | 243,061 | |
| | | | | | | | |
| | | | | | | 1,874,456 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $9,583,452) | | | | | | | 9,666,518 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATIONS — 50.5% | | | | | | | | |
U.S. Treasury Note
0.375%, 06/30/13 | | | 6,500 | | | | 6,507,871 | |
4.250%, 08/15/13 | | | 6,500 | | | | 6,789,451 | |
3.125%, 08/31/13 | | | 3,000 | | | | 3,099,258 | |
0.750%, 09/15/13 | | | 6,750 | | | | 6,788,232 | |
0.500%, 10/15/13 | | | 5,000 | | | | 5,013,670 | |
4.250%, 11/15/13 | | | 3,100 | | | | 3,267,230 | |
0.250%, 11/30/13 | | | 5,000 | | | | 4,996,680 | |
0.125%, 12/31/13 | | | 5,000 | | | | 4,986,720 | |
1.750%, 01/31/14 | | | 2,000 | | | | 2,045,234 | |
1.750%, 03/31/14 | | | 5,000 | | | | 5,123,440 | |
1.875%, 04/30/14 | | | 5,650 | | | | 5,808,906 | |
2.375%, 09/30/14 | | | 3,000 | | | | 3,136,875 | |
4.250%, 11/15/14 | | | 12,100 | | | | 13,206,013 | |
2.250%, 01/31/15 | | | 730 | | | | 764,903 | |
4.000%, 02/15/15 | | | 7,850 | | | | 8,585,325 | |
0.375%, 04/15/15 | | | 15,000 | | | | 14,989,455 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $93,208,783) | | | | | | | 95,109,263 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| SHORT-TERM INVESTMENTS — 8.6% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 10,212,108 | | | $ | 10,212,108 | |
BlackRock Liquidity Funds TempFund - Institutional Shares | | | 218 | | | | 218 | |
Federated Prime Obligations Fund - Class I | | | 408 | | | | 408 | |
Fidelity Institutional Prime Money Market Portfolio | | | 1,019 | | | | 1,019 | |
Fidelity Institutional Prime Money Market Portfolio - Class I | | | 197 | | | | 197 | |
Wells Fargo Advantage Government Money Market Fund - Institutional Class | | | 6,100,852 | | | | 6,100,852 | |
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 $16,314,808) | | | | 16,314,808 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $185,797,708) | | | $ | 188,413,710 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| @ | 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, 2012 is $3,276,500. |
| + | Effective Yield. For those bonds that become coupon paying at a future date, the interest rate disclosed represents that annualized effective yield from the date of acquisition to maturity. |
| LLC | — Limited Liability Company. |
| Plc | — Public Limited Company. |
| REMICS | — Real Estate Mortgage Investment Conduits. |
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 92 | % |
Canada | | | 6 | |
Australia | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
38
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Limited Maturity Bond Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
U.S. TREASURY OBLIGATIONS | | $ | 95,109,263 | | | $ | — | | | $ | 95,109,263 | | | $ | — | |
AGENCY OBLIGATIONS | | | 19,809,082 | | | | — | | | | 19,809,082 | | | | — | |
ASSET BACKED SECURITIES | | | 14,071,406 | | | | — | | | | 14,071,406 | | | | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 2,252,927 | | | | — | | | | 2,252,927 | | | | — | |
CORPORATE BONDS | | | 30,126,366 | | | | — | | | | 30,126,366 | | | | | |
MUNICIPAL NOTES | | | 1,063,340 | | | | — | | | | 1,063,340 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 9,666,518 | | | | — | | | | 9,666,518 | | | | — | |
SHORT-TERM INVESTMENTS | | | 16,314,808 | | | | 16,314,808 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 188,413,710 | | | $ | 16,314,808 | | | $ | 172,098,902 | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of the financial statements.
39
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2011 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| AGENCY OBLIGATIONS — 2.3% | | | | | | | | |
| Federal National Mortgage Association — 2.3% | |
3.250%, 04/09/13 | | $ | 4,500 | | | $ | 4,605,817 | |
5.000%, 04/15/15 | | | 6,750 | | | | 7,587,952 | |
| | | | | | | | |
TOTAL AGENCY OBLIGATIONS
(Cost $11,381,108) | | | | | | | 12,193,769 | |
| | | | | | | | |
| ASSET BACKED SECURITIES — 2.9% | | | | | | | | |
Conseco Financial Corp.•
7.240%, 11/15/28 | | | 509 | | | | 231,236 | |
Enterprise Mortgage Acceptance Co. LLC 144A @•~
7.551%, 01/15/27 | | | 924 | | | | 734,560 | |
GE Capital Credit Card Master Note Trust
1.092%, 09/15/16• | | | 4,000 | | | | 4,011,239 | |
0.950%, 06/15/18 | | | 5,000 | | | | 4,998,678 | |
Hyundai Auto Lease Securitization Trust 2011-A 144A @
0.920%, 08/17/15 | | | 4,000 | | | | 4,002,674 | |
SACO I, Inc. 144A @•
1.145%, 06/25/35 | | | 1,483 | | | | 1,231,465 | |
| | | | | | | | |
TOTAL ASSET BACKED SECURITIES
(Cost $15,795,566) | | | | | | | 15,209,852 | |
| | | | | | | | |
| COMMERCIAL MORTGAGE BACKED SECURITIES — 1.3% | |
Bear Stearns Commercial Mortgage Securities
4.830%, 08/15/38 | | | 1,610 | | | | 1,613,566 | |
CFCRE Commercial Mortgage Trust 144A @•
4.961%, 04/15/44 | | | 1,000 | | | | 1,121,800 | |
Citigroup Deutsche Bank Commercial Mortgage Trust
5.322%, 12/11/49 | | | 1,500 | | | | 1,666,077 | |
JPMorgan Chase Commercial Mortgage Securities Corp.
4.545%, 01/15/42 | | | 912 | | | | 913,557 | |
5.420%, 01/15/49 | | | 1,500 | | | | 1,678,307 | |
| | | | | | | | |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $6,427,041) | | | | | | | 6,993,307 | |
| | | | | | | | |
| CORPORATE BONDS — 18.6% | | | | | | | | |
| Aerospace & Defense — 0.2% | | | | | | | | |
Lockheed Martin Corp.
3.350%, 09/15/21 | | | 1,000 | | | | 1,033,609 | |
| | | | | | | | |
| Agriculture — 0.5% | | | | | | | | |
Altria Group, Inc.
4.750%, 05/05/21 | | | 1,000 | | | | 1,134,046 | |
Cargill, Inc. 144A @
6.125%, 09/15/36 | | | 1,000 | | | | 1,253,973 | |
| | | | | | | | |
| | | | | | | 2,388,019 | |
| | | | | | | | |
| Banks — 1.3% | | | | | | | | |
Bank of America Corp.
5.650%, 05/01/18 | | | 1,000 | | | | 1,069,293 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Banks — (continued) | | | | | | | | |
Bank of Montreal 144A @
2.850%, 06/09/15 | | $ | 1,000 | | | $ | 1,058,240 | |
Canadian Imperial Bank of Commerce 144A @
2.000%, 02/04/13 | | | 1,000 | | | | 1,009,229 | |
JPMorgan Chase & Co.
6.000%, 01/15/18 | | | 1,700 | | | | 1,951,364 | |
The Goldman Sachs Group, Inc.
5.250%, 07/27/21 | | | 1,000 | | | | 1,015,818 | |
5.750%, 01/24/22 | | | 1,000 | | | | 1,055,604 | |
| | | | | | | | |
| | | | | | | 7,159,548 | |
| | | | | | | | |
| Beverages — 0.6% | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc.
7.750%, 01/15/19 | | | 1,000 | | | | 1,320,754 | |
Pepsico, Inc.
4.000%, 03/05/42 | | | 1,000 | | | | 1,045,033 | |
The Coca-Cola Co.
3.300%, 09/01/21 | | | 1,000 | | | | 1,072,709 | |
| | | | | | | | |
| | | | | | | 3,438,496 | |
| | | | | | | | |
| Biotechnology — 0.9% | | | | | | | | |
Amgen, Inc.
4.950%, 10/01/41 | | | 1,000 | | | | 1,022,257 | |
Biogen Idec, Inc.
6.875%, 03/01/18 | | | 1,000 | | | | 1,220,445 | |
Genentech, Inc.
5.250%, 07/15/35 | | | 1,000 | | | | 1,177,429 | |
Gilead Sciences, Inc.
4.400%, 12/01/21 | | | 1,000 | | | | 1,103,779 | |
| | | | | | | | |
| | | | | | | 4,523,910 | |
| | | | | | | | |
| Commercial Services — 0.9% | | | | | | | | |
Safina Ltd.~
2.000%, 12/30/23 | | | 5,000 | | | | 4,992,500 | |
| | | | | | | | |
| Computers — 0.4% | | | | | | | | |
Hewlett-Packard Co.
2.600%, 09/15/17 | | | 1,000 | | | | 1,003,803 | |
International Business Machines Corp.
6.500%, 01/15/28 | | | 1,000 | | | | 1,348,800 | |
| | | | | | | | |
| | | | | | | 2,352,603 | |
| | | | | | | | |
| Diversified Financial Services — 1.3% | | | | | | | | |
American Honda Finance Corp.
144A @
3.800%, 09/20/21 | | | 1,000 | | | | 1,071,407 | |
Caisse Centrale Desjardins du Quebec 144A @
2.550%, 03/24/16 | | | 2,000 | | | | 2,104,908 | |
General Electric Capital Corp.
6.150%, 08/07/37 | | | 1,000 | | | | 1,181,424 | |
5.875%, 01/14/38 | | | 1,000 | | | | 1,148,004 | |
Northern Trust Corp.
3.375%, 08/23/21 | | | 500 | | | | 537,210 | |
Toyota Motor Credit Corp.
3.400%, 09/15/21 | | | 1,000 | | | | 1,051,631 | |
| | | | | | | | |
| | | | | | | 7,094,584 | |
| | | | | | | | |
40
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2011 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Electric — 1.4% | | | | | | | | |
ABB Finance USA, Inc.
4.375%, 05/08/42 | | $ | 1,000 | | | $ | 1,074,613 | |
Carolina Power & Light Co.
2.800%, 05/15/22 | | | 1,000 | | | | 1,016,409 | |
Commonwealth Edison Co.
6.150%, 09/15/17 | | | 500 | | | | 605,419 | |
Duke Energy Carolinas LLC
4.250%, 12/15/41 | | | 1,000 | | | | 1,078,012 | |
Enel Finance International SA 144A @
6.250%, 09/15/17 | | | 1,000 | | | | 1,003,848 | |
Georgia Power Co.
4.300%, 03/15/42 | | | 1,000 | | | | 1,041,663 | |
PacifiCorp
6.250%, 10/15/37 | | | 1,000 | | | | 1,344,624 | |
| | | | | | | | |
| | | | | | | 7,164,588 | |
| | | | | | | | |
| Food — 0.5% | | | | | | | | |
Kraft Foods Group, Inc. 144A @
5.000%, 06/04/42 | | | 1,000 | | | | 1,058,376 | |
Kraft Foods, Inc.
6.750%, 02/19/14 | | | 500 | | | | 547,711 | |
Sara Lee Corp.
2.750%, 09/15/15 | | | 1,000 | | | | 1,024,206 | |
| | | | | | | | |
| | | | | | | 2,630,293 | |
| | | | | | | | |
| Gas — 0.8% | | | | | | | | |
Boston Gas Co. 144A @
4.487%, 02/15/42 | | | 1,000 | | | | 1,055,869 | |
Pacific Gas & Electric Co.
3.250%, 09/15/21 | | | 1,000 | | | | 1,047,817 | |
Praxair, Inc.
3.000%, 09/01/21 | | | 1,000 | | | | 1,029,911 | |
SEMCO Energy, Inc. 144A @
5.150%, 04/21/20 | | | 1,000 | | | | 1,115,991 | |
| | | | | | | | |
| | | | | | | 4,249,588 | |
| | | | | | | | |
| Healthcare Products — 1.0% | | | | | | | | |
Becton Dickinson & Co.
3.125%, 11/08/21 | | | 1,000 | | | | 1,040,741 | |
Covidien International Finance SA
6.000%, 10/15/17 | | | 1,000 | | | | 1,209,351 | |
3.200%, 06/15/22 | | | 1,000 | | | | 1,030,971 | |
Stryker Corp.
2.000%, 09/30/16 | | | 1,000 | | | | 1,024,544 | |
Zimmer Holdings, Inc.
4.625%, 11/30/19 | | | 1,000 | | | | 1,134,821 | |
| | | | | | | | |
| | | | | | | 5,440,428 | |
| | | | | | | | |
| Healthcare Services — 0.4% | | | | | | | | |
CIGNA Corp.
4.375%, 12/15/20 | | | 1,000 | | | | 1,066,490 | |
Unitedhealth Group, Inc.
4.625%, 11/15/41 | | | 1,000 | | | | 1,074,679 | |
| | | | | | | | |
| | | | | | | 2,141,169 | |
| | | | | | | | |
| Insurance — 0.4% | | | | | | | | |
American International Group, Inc.
4.875%, 06/01/22 | | | 1,000 | | | | 1,023,222 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Insurance — (continued) | | | | | | | | |
The Travelers Cos., Inc.
5.350%, 11/01/40 | | $ | 1,000 | | | $ | 1,206,896 | |
| | | | | | | | |
| | | | | | | 2,230,118 | |
| | | | | | | | |
| Investment Companies — 0.4% | | | | | | | | |
Express Script Holding Co. 144A @
3.900%, 02/15/22 | | | 1,000 | | | | 1,036,514 | |
USAA Capital Corp. 144A @
2.250%, 12/13/16 | | | 1,000 | | | | 1,020,360 | |
| | | | | | | | |
| | | | | | | 2,056,874 | |
| | | | | | | | |
| Media — 0.3% | | | | | | | | |
Comcast Cable Holdings LLC
9.875%, 06/15/22 | | | 1,000 | | | | 1,453,321 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.7% | | | | | | | | |
Honeywell International, Inc.
5.375%, 03/01/41 | | | 1,000 | | | | 1,269,986 | |
Illinois Tool Works, Inc. 144A @
4.875%, 09/15/41 | | | 1,000 | | | | 1,137,885 | |
Siemens Financieringsmaatschappij NV 144A @
6.125%, 08/17/26 | | | 1,000 | | | | 1,242,846 | |
| | | | | | | | |
| | | | | | | 3,650,717 | |
| | | | | | | | |
| Oil & Gas — 3.0% | | | | | | | | |
Apache Corp.
3.250%, 04/15/22 | | | 1,000 | | | | 1,044,212 | |
BG Energy Capital Plc 144A @
4.000%, 10/15/21 | | | 1,000 | | | | 1,067,055 | |
BP Capital Markets Plc
4.500%, 10/01/20 | | | 1,000 | | | | 1,125,836 | |
Devon Energy Corp.
4.750%, 05/15/42 | | | 1,000 | | | | 1,049,352 | |
Occidental Petroleum Corp.
3.125%, 02/15/22 | | | 1,000 | | | | 1,042,530 | |
Pemex Project Funding Master Trust
6.625%, 06/15/35 | | | 1,000 | | | | 1,190,000 | |
Petrobras International Finance Co.-Pifco 6.750%, 01/27/41 | | | 1,000 | | | | 1,172,984 | |
Petroleos Mexicanos
1.950%, 12/20/22 W.I. | | | 2,000 | | | | 2,000,080 | |
2.000%, 12/20/22 | | | 3,000 | | | | 3,002,550 | |
Statoil, ASA
3.150%, 01/23/22 | | | 1,000 | | | | 1,043,653 | |
United Technologies Corp.
4.500%, 06/01/42 | | | 2,000 | | | | 2,196,810 | |
| | | | | | | | |
| | | | | | | 15,935,062 | |
| | | | | | | | |
| Oil & Gas Services — 0.4% | | | | | | | | |
Halliburton Co.
4.500%, 11/15/41 | | | 1,000 | | | | 1,048,655 | |
Schlumberger Oilfield Plc 144A @
4.200%, 01/15/21 | | | 1,000 | | | | 1,120,852 | |
| | | | | | | | |
| | | | | | | 2,169,507 | |
| | | | | | | | |
| Pharmaceuticals — 1.9% | | | | | | | | |
Celgene Corp.
0.440%, 07/10/12 | | | 3,000 | | | | 2,999,633 | |
41
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2011 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
GlaxoSmithKline Capital, Inc.
5.375%, 04/15/34 | | $ | 1,000 | | | $ | 1,213,892 | |
Merck & Co., Inc.
6.400%, 03/01/28 | | | 1,000 | | | | 1,366,662 | |
Novartis Capital Corp.
2.900%, 04/24/15 | | | 1,000 | | | | 1,057,953 | |
Sanofi-Aventis SA
4.000%, 03/29/21 | | | 1,000 | | | | 1,115,339 | |
Teva Pharmaceutical Finance Co. BV
3.650%, 11/10/21 | | | 1,000 | | | | 1,051,778 | |
Thermo Fisher Scientific, Inc.
3.600%, 08/15/21 | | | 1,000 | | | | 1,075,592 | |
| | | | | | | | |
| | | | | | | 9,880,849 | |
| | | | | | | | |
| Pipelines — 0.2% | | | | | | | | |
DCP Midstream LLC 144A @
6.750%, 09/15/37 | | | 1,000 | | | | 1,207,066 | |
| | | | | | | | |
| Retail — 0.7% | | | | | | | | |
CVS Caremark Corp.
5.750%, 05/15/41 | | | 1,000 | | | | 1,190,414 | |
Wal-Mart Stores, Inc.
3.250%, 10/25/20 | | | 1,000 | | | | 1,072,996 | |
5.625%, 04/01/40 | | | 1,000 | | | | 1,291,344 | |
| | | | | | | | |
| | | | | | | 3,554,754 | |
| | | | | | | | |
| Telecommunications — 0.4% | | | | | | | | |
AT&T, Inc.
3.875%, 08/15/21 | | | 1,000 | | | | 1,089,259 | |
Verizon Communications, Inc.
4.600%, 04/01/21 | | | 1,000 | | | | 1,146,150 | |
| | | | | | | | |
| | | | | | | 2,235,409 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $90,015,672) | | | | | | | 98,983,012 | |
| | | | | | | | |
| MUNICIPAL NOTE — 0.4% | | | | | | | | |
Province of British Columbia
2.850%, 06/15/15
(Cost $1,999,369) | | | 2,000 | | | | 2,126,680 | |
| | | | | | | | |
| MUNICIPAL BONDS — 1.7% | | | | | | | | |
City of New York
6.271%, 12/01/37 | | | 1,750 | | | | 2,246,073 | |
Corpus Christi Independent School District 6.124%, 08/15/32 | | | 1,000 | | | | 1,208,780 | |
Metropolitan Water District of Southern California 6.
947%, 07/01/40 | | | 1,000 | | | | 1,204,900 | |
Orange County Sanitation District
6.400%, 02/01/44 | | | 1,000 | | | | 1,352,880 | |
San Francisco City & County Public Utilities Commission
6.950%, 11/01/50 | | | 2,000 | | | | 2,815,500 | |
| | | | | | | | |
Total MUNICIPAL BONDS
(Cost $6,752,127) | | | | | | | 8,828,133 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| RESIDENTIAL MORTGAGE BACKED SECURITIES — 22.5% | |
| Collateralized Mortgage Obligations — 2.4% | |
Fannie Mae REMICs•
0.645%, 11/25/39 | | $ | 7,797 | | | $ | 7,792,062 | |
Freddie Mac REMICs•
0.582%, 05/15/37 | | | 5,120 | | | | 5,116,645 | |
| | | | | | | | |
| | | | | | | 12,908,707 | |
| | | | | | | | |
| Fannie Mae Pool — 8.2% | | | | | | | | |
5.000%, 07/01/23 | | | 1,744 | | | | 1,884,221 | |
2.875%, 04/01/34• | | | 716 | | | | 762,916 | |
2.485%, 07/01/36• | | | 762 | | | | 810,203 | |
2.419%, 08/01/36• | | | 727 | | | | 770,018 | |
4.063%, 05/01/37• | | | 522 | | | | 557,262 | |
4.000%, 08/01/39 | | | 6,334 | | | | 6,749,784 | |
4.000%, 11/01/40 | | | 6,305 | | | | 6,720,987 | |
3.500%, 12/01/40 | | | 12,110 | | | | 12,741,332 | |
3.500%, 01/01/41 | | | 9,086 | | | | 9,560,376 | |
3.500%, 03/01/41 | | | 2,640 | | | | 2,777,335 | |
| | | | | | | | |
| | | | | | | 43,334,434 | |
| | | | | | | | |
| Freddie Mac Gold Pool — 4.3% | | | | | | | | |
3.000%, 01/01/26 | | | 8,490 | | | | 8,887,970 | |
3.500%, 12/01/40 | | | 7,585 | | | | 7,966,282 | |
3.500%, 01/01/41 | | | 4,522 | | | | 4,748,905 | |
3.500%, 02/01/41 | | | 1,297 | | | | 1,362,318 | |
| | | | | | | | |
| | | | | | | 22,965,475 | |
| | | | | | | | |
| Ginnie Mae Pool — 7.6% | | | | | | | | |
6.000%, 10/15/38 | | | 1,508 | | | | 1,694,352 | |
6.000%, 10/15/38 | | | 1,219 | | | | 1,369,621 | |
4.000%, 04/15/39 | | | 9,469 | | | | 10,373,640 | |
4.000%, 06/15/39 | | | 6,037 | | | | 6,613,574 | |
4.500%, 02/15/40 | | | 9,660 | | | | 10,584,002 | |
3.500%, 10/20/41 | | | 8,795 | | | | 9,413,832 | |
9.000%, 10/15/30 | | | 8 | | | | 8,325 | |
| | | | | | | | |
| | | | | | | 40,057,346 | |
| | | | | | | | |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $110,350,536) | | | | | | | 119,265,962 | |
| | | | | | | | |
| COMMERCIAL PAPER — 1.3% | | | | | | | | |
| Beverages — 0.2% | | | | | | | | |
Bacardi Corp.
0.440%, 07/18/12 | | | 1,000 | | | | 999,780 | |
| | | | | | | | |
| Electric — 0.5% | | | | | | | | |
Idacorp, Inc.
0.430%, 07/17/12 | | | 2,800 | | | | 2,799,432 | |
| | | | | | | | |
| Electronics — 0.6% | | | | | | | | |
Northstar
0.400%, 07/03/12 | | | 3,000 | | | | 2,999,900 | |
| | | | | | | | |
TOTAL COMMERCIAL PAPER
(Cost $6,799,112) | | | | | | | 6,799,112 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATIONS — 30.8% | | | | | | | | |
U.S. Treasury Bond
6.250%, 08/15/23 | | | 1,350 | | | | 1,960,875 | |
42
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Quality Bond Fund
| | | | | | | | |
| | �� | Par
(000) | | |
Value† | |
| U.S. TREASURY OBLIGATIONS — (continued) | |
U.S. Treasury Bond — (continued) | | | | | | | | |
5.500%, 08/15/28 | | | 2,800 | | | | 4,030,687 | |
3.500%, 02/15/39 | | $ | 8,680 | | | $ | 10,044,392 | |
4.375%, 05/15/40 | | | 100 | | | | 133,265 | |
3.125%, 11/15/41 | | | 1,000 | | | | 1,075,000 | |
U.S. Treasury Note
1.125%, 12/15/12 | | | 43,600 | | | | 43,785,649 | |
0.250%, 11/30/13 | | | 5,000 | | | | 4,996,680 | |
1.750%, 01/31/14 | | | 6,000 | | | | 6,135,702 | |
1.875%, 02/28/14 | | | 7,000 | | | | 7,179,648 | |
4.250%, 11/15/14 | | | 5,000 | | | | 5,457,030 | |
4.000%, 02/15/15 | | | 10,900 | | | | 11,921,025 | |
2.125%, 12/31/15 | | | 11,100 | | | | 11,717,437 | |
2.625%, 02/29/16 | | | 5,000 | | | | 5,380,860 | |
1.500%, 07/31/16 | | | 4,000 | | | | 4,144,064 | |
2.375%, 06/30/18 | | | 4,300 | | | | 4,661,131 | |
2.750%, 02/15/19 | | | 9,800 | | | | 10,875,707 | |
3.125%, 05/15/19 | | | 6,550 | | | | 7,444,481 | |
3.375%, 11/15/19 | | | 475 | | | | 549,553 | |
2.000%, 11/15/21 | | | 2,200 | | | | 2,280,953 | |
2.000%, 02/15/22 | | | 4,400 | | | | 4,548,157 | |
3.125%, 02/15/42 | | | 8,530 | | | | 9,163,088 | |
U.S. Treasury Strip Principal
4.700%, 11/15/24+ | | | 7,800 | | | | 6,000,626 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $151,864,990) | | | | | | | 163,486,010 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 18.2% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 63,722,658 | | | | 63,722,658 | |
BlackRock Liquidity Funds TempFund - Institutional Shares | | | 447 | | | | 447 | |
Federated Prime Obligations Fund - Class I | | | 313 | | | | 313 | |
Fidelity Institutional Prime Money Market Portfolio | | | 713 | | | | 713 | |
Fidelity Institutional Prime Money Market Portfolio - Class I | | | 271 | | | | 271 | |
Wells Fargo Advantage Government Money Market Fund - Institutional Class | | | 32,985,219 | | | | 32,985,219 | |
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 $96,709,623) | | | | 96,709,623 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $498,095,144) | | | | | | $ | 530,595,460 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| @ | 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, 2012 is $5,727,060. |
| + | Effective Yield. For those bonds that become coupon paying at a future date, the interest rate disclosed represents that annualized effective yield from the date of acquisition to maturity. |
LLC — Limited Liability Company.
Plc — Public Limited Company.
REMICS — Real Estate Mortgage Investment Conduits.
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Observable
Input | |
U.S. TREASURY OBLIGATIONS | | $ | 163,486,010 | | | $ | — | | | $ | 163,486,010 | | | $ | — | |
AGENCY OBLIGATIONS | | | 12,193,769 | | | | — | | | | 12,193,769 | | | | — | |
ASSET BACKED SECURITIES | | | 15,209,852 | | | | — | | | | 15,209,852 | | | | — | |
COMMERCIAL MORTGAGE BACKED SECURITIES | | | 6,993,307 | | | | — | | | | 6,993,307 | | | | — | |
CORPORATE BONDS | | | 98,983,012 | | | | — | | | | 98,983,012 | | | | | |
MUNICIPAL NOTES | | | 2,126,680 | | | | — | | | | 2,126,680 | | | | — | |
MUNICIPAL BONDS | | | 8,828,133 | | | | — | | | | 8,828,133 | | | | — | |
RESIDENTIAL MORTGAGE BACKED SECURITIES | | | 119,265,962 | | | | — | | | | 119,265,962 | | | | — | |
COMMERCIAL PAPER | | | 6,799,112 | | | | — | | | | 6,799,112 | | | | — | |
SHORT-TERM INVESTMENTS | | | 96,709,623 | | | | 96,709,623 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 530,595,460 | | | $ | 96,709,623 | | | $ | 433,885,837 | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of the financial statements.
43
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 0.7% | | | | | | | | |
| Auto Parts & Equipment — 0.1% | |
TRW Automotive Holdings Corp.* | | | 5,125 | | | $ | 188,395 | |
| | | | | | | | |
| Electric — 0.1% | |
The AES Corp.* | | | 19,675 | | | | 252,430 | |
| | | | | | | | |
| Entertainment — 0.0% | |
Lakes Entertainment, Inc.* | | | 12,500 | | | | 36,250 | |
| | | | | | | | |
| Lodging — 0.1% | |
Ameristar Casinos, Inc. | | | 6,675 | | | | 118,615 | |
| | | | | | | | |
| Oil & Gas — 0.2% | |
EQT Corp. | | | 3,325 | | | | 178,320 | |
Range Resources Corp. | | | 2,500 | | | | 154,675 | |
| | | | | | | | |
| | | | 332,995 | |
| | | | | | | | |
| Telecommunications — 0.2% | |
Crown Castle International Corp.* | | | 1,750 | | | | 102,655 | |
Ziggo N.V.* | | | 8,100 | | | | 258,160 | |
| | | | | | | | |
| | | | 360,815 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $1,370,001) | | | | | | | 1,289,500 | |
| | | | | | | | |
| PREFERRED STOCKS — 1.3% | | | | | | | | |
| Auto Manufacturers — 0.2% | | | | | | | | |
General Motors Co.CONV | | | 10,450 | | | | 346,940 | |
| | | | | | | | |
| Banks — 0.5% | |
Ally Financial, Inc.144A @ | | | 500 | | | | 445,453 | |
GMAC Capital Trust I* | | | 17,375 | | | | 417,869 | |
| | | | | | | | |
| | | | 863,322 | |
| | | | | | | | |
| Electric — 0.0% | |
PPL Corp. | | | 1,000 | | | | 53,470 | |
| | | | | | | | |
| Media — 0.1% | | | | | | | | |
Spanish Broadcasting System, Inc.*^ | | | 182 | | | | 109,200 | |
| | | | | | | | |
| Packaging and Containers — 0.0% | |
Smurfit-Stone Container Corp. CONV*^ | | | 725 | | | | 0 | |
| | | | | | | | |
| Telecommunications — 0.5% | |
Lucent Technologies Capital Trust I CONV* | | | 1,175 | | | | 793,125 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $2,320,671) | | | | | | | 2,166,057 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 0.1% | | | | | | | | |
| Diversified — 0.1% | |
American Tower Corp.
(Cost $73,106) | | $ | 1,000 | | | | 96,126 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — 80.0% | | | | | | | | |
| Advertising — 0.4% | | | | | | | | |
inVentiv Health, Inc. 144A @
10.000%, 08/15/18 | | $ | 225 | | | $ | 192,375 | |
10.000%, 08/15/18 | | | 200 | | | | 172,000 | |
Lamar Media Corp. 144A @
5.875%, 02/01/22 | | | 150 | | | | 153,750 | |
The Interpublic Group of Cos., Inc.
10.000%, 07/15/17 | | | 125 | | | | 141,250 | |
| | | | | | | | |
| | | | 659,375 | |
| | | | | | | | |
| Aerospace & Defense — 1.0% | |
BE Aerospace, Inc.
8.500%, 07/01/18 | | | 150 | | | | 164,062 | |
Ducommun, Inc.
9.750%, 07/15/18 | | | 300 | | | | 316,500 | |
Kratos Defense & Security Solutions, Inc.
10.000%, 06/01/17 | | | 350 | | | | 377,125 | |
Sequa Corp. 144A @
11.750%, 12/01/15 | | | 200 | | | | 211,000 | |
13.500%, 12/01/15 | | | 75 | | | | 79,500 | |
Spirit Aerosystems, Inc.
7.500%, 10/01/17 | | | 75 | | | | 81,563 | |
TransDigm, Inc.
7.750%, 12/15/18 | | | 375 | | | | 411,562 | |
| | | | | | | | |
| | | | 1,641,312 | |
| | | | | | | | |
| Airlines — 1.0% | |
Continental Airlines 2009-2 Class A Pass Through Trust
7.250%, 11/10/19 | | | 45 | | | | 50,836 | |
Continental Airlines 2009-2 Class B Pass-Through-Trust
9.250%, 05/10/17 | | | 39 | | | | 42,814 | |
Continental Airlines, Inc. 144A @
6.750%, 09/15/15 | | | 600 | | | | 616,500 | |
Delta Air Lines, Inc. 144A @
9.500%, 09/15/14 | | | 158 | | | | 166,887 | |
12.250%, 03/15/15 | | | 625 | | | | 679,687 | |
United Air Lines, Inc. 144A @
12.000%, 11/01/13 | | | 75 | | | | 78,188 | |
| | | | | | | | |
| | | | 1,634,912 | |
| | | | | | | | |
| Apparel — 0.6% | |
Hanesbrands, Inc.
8.000%, 12/15/16 | | | 100 | | | | 110,125 | |
6.375%, 12/15/20 | | | 175 | | | | 184,188 | |
Levi Strauss & Co.
7.750%, 05/15/18 | | | 350 | | | | 458,428 | |
6.875%, 05/01/22 144A @ | | | 200 | | | | 205,250 | |
| | | | | | | | |
| | | | | | | 957,991 | |
| | | | | | | | |
| Auto Manufacturers — 0.5% | |
Chrysler Group LLC | | | | | | | | |
8.000%, 06/15/19 | | | 400 | | | | 411,000 | |
8.250%, 06/15/21 | | | 425 | | | | 436,688 | |
| | | | | | | | |
| | | | | | | 847,688 | |
| | | | | | | | |
44
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Auto Parts & Equipment — 0.9% | |
Allison Transmission, Inc. 144A @
7.125%, 05/15/19 | | $ | 350 | | | $ | 364,875 | |
Conti-Gummi Finance BV 144A @
8.500%, 07/15/15 | | | 150 | | | | 208,335 | |
Delphi Corp.
5.875%, 05/15/19 | | | 75 | | | | 80,063 | |
6.125%, 05/15/21 | | | 100 | | | | 109,250 | |
Pittsburgh Glass Works LLC 144A @
8.500%, 04/15/16 | | | 100 | | | | 92,000 | |
The Goodyear Tire & Rubber Co.
8.250%, 08/15/20 | | | 250 | | | | 264,687 | |
8.750%, 08/15/20 | | | 100 | | | | 106,625 | |
7.000%, 05/15/22 | | | 250 | | | | 249,688 | |
| | | | | | | | |
| | | | 1,475,523 | |
| | | | | | | | |
| Banks — 3.9% | |
Ally Financial, Inc.
4.625%, 06/26/15 | | | 525 | | | | 528,252 | |
5.500%, 02/15/17 | | | 575 | | | | 584,051 | |
6.250%, 12/01/17 | | | 375 | | | | 394,992 | |
8.000%, 03/15/20 | | | 125 | | | | 143,750 | |
7.500%, 09/15/20 | | | 325 | | | | 365,219 | |
8.000%, 11/01/31 | | | 300 | | | | 351,750 | |
CIT Group, Inc.
4.750%, 02/15/15 144A @ | | | 750 | | | | 767,812 | |
5.250%, 03/15/18 | | | 125 | | | | 129,063 | |
6.625%, 04/01/18 144A @ | | | 700 | | | | 754,250 | |
5.500%, 02/15/19 144A @ | | | 975 | | | | 1,001,812 | |
5.375%, 05/15/20 | | | 300 | | | | 306,000 | |
Provident Funding Associates LP 144A @
10.250%, 04/15/17 | | | 200 | | | | 208,500 | |
10.125%, 02/15/19 | | | 100 | | | | 93,000 | |
Regions Bank
7.500%, 05/15/18 | | | 500 | | | | 562,500 | |
Synovus Financial Corp.
5.125%, 06/15/17 | | | 350 | | | | 322,000 | |
7.875%, 02/15/19 | | | 100 | | | | 105,250 | |
| | | | | | | | |
| | | | 6,618,201 | |
| | | | | | | | |
| Beverages — 0.2% | |
Constellation Brands, Inc.
6.000%, 05/01/22 | | | 300 | | | | 322,500 | |
Cott Beverages, Inc.
8.375%, 11/15/17 | | | 75 | | | | 81,563 | |
| | | | | | | | |
| | | | 404,063 | |
| | | | | | | | |
| Building Materials — 1.7% | |
Associated Materials LLC
9.125%, 11/01/17 | | | 225 | | | | 200,813 | |
Building Materials Corp. of America 144A @
6.750%, 05/01/21 | | | 250 | | | | 267,500 | |
Euramax International, Inc.
9.500%, 04/01/16 | | | 275 | | | | 242,688 | |
Masco Corp.
6.125%, 10/03/16 | | | 150 | | | | 160,080 | |
5.850%, 03/15/17 | | | 200 | | | | 209,648 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Building Materials — (Continued) | |
Nortek, Inc.
10.000%, 12/01/18 | | $ | 300 | | | $ | 315,000 | |
8.500%, 04/15/21 | | | 525 | | | | 513,187 | |
Owens Corning
9.000%, 06/15/19 | | | 125 | | | | 155,856 | |
Reliance Intermediate Holdings LP 144A @
9.500%, 12/15/19 | | | 225 | | | | 247,500 | |
Summit Materials LLC 144A @
10.500%, 01/31/20 | | | 250 | | | | 264,687 | |
Texas Industries, Inc.
9.250%, 08/15/20 | | | 200 | | | | 200,000 | |
USG Corp. 144A @
8.375%, 10/15/18 | | | 50 | | | | 52,500 | |
| | | | | | | | |
| | | | 2,829,459 | |
| | | | | | | | |
| Chemicals — 1.8% | |
Hexion US Finance Corp.
8.875%, 02/01/18 | | | 300 | | | | 306,000 | |
6.625%, 04/15/20 | | | 225 | | | | 230,625 | |
9.000%, 11/15/20 | | | 100 | | | | 86,250 | |
Huntsman International LLC
8.625%, 03/15/20 | | | 75 | | | | 84,188 | |
8.625%, 03/15/21 | | | 425 | | | | 479,187 | |
Ineos Finance Plc 144A @
9.000%, 05/15/15 | | | 200 | | | | 211,000 | |
8.375%, 02/15/19 | | | 375 | | | | 388,125 | |
LyondellBasell Industries N.V. 144A @
5.000%, 04/15/19 | | | 300 | | | | 314,625 | |
6.000%, 11/15/21 | | | 200 | | | | 219,500 | |
Momentive Performance Materials, Inc.
11.500%, 12/01/16 | | | 475 | | | | 353,875 | |
9.000%, 01/15/21 | | | 125 | | | | 94,688 | |
PolyOne Corp.
7.375%, 09/15/20 | | | 150 | | | | 159,375 | |
Solutia, Inc.
8.750%, 11/01/17 | | | 175 | | | | 196,656 | |
| | | | | | | | |
| | | | 3,124,094 | |
| | | | | | | | |
| Coal — 1.6% | |
Arch Coal, Inc.
7.250%, 06/15/21 | | | 450 | | | | 376,875 | |
Consol Energy, Inc.
8.000%, 04/01/17 | | | 600 | | | | 622,500 | |
8.250%, 04/01/20 | | | 150 | | | | 157,500 | |
Foresight Energy LLC 144A @
9.625%, 08/15/17 | | | 425 | | | | 425,531 | |
Peabody Energy Corp.
7.375%, 11/01/16 | | | 300 | | | | 330,000 | |
6.250%, 11/15/21 144A @ | | | 25 | | | | 24,750 | |
Peabody Energy Corp. 144A
6.000%, 11/15/18 @ | | | 275 | | | | 273,625 | |
Penn Virginia Resource Partners LP
8.250%, 04/15/18 | | | 350 | | | | 353,500 | |
8.375%, 06/01/20 144A @ | | | 200 | | | | 203,000 | |
| | | | | | | | |
| | | | 2,767,281 | |
| | | | | | | | |
45
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Commercial Services — 2.5% | |
Alliance Data Systems Corp. 144A @
6.375%, 04/01/20 | | $ | 275 | | | $ | 281,875 | |
ARAMARK Holdings Corp. PIK 144A @
8.625%, 05/01/16 | | | 250 | | | | 255,940 | |
Ashtead Capital, Inc. 144A @
6.500%, 07/15/22 | | | 125 | | | | 125,000 | |
Avis Budget Car Rental LLC
9.625%, 03/15/18 | | | 50 | | | | 54,750 | |
Ceridian Corp. 144A @
8.875%, 07/15/19 | | | 125 | | | | 129,063 | |
CoreLogic, Inc. 144A @
7.250%, 06/01/21 | | | 350 | | | | 358,750 | |
DP World Ltd. 144A @
6.850%, 07/02/37 | | | 210 | | | | 206,325 | |
FTI Consulting, Inc.
7.750%, 10/01/16 | | | 125 | | | | 129,219 | |
6.750%, 10/01/20 | | | 75 | | | | 79,125 | |
Garda World Security Corp. 144A @
9.750%, 03/15/17 | | | 150 | | | | 158,625 | |
Hertz Holdings Netherlands BV 144A @
8.500%, 07/31/15 | | | 200 | | | | 271,830 | |
iPayment, Inc.
10.250%, 05/15/18 | | | 425 | | | | 386,750 | |
Lender Processing Services, Inc.
8.125%, 07/01/16 | | | 325 | | | | 338,812 | |
Nord Anglia Education UK Holdings Plc 144A @
10.250%, 04/01/17 | | | 200 | | | | 207,500 | |
Pharmaceutical Product Development, Inc. 144A @
9.500%, 12/01/19 | | | 250 | | | | 273,437 | |
Seminole Indian Tribe of Florida 144A @
7.750%, 10/01/17 | | | 350 | | | | 381,500 | |
ServiceMaster Co.
8.000%, 02/15/20 | | | 125 | | | | 136,094 | |
Ticketmaster Entertainment LLC
10.750%, 08/01/16 | | | 250 | | | | 265,000 | |
UR Merger Sub Corp. 144A @
5.750%, 07/15/18 | | | 150 | | | | 156,000 | |
| | | | | | | | |
| | | | | | | 4,195,595 | |
| | | | | | | | |
| Computers — 0.5% | | | | | | | | |
iGate Corp.
9.000%, 05/01/16 | | | 750 | | | | 802,500 | |
SunGard Data Systems, Inc.
10.250%, 08/15/15 | | | 25 | | | | 25,688 | |
| | | | | | | | |
| | | | | | | 828,188 | |
| | | | | | | | |
| Distribution & Wholesale — 0.4% | | | | | | | | |
HD Supply, Inc. 144A @
8.125%, 04/15/19 | | | 375 | | | | 405,000 | |
11.000%, 04/15/20 | | | 225 | | | | 242,156 | |
| | | | | | | | |
| | | | | | | 647,156 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | |
| Diversified Financial Services — 8.0% | | | | | | | | |
AerCap Aviation Solutions BV 144A @
6.375%, 05/30/17 | | $ | 225 | | | $ | 226,125 | |
Air Lease Corp. 144A @
5.625%, 04/01/17 | | | 375 | | | | 369,375 | |
Aircastle Ltd.
6.750%, 04/15/17 | | | 425 | | | | 429,250 | |
9.750%, 08/01/18 | | | 275 | | | | 304,563 | |
CNH Capital LLC, 144A 144A @
6.250%, 11/01/16 | | | 425 | | | | 454,750 | |
E*Trade Financial Corp.
7.875%, 12/01/15 | | | 175 | | | | 177,625 | |
6.750%, 06/01/16 | | | 375 | | | | 381,562 | |
12.500%, 11/30/17 PIK | | | 998 | | | | 1,143,957 | |
Fiat Industrial Finance Europe S.A.
6.250%, 03/09/18 | | | 275 | | | | 351,490 | |
Ford Motor Credit Co. LLC
12.000%, 05/15/15 | | | 550 | | | | 683,375 | |
5.000%, 05/15/18 | | | 1,450 | | | | 1,539,729 | |
General Motors Financial Co., Inc.
6.750%, 06/01/18 | | | 150 | | | | 163,969 | |
GTP Acquisition Partners I LLC 144A @
7.628%, 06/15/16 | | | 250 | | | | 260,000 | |
Icahn Enterprises LP
8.000%, 01/15/18 | | | 625 | | | | 664,062 | |
International Lease Finance Corp.
4.875%, 04/01/15 | | | 200 | | | | 200,990 | |
5.750%, 05/15/16 | | | 375 | | | | 380,468 | |
8.875%, 09/01/17 | | | 425 | | | | 479,187 | |
8.250%, 12/15/20 | | | 300 | | | | 343,552 | |
8.625%, 01/15/22 | | | 225 | | | | 260,566 | |
International Lease Finance Corp. 144A @
6.500%, 09/01/14 | | | 215 | | | | 226,825 | |
Nationstar Mortgage LLC 144A @
9.625%, 05/01/19 | | | 250 | | | | 264,375 | |
Neuberger Berman Group LLC 144A @
5.625%, 03/15/20 | | | 225 | | | | 234,563 | |
5.875%, 03/15/22 | | | 200 | | | | 209,000 | |
Nuveen Investments, Inc.
5.500%, 09/15/15 | | | 750 | | | | 678,750 | |
10.500%, 11/15/15 | | | 1,075 | | | | 1,091,125 | |
SLM Corp.
5.375%, 05/15/14 | | | 300 | | | | 310,489 | |
5.050%, 11/14/14 | | | 100 | | | | 102,995 | |
6.250%, 01/25/16 | | | 375 | | | | 393,750 | |
6.000%, 01/25/17 | | | 225 | | | | 232,431 | |
8.450%, 06/15/18 | | | 400 | | | | 448,000 | |
Springleaf Finance Corp.
6.900%, 12/15/17 | | | 275 | | | | 219,483 | |
Taylor Morrison Communities, Inc. 144A @
7.750%, 04/15/20 | | | 425 | | | | 444,125 | |
| | | | | | | | |
| | | | | | | 13,670,506 | |
| | | | | | | | |
46
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Electric — 1.7% | | | | | | | | |
Calpine Corp. 144A @
7.875%, 07/31/20 | | $ | 525 | | | $ | 578,813 | |
7.500%, 02/15/21 | | | 300 | | | | 324,000 | |
CMS Energy Corp.
5.050%, 03/15/22 | | | 130 | | | | 134,841 | |
Dolphin Subsidiary II, Inc. 144A @
6.500%, 10/15/16 | | | 325 | | | | 351,000 | |
7.250%, 10/15/21 | | | 300 | | | | 333,000 | |
GenOn Energy, Inc.
9.500%, 10/15/18 | | | 650 | | | | 642,687 | |
NRG Energy, Inc.
7.625%, 01/15/18 | | | 150 | | | | 155,250 | |
PNM Resources, Inc.
9.250%, 05/15/15 | | | 61 | | | | 69,616 | |
The AES Corp. 144A @
7.375%, 07/01/21 | | | 350 | | | | 389,375 | |
| | | | | | | | |
| | | | | | | 2,978,582 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.2% | |
Anixter, Inc.^
10.000%, 03/15/14 | | | 125 | | | | 135,625 | |
Coleman Cable, Inc.
9.000%, 02/15/18 | | | 200 | | | | 206,000 | |
| | | | | | | | |
| | | | | | | 341,625 | |
| | | | | | | | |
| Engineering & Construction — 0.4% | |
Aguila 3 S.A. 144A @
7.875%, 01/31/18 | | | 325 | | | | 334,750 | |
Dycom Investments, Inc.
7.125%, 01/15/21 | | | 275 | | | | 281,875 | |
| | | | | | | | |
| | | | | | | 616,625 | |
| | | | | | | | |
| Entertainment — 2.1% | |
AMC Entertainment, Inc.
8.750%, 06/01/19 | | | 325 | | | | 348,562 | |
CCM Merger, Inc. 144A @
9.125%, 05/01/19 | | | 300 | | | | 302,625 | |
Cedar Fair LP
9.125%, 08/01/18 | | | 300 | | | | 333,000 | |
Cinemark USA, Inc.
7.375%, 06/15/21 | | | 175 | | | | 189,875 | |
MU Finance Plc 144A @
8.375%, 02/01/17 | | | 325 | | | | 351,000 | |
National CineMedia LLC 144A @
6.000%, 04/15/22 | | | 175 | | | | 178,063 | |
Palace Entertainment Holdings LLC 144A @
8.875%, 04/15/17 | | | 275 | | | | 287,375 | |
Pinnacle Entertainment, Inc.
7.750%, 04/01/22 | | | 300 | | | | 320,625 | |
Regal Cinemas Corp.
8.625%, 07/15/19 | | | 275 | | | | 303,187 | |
Regal Entertainment Group
9.125%, 08/15/18 | | | 325 | | | | 357,500 | |
Seneca Gaming Corp. 144A @
8.250%, 12/01/18 | | | 400 | | | | 410,000 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Entertainment — (continued) | |
Speedway Motorsports, Inc.
8.750%, 06/01/16 | | $ | 150 | | | $ | %163,125 | |
| | | | | | | | |
| | | | | | | 3,544,937 | |
| | | | | | | | |
| Environmental Control — 0.0% | |
Darling International, Inc.
8.500%, 12/15/18 | | | 75 | | | | 84,188 | |
| | | | | | | | |
| Food — 1.4% | | | | | | | | |
Bumble Bee Acquisition Corp. 144A @
9.000%, 12/15/17 | | | 165 | | | | 164,587 | |
Del Monte Corp.
7.625%, 02/15/19 | | | 500 | | | | 504,375 | |
Land O’ Lakes Capital Trust I 144A @
7.450%, 03/15/28^ | | | 275 | | | | 262,625 | |
Michael Foods, Inc.
9.750%, 07/15/18 | | | 350 | | | | 384,125 | |
Minerva Luxembourg S.A. 144A @
12.250%, 02/10/22 | | | 200 | | | | 208,000 | |
Pinnacle Foods Finance LLC
9.250%, 04/01/15 | | | 250 | | | | 256,875 | |
8.250%, 09/01/17 | | | 400 | | | | 423,000 | |
U.S. Foodservice, Inc. 144A @
8.500%, 06/30/19 | | | 250 | | | | 253,750 | |
| | | | | | | | |
| | | | | | | 2,457,337 | |
| | | | | | | | |
| Forest Products & Paper — 1.3% | |
Boise Paper Holdings LLC
9.000%, 11/01/17 | | | 100 | | | | 110,500 | |
8.000%, 04/01/20 | | | 125 | | | | 138,125 | |
Cascades, Inc.
7.750%, 12/15/17 | | | 200 | | | | 201,500 | |
7.875%, 01/15/20 | | | 500 | | | | 500,000 | |
Clearwater Paper Corp.
7.125%, 11/01/18 | | | 100 | | | | 105,500 | |
Domtar Corp.
7.125%, 08/15/15 | | | 200 | | | | 225,567 | |
9.500%, 08/01/16 | | | 25 | | | | 29,827 | |
Exopack Holding Corp.
10.000%, 06/01/18 | | | 150 | | | | 150,375 | |
Mercer International, Inc.
9.500%, 12/01/17 | | | 325 | | | | 337,188 | |
Sappi Papier Holding GmbH 144A @
7.750%, 07/15/17 | | | 200 | | | | 202,500 | |
8.375%, 06/15/19 | | | 200 | | | | 200,250 | |
| | | | | | | | |
| | | | | | | 2,201,332 | |
| | | | | | | | |
| Gas — 0.2% | |
Sabine Pass LNG LP
7.500%, 11/30/16 | | | 300 | | | | 315,000 | |
| | | | | | | | |
| Healthcare Products — 0.7% | |
Accellent, Inc.
8.375%, 02/01/17 | | | 50 | | | | 50,625 | |
10.000%, 11/01/17 | | | 275 | | | | 231,000 | |
Biomet, Inc.
11.625%, 10/15/17 | | | 700 | | | | 755,125 | |
47
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | | | | | |
| Healthcare Products — (continued) | |
Ontex IV S.A. 144A @
9.000%, 04/15/19 | | $ | 100 | | | $ | 107,884 | |
Universal Hospital Services, Inc.
4.111%, 06/01/15• | | | 75 | | | | 71,250 | |
8.500%, 06/01/15 PIK | | | 50 | | | | 50,969 | |
| | | | | | | | |
| | | | | | | 1,266,853 | |
| | | | | | | | |
| Healthcare Services — 3.7% | |
AMERIGROUP Corp.
7.500%, 11/15/19 | | | 300 | | | | 322,500 | |
Aviv Healthcare Properties LP
7.750%, 02/15/19 | | | 100 | | | | 103,000 | |
Capella Healthcare, Inc.
9.250%, 07/01/17 | | | 350 | | | | 362,250 | |
Community Health Systems, Inc. | | | | | | | | |
8.875%, 07/15/15 | | | 186 | | | | 190,882 | |
8.000%, 11/15/19 | | | 600 | | | | 639,000 | |
Crown Newco 3 Plc 144A @
7.000%, 02/15/18 | | | 100 | | | | 151,133 | |
DaVita, Inc.
6.375%, 11/01/18 | | | 200 | | | | 206,500 | |
Fresenius Medical Care U.S. Finance II , Inc. 144A @
5.625%, 07/31/19 | | | 350 | | | | 364,875 | |
5.875%, 01/31/22 | | | 200 | | | | 208,250 | |
HCA, Inc.
9.875%, 02/15/17 | | | 114 | | | | 123,690 | |
8.500%, 04/15/19 | | | 375 | | | | 420,000 | |
7.500%, 02/15/22 | | | 800 | | | | 872,000 | |
Health Management Associates, Inc. 144A @
7.375%, 01/15/20 | | | 200 | | | | 212,750 | |
IASIS Healthcare LLC
8.375%, 05/15/19 | | | 375 | | | | 371,250 | |
Kindred Healthcare, Inc.
8.250%, 06/01/19 | | | 250 | | | | 231,875 | |
LifePoint Hospitals, Inc.
6.625%, 10/01/20 | | | 100 | | | | 106,250 | |
Multiplan, Inc. 144A @
9.875%, 09/01/18 | | | 325 | | | | 355,875 | |
Radiation Therapy Services, Inc.
9.875%, 04/15/17 | | | 225 | | | | 176,063 | |
Tenet Healthcare Corp.
6.250%, 11/01/18 | | | 425 | | | | 449,437 | |
8.875%, 07/01/19 | | | 25 | | | | 28,063 | |
Universal Health Services, Inc.
7.000%, 10/01/18 | | | 75 | | | | 80,625 | |
Vanguard Health Holding Co. II LLC
8.000%, 02/01/18 | | | 150 | | | | 153,375 | |
7.750%, 02/01/19 | | | 200 | | | | 202,000 | |
Vanguard Health Systems, Inc.^+
9.439%, 02/01/16 | | | 11 | | | | 7,315 | |
| | | | | | | | |
| | | | 6,338,958 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | |
| Holding Companies — 0.2% | |
Polish Television Holding BV STEP 144A @
11.250%, 05/15/17 | | $ | 175 | | | $ | 221,463 | |
Susser Holdings LLC
8.500%, 05/15/16 | | | 175 | | | | 190,750 | |
| | | | | | | | |
| | | | 412,213 | |
| | | | | | | | |
| Home Builders — 0.5% | |
Meritage Homes Corp. 144A @
7.000%, 04/01/22 | | | 100 | | | | 103,000 | |
Shea Homes LP
8.625%, 05/15/19 | | | 425 | | | | 456,875 | |
Standard Pacific Corp.
10.750%, 09/15/16 | | | 175 | | | | 206,500 | |
8.375%, 05/15/18 | | | 50 | | | | 54,625 | |
| | | | | | | | |
| | | | 821,000 | |
| | | | | | | | |
| Home Furnishings — 0.1% | |
Sealy Mattress Co.
8.250%, 06/15/14 | | | 75 | | | | 74,062 | |
10.875%, 04/15/16 144A @ | | | 87 | | | | 94,396 | |
| | | | | | | | |
| | | | 168,458 | |
| | | | | | | | |
| Household Products & Wares — 0.4% | |
Central Garden & Pet Co.
8.250%, 03/01/18 | | | 150 | | | | 150,375 | |
Mead Products LLC 144A @
6.750%, 04/30/20 | | | 200 | | | | 211,000 | |
Reynolds Group Issuer, Inc. 144A @
7.750%, 10/15/16 | | | 200 | | | | 210,500 | |
The Scotts Miracle-Gro Co.
7.250%, 01/15/18 | | | 100 | | | | 108,000 | |
Yankee Acquisition Corp.
8.500%, 02/15/15 | | | 18 | | | | 18,360 | |
| | | | | | | | |
| | | | 698,235 | |
| | | | | | | | |
| Insurance — 0.8% | |
Assured Guaranty Municipal Holdings, Inc. 144A @•
6.400%, 12/15/66 | | | 450 | | | | 281,250 | |
HUB International Holdings, Inc. 144A @
9.000%, 12/15/14 | | | 250 | | | | 253,437 | |
10.250%, 06/15/15 | | | 775 | | | | 789,531 | |
USI Holdings Corp. 144A @
9.750%, 05/15/15 | | | 125 | | | | 125,469 | |
| | | | | | | | |
| | | | 1,449,687 | |
| | | | | | | | |
| Internet — 0.7% | |
Earthlink, Inc.
8.875%, 05/15/19 | | | 150 | | | | 146,062 | |
Equinix, Inc.
8.125%, 03/01/18 | | | 300 | | | | 332,250 | |
7.000%, 07/15/21 | | | 300 | | | | 330,000 | |
Netflix, Inc.
8.500%, 11/15/17 | | | 150 | | | | 157,875 | |
Zayo Escrow Corp. 144A @
8.125%, 01/01/20 | | | 150 | | | | 156,750 | |
| | | | | | | | |
| | | | 1,122,937 | |
| | | | | | | | |
48
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Iron & Steel — 1.2% | |
AK Steel Corp.
7.625%, 05/15/20 | | $ | 200 | | | $ | 169,000 | |
Algoma Acquisition Corp. 144A @
9.875%, 06/15/15 | | | 175 | | | | 148,312 | |
JMC Steel Group, Inc. 144A @
8.250%, 03/15/18 | | | 300 | | | | 297,750 | |
Ryerson Holding Corp.+
24.417%, 02/01/15 | | | 1,550 | | | | 806,000 | |
Ryerson, Inc.
12.000%, 11/01/15 | | | 375 | | | | 376,875 | |
Steel Dynamics, Inc.
7.750%, 04/15/16 | | | 50 | | | | 51,500 | |
United States Steel Corp.
7.500%, 03/15/22 | | | 225 | | | | 216,000 | |
| | | | | | | | |
| | | | 2,065,437 | |
| | | | | | | | |
| Leisure Time — 0.1% | |
Easton-Bell Sports, Inc.
9.750%, 12/01/16 | | | 50 | | | | 54,813 | |
NCL Corp. Ltd.
9.500%, 11/15/18 | | | 100 | | | | 108,500 | |
| | | | | | | | |
| | | | | | | 163,313 | |
| | | | | | | | |
| Lodging — 1.4% | |
Ameristar Casinos, Inc.
7.500%, 04/15/21 144A @ | | | 50 | | | | 53,500 | |
7.500%, 04/15/21 | | | 50 | | | | 53,500 | |
Boyd Gaming Corp. | | | | | | | | |
9.125%, 12/01/18 | | | 150 | | | | 154,500 | |
9.000%, 07/01/20 144A @ | | | 225 | | | | 225,562 | |
Caesars Entertainment Operating Co., Inc. | | | | | | | | |
5.625%, 06/01/15 | | | 200 | | | | 164,500 | |
11.250%, 06/01/17 | | | 337 | | | | 367,751 | |
Choice Hotels International, Inc.
5.750%, 07/01/22 | | | 150 | | | | 156,837 | |
Downstream Development Authority 144A @
10.500%, 07/01/19 | | | 150 | | | | 154,875 | |
Gaylord Entertainment Co.
6.750%, 11/15/14 | | | 200 | | | | 201,000 | |
MGM Resorts International | | | | | | | | |
10.375%, 05/15/14 | | | 125 | | | | 140,938 | |
9.000%, 03/15/20 | | | 150 | | | | 166,500 | |
Starwood Hotels & Resorts Worldwide, Inc.
7.150%, 12/01/19 | | | 150 | | | | 176,756 | |
Station Casinos LLC STEP 144A@
3.660%, 06/18/18 | | | 450 | | | | 338,625 | |
| | | | | | | | |
| | | | | | | 2,354,844 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.4% | | | | | |
Terex Corp. | | | | | | | | |
10.875%, 06/01/16 | | | 25 | | | | 28,031 | |
8.000%, 11/15/17 | | | 450 | | | | 466,875 | |
6.500%, 04/01/20 | | | 125 | | | | 126,563 | |
| | | | | | | | |
| | | | | | | 621,469 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Machinery—Diversified — 0.4% | | | | | | | | |
Case New Holland, Inc.
7.875%, 12/01/17 | | $ | 250 | | | $ | 288,750 | |
Columbus McKinnon Corp.
7.875%, 02/01/19 | | | 275 | | | | 291,500 | |
The Manitowoc Co., Inc.
8.500%, 11/01/20 | | | 125 | | | | 135,000 | |
| | | | | | | | |
| | | | | | | 715,250 | |
| | | | | | | | |
| Media — 6.8% | | | | | | | | |
Bresnan Broadband Holdings LLC 144A @
8.000%, 12/15/18 | | | 200 | | | | 209,000 | |
Cablevision Systems Corp. | | | | | | | | |
8.625%, 09/15/17 | | | 125 | | | | 139,375 | |
7.750%, 04/15/18 | | | 150 | | | | 159,750 | |
8.000%, 04/15/20 | | | 75 | | | | 81,000 | |
CCO Holdings LLC | | | | | | | | |
7.250%, 10/30/17 | | | 250 | | | | 272,500 | |
7.875%, 04/30/18 | | | 525 | | | | 570,938 | |
7.000%, 01/15/19 | | | 150 | | | | 162,000 | |
7.375%, 06/01/20 | | | 125 | | | | 137,344 | |
6.625%, 01/31/22 | | | 625 | | | | 668,750 | |
Cequel Communications Holdings I LLC 144A @
8.625%, 11/15/17 | | | 575 | | | | 619,562 | |
Clear Channel Communications, Inc. | | | | | | | | |
11.000%, 08/01/16 PIK | | | 150 | | | | 93,000 | |
7.250%, 10/15/27 | | | 100 | | | | 44,250 | |
Clear Channel Worldwide Holdings, Inc. 144A @ | | | | | | | | |
7.625%, 03/15/20 | | | 75 | | | | 71,813 | |
7.625%, 03/15/20 | | | 675 | | | | 659,812 | |
CSC Holdings LLC
8.500%, 04/15/14 | | | 250 | | | | 275,000 | |
Cyfrowy Polsat Finance AB 144A @
7.125%, 05/20/18 | | | 100 | | | | 129,081 | |
DISH DBS Corp. | | | | | | | | |
7.125%, 02/01/16 | | | 200 | | | | 219,500 | |
7.875%, 09/01/19 | | | 200 | | | | 230,500 | |
6.750%, 06/01/21 | | | 200 | | | | 216,000 | |
ION Media Networks, Inc. CONV¤
11.000%, 07/31/13 | | | 1 | | | | 0 | |
LIN Television Corp.
8.375%, 04/15/18 | | | 275 | | | | 281,188 | |
Mediacom Broadband LLC
8.500%, 10/15/15 | | | 100 | | | | 102,750 | |
Nexstar Broadcasting, Inc. | | | | | | | | |
7.000%, 01/15/14^ | | | 9 | | | | 8,876 | |
7.000%, 01/15/14 PIK ^ | | | 132 | | | | 130,183 | |
8.875%, 04/15/17 | | | 125 | | | | 132,031 | |
Nielsen Finance LLC | | | | | | | | |
11.625%, 02/01/14 | | | 244 | | | | 279,380 | |
11.500%, 05/01/16 | | | 16 | | | | 18,200 | |
7.750%, 10/15/18 | | | 100 | | | | 110,750 | |
Sinclair Television Group, Inc. 144A @
9.250%, 11/01/17 | | | 475 | | | | 524,875 | |
Sirius XM Radio, Inc. 144A @
8.750%, 04/01/15 | | | 1,000 | | | | 1,125,000 | |
49
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Media — (continued) | | | | | | | | |
Truven Health Analytics, Inc. 144A @ 10.625%, 06/01/20 | | $ | 125 | | | $ | 130,000 | |
TVN Finance Corp. II AB 144A
10.750%, 11/15/17 | | | 50 | | | | 66,123 | |
Unitymedia GmbH | | | | | | | | |
9.625%, 12/01/19 | | | 150 | | | | 206,435 | |
9.500%, 03/15/21 144A @ | | | 300 | | | | 411,921 | |
Unitymedia Hessen GmbH & Co. KG 144A @
7.500%, 03/15/19 | | | 125 | | | | 164,515 | |
Univision Communications, Inc. 144A @ | | | | | | | | |
6.875%, 05/15/19 | | | 175 | | | | 180,250 | |
7.875%, 11/01/20 | | | 950 | | | | 1,016,500 | |
8.500%, 05/15/21 | | | 800 | | | | 806,000 | |
Videotron Ltee | | | | | | | | |
9.125%, 04/15/18 | | | 75 | | | | 82,125 | |
6.875%, 07/15/21 144A @ | | | 325 | | | | 341,568 | |
XM Satellite Radio, Inc. 144A @
13.000%, 08/01/13 | | | 425 | | | | 473,875 | |
| | | | | | | | |
| | | | | | | 11,551,720 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.5% | | | | | | | | |
Schaeffler Finance BV 144A @ | | | | | | | | |
7.750%, 02/15/17 | | | 200 | | | | 208,500 | |
8.500%, 02/15/19 | | | 400 | | | | 427,000 | |
Severstal Columbus LLC
10.250%, 02/15/18 | | | 275 | | | | 275,344 | |
| | | | | | | | |
| | | | | | | 910,844 | |
| | | | | | | | |
| Mining — 0.8% | | | | | | | | |
ALROSA Finance S.A. 144A @
7.750%, 11/03/20 | | | 225 | | | | 235,636 | |
FMG Resources August 2006 Pty Ltd. 144A @ | | | | | | | | |
7.000%, 11/01/15 | | | 350 | | | | 357,000 | |
6.000%, 04/01/17 | | | 175 | | | | 175,875 | |
8.250%, 11/01/19 | | | 25 | | | | 26,500 | |
Novelis, Inc.
8.750%, 12/15/20 | | | 175 | | | | 188,562 | |
Teck Resources Ltd.
10.250%, 05/15/16 | | | 29 | | | | 32,371 | |
Vulcan Materials Co.
7.500%, 06/15/21 | | | 300 | | | | 330,000 | |
| | | | | | | | |
| | | | | | | 1,345,944 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.5% | | | | | | | | |
Amsted Industries, Inc. 144A @
8.125%, 03/15/18 | | | 225 | | | | 237,937 | |
Koppers, Inc.
7.875%, 12/01/19 | | | 125 | | | | 134,688 | |
RBS Global, Inc.
8.500%, 05/01/18 | | | 300 | | | | 325,500 | |
SPX Corp.
6.875%, 09/01/17 | | | 175 | | | | 190,750 | |
| | | | | | | | |
| | | | | | | 888,875 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Office & Business Equipment — 0.9% | | | | | | | | |
CDW LLC | | | | | | | | |
12.535%, 10/12/17 | | $ | 975 | | | $ | 1,057,875 | |
8.000%, 12/15/18 | | | 25 | | | | 27,125 | |
8.500%, 04/01/19 | | | 350 | | | | 372,750 | |
| | | | | | | | |
| | | | | | | 1,457,750 | |
| | | | | | | | |
| Oil & Gas — 6.8% | | | | | | | | |
Alta Mesa Holdings
9.625%, 10/15/18 | | | 75 | | | | 74,063 | |
Antero Resources Finance Corp. | | | | | | | | |
9.375%, 12/01/17 | | | 600 | | | | 663,000 | |
7.250%, 08/01/19 | | | 425 | | | | 439,875 | |
Atwood Oceanics, Inc.
6.500%, 02/01/20 | | | 150 | | | | 156,750 | |
Berry Petroleum Co. | | | | | | | | |
10.250%, 06/01/14 | | | 125 | | | | 140,000 | |
6.750%, 11/01/20 | | | 25 | | | | 26,125 | |
6.375%, 09/15/22 | | | 450 | | | | 464,625 | |
Bill Barrett Corp. | | | | | | | | |
7.625%, 10/01/19 | | | 500 | | | | 500,000 | |
7.000%, 10/15/22 | | | 550 | | | | 525,250 | |
Chesapeake Oilfield Operating LLC 144A @ 6.625%, 11/15/19 | | | 175 | | | | 157,500 | |
Clayton Williams Energy, Inc.
7.750%, 04/01/19 | | | 375 | | | | 367,500 | |
Concho Resources, Inc. | | | | | | | | |
8.625%, 10/01/17 | | | 275 | | | | 303,187 | |
7.000%, 01/15/21 | | | 150 | | | | 160,500 | |
Connacher Oil & Gas Ltd. 144A @
8.500%, 08/01/19 | | | 375 | | | | 318,750 | |
Denbury Resources, Inc.
8.250%, 02/15/20 | | | 274 | | | | 300,030 | |
EP Energy LLC 144A @
9.375%, 05/01/20 | | | 375 | | | | 388,594 | |
EQT Corp.
8.125%, 06/01/19 | | | 325 | | | | 389,760 | |
EXCO Resources, Inc.
7.500%, 09/15/18 | | | 450 | | | | 389,250 | |
Hercules Offshore, Inc. 144A @ | | | | | | | | |
7.125%, 04/01/17 | | | 325 | | | | 315,250 | |
10.500%, 10/15/17 | | | 125 | | | | 125,000 | |
Laredo Petroleum, Inc. 144A @
7.375%, 05/01/22 | | | 275 | | | | 286,000 | |
Newfield Exploration Co. | | | | | | | | |
6.875%, 02/01/20 | | | 270 | | | | 287,550 | |
5.750%, 01/30/22 | | | 225 | | | | 235,125 | |
Oasis Petroleum, Inc. | | | | | | | | |
7.250%, 02/01/19 | | | 50 | | | | 51,250 | |
6.500%, 11/01/21 | | | 225 | | | | 222,750 | |
Parker Drilling Co. 144A @
9.125%, 04/01/18 | | | 240 | | | | 253,800 | |
Penn Virginia Corp.
7.250%, 04/15/19 | | | 75 | | | | 61,875 | |
Petroleos de Venezuela S.A. 144A @
8.500%, 11/02/17 | | | 250 | | | | 203,125 | |
50
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Oil & Gas — (continued) | | | | | | | | |
Plains Exploration & Production Co. | | | | | | | | |
6.125%, 06/15/19 | | $ | 350 | | | $ | 351,750 | |
6.750%, 02/01/22 | | | 200 | | | | 204,000 | |
Precision Drilling Corp. | | | | | | | | |
6.625%, 11/15/20 | | | 275 | | | | 283,250 | |
6.500%, 12/15/21 | | | 75 | | | | 76,500 | |
Range Resources Corp. | | | | | | | | |
6.750%, 08/01/20 | | | 325 | | | | 352,625 | |
5.000%, 08/15/22 | | | 100 | | | | 98,750 | |
SM Energy Co. | | | | | | | | |
6.625%, 02/15/19 | | | 250 | | | | 256,250 | |
6.500%, 11/15/21 | | | 150 | | | | 152,625 | |
SM Energy Co. 144A @
6.500%, 01/01/23 | | | 175 | | | | 176,313 | |
Swift Energy Co. | | | | | | | | |
8.875%, 01/15/20 | | | 225 | | | | 236,250 | |
7.875%, 03/01/22 | | | 500 | | | | 502,500 | |
Unit Corp.
6.625%, 05/15/21 | | | 575 | | | | 580,031 | |
WPX Energy, Inc.
6.000%, 01/15/22 | | | 575 | | | | 572,125 | |
| | | | | | | | |
| | | | | | | 11,649,453 | |
| | | | | | | | |
| Oil & Gas Services — 1.2% | | | | | | | | |
Exterran Holdings, Inc.
7.250%, 12/01/18 | | | 675 | | | | 648,000 | |
Frac Tech Services LLC 144A @
8.125%, 11/15/18 | | | 400 | | | | 403,000 | |
Petroleum Geo-Services ASA 144A @
7.375%, 12/15/18 | | | 300 | | | | 308,250 | |
SESI LLC | | | | | | | | |
6.375%, 05/01/19 | | | 350 | | | | 366,625 | |
7.125%, 12/15/21 144A @ | | | 300 | | | | 326,250 | |
| | | | | | | | |
| | | | | | | 2,052,125 | |
| | | | | | | | |
| Packaging and Containers — 1.5% | | | | | | | | |
AEP Industries, Inc.
8.250%, 04/15/19 | | | 150 | | | | 156,000 | |
Ball Corp.
7.375%, 09/01/19 | | | 100 | | | | 110,500 | |
Beverage Packaging Holdings Luxembourg II S.A. 144A @
8.000%, 12/15/16 | | | 550 | | | | 654,265 | |
BWAY Holding Co.
10.000%, 06/15/18 | | | 150 | | | | 165,000 | |
Consolidated Container Co. LLC 144A @
10.125%, 07/15/20 | | | 200 | | | | 206,000 | |
Crown Americas LLC
7.625%, 05/15/17 | | | 100 | | | | 108,000 | |
Graphic Packaging International, Inc. | | | | | | | | |
9.500%, 06/15/17 | | | 175 | | | | 192,500 | |
7.875%, 10/01/18 | | | 200 | | | | 220,000 | |
Plastipak Holdings, Inc. 144A @
10.625%, 08/15/19 | | | 125 | | | | 141,719 | |
Rexam Plc•
6.750%, 06/29/67 | | | 100 | | | | 120,223 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Packaging and Containers — (continued) | | | | | | | | |
Rock-Tenn Co. 144A @ | | | | | | | | |
4.450%, 03/01/19 | | $ | 60 | | | $ | 61,631 | |
4.900%, 03/01/22 | | | 40 | | | | 41,207 | |
Sealed Air Corp.
7.875%, 06/15/17 | | | 100 | | | | 108,000 | |
Tekni-Plex, Inc. 144A @
9.750%, 06/01/19 | | | 200 | | | | 202,000 | |
| | | | | | | | |
| | | | | | | 2,487,045 | |
| | | | | | | | |
| Pharmaceuticals — 0.2% | | | | | | | | |
Capsugel FinanceCo SCA 144A @
9.875%, 08/01/19 | | | 200 | | | | 270,818 | |
Mylan, Inc. 144A @
7.625%, 07/15/17 | | | 125 | | | | 137,500 | |
| | | | | | | | |
| | | | | | | 408,318 | |
| | | | | | | | |
| Pipelines — 0.6% | | | | | | | | |
El Paso Corp. | | | | | | | | |
8.250%, 02/15/16 | | | 100 | | | | 109,644 | |
6.500%, 09/15/20 | | | 25 | | | | 27,388 | |
7.800%, 08/01/31 | | | 100 | | | | 112,238 | |
7.750%, 01/15/32 | | | 325 | | | | 365,414 | |
Kinder Morgan Finance Co. LLC | | | | | | | | |
5.700%, 01/05/16 | | | 150 | | | | 157,875 | |
6.000%, 01/15/18 144A @ | | | 150 | | | | 156,000 | |
Regency Energy Partners LP
6.875%, 12/01/18 | | | 175 | | | | 184,187 | |
| | | | | | | | |
| | | | | | | 1,112,746 | |
| | | | | | | | |
| Real Estate — 1.2% | | | | | | | | |
CB Richard Ellis Services, Inc. | | | | | | | | |
11.625%, 06/15/17 | | | 125 | | | | 141,875 | |
6.625%, 10/15/20 | | | 175 | | | | 185,500 | |
Host Hotels & Resorts LP | | | | | | | | |
6.750%, 06/01/16 | | | 225 | | | | 231,187 | |
5.875%, 06/15/19 | | | 225 | | | | 243,000 | |
MPT Operating Partnership LP | | | | | | | | |
6.875%, 05/01/21 | | | 225 | | | | 234,562 | |
6.375%, 02/15/22 | | | 125 | | | | 125,313 | |
Omega Healthcare Investors, Inc.
6.750%, 10/15/22 | | | 175 | | | | 186,813 | |
Reckson Operating Partnership LP
6.000%, 03/31/16 | | | 75 | | | | 79,703 | |
Rouse Co. LP | | | | | | | | |
6.750%, 05/01/13 144A @ | | | 50 | | | | 51,250 | |
6.750%, 11/09/15 | | | 225 | | | | 235,125 | |
Weyerhaeuser Co.
8.500%, 01/15/25 | | | 325 | | | | 384,433 | |
| | | | | | | | |
| | | | | | | 2,098,761 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.1% | | | | | | | | |
Host Hotels & Resorts LP
6.000%, 10/01/21 | | | 150 | | | | 164,625 | |
| | | | | | | | |
51
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | |
| Retail — 3.3% | | | | | | | | |
99 Cents Only Stores 144A @
11.000%, 12/15/19 | | $ | 225 | | | $ | 243,000 | |
Academy Ltd. 144A @
9.250%, 08/01/19 | | | 475 | | | | 515,375 | |
AmeriGas Finance LLC | | | | | | | | |
6.750%, 05/20/20 | | | 125 | | | | 127,500 | |
7.000%, 05/20/22 | | | 525 | | | | 540,750 | |
CKE Restaurants, Inc.
11.375%, 07/15/18 | | | 271 | | | | 309,618 | |
Claire’s Stores, Inc. | | | | | | | | |
9.625%, 06/01/15 PIK | | | 104 | | | | 88,567 | |
8.875%, 03/15/19 | | | 150 | | | | 128,250 | |
DineEquity, Inc.
9.500%, 10/30/18 | | | 375 | | | | 410,625 | |
Dollar General Corp.
4.125%, 07/15/17 | | | 255 | | | | 258,506 | |
Ferrellgas LP | | | | | | | | |
9.125%, 10/01/17 | | | 125 | | | | 130,625 | |
6.500%, 05/01/21 | | | 450 | | | | 410,625 | |
Fiesta Restaurant Group 144A @
8.875%, 08/15/16 | | | 200 | | | | 210,000 | |
JC Penney Corp., Inc.
7.125%, 11/15/23 | | | 50 | | | | 46,500 | |
Jo-Ann Stores, Inc. 144A @
8.125%, 03/15/19 | | | 100 | | | | 99,500 | |
QVC, Inc. 144A @ | | | | | | | | |
7.125%, 04/15/17 | | | 250 | | | | 265,574 | |
7.500%, 10/01/19 | | | 225 | | | | 249,750 | |
RadioShack Corp.
6.750%, 05/15/19 | | | 175 | | | | 129,938 | |
Rite Aid Corp. | | | | | | | | |
9.500%, 06/15/17 | | | 600 | | | | 613,500 | |
9.250%, 03/15/20 144A @ | | | 375 | | | | 375,937 | |
7.700%, 02/15/27 | | | 175 | | | | 145,250 | |
Sonic Automotive, Inc. 144A @
7.000%, 07/15/22 | | | 150 | | | | 155,250 | |
Wok Acquisition Corp. 144A @
10.250%, 06/30/20 | | | 125 | | | | 128,750 | |
| | | | | | | | |
| | | | | | | 5,583,390 | |
| | | | | | | | |
| Savings & Loans — 0.1% | | | | | | | | |
Amsouth Bank
5.200%, 04/01/15 | | | 250 | | | | 255,000 | |
| | | | | | | | |
| Semiconductors — 0.7% | | | | | | | | |
Advanced Micro Devices, Inc. | | | | | | | | |
8.125%, 12/15/17 | | | 275 | | | | 298,375 | |
7.750%, 08/01/20 | | | 95 | | | | 104,500 | |
Freescale Semiconductor, Inc. | | | | | | | | |
10.125%, 03/15/18 144A @ | | | 88 | | | | 96,140 | |
8.050%, 02/01/20 | | | 50 | | | | 49,375 | |
MEMC Electronic Materials, Inc.
7.750%, 04/01/19 | | | 475 | | | | 375,250 | |
Sensata Technologies BV 144A @
6.500%, 05/15/19 | | | 300 | | | | 306,750 | |
| | | | | | | | |
| | | | | | | 1,230,390 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Software — 2.2% | | | | | | | | |
Epicor Software Corp.
8.625%, 05/01/19 | | $ | 375 | | | $ | 382,500 | |
Fidelity National Information Services, Inc. | | | | | | | | |
7.625%, 07/15/17 144A @ | | | 75 | | | | 82,313 | |
7.875%, 07/15/20 | | | 150 | | | | 168,750 | |
First Data Corp. | | | | | | | | |
8.875%, 08/15/20 144A @ | | | 275 | | | | 297,687 | |
12.625%, 01/15/21 | | | 1,550 | | | | 1,551,937 | |
First Data Corp. 144a @
7.375%, 06/15/19 | | | 450 | | | | 459,000 | |
JDA Software Group, Inc.
8.000%, 12/15/14 | | | 125 | | | | 132,500 | |
Lawson Software, Inc. | | | | | | | | |
11.500%, 07/15/18 | | | 100 | | | | 113,000 | |
9.375%, 04/01/19 144A @ | | | 300 | | | | 320,250 | |
MedAssets, Inc.
8.000%, 11/15/18 | | | 325 | | | | 342,875 | |
| | | | | | | | |
| | | | | | | 3,850,812 | |
| | | | | | | | |
| Telecommunications — 9.0% | | | | | | | | |
CC Holdings GS LLC 144A @
7.750%, 05/01/17 | | | 175 | | | | 189,656 | |
Cincinnati Bell, Inc.
7.000%, 02/15/15 | | | 175 | | | | 177,188 | |
CommScope, Inc. 144A @
8.250%, 01/15/19 | | | 800 | | | | 846,000 | |
Cricket Communications, Inc. | | | | | | | | |
10.000%, 07/15/15 | | | 100 | | | | 103,000 | |
7.750%, 05/15/16 | | | 150 | | | | 159,188 | |
7.750%, 10/15/20 | | | 800 | | | | 764,000 | |
Digicel Group Ltd. 144A @ | | | | | | | | |
8.250%, 09/01/17 | | | 225 | | | | 228,937 | |
10.500%, 04/15/18 | | | 200 | | | | 209,000 | |
Eileme 1 AB PIK 144A @
14.250%, 08/15/20^ | | | 200 | | | | 190,000 | |
GCI, Inc.
6.750%, 06/01/21 | | | 200 | | | | 193,500 | |
Goodman Networks, Inc. 144A @
12.125%, 07/01/18 | | | 225 | | | | 231,750 | |
Hughes Satellite Systems Corp. | | | | | | | | |
6.500%, 06/15/19 | | | 350 | | | | 371,875 | |
7.625%, 06/15/21 | | | 325 | | | | 353,437 | |
Intelsat Jackson Holdings S.A. | | | | | | | | |
7.250%, 04/01/19 | | | 100 | | | | 105,000 | |
7.250%, 10/15/20 | | | 75 | | | | 78,938 | |
7.250%, 10/15/20 144A @ | | | 150 | | | | 157,500 | |
Intelsat Luxembourg S.A. | | | | | | | | |
11.250%, 02/04/17 | | | 675 | | | | 695,250 | |
11.500%, 02/04/17 PIK | | | 125 | | | | 129,063 | |
11.500%, 02/04/17 PIK 144A @ | | | 500 | | | | 516,250 | |
ITC Deltacom, Inc.
10.500%, 04/01/16 | | | 50 | | | | 53,250 | |
Level 3 Communications, Inc.
11.875%, 02/01/19 | | | 225 | | | | 249,187 | |
Level 3 Financing, Inc. | | | | | | | | |
8.750%, 02/15/17 | | | 125 | | | | 130,000 | |
52
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Telecommunications — (continued) | | | | | | | | |
9.375%, 04/01/19 | | $ | 475 | | | $ | 513,000 | |
8.625%, 07/15/20 | | | 250 | | | | 262,500 | |
MetroPCS Wireless, Inc. | | | | | | | | |
7.875%, 09/01/18 | | | 575 | | | | 596,562 | |
6.625%, 11/15/20 | | | 275 | | | | 270,875 | |
Nextel Communications, Inc.
7.375%, 08/01/15 | | | 300 | | | | 300,375 | |
NII Capital Corp. | | | | | | | | |
8.875%, 12/15/19 | | | 225 | | | | 203,906 | |
7.625%, 04/01/21 | | | 300 | | | | 257,250 | |
PAETEC Holding Corp. | | | | | | | | |
8.875%, 06/30/17 | | | 175 | | | | 188,562 | |
9.875%, 12/01/18 | | | 150 | | | | 167,625 | |
Qwest Communications International, Inc. 8.000%, 10/01/15 | | | 225 | | | | 237,105 | |
Sable International Finance Ltd. 144A @ | | | | | | | | |
7.750%, 02/15/17 | | | 150 | | | | 155,250 | |
8.750%, 02/01/20 | | | 200 | | | | 214,000 | |
Satmex Escrow S.A. de CV
9.500%, 05/15/17 | | | 25 | | | | 26,125 | |
SBA Telecommunications, Inc.
8.250%, 08/15/19 | | | 70 | | | | 76,650 | |
Sprint Nextel Corp. 144A @ | | | | | | | | |
9.125%, 03/01/17 | | | 400 | | | | 420,000 | |
9.000%, 11/15/18 | | | 900 | | | | 1,005,750 | |
7.000%, 03/01/20 | | | 175 | | | | 182,000 | |
11.500%, 11/15/21 | | | 200 | | | | 223,000 | |
Syniverse Holdings, Inc.
9.125%, 01/15/19 | | | 275 | | | | 298,375 | |
Telesat Canada
12.500%, 11/01/17 | | | 400 | | | | 446,000 | |
UPC Holding BV 144A @
8.375%, 08/15/20 | | | 125 | | | | 163,724 | |
UPCB Finance V Ltd. 144A @
7.250%, 11/15/21 | | | 150 | | | | 156,750 | |
UPCB Finance VI Ltd. 144A @
6.875%, 01/15/22 | | | 225 | | | | 229,500 | |
Viasat, Inc.
8.875%, 09/15/16 | | | 100 | | | | 107,250 | |
VimpelCom Holdings BV 144A @
7.504%, 03/01/22 | | | 450 | | | | 422,748 | |
West Corp. | | | | | | | | |
8.625%, 10/01/18 | | | 475 | | | | 503,500 | |
7.875%, 01/15/19 | | | 175 | | | | 182,875 | |
Wind Acquisition Finance S.A. 144A @
11.750%, 07/15/17 | | | 125 | | | | 100,938 | |
7.250%, 02/15/18 | | | 400 | | | | 350,000 | |
7.250%, 02/15/18 | | | 200 | | | | 174,000 | |
Wind Acquisition Holdings Finance S.A. PIK 144A @
12.250%, 07/15/17 | | | 197 | | | | 134,909 | |
Windstream Corp. | | | | | | | | |
8.125%, 08/01/13 | | | 25 | | | | 26,344 | |
7.875%, 11/01/17 | | | 675 | | | | 735,750 | |
| | | | | | | | |
| | | | | | | 15,465,167 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Transportation — 0.6% | | | | | | | | |
CEVA Group Plc 144A @
8.375%, 12/01/17 | | $ | 225 | | | $ | 218,250 | |
Florida East Coast Holdings Corp. PIK
10.500%, 08/01/17 | | | 3 | | | | 2,400 | |
Florida East Coast Railway Corp.
8.125%, 02/01/17 | | | 175 | | | | 182,875 | |
gategroup Finance (Luxembourg) S.A. 144A @
6.750%, 03/01/19 | | | 100 | | | | 125,627 | |
Kansas City Southern de Mexico S.A. de CV | | | | | | | | |
8.000%, 02/01/18 | | | 225 | | | | 250,605 | |
6.625%, 12/15/20 | | | 100 | | | | 111,250 | |
6.125%, 06/15/21 | | | 125 | | | | 137,500 | |
| | | | | | | | |
| | | | | | | 1,028,507 | |
| | | | | | | | |
| Trucking and Leasing — 0.1% | | | | | | | | |
Maxim Crane Works LP 144A @
12.250%, 04/15/15 | | | 125 | | | | 123,125 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $132,403,123) | | | | | | | 136,704,221 | |
| | | | | | | | |
| LOAN AGREEMENTS — 5.3%‡ | |
| Airlines — 0.3% | |
Delta Air Lines, Inc.•
0.000%, 04/20/17 | | | 499 | | | | 497,184 | |
| | | | | | | | |
| Apparel — 0.1% | | | | | | | | |
Wolverine Worldwide•
0.000%, 05/01/19 | | | 100 | | | | 99,875 | |
| | | | | | | | |
| Auto Manufacturers — 0.3% | | | | | | | | |
Chrysler Group LLC•
0.000%, 05/24/17 | | | 499 | | | | 501,858 | |
| | | | | | | | |
| Chemicals — 0.5% | | | | | | | | |
Ineos US Finance LLC•
0.000%, 04/27/18 | | | 500 | | | | 488,890 | |
PL Propylene LLC•
0.000%, 03/27/17 | | | 150 | | | | 151,125 | |
PQ Corp.•
0.000%, 07/30/15 | | | 250 | | | | 236,445 | |
| | | | | | | | |
| | | | 876,460 | |
| | | | | | | | |
| Commercial Services — 0.3% | | | | | | | | |
Pharmaceutical Product Development, Inc.•
0.000%, 12/05/18 | | | 499 | | | | 500,617 | |
| | | | | | | | |
| Distribution & Wholesale — 0.3% | | | | | | | | |
HD Supply, Inc.•
0.000%, 10/12/17 | | | 500 | | | | 502,815 | |
| | | | | | | | |
| Diversified Financial Services —0.3% | | | | | | | | |
Nuveen Investments, Inc.•
0.000%, 03/01/19 | | | 500 | | | | 500,625 | |
| | | | | | | | |
| Healthcare Products — 0.3% | | | | | | | | |
Kinetic Concepts, Inc.•
0.000%, 05/04/18 | | | 499 | | | | 501,864 | |
| | | | | | | | |
53
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| LOAN AGREEMENTS— (continued) | |
| Internet — 0.5% | | | | | | | | |
Go Daddy Operating Co. LLC•
0.000%, 12/17/18 | | $ | 499 | | | $ | 491,158 | |
Zayo Group LLC•
0.000%, 03/18/19 | | | 500 | | | | 497,060 | |
| | | | | | | | |
| | | | 988,218 | |
| | | | | | | | |
| Lodging — 0.3% | | | | | | | | |
Caesars Entertainment Operating Co., Inc.•
0.000%, 10/31/16 | | | 499 | | | | 504,332 | |
| | | | | | | | |
| Media — 0.5% | | | | | | | | |
Cumulus Media Holdings, Inc.•
0.000%, 09/16/18 | | | 499 | | | | 496,280 | |
Univision Communications, Inc.•
0.000%, 03/31/17 | | | 500 | | | | 472,815 | |
| | | | | | | | |
| | | | 969,095 | |
| | | | | | | | |
| Pharmaceuticals — 0.1% | | | | | | | | |
Valeant Pharmaceuticals International, Inc.•
0.000%, 06/14/19 | | | 250 | | | | 246,408 | |
| | | | | | | | |
| Retail — 0.6% | | | | | | | | |
Jo-Ann Stores, Inc.•
0.000%, 03/18/18 | | | 500 | | | | 492,500 | |
Pf Changs Cn Bistro•
0.000%, 06/22/19 | | | 500 | | | | 500,315 | |
| | | | | | | | |
| | | | 992,815 | |
| | | | | | | | |
| Software — 0.3% | | | | | | | | |
First Data Corp.•
0.000%, 03/24/17 | | | 500 | | | | 475,805 | |
| | | | | | | | |
| Telecommunications — 0.6% | | | | | | | | |
Intelsat Jackson Holdings S.A.•
5.250%, 07/12/12 | | | 500 | | | | 498,855 | |
Syniverse Holdings, Inc.•
0.000%, 04/23/19 | | | 500 | | | | 496,040 | |
| | | | | | | | |
| | | | 994,895 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS (Cost $9,148,692) | | | | 9,152,866 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| SHORT-TERM INVESTMENTS — 12.6% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 47,171 | | | | 47,171 | |
T. Rowe Price Reserve Investment Fund | | | 21,496,694 | | | | 21,496,694 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,543,865) | | | | 21,543,865 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $166,859,458) | | | $ | 170,952,635 | |
| | | | | | | | |
| ‡ | 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, 2012. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
| * | Non-income producing security. |
| @ | 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, 2012 is $843,824. |
| + | Effective Yield. For those bonds that become coupon paying at a future date, the interest rate disclosed represents that annualized effective yield from the date of acquisition to maturity. |
CONV — Convertible Security.
LLC — Limited Liability Company.
LP — Limited Partnership.
PIK — Payment in Kind Security.
Plc — Public Limited Company.
STEP — Step Coupon Bond.
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 90 | % |
Bermuda | | | 2 | |
Netherlands | | | 2 | |
Canada | | | 1 | |
Germany | | | 1 | |
Luxembourg | | | 1 | |
United Kingdom | | | 1 | |
Other | | | 2 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
54
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
High Yield Bond Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 1,289,500 | | | $ | 1,289,500 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 96,126 | | | | 96,126 | | | | — | | | | — | |
PREFERRED STOCKS | | | | | | | | | | | | | | | | |
Auto Manufacturers | | | 346,940 | | | | 346,940 | | | | — | | | | — | |
Banks | | | 863,322 | | | | 863,322 | | | | — | | | | — | |
Electric | | | 53,470 | | | | 53,470 | | | | — | | | | — | |
Media | | | 109,200 | | | | — | | | | 109,200 | | | | — | |
Packaging and Containers | | | — | | | | — | | | | — | | | | — | |
Telecommunications | | | 793,125 | | | | 793,125 | | | | — | | | | — | |
CORPORATE BONDS | | | 136,704,221 | | | | — | | | | 136,704,221 | | | | — | |
LOAN AGREEMENTS | | | 9,152,866 | | | | — | | | | 9,152,866 | | | | — | |
SHORT-TERM INVESTMENTS | | | 21,543,865 | | | | 21,543,865 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 170,952,635 | | | $ | 24,986,348 | | | $ | 145,966,287 | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
55
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 61.5% | | | | | | | | |
| Aerospace & Defense — 2.5% | |
United Technologies Corp. | | | 612,500 | | | $ | 46,262,125 | |
| | | | | | | | |
| Agriculture — 0.9% | | | | | | | | |
Philip Morris International, Inc. | | | 186,800 | | | | 16,300,168 | |
| | | | | | | | |
| Auto Manufacturers — 0.7% | | | | | | | | |
General Motors Co.* | | | 620,700 | | | | 12,240,204 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.7% | | | | | | | | |
Delphi Automotive Plc* | | | 502,900 | | | | 12,823,950 | |
TRW Automotive Holdings Corp.* | | | 502,200 | | | | 18,460,872 | |
| | | | | | | | |
| | | | | | | 31,284,822 | |
| | | | | | | | |
| Banks — 3.7% | |
JPMorgan Chase & Co. | | | 927,100 | | | | 33,125,283 | |
Northern Trust Corp. | | | 239,700 | | | | 11,030,994 | |
U.S. Bancorp | | | 698,600 | | | | 22,466,976 | |
| | | | | | | | |
| | | | 66,623,253 | |
| | | | | | | | |
| Beverages — 2.3% | | | | | | | | |
Coca-Cola Enterprises, Inc. | | | 171,700 | | | | 4,814,468 | |
PepsiCo, Inc. | | | 523,000 | | | | 36,955,180 | |
| | | | | | | | |
| | | | 41,769,648 | |
| | | | | | | | |
| Chemicals — 0.5% | | | | | | | | |
Potash Corp. of Saskatchewan, Inc. | | | 222,600 | | | | 9,725,394 | |
| | | | | | | | |
| Computers — 2.9% | | | | | | | | |
Accenture Plc,Class A | | | 84,100 | | | | 5,053,569 | |
Apple, Inc.* | | | 67,000 | | | | 39,128,000 | |
Dell, Inc.* | | | 275,300 | | | | 3,446,756 | |
International Business Machines Corp. | | | 30,900 | | | | 6,043,422 | |
| | | | | | | | |
| | | | 53,671,747 | |
| | | | | | | | |
| Cosmetics & Personal Care — 2.0% | | | | | | | | |
The Procter & Gamble Co. | | | 584,782 | | | | 35,817,897 | |
| | | | | | | | |
| Diversified Financial Services — 3.7% | | | | | | | | |
BlackRock, Inc. | | | 127,500 | | | | 21,652,050 | |
Invesco Ltd. | | | 1,275,608 | | | | 28,828,741 | |
TD Ameritrade Holding Corp. | | | 1,042,900 | | | | 17,729,300 | |
| | | | | | | | |
| | | | 68,210,091 | |
| | | | | | | | |
| Electric — 1.7% | | | | | | | | |
American Electric Power Co., Inc. | | | 123,700 | | | | 4,935,630 | |
Edison International | | | 358,800 | | | | 16,576,560 | |
MDU Resources Group, Inc. | | | 274,400 | | | | 5,929,784 | |
PG&E Corp. | | | 93,600 | | | | 4,237,272 | |
| | | | | | | | |
| | | | | | | 31,679,246 | |
| | | | | | | | |
| Electronics — 5.2% | | | | | | | | |
TE Connectivity Ltd. | | | 879,625 | | | | 28,068,834 | |
Thermo Fisher Scientific, Inc. | | | 1,282,600 | | | | 66,579,766 | |
| | | | | | | | |
| | | | | | | 94,648,600 | |
| | | | | | | | |
| Food — 3.0% | | | | | | | | |
General Mills, Inc. | | | 914,828 | | | | 35,257,471 | |
Kellogg Co. | | | 397,800 | | | | 19,623,474 | |
| | | | | | | | |
| | | | | | | 54,880,945 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Healthcare Products — 0.5% | | | | | | | | |
Covidien Plc | | | 178,900 | | | $ | 9,571,150 | |
Henry Schein, Inc.* | | | 1,978 | | | | 155,253 | |
| | | | | | | | |
| | | | 9,726,403 | |
| | | | | | | | |
| Healthcare Services — 2.3% | | | | | | | | |
Laboratory Corp. of America Holdings* | | | 192,700 | | | | 17,845,947 | |
Quest Diagnostics, Inc. | | | 401,800 | | | | 24,067,820 | |
| | | | | | | | |
| | | | 41,913,767 | |
| | | | | | | | |
| Insurance — 0.4% | | | | | | | | |
XL Group Plc | | | 310,700 | | | | 6,537,128 | |
| | | | | | | | |
| Internet — 1.5% | | | | | | | | |
Google, Inc., Class A* | | | 46,300 | | | | 26,857,241 | |
| | | | | | | | |
| Media — 2.9% | | | | | | | | |
The McGraw-Hill Cos., Inc. | | | 301,300 | | | | 13,558,500 | |
The Walt Disney Co. | | | 802,000 | | | | 38,897,000 | |
Time Warner, Inc. | | | 66 | | | | 2,541 | |
| | | | | | | | |
| | | | 52,458,041 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 3.9% | | | | | |
Actuant Corp., Class A | | | 13,778 | | | | 374,211 | |
Danaher Corp. | | | 1,051,678 | | | | 54,771,390 | |
Ingersoll-Rand Plc | | | 220,400 | | | | 9,296,472 | |
Pall Corp. | | | 134,300 | | | | 7,360,983 | |
| | | | | | | | |
| | | | 71,803,056 | |
| | | | | | | | |
| Oil & Gas — 1.5% | | | | | | | | |
Apache Corp. | | | 74,700 | | | | 6,565,383 | |
EOG Resources, Inc. | | | 33,100 | | | | 2,982,641 | |
Exxon Mobil Corp. | | | 108,300 | | | | 9,267,231 | |
Nexen, Inc. | | | 375,000 | | | | 6,333,750 | |
WPX Energy, Inc.* | | | 174,000 | | | | 2,815,320 | |
| | | | | | | | |
| | | | 27,964,325 | |
| | | | | | | | |
| Oil & Gas Services — 0.8% | | | | | | | | |
Schlumberger Ltd. | | | 97,900 | | | | 6,354,689 | |
Weatherford International Ltd.* | | | 657,700 | | | | 8,306,751 | |
| | | | | | | | |
| | | | 14,661,440 | |
| | | | | | | | |
| Packaging and Containers — 1.6% | | | | | | | | |
Ball Corp. | | | 134,200 | | | | 5,508,910 | |
Crown Holdings, Inc.* | | | 694,200 | | | | 23,942,958 | |
| | | | | | | | |
| | | | 29,451,868 | |
| | | | | | | | |
| Pharmaceuticals — 4.8% | | | | | | | | |
AmerisourceBergen Corp. | | | 359,400 | | | | 14,142,390 | |
Express Scripts Holding Co.* | | | 86,800 | | | | 4,846,044 | |
McKesson Corp. | | | 63,000 | | | | 5,906,250 | |
Pfizer, Inc. | | | 2,710,208 | | | | 62,334,784 | |
| | | | | | | | |
| | | | 87,229,468 | |
| | | | | | | | |
| Pipelines — 1.6% | | | | | | | | |
Spectra Energy Corp. | | | 289,395 | | | | 8,409,819 | |
The Williams Cos., Inc. | | | 731,470 | | | | 21,080,965 | |
| | | | | | | | |
| | | | 29,490,784 | |
| | | | | | | | |
56
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | |
| Retail — 1.8% | | | | | | | | |
Dollar General Corp.* | | | 271,500 | | | $ | 14,766,885 | |
Kohl’s Corp. | | | 296,300 | | | | 13,478,687 | |
Lowe’s Cos., Inc. | | | 146,800 | | | | 4,174,992 | |
| | | | | | | | |
| | | | 32,420,564 | |
| | | | | | | | |
| Semiconductors — 0.7% | | | | | | | | |
Texas Instruments, Inc. | | | 443,000 | | | | 12,709,670 | |
| | | | | | | | |
| Software — 2.6% | | | | | | | | |
Fiserv, Inc.* | | | 361,000 | | | | 26,071,420 | |
Microsoft Corp. | | | 154,300 | | | | 4,720,037 | |
Oracle Corp. | | | 585,800 | | | | 17,398,260 | |
| | | | | | | | |
| | | | 48,189,717 | |
| | | | | | | | |
| Telecommunications — 2.4% | | | | | | | | |
AT&T, Inc. | | | 1,041,800 | | | | 37,150,588 | |
Cisco Systems, Inc. | | | 333,500 | | | | 5,726,195 | |
| | | | | | | | |
| | | | 42,876,783 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.6% | | | | | | | | |
Hasbro, Inc. | | | 311,200 | | | | 10,540,344 | |
| | | | | | | | |
| Transportation — 0.8% | | | | | | | | |
CSX Corp. | | | 669,000 | | | | 14,958,840 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $960,709,199) | | | | 1,122,903,579 | |
| | | | | | | | |
| PREFERRED STOCKS — 2.0% | | | | | | | | |
| Auto Manufacturers — 0.3% | | | | | | | | |
General Motors Co.CONV | | | 163,000 | | | | 5,411,600 | |
| | | | | | | | |
| Banks — 0.2% | | | | | | | | |
U.S. Bancorp Series F | | | 71,000 | | | | 2,029,180 | |
U.S. Bancorp Series G | | | 90,000 | | | | 2,464,200 | |
| | | | | | | | |
| | | | 4,493,380 | |
| | | | | | | | |
| Diversified Financial Services — 0.4% | | | | | | | | |
AMG Capital Trust I CONV | | | 161,100 | | | | 7,914,037 | |
| | | | | | | | |
| Electric — 0.6% | | | | | | | | |
PPL Corp. | | | 153,500 | | | | 8,207,645 | |
SCE Trust I* | | | 70,000 | | | | 1,783,600 | |
| | | | | | | | |
| | | | 9,991,245 | |
| | | | | | | | |
| Finance — 0.0% | | | | | | | | |
Federal National Mortgage Association CONV* | | | 70 | | | | 269,500 | |
| | | | | | | | |
| Food — 0.1% | | | | | | | | |
Heinz Finance Co. (H.J.) CONV 144A @^ | | | 15 | | | | 1,609,688 | |
| | | | | | | | |
| Housewares — 0.4% | | | | | | | | |
Newell Financial Trust I CONV | | | 134,300 | | | | 6,748,575 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $42,811,411) | | | | 36,438,025 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — 9.9% | | | | | | | | |
| Advertising — 0.2% | | | | | | | | |
Lamar Media Corp.
9.750%, 04/01/14 | | $ | 2,730 | | | $ | 3,057,600 | |
| | | | | | | | |
| Aerospace & Defense — 0.3% | |
United Technologies Corp.
0.967%, 06/01/15 | | | 4,725 | | | | 4,775,449 | |
| | | | | | | | |
| Airlines — 0.8% | |
American Airlines Pass Through Trust 2009-1A
10.375%, 07/02/19 | | | 395 | | | | 422,855 | |
Continental Airlines 2009-1 Class A Pass Through Trust
9.000%, 07/08/16 | | | 885 | | | | 1,013,039 | |
Continental Airlines 2009-2 Class A Pass Through Trust
7.250%, 11/10/19 | | | 739 | | | | 833,709 | |
Continental Airlines 2012-1 Class A Pass Through Trust
4.150%, 04/11/24 | | | 2,210 | | | | 2,171,325 | |
Continental Airlines 2012-1 Class B Pass Through Trust
6.250%, 04/11/20 | | | 465 | | | | 469,650 | |
Continental Airlines, Inc.
4.500%, 01/15/15 | | | 2,730 | | | | 4,002,862 | |
Continental Airlines, Inc. 144A @
6.750%, 09/15/15 | | | 890 | | | | 914,475 | |
Delta Air Lines 2011-1, Pass Through Trust
5.300%, 04/15/19 | | | 666 | | | | 708,868 | |
Delta Air Lines, Inc.
7.750%, 12/17/19 | | | 731 | | | | 829,625 | |
US Airways 2010-1 Class A, Pass Through Trust
6.250%, 04/22/23 | | | 2,311 | | | | 2,426,071 | |
US Airways 2010-1 Class B, Pass Through Trust
8.500%, 04/22/17 | | | 330 | | | | 338,010 | |
| | | | | | | | |
| | | | 14,130,489 | |
| | | | | | | | |
| Banks — 0.0% | |
CIT Group, Inc., 144A @
5.250%, 04/01/14^ | | | 475 | | | | 491,625 | |
Regions Bank
7.500%, 05/15/18 | | | 90 | | | | 101,250 | |
Synovus Financial Corp.
5.125%, 06/15/17 | | | 105 | | | | 96,600 | |
| | | | | | | | |
| | | | 689,475 | |
| | | | | | | | |
| Coal — 0.8% | |
Consol Energy, Inc. | | | | | | | | |
8.000%, 04/01/17 | | | 6,370 | | | | 6,608,875 | |
8.250%, 04/01/20 | | | 910 | | | | 955,500 | |
Peabody Energy Corp. | | | | | | | | |
7.375%, 11/01/16 | | | 830 | | | | 913,000 | |
6.500%, 09/15/20 | | | 870 | | | | 880,875 | |
4.750%, 12/15/41 CONV | | | 3,399 | | | | 2,757,439 | |
57
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Coal — (continued) | | | | | | | | |
Peabody Energy Corp. 144A @ 6.000%, 11/15/18 | | $ | 2,150 | | | $ | 2,139,250 | |
| | | | | | | | |
| | | | | | | 14,254,939 | |
| | | | | | | | |
| Diversified Financial Services — 2.1% | |
CNH Capital LLC, 144A 144A @
6.250%, 11/01/16 | | | 700 | | | | 749,000 | |
Ford Motor Credit Co. LLC | | | | | | | | |
7.000%, 10/01/13 | | | 2,000 | | | | 2,134,044 | |
8.000%, 06/01/14 | | | 2,100 | | | | 2,329,519 | |
3.875%, 01/15/15 | | | 4,530 | | | | 4,665,057 | |
2.750%, 05/15/15 | | | 2,300 | | | | 2,318,662 | |
4.250%, 02/03/17 | | | 1,340 | | | | 1,404,626 | |
6.625%, 08/15/17 | | | 1,675 | | | | 1,905,269 | |
5.000%, 05/15/18 | | | 1,800 | | | | 1,911,388 | |
International Lease Finance Corp. 144A @
6.500%, 09/01/14 | | | 8,130 | | | | 8,577,150 | |
6.750%, 09/01/16^ | | | 2,270 | | | | 2,440,250 | |
7.125%, 09/01/18 | | | 3,700 | | | | 4,079,250 | |
Janus Capital Group, Inc. STEP• 6.700%, 06/15/17 | | | 1,850 | | | | 1,984,445 | |
Legg Mason, Inc. 144A @
5.500%, 05/21/19 | | | 3,020 | | | | 3,054,063 | |
| | | | | | | | |
| | | | | | | 37,552,723 | |
| | | | | | | | |
| Electric — 0.5% | |
Calpine Construction Finance Co. LP 144A @
8.000%, 06/01/16 | | | 2,800 | | | | 3,024,000 | |
Calpine Corp. 144A @
7.500%, 02/15/21 | | | 1,275 | | | | 1,377,000 | |
CMS Energy Corp. | | | | | | | | |
6.550%, 07/17/17 | | | 895 | | | | 1,014,268 | |
8.750%, 06/15/19 | | | 415 | | | | 511,925 | |
EP Energy LLC / EP Energy Finance, Inc. 144A @^
6.875%, 05/01/19 | | | 975 | | | | 1,018,875 | |
Nisource Finance Corp.
4.450%, 12/01/21 | | | 635 | | | | 666,168 | |
Otter Tail Corp.
9.000%, 12/15/16^ | | | 890 | | | | 963,425 | |
| | | | | | | | |
| | | | | | | 8,575,661 | |
| | | | | | | | |
| Healthcare Services — 0.1% | |
Fresenius Medical Care U.S. Finance II, Inc. 144A @ | | | | | | | | |
5.625%, 07/31/19 | | | 750 | | | | 781,875 | |
5.875%, 01/31/22 | | | 425 | | | | 442,531 | |
| | | | | | | | |
| | | | | | | 1,224,406 | |
| | | | | | | | |
| Lodging — 0.3% | |
MGM Resorts International | | | | | | | | |
13.000%, 11/15/13 | | | 1,690 | | | | 1,926,600 | |
10.375%, 05/15/14 | | | 770 | | | | 868,175 | |
9.000%, 03/15/20 | | | 2,075 | | | | 2,303,250 | |
| | | | | | | | |
| | | | 5,098,025 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Media — 0.3% | | | | | | | | |
CCH II LLC
13.500%, 11/30/16 | | $ | 602 | | | $ | 670,928 | |
CCO Holdings LLC
7.250%, 10/30/17 | | | 850 | | | | 926,500 | |
Sirius XM Radio, Inc. 144A @^
9.750%, 09/01/15 | | | 100 | | | | 106,000 | |
Unitymedia Hessen GmbH & Co. KG 144A @
7.500%, 03/15/19 | | | 860 | | | | 1,131,865 | |
Unitymedia Hessen GmbH & Co. KG/ Unitymedia NRW GmbH 144A @^
8.125%, 12/01/17 | | | 1,720 | | | | 2,329,031 | |
Unitymedia Hessen GmbH & Co. Kg/ Unitymedia NRW GmbH 144A @^
7.500%, 03/15/19 | | | 575 | | | | 609,500 | |
Univision Communications, Inc. 144A @
7.875%, 11/01/20 | | | 350 | | | | 374,500 | |
| | | | | | | | |
| | | | | | | 6,148,324 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.1% | |
Schaeffler Finance BV 144A @ | | | | | | | | |
7.750%, 02/15/17 | | | 1,250 | | | | 1,303,125 | |
8.500%, 02/15/19 | | | 1,425 | | | | 1,521,187 | |
| | | | | | | | |
| | | | | | | 2,824,312 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.1% | |
RBS Global, Inc.
8.500%, 05/01/18 | | | 505 | | | | 547,925 | |
Tyco Electronics Group SA
6.000%, 10/01/12 | | | 1,750 | | | | 1,772,465 | |
| | | | | | | | |
| | | | | | | 2,320,390 | |
| | | | | | | | |
| Oil & Gas — 1.2% | |
Concho Resources, Inc.
5.500%, 10/01/22 | | | 1,300 | | | | 1,287,000 | |
Denbury Resources, Inc. | | | | | | | | |
9.750%, 03/01/16 | | | 250 | | | | 274,688 | |
8.250%, 02/15/20 | | | 1,125 | | | | 1,231,875 | |
EQT Corp. | | | | | | | | |
6.500%, 04/01/18 | | | 1,620 | | | | 1,841,637 | |
8.125%, 06/01/19 | | | 1,754 | | | | 2,103,507 | |
4.875%, 11/15/21 | | | 8,005 | | | | 8,176,587 | |
Laredo Petroleum, Inc. 144A @ 7.375%, 05/01/22 | | | 500 | | | | 520,000 | |
Plains Exploration & Production Co.
6.750%, 02/01/22 | | | 2,150 | | | | 2,193,000 | |
QEP Resources, Inc.
6.875%, 03/01/21 | | | 475 | | | | 527,250 | |
Questar Market Resources, Inc.
6.800%, 03/01/20 | | | 440 | | | | 482,900 | |
Range Resources Corp. | | | | | | | | |
8.000%, 05/15/19 | | | 750 | | | | 819,375 | |
5.750%, 06/01/21 | | | 1,250 | | | | 1,306,250 | |
SM Energy Co. 144A @
6.500%, 01/01/23 | | | 975 | | | | 982,313 | |
58
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| CORPORATE BONDS — (continued) | | | | | | | | |
| Oil & Gas — (continued) | | | | | | | | |
Whiting Petroleum Corp.
6.500%, 10/01/18 | | $ | 350 | | | $ | 372,750 | |
| | | | | | | | |
| | | | | | | 22,119,132 | |
| | | | | | | | |
| Oil & Gas Services — 0.2% | |
Oil States International, Inc. CONV
2.375%, 07/01/25 | | | 1,767 | | | | 3,677,569 | |
| | | | | | | | |
| Packaging and Containers — 0.0% | | | | | | | | |
Ball Corp.
7.375%, 09/01/19 | | | 50 | | | | 55,250 | |
| | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
Host Hotels & Resorts LP
5.875%, 06/15/19 | | | 1,800 | | | | 1,944,000 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.0% | | | | | |
American Tower Corp.
4.625%, 04/01/15 | | | 200 | | | | 211,699 | |
| | | | | | | | |
| Retail — 0.5% | | | | | | | | |
AmeriGas Finance LLC | | | | | | | | |
6.750%, 05/20/20 | | | 800 | | | | 816,000 | |
7.000%, 05/20/22 | | | 3,175 | | | | 3,270,250 | |
Dollar General Corp. | | | | | | | | |
4.125%, 07/15/17 | | | 805 | | | | 816,069 | |
11.875%, 07/15/17 PIK | | | 1,225 | | | | 1,300,044 | |
Penske Auto Group, Inc.
7.750%, 12/15/16 | | | 2,125 | | | | 2,204,687 | |
Rite Aid Corp.
10.375%, 07/15/16 | | | 1,225 | | | | 1,296,203 | |
| | | | | | | | |
| | | | | | | 9,703,253 | |
| | | | | | | | |
| Semiconductors — 0.3% | |
Xilinx, Inc. CONV
3.125%, 03/15/37 | | | 4,265 | | | | 5,086,012 | |
| | | | | | | | |
| Software — 0.1% | | | | | | | | |
First Data Corp. 144a @
7.375%, 06/15/19 | | | 2,575 | | | | 2,626,500 | |
| | | | | | | | |
| Telecommunications — 1.9% | | | | | | | | |
British Telecommunications PLC | | | | | | | | |
1.593%, 12/20/13 | | | 1,630 | | | | 1,639,350 | |
2.000%, 06/22/15 | | | 1,110 | | | | 1,125,252 | |
CC Holdings GS LLC 144A @
7.750%, 05/01/17 | | | 4,380 | | | | 4,746,825 | |
Cricket Communications, Inc.
7.750%, 10/15/20 | | | 1,470 | | | | 1,403,850 | |
Crown Castle International Corp.
7.125%, 11/01/19 | | | 2,840 | | | | 3,045,900 | |
Matterhorn Mobile SA
6.750%, 05/15/19 144A @ | | | 930 | | | | 1,009,219 | |
Nextel Communications, Inc.
5.950%, 03/15/14 | | | 1,625 | | | | 1,627,031 | |
SBA Communications Corp. CONV 1.875%, 05/01/13 | | | 959 | | | | 1,328,215 | |
SBA Telecommunications, Inc. | | | | | | | | |
8.000%, 08/15/16 | | | 184 | | | | 195,960 | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| | | | | | | | | |
| Telecommunications — (continued) | | | | | | | | |
SBA Telecommunications, Inc. — (continued) | | | | | |
8.250%, 08/15/19 | | $ | 133 | | | $ | 145,635 | |
Sprint Capital Corp.
6.900%, 05/01/19 | | | 300 | | | | 282,000 | |
Sprint Nextel Corp. 144A @ | | | | | | | | |
9.000%, 11/15/18 | | | 6,790 | | | | 7,587,825 | |
11.500%, 11/15/21 | | | 450 | | | | 501,750 | |
UPCB Finance III Ltd. @
6.625%, 07/01/20 | | | 1,790 | | | | 1,816,850 | |
UPCB Finance V Ltd. 144A @
7.250%, 11/15/21 | | | 3,980 | | | | 4,159,100 | |
UPCB Finance VI Ltd. 144A @
6.875%, 01/15/22 | | | 3,700 | | | | 3,774,000 | |
| | | | | | | | |
| | | | 34,388,762 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $171,675,409) | | | | 180,463,970 | |
| | | | | | | | |
| LOAN AGREEMENTS — 9.8%‡ | | | | | | | | |
| Aerospace & Defense — 0.0% | |
Delos Aircraft Bank•
4.750%, 04/12/16 | | | 500 | | | | 500,625 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.0% | |
Federal Mogul Corp.• | | | | | | | | |
0.000%, 12/27/14 2.175%-2.1875% | | | 10,931 | | | | 10,384,293 | |
0.000%, 12/27/15 2.1775%-2.1875%, | | | 8,362 | | | | 7,944,240 | |
| | | | | | | | |
| | | | 18,328,533 | |
| | | | | | | | |
| Banks — 0.5% | |
Cedar Fair Bank•
4.000%, 12/15/17 | | | 3,179 | | | | 3,167,457 | |
FleetPride Corp.•
6.750%, 12/06/17 | | | 1,617 | | | | 1,616,196 | |
Flying Fortess Bank•
5.000%, 06/30/17 | | | 2,475 | | | | 2,478,094 | |
Vantiv Bank•
3.750%, 02/24/19 | | | 2,519 | | | | 2,513,448 | |
| | | | | | | | |
| | | | 9,775,195 | |
| | | | | | | | |
| Diversified Financial Services — 0.6% | |
Nuveen Investments, Inc.• | | | | | | | | |
0.000%, 05/13/17 2.1775%-2.1875% | | | 1,885 | | | | 1,859,230 | |
0.000%, 05/13/17 5.720-5.803% | | | 2,203 | | | | 2,165,249 | |
8.250%, 03/01/19 | | | 2,375 | | | | 2,377,969 | |
Pinnacle Foods Finance LLC
2.744-3.081%•
0.000%, 04/02/14 | | | 2,421 | | | | 2,410,907 | |
Pinncale Foods Bank•
4.750%, 07/16/12 | | | 648 | | | | 640,270 | |
Terra-Gen Finance Co., LLC•^
0.000%, 06/22/17 | | | 625 | | | | 622,656 | |
WorldPay•
0.000%, 11/30/17 | | | 1,410 | | | | 1,406,714 | |
| | | | | | | | |
| | | | 11,482,995 | |
| | | | | | | | |
59
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| LOAN AGREEMENTS‡ — (continued) | | | | | |
| Electric — 0.0% | | | | | | | | |
EP Energy Bank•
2.175%, 05/25/18 | | | 725 | | | | 731,119 | |
| | | | | | | | |
| Food Service — 2.1% | | | | | | | | |
Dineequity, Inc•
4.250%, 10/19/17 | | | 6,472 | | | | 6,437,381 | |
Dunkin Brands, Inc.
4.00%-5.250%• 0.000%, 11/23/17 | | | 32,294 | | | | 31,825,957 | |
| | | | | | | | |
| | | | 38,263,338 | |
| | | | | | | | |
| Healthcare Services — 0.2% | |
HCA, Inc.•
4.596%, 11/17/12 | | | 3,323 | | | | 3,311,236 | |
| | | | | | | | |
| Holding Companies — 0.2% | |
Formula One•
0.000%, 04/28/17 | | | 2,993 | | | | 2,988,281 | |
| | | | | | | | |
| Household Products & Wares — 0.3% | |
Reynolds Consumer Products Holding, Inc.•
6.500%, 02/09/18 | | | 3,126 | | | | 3,138,051 | |
Reynolds Group Holdings, Inc.•
6.500%, 08/09/18 | | | 1,964 | | | | 1,977,394 | |
| | | | | | | | |
| | | | 5,115,445 | |
| | | | | | | | |
| Media — 1.0% | |
CCO Holdings LLC•
2.745%, 09/06/14 | | | 500 | | | | 495,715 | |
Charter Communications Operating LLC•
3.500%, 09/06/16 | | | 3,357 | | | | 3,329,306 | |
Univision Communications, Inc.•
4.495%, 03/31/17 | | | 15,542 | | | | 14,696,755 | |
| | | | | | | | |
| | | | 18,521,776 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.3% | |
Schaeffler Finance Bv•
6.000%, 01/27/17 | | | 4,800 | | | | 4,792,512 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.3% | |
Colfax Corp.•
4.500%, 01/12/19 | | | 5,373 | | | | 5,361,233 | |
| | | | | | | | |
| Retail — 0.6% | |
Dollar General Corp.•
2.953%, 07/31/12 | | | 7,679 | | | | 7,664,633 | |
Rite Aid Corp.•
4.500%, 03/03/18 | | | 2,750 | | | | 2,688,125 | |
| | | | | | | | |
| | | | 10,352,758 | |
| | | | | | | | |
| Software — 0.6% | |
First Data Corp.•
5.245%, 03/24/17 | | | 11,686 | | | | 11,120,888 | |
| | | | | | | | |
| Telecommunications — 2.1% | |
Crown Castle International Corp.•
4.000%, 01/13/19 | | | 10,583 | | | | 10,411,121 | |
Intelsat Jackson Holdings S.A.•
5.250%, 04/02/18 | | $ | 18,946 | | | $ | 18,902,852 | |
| | | | | | | | |
| | | Par
(000) | | |
Value† | |
| | | | | | | | | |
| Telecommunications — (continued) | | | | | | | | |
SBA Communications Corp.•
0.000%, 06/30/18 | | | 941 | | | | 931,095 | |
Telesat Canada, Inc.•
4.250%, 03/28/19 | | | 8,360 | | | | 8,259,680 | |
| | | | | | | | |
| | | | 38,504,748 | |
| | | | | | | | |
TOTAL LOAN AGREEMENTS
(Cost $176,903,820) | | | | 179,150,682 | |
| | | | | | | | |
| | | Number of
Contracts | | |
Value† | |
| PURCHASED OPTIONS — 0.0% | | | | | | | | |
| Call Option — 0.0% | | | | | | | | |
Avon Products, Inc.,
$20.00 01/19/13
(Cost $22,585) | | | 177 | | | | 7,080 | |
| | | | | | | | |
| | |
| | | Number of
Shares | | |
Value† | |
| SHORT-TERM INVESTMENTS — 16.8% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 2,528,864 | | | | 2,528,864 | |
T. Rowe Price Reserve Investment Fund | | | 303,088,904 | | | | 303,088,904 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $305,617,768) | | | | 305,617,768 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $1,657,740,192) | | | $ | 1,824,581,104 | |
| | | | | | | | |
| | |
| | | Number of
Contracts | �� | | Value† | |
| WRITTEN OPTIONS | | | | | | | | |
| Call Options | | | | | | | | |
Accent, $65, 01/19/13 | | | (783 | ) | | | (129,195 | ) |
AES, $40, 01/19/13 | | | (1,237 | ) | | | (173,180 | ) |
AT&T Inc., $30, 01/19/13 | | | (2,815 | ) | | | (1,579,215 | ) |
AT&T Inc., $32, 01/19/13 | | | (3,387 | ) | | | (1,253,190 | ) |
AT&T, $34, 01/19/13 | | | (2,108 | ) | | | (453,220 | ) |
AT&T, $35, 01/19/13 | | | (2,108 | ) | | | (316,200 | ) |
BlackRock, Inc., $210, 01/19/13 | | | (452 | ) | | | (72,320 | ) |
Cisco, $17.50, 01/19/13 | | | (1,560 | ) | | | (179,400 | ) |
Cisco, $22, 01/19/13 | | | (1,775 | ) | | | (21,300 | ) |
Covidien Plc, $50, 07/21/12 | | | (1,537 | ) | | | (537,950 | ) |
Dell, Inc., $17.50, 01/19/13 | | | (2,753 | ) | | | (27,530 | ) |
Disney, $45, 01/19/13 | | | (636 | ) | | | (348,528 | ) |
Disney, $45, 10/ 20/12 | | | (627 | ) | | | (291,555 | ) |
Disney, $46, 01/19/13 | | | (636 | ) | | | (300,192 | ) |
Disney, $46, 10/20/12 | | | (627 | ) | | | (247,665 | ) |
Disney, $47, 01/19/13 | | | (636 | ) | | | (260,760 | ) |
Disney, $47, 10/20/12 | | | (627 | ) | | | (203,775 | ) |
EOG, $110, 01/19/13 | | | (69 | ) | | | (18,630 | ) |
EOG, $115, 01/19/13 | | | (69 | ) | | | (12,420 | ) |
Express, $60, 01/19/13 | | | (22 | ) | | | (5,654 | ) |
60
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Flexibly Managed Fund
| | | | | | | | |
| | | Number of
Contracts | | |
Value† | |
| WRITTEN OPTIONS — (continued) | |
| Call Options — (continued) | |
Exxon, $87.50, 01/19/13 | | | (1,083 | ) | | | (341,145 | ) |
Google, $590, 01/19/13 | | $ | (91 | ) | | $ | (382,200 | ) |
Google, $650, 01/19/13 | | | (372 | ) | | | (725,400 | ) |
Ingersoll-Rand PLC, $40, 01/ 19/13 | | | (2,003 | ) | | | (1,041,560 | ) |
Ingersoll-Rand PLC, $40, 01/ 19/13 | | | (201 | ) | | | (104,520 | ) |
International Business Machines Corp.,
$200, 01/19/13 | | | (309 | ) | | | (267,285 | ) |
JPMorgan, $50, 01/19/13 | | | (2,822 | ) | | | (42,330 | ) |
JPMorgan, $45, 09/22/12 | | | (719 | ) | | | (7,190 | ) |
JPMorgan, $46, 09/22/12 | | | (719 | ) | | | (5,752 | ) |
Kellogg Co., $55, 01/19/13 | | | (970 | ) | | | (18,430 | ) |
Kellogg Co., $60, 01/19/13 | | | (603 | ) | | | (9,045 | ) |
Kohls, $45, 10/20/12 | | | (275 | ) | | | (77,000 | ) |
Kohls, $47, 10/20/12 | | | (275 | ) | | | (49,500 | ) |
Kohls, $48, 10/20/12 | | | (275 | ) | | | (37,125 | ) |
Kohls, $52.50, 01/19/13 | | | (543 | ) | | | (46,155 | ) |
Kohls, $55 01/19/13 | | | (543 | ) | | | (27,150 | ) |
Kohls, $55, 10/2012 | | | (728 | ) | | | (7,280 | ) |
Microsoft Corp., $30 01/19/13 | | | (1,543 | ) | | | (344,089 | ) |
PepsiCo, Inc., $70, 01/19/13 | | | (1,079 | ) | | | (303,199 | ) |
PepsiCo, Inc., $67.50, 01/19/13 | | | (692 | ) | | | (301,020 | ) |
PepsiCo, Inc., $70, 10/20/12 | | | (387 | ) | | | (85,140 | ) |
PepsiCo, Inc., $70 01/19/13 | | | (199 | ) | | | (55,919 | ) |
PepsiCo, Inc., $72.50 01/19/13 | | | (197 | ) | | | (30,338 | ) |
PepsiCo, Inc., $72.50, 01/19/13 | | | (387 | ) | | | (59,598 | ) |
Pfizer, $22.50, 01/19/13 | | | (12,644 | ) | | | (1,631,076 | ) |
Pfizer, $24, 01/19/13 | | | (6,127 | ) | | | (324,731 | ) |
PG, $65, 01/19/13 | | | (1,030 | ) | | | (99,910 | ) |
Philip Morris International, Inc.,
$85, 01/19/13 | | | (373 | ) | | | (216,340 | ) |
Philip Morris International, Inc.,
$90, 01/19/13 | | | (374 | ) | | | (108,834 | ) |
Schlumberger Ltd., $ 75, 01/19/13 | | | (979 | ) | | | (208,527 | ) |
Texas Instruments, Inc., $40, 01/19/13 | | | (777 | ) | | | (1,554 | ) |
The Procter & Gamble Co.,
$70, 01/19/13 | | | (306 | ) | | | (10,404 | ) |
US Bancorp, $32, 01/19/13 | | | (2,084 | ) | | | (483,488 | ) |
| | | | | | | | |
TOTAL WRITTEN OPTIONS
(Premiums $12,799,208) | | | | (13,885,113 | ) |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| @ | 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, 2012 is $10,191,050. |
| ‡ | 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, 2012. 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. |
CONV — Convertible Security.
LLC — Limited Liability Company.
LP — Limited Partnership.
PIK — Payment in Kind Security.
Plc — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 94 | % |
Switzerland | | | 2 | |
Canada | | | 1 | |
Cayman Islands | | | 1 | |
Ireland | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2012 | | | Level 1 Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 1,122,903,579 | | | $ | 1,122,903,579 | | | $ | — | | | $ | — | |
PREFERRED STOCKS | | | 36,438,025 | | | | 36,438,025 | | | | — | | | | — | |
CORPORATE BONDS | | | 180,463,970 | | | | — | | | | 180,463,970 | | | | — | |
LOAN AGREEMENTS | | | 179,150,682 | | | | — | | | | 179,150,682 | | | | — | |
PURCHASED OPTIONS | | | 7,080 | | | | — | | | | 7,080 | | | | — | |
SHORT-TERM INVESTMENTS | | | 305,617,768 | | | | 305,617,768 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 1,824,581,104 | | | $ | 1,464,959,372 | | | $ | 359,621,732 | | | $ | — | |
| |
61
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Flexibly Managed Fund
| | | | | | | | | | | | | | | | |
| LIABILITIES TABLE | |
| Description | | Total Market Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
WRITTEN OPTIONS | | $ | (13,885,113 | ) | | $ | (9,169,366 | ) | | $ | (4,715,747 | ) | | $ | — | |
| |
TOTAL LIABILITIES | | $ | (13,885,113 | ) | | $ | (9,169,366 | ) | | $ | (4,715,747 | ) | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
62
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Balanced Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| AFFILIATED EQUITY FUNDS — 59.9% | |
Penn Series Index 500 Fund*
(Cost $31,146,302) | | | 4,138,432 | | | $ | 41,839,547 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 39.9% | |
Penn Series Quality Bond Fund*
(Cost $23,440,339) | | | 2,145,618 | | | | 27,893,031 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.2% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $126,001) | | | 126,001 | | | | 126,001 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $54,712,642) | | | $ | 69,858,579 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 41,839,547 | | | $ | 41,839,547 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 27,893,031 | | | | 27,893,031 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 126,001 | | | | 126,001 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 69,858,579 | | | $ | 69,858,579 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
63
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 94.3% | | | | | | | | |
| Aerospace & Defense — 0.7% | |
The Boeing Co. | | | 18,400 | | | $ | 1,367,120 | |
| | | | | | | | |
| Airlines — 0.3% | |
United Continental Holdings, Inc.* | | | 20,800 | | | | 506,064 | |
| | | | | | | | |
| Apparel — 2.0% | |
Coach, Inc. | | | 7,100 | | | | 415,208 | |
NIKE, Inc., Class B | | | 22,100 | | | | 1,939,938 | |
Prada S.p.A. | | | 106,300 | | | | 717,300 | |
Ralph Lauren Corp. | | | 5,300 | | | | 742,318 | |
| | | | | | | | |
| | | | 3,814,764 | |
| | | | | | | | |
| Banks — 0.4% | |
U.S. Bancorp | | | 23,100 | | | | 742,896 | |
| | | | | | | | |
| Beverages — 0.5% | |
Monster Beverage Corp.* | | | 13,300 | | | | 946,960 | |
| | | | | | | | |
| Biotechnology — 3.0% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 14,300 | | | | 1,419,990 | |
Biogen Idec, Inc.* | | | 10,400 | | | | 1,501,552 | |
Celgene Corp.* | | | 10,000 | | | | 641,600 | |
Gilead Sciences, Inc.* | | | 21,400 | | | | 1,097,392 | |
Human Genome Sciences, Inc.* | | | 6,500 | | | | 85,345 | |
Regeneron Pharmaceuticals, Inc.* | | | 4,500 | | | | 513,990 | |
Vertex Pharmaceuticals, Inc.* | | | 8,600 | | | | 480,912 | |
| | | | | | | | |
| | | | 5,740,781 | |
| | | | | | | | |
| Chemicals — 3.2% | |
Ecolab, Inc. | | | 6,900 | | | | 472,857 | |
Praxair, Inc. | | | 37,200 | | | | 4,044,756 | |
The Sherwin-Williams Co. | | | 13,400 | | | | 1,773,490 | |
| | | | | | | | |
| | | | 6,291,103 | |
| | | | | | | | |
| Commercial Services — 4.7% | |
Mastercard, Inc., Class A | | | 13,000 | | | | 5,591,430 | |
Visa, Inc., Class A | | | 28,700 | | | | 3,548,181 | |
| | | | | | | | |
| | | | 9,139,611 | |
| | | | | | | | |
| Computers — 14.4% | |
Accenture Plc,Class A | | | 33,500 | | | | 2,013,015 | |
Apple, Inc.* | | | 38,400 | | | | 22,425,600 | |
EMC Corp.* | | | 53,900 | | | | 1,381,457 | |
IHS, Inc., Class A* | | | 8,800 | | | | 948,024 | |
Teradata Corp.* | | | 14,600 | | | | 1,051,346 | |
| | | | | | | | |
| | | | 27,819,442 | |
| | | | | | | | |
| Distribution & Wholesale — 1.9% | |
Fastenal Co. | | | 58,300 | | | | 2,350,073 | |
Fossil, Inc.* | | | 8,100 | | | | 619,974 | |
W.W. Grainger, Inc. | | | 3,600 | | | | 688,464 | |
| | | | | | | | |
| | | | 3,658,511 | |
| | | | | | | | |
| Diversified Financial Services — 3.4% | |
American Express Co. | | | 46,700 | | | | 2,718,407 | |
Franklin Resources, Inc. | | | 14,900 | | | | 1,653,751 | |
IntercontinentalExchange, Inc.* | | | 6,700 | | | | 911,066 | |
Invesco Ltd. | | | 58,300 | | | | 1,317,580 | |
| | | | | | | | |
| | | | 6,600,804 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Electronics — 0.4% | |
Trimble Navigation Ltd.* | | | 17,600 | | | $ | 809,776 | |
| | | | | | | | |
| Food — 0.4% | |
Whole Foods Market, Inc. | | | 8,200 | | | | 781,624 | |
| | | | | | | | |
| Healthcare Products — 1.5% | | | | | | | | |
Baxter International, Inc. | | | 8,900 | | | | 473,035 | |
Covidien Plc | | | 3,600 | | | | 192,600 | |
Edwards Lifesciences Corp.* | | | 11,600 | | | | 1,198,280 | |
Stryker Corp. | | | 19,700 | | | | 1,085,470 | |
| | | | | | | | |
| | | | 2,949,385 | |
| | | | | | | | |
| Healthcare Services — 0.6% | |
UnitedHealth Group, Inc. | | | 21,600 | | | | 1,263,600 | |
| | | | | | | | |
| Home Builders — 0.9% | |
D.R. Horton, Inc. | | | 30,500 | | | | 560,590 | |
Lennar Corp., Class A | | | 18,400 | | | | 568,744 | |
NVR, Inc.* | | | 700 | | | | 595,000 | |
| | | | | | | | |
| | | | 1,724,334 | |
| | | | | | | | |
| Internet — 16.2% | |
Amazon.com, Inc.* | | | 30,500 | | | | 6,964,675 | |
Baidu, Inc. ADR* | | | 23,900 | | | | 2,748,022 | |
eBay, Inc.* | | | 71,300 | | | | 2,995,313 | |
Facebook Inc.,Class A*^~ | | | 16,909 | | | | 499,898 | |
Facebook Inc.,Class B*^~ | | | 30,111 | | | | 890,201 | |
Google, Inc., Class A* | | | 12,700 | | | | 7,366,889 | |
Groupon Inc.* | | | 49,600 | | | | 527,248 | |
LinkedIn Corp.,Class A* | | | 12,500 | | | | 1,328,375 | |
priceline.com, Inc.* | | | 9,100 | | | | 6,047,132 | |
Tencent Holdings Ltd. | | | 59,900 | | | | 1,768,924 | |
Twitter, Inc.*^~ | | | 7,697 | | | | 123,152 | |
| | | | | | | | |
| | | | 31,259,829 | |
| | | | | | | | |
| Leisure Time — 0.8% | |
Carnival Plc | | | 23,455 | | | | 801,936 | |
Harley-Davidson, Inc. | | | 14,400 | | | | 658,512 | |
| | | | | | | | |
| | | | 1,460,448 | |
| | | | | | | | |
| Lodging — 2.5% | |
Las Vegas Sands Corp. | | | 34,600 | | | | 1,504,754 | |
Marriott International, Inc., Class A | | | 38,297 | | | | 1,501,243 | |
MGM Resorts International* | | | 37,100 | | | | 414,036 | |
Starwood Hotels & Resorts Worldwide, Inc.* | | | 25,900 | | | | 1,373,736 | |
| | | | | | | | |
| | | | 4,793,769 | |
| | | | | | | | |
| Machinery-Diversified — 1.1% | |
Deere & Co. | | | 8,900 | | | | 719,743 | |
Roper Industries, Inc. | | | 9,300 | | | | 916,794 | |
The Babcock & Wilcox Co.* | | | 19,600 | | | | 480,200 | |
| | | | | | | | |
| | | | 2,116,737 | |
| | | | | | | | |
| Media — 0.9% | |
The Walt Disney Co.* | | | 35,200 | | | | 1,707,200 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 1.6% | | | | | | | | |
Precision Castparts Corp. | | | 19,200 | | | | 3,158,208 | |
| | | | | | | | |
64
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Miscellaneous Manufacturing — 2.8% | |
Danaher Corp. | | | 104,100 | | | $ | 5,421,528 | |
| | | | | | | | |
| Oil & Gas — 1.7% | |
EOG Resources, Inc. | | | 14,300 | | | | 1,288,573 | |
Occidental Petroleum Corp. | | | 14,000 | | | | 1,200,780 | |
Range Resources Corp. | | | 11,800 | | | | 730,066 | |
| | | | | | | | |
| | | | 3,219,419 | |
| | | | | | | | |
| Oil & Gas Services — 0.8% | |
Schlumberger Ltd. | | | 23,700 | | | | 1,538,367 | |
| | | | | | | | |
| Pharmaceuticals — 4.3% | |
Allergan, Inc. | | | 8,000 | | | | 740,560 | |
Catalyst Health Solutions, Inc.* | | | 5,300 | | | | 495,232 | |
Express Scripts Holding Co.* | | | 30,100 | | | | 1,680,483 | |
FMC Technologies, Inc.* | | | 29,900 | | | | 1,172,977 | |
McKesson Corp. | | | 23,700 | | | | 2,221,875 | |
Novo Nordisk A/S, B Shares* | | | 3,643 | | | | 528,369 | |
SXC Health Solutions Corp.* | | | 6,700 | | | | 664,707 | |
Valeant Pharmaceuticals International, Inc.* | | | 18,800 | | | | 842,052 | |
| | | | | | | | |
| | | | 8,346,255 | |
| | | | | | | | |
| Pipelines — 0.6% | |
The Williams Cos., Inc. | | | 39,400 | | | | 1,135,508 | |
| | | | | | | | |
| Retail — 8.3% | |
AutoZone, Inc.* | | | 3,900 | | | | 1,431,963 | |
CarMax, Inc.* | | | 36,500 | | | | 946,810 | |
Chipotle Mexican Grill, Inc.* | | | 4,800 | | | | 1,823,760 | |
Costco Wholesale Corp. | | | 16,500 | | | | 1,567,500 | |
CVS Caremark Corp. | | | 35,600 | | | | 1,663,588 | |
Dollar Tree, Inc.* | | | 11,000 | | | | 591,800 | |
Ross Stores, Inc. | | | 17,900 | | | | 1,118,213 | |
Starbucks Corp. | | | 73,100 | | | | 3,897,692 | |
The Home Depot, Inc. | | | 27,800 | | | | 1,473,122 | |
Tractor Supply Co. | | | 4,000 | | | | 332,240 | |
Yum! Brands, Inc. | | | 20,000 | | | | 1,288,400 | |
| | | | | | | | |
| | | | 16,135,088 | |
| | | | | | | | |
| Semiconductors — 3.3% | |
Broadcom Corp., Class A* | | | 42,600 | | | | 1,439,880 | |
QUALCOMM, Inc. | | | 88,000 | | | | 4,899,840 | |
| | | | | | | | |
| | | | 6,339,720 | |
| | | | | | | | |
| Software — 3.3% | |
Akamai Technologies, Inc.* | | | 27,800 | | | | 882,650 | |
Autodesk, Inc.* | | | 20,800 | | | | 727,792 | |
Check Point Software Technologies Ltd.* | | | 13,100 | | | | 649,629 | |
Informatica Corp.* | | | 21,100 | | | | 893,796 | |
Nuance Communications, Inc.* | | | 41,200 | | | | 981,384 | |
Red Hat, Inc.* | | | 22,000 | | | | 1,242,560 | |
Salesforce.com, Inc.* | | | 7,600 | | | | 1,050,776 | |
| | | | | | | | |
| | | | 6,428,587 | |
| | | | | | | | |
| Telecommunications — 3.5% | |
Crown Castle International Corp.* | | | 88,100 | | | | 5,167,946 | |
Juniper Networks, Inc.* | | | 97,800 | | | | 1,595,118 | |
| | | | | | | | |
| | | | 6,763,064 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Transportation — 4.3% | |
FedEx Corp. | | | 22,000 | | | $ | 2,015,420 | |
J.B. Hunt Transport Services, Inc. | | | 17,000 | | | | 1,013,200 | |
Kansas City Southern | | | 17,200 | | | | 1,196,432 | |
Union Pacific Corp. | | | 16,600 | | | | 1,980,546 | |
United Parcel Service, Inc., Class B | | | 26,800 | | | | 2,110,768 | |
| | | | | | | | |
| | | | 8,316,366 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $128,408,965) | | | | | | | 182,296,868 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.3% | |
| Internet — 0.3% | |
Livingsocial, Series F CONV*^~ | | | 15,066 | | | | 80,272 | |
Twitter, Inc. Series A CONV*^~ | | | 20 | | | | 320 | |
Twitter, Inc. Series B CONV*^~ | | | 312 | | | | 4,992 | |
Twitter, Inc. Series B CONV*^~ | | | 5,772 | | | | 92,352 | |
Twitter, Inc. Series C CONV*^~ | | | 80 | | | | 1,280 | |
Twitter, Inc. Series C CONV*^~ | | | 1,566 | | | | 25,056 | |
Twitter, Inc. Series D CONV*^~ | | | 2,954 | | | | 47,264 | |
Twitter, Inc. Series F CONV*^~ | | | 1,040 | | | | 16,640 | |
Twitter, Inc. Series G-2 CONV*^~ | | | 12,129 | | | | 194,064 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $499,276) | | | | | | | 462,240 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.2% | |
| Diversified — 2.2% | |
American Tower Corp.
(Cost $2,461,718) | | | 61,500 | | | | 4,299,465 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.2% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares | | | 5,544,498 | | | | 5,544,498 | |
T. Rowe Price Reserve Investment Fund | | | 687,085 | | | | 687,085 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,231,583) | | | | | | | 6,231,583 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $137,601,542) | | | | | | $ | 193,290,156 | |
| | | | | | | | |
| ^ | Illiquid security. The total market value of illiquid securities at June 30, 2012 is $1,975,491. |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2012 is $1,975,491. |
ADR — American Depository Receipt.
CONV — Convertible Security.
Plc — Public Limited Company.
65
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Growth Stock Fund
| | | | | | | | |
COMMON STOCKS
COUNTRY DIVERSIFICATION | | % of Market
Value | | |
Value† | |
United States | | | 93.9% | | | $ | 181,489,942 | |
China | | | 2.3% | | | | 4,516,946 | |
Ireland | | | 1.2% | | | | 2,205,615 | |
France | | | 0.8% | | | | 1,538,367 | |
Canada | | | 0.4% | | | | 842,052 | |
United Kingdom | | | 0.4% | | | | 801,936 | |
Italy | | | 0.4% | | | | 717,300 | |
Israel | | | 0.3% | | | | 649,629 | |
Denmark | | | 0.3% | | | | 528,369 | |
| |
| | |
| | | 100.0% | | | $ | 193,290,156 | |
| | | | | | | | |
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 94 | % |
China | | | 2 | |
Canada | | | 1 | |
France | | | 1 | |
Ireland | | | 1 | |
Other | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 1,367,120 | | | $ | 1,367,120 | | | $ | — | | | $ | — | |
Airlines | | | 506,064 | | | | 506,064 | | | | — | | | | — | |
Apparel | | | 3,814,764 | | | | 3,097,464 | | | | 717,300 | | | | — | |
Banks | | | 742,896 | | | | 742,896 | | | | — | | | | — | |
Beverages | | | 946,960 | | | | 946,960 | | | | — | | | | — | |
Biotechnology | | | 5,740,781 | | | | 5,740,781 | | | | — | | | | — | |
Chemicals | | | 6,291,103 | | | | 6,291,103 | | | | — | | | | — | |
Commercial Services | | | 9,139,611 | | | | 9,139,611 | | | | — | | | | — | |
Computers | | | 27,819,442 | | | | 27,819,442 | | | | — | | | | — | |
Distribution & Wholesale | | | 3,658,511 | | | | 3,658,511 | | | | — | | | | — | |
Diversified Financial Services | | | 6,600,804 | | | | 6,600,804 | | | | — | | | | — | |
Electronics | | | 809,776 | | | | 809,776 | | | | — | | | | — | |
Food | | | 781,624 | | | | 781,624 | | | | — | | | | — | |
Healthcare Products | | | 2,949,385 | | | | 2,949,385 | | | | — | | | | — | |
Healthcare Services | | | 1,263,600 | | | | 1,263,600 | | | | — | | | | — | |
Home Builders | | | 1,724,334 | | | | 1,724,334 | | | | — | | | | — | |
Internet | | | 31,259,829 | | | | 27,977,654 | | | | 3,159,023 | | | | 123,152 | |
Leisure Time | | | 1,460,448 | | | | 658,512 | | | | 801,936 | | | | — | |
Lodging | | | 4,793,769 | | | | 4,793,769 | | | | — | | | | — | |
Machinery - Diversified | | | 2,116,737 | | | | 2,116,737 | | | | — | | | | — | |
Media | | | 1,707,200 | | | | 1,707,200 | | | | — | | | | — | |
Metal Fabricate/Hardware | | | 3,158,208 | | | | 3,158,208 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS (continued) | | | | | | | | | |
Miscellaneous Manufacturing | | $ | 5,421,528 | | | $ | 5,421,528 | | | $ | — | | | $ | — | |
Oil & Gas | | | 3,219,419 | | | | 3,219,419 | | | | — | | | | — | |
Oil & Gas Services | | | 1,538,367 | | | | 1,538,367 | | | | — | | | | — | |
Pharmaceuticals | | | 8,346,255 | | | | 7,817,886 | | | | 528,369 | | | | — | |
Pipelines | | | 1,135,508 | | | | 1,135,508 | | | | — | | | | — | |
Retail | | | 16,135,088 | | | | 16,135,088 | | | | — | | | | — | |
Semiconductors | | | 6,339,720 | | | | 6,339,720 | | | | — | | | | — | |
Software | | | 6,428,587 | | | | 6,428,587 | | | | — | | | | — | |
Telecommunications | | | 6,763,064 | | | | 6,763,064 | | | | — | | | | — | |
Transportation | | | 8,316,366 | | | | 8,316,366 | | | | — | | | | — | |
| |
TOTAL COMMON STOCKS | | | 182,296,868 | | | | 176,967,088 | | | | 5,206,628 | | | | 123,152 | |
| |
REAL ESTATE INVESTMENT TRUSTS | | | 4,299,465 | | | | 4,299,465 | | | | | | | | | |
PREFERRED STOCKS | | | 462,240 | | | | — | | | | — | | | | 462,240 | |
SHORT-TERM INVESTMENTS | | | 6,231,583 | | | | 6,231,583 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 193,290,156 | | | $ | 187,498,136 | | | $ | 5,206,628 | | | $ | 585,392 | |
| |
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 12/31/2011 | | $ | 1,905,082 | |
Transfers Out of Level 3 | | | (1,464,536 | ) |
Purchases | | | 134,048 | |
Change in Appreciation/(Depreciation) | | | 10,798 | |
| | | | |
Balance as of 6/30/2012 | | $ | 585,392 | |
| | | | |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund had transfers of $1,464,536 from level 3 to level 2 fair value hierarchies during the reporting period. On May 18, 2012, Facebook, Inc. began publicly trading, therefore obtaining a significant observable input for the valuation of Facebook, Inc. Class A and Class B shares.
The accompanying notes are an integral part of these financial statements.
66
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.2% | | | | | | | | |
| Aerospace & Defense — 3.3% | | | | | | | | |
BE Aerospace, Inc.* | | | 8,990 | | | $ | 392,503 | |
The Boeing Co. | | | 9,930 | | | | 737,799 | |
| | | | | | | | |
| | | | | | | 1,130,302 | |
| | | | | | | | |
| Apparel — 2.3% | | | | | | | | |
Coach, Inc. | | | 7,780 | | | | 454,975 | |
Ralph Lauren Corp. | | | 2,290 | | | | 320,737 | |
| | | | | | | | |
| | | | | | | 775,712 | |
| | | | | | | | |
| Beverages — 4.9% | | | | | | | | |
The Coca-Cola Co. | | | 21,630 | | | | 1,691,250 | |
| | | | | | | | |
| Biotechnology — 3.7% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 5,240 | | | | 520,332 | |
Ariad Pharmaceuticals, Inc.* | | | 7,630 | | | | 131,312 | |
Biogen Idec, Inc.* | | | 4,360 | | | | 629,497 | |
| | | | | | | | |
| | | | | | | 1,281,141 | |
| | | | | | | | |
| Chemicals — 2.1% | | | | | | | | |
Monsanto Co. | | | 8,720 | | | | 721,842 | |
| | | | | | | | |
| Computers — 14.1% | | | | | | | | |
Apple, Inc.* | | | 7,109 | | | | 4,151,656 | |
EMC Corp.* | | | 19,420 | | | | 497,734 | |
Fortinet, Inc.* | | | 7,680 | | | | 178,330 | |
| | | | | | | | |
| | | | | | | 4,827,720 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.7% | | | | | | | | |
The Estee Lauder Cos., Inc., Class A | | | 4,600 | | | | 248,952 | |
| | | | | | | | |
| Diversified Financial Services — 3.7% | | | | | | | | |
Affiliated Managers Group, Inc.* | | | 4,890 | | | | 535,211 | |
American Express Co. | | | 12,850 | | | | 747,998 | |
| | | | | | | | |
| | | | | | | 1,283,209 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.5% | | | | | | | | |
AMETEK, Inc. | | | 10,130 | | | | 505,588 | |
| | | | | | | | |
| Electronics — 1.4% | | | | | | | | |
Agilent Technologies, Inc. | | | 12,600 | | | | 494,424 | |
| | | | | | | | |
| Engineering & Construction — 0.6% | | | | | | | | |
KBR, Inc. | | | 7,880 | | �� | | 194,715 | |
| | | | | | | | |
| Food — 1.3% | | | | | | | | |
Whole Foods Market, Inc. | | | 4,540 | | | | 432,753 | |
| | | | | | | | |
| Healthcare Products — 1.4% | | | | | | | | |
Intuitive Surgical, Inc.* | | | 870 | | | | 481,797 | |
| | | | | | | | |
| Home Builders — 0.6% | | | | | | | | |
Lennar Corp., Class A | | | 6,950 | | | | 214,825 | |
| | | | | | | | |
| Internet — 11.5% | | | | | | | | |
Amazon.com, Inc.* | | | 2,930 | | | | 669,065 | |
eBay, Inc.* | | | 18,810 | | | | 790,208 | |
F5 Networks, Inc.* | | | 2,450 | | | | 243,922 | |
Facebook, Inc.* | | | 14,570 | | | | 453,418 | |
Google, Inc., Class A* | | | 2,025 | | | | 1,174,642 | |
LinkedIn Corp., Class A* | | | 2,740 | | | | 291,180 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Internet — (continued) | | | | | | | | |
TIBCO Software, Inc.* | | | 10,340 | | | $ | 309,373 | |
| | | | | | | | |
| | | | | | | 3,931,808 | |
| | | | | | | | |
| Lodging — 2.9% | | | | | | | | |
Las Vegas Sands Corp. | | | 11,490 | | | | 499,700 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 9,330 | | | | 494,863 | |
| | | | | | | | |
| | | | | | | 994,563 | |
| | | | | | | | |
| Machinery—Construction & Mining — 2.0% | | | | | | | | |
Caterpillar, Inc. | | | 7,930 | | | | 673,336 | |
| | | | | | | | |
| Media — 1.7% | | | | | | | | |
Comcast Corp., Class A | | | 18,690 | | | | 597,519 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.9% | | | | | | | | |
Precision Castparts Corp. | | | 1,820 | | | | 299,372 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.0% | | | | | | | | |
SPX Corp. | | | 5,380 | | | | 351,422 | |
| | | | | | | | |
| Oil & Gas — 2.6% | | | | | | | | |
Anadarko Petroleum Corp. | | | 3,810 | | | | 252,222 | |
Cabot Oil & Gas Corp. | | | 6,650 | | | | 262,010 | |
Concho Resources, Inc.* | | | 4,600 | | | | 391,552 | |
| | | | | | | | |
| | | | | | | 905,784 | |
| | | | | | | | |
| Oil & Gas Services — 2.2% | | | | | | | | |
Schlumberger Ltd. | | | 11,430 | | | | 741,921 | |
| | | | | | | | |
| Pharmaceuticals — 3.4% | | | | | | | | |
Allergan, Inc. | | | 7,040 | | | | 651,693 | |
Mead Johnson Nutrition Co. | | | 3,380 | | | | 272,124 | |
Perrigo Co. | | | 2,050 | | | | 241,756 | |
| | | | | | | | |
| | | | | | | 1,165,573 | |
| | | | | | | | |
| Pipelines — 1.2% | | | | | | | | |
Enbridge, Inc. | | | 10,330 | | | | 412,374 | |
| | | | | | | | |
| Real Estate — 1.2% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 25,020 | | | | 409,327 | |
| | | | | | | | |
| Retail — 8.5% | | | | | | | | |
AutoZone, Inc.* | | | 840 | | | | 308,423 | |
Bed Bath & Beyond, Inc.* | | | 7,810 | | | | 482,658 | |
GNC Holdings, Inc., Class A | | | 8,650 | | | | 339,080 | |
Lululemon Athletica, Inc.* | | | 3,790 | | | | 225,998 | |
Starbucks Corp. | | | 11,460 | | | | 611,047 | |
The Home Depot, Inc. | | | 9,060 | | | | 480,089 | |
Yum! Brands, Inc. | | | 7,340 | | | | 472,843 | |
| | | | | | | | |
| | | | | | | 2,920,138 | |
| | | | | | | | |
| Semiconductors — 8.3% | | | | | | | | |
Altera Corp. | | | 18,500 | | | | 626,040 | |
Broadcom Corp., Class A* | | | 14,030 | | | | 474,214 | |
Lam Research Corp.* | | | 10,010 | | | | 377,777 | |
NXP Semiconductors N.V.* | | | 17,130 | | | | 398,273 | |
QUALCOMM, Inc. | | | 17,620 | | | | 981,082 | |
| | | | | | | | |
| | | | | | | 2,857,386 | |
| | | | | | | | |
67
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Software — 5.2% | | | | | | | | |
Cerner Corp.* | | | 7,120 | | | $ | 588,539 | |
Fidelity National Information Services, Inc. | | | 11,410 | | | | 388,853 | |
Salesforce.com, Inc.* | | | 2,280 | | | | 315,233 | |
VMware, Inc., Class A* | | | 5,330 | | | | 485,243 | |
| | | | | | | | |
| | | | | | | 1,777,868 | |
| | | | | | | | |
| Telecommunications — 2.0% | | | | | | | | |
Acme Packet, Inc.* | | | 5,180 | | | | 96,607 | |
Finisar Corp.* | | | 10,810 | | | | 161,717 | |
Juniper Networks, Inc.* | | | 18,370 | | | | 299,615 | |
Ubiquiti Networks, Inc.* | | | 10,260 | | | | 146,205 | |
| | | | | | | | |
| | | | | | | 704,144 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $29,956,351) | | | | | | | 33,026,765 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 1.3% | | | | | |
| Regional Malls — 1.3% | | | | | | | | |
Simon Property Group, Inc.
(Cost $396,858) | | | 2,820 | | | | 438,961 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.5% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $861,432) | | | 861,432 | | | | 861,432 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $31,214,641) | | | | | | $ | 34,327,158 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 95 | % |
Canada | | | 2 | |
France | | | 2 | |
Netherlands | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 33,026,765 | | | $ | 33,026,765$ | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 438,961 | | | | 438,961 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 861,432 | | | | 861,432 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 34,327,158 | | | $ | 34,327,158 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
68
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Core Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 98.2% | | | | | | | | |
| Apparel — 2.5% | |
Coach, Inc. | | | 13,905 | | | $ | 813,165 | |
NIKE, Inc., Class B | | | 14,940 | | | | 1,311,433 | |
Ralph Lauren Corp. | | | 4,090 | | | | 572,845 | |
| | | | | | | | |
| | | | | | | 2,697,443 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.5% | | | | | | | | |
BorgWarner, Inc.* | | | 8,070 | | | | 529,311 | |
| | | | | | | | |
| Banks — 0.7% | | | | | | | | |
Capital One Financial Corp. | | | 14,710 | | | | 804,049 | |
| | | | | | | | |
| Beverages — 1.9% | | | | | | | | |
Monster Beverage Corp.* | | | 18,500 | | | | 1,317,200 | |
The Coca-Cola Co. | | | 8,830 | | | | 690,418 | |
| | | | | | | | |
| | | | | | | 2,007,618 | |
| | | | | | | | |
| Biotechnology — 3.3% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 14,020 | | | | 1,392,186 | |
Gilead Sciences, Inc.* | | | 30,790 | | | | 1,578,911 | |
Vertex Pharmaceuticals, Inc.* | | | 9,410 | | | | 526,207 | |
| | | | | | | | |
| | | | | | | 3,497,304 | |
| | | | | | | | |
| Chemicals — 2.2% | | | | | | | | |
Monsanto Co. | | | 28,940 | | | | 2,395,653 | |
| | | | | | | | |
| Commercial Services — 5.2% | | | | | | | | |
Alliance Data Systems Corp.* | | | 10,270 | | | | 1,386,450 | |
Hertz Global Holdings, Inc.* | | | 63,630 | | | | 814,464 | |
Mastercard, Inc., Class A | | | 2,690 | | | | 1,156,996 | |
Visa, Inc., Class A | | | 17,510 | | | | 2,164,761 | |
| | | | | | | | |
| | | | | | | 5,522,671 | |
| | | | | | | | |
| Computers — 11.7% | | | | | | | | |
Apple, Inc.* | | | 17,005 | | | | 9,930,920 | |
Cognizant Technology Solutions Corp., Class A* | | | 25,900 | | | | 1,554,000 | |
Teradata Corp.* | | | 13,670 | | | | 984,377 | |
| | | | | | | | |
| | | | | | | 12,469,297 | |
| | | | | | | | |
| Distribution & Wholesale — 1.2% | | | | | | | | |
W.W. Grainger, Inc. | | | 6,572 | | | | 1,256,829 | |
| | | | | | | | |
| Diversified Financial Services — 1.5% | | | | | | | | |
Ameriprise Financial, Inc. | | | 13,500 | | | | 705,510 | |
Discover Financial Services | | | 25,850 | | | | 893,893 | |
| | | | | | | | |
| | | | | | | 1,599,403 | |
| | | | | | | | |
| Food — 3.2% | | | | | | | | |
The Hershey Co. | | | 17,807 | | | | 1,282,638 | |
Whole Foods Market, Inc. | | | 23,030 | | | | 2,195,220 | |
| | | | | | | | |
| | | | | | | 3,477,858 | |
| | | | | | | | |
| Healthcare Products — 1.6% | | | | | | | | |
Intuitive Surgical, Inc.* | | | 3,100 | | | | 1,716,749 | |
| | | | | | | | |
| Healthcare Services — 2.5% | | | | | | | | |
Novo Nordisk A S | | | 9,960 | | | | 1,447,586 | |
UnitedHealth Group, Inc. | | | 21,025 | | | | 1,229,963 | |
| | | | | | | | |
| | | | | | | 2,677,549 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Internet — 9.6% | | | | | | | | |
Amazon.com, Inc.* | | | 6,204 | | | $ | 1,416,684 | |
Baidu, Inc. ADR* | | | 4,490 | | | | 516,260 | |
eBay, Inc.* | | | 65,430 | | | | 2,748,714 | |
F5 Networks, Inc.* | | | 11,750 | | | | 1,169,830 | |
Google, Inc., Class A* | | | 4,060 | | | | 2,355,084 | |
priceline.com, Inc.* | | | 1,570 | | | | 1,043,297 | |
TIBCO Software, Inc.* | | | 34,910 | | | | 1,044,507 | |
| | | | | | | | |
| | | | | | | 10,294,376 | |
| | | | | | | | |
| Leisure Time — 1.0% | | | | | | | | |
Harley-Davidson, Inc. | | | 22,720 | | | | 1,038,986 | |
| | | | | | | | |
| Machinery—Construction & Mining — 1.4% | | | | | |
Caterpillar, Inc. | | | 17,370 | | | | 1,474,887 | |
| | | | | | | | |
| Machinery—Diversified — 1.5% | | | | | | | | |
Cummins, Inc. | | | 6,615 | | | | 641,059 | |
Deere & Co. | | | 11,970 | | | | 968,014 | |
| | | | | | | | |
| | | | | | | 1,609,073 | |
| | | | | | | | |
| Media — 1.0% | | | | | | | | |
CBS Corp., Class B | | | 33,975 | | | | 1,113,700 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 1.3% | | | | | | | | |
Precision Castparts Corp. | | | 8,800 | | | | 1,447,512 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.7% | | | | | | | | |
Danaher Corp. | | | 34,110 | | | | 1,776,449 | |
| | | | | | | | |
| Oil & Gas — 2.0% | | | | | | | | |
Ensco Plc ADR,Class A | | | 17,240 | | | | 809,763 | |
Pioneer Natural Resources Co. | | | 14,820 | | | | 1,307,272 | |
| | | | | | | | |
| | | | | | | 2,117,035 | |
| | | | | | | | |
| Oil & Gas Services — 1.0% | | | | | | | | |
Schlumberger Ltd. | | | 16,010 | | | | 1,039,209 | |
| | | | | | | | |
| Pharmaceuticals — 8.0% | | | | | | | | |
Abbott Laboratories | | | 45,410 | | | | 2,927,583 | |
Allergan, Inc. | | | 22,940 | | | | 2,123,556 | |
Bristol-Myers Squibb Co. | | | 49,980 | | | | 1,796,781 | |
Mead Johnson Nutrition Co. | | | 21,320 | | | | 1,716,473 | |
| | | | | | | | |
| | | | | | | 8,564,393 | |
| | | | | | | | |
| Pipelines — 1.6% | | | | | | | | |
The Williams Cos., Inc. | | | 60,060 | | | | 1,730,929 | |
| | | | | | | | |
| Retail — 14.7% | | | | | | | | |
Costco Wholesale Corp. | | | 11,500 | | | | 1,092,500 | |
Dollar General Corp.* | | | 62,088 | | | | 3,376,966 | |
Ltd. Brands, Inc. | | | 39,430 | | | | 1,676,958 | |
Lululemon Athletica, Inc.* | | | 15,080 | | | | 899,220 | |
Nordstrom, Inc. | | | 25,210 | | | | 1,252,685 | |
Starbucks Corp. | | | 34,540 | | | | 1,841,673 | |
The Home Depot, Inc. | | | 37,930 | | | | 2,009,911 | |
TJX Cos., Inc. | | | 27,600 | | | | 1,184,868 | |
Ulta Salon Cosmetics & Fragrance, Inc.* | | | 8,710 | | | | 813,340 | |
Yum! Brands, Inc. | | | 24,430 | | | | 1,573,780 | |
| | | | | | | | |
| | | | | | | 15,721,901 | |
| | | | | | | | |
69
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Core Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — 4.3% | |
Avago Technologies Ltd. | | | 40,050 | | | $ | 1,437,795 | |
Broadcom Corp., Class A* | | | 20,960 | | | | 708,448 | |
QUALCOMM, Inc. | | | 44,610 | | | | 2,483,885 | |
| | | | | | | | |
| | | | | | | 4,630,128 | |
| | | | | | | | |
| Software — 6.0% | | | | | | | | |
Autodesk, Inc.* | | | 28,880 | | | | 1,010,511 | |
Cerner Corp.* | | | 26,200 | | | | 2,165,692 | |
Citrix Systems, Inc.* | | | 16,527 | | | | 1,387,277 | |
Red Hat, Inc.* | | | 10,600 | | | | 598,688 | |
VMware, Inc., Class A* | | | 13,580 | | | | 1,236,323 | |
| | | | | | | | |
| | | | | | | 6,398,491 | |
| | | | | | | | |
| Telecommunications — 2.4% | | | | | | | | |
Crown Castle International Corp.* | | | 43,030 | | | | 2,524,140 | |
| | | | | | | | |
| Transportation — 2.7% | | | | | | | | |
Kansas City Southern | | | 17,680 | | | | 1,229,821 | |
Union Pacific Corp. | | | 13,538 | | | | 1,615,218 | |
| | | | | | | | |
| | | | | | | 2,845,039 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $83,556,261) | | | | | | | 104,977,982 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.8% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,912,132) | | | 1,912,132 | | | | 1,912,132 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $85,468,393) | | | $ | 106,890,114 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
Plc — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Observable Input | |
TOTAL COMMON STOCKS | | $ | 104,977,982 | | | $ | 104,977,982 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,912,132 | | | | 1,912,132 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 106,890,114 | | | $ | 106,890,114 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
70
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 94.4% | |
| Airlines — 0.5% | |
United Continental Holdings, Inc.* | | | 31,740 | | | $ | 772,234 | |
| | | | | | | | |
| Auto Manufacturers — 2.0% | | | | | | | | |
Ford Motor Co. | | | 226,670 | | | | 2,173,765 | |
Navistar International Corp.* | | | 41,960 | | | | 1,190,405 | |
| | | | | | | | |
| | | | 3,364,170 | |
| | | | | | | | |
| Banks — 14.7% | | | | | |
Citigroup, Inc. | | | 144,290 | | | | 3,954,989 | |
M&T Bank Corp. | | | 42,600 | | | | 3,517,482 | |
PNC Financial Services Group, Inc. | | | 37,920 | | | | 2,317,291 | |
SunTrust Banks, Inc. | | | 119,770 | | | | 2,902,027 | |
The Goldman Sachs Group, Inc. | | | 48,720 | | | | 4,670,299 | |
U.S. Bancorp | | | 50,570 | | | | 1,626,331 | |
Wells Fargo & Co. | | | 154,020 | | | | 5,150,429 | |
| | | | | | | | |
| | | | 24,138,848 | |
| | | | | | | | |
| Beverages — 6.6% | | | | | |
Molson Coors Brewing Co., Class B | | | 80,710 | | | | 3,358,343 | |
PepsiCo, Inc. | | | 22,700 | | | | 1,603,982 | |
The Coca-Cola Co. | | | 76,320 | | | | 5,967,461 | |
| | | | | | | | |
| | | | 10,929,786 | |
| | | | | | | | |
| Chemicals — 2.4% | | | | | |
Celanese Corp., Series A* | | | 21,320 | | | | 738,098 | |
The Mosaic Co. | | | 59,810 | | | | 3,275,196 | |
| | | | | | | | |
| | | | 4,013,294 | |
| | | | | | | | |
| Commercial Services — 1.0% | | | | | |
Quanta Services, Inc.* | | | 69,370 | | | | 1,669,736 | |
| | | | | | | | |
| Diversified Financial Services — 3.8% | | | | | |
AerCap Holdings N.V.* | | | 241,780 | | | | 2,727,278 | |
BlackRock, Inc. | | | 20,690 | | | | 3,513,576 | |
| | | | | | | | |
| | | | 6,240,854 | |
| | | | | | | | |
| Electric — 5.5% | | | | | |
American Electric Power Co., Inc. | | | 48,270 | | | | 1,925,973 | |
Edison International | | | 85,110 | | | | 3,932,082 | |
GenOn Energy Inc.* | | | 997,330 | | | | 1,705,434 | |
Public Service Enterprise Group, Inc. | | | 44,320 | | | | 1,440,400 | |
| | | | | | | | |
| | | | 9,003,889 | |
| | | | | | | | |
| Electronics — 7.2% | | | | | |
Honeywell International, Inc. | | | 98,080 | | | | 5,476,787 | |
TE Connectivity Ltd. | | | 97,670 | | | | 3,116,650 | |
Tyco International Ltd. | | | 60,450 | | | | 3,194,782 | |
| | | | | | | | |
| | | | 11,788,219 | |
| | | | | | | | |
| Gas — 0.6% | | | | | |
NiSource, Inc. | | | 36,530 | | | | 904,119 | |
| | | | | | | | |
| Healthcare Products — 1.3% | | | | | | | | |
Baxter International, Inc. | | | 40,570 | | | | 2,156,296 | |
| | | | | | | | |
| Healthcare Services — 6.5% | | | | | |
Humana, Inc. | | | 77,550 | | | | 6,005,472 | |
UnitedHealth Group, Inc. | | | 80,890 | | | | 4,732,065 | |
| | | | | | | | |
| | | | 10,737,537 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Household Products & Wares — 1.2% | | | | | |
Church & Dwight Co., Inc. | | | 36,530 | | | $ | 2,026,319 | |
| | | | | | | | |
| Insurance — 4.3% | | | | | |
ACE Ltd. | | | 52,880 | | | | 3,919,995 | |
Marsh & McLennan Cos., Inc. | | | 42,500 | | | | 1,369,775 | |
The Travelers Cos., Inc. | | | 29,180 | | | | 1,862,851 | |
| | | | | | | | |
| | | | 7,152,621 | |
| | | | | | | | |
| Media — 2.7% | | | | | |
Comcast Corp., Class A | | | 113,080 | | | | 3,615,167 | |
Viacom, Inc., Class B | | | 16,130 | | | | 758,433 | |
| | | | | | | | |
| | | | 4,373,600 | |
| | | | | | | | |
| Oil & Gas — 9.7% | | | | | |
Apache Corp. | | | 15,940 | | | | 1,400,967 | |
Chevron Corp. | | | 79,980 | | | | 8,437,890 | |
Exxon Mobil Corp. | | | 57,610 | | | | 4,929,688 | |
Valero Energy Corp. | | | 47,310 | | | | 1,142,536 | |
| | | | | | | | |
| | | | 15,911,081 | |
| | | | | | | | |
| Oil & Gas Services — 1.5% | | | | | |
Baker Hughes, Inc. | | | 59,340 | | | | 2,438,874 | |
| | | | | | | | |
| Packaging and Containers — 1.4% | | | | | |
Rock-Tenn Co., Class A | | | 42,130 | | | | 2,298,191 | |
| | | | | | | | |
| Pharmaceuticals — 6.8% | | | | | |
Merck & Co., Inc. | | | 129,960 | | | | 5,425,830 | |
Pfizer, Inc. | | | 149,930 | | | | 3,448,390 | |
Teva Pharmaceutical Industries Ltd. ADR | | | 60,300 | | | | 2,378,232 | |
| | | | | | | | |
| | | | 11,252,452 | |
| | | | | | | | |
| Retail — 3.2% | | | | | |
Talbots, Inc.* | | | 44,460 | | | | 112,039 | |
Target Corp. | | | 88,140 | | | | 5,128,867 | |
| | | | | | | | |
| | | | 5,240,906 | |
| | | | | | | | |
| Semiconductors — 2.2% | | | | | |
Analog Devices, Inc. | | | 43,990 | | | | 1,657,103 | |
Xilinx, Inc. | | | 59,250 | | | | 1,989,023 | |
| | | | | | | | |
| | | | 3,646,126 | |
| | | | | | | | |
| Telecommunications — 7.1% | | | | | |
AT&T, Inc. | | | 66,647 | | | | 2,376,632 | |
Cisco Systems, Inc. | | | 169,410 | | | | 2,908,770 | |
Juniper Networks, Inc.* | | | 266,580 | | | | 4,347,920 | |
Verizon Communications, Inc. | | | 45,200 | | | | 2,008,688 | |
| | | | | | | | |
| | | | 11,642,010 | |
| | | | | | | | |
| Textiles — 2.2% | | | | | |
Mohawk Industries, Inc.* | | | 52,060 | | | | 3,635,350 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $149,672,881) | | | | 155,336,512 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 5.6% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $9,241,297) | | | 9,241,297 | | | | 9,241,297 | |
| | | | | | | | |
71
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| PURCHASED OPTIONS — 0.0% | |
| Call Options — 0.0% | | | | | |
Humama, Inc. expiring 07/21/12 at strike price $67.50 | | | 124 | | | $ | 6,200 | |
Humama, Inc. expiring 07/21/12 at strike price $72.50 | | | 120 | | | | 3,600 | |
UnitedHealth Group, Inc. expiring 07/21/12 at strike price $52.50 | | | 197 | | | | 11,820 | |
UnitedHealth Group, Inc. expiring 07/21/12 at strike price $55 | | | 197 | | | | 8,865 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS
(Cost $63,618) | | | | 30,485 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $158,977,796) | | | $ | 164,608,294 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 91 | % |
Switzerland | | | 4 | |
Bermuda | | | 2 | |
Netherlands | | | 2 | |
Israel | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant Unobservable Input | |
COMMON STOCKS | | $ | 155,336,512 | | | $ | 155,336,512 | | | $ | — | | | $ | — | |
PURCHASED OPTIONS | | | 30,485 | | | | 30,485 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 9,241,297 | | | | 9,241,297 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 164,608,294 | | | $ | 164,608,294 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial
72
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 93.2% | |
| Aerospace & Defense — 2.7% | |
General Dynamics Corp. | | | 11,585 | | | $ | 764,146 | |
The Boeing Co. | | | 22,766 | | | | 1,691,514 | |
United Technologies Corp. | | | 21,407 | | | | 1,616,871 | |
| | | | | | | | |
| | | | | | | 4,072,531 | |
| | | | | | | | |
| Agriculture — 1.1% | |
Philip Morris International, Inc. | | | 19,654 | | | | 1,715,008 | |
| | | | | | | | |
| Auto Manufacturers — 0.5% | |
PACCAR, Inc. | | | 19,822 | | | | 776,824 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.5% | |
Johnson Controls, Inc. | | | 27,511 | | | | 762,330 | |
| | | | | | | | |
| Banks — 12.8% | |
Citigroup, Inc. | | | 78,068 | | | | 2,139,844 | |
Fifth Third Bancorp | | | 62,916 | | | | 843,074 | |
JPMorgan Chase & Co. | | | 113,005 | | | | 4,037,669 | |
KeyCorp | | | 126,330 | | | | 977,794 | |
PNC Financial Services Group, Inc. | | | 31,808 | | | | 1,943,787 | |
Regions Financial Corp. | | | 166,568 | | | | 1,124,334 | |
State Street Corp. | | | 19,696 | | | | 879,230 | |
The Goldman Sachs Group, Inc. | | | 14,177 | | | | 1,359,007 | |
U.S. Bancorp | | | 47,499 | | | | 1,527,568 | |
Wells Fargo & Co. | | | 134,619 | | | | 4,501,659 | |
| | | | | | | | |
| | | | | | | 19,333,966 | |
| | | | | | | | |
| Biotechnology — 1.3% | |
Celgene Corp.* | | | 11,375 | | | | 729,820 | |
Gilead Sciences, Inc.* | | | 23,597 | | | | 1,210,054 | |
| | | | | | | | |
| | | | | | | 1,939,874 | |
| | | | | | | | |
| Chemicals — 1.1% | |
Air Products & Chemicals, Inc. | | | 9,358 | | | | 755,471 | |
LyondellBasell Industries N.V., Class A | | | 21,672 | | | | 872,732 | |
| | | | | | | | |
| | | | | | | 1,628,203 | |
| | | | | | | | |
| Computers — 4.5% | |
Apple, Inc.* | | | 7,375 | | | | 4,307,000 | |
International Business Machines Corp. | | | 12,878 | | | | 2,518,679 | |
| | | | | | | | |
| | | | | | | 6,825,679 | |
| | | | | | | | |
| Diversified Financial Services — 2.9% | |
American Express Co. | | | 58,263 | | | | 3,391,489 | |
Ameriprise Financial, Inc. | | | 20,004 | | | | 1,045,409 | |
| | | | | | | | |
| | | | | | | 4,436,898 | |
| | | | | | | | |
| Electric — 3.1% | |
American Electric Power Co., Inc. | | | 39,332 | | | | 1,569,347 | |
NextEra Energy, Inc. | | | 22,072 | | | | 1,518,774 | |
PG&E Corp. | | | 18,007 | | | | 815,177 | |
PPL Corp. | | | 27,714 | | | | 770,726 | |
| | | | | | | | |
| | | | | | | 4,674,024 | |
| | | | | | | | |
| Electronics — 1.7% | |
Honeywell International, Inc. | | | 28,054 | | | | 1,566,536 | |
Thermo Fisher Scientific, Inc. | | | 20,274 | | | | 1,052,423 | |
| | | | | | | | |
| | | | | | | 2,618,959 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Food — 3.1% | |
Kraft Foods, Inc., Class A | | | 54,687 | | | $ | 2,112,012 | |
Nestle SA ADR | | | 18,672 | | | | 1,115,465 | |
Unilever N.V. | | | 45,761 | | | | 1,526,130 | |
| | | | | | | | |
| | | | | | | 4,753,607 | |
| | | | | | | | |
| Gas — 2.5% | |
National Grid Plc ADR | | | 22,436 | | | | 1,188,884 | |
Sempra Energy | | | 37,072 | | | | 2,553,519 | |
| | | | | | | | |
| | | | | | | 3,742,403 | |
| | | | | | | | |
| Healthcare Products — 1.1% | |
Covidien Plc | | | 31,859 | | | | 1,704,457 | |
| | | | | | | | |
| Healthcare Services — 2.9% | |
Humana, Inc. | | | 13,988 | | | | 1,083,231 | |
UnitedHealth Group, Inc. | | | 56,255 | | | | 3,290,917 | |
| | | | | | | | |
| | | | | | | 4,374,148 | |
| | | | | | | | |
| Insurance — 5.2% | |
ACE Ltd. | | | 25,198 | | | | 1,867,928 | |
MetLife, Inc. | | | 42,855 | | | | 1,322,077 | |
Prudential Financial, Inc. | | | 26,596 | | | | 1,288,044 | |
The Travelers Cos., Inc. | | | 32,090 | | | | 2,048,625 | |
XL Group Plc | | | 62,973 | | | | 1,324,952 | |
| | | | | | | | |
| | | | | | | 7,851,626 | |
| | | | | | | | |
| Internet — 0.6% | |
Google, Inc., Class A* | | | 1,435 | | | | 832,401 | |
| | | | | | | | |
| Machinery—Diversified — 0.7% | |
Deere & Co. | | | 13,877 | | | | 1,122,233 | |
| | | | | | | | |
| Media — 4.0% | |
Comcast Corp., Class A | | | 47,810 | | | | 1,528,486 | |
The Walt Disney Co. | | | 70,239 | | | | 3,406,591 | |
Time Warner, Inc. | | | 28,669 | | | | 1,103,757 | |
| | | | | | | | |
| | | | | | | 6,038,834 | |
| | | | | | | | |
| Mining — 1.4% | |
BHP Billiton Ltd. ADR | | | 16,249 | | | | 1,061,060 | |
Freeport-McMoRan Copper & Gold, Inc. | | | 31,708 | | | | 1,080,291 | |
| | | | | | | | |
| | | | | | | 2,141,351 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.9% | |
General Electric Co. | | | 209,368 | | | | 4,363,229 | |
| | | | | | | | |
| Oil & Gas — 12.9% | |
Anadarko Petroleum Corp. | | | 12,351 | | | | 817,636 | |
Apache Corp. | | | 8,909 | | | | 783,012 | |
Chevron Corp. | | | 42,497 | | | | 4,483,434 | |
ConocoPhillips | | | 52,137 | | | | 2,913,416 | |
Exxon Mobil Corp. | | | 52,737 | | | | 4,512,705 | |
Marathon Petroleum Corp. | | | 18,466 | | | | 829,493 | |
Occidental Petroleum Corp. | | | 42,230 | | | | 3,622,067 | |
Phillips 66* | | | 43,789 | | | | 1,455,546 | |
| | | | | | | | |
| | | | | | | 19,417,309 | |
| | | | | | | | |
73
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Large Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Oil & Gas Services — 1.6% | |
National Oilwell Varco, Inc. | | | 24,190 | | | $ | 1,558,803 | |
Schlumberger Ltd. | | | 12,325 | | | | 800,016 | |
| | | | | | | | |
| | | | | | | 2,358,819 | |
| | | | | | | | |
| Pharmaceuticals — 7.5% | |
Johnson & Johnson | | | 48,344 | | | | 3,266,121 | |
Merck & Co., Inc. | | | 87,898 | | | | 3,669,741 | |
Pfizer, Inc. | | | 193,060 | | | | 4,440,380 | |
| | | | | | | | |
| | | | 11,376,242 | |
| | | | | | | | |
| Retail — 5.0% | |
Bed Bath & Beyond, Inc.* | | | 12,715 | | | | 785,787 | |
CVS Caremark Corp. | | | 80,277 | | | | 3,751,344 | |
Macy’s, Inc. | | | 44,025 | | | | 1,512,259 | |
Target Corp. | | | 25,876 | | | | 1,505,724 | |
| | | | | | | | |
| | | | | | | 7,555,114 | |
| | | | | | | | |
| Software — 3.6% | |
Microsoft Corp. | | | 87,551 | | | | 2,678,185 | |
Oracle Corp. | | | 94,656 | | | | 2,811,283 | |
| | | | | | | | |
| | | | | | | 5,489,468 | |
| | | | | | | | |
| Telecommunications — 3.7% | |
AT&T, Inc. | | | 62,292 | | | | 2,221,333 | |
CenturyLink, Inc. | | | 43,648 | | | | 1,723,660 | |
Vodafone Group Plc ADR | | | 56,141 | | | | 1,582,053 | |
| | | | | | | | |
| | | | | | | 5,527,046 | |
| | | | | | | | |
| Transportation — 2.3% | |
FedEx Corp. | | | 8,547 | | | | 782,991 | |
Union Pacific Corp. | | | 22,024 | | | | 2,627,683 | |
| | | | | | | | |
| | | | | | | 3,410,674 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $115,104,988) | | | | 140,843,257 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 3.0% | | | | | |
| Apartments — 1.0% | |
AvalonBay Communities, Inc. | | | 10,577 | | | | 1,496,434 | |
| | | | | | | | |
| Office Property — 1.0% | |
Boston Properties, Inc. | | | 14,218 | | | | 1,540,805 | |
| | | | | | | | |
| Regional Malls — 1.0% | |
Simon Property Group, Inc. | | | 9,909 | | | | 1,542,435 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $2,286,372) | | | | 4,579,674 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| SHORT-TERM INVESTMENTS — 3.8% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $5,694,546) | | | 5,694,546 | | | $ | 5,694,546 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $123,085,906) | | | | | | $ | 151,117,477 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ADR | — American Depository Receipt. |
| Plc | — Public Limited Company. |
| | | | |
| Country Weightings as of 06/30/2012†† | | | |
United States | | | 91% | |
Switzerland | | | 2 | |
United Kingdom | | | 2 | |
Australia | | | 1 | |
Bermuda | | | 1 | |
Ireland | | | 1 | |
Netherlands | | | 1 | |
Other | | | 1 | |
| |
Total | | | 100% | |
| |
| †† | % of total investments as of June 30, 2012 |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 140,843,257 | | | $ | 140,843,257 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 4,579,674 | | | | 4,579,674 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 5,694,546 | | | | 5,694,546 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 151,117,477 | | | $ | 151,117,477 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
74
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.5% | |
| Advertising — 0.1% | |
Omnicom Group, Inc. | | | 6,067 | | | $ | 294,856 | |
The Interpublic Group of Cos., Inc. | | | 10,134 | | | | 109,954 | |
| | | | | | | | |
| | | | 404,810 | |
| | | | | | | | |
| Aerospace & Defense — 1.9% | | | | | | | | |
General Dynamics Corp. | | | 8,197 | | | | 540,674 | |
Goodrich Corp. | | | 2,847 | | | | 361,284 | |
L-3 Communications Holdings, Inc. | | | 2,300 | | | | 170,223 | |
Lockheed Martin Corp. | | | 6,037 | | | | 525,702 | |
Northrop Grumman Corp. | | | 5,692 | | | | 363,093 | |
Raytheon Co. | | | 7,676 | | | | 434,385 | |
Rockwell Collins, Inc. | | | 3,245 | | | | 160,141 | |
The Boeing Co. | | | 16,921 | | | | 1,257,230 | |
United Technologies Corp. | | | 20,642 | | | | 1,559,090 | |
| | | | | | | | |
| | | | 5,371,822 | |
| | | | | | | | |
| Agriculture — 2.2% | | | | | | | | |
Altria Group, Inc. | | | 46,478 | | | | 1,605,815 | |
Archer-Daniels-Midland Co. | | | 14,799 | | | | 436,866 | |
Lorillard, Inc. | | | 3,003 | | | | 396,246 | |
Philip Morris International, Inc. | | | 39,088 | | | | 3,410,819 | |
Reynolds American, Inc. | | | 7,502 | | | | 336,615 | |
| | | | | | | | |
| | | | 6,186,361 | |
| | | | | | | | |
| Airlines — 0.1% | | | | | | | | |
Southwest Airlines Co. | | | 17,817 | | | | 164,273 | |
| | | | | | | | |
| Apparel — 0.6% | | | | | | | | |
Coach, Inc. | | | 6,477 | | | | 378,775 | |
NIKE, Inc., Class B | | | 8,323 | | | | 730,593 | |
Ralph Lauren Corp. | | | 1,428 | | | | 200,006 | |
VF Corp. | | | 1,908 | | | | 254,622 | |
| | | | | | | | |
| | | | 1,563,996 | |
| | | | | | | | |
| Auto Manufacturers — 0.4% | | | | | | | | |
Ford Motor Co. | | | 86,367 | | | | 828,260 | |
PACCAR, Inc. | | | 8,044 | | | | 315,244 | |
| | | | | | | | |
| | | | 1,143,504 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.2% | | | | | | | | |
BorgWarner, Inc.* | | | 2,500 | | | | 163,975 | |
Johnson Controls, Inc. | | | 15,311 | | | | 424,268 | |
The Goodyear Tire & Rubber Co.* | | | 5,606 | | | | 66,207 | |
| | | | | | | | |
| | | | 654,450 | |
| | | | | | | | |
| Banks — 6.6% | | | | | | | | |
Bank of America Corp. | | | 243,835 | | | | 1,994,570 | |
BB&T Corp. | | | 15,999 | | | | 493,569 | |
Capital One Financial Corp. | | | 13,141 | | | | 718,287 | |
Citigroup, Inc. | | | 66,481 | | | | 1,822,244 | |
Comerica, Inc. | | | 4,344 | | | | 133,404 | |
Fifth Third Bancorp | | | 20,946 | | | | 280,676 | |
First Horizon National Corp. | | | 6,130 | | | | 53,025 | |
Huntington Bancshares, Inc. | | | 19,965 | | | | 127,776 | |
JPMorgan Chase & Co. | | | 86,764 | | | | 3,100,078 | |
KeyCorp | | | 21,599 | | | | 167,176 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | |
| Banks — (continued) | |
M&T Bank Corp. | | | 2,808 | | | $ | 231,857 | |
Morgan Stanley | | | 34,563 | | | | 504,274 | |
Northern Trust Corp. | | | 5,247 | | | | 241,467 | |
PNC Financial Services Group, Inc. | | | 11,983 | | | | 732,281 | |
Regions Financial Corp. | | | 32,694 | | | | 220,685 | |
State Street Corp. | | | 11,047 | | | | 493,138 | |
SunTrust Banks, Inc. | | | 11,788 | | | | 285,623 | |
The Bank of New York Mellon Corp. | | | 27,380 | | | | 600,991 | |
The Goldman Sachs Group, Inc. | | | 11,243 | | | | 1,077,754 | |
U.S. Bancorp | | | 43,456 | | | | 1,397,545 | |
Wells Fargo & Co. | | | 119,837 | | | | 4,007,349 | |
Zions Bancorporation | | | 4,004 | | | | 77,758 | |
| | | | | | | | |
| | | | 18,761,527 | |
| | | | | | | | |
| Beverages — 2.8% | | | | | | | | |
Beam, Inc. | | | 3,307 | | | | 206,655 | |
Brown-Forman Corp., Class B | | | 2,262 | | | | 219,075 | |
Coca-Cola Enterprises, Inc. | | | 6,628 | | | | 185,849 | |
Constellation Brands, Inc., Class A* | | | 3,723 | | | | 100,744 | |
Dr. Pepper Snapple Group, Inc. | | | 5,000 | | | | 218,750 | |
Molson Coors Brewing Co., Class B | | | 3,438 | | | | 143,055 | |
Monster Beverage Corp.* | | | 3,500 | | | | 249,200 | |
PepsiCo, Inc. | | | 35,661 | | | | 2,519,806 | |
The Coca-Cola Co. | | | 51,385 | | | | 4,017,793 | |
| | | | | | | | |
| | | | 7,860,927 | |
| | | | | | | | |
| Biotechnology — 1.5% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 4,200 | | | | 417,060 | |
Amgen, Inc. | | | 17,945 | | | | 1,310,703 | |
Biogen Idec, Inc.* | | | 5,433 | | | | 784,417 | |
Celgene Corp.* | | | 9,928 | | | | 636,980 | |
Gilead Sciences, Inc.* | | | 17,249 | | | | 884,529 | |
Life Technologies Corp.* | | | 3,959 | | | | 178,115 | |
| | | | | | | | |
| | | | 4,211,804 | |
| | | | | | | | |
| Building Materials — 0.0% | | | | | | | | |
Masco Corp. | | | 7,677 | | | | 106,480 | |
| | | | | | | | |
| Chemicals — 2.3% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 4,721 | | | | 381,126 | |
Airgas, Inc. | | | 1,600 | | | | 134,416 | |
CF Industries Holdings, Inc. | | | 1,500 | | | | 290,610 | |
E.I. du Pont de Nemours & Co. | | | 21,223 | | | | 1,073,247 | |
Eastman Chemical Co. | | | 3,182 | | | | 160,277 | |
Ecolab, Inc. | | | 6,733 | | | | 461,413 | |
FMC Corp. | | | 3,000 | | | | 160,440 | |
International Flavors & Fragrances, Inc. | | | 1,875 | | | | 102,750 | |
Monsanto Co. | | | 12,137 | | | | 1,004,701 | |
PPG Industries, Inc. | | | 3,410 | | | | 361,869 | |
Praxair, Inc. | | | 6,826 | | | | 742,191 | |
Sigma-Aldrich Corp. | | | 2,722 | | | | 201,238 | |
The Dow Chemical Co. | | | 26,904 | | | | 847,476 | |
The Mosaic Co. | | | 6,800 | | | | 372,368 | |
The Sherwin-Williams Co. | | | 1,934 | | | | 255,965 | |
| | | | | | | | |
| | | | 6,550,087 | |
| | | | | | | | |
75
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Coal — 0.1% | | | | | | | | |
Alpha Natural Resources, Inc.* | | | 5,099 | | | $ | 44,413 | |
Consol Energy, Inc. | | | 5,176 | | | | 156,522 | |
Peabody Energy Corp. | | | 6,212 | | | | 152,318 | |
| | | | | | | | |
| | | | 353,253 | |
| | | | | | | | |
| Commercial Services — 1.6% | | | | | | | | |
Apollo Group, Inc., Class A* | | | 2,543 | | | | 92,031 | |
Automatic Data Processing, Inc. | | | 11,143 | | | | 620,219 | |
DeVry, Inc. | | | 1,500 | | | | 46,455 | |
Donnelley (R.R.) & Sons Co. | | | 4,253 | | | | 50,058 | |
Equifax, Inc. | | | 2,734 | | | | 127,404 | |
H&R Block, Inc. | | | 6,666 | | | | 106,523 | |
Iron Mountain, Inc. | | | 3,900 | | | | 128,544 | |
Mastercard, Inc., Class A | | | 2,425 | | | | 1,043,017 | |
Moody’s Corp. | | | 4,273 | | | | 156,178 | |
Paychex, Inc. | | | 6,975 | | | | 219,085 | |
Quanta Services, Inc.* | | | 4,900 | | | | 117,943 | |
Robert Half International, Inc. | | | 3,207 | | | | 91,624 | |
SAIC, Inc. | | | 5,900 | | | | 71,508 | |
The Western Union Co. | | | 13,778 | | | | 232,022 | |
Total System Services, Inc. | | | 3,477 | | | | 83,205 | |
Visa, Inc., Class A | | | 11,264 | | | | 1,392,568 | |
| | | | | | | | |
| | | | | | | 4,578,384 | |
| | | | | | | | |
| Computers — 8.0% | | | | | | | | |
Accenture Plc,Class A | | | 14,700 | | | | 883,323 | |
Apple, Inc.* | | | 21,176 | | | | 12,366,784 | |
Cognizant Technology Solutions Corp., Class A* | | | 6,852 | | | | 411,120 | |
Computer Sciences Corp. | | | 3,757 | | | | 93,249 | |
Dell, Inc.* | | | 34,542 | | | | 432,466 | |
EMC Corp.* | | | 47,648 | | | | 1,221,218 | |
Hewlett-Packard Co. | | | 44,883 | | | | 902,597 | |
International Business Machines Corp. | | | 26,258 | | | | 5,135,540 | |
Lexmark International, Inc., Class A | | | 1,721 | | | | 45,744 | |
NetApp, Inc.* | | | 8,221 | | | | 261,592 | |
SanDisk Corp.* | | | 5,597 | | | | 204,179 | |
Seagate Technology PLC | | | 8,600 | | | | 212,678 | |
Teradata Corp.* | | | 3,816 | | | | 274,790 | |
Western Digital Corp.* | | | 5,000 | | | | 152,400 | |
| | | | | | | | |
| | | | | | | 22,597,680 | |
| | | | | | | | |
| Cosmetics & Personal Care — 1.9% | | | | | | | | |
Avon Products, Inc. | | | 9,550 | | | | 154,806 | |
Colgate-Palmolive Co. | | | 10,935 | | | | 1,138,333 | |
The Estee Lauder Cos., Inc., Class A | | | 4,974 | | | | 269,193 | |
The Procter & Gamble Co. | | | 62,594 | | | | 3,833,882 | |
| | | | | | | | |
| | | | | | | 5,396,214 | |
| | | | | | | | |
| Distribution & Wholesale — 0.3% | | | | | | | | |
Fastenal Co. | | | 6,700 | | | | 270,077 | |
Fossil, Inc.* | | | 1,200 | | | | 91,848 | |
Genuine Parts Co. | | | 3,405 | | | | 205,151 | |
W.W. Grainger, Inc. | | | 1,372 | | | | 262,382 | |
| | | | | | | | |
| | | | | | | 829,458 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Diversified Financial Services — 1.8% | | | | | | | | |
American Express Co. | | | 23,080 | | | $ | 1,343,487 | |
Ameriprise Financial, Inc. | | | 5,046 | | | | 263,704 | |
BlackRock, Inc. | | | 2,899 | | | | 492,308 | |
CME Group, Inc. | | | 1,512 | | | | 405,382 | |
Discover Financial Services | | | 11,878 | | | | 410,741 | |
E*Trade Financial Corp.* | | | 5,181 | | | | 41,655 | |
Federated Investors, Inc., Class B | | | 1,795 | | | | 39,221 | |
Franklin Resources, Inc. | | | 3,252 | | | | 360,940 | |
IntercontinentalExchange, Inc.* | | | 1,680 | | | | 228,447 | |
Invesco Ltd. | | | 10,167 | | | | 229,774 | |
Legg Mason, Inc. | | | 2,861 | | | | 75,445 | |
NYSE Euronext | | | 5,785 | | | | 147,980 | |
SLM Corp. | | | 11,534 | | | | 181,199 | |
T. Rowe Price Group, Inc. | | | 5,781 | | | | 363,972 | |
The Charles Schwab Corp. | | | 24,869 | | | | 321,556 | |
The NASDAQ OMX Group, Inc. | | | 3,100 | | | | 70,277 | |
| | | | | | | | |
| | | | | | | 4,976,088 | |
| | | | | | | | |
| Diversified Operations — 0.0% | | | | | | | | |
Leucadia National Corp. | | | 4,360 | | | | 92,737 | |
| | | | | | | | |
| Electric — 3.3% | | | | | | | | |
Ameren Corp. | | | 5,298 | | | | 177,695 | |
American Electric Power Co., Inc. | | | 11,057 | | | | 441,174 | |
CMS Energy Corp. | | | 5,807 | | | | 136,465 | |
Consolidated Edison, Inc. | | | 6,634 | | | | 412,568 | |
Dominion Resources, Inc. | | | 12,809 | | | | 691,686 | |
DTE Energy Co. | | | 3,692 | | | | 219,046 | |
Duke Energy Corp. | | | 30,343 | | | | 699,710 | |
Edison International | | | 7,174 | | | | 331,439 | |
Entergy Corp. | | | 3,947 | | | | 267,962 | |
Exelon Corp. | | | 19,310 | | | | 726,442 | |
FirstEnergy Corp. | | | 9,656 | | | | 474,979 | |
Integrys Energy Group, Inc. | | | 1,595 | | | | 90,708 | |
NextEra Energy, Inc. | | | 9,485 | | | | 652,663 | |
Northeast Utilities | | | 7,117 | | | | 276,211 | |
NRG Energy, Inc.* | | | 5,200 | | | | 90,272 | |
Pepco Holdings, Inc. | | | 5,540 | | | | 108,418 | |
PG&E Corp. | | | 9,350 | | | | 423,274 | |
Pinnacle West Capital Corp. | | | 2,569 | | | | 132,920 | |
PPL Corp. | | | 12,798 | | | | 355,912 | |
Progress Energy, Inc. | | | 6,713 | | | | 403,921 | |
Public Service Enterprise Group, Inc. | | | 11,349 | | | | 368,843 | |
SCANA Corp. | | | 2,800 | | | | 133,952 | |
Southern Co. | | | 19,711 | | | | 912,619 | |
TECO Energy, Inc. | | | 4,523 | | | | 81,685 | |
The AES Corp.* | | | 14,444 | | | | 185,317 | |
Wisconsin Energy Corp. | | | 5,200 | | | | 205,764 | |
Xcel Energy, Inc. | | | 11,030 | | | | 313,362 | |
| | | | | | | | |
| | | | | | | 9,315,007 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.3% | | | | | |
Emerson Electric Co. | | | 16,676 | | | | 776,768 | |
Molex, Inc. | | | 2,823 | | | | 67,583 | |
| | | | | | | | |
| | | | | | | 844,351 | |
| | | | | | | | |
76
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Electronics — 1.1% | | | | | | | | |
Agilent Technologies, Inc. | | | 7,945 | | | $ | 311,762 | |
Amphenol Corp., Class A | | | 3,600 | | | | 197,712 | |
FLIR Systems, Inc. | | | 3,600 | | | | 70,200 | |
Honeywell International, Inc. | | | 17,708 | | | | 988,815 | |
Jabil Circuit, Inc. | | | 4,292 | | | | 87,256 | |
PerkinElmer, Inc. | | | 2,216 | | | | 57,173 | |
TE Connectivity Ltd. | | | 9,700 | | | | 309,527 | |
Thermo Fisher Scientific, Inc. | | | 8,182 | | | | 424,728 | |
Tyco International Ltd. | | | 10,500 | | | | 554,925 | |
Waters Corp.* | | | 1,958 | | | | 155,602 | |
| | | | | | | | |
| | | | 3,157,700 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.0% | | | | | | | | |
First Solar, Inc.* | | | 1,200 | | | | 18,072 | |
| | | | | | | | |
| Engineering & Construction — 0.1% | | | | | | | | |
Fluor Corp. | | | 3,770 | | | | 186,012 | |
Jacobs Engineering Group, Inc.* | | | 2,983 | | | | 112,936 | |
| | | | | | | | |
| | | | 298,948 | |
| | | | | | | | |
| Entertainment — 0.0% | | | | | | | | |
International Game Technology | | | 6,657 | | | | 104,848 | |
| | | | | | | | |
| Environmental Control — 0.3% | | | | | | | | |
Republic Services, Inc. | | | 7,014 | | | | 185,590 | |
Stericycle, Inc.* | | | 2,000 | | | | 183,340 | |
Waste Management, Inc. | | | 10,500 | | | | 350,700 | |
| | | | | | | | |
| | | | 719,630 | |
| | | | | | | | |
| Food — 1.8% | | | | | | | | |
Campbell Soup Co. | | | 4,016 | | | | 134,054 | |
ConAgra Foods, Inc. | | | 9,402 | | | | 243,794 | |
Dean Foods Co.* | | | 3,972 | | | | 67,643 | |
General Mills, Inc. | | | 14,610 | | | | 563,069 | |
H.J. Heinz Co. | | | 7,166 | | | | 389,687 | |
Hormel Foods Corp. | | | 2,900 | | | | 88,218 | |
Kellogg Co. | | | 5,666 | | | | 279,504 | |
Kraft Foods, Inc., Class A | | | 40,163 | | | | 1,551,095 | |
McCormick & Co., Inc. | | | 2,808 | | | | 170,305 | |
Safeway, Inc. | | | 6,170 | | | | 111,985 | |
SYSCO Corp. | | | 13,252 | | | | 395,042 | |
The Hershey Co. | | | 3,487 | | | | 251,169 | |
The J.M. Smucker Co. | | | 2,534 | | | | 191,368 | |
The Kroger Co. | | | 13,045 | | | | 302,514 | |
Tyson Foods, Inc., Class A | | | 6,649 | | | | 125,201 | |
Whole Foods Market, Inc. | | | 3,643 | | | | 347,251 | |
| | | | | | | | |
| | | | 5,211,899 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | | | | | | | | |
International Paper Co. | | | 9,667 | | | | 279,473 | |
MeadWestvaco Corp. | | | 3,999 | | | | 114,971 | |
| | | | | | | | |
| | | | 394,444 | |
| | | | | | | | |
| Gas — 0.3% | | | | | | | | |
AGL Resources, Inc. | | | 2,600 | | | | 100,750 | |
CenterPoint Energy, Inc. | | | 9,022 | | | | 186,485 | |
NiSource, Inc. | | | 5,865 | | | | 145,159 | |
Sempra Energy | | | 5,298 | | | | 364,926 | |
| | | | | | | | |
| | | | 797,320 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Hand & Machine Tools — 0.1% | | | | | | | | |
Snap-On, Inc. | | | 1,328 | | | $ | 82,668 | |
Stanley Black & Decker, Inc. | | | 3,940 | | | | 253,578 | |
| | | | | | | | |
| | | | 336,246 | |
| | | | | | | | |
| Healthcare Products — 1.9% | | | | | | | | |
Bard (C.R.), Inc. | | | 1,942 | | | | 208,649 | |
Baxter International, Inc. | | | 12,775 | | | | 678,991 | |
Becton, Dickinson & Co. | | | 4,675 | | | | 349,456 | |
Boston Scientific Corp.* | | | 31,948 | | | | 181,145 | |
CareFusion Corp.* | | | 5,241 | | | | 134,589 | |
Covidien Plc | | | 10,900 | | | | 583,150 | |
DENTSPLY International, Inc. | | | 3,200 | | | | 120,992 | |
Edwards Lifesciences Corp.* | | | 2,600 | | | | 268,580 | |
Hospira, Inc.* | | | 3,912 | | | | 136,842 | |
Intuitive Surgical, Inc.* | | | 907 | | | | 502,288 | |
Medtronic, Inc. | | | 23,473 | | | | 909,109 | |
Patterson Cos., Inc. | | | 1,974 | | | | 68,044 | |
St. Jude Medical, Inc. | | | 7,330 | | | | 292,540 | |
Stryker Corp. | | | 7,381 | | | | 406,693 | |
Varian Medical Systems, Inc.* | | | 2,657 | | | | 161,466 | |
Zimmer Holdings, Inc. | | | 4,029 | | | | 259,306 | |
| | | | | | | | |
| | | | 5,261,840 | |
| | | | | | | | |
| Healthcare Services — 1.3% | | | | | | | | |
Aetna, Inc. | | | 7,985 | | | | 309,579 | |
CIGNA Corp. | | | 6,494 | | | | 285,736 | |
Coventry Health Care, Inc. | | | 3,367 | | | | 107,037 | |
DaVita, Inc.* | | | 2,149 | | | | 211,053 | |
Humana, Inc. | | | 3,710 | | | | 287,302 | |
Laboratory Corp. of America Holdings* | | | 2,177 | | | | 201,612 | |
Quest Diagnostics, Inc. | | | 3,587 | | | | 214,861 | |
Tenet Healthcare Corp.* | | | 9,374 | | | | 49,120 | |
UnitedHealth Group, Inc. | | | 23,741 | | | | 1,388,849 | |
WellPoint, Inc. | | | 7,595 | | | | 484,485 | |
| | | | | | | | |
| | | | 3,539,634 | |
| | | | | | | | |
| Home Builders — 0.1% | | | | | | | | |
D.R. Horton, Inc. | | | 6,376 | | | | 117,191 | |
Lennar Corp., Class A | | | 3,136 | | | | 96,933 | |
Pulte Group, Inc.* | | | 8,034 | | | | 85,964 | |
| | | | | | | | |
| | | | 300,088 | |
| | | | | | | | |
| Home Furnishings — 0.1% | | | | | | | | |
Harman International Industries, Inc. | | | 1,438 | | | | 56,945 | |
Whirlpool Corp. | | | 1,669 | | | | 102,076 | |
| | | | | | | | |
| | | | 159,021 | |
| | | | | | | | |
| Household Products & Wares — 0.4% | | | | | | | | |
Avery Dennison Corp. | | | 2,183 | | | | 59,683 | |
Clorox Co. | | | 2,997 | | | | 217,163 | |
Kimberly-Clark Corp. | | | 8,987 | | | | 752,841 | |
| | | | | | | | |
| | | | 1,029,687 | |
| | | | | | | | |
| Housewares — 0.0% | | | | | | | | |
Newell Rubbermaid, Inc. | | | 6,217 | | | | 112,776 | |
| | | | | | | | |
77
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Insurance — 3.5% | | | | | | | | |
ACE Ltd. | | | 7,700 | | | $ | 570,801 | |
Aflac, Inc. | | | 10,600 | | | | 451,454 | |
American International Group, Inc.* | | | 14,485 | | | | 464,824 | |
AON PLC | | | 7,244 | | | | 338,874 | |
Assurant, Inc. | | | 2,073 | | | | 72,223 | |
Berkshire Hathaway, Inc., Class B* | | | 39,950 | | | | 3,329,033 | |
Chubb Corp. | | | 6,151 | | | | 447,916 | |
Cincinnati Financial Corp. | | | 3,692 | | | | 140,554 | |
Genworth Financial, Inc., Class A* | | | 11,369 | | | | 64,349 | |
Hartford Financial Services Group, Inc. | | | 9,757 | | | | 172,016 | |
Lincoln National Corp. | | | 6,573 | | | | 143,752 | |
Loews Corp. | | | 6,925 | | | | 283,302 | |
Marsh & McLennan Cos., Inc. | | | 12,109 | | | | 390,273 | |
MetLife, Inc. | | | 24,085 | | | | 743,022 | |
Principal Financial Group, Inc. | | | 7,065 | | | | 185,315 | |
Prudential Financial, Inc. | | | 10,630 | | | | 514,811 | |
The Allstate Corp. | | | 11,276 | | | | 395,675 | |
The Progressive Corp. | | | 13,856 | | | | 288,620 | |
The Travelers Cos., Inc. | | | 8,931 | | | | 570,155 | |
Torchmark Corp. | | | 2,235 | | | | 112,979 | |
Unum Group | | | 6,676 | | | | 127,712 | |
XL Group Plc | | | 6,749 | | | | 141,999 | |
| | | | | | | | |
| | | | 9,949,659 | |
| | | | | | | | |
| Internet — 3.0% | | | | | | | | |
Amazon.com, Inc.* | | | 8,275 | | | | 1,889,596 | |
eBay, Inc.* | | | 26,028 | | | | 1,093,436 | |
Expedia, Inc. | | | 2,094 | | | | 100,659 | |
F5 Networks, Inc.* | | | 1,800 | | | | 179,208 | |
Google, Inc., Class A* | | | 5,735 | | | | 3,326,702 | |
NetFlix, Inc.* | | | 1,200 | | | | 82,164 | |
priceline.com, Inc.* | | | 1,152 | | | | 765,527 | |
Symantec Corp.* | | | 16,538 | | | | 241,620 | |
TripAdvisor, Inc.* | | | 2,094 | | | | 93,581 | |
VeriSign, Inc.* | | | 3,609 | | | | 157,244 | |
Yahoo!, Inc.* | | | 27,617 | | | | 437,177 | |
| | | | | | | | |
| | | | 8,366,914 | |
| | | | | | | | |
| Iron & Steel — 0.2% | | | | | | | | |
Allegheny Technologies, Inc. | | | 2,278 | | | | 72,645 | |
Cliffs Natural Resources, Inc. | | | 3,100 | | | | 152,799 | |
Nucor Corp. | | | 7,035 | | | | 266,627 | |
United States Steel Corp. | | | 3,203 | | | | 65,982 | |
| | | | | | | | |
| | | | 558,053 | |
| | | | | | | | |
| Leisure Time — 0.2% | | | | | | | | |
Carnival Corp. | | | 10,245 | | | | 351,096 | |
Harley-Davidson, Inc. | | | 5,128 | | | | 234,504 | |
| | | | | | | | |
| | | | 585,600 | |
| | | | | | | | |
| Lodging — 0.3% | | | | | | | | |
Marriott International, Inc., Class A | | | 6,185 | | | | 242,452 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 4,252 | | | | 225,526 | |
Wyndham Worldwide Corp. | | | 3,160 | | | | 166,658 | |
Wynn Resorts Ltd. | | | 1,800 | | | | 186,696 | |
| | | | | | | | |
| | | | 821,332 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Machinery—Construction & Mining — 0.5% | | | | | |
Caterpillar, Inc. | | | 14,728 | | | $ | 1,250,554 | |
Joy Global, Inc. | | | 2,300 | | | | 130,479 | |
| | | | | | | | |
| | | | 1,381,033 | |
| | | | | | | | |
| Machinery — Diversified — 0.7% | | | | | | | | |
Cummins, Inc. | | | 4,374 | | | | 423,885 | |
Deere & Co. | | | 9,132 | | | | 738,505 | |
Flowserve Corp. | | | 1,300 | | | | 149,175 | |
Rockwell Automation, Inc. | | | 3,271 | | | | 216,082 | |
Roper Industries, Inc. | | | 2,200 | | | | 216,876 | |
Xylem, Inc. | | | 4,054 | | | | 102,039 | |
| | | | | | | | |
| | | | 1,846,562 | |
| | | | | | | | |
| Media — 3.2% | | | | | | | | |
Cablevision Systems Corp., Class A | | | 5,000 | | | | 66,450 | |
CBS Corp., Class B | | | 14,725 | | | | 482,685 | |
Comcast Corp., Class A | | | 61,234 | | | | 1,957,651 | |
DIRECTV, Class A* | | | 15,319 | | | | 747,874 | |
Discovery Communications, Inc., Class A* | | | 5,800 | | | | 313,200 | |
Gannett Co., Inc. | | | 5,374 | | | | 79,159 | |
News Corp., Class A | | | 48,860 | | | | 1,089,089 | |
Scripps Networks Interactive, Inc., Class A | | | 2,056 | | | | 116,904 | |
The McGraw-Hill Cos., Inc. | | | 6,286 | | | | 282,870 | |
The Walt Disney Co. | | | 40,676 | | | | 1,972,786 | |
The Washington Post Co., Class B | | | 63 | | | | 23,551 | |
Time Warner Cable, Inc. | | | 7,096 | | | | 582,582 | |
Time Warner, Inc. | | | 22,004 | | | | 847,154 | |
Viacom, Inc., Class B | | | 12,281 | | | | 577,453 | |
| | | | | | | | |
| | | | 9,139,408 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.2% | | | | | | | | |
Precision Castparts Corp. | | | 3,325 | | | | 546,929 | |
| | | | | | | | |
| Mining — 0.6% | | | | | | | | |
Alcoa, Inc. | | | 23,248 | | | | 203,420 | |
Freeport-McMoRan Copper & Gold, Inc. | | | 21,496 | | | | 732,369 | |
Newmont Mining Corp. | | | 11,183 | | | | 542,487 | |
Titanium Metals Corp. | | | 1,912 | | | | 21,625 | |
Vulcan Materials Co. | | | 3,041 | | | | 120,758 | |
| | | | | | | | |
| | | | 1,620,659 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 3.3% | | | | | | | | |
3M Co. | | | 15,780 | | | | 1,413,888 | |
Cooper Industries Plc | | | 3,700 | | | | 252,266 | |
Danaher Corp. | | | 12,968 | | | | 675,373 | |
Dover Corp. | | | 4,105 | | | | 220,069 | |
Eaton Corp. | | | 7,440 | | | | 294,847 | |
General Electric Co. | | | 240,325 | | | | 5,008,373 | |
Illinois Tool Works, Inc. | | | 11,019 | | | | 582,795 | |
Ingersoll-Rand Plc | | | 6,800 | | | | 286,824 | |
Leggett & Platt, Inc. | | | 3,354 | | | | 70,870 | |
Pall Corp. | | | 2,645 | | | | 144,973 | |
Parker Hannifin Corp. | | | 3,481 | | | | 267,619 | |
Textron, Inc. | | | 6,076 | | | | 151,110 | |
| | | | | | | | |
| | | | 9,369,007 | |
| | | | | | | | |
78
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Office & Business Equipment — 0.1% | | | | | | | | |
Pitney Bowes, Inc. | | | 4,261 | | | $ | 63,787 | |
Xerox Corp. | | | 31,055 | | | | 244,403 | |
| | | | | | | | |
| | | | 308,190 | |
| | | | | | | | |
| Oil & Gas — 8.6% | | | | | | | | |
Anadarko Petroleum Corp. | | | 11,359 | | | | 751,966 | |
Apache Corp. | | | 8,723 | | | | 766,664 | |
Cabot Oil & Gas Corp. | | | 4,444 | | | | 175,094 | |
Chesapeake Energy Corp. | | | 15,010 | | | | 279,186 | |
Chevron Corp. | | | 44,870 | | | | 4,733,785 | |
ConocoPhillips | | | 29,080 | | | | 1,624,990 | |
Denbury Resources, Inc.* | | | 8,500 | | | | 128,435 | |
Devon Energy Corp. | | | 9,229 | | | | 535,190 | |
Diamond Offshore Drilling, Inc. | | | 1,600 | | | | 94,608 | |
EOG Resources, Inc. | | | 6,158 | | | | 554,897 | |
EQT Corp. | | | 3,200 | | | | 171,616 | |
Exxon Mobil Corp. | | | 106,165 | | | | 9,084,539 | |
Helmerich & Payne, Inc. | | | 2,400 | | | | 104,352 | |
Hess Corp. | | | 6,797 | | | | 295,330 | |
Marathon Oil Corp. | | | 16,051 | | | | 410,424 | |
Marathon Petroleum Corp. | | | 8,025 | | | | 360,483 | |
Murphy Oil Corp. | | | 4,217 | | | | 212,073 | |
Nabors Industries Ltd. | | | 6,108 | | | | 87,955 | |
Newfield Exploration Co.* | | | 2,900 | | | | 84,999 | |
Noble Corp. | | | 5,700 | | | | 185,421 | |
Noble Energy, Inc. | | | 4,069 | | | | 345,132 | |
Occidental Petroleum Corp. | | | 18,458 | | | | 1,583,143 | |
Phillips 66* | | | 14,540 | | | | 483,310 | |
Pioneer Natural Resources Co. | | | 2,700 | | | | 238,167 | |
QEP Resources, Inc. | | | 3,790 | | | | 113,586 | |
Range Resources Corp. | | | 3,423 | | | | 211,781 | |
Rowan Cos., Inc.* | | | 2,403 | | | | 77,689 | |
Southwestern Energy Co.* | | | 7,690 | | | | 245,542 | |
Sunoco, Inc. | | | 2,386 | | | | 113,335 | |
Tesoro Corp.* | | | 2,894 | | | | 72,234 | |
Valero Energy Corp. | | | 12,540 | | | | 302,841 | |
WPX Energy, Inc.* | | | 4,344 | | | | 70,286 | |
| | | | | | | | |
| | | | 24,499,053 | |
| | | | | | | | |
| Oil & Gas Services — 1.4% | | | | | | | | |
Baker Hughes, Inc. | | | 9,728 | | | | 399,821 | |
Cameron International Corp.* | | | 5,639 | | | | 240,842 | |
Halliburton Co. | | | 20,969 | | | | 595,310 | |
National Oilwell Varco, Inc. | | | 9,623 | | | | 620,106 | |
Schlumberger Ltd. | | | 30,259 | | | | 1,964,111 | |
| | | | | | | | |
| | | | 3,820,190 | |
| | | | | | | | |
| Packaging and Containers — 0.1% | | | | | | | | |
Ball Corp. | | | 3,726 | | | | 152,952 | |
Bemis Co., Inc. | | | 2,549 | | | | 79,886 | |
Owens-Illinois, Inc.* | | | 4,000 | | | | 76,680 | |
Sealed Air Corp. | | | 4,033 | | | | 62,269 | |
| | | | | | | | |
| | | | 371,787 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Pharmaceuticals — 7.0% | | | | | | | | |
Abbott Laboratories | | | 35,696 | | | $ | 2,301,321 | |
Allergan, Inc. | | | 6,916 | | | | 640,214 | |
AmerisourceBergen Corp. | | | 6,000 | | | | 236,100 | |
Bristol-Myers Squibb Co. | | | 38,397 | | | | 1,380,372 | |
Cardinal Health, Inc. | | | 7,682 | | | | 322,644 | |
Eli Lilly & Co. | | | 23,154 | | | | 993,538 | |
Express Scripts Holding Co.* | | | 18,064 | | | | 1,008,513 | |
FMC Technologies, Inc.* | | | 5,300 | | | | 207,919 | |
Forest Laboratories, Inc.* | | | 6,062 | | | | 212,109 | |
Johnson & Johnson | | | 62,341 | | | | 4,211,758 | |
McKesson Corp. | | | 5,625 | | | | 527,344 | |
Mead Johnson Nutrition Co. | | | 4,568 | | | | 367,770 | |
Merck & Co., Inc. | | | 69,154 | | | | 2,887,179 | |
Mylan, Inc.* | | | 9,756 | | | | 208,486 | |
Perrigo Co. | | | 2,100 | | | | 247,653 | |
Pfizer, Inc. | | | 171,256 | | | | 3,938,888 | |
Watson Pharmaceuticals, Inc.* | | | 2,943 | | | | 217,753 | |
| | | | | | | | |
| | | | 19,909,561 | |
| | | | | | | | |
| Pipelines — 0.5% | | | | | | | | |
Kinder Morgan, Inc. | | | 11,436 | | | | 368,468 | |
Oneok, Inc. | | | 4,800 | | | | 203,088 | |
Spectra Energy Corp. | | | 14,884 | | | | 432,529 | |
The Williams Cos., Inc. | | | 14,234 | | | | 410,224 | |
| | | | | | | | |
| | | | 1,414,309 | |
| | | | | | | | |
| Real Estate — 0.0% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 6,701 | | | | 109,628 | |
| | | | | | | | |
| Retail — 6.3% | | | | | | | | |
Abercrombie & Fitch Co., Class A | | | 1,900 | | | | 64,866 | |
AutoNation, Inc.* | | | 1,219 | | | | 43,006 | |
AutoZone, Inc.* | | | 641 | | | | 235,356 | |
Bed Bath & Beyond, Inc.* | | | 5,366 | | | | 331,619 | |
Best Buy Co., Inc. | | | 6,468 | | | | 135,569 | |
Big Lots, Inc.* | | | 1,397 | | | | 56,984 | |
CarMax, Inc.* | | | 5,200 | | | | 134,888 | |
Chipotle Mexican Grill, Inc.* | | | 700 | | | | 265,965 | |
Costco Wholesale Corp. | | | 9,877 | | | | 938,315 | |
CVS Caremark Corp. | | | 29,567 | | | | 1,381,666 | |
Darden Restaurants, Inc. | | | 2,940 | | | | 148,852 | |
Dollar Tree, Inc.* | | | 5,400 | | | | 290,520 | |
Family Dollar Stores, Inc. | | | 2,733 | | | | 181,690 | |
GameStop Corp., Class A | | | 3,164 | | | | 58,091 | |
J.C. Penney Co., Inc.* | | | 3,144 | | | | 73,287 | |
Kohl’s Corp. | | | 5,801 | | | | 263,887 | |
Lowe’s Cos., Inc. | | | 28,240 | | | | 803,146 | |
Ltd. Brands, Inc. | | | 5,460 | | | | 232,214 | |
Macy’s, Inc. | | | 9,327 | | | | 320,382 | |
McDonald’s Corp. | | | 23,178 | | | | 2,051,948 | |
Nordstrom, Inc. | | | 3,737 | | | | 185,692 | |
O’Reilly Automotive, Inc.* | | | 2,900 | | | | 242,933 | |
Ross Stores, Inc. | | | 5,200 | | | | 324,844 | |
Sears Holding Corp.* | | | 869 | | | | 51,879 | |
79
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Retail — (continued) | | | | | | | | |
Staples, Inc. | | | 15,337 | | | $ | 200,148 | |
Starbucks Corp. | | | 17,144 | | | | 914,118 | |
Target Corp. | | | 15,332 | | | | 892,169 | |
The Gap, Inc. | | | 7,582 | | | | 207,443 | |
The Home Depot, Inc. | | | 35,004 | | | | 1,854,862 | |
Tiffany & Co. | | | 2,764 | | | | 146,354 | |
TJX Cos., Inc. | | | 17,118 | | | | 734,876 | |
Urban Outfitters, Inc.* | | | 2,500 | | | | 68,975 | |
Wal-Mart Stores, Inc. | | | 39,647 | | | | 2,764,189 | |
Walgreen Co. | | | 19,879 | | | | 588,021 | |
Yum! Brands, Inc. | | | 10,469 | | | | 674,413 | |
| | | | | | | | |
| | | | 17,863,167 | |
| | | | | | | | |
| Savings & Loans — 0.1% | | | | | | | | |
Hudson City Bancorp, Inc. | | | 11,257 | | | | 71,707 | |
People’s United Financial, Inc. | | | 7,700 | | | | 89,397 | |
| | | | | | | | |
| | | | 161,104 | |
| | | | | | | | |
| Semiconductors — 3.0% | | | | | | | | |
Advanced Micro Devices, Inc.* | | | 13,368 | | | | 76,599 | |
Altera Corp. | | | 7,465 | | | | 252,616 | |
Analog Devices, Inc. | | | 6,576 | | | | 247,718 | |
Applied Materials, Inc. | | | 29,321 | | | | 336,019 | |
Broadcom Corp., Class A* | | | 11,108 | | | | 375,450 | |
Intel Corp. | | | 113,475 | | | | 3,024,109 | |
KLA-Tencor Corp. | | | 3,627 | | | | 178,630 | |
Lam Research Corp.* | | | 4,459 | | | | 168,283 | |
Linear Technology Corp. | | | 5,041 | | | | 157,934 | |
LSI Corp.* | | | 12,772 | | �� | | 81,358 | |
Microchip Technology, Inc. | | | 4,318 | | | | 142,839 | |
Micron Technology, Inc.* | | | 22,486 | | | | 141,887 | |
NVIDIA Corp.* | | | 13,754 | | | | 190,080 | |
QUALCOMM, Inc. | | | 38,899 | | | | 2,165,896 | |
Teradyne, Inc.* | | | 3,357 | | | | 47,199 | |
Texas Instruments, Inc. | | | 25,993 | | | | 745,739 | |
Xilinx, Inc. | | | 5,664 | | | | 190,140 | |
| | | | | | | | |
| | | | 8,522,496 | |
| | | | | | | | |
| Software — 3.9% | | | | | | | | |
Adobe Systems, Inc.* | | | 11,405 | | | | 369,180 | |
Akamai Technologies, Inc.* | | | 3,891 | | | | 123,539 | |
Autodesk, Inc.* | | | 4,981 | | | | 174,285 | |
BMC Software, Inc.* | | | 3,837 | | | | 163,763 | |
CA, Inc. | | | 8,439 | | | | 228,612 | |
Cerner Corp.* | | | 3,300 | | | | 272,778 | |
Citrix Systems, Inc.* | | | 4,091 | | | | 343,399 | |
Dun & Bradstreet Corp. | | | 1,100 | | | | 78,287 | |
Electronic Arts, Inc.* | | | 7,730 | | | | 95,465 | |
Fidelity National Information Services, Inc. | | | 5,359 | | | | 182,635 | |
Fiserv, Inc.* | | | 3,207 | | | | 231,610 | |
Intuit, Inc. | | | 6,792 | | | | 403,105 | |
Microsoft Corp. | | | 169,615 | | | | 5,188,523 | |
Oracle Corp. | | | 89,017 | | | | 2,643,805 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Software — (continued) | | | | | | | | |
Red Hat, Inc.* | | | 4,200 | | | $ | 237,216 | |
Salesforce.com, Inc.* | | | 3,100 | | | | 428,606 | |
| | | | | | | | |
| | | | 11,164,808 | |
| | | | | | | | |
| Telecommunications — 4.3% | | | | | | | | |
AT&T, Inc. | | | 133,043 | | | | 4,744,313 | |
CenturyLink, Inc. | | | 14,126 | | | | 557,836 | |
Cisco Systems, Inc. | | | 122,380 | | | | 2,101,265 | |
Corning, Inc. | | | 34,115 | | | | 441,107 | |
Crown Castle International Corp.* | | | 5,800 | | | | 340,228 | |
Frontier Communications Corp. | | | 21,472 | | | | 82,238 | |
Harris Corp. | | | 2,600 | | | | 108,810 | |
JDS Uniphase Corp.* | | | 4,496 | | | | 49,456 | |
Juniper Networks, Inc.* | | | 12,071 | | | | 196,878 | |
MetroPCS Communications, Inc.* | | | 6,400 | | | | 38,720 | |
Motorola Solutions, Inc. | | | 6,746 | | | | 324,550 | |
Sprint Nextel Corp.* | | | 66,383 | | | | 216,408 | |
Verizon Communications, Inc. | | | 64,376 | | | | 2,860,869 | |
Windstream Corp. | | | 13,351 | | | | 128,971 | |
| | | | | | | | |
| | | | 12,191,649 | |
| | | | | | | | |
| Textiles — 0.0% | | | | | | | | |
Cintas Corp. | | | 2,455 | | | | 94,788 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.1% | | | | | | | | |
Hasbro, Inc. | | | 2,612 | | | | 88,468 | |
Mattel, Inc. | | | 7,881 | | | | 255,660 | |
| | | | | | | | |
| | | | 344,128 | |
| | | | | | | | |
| Transportation — 1.8% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 3,739 | | | | 218,844 | |
CSX Corp. | | | 23,566 | | | | 526,936 | |
Expeditors International of Washington, Inc. | | | 4,973 | | | | 192,704 | |
FedEx Corp. | | | 7,166 | | | | 656,477 | |
Norfolk Southern Corp. | | | 7,452 | | | | 534,830 | |
Ryder System, Inc. | | | 1,125 | | | | 40,511 | |
Union Pacific Corp. | | | 10,810 | | | | 1,289,741 | |
United Parcel Service, Inc., Class B | | | 21,774 | | | | 1,714,920 | |
| | | | | | | | |
| | | | | | | 5,174,963 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $233,027,244) | | | | 273,540,343 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.1% | | | | | | | | |
| Apartments — 0.3% | | | | | | | | |
Apartment Investment & Management Co., Class A | | | 2,762 | | | | 74,657 | |
AvalonBay Communities, Inc. | | | 2,192 | | | | 310,124 | |
Equity Residential | | | 6,692 | | | | 417,313 | |
| | | | | | | | |
| | | | | | | 802,094 | |
| | | | | | | | |
| Diversified — 0.4% | | | | | | | | |
American Tower Corp. | | | 8,859 | | | | 619,333 | |
Vornado Realty Trust | | | 4,087 | | | | 343,226 | |
Weyerhaeuser Co. | | | 11,808 | | | | 264,027 | |
| | | | | | | | |
| | | | | | | 1,226,586 | |
| | | | | | | | |
80
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Index 500 Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | | | | | |
| Forest Products & Paper — 0.1% | | | | | | | | |
Plum Creek Timber Co. | | | 3,847 | | | $ | 152,726 | |
| | | | | | | | |
| Healthcare — 0.4% | | | | | | | | |
HCP, Inc. | | | 9,040 | | | | 399,116 | |
Health Care REIT, Inc. | | | 4,600 | | | | 268,180 | |
Ventas, Inc. | | | 6,453 | | | | 407,313 | |
| | | | | | | | |
| | | | | | | 1,074,609 | |
| | | | | | | | |
| Hotels & Resorts — 0.1% | | | | | | | | |
Host Hotels & Resorts, Inc. | | | 15,376 | | | | 243,248 | |
| | | | | | | | |
| Industrial — 0.1% | | | | | | | | |
ProLogis, Inc. | | | 10,599 | | | | 352,205 | |
| | | | | | | | |
| Office Property — 0.1% | | | | | | | | |
Boston Properties, Inc. | | | 3,342 | | | | 362,173 | |
| | | | | | | | |
| Regional Malls — 0.4% | | | | | | | | |
Simon Property Group, Inc. | | | 6,928 | | | | 1,078,412 | |
| | | | | | | | |
| Storage & Warehousing — 0.1% | | | | | | | | |
Public Storage | | | 3,216 | | | | 464,423 | |
| | | | | | | | |
| Strip Centers — 0.1% | | | | | | | | |
Kimco Realty Corp. | | | 9,564 | | | | 182,003 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $4,477,466) | | | | 5,938,479 | |
| | | | | | | | |
| | | | | | | | |
| | | Par
(000) | | | Value† | |
| U.S. TREASURY OBLIGATIONS — 0.1% | | | | | | | | |
U.S. Treasury Bill | | | | | | | | |
0.050%, 07/12/12 | | $ | 50 | | | $ | 49,999 | |
0.060%, 07/12/12 | | | 15 | | | | 15,000 | |
0.070%, 08/09/12 | | | 139 | | | | 138,992 | |
0.060%, 09/06/12 | | | 30 | | | | 29,996 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $233,985) | | | | | | | 233,987 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| SHORT-TERM INVESTMENTS — 1.3% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $3,824,373) | | | 3,824,373 | | | | 3,824,373 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $241,563,068) | | | $ | 283,537,182 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Plc — Public Limited Company.
REIT — Real Estate Investment Trust.
Summary of inputs used to value the Fund’s investments as of 6/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total Market Value at 06/30/2012 | | | Level 1
Quoted
Price | | | Level 2 Significant Observable Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 273,540,343 | | | $ | 273,540,343 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 5,938,479 | | | | 5,938,479 | | | | — | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 233,987 | | | | — | | | | 233,987 | | | | — | |
SHORT-TERM INVESTMENTS | | | 3,824,373 | | | | 3,824,373 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 283,537,182 | | | $ | 283,303,195 | | | $ | 233,987 | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
81
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 97.8% | |
| Aerospace & Defense — 0.9% | |
BE Aerospace, Inc.* | | | 20,640 | | | $ | 901,142 | |
| | | | | | | | |
| Airlines — 1.3% | | | | | | | | |
United Continental Holdings, Inc.* | | | 52,085 | | | | 1,267,228 | |
| | | | | | | | |
| Apparel — 3.5% | | | | | | | | |
Coach, Inc. | | | 22,950 | | | | 1,342,116 | |
Ralph Lauren Corp. | | | 8,600 | | | | 1,204,516 | |
Under Armour, Inc., Class A* | | | 10,650 | | | | 1,006,212 | |
| | | | | | | | |
| | | | 3,552,844 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.0% | | | | | | | | |
BorgWarner, Inc.* | | | 15,080 | | | | 989,097 | |
| | | | | | | | |
| Banks — 2.3% | | | | | | | | |
First Republic Bank* | | | 31,300 | | | | 1,051,680 | |
Signature Bank* | | | 21,110 | | | | 1,287,077 | |
| | | | | | | | |
| | | | 2,338,757 | |
| | | | | | | | |
| Beverages — 1.5% | | | | | | | | |
Monster Beverage Corp.* | | | 21,280 | | | | 1,515,136 | |
| | | | | | | | |
| Biotechnology — 3.5% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 22,240 | | | | 2,208,432 | |
Ariad Pharmaceuticals, Inc.* | | | 20,380 | | | | 350,740 | |
Regeneron Pharmaceuticals, Inc.* | | | 8,520 | | | | 973,154 | |
| | | | | | | | |
| | | | 3,532,326 | |
| | | | | | | | |
| Chemicals — 4.1% | | | | | | | | |
Airgas, Inc. | | | 14,300 | | | | 1,201,343 | |
Eastman Chemical Co. | | | 25,060 | | | | 1,262,272 | |
PPG Industries, Inc. | | | 16,020 | | | | 1,700,043 | |
| | | | | | | | |
| | | | 4,163,658 | |
| | | | | | | | |
| Commercial Services — 1.9% | | | | | | | | |
Equifax, Inc. | | | 21,150 | | | | 985,590 | |
Manpower, Inc. | | | 25,750 | | | | 943,738 | |
| | | | | | | | |
| | | | 1,929,328 | |
| | | | | | | | |
| Computers — 0.5% | | | | | | | | |
Fortinet, Inc.* | | | 20,420 | | | | 474,152 | |
| | | | | | | | |
| Distribution & Wholesale — 1.2% | | | | | | | | |
W.W. Grainger, Inc. | | | 6,590 | | | | 1,260,272 | |
| | | | | | | | |
| Diversified Financial Services — 3.5% | | | | | | | | |
Affiliated Managers Group, Inc.* | | | 16,480 | | | | 1,803,736 | |
IntercontinentalExchange, Inc.* | | | 12,390 | | | | 1,684,792 | |
| | | | | | | | |
| | | | 3,488,528 | |
| | | | | | | | |
| Electronics — 2.2% | | | | | | | | |
Agilent Technologies, Inc. | | | 33,700 | | | | 1,322,388 | |
Trimble Navigation Ltd.* | | | 20,440 | | | | 940,444 | |
| | | | | | | | |
| | | | 2,262,832 | |
| | | | | | | | |
| Engineering & Construction — 0.9% | | | | | | | | |
KBR, Inc. | | | 37,730 | | | | 932,308 | |
| | | | | | | | |
| Environmental Control — 0.9% | | | | | | | | |
Clean Harbors, Inc.* | | | 16,720 | | | | 943,342 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Food — 3.0% | | | | | | | | |
The Hain Celestial Group, Inc.* | | | 18,690 | | | $ | 1,028,698 | |
Whole Foods Market, Inc. | | | 21,230 | | | | 2,023,643 | |
| | | | | | | | |
| | | | 3,052,341 | |
| | | | | | | | |
| Healthcare Products — 1.3% | | | | | | | | |
Cepheid, Inc.* | | | 14,840 | | | | 664,090 | |
IDEXX Laboratories Inc.* | | | 6,720 | | | | 645,994 | |
| | | | | | | | |
| | | | 1,310,084 | |
| | | | | | | | |
| Home Builders — 0.7% | | | | | | | | |
Toll Brothers, Inc.* | | | 22,800 | | | | 677,844 | |
| | | | | | | | |
| Insurance — 0.8% | | | | | | | | |
Brown & Brown, Inc. | | | 28,210 | | | | 769,287 | |
| | | | | | | | |
| Internet — 4.4% | | | | | | | | |
F5 Networks, Inc.* | | | 11,940 | | | | 1,188,746 | |
LinkedIn Corp., Class A* | | | 13,070 | | | | 1,388,949 | |
TIBCO Software, Inc.* | | | 61,270 | | | | 1,833,199 | |
| | | | | | | | |
| | | | 4,410,894 | |
| | | | | | | | |
| Leisure Time — 1.1% | | | | | | | | |
Harley-Davidson, Inc. | | | 24,030 | | | | 1,098,892 | |
| | | | | | | | |
| Lodging — 3.7% | | | | | | | | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 41,580 | | | | 2,205,403 | |
Wynn Resorts Ltd. | | | 15,280 | | | | 1,584,842 | |
| | | | | | | | |
| | | | 3,790,245 | |
| | | | | | | | |
| Machinery—Construction & Mining — 1.4% | | | | | | | | |
Joy Global, Inc. | | | 24,330 | | | | 1,380,241 | |
| | | | | | | | |
| Machinery—Diversified — 1.3% | | | | | | | | |
Roper Industries, Inc. | | | 13,010 | | | | 1,282,526 | |
| | | | | | | | |
| Media — 1.3% | | | | | | | | |
Discovery Communications, Inc., Class A* | | | 23,490 | | | | 1,268,460 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.4% | | | | | | | | |
Colfax Corp.* | | | 22,080 | | | | 608,746 | |
Hexcel Corp.* | | | 35,180 | | | | 907,292 | |
SPX Corp. | | | 14,630 | | | | 955,631 | |
| | | | | | | | |
| | | | 2,471,669 | |
| | | | | | | | |
| Oil & Gas — 3.8% | | | | | | | | |
Cabot Oil & Gas Corp. | | | 35,280 | | | | 1,390,032 | |
Concho Resources, Inc.* | | | 19,610 | | | | 1,669,203 | |
Plains Exploration & Production Co.* | | | 21,320 | | | | 750,038 | |
| | | | | | | | |
| | | | 3,809,273 | |
| | | | | | | | |
| Oil & Gas Services — 0.9% | | | | | | | | |
FMC Technologies, Inc.* | | | 23,510 | | | | 922,297 | |
| | | | | | | | |
| Packaging and Containers — 1.2% | | | | | | | | |
Crown Holdings, Inc.* | | | 34,020 | | | | 1,173,350 | |
| | | | | | | | |
| Pharmaceuticals — 5.7% | | | | | | | | |
Mead Johnson Nutrition Co. | | | 18,670 | | | | 1,503,122 | |
Medivation, Inc.* | | | 9,770 | | | | 892,978 | |
Perrigo Co. | | | 13,060 | | | | 1,540,166 | |
| | | | | | | | |
82
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Mid Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
SXC Health Solutions Corp.* | | | 18,760 | | | $ | 1,861,179 | |
| | | | | | | | |
| | | | | | | 5,797,445 | |
| | | | | | | | |
| Real Estate — 1.5% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 93,350 | | | | 1,527,206 | |
| | | | | | | | |
| Retail — 11.8% | | | | | | | | |
American Eagle Outfitters, Inc. | | | 38,650 | | | | 762,564 | |
AutoZone, Inc.* | | | 5,680 | | | | 2,085,526 | |
Bed Bath & Beyond, Inc.* | | | 27,550 | | | | 1,702,590 | |
Dollar Tree, Inc.* | | | 26,100 | | | | 1,404,180 | |
Family Dollar Stores, Inc. | | | 16,320 | | | | 1,084,954 | |
GNC Holdings, Inc., Class A | | | 24,050 | | | | 942,760 | |
Guess?, Inc. | | | 28,760 | | | | 873,441 | |
Lululemon Athletica, Inc.* | | | 11,990 | | | | 714,964 | |
Nordstrom, Inc. | | | 30,710 | | | | 1,525,980 | |
Sally Beauty Holdings, Inc.* | | | 33,330 | | | | 857,914 | |
| | | | | | | | |
| | | | | | | 11,954,873 | |
| | | | | | | | |
| Semiconductors — 14.0% | | | | | | | | |
ASML Holding N.V. | | | 25,390 | | | | 1,305,554 | |
Avago Technologies Ltd. | | | 44,040 | | | | 1,581,036 | |
Broadcom Corp., Class A* | | | 64,530 | | | | 2,181,114 | |
Cavium, Inc.* | | | 33,440 | | | | 936,320 | |
Cypress Semiconductor Corp.* | | | 69,490 | | | | 918,658 | |
Lam Research Corp.* | | | 48,860 | | | | 1,843,977 | |
NXP Semiconductors N.V.* | | | 99,660 | | | | 2,317,095 | |
ON Semiconductor Corp.* | | | 305,670 | | | | 2,170,257 | |
Teradyne, Inc.* | | | 65,940 | | | | 927,116 | |
| | | | | | | | |
| | | | | | | 14,181,127 | |
| | | | | | | | |
| Software — 5.6% | | | | | | | | |
Cerner Corp.* | | | 22,260 | | | | 1,840,012 | |
Citrix Systems, Inc.* | | | 29,590 | | | | 2,483,784 | |
Fiserv, Inc.* | | | 18,360 | | | | 1,325,959 | |
| | | | | | | | |
| | | | | | | 5,649,755 | |
| | | | | | | | |
| Telecommunications — 1.5% | | | | | | | | |
JDS Uniphase Corp.* | | | 68,520 | | | | 753,720 | |
Juniper Networks, Inc.* | | | 46,640 | | | | 760,698 | |
| | | | | | | | |
| | | | | | | 1,514,418 | |
| | | | | | | | |
| Transportation — 1.2% | | | | | | | | |
Genesee & Wyoming, Inc., Class A* | | | 23,810 | | | | 1,258,120 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $88,010,141) | | | | | | | 98,851,297 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 1.7% | | | | | |
| Apartments — 1.7% | | | | | | | | |
AvalonBay Communities, Inc.
(Cost $1,627,389) | | | 11,860 | | | | 1,677,953 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| SHORT-TERM INVESTMENTS — 0.5% | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $528,522) | | | 528,522 | | | $ | 528,522 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $90,166,052) | | | | | | $ | 101,057,772 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 98,851,297 | | | $ | 98,851,297 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 1,677,953 | | | | 1,677,953 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 528,522 | | | | 528,522 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 101,057,772 | | | $ | 101,057,772 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
83
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 97.7% | | | | | | | | |
| Aerospace & Defense — 4.5% | | | | | | | | |
General Dynamics Corp. | | | 37,300 | | | $ | 2,460,308 | |
Rockwell Collins, Inc. | | | 41,900 | | | | 2,067,765 | |
| | | | | | | | |
| | | | | | | 4,528,073 | |
| | | | | | | | |
| Auto Manufacturers — 1.4% | | | | | | | | |
Navistar International Corp.* | | | 50,200 | | | | 1,424,174 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.9% | | | | | | | | |
Lear Corp. | | | 25,000 | | | | 943,250 | |
| | | | | | | | |
| Banks — 6.6% | | | | | | | | |
BB&T Corp. | | | 43,000 | | | | 1,326,550 | |
Comerica, Inc. | | | 43,500 | | | | 1,335,885 | |
Huntington Bancshares, Inc. | | | 278,500 | | | | 1,782,400 | |
State Street Corp. | | | 49,000 | | | | 2,187,360 | |
| | | | | | | | |
| | | | | | | 6,632,195 | |
| | | | | | | | |
| Beverages — 2.9% | | | | | | | | |
Constellation Brands, Inc., Class A* | | | 107,500 | | | | 2,908,950 | |
| | | | | | | | |
| Chemicals — 2.2% | | | | | | | | |
Akzo Nobel NV—Sponsored ADR | | | 139,100 | | | | 2,178,306 | |
| | | | | | | | |
| Coal — 0.6% | | | | | | | | |
SunCoke Energy, Inc.* | | | 39,456 | | | | 578,031 | |
| | | | | | | | |
| Commercial Services — 6.9% | | | | | | | | |
Corrections Corporation of America | | | 73,800 | | | | 2,173,410 | |
The Western Union Co. | | | 130,800 | | | | 2,202,672 | |
Tyco International Ltd. | | | 48,000 | | | | 2,536,800 | |
| | | | | | | | |
| | | | | | | 6,912,882 | |
| | | | | | | | |
| Electric — 2.0% | | | | | | | | |
NV Energy, Inc. | | | 110,900 | | | | 1,949,622 | |
| | | | | | | | |
| Electronics — 2.6% | | | | | | | | |
Dolby Laboratories, Inc., Class A* | | | 25,800 | | | | 1,065,540 | |
Flextronics International Ltd.* | | | 239,800 | | | | 1,486,760 | |
| | | | | | | | |
| | | | | | | 2,552,300 | |
| | | | | | | | |
| Energy-Alternate Sources — 2.0% | | | | | | | | |
Covanta Holding Corp. | | | 113,600 | | | | 1,948,240 | |
| | | | | | | | |
| Engineering & Construction — 1.9% | | | | | | | | |
KBR, Inc. | | | 78,000 | | | | 1,927,380 | |
| | | | | | | | |
| Environmental Control — 2.0% | | | | | | | | |
Republic Services, Inc. | | | 75,700 | | | | 2,003,022 | |
| | | | | | | | |
| Food — 3.1% | | | | | | | | |
Safeway, Inc. | | | 171,300 | | | | 3,109,095 | |
| | | | | | | | |
| Gas — 4.0% | | | | | | | | |
CenterPoint Energy, Inc. | | | 94,200 | | | | 1,947,114 | |
Sempra Energy | | | 30,100 | | | | 2,073,288 | |
| | | | | | | | |
| | | | | | | 4,020,402 | |
| | | | | | | | |
| Healthcare Products — 7.5% | | | | | | | | |
Covidien Plc | | | 40,400 | | | | 2,161,400 | |
Hospira, Inc.* | | | 66,400 | | | | 2,322,672 | |
Zimmer Holdings, Inc. | | | 46,500 | | | | 2,992,740 | |
| | | | | | | | |
| | | | | | | 7,476,812 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Household Products & Wares — 2.2% | | | | | | | | |
Avery Dennison Corp. | | | 82,000 | | | $ | 2,241,880 | |
| | | | | | | | |
| Insurance — 1.7% | | | | | | | | |
Willis Group Holdings PLC | | | 46,100 | | | | 1,682,189 | |
| | | | | | | | |
| Internet — 2.0% | | | | | | | | |
Symantec Corp.* | | | 133,000 | | | | 1,943,130 | |
| | | | | | | | |
| Lodging — 1.2% | | | | | | | | |
Wyndham Worldwide Corp. | | | 22,500 | | | | 1,186,650 | |
| | | | | | | | |
| Media — 2.1% | | | | | | | | |
Cablevision Systems Corp., Class A | | | 154,900 | | | | 2,058,621 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 4.7% | | | | | | | | |
Ingersoll-Rand Plc | | | 32,200 | | | | 1,358,196 | |
ITT Corp.* | | | 88,200 | | | | 1,552,320 | |
The Brink’s Co. | | | 77,700 | | | | 1,801,086 | |
| | | | | | | | |
| | | | | | | 4,711,602 | |
| | | | | | | | |
| Oil & Gas — 3.8% | | | | | | | | |
Southwestern Energy Co.* | | | 77,400 | | | | 2,471,382 | |
Sunoco, Inc. | | | 27,900 | | | | 1,325,250 | |
| | | | | | | | |
| | | | | | | 3,796,632 | |
| | | | | | | | |
| Oil & Gas Services — 1.4% | | | | | | | | |
Cameron International Corp.* | | | 31,700 | | | | 1,353,907 | |
| | | | | | | | |
| Pharmaceuticals — 2.9% | | | | | | | | |
Cardinal Health, Inc. | | | 34,800 | | | | 1,461,600 | |
Omnicare, Inc. | | | 46,700 | | | | 1,458,441 | |
| | | | | | | | |
| | | | | | | 2,920,041 | |
| | | | | | | | |
| Retail — 11.6% | | | | | | | | |
Best Buy Co., Inc. | | | 124,500 | | | | 2,609,520 | |
Chico’s FAS, Inc. | | | 146,200 | | | | 2,169,608 | |
CVS Caremark Corp. | | | 65,400 | | | | 3,056,142 | |
Kohl’s Corp. | | | 39,800 | | | | 1,810,502 | |
Staples, Inc. | | | 146,500 | | | | 1,911,825 | |
| | | | | | | | |
| | | | | | | 11,557,597 | |
| | | | | | | | |
| Savings & Loans — 3.0% | | | | | | | | |
BankUnited, Inc. | | | 48,000 | | | | 1,131,840 | |
People’s United Financial, Inc. | | | 159,600 | | | | 1,852,956 | |
| | | | | | | | |
| | | | | | | 2,984,796 | |
| | | | | | | | |
| Software — 3.4% | | | | | | | | |
BMC Software, Inc.* | | | 32,100 | | | | 1,370,028 | |
Fidelity National Information Services, Inc. | | | 60,000 | | | | 2,044,800 | |
| | | | | | | | |
| | | | | | | 3,414,828 | |
| | | | | | | | |
| Telecommunications — 6.6% | | | | | | | | |
Amdocs Ltd. | | | 65,500 | | | | 1,946,660 | |
Motorola Solutions, Inc. | | | 44,800 | | | | 2,155,328 | |
Virgin Media, Inc. | | | 101,900 | | | | 2,485,341 | |
| | | | | | | | |
| | | | | | | 6,587,329 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $92,612,023) | | | | 97,531,936 | |
| | | | | | | | |
84
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Mid Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 1.2% | | | | | | | | |
| Building & Real Estate — 1.2% | | | | | | | | |
Starwood Property Trust, Inc.
(Cost $1,020,276) | | | 55,000 | | | $ | 1,172,050 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 1.1% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,117,370) | | | 1,117,370 | | | | 1,117,370 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $94,749,669) | | | | | | $ | 99,821,356 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
Plc — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 89 | % |
Bermuda | | | 3 | |
Ireland | | | 3 | |
Netherlands | | | 2 | |
United Kingdom | | | 2 | |
Singapore | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 97,531,936 | | | $ | 97,531,936 | | | $ | | | | $ | | |
REAL ESTATE INVESTMENT TRUSTS | | | 1,172,050 | | | | 1,172,050 | | | | | | | | | |
SHORT-TERM INVESTMENTS | | | 1,117,370 | | | | 1,117,370 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 99,821,356 | | | $ | 99,821,356 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
85
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS -- 92.1% | |
| Advertising — 4.5% | |
Omnicom Group, Inc. | | | 24,328 | | | $ | 1,182,341 | |
The Interpublic Group of Cos., Inc. | | | 148,700 | | | | 1,613,395 | |
| | | | | | | | |
| | | | 2,795,736 | |
| | | | | | | | |
| Aerospace & Defense — 1.3% | | | | | | | | |
Esterline Technologies Corp.* | | | 12,900 | | | | 804,315 | |
| | | | | | | | |
| Agriculture — 1.9% | | | | | | | | |
Bunge Ltd. | | | 18,400 | | | | 1,154,416 | |
| | | | | | | | |
| Airlines — 0.7% | | | | | | | | |
United Continental Holdings, Inc.* | | | 16,600 | | | | 403,878 | |
| | | | | | | | |
| Apparel — 0.7% | | | | | | | | |
Gildan Activewear, Inc. | | | 16,700 | | | | 459,584 | |
| | | | | | | | |
| Banks — 8.6% | | | | | | | | |
CIT Group, Inc.* | | | 17,800 | | | | 634,392 | |
City National Corp. | | | 13,900 | | | | 675,262 | |
Comerica, Inc. | | | 23,700 | | | | 727,827 | |
Commerce Bancshares, Inc. | | | 6,469 | | | | 245,175 | |
Cullen/Frost Bankers, Inc. | | | 10,900 | | | | 626,641 | |
Fifth Third Bancorp | | | 34,300 | | | | 459,620 | |
Hancock Holding Co. | | | 17,500 | | | | 532,700 | |
M&T Bank Corp. | | | 10,100 | | | | 833,957 | |
Signature Bank* | | | 5,000 | | | | 304,850 | |
Zions Bancorporation | | | 15,000 | | | | 291,300 | |
| | | | | | | | |
| | | | 5,331,724 | |
| | | | | | | | |
| Beverages — 1.1% | | | | | | | | |
Beam, Inc. | | | 10,200 | | | | 637,398 | |
Dr. Pepper Snapple Group, Inc. | | | 1,700 | | | | 74,375 | |
| | | | | | | | |
| | | | 711,773 | |
| | | | | | | | |
| Biotechnology — 0.5% | | | | | | | | |
Life Technologies Corp.* | | | 7,100 | | | | 319,429 | |
| | | | | | | | |
| Building Materials — 0.5% | | | | | | | | |
Eagle Materials, Inc. | | | 8,300 | | | | 309,922 | |
| | | | | | | | |
| Chemicals — 3.7% | | | | | | | | |
Ashland, Inc. | | | 16,660 | | | | 1,154,704 | |
Chemtura Corp.* | | | 21,500 | | | | 311,750 | |
Eastman Chemical Co. | | | 8,200 | | | | 413,034 | |
International Flavors & Fragrances, Inc. | | | 8,200 | | | | 449,360 | |
| | | | | | | | |
| | | | 2,328,848 | |
| | | | | | | | |
| Commercial Services — 1.2% | | | | | | | | |
Manpower, Inc. | | | 19,900 | | | | 729,335 | |
| | | | | | | | |
| Distribution & Wholesale — 1.5% | | | | | | | | |
Arrow Electronics, Inc.* | | | 15,300 | | | | 501,993 | |
WESCO International, Inc.* | | | 7,100 | | | | 408,605 | |
| | | | | | | | |
| | | | 910,598 | |
| | | | | | | | |
| Diversified Financial Services — 3.3% | | | | | | | | |
Affiliated Managers Group, Inc.* | | | 5,900 | | | | 645,755 | |
Discover Financial Services | | | 12,100 | | | | 418,418 | |
Lazard Ltd., Class A | | | 13,500 | | | | 350,865 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Diversified Financial Services — (continued) | | | | | | | | |
Raymond James Financial, Inc. | | | 17,900 | | | $ | 612,896 | |
| | | | | | | | |
| | | | 2,027,934 | |
| | | | | | | | |
| Electric — 4.5% | | | | | | | | |
CMS Energy Corp. | | | 34,200 | | | | 803,700 | |
Edison International | | | 6,546 | | | | 302,425 | |
Northeast Utilities | | | 8,982 | | | | 348,592 | |
NV Energy, Inc. | | | 28,400 | | | | 499,272 | |
PPL Corp. | | | 16,300 | | | | 453,303 | |
Xcel Energy, Inc. | | | 14,600 | | | | 414,786 | |
| | | | | | | | |
| | | | 2,822,078 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.3% | | | | | | | | |
AMETEK, Inc. | | | 3,800 | | | | 189,658 | |
| | | | | | | | |
| Electronics — 3.2% | | | | | | | | |
Agilent Technologies, Inc. | | | 15,700 | | | | 616,068 | |
TE Connectivity Ltd. | | | 23,100 | | | | 737,121 | |
Tyco International Ltd. | | | 11,500 | | | | 607,775 | |
| | | | | | | | |
| | | | 1,960,964 | |
| | | | | | | | |
| Engineering & Construction — 2.7% | | | | | | | | |
Jacobs Engineering Group, Inc. | | | 21,000 | | | | 795,060 | |
URS Corp. | | | 25,500 | | | | 889,440 | |
| | | | | | | | |
| | | | 1,684,500 | |
| | | | | | | | |
| Environmental Control — 0.2% | | | | | | | | |
Republic Services, Inc. | | | 4,000 | | | | 105,840 | |
| | | | | | | | |
| Food — 0.9% | | | | | | | | |
Flowers Foods, Inc. | | | 7,500 | | | | 174,225 | |
H.J. Heinz Co. | | | 7,400 | | | | 402,412 | |
| | | | | | | | |
| | | | 576,637 | |
| | | | | | | | |
| Forest Products & Paper — 1.2% | | | | | | | | |
International Paper Co. | | | 25,200 | | | | 728,532 | |
| | | | | | | | |
| Gas — 0.4% | | | | | | | | |
Piedmont Natural Gas Co., Inc. | | | 7,356 | | | | 236,790 | |
| | | | | | | | |
| Hand & Machine Tools — 0.5% | | | | | | | | |
Kennametal, Inc. | | | 9,500 | | | | 314,925 | |
| | | | | | | | |
| Healthcare Services — 4.4% | | | | | | | | |
CIGNA Corp. | | | 20,444 | | | | 899,536 | |
Community Health Systems, Inc.* | | | 24,200 | | | | 678,326 | |
DaVita, Inc.* | | | 8,459 | | | | 830,758 | |
Laboratory Corp. of America Holdings* | | | 3,600 | | | | 333,396 | |
| | | | | | | | |
| | | | 2,742,016 | |
| | | | | | | | |
| Home Furnishings — 0.8% | | | | | | | | |
Harman International Industries, Inc. | | | 12,300 | | | | 487,080 | |
| | | | | | | | |
| Household Products & Wares — 0.7% | | | | | | | | |
Tupperware Brands Corp. | | | 8,393 | | | | 459,601 | |
| | | | | | | | |
| Insurance — 7.8% | | | | | | | | |
ACE Ltd. | | | 11,200 | | | | 830,256 | |
Brown & Brown, Inc. | | | 12,100 | | | | 329,967 | |
Everest Re Group Ltd. | | | 9,900 | | | | 1,024,551 | |
86
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Insurance — (continued) | |
Lincoln National Corp. | | | 19,000 | | | $ | 415,530 | |
Marsh & McLennan Cos., Inc. | | | 22,200 | | | | 715,506 | |
PartnerRe Ltd. | | | 14,600 | | | | 1,104,782 | |
The Allstate Corp. | | | 5,300 | | | | 185,977 | |
XL Group Plc | | | 10,600 | | | | 223,024 | |
| | | | | | | | |
| | | | 4,829,593 | |
| | | | | | | | |
| Investment Companies — 0.4% | | | | | | | | |
Ares Capital Corp. | | | 14,800 | | | | 236,208 | |
| | | | | | | | |
| Iron & Steel — 1.0% | | | | | | | | |
Reliance Steel & Aluminum Co. | | | 12,700 | | | | 641,350 | |
| | | | | | | | |
| Machinery — Diversified — 1.5% | | | | | | | | |
IDEX Corp. | | | 18,500 | | | | 721,130 | |
Nordson Corp. | | | 4,300 | | | | 220,547 | |
| | | | | | | | |
| | | | 941,677 | |
| | | | | | | | |
| Media — 1.0% | | | | | | | | |
Discovery Communications, Inc., Class A* | | | 11,300 | | | | 610,200 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.8% | | | | | | | | |
Dover Corp. | | | 11,310 | | | | 606,329 | |
Eaton Corp. | | | 12,800 | | | | 507,264 | |
| | | | | | | | |
| | | | 1,113,593 | |
| | | | | | | | |
| Oil & Gas — 3.3% | | | | | | | | |
Ensco Plc ADR,Class A | | | 13,300 | | | | 624,701 | |
EQT Corp. | | | 3,900 | | | | 209,157 | |
Noble Energy, Inc. | | | 1,900 | | | | 161,158 | |
QEP Resources, Inc. | | | 9,300 | | | | 278,721 | |
Range Resources Corp. | | | 7,800 | | | | 482,586 | |
Rowan Cos., Inc.* | | | 9,800 | | | | 316,834 | |
| | | | | | | | |
| | | | 2,073,157 | |
| | | | | | | | |
| Oil & Gas Services — 1.4% | | | | | | | | |
Halliburton Co. | | | 12,200 | | | | 346,358 | |
Superior Energy Services, Inc.* | | | 17,700 | | | | 358,071 | |
Weatherford International Ltd.* | | | 15,100 | | | | 190,713 | |
| | | | | | | | |
| | | | 895,142 | |
| | | | | | | | |
| Packaging and Containers — 1.7% | | | | | | | | |
Ball Corp. | | | 12,600 | | | | 517,230 | |
Greif, Inc., Class A | | | 7,545 | | | | 309,345 | |
Rock-Tenn Co., Class A | | | 3,900 | | | | 212,745 | |
| | | | | | | | |
| | | | 1,039,320 | |
| | | | | | | | |
| Pharmaceuticals — 6.1% | | | | | | | | |
McKesson Corp. | | | 8,100 | | | | 759,375 | |
Mylan, Inc.* | | | 49,400 | | | | 1,055,678 | |
Par Pharmaceutical Cos., Inc.* | | | 14,000 | | | | 505,960 | |
Warner Chilcott Plc, Class A* | | | 15,700 | | | | 281,344 | |
Watson Pharmaceuticals, Inc.* | | | 16,100 | | | | 1,191,239 | |
| | | | | | | | |
| | | | 3,793,596 | |
| | | | | | | | |
| Pipelines — 0.6% | | | | | | | | |
Kinder Morgan, Inc. | | | 11,628 | | | | 374,654 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Real Estate — 1.3% | | | | | | | | |
Jones Lang LaSalle, Inc. | | | 11,764 | | | $ | 827,833 | |
| | | | | | | | |
| Retail — 3.8% | | | | | | | | |
Darden Restaurants, Inc. | | | 7,900 | | | | 399,977 | |
J.C. Penney Co., Inc.* | | | 7,500 | | | | 174,825 | |
Macy’s, Inc. | | | 24,400 | | | | 838,140 | |
Pier 1 Imports, Inc. | | | 47,100 | | | | 773,853 | |
PVH Corp. | | | 2,000 | | | | 155,580 | |
| | | | | | | | |
| | | | 2,342,375 | |
| | | | | | | | |
| Semiconductors — 3.8% | | | | | | | | |
Analog Devices, Inc. | | | 12,500 | | | | 470,875 | |
Broadcom Corp., Class A* | | | 20,400 | | | | 689,520 | |
Lam Research Corp.* | | | 10,700 | | | | 403,818 | |
Micron Technology, Inc.* | | | 76,600 | | | | 483,346 | |
Xilinx, Inc. | | | 9,500 | | | | 318,915 | |
| | | | | | | | |
| | | | 2,366,474 | |
| | | | | | | | |
| Software — 2.7% | | | | | | | | |
Adobe Systems, Inc.* | | | 12,000 | | | | 388,440 | |
Fiserv, Inc.* | | | 17,600 | | | | 1,271,072 | |
| | | | | | | | |
| | | | 1,659,512 | |
| | | | | | | | |
| Telecommunications — 2.4% | | | | | | | | |
Anixter International, Inc.* | | | 14,500 | | | | 769,225 | |
CenturyLink, Inc. | | | 18,800 | | | | 742,412 | |
| | | | | | | | |
| | | | 1,511,637 | |
| | | | | | | | |
| Transportation — 2.2% | | | | | | | | |
Kansas City Southern | | | 3,800 | | | | 264,328 | |
Kirby Corp.* | | | 700 | | | | 32,956 | |
Knight Transportation, Inc. | | | 27,800 | | | | 444,522 | |
Tidewater, Inc. | | | 14,004 | | | | 649,225 | |
| | | | | | | | |
| | | | 1,391,031 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $52,515,636) | | | | 57,243,465 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 2.9% | | | | | |
| Apartments — 0.2% | | | | | | | | |
Home Properties, Inc. | | | 2,485 | | | | 152,480 | |
| | | | | | | | |
| Diversified — 1.5% | | | | | | | | |
Vornado Realty Trust | | | 5,600 | | | | 470,288 | |
Weyerhaeuser Co. | | | 19,460 | | | | 435,125 | |
| | | | | | | | |
| | | | 905,413 | |
| | | | | | | | |
| Office Property — 0.9% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 7,800 | | | | 567,216 | |
| | | | | | | | |
| Regional Malls — 0.3% | | | | | | | | |
CBL & Associates Properties, Inc. | | | 10,000 | | | | 195,400 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $1,684,361) | | | | 1,820,509 | |
| | | | | | | | |
87
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Mid Core Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| WARRANTS — 0.1% | | | | | | | | |
Kinder Morgan, Inc.*
Strike price: $40.00
Expiration Date: 05/25/17
(Cost $21,948) | | | 13,952 | | | $ | 30,137 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 4.9% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $3,055,056) | | | 3,055,056 | | | | 3,055,056 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $57,277,001) | | | $ | 62,149,167 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
Plc — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2012† | |
United States | | | 90 | % |
Bermuda | | | 5 | |
Switzerland | | | 3 | |
Canada | | | 1 | |
United Kingdom | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2 Significant Observable Input | | | Level 3 Significant Observable Input | |
COMMON STOCKS | | $ | 57,243,465 | | | $ | 57,243,465 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 1,820,509 | | | | 1,820,509 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 3,055,056 | | | | 3,055,056 | | | | — | | | | — | |
WARRANTS | | | 30,137 | | | | — | | | | 30,137 | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 62,149,167 | | | $ | 62,119,030 | | | $ | 30,137 | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
88
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 96.6% | | | | | | | | |
| Aerospace & Defense — 4.4% | | | | | | | | |
M A-Com Technology Solutions Holdings, Inc.* | | | 9,061 | | | $ | 167,629 | |
TransDigm Group, Inc.* | | | 5,930 | | | | 796,399 | |
Triumph Group, Inc. | | | 7,890 | | | | 443,970 | |
| | | | | | | | |
| | | | | | | 1,407,998 | |
| | | | | | | | |
| Airlines — 1.7% | | | | | | | | |
Copa Holdings S.A., Class A | | | 6,470 | | | | 533,646 | |
| | | | | | | | |
| Apparel — 1.3% | | | | | | | | |
Under Armour, Inc., Class A* | | | 4,490 | | | | 424,215 | |
| | | | | | | | |
| Auto Manufacturers — 1.2% | | | | | | | | |
Tesla Motors, Inc.* | | | 11,976 | | | | 374,729 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.0% | | | | | | | | |
BorgWarner, Inc.* | | | 4,890 | | | | 320,735 | |
| | | | | | | | |
| Beverages — 2.8% | | | | | | | | |
Boston Beer Co., Inc., Class A* | | | 4,370 | | | | 528,770 | |
Monster Beverage Corp.* | | | 5,170 | | | | 368,104 | |
| | | | | | | | |
| | | | | | | 896,874 | |
| | | | | | | | |
| Biotechnology — 2.6% | | | | | | | | |
Alexion Pharmaceuticals, Inc.* | | | 3,960 | | | | 393,228 | |
Cubist Pharmaceuticals, Inc.* | | | 11,390 | | | | 431,795 | |
| | | | | | | | |
| | | | | | | 825,023 | |
| | | | | | | | |
| Chemicals — 2.6% | | | | | | | | |
Airgas, Inc. | | | 10,160 | | | | 853,542 | |
| | | | | | | | |
| Commercial Services — 8.5% | | | | | | | | |
Alliance Data Systems Corp.* | | | 4,560 | | | | 615,600 | |
Gartner, Inc.* | | | 16,355 | | | | 704,083 | |
Hertz Global Holdings, Inc.* | | | 29,320 | | | | 375,296 | |
ServiceSource International, Inc.* | | | 23,472 | | | | 325,087 | |
Team Health Holdings, Inc.* | | | 16,410 | | | | 395,317 | |
Verisk Analytics, Inc.* | | | 6,460 | | | | 318,219 | |
| | | | | | | | |
| | | | | | | 2,733,602 | |
| | | | | | | | |
| Computers — 1.5% | | | | | | | | |
Fortinet, Inc.* | | | 20,504 | | | | 476,103 | |
| | | | | | | | |
| Distribution & Wholesale — 1.5% | | | | | | | | |
WESCO International, Inc.* | | | 8,390 | | | | 482,844 | |
| | | | | | | | |
| Diversified Financial Services — 1.7% | | | | | | | | |
Affiliated Managers Group, Inc.* | | | 4,980 | | | | 545,061 | |
| | | | | | | | |
| Electronics — 2.2% | | | | | | | | |
FEI Co. | | | 5,820 | | | | 278,429 | |
Trimble Navigation Ltd.* | | | 9,030 | | | | 415,470 | |
| | | | | | | | |
| | | | | | | 693,899 | |
| | | | | | | | |
| Food — 1.9% | | | | | | | | |
Fresh Market, Inc. (The)* | | | 5,150 | | | | 276,194 | |
The Hain Celestial Group, Inc.* | | | 6,190 | | | | 340,698 | |
| | | | | | | | |
| | | | | | | 616,892 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Healthcare Products — 5.9% | | | | | | | | |
Align Technology, Inc.* | | | 7,460 | | | $ | 249,612 | |
Bruker Corp.* | | | 17,660 | | | | 235,055 | |
Cepheid, Inc.* | | | 7,010 | | | | 313,697 | |
Hanger Orthopedic Group, Inc.* | | | 15,470 | | | | 396,651 | |
HeartWare International, Inc.* | | | 2,190 | | | | 194,472 | |
MAKO Surgical Corp.* | | | 8,150 | | | | 208,721 | |
Thoratec Corp.* | | | 8,770 | | | | 294,497 | |
| | | | | | | | |
| | | | | | | 1,892,705 | |
| | | | | | | | |
| Healthcare Services — 1.1% | | | | | | | | |
Laboratory Corp. of America Holdings* | | | 3,670 | | | | 339,879 | |
| | | | | | | | |
| Home Furnishings — 0.6% | | | | | | | | |
Select Comfort Corp.* | | | 9,360 | | | | 195,811 | |
| | | | | | | | |
| Industrial — 0.9% | | | | | | | | |
Rexnord Corp.* | | | 15,313 | | | | 306,873 | |
| | | | | | | | |
| Internet — 10.7% | | | | | | | | |
Angie’s List, Inc.* | | | 11,360 | | | | 179,942 | |
BroadSoft, Inc.* | | | 14,440 | | | | 418,183 | |
DealerTrack Holdings, Inc.* | | | 16,910 | | | | 509,160 | |
Equinix, Inc.* | | | 1,820 | | | | 319,683 | |
ExactTarget, Inc.* | | | 7,826 | | | | 171,076 | |
F5 Networks, Inc.* | | | 3,150 | | | | 313,614 | |
Homeaway, Inc.* | | | 641 | | | | 13,935 | |
Liquidity Services, Inc.* | | | 7,210 | | | | 369,080 | |
MercadoLibre, Inc. | | | 5,030 | | | | 381,274 | |
TIBCO Software, Inc.* | | | 18,810 | | | | 562,795 | |
TripAdvisor, Inc.* | | | 4,724 | | | | 211,116 | |
| | | | | | | | |
| | | | | | | 3,449,858 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.5% | | | | | | | | |
Joy Global, Inc. | | | 2,940 | | | | 166,786 | |
| | | | | | | | |
| Machinery — Diversified — 4.4% | | | | | | | | |
Chart Industries, Inc.* | | | 7,750 | | | | 532,890 | |
Graco, Inc. | | | 9,340 | | | | 430,387 | |
Wabtec Corp. | | | 5,680 | | | | 443,097 | |
| | | | | | | | |
| | | | | | | 1,406,374 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 1.9% | | | | | | | | |
Colfax Corp.* | | | 8,126 | | | | 224,034 | |
Sodastream International Ltd. | | | 9,840 | | | | 403,145 | |
| | | | | | | | |
| | | | | | | 627,179 | |
| | | | | | | | |
| Oil & Gas — 3.5% | | | | | | | | |
Approach Resources, Inc.* | | | 11,134 | | | | 284,362 | |
Cabot Oil & Gas Corp. | | | 6,160 | | | | 242,704 | |
Kodiak Oil & Gas Corp.* | | | 36,490 | | | | 299,583 | |
Plains Exploration & Production Co.* | | | 8,320 | | | | 292,698 | |
| | | | | | | | |
| | | | | | | 1,119,347 | |
| | | | | | | | |
| Oil & Gas Services — 0.9% | | | | | | | | |
Oil States International, Inc.* | | | 4,370 | | | | 289,294 | |
| | | | | | | | |
| Pharmaceuticals — 4.3% | | | | | | | | |
Auxilium Pharmaceuticals, Inc.* | | | 15,420 | | | | 414,644 | |
BioMarin Pharmaceutical, Inc.* | | | 12,761 | | | | 505,080 | |
89
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
SMID Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
Impax Laboratories, Inc.* | | | 17,230 | | | $ | 349,252 | |
Threshold Pharmaceuticals, Inc.* | | | 16,800 | | | | 124,320 | |
| | | | | | | | |
| | | | | | | 1,393,296 | |
| | | | | | | | |
| Real Estate — 1.0% | | | | | | | | |
CBRE Group, Inc., Class A* | | | 19,270 | | | | 315,257 | |
| | | | | | | | |
| Retail — 8.3% | | | | | | | | |
DSW, Inc., Class A | | | 7,198 | | | | 391,571 | |
Fifth & Pacific CO., Inc.* | | | 18,800 | | | | 201,724 | |
GNC Holdings, Inc., Class A | | | 14,894 | | | | 583,845 | |
Hibbett Sports, Inc.* | | | 6,470 | | | | 373,383 | |
PVH Corp. | | | 4,730 | | | | 367,947 | |
Tractor Supply Co. | | | 2,530 | | | | 210,142 | |
Ulta Salon Cosmetics & Fragrance, Inc.* | | | 5,960 | | | | 556,545 | |
| | | | | | | | |
| | | | | | | 2,685,157 | |
| | | | | | | | |
| Semiconductors — 1.0% | | | | | | | | |
Avago Technologies Ltd. | | | 8,950 | | | | 321,305 | |
| | | | | | | | |
| Software — 5.8% | | | | | | | | |
Aspen Technology, Inc.* | | | 27,720 | | | | 641,718 | |
athenahealth, Inc.* | | | 4,070 | | | | 322,222 | |
Autodesk, Inc.* | | | 7,210 | | | | 252,278 | |
CommVault Systems, Inc.* | | | 6,590 | | | | 326,666 | |
NetSuite, Inc.* | | | 3,460 | | | | 189,504 | |
VeriFone Systems, Inc.* | | | 4,480 | | | | 148,243 | |
| | | | | | | | |
| | | | | | | 1,880,631 | |
| | | | | | | | |
| Storage & Warehousing — 0.6% | | | | | | | | |
Wesco Aircraft Holdings, Inc.* | | | 15,295 | | | | 194,705 | |
| | | | | | | | |
| Telecommunications — 5.6% | | | | | | | | |
EZchip Semiconductor Ltd. | | | 7,700 | | | | 308,308 | |
Iridium Communications, Inc.* | | | 43,150 | | | | 386,624 | |
LogMeIn, Inc.* | | | 9,842 | | | | 300,378 | |
SBA Communications Corp., Class A* | | | 14,076 | | | | 803,036 | |
| | | | | | | | |
| | | | | | | 1,798,346 | |
| | | | | | | | |
| Toys, Games & Hobbies — 1.1% | | | | | | | | |
Leapfrog Enterprises, Inc.* | | | 33,980 | | | | 348,635 | |
| | | | | | | | |
| Transportation — 3.6% | | | | | | | | |
Gulfmark Offshore, Inc., Class A* | | | 6,880 | | | | 234,195 | |
Kansas City Southern | | | 13,150 | | | | 914,714 | |
| | | | | | | | |
| | | | | | | 1,148,909 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $28,274,753) | | | | | | | 31,065,510 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.4% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,101,516) | | | 1,101,516 | | | | 1,101,516 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $29,376,269) | | | | | | $ | 32,167,026 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 31,065,510 | | | $ | 31,065,510 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,101,516 | | | | 1,101,516 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 32,167,026 | | | $ | 32,167,026 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
90
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 88.3% | |
| Apparel — 0.9% | |
The Jones Group, Inc. | | | 34,160 | | | $ | 326,570 | |
| | | | | | | | |
| Auto Parts & Equipment — 2.5% | | | | | | | | |
Dana Holding Corp. | | | 15,700 | | | | 201,117 | |
Lear Corp. | | | 10,530 | | | | 397,297 | |
TRW Automotive Holdings Corp.* | | | 8,920 | | | | 327,899 | |
| | | | | | | | |
| | | | 926,313 | |
| | | | | | | | |
| Banks — 9.2% | | | | | | | | |
Associated Banc-Corp. | | | 33,330 | | | | 439,623 | |
CapitalSource, Inc. | | | 74,110 | | | | 498,019 | |
Comerica, Inc. | | | 16,345 | | | | 501,955 | |
Huntington Bancshares, Inc. | | | 77,470 | | | | 495,808 | |
Popular, Inc.* | | | 17,379 | | | | 288,665 | |
Susquehanna Bancshares, Inc. | | | 46,080 | | | | 474,624 | |
Webster Financial Corp. | | | 10,690 | | | | 231,545 | |
Zions Bancorporation | | | 25,830 | | | | 501,619 | |
| | | | | | | | |
| | | | 3,431,858 | |
| | | | | | | | |
| Beverages — 1.4% | | | | | | | | |
Constellation Brands, Inc., Class A* | | | 19,560 | | | | 529,294 | |
| | | | | | | | |
| Building Materials — 1.2% | | | | | | | | |
Fortune Brands Home & Security, Inc.* | | | 20,190 | | | | 449,631 | |
| | | | | | | | |
| Chemicals — 0.7% | | | | | | | | |
Ferro Corp.* | | | 52,850 | | | | 253,680 | |
| | | | | | | | |
| Commercial Services — 2.6% | | | | | | | | |
Avis Budget Group, Inc.* | | | 22,570 | | | | 343,064 | |
Convergys Corp. | | | 27,770 | | | | 410,163 | |
Hertz Global Holdings, Inc.* | | | 17,620 | | | | 225,536 | |
| | | | | | | | |
| | | | 978,763 | |
| | | | | | | | |
| Computers — 1.4% | | | | | | | | |
Insight Enterprises, Inc.* | | | 16,420 | | | | 276,349 | |
NCR Corp.* | | | 11,210 | | | | 254,803 | |
| | | | | | | | |
| | | | 531,152 | |
| | | | | | | | |
| Distribution & Wholesale — 2.4% | | | | | | | | |
Arrow Electronics, Inc.* | | | 12,550 | | | | 411,766 | |
Ingram Micro, Inc., Class A* | | | 15,790 | | | | 275,851 | |
WESCO International, Inc.* | | | 3,540 | | | | 203,727 | |
| | | | | | | | |
| | | | 891,344 | |
| | | | | | | | |
| Diversified Financial Services — 2.4% | | | | | | | | |
Aircastle Ltd. | | | 36,700 | | | | 442,235 | |
Legg Mason, Inc. | | | 17,070 | | | | 450,136 | |
| | | | | | | | |
| | | | 892,371 | |
| | | | | | | | |
| Electric — 5.2% | | | | | | | | |
Great Plains Energy, Inc. | | | 18,850 | | | | 403,578 | |
NV Energy, Inc. | | | 29,460 | | | | 517,907 | |
PNM Resources, Inc. | | | 27,230 | | | | 532,074 | |
Portland General Electric Co. | | | 18,465 | | | | 492,277 | |
| | | | | | | | |
| | | | 1,945,836 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Electrical Components & Equipment — 1.9% | | | | | | | | |
EnerSys* | | | 6,530 | | | $ | 229,007 | |
General Cable Corp.* | | | 17,970 | | | | 466,142 | |
| | | | | | | | |
| | | | 695,149 | |
| | | | | | | | |
| Electronics — 4.7% | | | | | | | | |
AU Optronics Corp. ADR | | | 82,840 | | | | 333,017 | |
Avnet, Inc.* | | | 14,300 | | | | 441,298 | |
Flextronics International Ltd.* | | | 50,350 | | | | 312,170 | |
TTM Technologies, Inc.* | | | 37,560 | | | | 353,440 | |
Vishay Intertechnology, Inc.* | | | 33,640 | | | | 317,225 | |
| | | | | | | | |
| | | | 1,757,150 | |
| | | | | | | | |
| Engineering & Construction — 0.6% | | | | | | | | |
Tutor Perini Corp. | | | 19,250 | | | | 243,898 | |
| | | | | | | | |
| Food — 3.0% | | | | | | | | |
Dean Foods Co.* | | | 19,700 | | | | 335,491 | |
Dole Food Co., Inc.* | | | 35,830 | | | | 314,587 | |
Tyson Foods, Inc., Class A | | | 24,870 | | | | 468,302 | |
| | | | | | | | |
| | | | 1,118,380 | |
| | | | | | | | |
| Gas — 2.7% | | | | | | | | |
Atmos Energy Corp. | | | 14,445 | | | | 506,586 | |
UGI Corp. | | | 17,030 | | | | 501,193 | |
| | | | | | | | |
| | | | 1,007,779 | |
| | | | | | | | |
| Healthcare Services — 3.4% | | | | | | | | |
Coventry Health Care, Inc. | | | 13,830 | | | | 439,656 | |
Health Net, Inc.* | | | 13,270 | | | | 322,063 | |
LifePoint Hospitals, Inc.* | | | 12,530 | | | | 513,479 | |
| | | | | | | | |
| | | | 1,275,198 | |
| | | | | | | | |
| Home Builders — 2.1% | | | | | | | | |
Meritage Homes Corp.* | | | 10,420 | | | | 353,655 | |
NVR, Inc.* | | | 505 | | | | 429,250 | |
| | | | | | | | |
| | | | 782,905 | |
| | | | | | | | |
| Household Products & Wares — 1.1% | | | | | | | | |
Avery Dennison Corp. | | | 14,490 | | | | 396,157 | |
| | | | | | | | |
| Housewares — 1.3% | | | | | | | | |
Newell Rubbermaid, Inc. | | | 26,540 | | | | 481,436 | |
| | | | | | | | |
| Insurance — 9.9% | | | | | | | | |
AmTrust Financial Services, Inc. | | | 11,280 | | | | 335,129 | |
Aspen Insurance Holdings Ltd. | | | 16,950 | | | | 489,855 | |
Endurance Specialty Holdings Ltd. | | | 13,545 | | | | 519,044 | |
Fidelity National Financial, Inc., Class A | | | 26,070 | | | | 502,108 | |
Platinum Underwriters Holdings Ltd. | | | 12,650 | | | | 481,965 | |
Reinsurance Group of America, Inc. | | | 8,915 | | | | 474,367 | |
Torchmark Corp. | | | 9,550 | | | | 482,753 | |
Unum Group | | | 20,515 | | | | 392,452 | |
| | | | | | | | |
| | | | 3,677,673 | |
| | | | | | | | |
| Iron & Steel — 2.5% | | | | | | | | |
Commercial Metals Co. | | | 26,460 | | | | 334,454 | |
Reliance Steel & Aluminum Co. | | | 6,450 | | | | 325,725 | |
Steel Dynamics, Inc. | | | 22,040 | | | | 258,970 | |
| | | | | | | | |
| | | | 919,149 | |
| | | | | | | | |
91
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
SMID Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Leisure Time — 1.2% | | | | | | | | |
Royal Caribbean Cruises Ltd. | | | 16,540 | | | $ | 430,536 | |
| | | | | | | | |
| Lodging — 1.2% | | | | | | | | |
MGM Resorts International* | | | 40,180 | | | | 448,409 | |
| | | | | | | | |
| Machinery — Diversified — 0.5% | |
Sauer-Danfoss, Inc. | | | 5,500 | | | | 192,115 | |
| | | | | | | | |
| Media — 1.1% | | | | | | | | |
Gannett Co., Inc. | | | 26,780 | | | | 394,469 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.8% | | | | | | | | |
Timken Co. | | | 6,860 | | | | 314,119 | |
| | | | | | | | |
| Oil & Gas — 4.4% | | | | | | | | |
Helmerich & Payne, Inc. | | | 8,220 | | | | 357,405 | |
Plains Exploration & Production Co.* | | | 8,920 | | | | 313,806 | |
Stone Energy Corp.* | | | 9,290 | | | | 235,409 | |
Tesoro Corp.* | | | 15,270 | | | | 381,139 | |
Western Refining, Inc. | | | 15,410 | | | | 343,181 | |
| | | | | | | | |
| | | | 1,630,940 | |
| | | | | | | | |
| Retail — 4.3% | | | | | | | | |
ANN, Inc.* | | | 17,470 | | | | 445,310 | |
Express, Inc.* | | | 12,150 | | | | 220,765 | |
Office Depot, Inc.* | | | 102,750 | | | | 221,940 | |
The Children’s Place Retail Stores, Inc.* | | | 9,190 | | | | 457,938 | |
The Men’s Wearhouse, Inc. | | | 9,320 | | | | 262,265 | |
| | | | | | | | |
| | | | 1,608,218 | |
| | | | | | | | |
| Savings & Loans — 2.0% | | | | | | | | |
First Niagara Financial Group, Inc. | | | 53,880 | | | | 412,182 | |
Washington Federal, Inc. | | | 19,860 | | | | 335,435 | |
| | | | | | | | |
| | | | 747,617 | |
| | | | | | | | |
| Semiconductors — 5.1% | | | | | | | | |
Amkor Technology, Inc.* | | | 56,910 | | | | 277,721 | |
Entegris, Inc.* | | | 48,580 | | | | 414,873 | |
Lam Research Corp.* | | | 10,690 | | | | 403,441 | |
Micron Technology, Inc.* | | | 66,590 | | | | 420,183 | |
MKS Instruments, Inc. | | | 12,940 | | | | 374,354 | |
| | | | | | | | |
| | | | 1,890,572 | |
| | | | | | | | |
| Telecommunications — 1.7% | | | | | | | | |
Amdocs Ltd. | | | 15,195 | | | | 451,595 | |
Anixter International, Inc.* | | | 3,720 | | | | 197,346 | |
| | | | | | | | |
| | | | 648,941 | |
| | | | | | | | |
| Transportation — 2.9% | | | | | | | | |
Bristow Group, Inc. | | | 9,435 | | | | 383,722 | |
Con-way, Inc. | | | 9,200 | | | | 332,212 | |
Teekay Corp. | | | 12,080 | | | | 353,702 | |
| | | | | | | | |
| | | | 1,069,636 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $30,875,412) | | | | 32,887,258 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| REAL ESTATE INVESTMENT TRUSTS — 9.2% | |
| Apartments — 4.1% | | | | | | | | |
BRE Properties, Inc. | | | 8,030 | | | $ | 401,660 | |
Camden Property Trust | | | 6,230 | | | | 421,584 | |
Home Properties, Inc. | | | 4,510 | | | | 276,734 | |
Mid-America Apartment Communities, Inc. | | | 6,230 | | | | 425,135 | |
| | | | | | | | |
| | | | 1,525,113 | |
| | | | | | | | |
| Diversified — 1.2% | | | | | | | | |
Entertainment Properties Trust | | | 10,840 | | | | 445,632 | |
| | | | | | | | |
| Forest Products & Paper — 0.6% | | | | | | | | |
Plum Creek Timber Co. | | | 5,760 | | | | 228,672 | |
| | | | | | | | |
| Hotels & Resorts — 0.9% | | | | | | | | |
DiamondRock Hospitality Co. | | | 32,750 | | | | 334,050 | |
| | | | | | | | |
| Office Property — 1.3% | | | | | | | | |
BioMed Realty Trust, Inc. | | | 25,300 | | | | 472,604 | |
| | | | | | | | |
| Regional Malls — 1.1% | | | | | | | | |
Glimcher Realty Trust | | | 42,080 | | | | 430,058 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,246,562) | | | | 3,436,129 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.5% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $934,328) | | | 934,328 | | | | 934,328 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $35,056,302) | | | $ | 37,257,715 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 92 | % |
Bermuda | | | 4 | |
Canada | | | 1 | |
Puerto Rico | | | 1 | |
Singapore | | | 1 | |
Taiwan | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
92
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
SMID Cap Value Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | | | | | |
ASSETS TABLE
|
| Description | | Total
Market
Value at
06/30/2012 | | Level 1
Quoted
Price | | Level 2
Significant
Observable
Input | | Level 3
Significant
Unobservable
Input |
COMMON STOCKS | | | $ | 32,887,258 | | | | $ | 32,887,258 | | | | $ | | | | | $ | | |
REAL ESTATE INVESTMENT TRUSTS | | | | 3,436,129 | | | | | 3,436,129 | | | | | | | | | | | |
SHORT-TERM INVESTMENTS | | | | 934,328 | | | | | 934,328 | | | | | — | | | | | — | |
| |
TOTAL INVESTMENTS | | | $ | 37,257,715 | | | | $ | 37,257,715 | | | | $ | — | | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
93
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 99.6% | | | | | | | | |
| Airlines — 0.8% | | | | | | | | |
Copa Holdings S.A., Class A | | | 7,197 | | | $ | 593,609 | |
| | | | | | | | |
| Apparel — 2.4% | | | | | | | | |
Crocs, Inc.* | | | 51,205 | | | | 826,960 | |
Steven Madden Ltd.* | | | 13,725 | | | | 435,769 | |
Tumi Holdings, Inc.* | | | 33,800 | | | | 591,500 | |
| | | | | | | | |
| | | | | | | 1,854,229 | |
| | | | | | | | |
| Auto Manufacturers — 3.1% | | | | | | | | |
Tesla Motors, Inc.* | | | 25,400 | | | | 794,766 | |
Wabash National Corp.* | | | 252,185 | | | | 1,669,465 | |
| | | | | | | | |
| | | | | | | 2,464,231 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.8% | | | | | | | | |
Tenneco, Inc.* | | | 23,675 | | | | 634,964 | |
| | | | | | | | |
| Biotechnology — 6.6% | | | | | | | | |
Amarin Corp. Plc* | | | 65,460 | | | | 946,552 | |
Ariad Pharmaceuticals, Inc.* | | | 40,650 | | | | 699,587 | |
Cubist Pharmaceuticals, Inc.* | | | 21,740 | | | | 824,163 | |
Emergent BioSolutions, Inc.* | | | 94,650 | | | | 1,433,947 | |
Myriad Genetics, Inc.* | | | 54,575 | | | | 1,297,248 | |
| | | | | | | | |
| | | | | | | 5,201,497 | |
| | | | | | | | |
| Chemicals — 1.2% | | | | | | | | |
American Vanguard Corp. | | | 36,550 | | | | 971,864 | |
| | | | | | | | |
| Commercial Services — 14.0% | | | | | | | | |
Acacia Research - Acacia Technologies* | | | 44,825 | | | | 1,669,283 | |
American Public Education, Inc.* | | | 58,366 | | | | 1,867,712 | |
HMS Holdings Corp.* | | | 11,925 | | | | 397,222 | |
Lender Processing Services, Inc. | | | 90,085 | | | | 2,277,349 | |
Medifast, Inc.* | | | 45,500 | | | | 895,440 | |
Parexel International Corp.* | | | 21,075 | | | | 594,947 | |
ServiceSource International, Inc.* | | | 70,075 | | | | 970,539 | |
United Rentals, Inc.* | | | 31,240 | | | | 1,063,409 | |
VistaPrint N.V. | | | 38,859 | | | | 1,255,146 | |
| | | | | | | | |
| | | | | | | 10,991,047 | |
| | | | | | | | |
| Computers — 0.5% | | | | | | | | |
Mitek Systems, Inc.* | | | 106,523 | | | | 414,374 | |
| | | | | | | | |
| Distribution & Wholesale — 1.2% | | | | | | | | |
Titan Machinery, Inc.* | | | 30,550 | | | | 927,803 | |
| | | | | | | | |
| Diversified Financial Services — 5.6% | | | | | | | | |
Encore Capital Group, Inc.* | | | 58,425 | | | | 1,730,548 | |
Financial Engines, Inc.* | | | 60,450 | | | | 1,296,653 | |
WisdomTree Investments, Inc.* | | | 216,207 | | | | 1,420,480 | |
| | | | | | | | |
| | | | | | | 4,447,681 | |
| | | | | | | | |
| Entertainment — 1.8% | | | | | | | | |
Pinnacle Entertainment, Inc.* | | | 89,275 | | | | 858,825 | |
Shuffle Master, Inc.* | | | 41,475 | | | | 572,355 | |
| | | | | | | | |
| | | | | | | 1,431,180 | |
| | | | | | | | |
| Food — 0.4% | | | | | | | | |
Smart Balance, Inc.* | | | 33,525 | | | | 314,800 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Healthcare Products — 4.7% | | | | | | | | |
Abiomed, Inc.* | | | 41,850 | | | $ | 955,017 | |
Align Technology, Inc.* | | | 33,211 | | | | 1,111,240 | |
Insulet Corp.* | | | 33,325 | | | | 712,155 | |
OraSure Technologies, Inc.* | | | 80,850 | | | | 908,754 | |
| | | | | | | | |
| | | | | | | 3,687,166 | |
| | | | | | | | |
| Healthcare Services — 0.8% | | | | | | | | |
IPC The Hospitalist Co., Inc.* | | | 13,053 | | | | 591,562 | |
| | | | | | | | |
| Home Furnishings — 0.9% | | | | | | | | |
Skullcandy, Inc.* | | | 47,750 | | | | 675,663 | |
| | | | | | | | |
| Internet — 7.7% | | | | | | | | |
BroadSoft, Inc.* | | | 53,641 | | | | 1,553,443 | |
Cogent Communications Group, Inc.* | | | 40,475 | | | | 779,144 | |
Constant Contact, Inc.* | | | 84,220 | | | | 1,505,854 | |
ExactTarget, Inc.* | | | 25,825 | | | | 564,535 | |
Pandora Media, Inc.* | | | 68,550 | | | | 745,138 | |
Shutterfly, Inc.* | | | 30,400 | | | | 932,976 | |
| | | | | | | | |
| | | | | | | 6,081,090 | |
| | | | | | | | |
| Leisure Time — 2.4% | | | | | | | | |
Life Time Fitness, Inc.* | | | 41,480 | | | | 1,929,235 | |
| | | | | | | | |
| Machinery — Diversified — 0.9% | | | | | | | | |
The Manitowoc Co., Inc. | | | 59,175 | | | | 692,347 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 2.3% | | | | | | | | |
Dynamic Materials Corp. | | | 55,750 | | | | 966,148 | |
Haynes International, Inc. | | | 16,176 | | | | 824,005 | |
| | | | | | | | |
| | | | | | | 1,790,153 | |
| | | | | | | | |
| Mining — 3.6% | | | | | | | | |
Globe Specialty Metals, Inc. | | | 104,647 | | | | 1,405,409 | |
Horsehead Holding Corp.* | | | 142,214 | | | | 1,416,452 | |
| | | | | | | | |
| | | | | | | 2,821,861 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.8% | | | | | | | | |
Polypore International, Inc.* | | | 54,425 | | | | 2,198,226 | |
| | | | | | | | |
| Oil & Gas — 11.5% | | | | | | | | |
Carrizo Oil & Gas, Inc.* | | | 74,375 | | | | 1,748,556 | |
Comstock Resources, Inc.* | | | 174,535 | | | | 2,865,865 | |
Goodrich Petroleum Corp.* | | | 155,897 | | | | 2,160,732 | |
PDC Energy, Inc.* | | | 26,000 | | | | 637,520 | |
Quicksilver Resources, Inc.* | | | 299,683 | | | | 1,624,282 | |
| | | | | | | | |
| | | | | | | 9,036,955 | |
| | | | | | | | |
| Oil & Gas Services — 1.4% | | | | | | | | |
Tesco Corp.* | | | 94,210 | | | | 1,130,520 | |
| | | | | | | | |
| Pharmaceuticals — 2.4% | | | | | | | | |
Questcor Pharmaceuticals, Inc.* | | | 36,175 | | | | 1,925,957 | |
| | | | | | | | |
| Semiconductors — 4.0% | | | | | | | | |
Cavium, Inc.* | | | 67,625 | | | | 1,893,500 | |
Inphi Corp.* | | | 132,150 | | | | 1,252,782 | |
| | | | | | | | |
| | | | | | | 3,146,282 | |
| | | | | | | | |
94
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Growth Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Software — 1.5% | | | | | | | | |
QLIK Technologies, Inc.* | | | 26,100 | | | $ | 577,332 | |
Rosetta Stone, Inc.* | | | 44,797 | | | | 619,990 | |
| | | | | | | | |
| | | | | | | 1,197,322 | |
| | | | | | | | |
| Storage & Warehousing — 1.5% | | | | | | | | |
Mobile Mini, Inc.* | | | 83,037 | | | | 1,195,733 | |
| | | | | | | | |
| Telecommunications — 8.0% | | | | | | | | |
Acme Packet, Inc.* | | | 92,025 | | | | 1,716,266 | |
Aruba Networks, Inc.* | | | 56,225 | | | | 846,186 | |
IPG Photonics Corp.* | | | 41,950 | | | | 1,828,601 | |
Sycamore Networks, Inc.* | | | 130,774 | | | | 1,898,838 | |
| | | | | | | | |
| | | | | | | 6,289,891 | |
| | | | | | | | |
| Transportation — 3.5% | | | | | | | | |
Celadon Group, Inc. | | | 40,849 | | | | 669,107 | |
Scorpio Tankers, Inc. | | | 160,380 | | | | 1,024,828 | |
Swift Transportation Co.* | | | 60,875 | | | | 575,269 | |
Vitran Corp., Inc.* | | | 84,838 | | | | 509,028 | |
| | | | | | | | |
| | | | | | | 2,778,232 | |
| | | | | | | | |
| Trucking and Leasing — 1.3% | | | | | | | | |
Greenbrier Cos., Inc.* | | | 59,950 | | | | 1,053,921 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $78,441,101) | | | | | | | 78,469,395 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.4% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $279,197) | | | 279,197 | | | | 279,197 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $78,720,298) | | | | | | $ | 78,748,592 | |
| | | | | | �� | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADS — American Depository Share
Plc — Public Limited Company.
| | | | |
| Country Weightings as of 06/30/2012†† | |
United States | | | 93 | % |
Canada | | | 2 | |
Netherlands | | | 2 | |
Ireland | | | 1 | |
Panama | | | 1 | |
Principality of Monaco | | | 1 | |
| |
Total | | | 100 | % |
| |
| †† | % of total investments as of June 30, 2012 |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total Market Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 78,469,395 | | | $ | 78,469,395 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 279,197 | | | | 279,197 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 78,748,592 | | | $ | 78,748,592 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
95
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 85.9% | |
| Aerospace & Defense — 1.5% | |
AAR Corp. | | | 27,477 | | | $ | 370,390 | |
Kaman Corp. | | | 39,408 | | | | 1,219,284 | |
Triumph Group, Inc. | | | 15,023 | | | | 845,344 | |
| | | | | | | | |
| | | | 2,435,018 | |
| | | | | | | | |
| Apparel — 1.1% | | | | | | | | |
Deckers Outdoor Corp.* | | | 8,884 | | | | 390,985 | |
Steven Madden Ltd.* | | | 22,524 | | | | 715,137 | |
The Warnaco Group, Inc.* | | | 16,788 | | | | 714,833 | |
| | | | | | | | |
| | | | 1,820,955 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.8% | | | | | | | | |
American Axle & Manufacturing Holdings, Inc.* | | | 28,644 | | | | 300,476 | |
Dana Holding Corp. | | | 26,154 | | | | 335,033 | |
Tenneco, Inc.* | | | 22,965 | | | | 615,921 | |
| | | | | | | | |
| | | | 1,251,430 | |
| | | | | | | | |
| Banks — 13.2% | | | | | | | | |
BancorpSouth, Inc. | | | 54,523 | | | | 791,674 | |
Bank of the Ozarks, Inc. | | | 42,872 | | | | 1,289,590 | |
Boston Private Financial Holdings, Inc. | | | 57,343 | | | | 512,073 | |
Bridge Capital Holdings* | | | 12,231 | | | | 197,531 | |
CoBiz Financial, Inc. | | | 32,185 | | | | 201,478 | |
Columbia Banking System, Inc. | | | 31,794 | | | | 598,363 | |
Community Bank System, Inc. | | | 33,108 | | | | 897,889 | |
F.N.B. Corp. | | | 59,339 | | | | 645,015 | |
First Financial Bankshares, Inc. | | | 26,795 | | | | 926,035 | |
First Midwest Bancorp, Inc. | | | 61,112 | | | | 671,010 | |
Glacier Bancorp, Inc. | | | 57,295 | | | | 887,499 | |
Hancock Holding Co. | | | 33,248 | | | | 1,012,069 | |
Heritage Financial Corp. | | | 16,047 | | | | 235,088 | |
Home Bancshares, Inc. | | | 16,940 | | | | 518,025 | |
Iberiabank Corp. | | | 6,448 | | | | 325,302 | |
Independent Bank Corp. | | | 14,100 | | | | 411,861 | |
Lakeland Financial Corp. | | | 13,788 | | | | 369,932 | |
MB Financial, Inc. | | | 47,388 | | | | 1,020,737 | |
Pinnacle Financial Partners, Inc.* | | | 32,027 | | | | 624,847 | |
PrivateBancorp, Inc. | | | 56,463 | | | | 833,394 | |
Prosperity Bancshares, Inc. | | | 29,354 | | | | 1,233,749 | |
Sandy Spring Bancorp, Inc. | | | 15,080 | | | | 271,440 | |
SCBT Financial Corp. | | | 18,141 | | | | 639,470 | |
Sierra Bancorp | | | 7,983 | | | | 79,032 | |
Signature Bank* | | | 28,665 | | | | 1,747,705 | |
Simmons First National Corp., Class A | | | 9,421 | | | | 219,038 | |
Southcoast Financial Corp.* | | | 10,671 | | | | 26,464 | |
Sterling Financial Corp.* | | | 15,476 | | | | 292,342 | |
Summit State Bank | | | 9,857 | | | | 56,678 | |
Texas Capital Bancshares, Inc.* | | | 34,461 | | | | 1,391,880 | |
The First of Long Island Corp. | | | 8,510 | | | | 246,535 | |
Trico Bancshares | | | 18,231 | | | | 280,757 | |
UMB Financial Corp. | | | 25,577 | | | | 1,310,310 | |
Webster Financial Corp. | | | 39,840 | | | | 862,934 | |
| | | | | | | | |
| | | | 21,627,746 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Beverages — 0.3% | | | | | | | | |
Boston Beer Co., Inc., Class A* | | | 4,516 | | | $ | 546,436 | |
| | | | | | | | |
| Building Materials — 0.9% | | | | | | | | |
Comfort Systems USA, Inc. | | | 84,321 | | | | 844,897 | |
Universal Forest Products, Inc. | | | 16,343 | | | | 637,050 | |
| | | | | | | | |
| | | | 1,481,947 | |
| | | | | | | | |
| Chemicals — 2.9% | | | | | | | | |
H.B. Fuller Co. | | | 31,140 | | | | 955,998 | |
Minerals Technologies, Inc. | | | 13,721 | | | | 875,125 | |
PolyOne Corp. | | | 88,781 | | | | 1,214,524 | |
Tronox Ltd | | | 2,955 | | | | 356,728 | |
W.R. Grace & Co.* | | | 17,582 | | | | 887,012 | |
Westlake Chemical Corp. | | | 9,554 | | | | 499,292 | |
| | | | | | | | |
| | | | 4,788,679 | |
| | | | | | | | |
| Commercial Services — 2.6% | | | | | | | | |
Aaron’s Inc | | | 14,631 | | | | 414,204 | |
Convergys Corp. | | | 68,107 | | | | 1,005,940 | |
H&E Equipment Services, Inc.* | | | 26,886 | | | | 404,096 | |
Monro Muffler Brake, Inc. | | | 22,857 | | | | 759,767 | |
On Assignment, Inc.* | | | 34,619 | | | | 552,519 | |
Team Health Holdings, Inc.* | | | 32,008 | | | | 771,073 | |
United Rentals, Inc.* | | | 12,646 | | | | 430,470 | |
| | | | | | | | |
| | | | 4,338,069 | |
| | | | | | | | |
| Computers — 1.6% | | | | | | | | |
Electronics for Imaging, Inc.* | | | 54,601 | | | | 887,266 | |
Mentor Graphics Corp.* | | | 57,754 | | | | 866,310 | |
MTS Systems Corp. | | | 1,192 | | | | 45,952 | |
NetScout Systems, Inc.* | | | 34,448 | | | | 743,732 | |
| | | | | | | | |
| | | | 2,543,260 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.5% | | | | | | | | |
Elizabeth Arden, Inc.* | | | 18,768 | | | | 728,386 | |
| | | | | | | | |
| Distribution & Wholesale — 1.5% | | | | | | | | |
Beacon Roofing Supply, Inc.* | | | 17,595 | | | | 443,746 | |
Fossil, Inc.* | | | 1,102 | | | | 84,347 | |
ScanSource, Inc.* | | | 24,558 | | | | 752,457 | |
Watsco, Inc. | | | 16,385 | | | | 1,209,213 | |
| | | | | | | | |
| | | | 2,489,763 | |
| | | | | | | | |
| Diversified Financial Services — 3.2% | | | | | | | | |
BGC Partners, Inc., Class A | | | 29,265 | | | | 171,786 | |
Cohen & Steers, Inc. | | | 10,711 | | | | 369,637 | |
KBW, Inc. | | | 24,282 | | | | 399,439 | |
Knight Capital Group, Inc., Class A* | | | 62,560 | | | | 746,966 | |
Manning & Napier, Inc. | | | 15,420 | | | | 219,427 | |
MarketAxess Holdings, Inc. | | | 23,935 | | | | 637,628 | |
Ocwen Financial Corp.* | | | 78,675 | | | | 1,477,516 | |
Piper Jaffray Cos.* | | | 6,430 | | | | 150,655 | |
Solar Senior Capital Ltd. | | | 11,587 | | | | 195,820 | |
Stifel Financial Corp.* | | | 29,961 | | | | 925,795 | |
| | | | | | | | |
| | | | 5,294,669 | |
| | | | | | | | |
96
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Electric — 4.9% | | | | | | | | |
Allete, Inc. | | | 13,062 | | | $ | 545,992 | |
Black Hills Corp. | | | 7,481 | | | | 240,664 | |
Cleco Corp. | | | 37,447 | | | | 1,566,408 | |
El Paso Electric Co. | | | 91,045 | | | | 3,019,052 | |
IDACORP, Inc. | | | 39,740 | | | | 1,672,259 | |
NorthWestern Corp. | | | 15,797 | | | | 579,750 | |
Uns Energy Corp. | | | 11,839 | | | | 454,736 | |
| | | | | | | | |
| | | | 8,078,861 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.4% | | | | | | | | |
Acuity Brands, Inc. | | | 10,670 | | | | 543,210 | |
Belden, Inc. | | | 31,076 | | | | 1,036,384 | |
Littelfuse, Inc. | | | 13,157 | | | | 748,502 | |
| | | | | | | | |
| | | | 2,328,096 | |
| | | | | | | | |
| Electronics — 1.1% | | | | | | | | |
Checkpoint Systems, Inc.* | | | 49,301 | | | | 429,412 | |
Coherent, Inc.* | | | 2,249 | | | | 97,381 | |
Newport Corp.* | | | 64,841 | | | | 779,389 | |
PerkinElmer, Inc. | | | 18,409 | | | | 474,952 | |
| | | | | | | | |
| | | | 1,781,134 | |
| | | | | | | | |
| Engineering & Construction — 0.4% | | | | | | | | |
Michael Baker Corp.* | | | 8,553 | | | | 223,148 | |
MYR Group, Inc.* | | | 26,915 | | | | 459,170 | |
| | | | | | | | |
| | | | 682,318 | |
| | | | | | | | |
| Entertainment — 1.4% | | | | | | | | |
Six Flags Entertainment Corp. | | | 22,786 | | | | 1,234,546 | |
Vail Resorts, Inc. | | | 19,463 | | | | 974,707 | |
| | | | | | | | |
| | | | 2,209,253 | |
| | | | | | | | |
| Environmental Control — 0.8% | | | | | | | | |
Darling International, Inc.* | | | 45,762 | | | | 754,615 | |
Waste Connections, Inc. | | | 17,442 | | | | 521,865 | |
| | | | | | | | |
| | | | 1,276,480 | |
| | | | | | | | |
| Food — 1.2% | | | | | | | | |
The Hain Celestial Group, Inc.* | | | 17,678 | | | | 972,997 | |
TreeHouse Foods, Inc.* | | | 14,992 | | | | 933,852 | |
| | | | | | | | |
| | | | 1,906,849 | |
| | | | | | | | |
| Gas — 2.2% | | | | | | | | |
Southwest Gas Corp. | | | 83,742 | | | | 3,655,338 | |
| | | | | | | | |
| Hand & Machine Tools — 0.4% | | | | | | | | |
Regal-Beloit Corp. | | | 9,740 | | | | 606,412 | |
| | | | | | | | |
| Healthcare Products — 1.4% | | | | | | | | |
Orthofix International NV* | | | 20,797 | | | | 857,876 | |
PSS World Medical, Inc.* | | | 33,804 | | | | 709,546 | |
West Pharmaceutical Services, Inc. | | | 13,100 | | | | 661,419 | |
| | | | | | | | |
| | | | 2,228,841 | |
| | | | | | | | |
| Healthcare Services — 3.9% | | | | | | | | |
Acadia Healthcare CO Inc* | | | 38,985 | | | | 683,797 | |
AMERIGROUP Corp.* | | | 12,969 | | | | 854,787 | |
HealthSouth Corp.* | | | 88,099 | | | | 2,049,182 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Healthcare Services — (continued) | | | | | | | | |
ICON Plc ADR* | | | 60,453 | | | $ | 1,362,006 | |
Lincare Holdings, Inc. | | | 44,497 | | | | 1,513,788 | |
| | | | | | | | |
| | | | 6,463,560 | |
| | | | | | | | |
| Home Builders — 0.5% | | | | | | | | |
Meritage Homes Corp.* | | | 22,357 | | | | 758,797 | |
| | | | | | | | |
| Home Furnishings — 0.5% | | | | | | | | |
Harman International Industries, Inc. | | | 17,862 | | | | 707,335 | |
Select Comfort Corp.* | | | 8,043 | | | | 168,260 | |
| | | | | | | | |
| | | | 875,595 | |
| | | | | | | | |
| Insurance — 5.0% | | | | | | | | |
Alterra Capital Holdings Ltd. | | | 41,778 | | | | 975,516 | |
American Equity Investment Life Holding Co. | | | 126,895 | | | | 1,397,114 | |
Aspen Insurance Holdings Ltd. | | | 16,231 | | | | 469,076 | |
Donegal Group, Inc., Class A | | | 8,548 | | | | 113,518 | |
Enstar Group Ltd. | | | 5,349 | | | | 529,230 | |
Meadowbrook Insurance Group, Inc. | | | 172,400 | | | | 1,515,396 | |
ProAssurance Corp. | | | 16,692 | | | | 1,487,090 | |
RLI Corp. | | | 10,672 | | | | 727,830 | |
Tower Group, Inc. | | | 45,222 | | | | 943,783 | |
| | | | | | | | |
| | | | 8,158,553 | |
| | | | | | | | |
| Investment Companies — 0.6% | | | | | | | | |
Golub Capital BDC, Inc. | | | 17,653 | | | | 266,384 | |
PennantPark Investment Corp. | | | 40,298 | | | | 417,084 | |
Solar Capital Ltd. | | | 16,184 | | | | 360,256 | |
| | | | | | | | |
| | | | 1,043,724 | |
| | | | | | | | |
| Iron & Steel — 0.7% | | | | | | | | |
Commercial Metals Co. | | | 16,112 | | | | 203,656 | |
Metals USA Holdings Corp.* | | | 45,761 | | | | 728,058 | |
Schnitzer Steel Industries, Inc., Class A | | | 9,025 | | | | 252,880 | |
| | | | | | | | |
| | | | 1,184,594 | |
| | | | | | | | |
| Leisure Time — 0.6% | | | | | | | | |
Arctic Cat, Inc.* | | | 11,637 | | | | 425,449 | |
Polaris Industries, Inc. | | | 8,424 | | | | 602,147 | |
| | | | | | | | |
| | | | 1,027,596 | |
| | | | | | | | |
| Machinery — Diversified — 2.7% | | | | | | | | |
Altra Holdings, Inc. | | | 28,849 | | | | 455,237 | |
Applied Industrial Technologies, Inc. | | | 24,739 | | | | 911,632 | |
Edwards Group Ltd* | | | 80,304 | | | | 639,220 | |
Graco, Inc. | | | 16,641 | | | | 766,817 | |
Robbins & Myers, Inc. | | | 23,709 | | | | 991,510 | |
Tennant Co. | | | 8,766 | | | | 350,202 | |
Twin Disc, Inc. | | | 15,083 | | | | 278,885 | |
| | | | | | | | |
| | | | 4,393,503 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.8% | | | | | | | | |
Olympic Steel, Inc. | | | 15,821 | | | | 259,781 | |
RBC Bearings, Inc.* | | | 22,329 | | | | 1,056,162 | |
| | | | | | | | |
| | | | 1,315,943 | |
| | | | | | | | |
97
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Mining — 1.0% | | | | | | | | |
Coeur d’Alene Mines Corp.* | | | 13,004 | | | $ | 228,350 | |
Kaiser Aluminum Corp. | | | 28,338 | | | | 1,469,042 | |
| | | | | | | | |
| | | | 1,697,392 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.7% | | | | | | | | |
A.O. Smith Corp. | | | 24,767 | | | | 1,210,859 | |
Actuant Corp., Class A | | | 18,392 | | | | 499,527 | |
AZZ, Inc. | | | 10,961 | | | | 671,471 | |
Carlisle Cos., Inc. | | | 30,976 | | | | 1,642,347 | |
Raven Industries, Inc. | | | 5,418 | | | | 377,038 | |
| | | | | | | | |
| | | | 4,401,242 | |
| | | | | | | | |
| Oil & Gas — 1.8% | |
Approach Resources, Inc.* | | | 65,412 | | | | 1,670,623 | |
Magnum Hunter Resources Corp.* | | | 85,550 | | | | 357,599 | |
Matador Resources Co.* | | | 26,561 | | | | 285,265 | |
PDC Energy, Inc.* | | | 21,384 | | | | 524,336 | |
Rex Energy Corp.* | | | 4,064 | | | | 45,557 | |
| | | | | | | | |
| | | | 2,883,380 | |
| | | | | | | | |
| Oil & Gas Services — 2.8% | | | | | | | | |
Dril-Quip, Inc.* | | | 24,880 | | | | 1,631,879 | |
Forum Energy Technologies, Inc.* | | | 18,453 | | | | 363,340 | |
Key Energy Services, Inc.* | | | 131,380 | | | | 998,488 | |
Newpark Resources, Inc.* | | | 197,720 | | | | 1,166,548 | |
Thermon Group Holdings, Inc.* | | | 23,747 | | | | 491,800 | |
| | | | | | | | |
| | | | 4,652,055 | |
| | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
Kennedy-Wilson Holdings, Inc. | | | 14,016 | | | | 196,364 | |
| | | | | | | | |
| Retail — 5.5% | | | | | | | | |
Asbury Automotive Group, Inc.* | | | 16,264 | | | | 385,294 | |
Big Lots, Inc.* | | | 12,868 | | | | 524,886 | |
Cabela’s, Inc.* | | | 6,689 | | | | 252,911 | |
Casey’s General Stores, Inc. | | | 9,878 | | | | 582,703 | |
DineEquity, Inc.* | | | 3,331 | | | | 148,696 | |
Express, Inc.* | | | 36,387 | | | | 661,152 | |
First Cash Financial Services, Inc.* | | | 11,244 | | | | 451,672 | |
Francesca’s Holdings Corp.* | | | 15,612 | | | | 421,680 | |
Genesco, Inc.* | | | 9,246 | | | | 556,147 | |
GNC Holdings, Inc., Class A | | | 25,685 | | | | 1,006,852 | |
HSN, Inc. | | | 24,572 | | | | 991,480 | |
Jos. A. Bank Clothiers, Inc.* | | | 15,224 | | | | 646,411 | |
Mattress Firm Holding Corp.* | | | 22,955 | | | | 695,766 | |
Susser Holdings Corp.* | | | 11,822 | | | | 439,424 | |
Vitamin Shoppe, Inc.* | | | 7,379 | | | | 405,328 | |
World Fuel Services Corp. | | | 22,235 | | | | 845,597 | |
| | | | | | | | |
| | | | 9,015,999 | |
| | | | | | | | |
| Savings & Loans — 1.6% | | | | | | | | |
Brookline Bancorp, Inc. | | | 55,180 | | | | 488,343 | |
Dime Community Bancshares Inc. | | | 23,413 | | | | 311,159 | |
Flushing Financial Corp. | | | 36,546 | | | | 498,122 | |
Northwest Bancshares, Inc. | | | 45,867 | | | | 537,102 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Savings & Loans — (continued) | | | | | | | | |
Provident Financial Services, Inc. | | | 33,963 | | | $ | 521,332 | |
WSFS Financial Corp. | | | 7,395 | | | | 298,832 | |
| | | | | | | | |
| | | | 2,654,890 | |
| | | | | | | | |
| Semiconductors — 3.5% | | | | | | | | |
Cabot Microelectronics Corp.* | | | 26,907 | | | | 785,953 | |
Fairchild Semiconductor International, Inc.* | | | 77,666 | | | | 1,095,091 | |
Intersil Corp., Class A | | | 97,541 | | | | 1,038,812 | |
Micrel, Inc. | | | 39,878 | | | | 380,037 | |
MKS Instruments, Inc. | | | 37,391 | | | | 1,081,722 | |
Semtech Corp.* | | | 53,695 | | | | 1,305,862 | |
| | | | | | | | |
| | | | 5,687,477 | |
| | | | | | | | |
| Software — 2.7% | | | | | | | | |
Digi International, Inc.* | | | 35,644 | | | | 364,995 | |
Interactive Intelligence Group, Inc.* | | | 6,295 | | | | 177,582 | |
Monotype Imaging Holdings, Inc.* | | | 36,489 | | | | 611,920 | |
Parametric Technology Corp.* | | | 53,726 | | | | 1,126,097 | |
SS&C Technologies Holdings, Inc.* | | | 48,317 | | | | 1,207,925 | |
SYNNEX Corp.* | | | 21,373 | | | | 737,155 | |
Verint Systems, Inc.* | | | 8,476 | | | | 250,127 | |
| | | | | | | | |
| | | | 4,475,801 | |
| | | | | | | | |
| Telecommunications — 2.0% | | | | | | | | |
ADTRAN, Inc. | | | 24,926 | | | | 752,516 | |
Anixter International, Inc.* | | | 19,394 | | | | 1,028,852 | |
Plantronics, Inc. | | | 18,129 | | | | 605,509 | |
Premiere Global Services, Inc.* | | | 106,242 | | | | 891,370 | |
| | | | | | | | |
| | | | 3,278,247 | |
| | | | | | | | |
| Textiles — 0.5% | | | | | | | | |
G&K Services, Inc., Class A | | | 27,575 | | | | 860,064 | |
| | | | | | | | |
| Transportation — 1.1% | | | | | | | | |
Forward Air Corp. | | | 30,826 | | | | 994,755 | |
Heartland Express, Inc. | | | 57,208 | | | | 818,646 | |
| | | | | | | | |
| | | | 1,813,401 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $124,807,692) | | | | 140,938,117 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 12.1% | | | | | |
| Apartments — 1.0% | | | | | | | | |
American Campus Communities, Inc. | | | 18,720 | | | | 842,026 | |
Mid-America Apartment Communities, Inc. | | | 13,009 | | | | 887,734 | |
| | | | | | | | |
| | | | 1,729,760 | |
| | | | | | | | |
| Building & Real Estate — 3.2% | | | | | | | | |
CreXus Investment Corp. | | | 40,664 | | | | 413,553 | |
CYS Investments, Inc. | | | 105,080 | | | | 1,446,952 | |
MFA Financial, Inc. | | | 187,170 | | | | 1,476,771 | |
National Retail Properties, Inc. | | | 29,790 | | | | 842,759 | |
Two Harbors Investment Corp. | | | 102,729 | | | | 1,064,272 | |
| | | | | | | | |
| | | | 5,244,307 | |
| | | | | | | | |
98
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Value Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Diversified — 3.1% | | | | | | | | |
Coresite Realty Corp. | | | 44,645 | | | $ | 1,152,734 | |
DuPont Fabros Technology, Inc. | | | 32,597 | | | | 930,970 | |
Entertainment Properties Trust | | | 35,447 | | | | 1,457,226 | |
PS Business Parks, Inc. | | | 23,661 | | | | 1,602,323 | |
| | | | | | | | |
| | | | 5,143,253 | |
| | | | | | | | |
| Healthcare — 0.9% | | | | | | | | |
LTC Properties, Inc. | | | 25,381 | | | | 920,823 | |
Omega Healthcare Investors, Inc. | | | 21,961 | | | | 494,122 | |
| | | | | | | | |
| | | | 1,414,945 | |
| | | | | | | | |
| Hotels & Resorts — 1.6% | | | | | | | | |
DiamondRock Hospitality Co. | | | 63,708 | | | | 649,822 | |
LaSalle Hotel Properties | | | 32,291 | | | | 940,960 | |
Pebblebrook Hotel Trust | | | 43,301 | | | | 1,009,346 | |
| | | | | | | | |
| | | | 2,600,128 | |
| | | | | | | | |
| Office Property — 0.6% | | | | | | | | |
Hudson Pacific Properties, Inc. | | | 59,238 | | | | 1,031,333 | |
| | | | | | | | |
| Regional Malls — 0.6% | | | | | | | | |
CBL & Associates Properties, Inc. | | | 48,039 | | | | 938,682 | |
| | | | | | | | |
| Storage & Warehousing — 0.5% | |
CubeSmart | | | 66,094 | | | | 771,317 | |
| | | | | | | | |
| Strip Centers — 0.6% | | | | | | | | |
Acadia Realty Trust | | | 38,995 | | | | 903,904 | |
Retail Opportunity Investments Corp. | | | 12,913 | | | | 155,731 | |
| | | | | | | | |
| | | | 1,059,635 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $16,251,225) | | | | 19,933,360 | |
| | | | | | | | |
| WARRANTS — 0.0% | |
Magnum Hunter Resources Corp.~
(Cost $0) | | | 6,348 | | | | 0 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.0% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $3,253,109) | | | 3,253,109 | | | | 3,253,109 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $144,312,026) | | | $ | 164,124,586 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2012 is $0. |
ADR — American Depository Receipt.
Plc — Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | | | | | |
ASSETS TABLE
|
| Description | | Total
Market
Value at
06/30/2012 | | Level 1
Quoted
Price | | Level 2
Significant
Observable
Input | | Level 3
Significant
Unobservable
Input |
COMMON STOCKS | | | $ | 140,938,117 | | | | $ | 140,938,117 | | | | $ | — | | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | | 19,933,360 | | | | | 19,933,360 | | | | | — | | | | | — | |
SHORT-TERM INVESTMENTS | | | | 3,253,109 | | | | | 3,253,109 | | | | | — | | | | | — | |
| |
TOTAL INVESTMENTS | | | $ | 164,124,586 | | | | $ | 164,124,586 | | | | $ | — | | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
99
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 89.9% | |
| Advertising — 0.1% | |
Harte-Hanks, Inc. | | | 978 | | | $ | 8,939 | |
Marchex, Inc., Class B | | | 745 | | | | 2,689 | |
MDC Partners, Inc. | | | 600 | | | | 6,804 | |
Millennial Media, Inc.* | | | 700 | | | | 9,233 | |
| | | | | | | | |
| | | | 27,665 | |
| | | | | | | | |
| Aerospace & Defense — 1.2% | | | | | | | | |
AAR Corp. | | | 1,169 | | | | 15,758 | |
AeroVironment, Inc.* | | | 418 | | | | 10,998 | |
Astronics Corp.* | | | 331 | | | | 9,348 | |
Cubic Corp. | | | 469 | | | | 22,550 | |
Curtiss-Wright Corp. | | | 1,226 | | | | 38,067 | |
Esterline Technologies Corp.* | | | 840 | | | | 52,374 | |
GenCorp, Inc.* | | | 1,240 | | | | 8,072 | |
HEICO Corp. | | | 1,412 | | | | 55,802 | |
Kaman Corp. | | | 648 | | | | 20,049 | |
Kratos Defense & Security Solutions, Inc.* | | | 922 | | | | 5,385 | |
LMI Aerospace, Inc.* | | | 153 | | | | 2,659 | |
Moog, Inc., Class A* | | | 1,191 | | | | 49,248 | |
National Presto Industries, Inc. | | | 146 | | | | 10,186 | |
Orbital Sciences Corp.* | | | 1,696 | | | | 21,912 | |
Teledyne Technologies, Inc.* | | | 1,004 | | | | 61,897 | |
| | | | | | | | |
| | | | 384,305 | |
| | | | | | | | |
| Agriculture — 0.4% | | | | | | | | |
Alico, Inc. | | | 51 | | | | 1,557 | |
Alliance One International, Inc.* | | | 2,256 | | | | 7,806 | |
Cadiz, Inc.* | | | 157 | | | | 1,132 | |
Griffin Land & Nurseries, Inc. | | | 40 | | | | 1,120 | |
Limoneira Co. | | | 100 | | | | 1,622 | |
Star Scientific, Inc.* | | | 4,044 | | | | 18,441 | |
Tejon Ranch Co.* | | | 388 | | | | 11,104 | |
The Andersons, Inc. | | | 455 | | | | 19,410 | |
Universal Corp. | | | 755 | | | | 34,979 | |
Vector Group Ltd. | | | 1,341 | | | | 22,824 | |
| | | | | | | | |
| | | | 119,995 | |
| | | | | | | | |
| Airlines — 0.7% | | | | | | | | |
Alaska Air Group, Inc.* | | | 1,874 | | | | 67,277 | |
Allegiant Travel Co.* | | | 401 | | | | 27,942 | |
Hawaiian Holdings, Inc.* | | | 1,326 | | | | 8,632 | |
JetBlue Airways Corp.* | | | 6,228 | | | | 33,008 | |
Republic Airways Holdings, Inc.* | | | 1,201 | | | | 6,665 | |
SkyWest, Inc. | | | 1,281 | | | | 8,365 | |
Spirit Airlines, Inc.* | | | 1,400 | | | | 27,244 | |
US Airways Group, Inc.* | | | 4,718 | | | | 62,891 | |
| | | | | | | | |
| | | | 242,024 | |
| | | | | | | | |
| Apparel — 1.1% | | | | | | | | |
Cherokee, Inc. | | | 200 | | | | 2,786 | |
Columbia Sportswear Co. | | | 311 | | | | 16,676 | |
Crocs, Inc.* | | | 2,600 | | | | 41,990 | |
Delta Apparel, Inc.* | | | 200 | | | | 2,732 | |
G-III Apparel Group Ltd.* | | | 404 | | | | 9,571 | |
Iconix Brand Group, Inc.* | | | 1,942 | | | | 33,927 | |
K-Swiss, Inc., Class A* | | | 424 | | | | 1,306 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Apparel — (continued) | | | | | | | | |
Maidenform Brands, Inc.* | | | 538 | | | $ | 10,717 | |
Oxford Industries, Inc. | | | 308 | | | | 13,767 | |
Perry Ellis International, Inc.* | | | 414 | | | | 8,590 | |
Quiksilver, Inc.* | | | 4,460 | | | | 10,392 | |
RG Barry Corp. | | | 200 | | | | 2,718 | |
Skechers U.S.A., Inc., Class A* | | | 1,116 | | | | 22,733 | |
Steven Madden Ltd.* | | | 1,033 | | | | 32,798 | |
The Jones Group, Inc. | | | 1,965 | | | | 18,785 | |
The Warnaco Group, Inc.* | | | 1,060 | | | | 45,135 | |
True Religion Apparel, Inc. | | | 626 | | | | 18,141 | |
Tumi Holdings, Inc.* | | | 900 | | | | 15,750 | |
Unifi, Inc.* | | | 360 | | | | 4,079 | |
Weyco Group, Inc. | | | 100 | | | | 2,318 | |
Wolverine World Wide, Inc. | | | 1,291 | | | | 50,065 | |
| | | | | | | | |
| | | | 364,976 | |
| | | | | | | | |
| Auto Manufacturers — 0.0% | | | | | | | | |
Wabash National Corp.* | | | 2,200 | | | | 14,564 | |
| | | | | | | | |
| Auto Parts & Equipment — 0.9% | | | | | | | | |
Accuride Corp.* | | | 1,000 | | | | 6,000 | |
American Axle & Manufacturing Holdings, Inc.* | | | 1,716 | | | | 18,001 | |
Amerigon, Inc.* | | | 1,168 | | | | 13,420 | |
Commercial Vehicle Group, Inc.* | | | 600 | | | | 5,172 | |
Cooper Tire & Rubber Co. | | | 1,849 | | | | 32,432 | |
Dana Holding Corp. | | | 3,996 | | | | 51,189 | |
Dorman Products, Inc.* | | | 592 | | | | 14,853 | |
Douglas Dynamics, Inc. | | | 500 | | | | 7,125 | |
Exide Technologies* | | | 1,787 | | | | 6,004 | |
Federal-Mogul Corp.* | | | 1,000 | | | | 11,000 | |
Fuel Systems Solutions, Inc.* | | | 634 | | | | 10,581 | |
Meritor, Inc.* | | | 2,645 | | | | 13,807 | |
Miller Industries, Inc. | | | 443 | | | | 7,057 | |
Modine Manufacturing Co.* | | | 1,077 | | | | 7,464 | |
Spartan Motors, Inc. | | | 917 | | | | 4,805 | |
Standard Motor Products, Inc. | | | 700 | | | | 9,856 | |
Superior Industries International, Inc. | | | 519 | | | | 8,496 | |
Tenneco, Inc.* | | | 1,700 | | | | 45,594 | |
Titan International, Inc. | | | 1,213 | | | | 29,755 | |
Tower International, Inc.* | | | 200 | | | | 2,100 | |
| | | | | | | | |
| | | | 304,711 | |
| | | | | | | | |
| Banks — 6.2% | | | | | | | | |
1st Source Corp. | | | 326 | | | | 7,368 | |
1st United Bancorp, Inc.* | | | 400 | | | | 2,484 | |
Alliance Financial Corp. | | | 73 | | | | 2,507 | |
American National Bankshares, Inc. | | | 400 | | | | 9,424 | |
Ameris Bancorp* | | | 447 | | | | 5,632 | |
Ames National Corp. | | | 199 | | | | 4,575 | |
Arrow Financial Corp. | | | 350 | | | | 8,460 | |
BancFirst Corp. | | | 160 | | | | 6,706 | |
Banco Latinoamericano de Exportaciones S.A., Class E | | | 1,110 | | | | 23,787 | |
Bancorp, Inc.* | | | 512 | | | | 4,838 | |
BancorpSouth, Inc. | | | 2,449 | | | | 35,559 | |
Bank of Kentucky Financial Corp. | | | 200 | | | | 5,328 | |
100
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Banks — (continued) | | | | | | | | |
Bank of Marin Bancorp | | | 90 | | | $ | 3,331 | |
Bank of the Ozarks, Inc. | | | 976 | | | | 29,358 | |
Banner Corp. | | | 400 | | | | 8,764 | |
Bar Harbor Bankshares | | | 200 | | | | 7,200 | |
Boston Private Financial Holdings, Inc. | | | 2,858 | | | | 25,522 | |
Bridge Bancorp, Inc. | | | 107 | | | | 2,524 | |
Bridge Capital Holdings* | | | 300 | | | | 4,845 | |
Bryn Mawr Bank Corp. | | | 232 | | | | 4,888 | |
Camden National Corp. | | | 326 | | | | 11,938 | |
Capital City Bank Group, Inc.* | | | 269 | | | | 1,983 | |
Cardinal Financial Corp. | | | 618 | | | | 7,589 | |
Cass Information Systems, Inc. | | | 231 | | | | 9,298 | |
Cathay General Bancorp | | | 2,050 | | | | 33,845 | |
Center Bancorp, Inc. | | | 400 | | | | 4,500 | |
CenterState Banks of Florida, Inc. | | | 1,432 | | | | 10,239 | |
Central Pacific Financial Corp.* | | | 400 | | | | 5,648 | |
Century Bancorp, Inc., Class A | | | 69 | | | | 2,051 | |
Chemical Financial Corp. | | | 666 | | | | 14,319 | |
Citizens & Northern Corp. | | | 356 | | | | 6,782 | |
Citizens Republic Bancorp, Inc.* | | | 1,400 | | | | 23,982 | |
City Holding Co. | | | 348 | | | | 11,724 | |
CNB Financial Corp. | | | 474 | | | | 7,731 | |
CoBiz Financial, Inc. | | | 600 | | | | 3,756 | |
Columbia Banking System, Inc. | | | 1,170 | | | | 22,019 | |
Community Bank System, Inc. | | | 1,011 | | | | 27,418 | |
Community Trust Bancorp, Inc. | | | 321 | | | | 10,750 | |
CVB Financial Corp. | | | 2,592 | | | | 30,197 | |
Eagle Bancorp, Inc.* | | | 385 | | | | 6,064 | |
Encore Bancshares, Inc.* | | | 200 | | | | 4,126 | |
Enterprise Bancorp, Inc. | | | 300 | | | | 4,917 | |
Enterprise Financial Services Corp. | | | 382 | | | | 4,187 | |
F.N.B. Corp. | | | 4,308 | | | | 46,828 | |
Financial Institutions, Inc. | | | 340 | | | | 5,739 | |
First Bancorp | | | 324 | | | | 2,880 | |
First Bancorp Puerto Rico* | | | 3,100 | | | | 12,276 | |
First Bancorp, Inc. | | | 234 | | | | 3,978 | |
First Busey Corp. | | | 1,802 | | | | 8,704 | |
First California Financial Group, Inc.* | | | 1,300 | | | | 8,944 | |
First Commonwealth Financial Corp. | | | 2,621 | | | | 17,639 | |
First Community Bancshares, Inc. | | | 326 | | | | 4,704 | |
First Connecticut Bancorp, Inc. | | | 659 | | | | 8,897 | |
First Financial Bancorp | | | 1,605 | | | | 25,648 | |
First Financial Bankshares, Inc. | | | 826 | | | | 28,547 | |
First Financial Corp. | | | 280 | | | | 8,120 | |
First Interstate Bancsystem, Inc. | | | 400 | | | | 5,696 | |
First Merchants Corp. | | | 538 | | | | 6,703 | |
First Midwest Bancorp, Inc. | | | 2,414 | | | | 26,506 | |
FirstMerit Corp. | | | 3,176 | | | | 52,468 | |
Franklin Financial Corp.* | | | 400 | | | | 6,580 | |
German American Bancorp, Inc. | | | 292 | | | | 5,986 | |
Glacier Bancorp, Inc. | | | 2,021 | | | | 31,305 | |
Great Southern Bancorp, Inc. | | | 171 | | | | 4,716 | |
Guaranty Bancorp* | | | 4,500 | | | | 9,495 | |
Hancock Holding Co. | | | 2,072 | | | | 63,072 | |
Hanmi Financial Corp* | | | 813 | | | | 8,520 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Banks — (continued) | | | | | | | | |
Heartland Financial USA, Inc. | | | 317 | | | $ | 7,608 | |
Heritage Commerce Corp.* | | | 600 | | | | 3,900 | |
Heritage Financial Corp. | | | 508 | | | | 7,442 | |
Home Bancshares, Inc. | | | 582 | | | | 17,798 | |
Hudson Valley Holding Corp. | | | 462 | | | | 8,362 | |
Iberiabank Corp. | | | 746 | | | | 37,636 | |
Independent Bank Corp. | | | 771 | | | | 22,521 | |
International Bancshares Corp. | | | 1,525 | | | | 29,768 | |
Lakeland Bancorp, Inc. | | | 559 | | | | 5,881 | |
Lakeland Financial Corp. | | | 494 | | | | 13,254 | |
MainSource Financial Group, Inc. | | | 521 | | | | 6,163 | |
MB Financial, Inc. | | | 1,349 | | | | 29,057 | |
Mercantile Bank Corp.* | | | 500 | | | | 9,225 | |
Merchants Bancshares, Inc. | | | 86 | | | | 2,369 | |
Metro Bancorp, Inc.* | | | 263 | | | | 3,164 | |
Metrocorp Bancshares, Inc.* | | | 900 | | | | 9,603 | |
Midsouth Bancorp, Inc. | | | 186 | | | | 2,619 | |
MidWestOne Financial Group, Inc. | | | 400 | | | | 8,600 | |
National Bankshares, Inc. | | | 119 | | | | 3,584 | |
National Penn Bancshares, Inc. | | | 3,387 | | | | 32,414 | |
NBT Bancorp, Inc. | | | 811 | | | | 17,509 | |
Northrim BanCorp, Inc. | | | 400 | | | | 8,596 | |
Old National Bancorp | | | 2,586 | | | | 31,058 | |
OmniAmerican Bancorp, Inc.* | | | 291 | | | | 6,236 | |
Oriental Financial Group, Inc. | | | 1,010 | | | | 11,191 | |
Pacific Capital Bancorp* | | | 100 | | | | 4,573 | |
Pacific Continental Corp. | | | 262 | | | | 2,324 | |
PacWest Bancorp | | | 723 | | | | 17,113 | |
Park National Corp. | | | 324 | | | | 22,599 | |
Park Sterling Corp.* | | | 800 | | | | 3,768 | |
Peapack-Gladstone Financial Corp. | | | 500 | | | | 7,755 | |
Penns Woods Bancorp, Inc. | | | 68 | | | | 2,707 | |
Peoples Bancorp, Inc. | | | 272 | | | | 5,979 | |
Pinnacle Financial Partners, Inc.* | | | 763 | | | | 14,886 | |
Preferred Bank Los Angeles CA* | | | 700 | | | | 9,352 | |
PrivateBancorp, Inc. | | | 1,898 | | | | 28,014 | |
Prosperity Bancshares, Inc. | | | 1,226 | | | | 51,529 | |
Renasant Corp. | | | 537 | | | | 8,436 | |
Republic Bancorp, Inc., Class A | | | 387 | | | | 8,611 | |
S&T Bancorp, Inc. | | | 659 | | | | 12,172 | |
S.Y. Bancorp, Inc. | | | 445 | | | | 10,658 | |
Sandy Spring Bancorp, Inc. | | | 785 | | | | 14,130 | |
SCBT Financial Corp. | | | 596 | | | | 21,009 | |
Seacoast Banking Corp. of Florida* | | | 2,200 | | | | 3,322 | |
Sierra Bancorp | | | 212 | | | | 2,099 | |
Simmons First National Corp., Class A | | | 400 | | | | 9,300 | |
Southside Bancshares, Inc. | | | 351 | | | | 7,890 | |
Southwest Bancorp, Inc.* | | | 436 | | | | 4,103 | |
State Bank Financial Corp.* | | | 800 | | | | 12,128 | |
StellarOne Corp. | | | 616 | | | | 7,688 | |
Sterling Bancorp | | | 686 | | | | 6,846 | |
Sterling Financial Corp.* | | | 700 | | | | 13,223 | |
Suffolk Bancorp* | | | 143 | | | | 1,855 | |
Sun Bancorp, Inc.* | | | 1,100 | | | | 2,970 | |
101
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Banks — (continued) | |
Susquehanna Bancshares, Inc. | | | 5,633 | | | $ | 58,020 | |
Taylor Capital Group, Inc.* | | | 233 | | | | 3,819 | |
Texas Capital Bancshares, Inc.* | | | 973 | | | | 39,299 | |
The First of Long Island Corp. | | | 195 | | | | 5,649 | |
Tompkins Financial Corp. | | | 358 | | | | 13,489 | |
TowneBank | | | 472 | | | | 6,608 | |
Trico Bancshares | | | 304 | | | | 4,682 | |
TrustCo Bank Corp. | | | 3,252 | | | | 17,756 | |
Trustmark Corp. | | | 1,730 | | | | 42,350 | |
UMB Financial Corp. | | | 881 | | | | 45,134 | |
Umpqua Holdings Corp. | | | 3,162 | | | | 41,612 | |
Union First Market Bankshares Corp. | | | 742 | | | | 10,722 | |
United Bankshares, Inc. | | | 1,294 | | | | 33,489 | |
United Community Banks, Inc.* | | | 978 | | | | 8,381 | |
Univest Corp. of Pennsylvania | | | 300 | | | | 4,959 | |
Virginia Commerce Bancorp* | | | 400 | | | | 3,372 | |
Walker & Dunlap* | | | 400 | | | | 5,140 | |
Washington Banking Co. | | | 475 | | | | 6,603 | |
Washington Trust Bancorp, Inc. | | | 270 | | | | 6,583 | |
Webster Financial Corp. | | | 1,928 | | | | 41,760 | |
WesBanco, Inc. | | | 615 | | | | 13,075 | |
West Bancorporation, Inc. | | | 268 | | | | 2,549 | |
West Coast Bancorp* | | | 659 | | | | 12,949 | |
Westamerica Bancorporation | | | 773 | | | | 36,478 | |
Western Alliance Bancorp* | | | 1,575 | | | | 14,742 | |
Wilshire Bancorp, Inc.* | | | 1,576 | | | | 8,636 | |
Wintrust Financial Corp. | | | 1,042 | | | | 36,991 | |
| | | | | | | | |
| | | | 2,049,558 | |
| | | | | | | | |
| Beverages — 0.2% | | | | | | | | |
Boston Beer Co., Inc., Class A* | | | 210 | | | | 25,410 | |
Central European Distribution Corp.* | | | 1,700 | | | | 4,862 | |
Coca-Cola Bottling Co. Consolidated | | | 174 | | | | 11,185 | |
Farmers Brothers Co.* | | | 204 | | | | 1,624 | |
National Beverage Corp.* | | | 242 | | | | 3,615 | |
Peet’s Coffee & Tea, Inc.* | | | 359 | | | | 21,554 | |
| | | | | | | | |
| | | | 68,250 | |
| | | | | | | | |
| Biotechnology — 2.4% | | | | | | | | |
Acorda Therapeutics, Inc.* | | | 1,231 | | | | 29,002 | |
Affymax, Inc.* | | | 810 | | | | 10,433 | |
Alkermes plc | | | 3,692 | | | | 62,653 | |
Alnylam Pharmaceuticals, Inc.* | | | 1,339 | | | | 15,626 | |
AMAG Pharmaceuticals, Inc.* | | | 556 | | | | 8,562 | |
Arena Pharmaceuticals, Inc.* | | | 6,006 | | | | 59,940 | |
Arqule, Inc.* | | | 1,796 | | | | 10,650 | |
Astex Pharmaceuticals, Inc.* | | | 651 | | | | 1,361 | |
BioCryst Pharmaceuticals, Inc.* | | | 597 | | | | 2,376 | |
Biotime, Inc.* | | | 400 | | | | 1,840 | |
Cambrex Corp.* | | | 667 | | | | 6,276 | |
Celldex Therapeutics, Inc.* | | | 2,744 | | | | 14,241 | |
Cubist Pharmaceuticals, Inc.* | | | 1,844 | | | | 69,906 | |
Curis, Inc.* | | | 1,673 | | | | 9,034 | |
Dendreon Corp.* | | | 4,900 | | | | 36,260 | |
Dynavax Technologies Corp.* | | | 3,900 | | | | 16,848 | |
Emergent BioSolutions, Inc.* | | | 758 | | | | 11,484 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Biotechnology — (continued) | | | | | | | | |
Enzon Pharmaceuticals, Inc.* | | | 905 | | | $ | 6,217 | |
Exact Sciences Corp.* | | | 2,000 | | | | 21,440 | |
Exelixis, Inc.* | | | 4,069 | | | | 22,502 | |
Geron Corp.* | | | 2,750 | | | | 4,730 | |
GTx, Inc.* | | | 1,000 | | | | 3,530 | |
Halozyme Therapeutics, Inc.* | | | 2,389 | | | | 21,167 | |
Harvard Bioscience, Inc.* | | | 700 | | | | 2,639 | |
Immunogen, Inc.* | | | 2,063 | | | | 34,617 | |
Immunomedics, Inc.* | | | 1,436 | | | | 5,127 | |
InterMune, Inc.* | | | 2,243 | | | | 26,804 | |
Lexicon Pharmaceuticals, Inc.* | | | 3,626 | | | | 8,158 | |
Ligand Pharmaceuticals, Inc.* | | | 444 | | | | 7,521 | |
Maxygen, Inc.* | | | 600 | | | | 3,576 | |
Momenta Pharmaceuticals, Inc.* | | | 1,182 | | | | 15,981 | |
Newlink Genetics Corp.* | | | 600 | | | | 8,988 | |
Novavax, Inc.* | | | 1,329 | | | | 2,073 | |
NPS Pharmaceuticals, Inc.* | | | 1,957 | | | | 16,850 | |
Omeros Corp.* | | | 1,000 | | | | 10,000 | |
OncoGenex Pharmaceutical, Inc.* | | | 300 | | | | 4,032 | |
Oncothyreon, Inc.* | | | 1,000 | | | | 4,680 | |
Pacific Biosciences of California, Inc.* | | | 800 | | | | 1,736 | |
PDL BioPharma, Inc. | | | 3,717 | | | | 24,644 | |
RTI Biologics, Inc.* | | | 2,035 | | | | 7,652 | |
Sangamo Biosciences, Inc.* | | | 1,003 | | | | 5,537 | |
Seattle Genetics, Inc.* | | | 2,506 | | | | 63,627 | |
Sequenom, Inc.* | | | 2,897 | | | | 11,762 | |
The Medicines Co.* | | | 1,492 | | | | 34,226 | |
Vical, Inc.* | | | 2,121 | | | | 7,636 | |
Xoma Corp.* | | | 3,600 | | | | 10,800 | |
ZIOPHARM Oncology, Inc.* | | | 1,500 | | | | 8,925 | |
| | | | | | | | |
| | | | 773,669 | |
| | | | | | | | |
| Building & Real Estate — 0.0% | | | | | | | | |
AV Homes, Inc.* | | | 195 | | | | 2,843 | |
| | | | | | | | |
| Building Materials — 1.1% | | | | | | | | |
AAON, Inc. | | | 438 | | | | 8,256 | |
Apogee Enterprises, Inc. | | | 1,043 | | | | 16,761 | |
Builders FirstSource, Inc.* | | | 1,273 | | | | 6,034 | |
Comfort Systems USA, Inc. | | | 1,227 | | | | 12,295 | |
Drew Industries, Inc.* | | | 491 | | | | 13,674 | |
Eagle Materials, Inc. | | | 1,289 | | | | 48,131 | |
Gibraltar Industries, Inc.* | | | 801 | | | | 8,315 | |
Interline Brands, Inc.* | | | 1,050 | | | | 26,324 | |
Louisiana-Pacific Corp.* | | | 4,294 | | | | 46,719 | |
LSI Industries, Inc. | | | 314 | | | | 2,236 | |
NCI Building Systems, Inc.* | | | 464 | | | | 5,025 | |
Nortek, Inc.* | | | 300 | | | | 15,012 | |
Quanex Building Products Corp. | | | 1,225 | | | | 21,903 | |
Simpson Manufacturing Co., Inc. | | | 1,085 | | | | 32,018 | |
Texas Industries, Inc.* | | | 633 | | | | 24,693 | |
Trex Co., Inc.* | | | 331 | | | | 9,960 | |
Universal Forest Products, Inc. | | | 483 | | | | 18,827 | |
USG Corp.* | | | 2,200 | | | | 41,910 | |
| | | | | | | | |
| | | | 358,093 | |
| | | | | | | | |
102
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Chemicals — 1.6% | | | | | | | | |
A. Schulman, Inc. | | | 788 | | | $ | 15,642 | |
Aceto Corp. | | | 642 | | | | 5,797 | |
American Vanguard Corp. | | | 878 | | | | 23,346 | |
Balchem Corp. | | | 705 | | | | 22,990 | |
Chemtura Corp.* | | | 2,644 | | | | 38,338 | |
Codexis, Inc.* | | | 612 | | | | 2,289 | |
Ferro Corp.* | | | 2,638 | | | | 12,662 | |
Georgia Gulf Corp. | | | 1,000 | | | | 25,670 | |
H.B. Fuller Co. | | | 1,280 | | | | 39,296 | |
Hawkins, Inc. | | | 249 | | | | 9,507 | |
Innophos Holdings, Inc. | | | 596 | | | | 33,650 | |
Innospec, Inc.* | | | 600 | | | | 17,766 | |
KMG Chemicals, Inc. | | | 200 | | | | 3,856 | |
Kraton Performance Polymers, Inc.* | | | 1,041 | | | | 22,808 | |
Landec Corp.* | | | 518 | | | | 4,434 | |
Minerals Technologies, Inc. | | | 464 | | | | 29,594 | |
Olin Corp. | | | 2,092 | | | | 43,702 | |
OM Group, Inc.* | | | 754 | | | | 14,326 | |
Omnova Solutions, Inc.* | | | 1,168 | | | | 8,807 | |
PolyOne Corp. | | | 2,556 | | | | 34,966 | |
Quaker Chemical Corp. | | | 311 | | | | 14,371 | |
Sensient Technologies Corp. | | | 1,474 | | | | 54,140 | |
Spartech Corp.* | | | 446 | | | | 2,306 | |
Stepan Co. | | | 254 | | | | 23,922 | |
TPC Group, Inc.* | | | 300 | | | | 11,085 | |
Zep, Inc. | | | 592 | | | | 8,128 | |
Zoltek Cos., Inc.* | | | 595 | | | | 5,373 | |
| | | | | | | | |
| | | | 528,771 | |
| | | | | | | | |
| Coal — 0.3% | | | | | | | | |
Arch Coal, Inc. | | | 6,700 | | | | 46,163 | |
Cloud Peak Energy, Inc.* | | | 1,700 | | | | 28,747 | |
Patriot Coal Corp.* | | | 2,594 | | | | 3,165 | |
SunCoke Energy, Inc.* | | | 1,841 | | | | 26,970 | |
Westmoreland Coal Co.* | | | 300 | | | | 2,415 | |
| | | | | | | | |
| | | | 107,460 | |
| | | | | | | | |
| Commercial Services — 6.6% | | | | | | | | |
ABM Industries, Inc. | | | 1,339 | | | | 26,191 | |
Acacia Research - Acacia Technologies* | | | 1,480 | | | | 55,115 | |
Accretive Health, Inc.* | | | 2,012 | | | | 22,052 | |
American Public Education, Inc.* | | | 455 | | | | 14,560 | |
American Reprographics Co.* | | | 736 | | | | 3,702 | |
AMN Healthcare Services, Inc.* | | | 709 | | | | 4,204 | |
Arbitron, Inc. | | | 771 | | | | 26,985 | |
Ascent Capital Group Inc., Class A* | | | 331 | | | | 17,129 | |
Aveo Pharmaceuticals, Inc.* | | | 800 | | | | 9,728 | |
Avis Budget Group, Inc.* | | | 3,066 | | | | 46,603 | |
Barrett Business Services, Inc. | | | 142 | | | | 3,002 | |
Bridgepoint Education, Inc.* | | | 533 | | | | 11,619 | |
Capella Education Co.* | | | 407 | | | | 14,147 | |
Cardtronics, Inc.* | | | 1,163 | | | | 35,134 | |
Career Education Corp.* | | | 2,300 | | | | 15,387 | |
CBIZ, Inc.* | | | 1,340 | | | | 7,960 | |
CDI Corp. | | | 241 | | | | 3,952 | |
Cenveo, Inc.* | | | 1,299 | | | | 2,507 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Chemicals Services — (continued) | | | | | | | | |
Chemed Corp. | | | 529 | | | $ | 31,973 | |
Consolidated Graphics, Inc.* | | | 242 | | | | 7,030 | |
Convergys Corp. | | | 3,583 | | | | 52,921 | |
Corinthian Colleges, Inc.* | | | 1,570 | | | | 4,537 | |
Corvel Corp.* | | | 181 | | | | 8,869 | |
CoStar Group, Inc.* | | | 762 | | | | 61,874 | |
CRA International, Inc.* | | | 274 | | | | 4,025 | |
Cross Country Healthcare, Inc.* | | | 584 | | | | 2,552 | |
Deluxe Corp. | | | 1,307 | | | | 32,597 | |
Dfc Global Corp.* | | | 1,180 | | | | 21,747 | |
Dollar Thrifty Automotive Group, Inc.* | | | 803 | | | | 65,011 | |
Education Management Corp.* | | | 1,500 | | | | 10,425 | |
Electro Rent Corp. | | | 415 | | | | 6,735 | |
Euronet Worldwide, Inc.* | | | 1,255 | | | | 21,486 | |
Examworks Group, Inc.* | | | 600 | | | | 7,938 | |
ExlService Holdings, Inc.* | | | 900 | | | | 22,176 | |
Firsthand Technology Value Fund, Inc.* | | | 500 | | | | 8,830 | |
Forrester Research, Inc. | | | 375 | | | | 12,698 | |
Franklin Covey Co.* | | | 241 | | | | 2,468 | |
FTI Consulting, Inc.* | | | 1,256 | | | | 36,110 | |
Global Cash Access Holdings, Inc.* | | | 2,396 | | | | 17,275 | |
Grand Canyon Education, Inc.* | | | 1,356 | | | | 28,395 | |
Great Lakes Dredge & Dock Corp. | | | 1,351 | | | | 9,619 | |
Green Dot Corp.* | | | 900 | | | | 19,908 | |
H&E Equipment Services, Inc.* | | | 959 | | | | 14,414 | |
Healthcare Services Group | | | 1,680 | | | | 32,558 | |
Heartland Payment Systems, Inc. | | | 969 | | | | 29,148 | |
Heidrick & Struggles International, Inc. | | | 369 | | | | 6,458 | |
Hill International, Inc.* | | | 589 | | | | 1,885 | |
Hillenbrand, Inc. | | | 1,674 | | | | 30,768 | |
HMS Holdings Corp.* | | | 2,515 | | | | 83,775 | |
Hudson Global, Inc.* | | | 600 | | | | 2,502 | |
Huron Consulting Group, Inc.* | | | 528 | | | | 16,711 | |
ICF International, Inc.* | | | 448 | | | | 10,680 | |
Insperity, Inc. | | | 524 | | | | 14,174 | |
Intersections, Inc. | | | 300 | | | | 4,755 | |
K12, Inc.* | | | 752 | | | | 17,522 | |
Kelly Services, Inc., Class A | | | 614 | | | | 7,927 | |
Kenexa Corp.* | | | 734 | | | | 21,308 | |
Kforce, Inc.* | | | 686 | | | | 9,234 | |
Korn/Ferry International* | | | 1,090 | | | | 15,642 | |
Landauer, Inc. | | | 280 | | | | 16,052 | |
Lincoln Educational Services Corp. | | | 565 | | | | 3,673 | |
Live Nation Entertainment, Inc.* | | | 3,771 | | | | 34,618 | |
Mac-Gray Corp. | | | 199 | | | | 2,804 | |
Maximus, Inc. | | | 1,044 | | | | 54,027 | |
McGrath Rentcorp | | | 753 | | | | 19,954 | |
Medifast, Inc.* | | | 231 | | | | 4,546 | |
Moneygram International Inc* | | | 878 | | | | 12,819 | |
Monro Muffler Brake, Inc. | | | 937 | | | | 31,146 | |
Monster Worldwide, Inc.* | | | 3,900 | | | | 33,150 | |
Multi-Color Corp. | | | 367 | | | | 8,162 | |
National American University Holdings, Inc. | | | 400 | | | | 1,720 | |
National Research Corp. | | | 29 | | | | 1,518 | |
Navigant Consulting, Inc.* | | | 1,584 | | | | 20,022 | |
103
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Chemicals Services — (continued) | | | | | | | | |
Odyssey Marine Exploration, Inc.* | | | 1,800 | | | $ | 6,732 | |
On Assignment, Inc.* | | | 1,452 | | | | 23,174 | |
Parexel International Corp.* | | | 1,799 | | | | 50,786 | |
Pendrell Corp.* | | | 3,700 | | | | 4,144 | |
PHH Corp.* | | | 1,389 | | | | 24,280 | |
PRGX Global* | | | 600 | | | | 4,770 | |
Quad Graphics, Inc. | | | 600 | | | | 8,628 | |
Rent-A-Center, Inc. | | | 1,653 | | | | 55,772 | |
Resources Connection, Inc. | | | 1,022 | | | | 12,571 | |
RPX Corp.* | | | 900 | | | | 12,915 | |
ServiceSource International, Inc.* | | | 1,700 | | | | 23,545 | |
Sotheby’s | | | 2,041 | | | | 68,088 | |
Standard Parking Corp.* | | | 393 | | | | 8,457 | |
Steiner Leisure Ltd. | | | 443 | | | | 20,560 | |
Stewart Enterprises, Inc., Class A | | | 2,008 | | | | 14,337 | |
Strayer Education, Inc. | | | 400 | | | | 43,608 | |
Swisher Hygiene, Inc.* | | | 2,100 | | | | 5,313 | |
Team Health Holdings, Inc.* | | | 672 | | | | 16,188 | |
Team, Inc.* | | | 492 | | | | 15,341 | |
TeleTech Holdings, Inc.* | | | 707 | | | | 11,312 | |
The Advisory Board Co.* | | | 950 | | | | 47,110 | |
The Corporate Executive Board Co. | | | 969 | | | | 39,613 | |
The GEO Group, Inc.* | | | 1,973 | | | | 44,827 | |
The Hackett Group, Inc.* | | | 516 | | | | 2,874 | |
The Providence Service Corp.* | | | 200 | | | | 2,742 | |
TMS International Corp.* | | | 300 | | | | 2,991 | |
TNS, Inc.* | | | 642 | | | | 11,517 | |
TrueBlue, Inc.* | | | 1,176 | | | | 18,204 | |
Universal Technical Institute, Inc. | | | 525 | | | | 7,093 | |
Valassis Communications, Inc.* | | | 1,366 | | | | 29,710 | |
Viad Corp. | | | 471 | | | | 9,420 | |
VistaPrint N.V. | | | 1,200 | | | | 38,760 | |
Wright Express Corp.* | | | 1,057 | | | | 65,238 | |
Zillow, Inc.* | | | 188 | | | | 7,262 | |
Zipcar, Inc.* | | | 1,200 | | | | 14,076 | |
| | | | | | | | |
| | | | 2,152,806 | |
| | | | | | | | |
| Computers — 1.9% | | | | | | | | |
3D Systems Corp.* | | | 1,256 | | | | 42,880 | |
Acorn Energy, Inc. | | | 1,000 | | | | 8,320 | |
Agilysys, Inc.* | | | 376 | | | | 3,260 | |
CACI International, Inc., Class A* | | | 750 | | | | 41,265 | |
Ciber, Inc.* | | | 1,557 | | | | 6,711 | |
Computer Task Group, Inc.* | | | 279 | | | | 4,182 | |
Cray, Inc.* | | | 699 | | | | 8,444 | |
Datalink Corp.* | | | 900 | | | | 8,595 | |
Digimarc Corp. | | | 100 | | | | 2,566 | |
Easylink Services International Corp.* | | | 1,500 | | | | 10,860 | |
Echelon Corp.* | | | 705 | | | | 2,453 | |
Electronics for Imaging, Inc.* | | | 1,324 | | | | 21,515 | |
iGate Corp.* | | | 757 | | | | 12,884 | |
Imation Corp.* | | | 584 | | | | 3,451 | |
Immersion Corp.* | | | 842 | | | | 4,740 | |
Insight Enterprises, Inc.* | | | 1,243 | | | | 20,920 | |
J2 Global Inc | | | 1,174 | | | | 31,017 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Computers — (continued) | | | | | | | | |
Keyw Holding Corp. (The)* | | | 300 | | | $ | 3,012 | |
LivePerson, Inc.* | | | 1,925 | | | | 36,691 | |
Manhattan Associates, Inc.* | | | 517 | | | | 23,632 | |
Maxwell Technologies, Inc.* | | | 666 | | | | 4,369 | |
Mentor Graphics Corp.* | | | 2,876 | | | | 43,140 | |
Mercury Computer Systems, Inc.* | | | 736 | | | | 9,516 | |
MTS Systems Corp. | | | 560 | | | | 21,588 | |
NetScout Systems, Inc.* | | | 1,265 | | | | 27,311 | |
OCZ Technology Group, Inc.* | | | 1,700 | | | | 9,010 | |
Quantum Corp.* | | | 5,361 | | | | 10,883 | |
RadiSys Corp.* | | | 540 | | | | 3,391 | |
RealD, Inc.* | | | 1,608 | | | | 24,056 | |
Silicon Graphics International Corp.* | | | 666 | | | | 4,276 | |
Spansion, Inc., Class A* | | | 1,200 | | | | 13,176 | |
STEC, Inc.* | | | 899 | | | | 7,012 | |
Stratasys, Inc.* | | | 521 | | | | 25,816 | |
Super Micro Computer, Inc.* | | | 871 | | | | 13,814 | |
SYKES Enterprises, Inc.* | | | 936 | | | | 14,939 | |
Synaptics, Inc.* | | | 916 | | | | 26,225 | |
Syntel, Inc. | | | 380 | | | | 23,066 | |
Unisys Corp.* | | | 1,224 | | | | 23,929 | |
Virtusa Corp.* | | | 289 | | | | 3,858 | |
Vocera Communications,Inc.* | | | 400 | | | | 10,716 | |
| | | | | | | | |
| | | | 617,489 | |
| | | | | | | | |
| Cosmetics & Personal Care — 0.1% | | | | | | | | |
Elizabeth Arden, Inc.* | | | 714 | | | | 27,710 | |
Inter Parfums, Inc. | | | 324 | | | | 5,596 | |
Revlon, Inc., Class A* | | | 270 | | | | 3,842 | |
| | | | | | | | |
| | | | 37,148 | |
| | | | | | | | |
| Distribution & Wholesale — 1.2% | | | | | | | | |
Beacon Roofing Supply, Inc.* | | | 1,281 | | | | 32,307 | |
Brightpoint, Inc.* | | | 1,615 | | | | 8,737 | |
Chindex International, Inc.* | | | 314 | | | | 3,077 | |
Core-Mark Holding Co., Inc. | | | 241 | | | | 11,602 | |
Houston Wire & Cable Co. | | | 369 | | | | 4,033 | |
Jazz Pharmaceuticals plc | | | 1,209 | | | | 54,417 | |
MWI Veterinary Supply, Inc.* | | | 326 | | | | 33,503 | |
Owens & Minor, Inc. | | | 1,676 | | | | 51,336 | |
Pool Corp. | | | 1,276 | | | | 51,627 | |
Rentrak Corp.* | | | 165 | | | | 3,407 | |
ScanSource, Inc.* | | | 781 | | | | 23,930 | |
Titan Machinery, Inc.* | | | 523 | | | | 15,884 | |
United Stationers, Inc. | | | 1,119 | | | | 30,157 | |
Watsco, Inc. | | | 838 | | | | 61,844 | |
| | | | | | | | |
| | | | 385,861 | |
| | | | | | | | |
| Diversified — 0.0% | | | | | | | | |
GSV Capital Corp.* | | | 1,000 | | | | 9,300 | |
| | | | | | | | |
| Diversified Financial Services — 2.1% | | | | | | | | |
Aircastle Ltd. | | | 1,376 | | | | 16,581 | |
Apollo Residential Mortgage, Inc. | | | 932 | | | | 17,969 | |
Artio Global Investors, Inc. | | | 696 | | | | 2,436 | |
BGC Partners, Inc., Class A | | | 3,507 | | | | 20,586 | |
104
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Diversified Financial Services — (continued) | |
Calamos Asset Management, Inc., Class A | | | 469 | | | $ | 5,370 | |
Cohen & Steers, Inc. | | | 517 | | | | 17,842 | |
Cowen Group, Inc., Class A* | | | 2,090 | | | | 5,559 | |
Credit Acceptance Corp.* | | | 226 | | | | 19,081 | |
Diamond Hill Investment Group, Inc.* | | | 50 | | | | 3,915 | |
Doral Financial Corp.* | | | 3,277 | | | | 4,916 | |
Duff & Phelps Corp., Class A | | | 670 | | | | 9,715 | |
Edelman Financial Group, Inc. | | | 682 | | | | 5,933 | |
Ellie Mae, Inc.* | | | 500 | | | | 9,000 | |
Encore Capital Group, Inc.* | | | 797 | | | | 23,607 | |
Epoch Holding Corp. | | | 580 | | | | 13,212 | |
Evercore Partners, Inc., Class A | | | 1,022 | | | | 23,905 | |
FBR Capital Markets Corp.* | | | 1,108 | | | | 3,069 | |
Federal Agricultural Mortgage Corp., Class C | | | 200 | | | | 5,246 | |
Financial Engines, Inc.* | | | 1,200 | | | | 25,740 | |
FXCM, Inc. | | | 600 | | | | 7,056 | |
GAMCO Investors, Inc., Class A | | | 162 | | | | 7,191 | |
GFI Group, Inc. | | | 1,724 | | | | 6,138 | |
Greenhill & Co., Inc. | | | 900 | | | | 32,085 | |
Higher One Holdings, Inc.* | | | 700 | | | | 8,554 | |
INTL FCstone, Inc.* | | | 293 | | | | 5,670 | |
Investment Technology Group, Inc.* | | | 1,000 | | | | 9,200 | |
JMP Group, Inc. | | | 263 | | | | 1,625 | |
KBW, Inc. | | | 921 | | | | 15,151 | |
Knight Capital Group, Inc., Class A* | | | 2,825 | | | | 33,731 | |
Ladenburg Thalmann Financial Services, Inc.* | | | 1,800 | | | | 2,772 | |
Manning & Napier, Inc. | | | 300 | | | | 4,269 | |
MarketAxess Holdings, Inc. | | | 1,199 | | | | 31,941 | |
Marlin Business Services Corp. | | | 200 | | | | 3,278 | |
National Financial Partners Corp.* | | | 1,015 | | | | 13,601 | |
Nationstar Mortgage Holdings, Inc.* | | | 800 | | | | 17,216 | |
Nelnet, Inc., Class A | | | 799 | | | | 18,377 | |
Netspend Holdings, Inc.* | | | 700 | | | | 6,433 | |
NewStar Financial, Inc.* | | | 500 | | | | 6,480 | |
Nicholas Financial, Inc. | | | 300 | | | | 3,846 | |
Ocwen Financial Corp.* | | | 3,260 | | | | 61,223 | |
Oppenheimer Holdings, Inc., Class A | | | 238 | | | | 3,741 | |
Piper Jaffray Cos.* | | | 387 | | | | 9,067 | |
Portfolio Recovery Associates, Inc.* | | | 516 | | | | 47,090 | |
Pzena Investment Management, Inc., Class A | | | 130 | | | | 576 | |
Seacube Container Leasing Ltd. | | | 300 | | | | 5,121 | |
Solar Senior Capital Ltd. | | | 100 | | | | 1,690 | |
Stifel Financial Corp.* | | | 1,409 | | | | 43,538 | |
SWS Group, Inc.* | | | 768 | | | | 4,093 | |
Teton Advisors, Inc., Class B~ | | | 2 | | | | 26 | |
The First Marblehead Corp.* | | | 714 | | | | 835 | |
Virtus Investment Partners, Inc.* | | | 172 | | | | 13,932 | |
Westwood Holdings Group, Inc. | | | 111 | | | | 4,136 | |
WisdomTree Investments, Inc.* | | | 2,300 | | | | 15,111 | |
World Acceptance Corp.* | | | 262 | | | | 17,240 | |
| | | | | | | | |
| | | | 695,715 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Electric — 2.2% | | | | | | | | |
Allete, Inc. | | | 1,151 | | | $ | 48,112 | |
Ameresco, Inc., Class A* | | | 300 | | | | 3,579 | |
Atlantic Power Corp.* | | | 2,927 | | | | 37,495 | |
Avista Corp. | | | 1,539 | | | | 41,091 | |
Black Hills Corp. | | | 1,348 | | | | 43,365 | |
CH Energy Group, Inc. | | | 462 | | | | 30,349 | |
Cleco Corp. | | | 1,671 | | | | 69,898 | |
El Paso Electric Co. | | | 1,177 | | | | 39,029 | |
EnerNOC, Inc.* | | | 700 | | | | 5,068 | |
Genie Energy Ltd | | | 300 | | | | 2,331 | |
GenOn Energy Inc.* | | | 25,000 | | | | 42,750 | |
IDACORP, Inc. | | | 1,301 | | | | 54,746 | |
MGE Energy, Inc. | | | 628 | | | | 29,704 | |
NorthWestern Corp. | | | 980 | | | | 35,966 | |
Ormat Technologies, Inc. | | | 400 | | | | 8,556 | |
Otter Tail Corp. | | | 892 | | | | 20,400 | |
Pike Electric Corp.* | | | 358 | | | | 2,764 | |
PNM Resources, Inc. | | | 2,010 | | | | 39,276 | |
Portland General Electric Co. | | | 1,956 | | | | 52,147 | |
The Empire District Electric Co. | | | 1,219 | | | | 25,721 | |
UIL Holdings Corp. | | | 1,491 | | | | 53,467 | |
Unitil Corp. | | | 363 | | | | 9,620 | |
Uns Energy Corp. | | | 1,027 | | | | 39,447 | |
| | | | | | | | |
| | | | 734,881 | |
| | | | | | | | |
| Electrical Components & Equipment — 1.0% | | | | | | | | |
A123 Systems, Inc.* | | | 1,700 | | | | 2,142 | |
Acuity Brands, Inc. | | | 1,132 | | | | 57,630 | |
Advanced Energy Industries, Inc.* | | | 1,393 | | | | 18,694 | |
American Superconductor Corp.* | | | 1,090 | | | | 5,123 | |
Belden, Inc. | | | 1,255 | | | | 41,854 | |
Capstone Turbine Corp.* | | | 9,700 | | | | 9,797 | |
Coleman Cable, Inc. | | | 300 | | | | 2,607 | |
Encore Wire Corp. | | | 571 | | | | 15,291 | |
EnerSys* | | | 1,223 | | | | 42,891 | |
Generac Holdings, Inc.* | | | 649 | | | | 15,615 | |
Graham Corp. | | | 266 | | | | 4,953 | |
InSteel Industries, Inc. | | | 391 | | | | 4,360 | |
Littelfuse, Inc. | | | 578 | | | | 32,882 | |
Powell Industries, Inc.* | | | 229 | | | | 8,555 | |
Power-One, Inc.* | | | 1,424 | | | | 6,437 | |
Sunpower Corp.* | | | 2,100 | | | | 10,101 | |
Universal Display Corp.* | | | 1,149 | | | | 41,295 | |
Vicor Corp. | | | 422 | | | | 2,929 | |
| | | | | | | | |
| | | | 323,156 | |
| | | | | | | | |
| Electronics — 2.1% | | | | | | | | |
American Science & Engineering, Inc. | | | 278 | | | | 15,693 | |
Analogic Corp. | | | 307 | | | | 19,034 | |
Badger Meter, Inc. | | | 459 | | | | 17,235 | |
Bel Fuse, Inc., Class B | | | 269 | | | | 4,737 | |
Benchmark Electronics, Inc.* | | | 1,677 | | | | 23,394 | |
Brady Corp., Class A | | | 1,257 | | | | 34,580 | |
Checkpoint Systems, Inc.* | | | 945 | | | | 8,231 | |
Coherent, Inc.* | | | 673 | | | | 29,141 | |
105
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Electronics — (continued) | |
CTS Corp. | | | 863 | | | $ | 8,129 | |
Cymer, Inc.* | | | 957 | | | | 56,415 | |
Daktronics, Inc. | | | 709 | | | | 4,899 | |
Electro Scientific Industries, Inc. | | | 693 | | | | 8,191 | |
FARO Technologies, Inc.* | | | 420 | | | | 17,674 | |
FEI Co. | | | 1,046 | | | | 50,041 | |
Fluidigm Corp.* | | | 900 | | | | 13,536 | |
II-VI, Inc.* | | | 1,556 | | | | 25,938 | |
InvenSense, Inc.* | | | 1,400 | | | | 15,820 | |
Kemet Corp.* | | | 1,100 | | | | 6,611 | |
Lecroy Corp.* | | | 400 | | | | 5,704 | |
Measurement Specialties, Inc.* | | | 370 | | | | 12,029 | |
Methode Electronics, Inc. | | | 860 | | | | 7,319 | |
Multi-Fineline Electronix, Inc.* | | | 152 | | | | 3,745 | |
Newport Corp.* | | | 863 | | | | 10,373 | |
NVE Corp.* | | | 109 | | | | 5,859 | |
OSI Systems, Inc.* | | | 557 | | | | 35,280 | |
Park Electrochemical Corp. | | | 633 | | | | 16,382 | |
Plexus Corp.* | | | 903 | | | | 25,465 | |
Rofin-Sinar Technologies, Inc.* | | | 686 | | | | 12,986 | |
Rogers Corp.* | | | 460 | | | | 18,221 | |
Sanmina-SCI Corp.* | | | 2,326 | | | | 19,050 | |
SRS Labs, Inc.* | | | 221 | | | | 1,989 | |
Stoneridge, Inc.* | | | 673 | | | | 4,583 | |
Taser International, Inc.* | | | 1,711 | | | | 8,966 | |
TTM Technologies, Inc.* | | | 1,259 | | | | 11,847 | |
Viasystems Group, Inc.* | | | 100 | | | | 1,700 | |
Vishay Precision Group, Inc.* | | | 300 | | | | 4,185 | |
Watts Water Technologies, Inc., Class A | | | 917 | | | | 30,573 | |
Woodward, Inc. | | | 2,023 | | | | 79,787 | |
Zagg, Inc.* | | | 500 | | | | 5,455 | |
Zygo Corp.* | | | 382 | | | | 6,823 | |
| | | | | | | | |
| | | | 687,620 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.3% | | | | | | | | |
Amyris, Inc.* | | | 400 | | | | 1,772 | |
Clean Energy Fuels Corp.* | | | 2,200 | | | | 34,100 | |
First Solar, Inc.* | | | 2,000 | | | | 30,120 | |
FuelCell Energy, Inc.* | | | 2,681 | | | | 2,708 | |
Futurefuel Corp. | | | 500 | | | | 5,255 | |
Gevo, Inc.* | | | 200 | | | | 994 | |
Green Plains Renewable Energy, Inc.* | | | 467 | | | | 2,914 | |
Headwaters, Inc.* | | | 1,480 | | | | 7,622 | |
Kior, Inc - Class A* | | | 380 | | | | 3,401 | |
Rex Stores Corp.* | | | 192 | | | | 3,748 | |
Solazyme, Inc.* | | | 1,300 | | | | 18,070 | |
| | | | | | | | |
| | | | 110,704 | |
| | | | | | | | |
| Engineering & Construction — 0.6% | | | | | | | | |
Argan, Inc.* | | | 136 | | | | 1,901 | |
Dycom Industries, Inc.* | | | 853 | | | | 15,874 | |
EMCOR Group, Inc. | | | 1,763 | | | | 49,047 | |
Exponent, Inc.* | | | 320 | | | | 16,906 | |
Granite Construction, Inc. | | | 944 | | | | 24,648 | |
Layne Christensen Co.* | | | 426 | | | | 8,814 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Engineering & Construction — (continued) | | | | | | | | |
MasTec, Inc.* | | | 1,964 | | | $ | 29,539 | |
Michael Baker Corp.* | | | 191 | | | | 4,983 | |
Mistras Group, Inc.* | | | 300 | | | | 7,884 | |
MYR Group, Inc.* | | | 583 | | | | 9,946 | |
Orion Marine Group, Inc.* | | | 437 | | | | 3,041 | |
Sterling Construction Co., Inc.* | | | 353 | | | | 3,608 | |
Tutor Perini Corp. | | | 997 | | | | 12,632 | |
VSE Corp. | | | 104 | | | | 2,474 | |
| | | | | | | | |
| | | | 191,297 | |
| | | | | | | | |
| Entertainment — 1.0% | | | | | | | | |
Carmike Cinemas, Inc.* | | | 800 | | | | 11,720 | |
Churchill Downs, Inc. | | | 320 | | | | 18,813 | |
International Speedway Corp. | | | 700 | | | | 18,326 | |
Isle of Capri Casinos, Inc.* | | | 241 | | | | 1,487 | |
Lions Gate Entertainment Corp.* | | | 2,700 | | | | 39,798 | |
Marriott Vacations Worldwide Corp.* | | | 900 | | | | 27,882 | |
Multimedia Games, Inc.* | | | 1,070 | | | | 14,980 | |
National CineMedia, Inc. | | | 1,474 | | | | 22,361 | |
Pinnacle Entertainment, Inc.* | | | 1,782 | | | | 17,143 | |
Scientific Games Corp., Class A* | | | 1,500 | | | | 12,825 | |
Shuffle Master, Inc.* | | | 1,285 | | | | 17,733 | |
Six Flags Entertainment Corp. | | | 1,057 | | | | 57,268 | |
Speedway Motorsports, Inc. | | | 316 | | | | 5,343 | |
Vail Resorts, Inc. | | | 946 | | | | 47,376 | |
| | | | | | | | |
| | | | 313,055 | |
| | | | | | | | |
| Environmental Control — 0.7% | | | | | | | | |
Ada-Es, Inc.* | | | 400 | | | | 10,148 | |
Calgon Carbon Corp.* | | | 1,462 | | | | 20,790 | |
Casella Waste Systems, Inc., Class A* | | | 600 | | | | 3,510 | |
Darling International, Inc.* | | | 3,067 | | | | 50,575 | |
Energy Recovery, Inc.* | | | 1,918 | | | | 4,603 | |
EnergySolutions, Inc.* | | | 2,066 | | | | 3,492 | |
Heckmann Corp.* | | | 4,413 | | | | 14,916 | |
Heritage-Crystal Clean, Inc.* | | | 200 | | | | 3,270 | |
Met-Pro Corp. | | | 452 | | | | 4,163 | |
Metalico, Inc.* | | | 781 | | | | 1,718 | |
Mine Safety Appliances Co. | | | 721 | | | | 29,013 | |
Rentech, Inc.* | | | 7,187 | | | | 14,805 | |
Tetra Tech, Inc.* | | | 1,664 | | | | 43,397 | |
TRC Cos., Inc.* | | | 500 | | | | 3,040 | |
U.S. Ecology, Inc. | | | 442 | | | | 7,841 | |
| | | | | | | | |
| | | | 215,281 | |
| | | | | | | | |
| Food — 2.0% | | | | | | | | |
Annie’s, Inc.* | | | 300 | | | | 12,558 | |
Arden Group, Inc., Class A | | | 11 | | | | 959 | |
B&G Foods, Inc., Class A | | | 1,372 | | | | 36,495 | |
Cal-Maine Foods, Inc. | | | 323 | | | | 12,629 | |
Calavo Growers, Inc. | | | 251 | | | | 6,421 | |
Chefs Warehouse Holdings, Inc.* | | | 450 | | | | 8,123 | |
Chiquita Brands International, Inc.* | | | 1,024 | | | | 5,120 | |
Diamond Foods, Inc.* | | | 576 | | | | 10,276 | |
Dole Food Co., Inc.* | | | 860 | | | | 7,551 | |
Fresh Del Monte Produce, Inc. | | | 916 | | | | 21,499 | |
106
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Food — (continued) | |
Harris Teeter Supermarkets, Inc. | | | 1,237 | | | $ | 50,705 | |
Ingles Markets, Inc., Class A | | | 304 | | | | 4,873 | |
J&J Snack Foods Corp. | | | 532 | | | | 31,441 | |
Lancaster Colony Corp. | | | 472 | | | | 33,611 | |
Lifeway Foods, Inc. | | | 87 | | | | 902 | |
Nash Finch Co. | | | 240 | | | | 5,155 | |
Pilgrim’s Pride Corp.* | | | 1,787 | | | | 12,777 | |
Post Holdings, Inc.* | | | 900 | | | | 27,675 | |
Sanderson Farms, Inc. | | | 734 | | | | 33,632 | |
Seaboard Corp.* | | | 9 | | | | 19,197 | |
Seneca Foods Corp., Class A* | | | 211 | | | | 5,676 | |
Smart Balance, Inc.* | | | 1,879 | | | | 17,644 | |
Snyders-Lance, Inc. | | | 1,279 | | | | 32,269 | |
Spartan Stores, Inc. | | | 602 | | | | 10,914 | |
SUPERVALU, Inc. | | | 6,900 | | | | 35,742 | |
The Hain Celestial Group, Inc.* | | | 962 | | | | 52,948 | |
Tootsie Roll Industries, Inc. | | | 560 | | | | 13,362 | |
TreeHouse Foods, Inc.* | | | 1,114 | | | | 69,391 | |
United Natural Foods, Inc.* | | | 1,400 | | | | 76,804 | |
Village Super Market, Inc., Class A | | | 168 | | | | 5,473 | |
Weis Markets, Inc. | | | 266 | | | | 11,842 | |
| | | | | | | | |
| | | | 673,664 | |
| | | | | | | | |
| Forest Products & Paper — 0.6% | | | | | | | | |
Boise, Inc.* | | | 2,425 | | | | 15,957 | |
Buckeye Technologies, Inc. | | | 1,080 | | | | 30,769 | |
Clearwater Paper Corp.* | | | 678 | | | | 23,134 | |
Deltic Timber Corp. | | | 292 | | | | 17,806 | |
KapStone Paper and Packaging Corp.* | | | 920 | | | | 14,582 | |
Neenah Paper, Inc. | | | 574 | | | | 15,320 | |
P.H. Glatfelter Co. | | | 1,059 | | | | 17,336 | |
Resolute Forest Products* | | | 2,600 | | | | 30,108 | |
Schweitzer-Mauduit International, Inc. | | | 438 | | | | 29,845 | |
Wausau Paper Corp. | | | 1,581 | | | | 15,383 | |
| | | | | | | | |
| | | | 210,240 | |
| | | | | | | | |
| Gas — 1.2% | | | | | | | | |
BBcn Bancorp Inc* | | | 1,885 | | | | 20,528 | |
Chesapeake Utilities Corp. | | | 257 | | | | 11,236 | |
Delta Natural Gas CO., Inc. | | | 400 | | | | 8,692 | |
New Jersey Resources Corp. | | | 1,232 | | | | 53,728 | |
Northwest Natural Gas Co. | | | 850 | | | | 40,460 | |
Piedmont Natural Gas Co., Inc. | | | 2,151 | | | | 69,241 | |
South Jersey Industries, Inc. | | | 840 | | | | 42,815 | |
Southwest Gas Corp. | | | 1,194 | | | | 52,118 | |
The Laclede Group, Inc. | | | 556 | | | | 22,134 | |
WGL Holdings, Inc. | | | 1,494 | | | | 59,386 | |
| | | | | | | | |
| | | | 380,338 | |
| | | | | | | | |
| Hand & Machine Tools — 0.1% | | | | | | | | |
Franklin Electric Co., Inc. | | | 585 | | | | 29,911 | |
| | | | | | | | |
| Healthcare Products — 3.5% | | | | | | | | |
Abaxis, Inc.* | | | 629 | | | | 23,273 | |
Abiomed, Inc.* | | | 789 | | | | 18,005 | |
Accuray, Inc.* | | | 1,538 | | | | 10,520 | |
Affymetrix, Inc.* | | | 2,371 | | | | 11,120 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Healthcare Products — (continued) | | | | | | | | |
Align Technology, Inc.* | | | 2,165 | | | $ | 72,441 | |
Alphatec Holdings, Inc.* | | | 816 | | | | 1,501 | |
AngioDynamics, Inc.* | | | 558 | | | | 6,702 | |
ArthroCare Corp.* | | | 755 | | | | 22,106 | |
Atricure, Inc.* | | | 400 | | | | 3,844 | |
Atrion Corp. | | | 37 | | | | 7,584 | |
Cantel Medical Corp. | | | 450 | | | | 12,262 | |
Cardiovascular Systems, Inc.* | | | 400 | | | | 3,916 | |
Cepheid, Inc.* | | | 1,980 | | | | 88,605 | |
Cerus Corp.* | | | 800 | | | | 2,656 | |
Conceptus, Inc.* | | | 792 | | | | 15,697 | |
CONMED Corp. | | | 803 | | | | 22,219 | |
CryoLife, Inc.* | | | 599 | | | | 3,133 | |
Cyberonics, Inc.* | | | 732 | | | | 32,896 | |
Cynosure, Inc., Class A* | | | 195 | | | | 4,124 | |
DexCom, Inc.* | | | 2,242 | | | | 29,056 | |
Endologix, Inc.* | | | 1,298 | | | | 20,041 | |
Exactech, Inc.* | | | 209 | | | | 3,505 | |
Genomic Health, Inc.* | | | 509 | | | | 17,001 | |
Greatbatch, Inc.* | | | 693 | | | | 15,738 | |
Haemonetics Corp.* | | | 673 | | | | 49,876 | |
Hanger Orthopedic Group, Inc.* | | | 808 | | | | 20,717 | |
Hansen Medical, Inc.* | | | 1,388 | | | | 3,151 | |
HeartWare International, Inc.* | | | 389 | | | | 34,543 | |
ICU Medical, Inc.* | | | 279 | | | | 14,893 | |
Insulet Corp.* | | | 1,146 | | | | 24,490 | |
Integra LifeSciences Holdings Corp.* | | | 526 | | | | 19,557 | |
Invacare Corp. | | | 690 | | | | 10,647 | |
IRIS International, Inc.* | | | 550 | | | | 6,215 | |
Luminex Corp.* | | | 1,353 | | | | 33,135 | |
MAKO Surgical Corp.* | | | 905 | | | | 23,177 | |
Masimo Corp.* | | | 1,404 | | | | 31,422 | |
Medtox Scientific, Inc.* | | | 200 | | | | 5,392 | |
Merge Healthcare, Inc.* | | | 1,657 | | | | 4,739 | |
Meridian Bioscience, Inc. | | | 1,160 | | | | 23,734 | |
Merit Medical Systems, Inc.* | | | 1,075 | | | | 14,846 | |
Natus Medical, Inc.* | | | 575 | | | | 6,681 | |
NuVasive, Inc.* | | | 1,406 | | | | 35,656 | |
NxStage Medical, Inc.* | | | 1,684 | | | | 28,224 | |
OraSure Technologies, Inc.* | | | 1,201 | | | | 13,499 | |
Orthofix International NV* | | | 471 | | | | 19,429 | |
Palomar Medical Technologies, Inc.* | | | 361 | | | | 3,068 | |
Photomedex, Inc.* | | | 700 | | | | 8,505 | |
PSS World Medical, Inc.* | | | 1,485 | | | | 31,170 | |
Quidel Corp.* | | | 651 | | | | 10,208 | |
Rockwell Medical Technologies, Inc.* | | | 400 | | | | 3,724 | |
Solta Medical, Inc.* | | | 1,200 | | | | 3,516 | |
Spectranetics Corp.* | | | 765 | | | | 8,736 | |
STAAR Surgical Co.* | | | 700 | | | | 5,439 | |
STERIS Corp. | | | 1,532 | | | | 48,059 | |
SurModics, Inc.* | | | 273 | | | | 4,723 | |
Symmetry Medical, Inc.* | | | 944 | | | | 8,100 | |
The Female Health Co. | | | 304 | | | | 1,784 | |
Tornier BV | | | 300 | | | | 6,726 | |
Unilife Corp.* | | | 1,910 | | | | 6,456 | |
107
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Healthcare Products — (continued) | |
Vascular Solutions, Inc.* | | | 283 | | | $ | 3,554 | |
Volcano Corp.* | | | 1,364 | | | | 39,079 | |
West Pharmaceutical Services, Inc. | | | 889 | | | | 44,886 | |
Wright Medical Group, Inc.* | | | 1,061 | | | | 22,652 | |
Young Innovations, Inc. | | | 97 | | | | 3,346 | |
| | | | | | | | |
| | | | 1,135,699 | |
| | | | | | | | |
| Healthcare Services — 1.6% | | | | | | | | |
Acadia Healthcare CO Inc* | | | 900 | | | | 15,786 | |
Air Methods Corp.* | | | 329 | | | | 32,324 | |
Almost Family, Inc.* | | | 177 | | | | 3,954 | |
Amedisys, Inc.* | | | 806 | | | | 10,035 | |
Amsurg Corp.* | | | 1,023 | | | | 30,670 | |
Assisted Living Concepts, Inc., Class A | | | 404 | | | | 5,745 | |
Bio-Reference Labs, Inc.* | | | 707 | | | | 18,580 | |
Capital Senior Living Corp.* | | | 436 | | | | 4,622 | |
Centene Corp.* | | | 1,468 | | | | 44,275 | |
Emeritus Corp.* | | | 683 | | | | 11,495 | |
Five Star Quality Care, Inc.* | | | 800 | | | | 2,456 | |
Gentiva Health Services, Inc.* | | | 623 | | | | 4,317 | |
HealthSouth Corp.* | | | 2,536 | | | | 58,987 | |
Healthways, Inc.* | | | 658 | | | | 5,251 | |
IPC The Hospitalist Co., Inc.* | | | 447 | | | | 20,258 | |
Kindred Healthcare, Inc.* | | | 1,586 | | | | 15,590 | |
LHC Group, Inc.* | | | 382 | | | | 6,479 | |
Magellan Health Services, Inc.* | | | 741 | | | | 33,590 | |
Metropolitan Health Networks, Inc.* | | | 1,679 | | | | 16,068 | |
Molina Healthcare, Inc.* | | | 868 | | | | 20,363 | |
National Healthcare Corp. | | | 406 | | | | 18,363 | |
Select Medical Holdings Corp.* | | | 1,300 | | | | 13,143 | |
Skilled Healthcare Group, Inc., Class A* | | | 561 | | | | 3,523 | |
Sun Healthcare Group, Inc.* | | | 518 | | | | 4,336 | |
Sunrise Senior Living, Inc.* | | | 1,334 | | | | 9,725 | |
The Ensign Group, Inc. | | | 540 | | | | 15,266 | |
Triple-S Management Corp., Class B* | | | 691 | | | | 12,631 | |
U.S. Physical Therapy, Inc. | | | 591 | | | | 15,029 | |
Vanguard Health Systems, Inc.* | | | 987 | | | | 8,774 | |
WellCare Health Plans, Inc.* | | | 1,126 | | | | 59,678 | |
| | | | | | | | |
| | | | 521,313 | |
| | | | | | | | |
| Holding Companies — 0.1% | | | | | | | | |
Harbinger Group, Inc.* | | | 1,775 | | | | 13,827 | |
Primoris Services Corp. | | | 890 | | | | 10,680 | |
| | | | | | | | |
| | | | 24,507 | |
| | | | | | | | |
| Home Builders — 0.5% | | | | | | | | |
Beazer Homes USA, Inc.* | | | 1,421 | | | | 4,618 | |
Cavco Industries, Inc.* | | | 169 | | | | 8,666 | |
Hovnanian Enterprises, Inc., Class A* | | | 1,610 | | | | 4,669 | |
KB Home | | | 2,400 | | | | 23,520 | |
M.D.C. Holdings, Inc. | | | 1,300 | | | | 42,471 | |
M/I Homes, Inc.* | | | 336 | | | | 5,820 | |
Meritage Homes Corp.* | | | 690 | | | | 23,419 | |
Standard Pacific Corp.* | | | 3,690 | | | | 22,841 | |
The Ryland Group, Inc. | | | 1,346 | | | | 34,431 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Home Builders — (continued) | |
Winnebago Industries, Inc.* | | | 722 | | | $ | 7,357 | |
| | | | | | | | |
| | | | 177,812 | |
| | | | | | | | |
| Home Furnishings — 0.4% | | | | | | | | |
American Woodmark Corp.* | | | 169 | | | | 2,890 | |
DTS, Inc.* | | | 374 | | | | 9,754 | |
Ethan Allen Interiors, Inc. | | | 628 | | | | 12,516 | |
Kimball International, Inc., Class B | | | 744 | | | | 5,729 | |
La-Z-Boy, Inc.* | | | 1,262 | | | | 15,510 | |
Sealy Corp.* | | | 445 | | | | 823 | |
Select Comfort Corp.* | | | 1,572 | | | | 32,886 | |
TiVo, Inc.* | | | 4,055 | | | | 33,535 | |
Universal Electronics, Inc.* | | | 300 | | | | 3,951 | |
Voxx International Corp* | | | 825 | | | | 7,689 | |
| | | | | | | | |
| | | | 125,283 | |
| | | | | | | | |
| Hotels & Resorts — 0.1% | | | | | | | | |
Caesars Entertainment Corp.* | | | 1,300 | | | | 14,820 | |
Chatham Lodging Trust | | | 200 | | | | 2,856 | |
| | | | | | | | |
| | | | 17,676 | |
| | | | | | | | |
| Household Products & Wares — 0.6% | | | | | | | | |
ACCO Brands Corp.* | | | 3,393 | | | | 35,084 | |
American Greetings Corp., Class A | | | 1,043 | | | | 15,249 | |
At Cross Co. Class A* | | | 300 | | | | 2,961 | |
Blyth, Inc. | | | 282 | | | | 9,746 | |
Central Garden and Pet Co., Class A* | | | 1,202 | | | | 13,090 | |
CSS Industries, Inc. | | | 212 | | | | 4,357 | |
Ennis, Inc. | | | 858 | | | | 13,196 | |
Helen of Troy Ltd. | | | 895 | | | | 30,331 | |
Oil-Dri Corp. of America | | | 97 | | | | 2,124 | |
Prestige Brands Holdings, Inc.* | | | 1,372 | | | | 21,691 | |
Spectrum Brands Holdings, Inc.* | | | 800 | | | | 26,056 | |
WD-40 Co. | | | 446 | | | | 22,215 | |
| | | | | | | | |
| | | | 196,100 | |
| | | | | | | | |
| Housewares — 0.0% | | | | | | | | |
Libbey, Inc.* | | | 500 | | | | 7,685 | |
Lifetime Brands, Inc. | | | 200 | | | | 2,494 | |
| | | | | | | | |
| | | | 10,179 | |
| | | | | | | | |
| Industrial — 0.1% | | | | | | | | |
Aegion Corp* | | | 1,155 | | | | 20,663 | |
Proto Labs Inc* | | | 300 | | | | 8,628 | |
Rexnord Corp.* | | | 1,000 | | | | 20,040 | |
| | | | | | | | |
| | | | 49,331 | |
| | | | | | | | |
| Insurance — 2.4% | | | | | | | | |
Alterra Capital Holdings Ltd. | | | 2,360 | | | | 55,106 | |
American Equity Investment Life Holding Co. | | | 1,776 | | | | 19,554 | |
American Safety Insurance Holdings Ltd. | | | 395 | | | | 7,406 | |
AMERISAFE, Inc.* | | | 508 | | | | 13,183 | |
AmTrust Financial Services, Inc. | | | 548 | | | | 16,281 | |
Argo Group International Holdings Ltd. | | | 647 | | | | 18,938 | |
Baldwin & Lyons, Inc., Class B | | | 125 | | | | 2,905 | |
Citizens, Inc.* | | | 1,466 | | | | 14,294 | |
108
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Insurance — (continued) | |
CNO Financial Group, Inc. | | | 5,893 | | | $ | 45,965 | |
Crawford & Co., Class B | | | 338 | | | | 1,382 | |
Donegal Group, Inc., Class A | | | 283 | | | | 3,758 | |
eHealth, Inc.* | | | 520 | | | | 8,377 | |
EMC Insurance Group, Inc. | | | 100 | | | | 2,020 | |
Employers Holdings, Inc. | | | 882 | | | | 15,911 | |
Enstar Group Ltd. | | | 274 | | | | 27,110 | |
FBL Financial Group, Inc., Class A | | | 327 | | | | 9,159 | |
First American Financial Corp. | | | 2,773 | | | | 47,030 | |
Flagstone Reinsurance Holdings SA | | | 1,441 | | | | 11,542 | |
Global Indemnity Plc | | | 383 | | | | 7,756 | |
Greenlight Capital Re Ltd., Class A | | | 928 | | | | 23,590 | |
Hallmark Financial Services, Inc.* | | | 255 | | | | 1,989 | |
Hilltop Holdings, Inc.* | | | 792 | | | | 8,166 | |
Horace Mann Educators Corp. | | | 1,509 | | | | 26,377 | |
Infinity Property & Casualty Corp. | | | 320 | | | | 18,454 | |
Kansas City Life Insurance Co. | | | 73 | | | | 2,569 | |
Maiden Holdings Ltd. | | | 1,168 | | | | 10,138 | |
Meadowbrook Insurance Group, Inc. | | | 1,518 | | | | 13,343 | |
MGIC Investment Corp.* | | | 4,627 | | | | 13,326 | |
Montpelier Re Holdings Ltd. | | | 1,707 | | | | 36,342 | |
National Interstate Corp. | | | 102 | | | | 2,712 | |
National Western Life Insurance Co., Class A | | | 52 | | | | 7,380 | |
Onebeacon Insurance Group Ltd. | | | 600 | | | | 7,812 | |
Platinum Underwriters Holdings Ltd. | | | 956 | | | | 36,424 | |
Presidential Life Corp. | | | 410 | | | | 4,030 | |
Primerica, Inc. | | | 1,500 | | | | 40,095 | |
Radian Group, Inc. | | | 4,803 | | | | 15,802 | |
RLI Corp. | | | 661 | | | | 45,080 | |
Safety Insurance Group, Inc. | | | 382 | | | | 15,525 | |
SeaBright Insurance Holdings, Inc. | | | 344 | | | | 3,058 | |
Selective Insurance Group | | | 1,375 | | | | 23,939 | |
State Auto Financial Corp. | | | 376 | | | | 5,283 | |
Stewart Information Services Corp. | | | 608 | | | | 9,333 | |
Symetra Financial Corp. | | | 2,500 | | | | 31,550 | |
The Navigators Group, Inc.* | | | 295 | | | | 14,765 | |
The Phoenix Cos., Inc.* | | | 2,923 | | | | 5,408 | |
Tower Group, Inc. | | | 1,013 | | | | 21,141 | |
United Fire Group, Inc. | | | 680 | | | | 14,504 | |
Universal American Corp.* | | | 780 | | | | 8,213 | |
Universal Insurance Holdings, Inc. | | | 251 | | | | 856 | |
| | | | | | | | |
| | | | 794,881 | |
| | | | | | | | |
| Internet — 2.9% | | | | | | | | |
1-800-Flowers.com, Inc., Class A* | | | 737 | | | | 2,572 | |
AboveNet, Inc.* | | | 616 | | | | 51,744 | |
Ancestry.com, Inc.* | | | 901 | | | | 24,804 | |
Angie’s List, Inc.* | | | 1,300 | | | | 20,592 | |
Bankrate, Inc.* | | | 1,523 | | | | 28,008 | |
Bazaarvoice, Inc.* | | | 500 | | | | 9,100 | |
Blucora, Inc.* | | | 896 | | | | 11,039 | |
Blue Nile, Inc.* | | | 339 | | | | 10,072 | |
Boingo Wireless, Inc.* | | | 900 | | | | 10,458 | |
BroadSoft, Inc.* | | | 661 | | | | 19,143 | |
Cogent Communications Group, Inc.* | | | 1,219 | | | | 23,466 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Internet — (continued) | |
comScore, Inc.* | | | 959 | | | $ | 15,785 | |
Constant Contact, Inc.* | | | 865 | | | | 15,466 | |
DealerTrack Holdings, Inc.* | | | 1,296 | | | | 39,022 | |
Dice Holdings, Inc.* | | | 1,163 | | | | 10,921 | |
Digital River, Inc.* | | | 1,088 | | | | 18,083 | |
EarthLink, Inc. | | | 3,116 | | | | 23,183 | |
ePlus, Inc.* | | | 74 | | | | 2,394 | |
eResearchTechnology, Inc.* | | | 950 | | | | 7,590 | |
ExactTarget, Inc.* | | | 500 | | | | 10,930 | |
Global Sources Ltd. | | | 372 | | | | 2,455 | |
HealthStream, Inc.* | | | 400 | | | | 10,400 | |
ICG Group, Inc.* | | | 1,228 | | | | 11,359 | |
Internap Network Services Corp.* | | | 1,321 | | | | 8,600 | |
IntraLinks Holdings, Inc.* | | | 800 | | | | 3,504 | |
Keynote Systems, Inc. | | | 428 | | | | 6,356 | |
KIT Digital, Inc.* | | | 1,229 | | | | 5,272 | |
Limelight Networks, Inc.* | | | 1,172 | | | | 3,434 | |
Lionbridge Technologies, Inc.* | | | 1,243 | | | | 3,915 | |
Liquidity Services, Inc.* | | | 735 | | | | 37,625 | |
ModusLink Global Solutions, Inc.* | | | 945 | | | | 2,825 | |
Move, Inc* | | | 779 | | | | 7,097 | |
NIC, Inc.* | | | 1,529 | | | | 19,418 | |
NutriSystem, Inc. | | | 537 | | | | 6,208 | |
OpenTable, Inc.* | | | 656 | | | | 29,527 | |
Orbitz Worldwide, Inc.* | | | 476 | | | | 1,737 | |
Overstock.com, Inc.* | | | 271 | | | | 1,873 | |
Perficient, Inc.* | | | 745 | | | | 8,366 | |
QuinStreet, Inc.* | | | 715 | | | | 6,621 | |
ReachLocal, Inc.* | | | 200 | | | | 2,200 | |
Realnetworks, Inc.* | | | 515 | | | | 4,450 | |
Responsys, Inc.* | | | 1,400 | | | | 16,968 | |
Saba Software, Inc.* | | | 752 | | | | 6,979 | |
Safeguard Scientifics, Inc.* | | | 450 | | | | 6,966 | |
Sapient Corp.* | | | 3,852 | | | | 38,790 | |
Shutterfly, Inc.* | | | 1,190 | | | | 36,521 | |
Sourcefire, Inc.* | | | 770 | | | | 39,578 | |
SPS Commerce, Inc.* | | | 200 | | | | 6,076 | |
Stamps.com, Inc.* | | | 362 | | | | 8,930 | |
support.com, Inc.* | | | 1,139 | | | | 3,633 | |
TechTarget, Inc.* | | | 500 | | | | 2,520 | |
The Active Network, Inc.* | | | 1,400 | | | | 21,546 | |
Towerstream Corp.* | | | 900 | | | | 3,735 | |
Travelzoo, Inc.* | | | 111 | | | | 2,522 | |
U.S. Auto Parts Network, Inc.* | | | 338 | | | | 1,413 | |
United Online, Inc. | | | 2,790 | | | | 11,774 | |
Unwired Planet, Inc.* | | | 1,814 | | | | 4,172 | |
ValueClick, Inc.* | | | 2,090 | | | | 34,255 | |
VASCO Data Security International, Inc.* | | | 728 | | | | 5,955 | |
VirnetX Holding Corp.* | | | 1,283 | | | | 45,226 | |
Vitacost.com, Inc.* | | | 1,300 | | | | 7,670 | |
Vocus, Inc.* | | | 381 | | | | 7,087 | |
Web.com Group, Inc.* | | | 1,200 | | | | 21,984 | |
Webmd Health Corp.* | | | 1,600 | | | | 32,816 | |
Websense, Inc.* | | | 999 | | | | 18,711 | |
XO Group, Inc.* | | | 659 | | | | 5,845 | |
109
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Internet — (continued) | |
Yelp, Inc.* | | | 500 | | | $ | 11,365 | |
Zix Corp.* | | | 1,148 | | | | 2,985 | |
| | | | | | | | |
| | | | 943,636 | |
| | | | | | | | |
| Investment Companies — 1.1% | | | | | | | | |
American Realty Capital Trust, Inc. | | | 4,800 | | | | 52,416 | |
Apollo Investment Corp. | | | 5,658 | | | | 43,453 | |
Arlington Asset Investment Corp., Class A | | | 100 | | | | 2,171 | |
BlackRock Kelso Capital Corp. | | | 1,936 | | | | 18,895 | |
Capital Southwest Corp. | | | 59 | | | | 6,068 | |
Fifth Street Finance Corp. | | | 2,293 | | | | 22,884 | |
Gladstone Capital Corp. | | | 412 | | | | 3,251 | |
Gladstone Investment Corp. | | | 879 | | | | 6,496 | |
Golub Capital BDC, Inc. | | | 226 | | | | 3,410 | |
Harris & Harris Group, Inc.* | | | 362 | | | | 1,376 | |
Hercules Technology Growth Capital, Inc. | | | 1,281 | | | | 14,527 | |
Kohlberg Capital Corp. | | | 552 | | | | 4,007 | |
Main Street Capital Corp. | | | 791 | | | | 19,142 | |
MCG Capital Corp. | | | 1,854 | | | | 8,528 | |
Medallion Financial Corp. | | | 248 | | | | 2,634 | |
Medley Capital Group | | | 438 | | | | 5,273 | |
MVC Capital, Inc. | | | 481 | | | | 6,229 | |
New Mountain Finance Corp. | | | 219 | | | | 3,108 | |
NGP Capital Resources Co. | | | 314 | | | | 2,223 | |
PennantPark Investment Corp. | | | 2,226 | | | | 23,039 | |
Prospect Capital Corp. | | | 3,838 | | | | 43,715 | |
Solar Capital Ltd. | | | 977 | | | | 21,748 | |
THL Credit, Inc. | | | 200 | | | | 2,694 | |
TICC Capital Corp. | | | 1,518 | | | | 14,725 | |
Triangle Capital Corp. | | | 731 | | | | 16,652 | |
| | | | | | | | |
| | | | 348,664 | |
| | | | | | | | |
| Iron & Steel — 0.2% | | | | | | | | |
AK Steel Holding Corp. | | | 3,900 | | | | 22,893 | |
Metals USA Holdings Corp.* | | | 200 | | | | 3,182 | |
Schnitzer Steel Industries, Inc., Class A | | | 900 | | | | 25,218 | |
Universal Stainless & Alloy Products, Inc.* | | | 133 | | | | 5,466 | |
| | | | | | | | |
| | | | 56,759 | |
| | | | | | | | |
| Leisure Time — 0.6% | | | | | | | | |
Arctic Cat, Inc.* | | | 444 | | | | 16,233 | |
Black Diamond, Inc.* | | | 400 | | | | 3,780 | |
Brunswick Corp. | | | 2,668 | | | | 59,283 | |
Callaway Golf Co. | | | 2,146 | | | | 12,683 | |
Interval Leisure Group, Inc. | | | 1,116 | | | | 21,215 | |
Life Time Fitness, Inc.* | | | 1,159 | | | | 53,905 | |
Marine Products Corp. | | | 160 | | | | 973 | |
Town Sports International Holdings, Inc.* | | | 600 | | | | 7,974 | |
WMS Industries, Inc.* | | | 1,800 | | | | 35,910 | |
| | | | | | | | |
| | | | 211,956 | |
| | | | | | | | |
| Lodging — 0.3% | | | | | | | | |
Ameristar Casinos, Inc. | | | 805 | | | | 14,305 | |
Boyd Gaming Corp.* | | | 1,500 | | | | 10,800 | |
Gaylord Entertainment Co.* | | | 823 | | | | 31,735 | |
Marcus Corp. | | | 433 | | | | 5,958 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Lodging — (continued) | | | | | | | | |
Monarch Casino & Resort, Inc.* | | | 185 | | | $ | 1,691 | |
Morgans Hotel Group Co.* | | | 394 | | | | 1,852 | |
Orient-Express Hotels Ltd., Class A* | | | 3,345 | | | | 27,998 | |
Red Lion Hotels Corp.* | | | 264 | | | | 2,283 | |
| | | | | | | | |
| | | | 96,622 | |
| | | | | | | | |
| Machinery — Construction & Mining — 0.1% | | | | | | | | |
Astec Industries, Inc.* | | | 598 | | | | 18,347 | |
| | | | | | | | |
| Machinery — Diversified — 1.4% | | | | | | | | |
Alamo Group, Inc. | | | 117 | | | | 3,670 | |
Albany International Corp., Class A | | | 632 | | | | 11,825 | |
Altra Holdings, Inc. | | | 603 | | | | 9,515 | |
Applied Industrial Technologies, Inc. | | | 1,082 | | | | 39,872 | |
Briggs & Stratton Corp. | | | 1,336 | | | | 23,367 | |
Cascade Corp. | | | 228 | | | | 10,727 | |
Chart Industries, Inc.* | | | 777 | | | | 53,426 | |
Cognex Corp. | | | 1,357 | | | | 42,949 | |
Columbus McKinnon Corp.* | | | 485 | | | | 7,319 | |
DXP Enterprises, Inc.* | | | 322 | | | | 13,360 | |
Flow International Corp.* | | | 1,208 | | | | 3,805 | |
Global Power Equipment Group, Inc. | | | 400 | | | | 8,736 | |
Hurco Cos., Inc.* | | | 200 | | | | 4,098 | |
Intermec, Inc.* | | | 1,435 | | | | 8,897 | |
Intevac, Inc.* | | | 341 | | | | 2,564 | |
iRobot Corp.* | | | 682 | | | | 15,106 | |
Kadant, Inc.* | | | 299 | | | | 7,012 | |
Lindsay Corp. | | | 353 | | | | 22,910 | |
Middleby Corp.* | | | 495 | | | | 49,307 | |
NACCO Industries, Inc., Class A | | | 122 | | | | 14,182 | |
Robbins & Myers, Inc. | | | 1,179 | | | | 49,306 | |
Sauer-Danfoss, Inc. | | | 319 | | | | 11,143 | |
Tennant Co. | | | 536 | | | | 21,413 | |
The Gorman-Rupp Co. | | | 401 | | | | 11,950 | |
Twin Disc, Inc. | | | 235 | | | | 4,345 | |
| | | | | | | | |
| | | | 450,804 | |
| | | | | | | | |
| Media — 0.7% | | | | | | | | |
Belo Corp., Class A | | | 2,160 | | | | 13,910 | |
Central European Media Enterprises Ltd., Class A | | | 900 | | | | 4,572 | |
Courier Corp. | | | 247 | | | | 3,273 | |
Crown Media Holdings, Inc., Class A* | | | 217 | | | | 380 | |
Cumulus Media, Inc., Class A* | | | 700 | | | | 2,107 | |
Demand Media, Inc.* | | | 1,300 | | | | 14,560 | |
Digital Generation Inc* | | | 657 | | | | 8,127 | |
Dolan Media, Co.* | | | 593 | | | | 3,991 | |
E.W. Scripps Co., Class A* | | | 1,206 | | | | 11,590 | |
Entercom Communications Corp., Class A* | | | 400 | | | | 2,408 | |
Entravision Communications Corp., Class A* | | | 1,000 | | | | 1,210 | |
Fisher Communications, Inc.* | | | 200 | | | | 5,982 | |
Journal Communications, Inc., Class A* | | | 884 | | | | 4,561 | |
Knology, Inc.* | | | 1,236 | | | | 24,312 | |
LIN TV Corp., Class A* | | | 472 | | | | 1,425 | |
Martha Stewart Living Omnimedia, Inc., Class A* | | | 562 | | | | 1,911 | |
Meredith Corp. | | | 1,000 | | | | 31,940 | |
110
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Media — (continued) | |
Nexstar Broadcasting Group* | | | 400 | | | $ | 2,696 | |
Outdoor Channel Holdings, Inc.* | | | 626 | | | | 4,576 | |
Saga Communications, Inc.* | | | 100 | | | | 3,711 | |
Scholastic Corp. | | | 756 | | | | 21,289 | |
Sinclair Broadcast Group, Inc., Class A | | | 1,117 | | | | 10,120 | |
The McClatchy Co., Class A* | | | 1,100 | | | | 2,420 | |
The New York Times Co., Class A* | | | 3,921 | | | | 30,584 | |
Value Line, Inc. | | | 23 | | | | 273 | |
World Wrestling Entertainment, Inc., Class A | | | 914 | | | | 7,148 | |
| | | | | | | | |
| | | | 219,076 | |
| | | | | | | | |
| Medical Instruments — 0.0% | | | | | | | | |
Navidea Biopharmaceuticals, Inc.* | | | 2,200 | | | | 8,184 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.7% | | | | | | | | |
A.M. Castle & Co.* | | | 435 | | | | 4,620 | |
Ampco-Pittsburgh Corp. | | | 214 | | | | 3,923 | |
CIRCOR International, Inc. | | | 435 | | | | 14,829 | |
Dynamic Materials Corp. | | | 290 | | | | 5,026 | |
Furmanite Corp.* | | | 954 | | | | 4,636 | |
Haynes International, Inc. | | | 364 | | | | 18,542 | |
Kaydon Corp. | | | 978 | | | | 20,919 | |
L.B. Foster Co., Class A | | | 266 | | | | 7,610 | |
Mueller Industries, Inc. | | | 794 | | | | 33,816 | |
Mueller Water Products, Inc., Class A | | | 3,692 | | | | 12,774 | |
NN, Inc.* | | | 400 | | | | 4,084 | |
Northwest Pipe Co.* | | | 183 | | | | 4,440 | |
Olympic Steel, Inc. | | | 231 | | | | 3,793 | |
Omega Flex, Inc.* | | | 59 | | | | 703 | |
RBC Bearings, Inc.* | | | 637 | | | | 30,130 | |
RTI International Metals, Inc.* | | | 713 | | | | 16,135 | |
Sun Hydraulics Corp. | | | 459 | | | | 11,149 | |
Worthington Industries, Inc. | | | 1,584 | | | | 32,425 | |
| | | | | | | | |
| | | | 229,554 | |
| | | | | | | | |
| Mining — 0.9% | | | | | | | | |
AMCOL International Corp. | | | 598 | | | | 16,929 | |
Century Aluminum Co.* | | | 1,254 | | | | 9,192 | |
Coeur d’Alene Mines Corp.* | | | 2,528 | | | | 44,391 | |
Gaslog Ltd. | | | 1,100 | | | | 11,165 | |
General Moly, Inc.* | | | 1,499 | | | | 4,707 | |
Globe Specialty Metals, Inc. | | | 1,714 | | | | 23,019 | |
Gold Reserve, Inc.* | | | 2,500 | | | | 8,725 | |
Gold Resource Corp. | | | 700 | | | | 18,193 | |
Golden Minerals Co.* | | | 868 | | | | 3,915 | |
Golden Star Resources Ltd.* | | | 6,200 | | | | 7,192 | |
Hecla Mining Co. | | | 7,317 | | | | 34,756 | |
Horsehead Holding Corp.* | | | 1,583 | | | | 15,767 | |
Kaiser Aluminum Corp. | | | 616 | | | | 31,933 | |
Materion Corp. | | | 457 | | | | 10,525 | |
Midway Gold Corp.* | | | 2,200 | | | | 3,058 | |
Noranda Aluminium Holding Corp. | | | 600 | | | | 4,776 | |
Paramount Gold and Silver Corp.* | | | 2,900 | | | | 6,960 | |
Revett Minerals, Inc.* | | | 800 | | | | 2,632 | |
Stillwater Mining Co.* | | | 2,924 | | | | 24,971 | |
United States Lime & Minerals, Inc.* | | | 29 | | | | 1,353 | |
Uranerz Energy Corp.* | | | 1,700 | | | | 2,465 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Mining — (continued) | |
US Antimony Corp.* | | | 2,500 | | | $ | 10,100 | |
US Silica Holdings, Inc.* | | | 600 | | | | 6,756 | |
Vista Gold Corp.* | | | 1,900 | | | | 5,529 | |
| | | | | | | | |
| | | | 309,009 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 2.1% | | | | | | | | |
A.O. Smith Corp. | | | 1,161 | | | | 56,761 | |
Actuant Corp., Class A | | | 1,806 | | | | 49,051 | |
American Railcar Industries, Inc.* | | | 300 | | | | 8,130 | |
AZZ, Inc. | | | 288 | | | | 17,643 | |
Barnes Group, Inc. | | | 1,365 | | | | 33,156 | |
Blount International, Inc.* | | | 1,395 | | | | 20,437 | |
Ceradyne, Inc. | | | 618 | | | | 15,852 | |
Chase Corp. | | | 200 | | | | 2,640 | |
CLARCOR, Inc. | | | 1,498 | | | | 72,144 | |
EnPro Industries, Inc.* | | | 617 | | | | 23,057 | |
ESCO Technologies, Inc. | | | 834 | | | | 30,391 | |
Fabrinet | | | 500 | | | | 6,275 | |
Federal Signal Corp.* | | | 1,743 | | | | 10,179 | |
FreightCar America, Inc. | | | 270 | | | | 6,202 | |
GP Strategies Corp.* | | | 296 | | | | 5,467 | |
Griffon Corp. | | | 1,156 | | | | 9,918 | |
Handy & Harman Ltd.* | | | 200 | | | | 2,696 | |
Hexcel Corp.* | | | 2,820 | | | | 72,728 | |
John Bean Technologies Corp. | | | 629 | | | | 8,536 | |
Koppers Holdings, Inc. | | | 620 | | | | 21,080 | |
LSB Industries, Inc.* | | | 549 | | | | 16,970 | |
Lydall, Inc.* | | | 300 | | | | 4,056 | |
Matthews International Corp., Class A | | | 805 | | | | 26,154 | |
Movado Group, Inc. | | | 360 | | | | 9,007 | |
Myers Industries, Inc. | | | 725 | | | | 12,441 | |
NL Industries, Inc. | | | 90 | | | | 1,122 | |
Park-Ohio Holdings Corp.* | | | 200 | | | | 3,806 | |
PMFG, Inc.* | | | 486 | | | | 3,796 | |
Raven Industries, Inc. | | | 473 | | | | 32,916 | |
Smith & Wesson Holding Corp.* | | | 1,279 | | | | 10,628 | |
Standex International Corp. | | | 300 | | | | 12,771 | |
STR Holdings, Inc.* | | | 725 | | | | 3,306 | |
Sturm Ruger & Co., Inc. | | | 619 | | | | 24,853 | |
The Brink’s Co. | | | 1,310 | | | | 30,366 | |
Tredegar Corp. | | | 761 | | | | 11,080 | |
Trimas Corp.* | | | 1,095 | | | | 22,009 | |
| | | | | | | | |
| | | | 697,624 | |
| | | | | | | | |
| Office Furnishings — 0.4% | | | | | | | | |
Herman Miller, Inc. | | | 1,432 | | | | 26,521 | |
HNI Corp. | | | 1,243 | | | | 32,007 | |
Interface, Inc. | | | 1,495 | | | | 20,377 | |
Knoll, Inc. | | | 1,353 | | | | 18,157 | |
Steelcase, Inc., Class A | | | 2,431 | | | | 21,952 | |
| | | | | | | | |
| | | | 119,014 | |
| | | | | | | | |
| Oil & Gas — 3.3% | | | | | | | | |
Abraxas Petroleum Corp.* | | | 2,000 | | | | 6,380 | |
Alon USA Energy, Inc. | | | 152 | | | | 1,286 | |
Apco Oil and Gas International, Inc. | | | 258 | | | | 4,657 | |
111
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Oil & Gas — (continued) | | | | | | | | |
Approach Resources, Inc.* | | | 941 | | | $ | 24,033 | |
Arabian American Development CO.* | | | 1,000 | | | | 9,690 | |
ATP Oil & Gas Corp.* | | | 1,193 | | | | 4,032 | |
Berry Petroleum Co., Class A | | | 1,534 | | | | 60,838 | |
Bill Barrett Corp.* | | | 1,225 | | | | 26,239 | |
Bonanza Creek Energy, Inc.* | | | 500 | | | | 8,315 | |
BPZ Resources, Inc.* | | | 2,283 | | | | 5,776 | |
C J Energy Services, Inc.* | | | 1,430 | | | | 26,455 | |
Callon Petroleum Co.* | | | 1,000 | | | | 4,260 | |
Carrizo Oil & Gas, Inc.* | | | 1,065 | | | | 25,038 | |
Clayton Williams Energy, Inc.* | | | 217 | | | | 10,498 | |
Comstock Resources, Inc.* | | | 1,387 | | | | 22,775 | |
Contango Oil & Gas Co.* | | | 303 | | | | 17,938 | |
CVR Energy, Inc. | | | 600 | | | | 15,948 | |
Delek US Holdings, Inc. | | | 498 | | | | 8,760 | |
Endeavour International Corp.* | | | 1,352 | | | | 11,357 | |
Energy Partners Ltd.* | | | 700 | | | | 11,830 | |
Energy XXI Bermuda Ltd. | | | 2,362 | | | | 73,907 | |
Evolution Petroleum Corp.* | | | 500 | | | | 4,170 | |
Forest Oil Corp.* | | | 3,900 | | | | 28,587 | |
FX Energy, Inc.* | | | 1,389 | | | | 8,265 | |
Gastar Exploration Ltd.* | | | 1,500 | | | | 2,895 | |
Georesources, Inc.* | | | 557 | | | | 20,392 | |
Goodrich Petroleum Corp.* | | | 581 | | | | 8,053 | |
Gulfport Energy Corp.* | | | 1,763 | | | | 36,371 | |
Halcon Resources Corp.* | | | 2,400 | | | | 22,656 | |
Harvest Natural Resources, Inc.* | | | 746 | | | | 6,378 | |
Hercules Offshore, Inc.* | | | 3,605 | | | | 12,762 | |
Isramco, Inc.* | | | 21 | | | | 2,310 | |
Kodiak Oil & Gas Corp.* | | | 7,700 | | | | 63,217 | |
Magnum Hunter Resources Corp.* | | | 5,200 | | | | 21,736 | |
Matador Resources Co.* | | | 400 | | | | 4,296 | |
McMoran Exploration Co.* | | | 2,654 | | | | 33,626 | |
Midstates Petroleum CO., Inc.* | | | 1,100 | | | | 10,681 | |
Miller Energy Resources, Inc.* | | | 400 | | | | 2,000 | |
Northern Oil & Gas, Inc.* | | | 1,753 | | | | 27,943 | |
Oasis Petroleum, Inc.* | | | 2,436 | | | | 58,902 | |
Panhandle Oil and Gas, Inc., Class A | | | 117 | | | | 3,526 | |
Parker Drilling Co.* | | | 2,917 | | | | 13,156 | |
PDC Energy, Inc.* | | | 1,012 | | | | 24,814 | |
Penn Virginia Corp. | | | 1,012 | | | | 7,428 | |
Petroquest Energy, Inc.* | | | 1,539 | | | | 7,695 | |
Pioneer Drilling Co.* | | | 1,550 | | | | 12,353 | |
Quicksilver Resources, Inc.* | | | 4,600 | | | | 24,932 | |
Resolute Energy Corp.* | | | 1,100 | | | | 10,527 | |
Rex Energy Corp.* | | | 1,000 | | | | 11,210 | |
Rosetta Resources, Inc.* | | | 1,537 | | | | 56,316 | |
Sanchez Energy Corp.* | | | 500 | | | | 10,400 | |
Stone Energy Corp.* | | | 1,279 | | | | 32,410 | |
Swift Energy Co.* | | | 1,189 | | | | 22,127 | |
Triangle Petroleum Corp.* | | | 1,100 | | | | 6,138 | |
Vaalco Energy, Inc.* | | | 1,230 | | | | 10,615 | |
Vantage Drilling Co. | | | 3,690 | | | | 5,535 | |
Venoco, Inc.* | | | 686 | | | | 6,867 | |
Voyager Oil & Gas, Inc.* | | | 1,400 | | | | 2,464 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Oil & Gas — (continued) | | | | | | | | |
W&T Offshore, Inc. | | | 1,043 | | | $ | 15,958 | |
Warren Resources, Inc.* | | | 1,705 | | | | 4,092 | |
Western Refining, Inc. | | | 1,637 | | | | 36,456 | |
| | | | | | | | |
| | | | 1,080,271 | |
| | | | | | | | |
| Oil & Gas Services — 1.5% | | | | | | | | |
Basic Energy Services, Inc.* | | | 588 | | | | 6,068 | |
Cal Dive International, Inc.* | | | 2,189 | | | | 6,348 | |
Dawson Geophysical Co.* | | | 215 | | | | 5,121 | |
Dril-Quip, Inc.* | | | 1,160 | | | | 76,084 | |
Exterran Holdings, Inc.* | | | 2,300 | | | | 29,325 | |
Flotek Industries, Inc.* | | | 1,200 | | | | 11,208 | |
Forum Energy Technologies, Inc.* | | | 800 | | | | 15,752 | |
Global Geophysical Services, Inc.* | | | 500 | | | | 3,060 | |
Gulf Island Fabrication, Inc. | | | 318 | | | | 8,971 | |
Helix Energy Solutions Group, Inc.* | | | 2,901 | | | | 47,606 | |
Hornbeck Offshore Services, Inc.* | | | 1,078 | | | | 41,805 | |
ION Geophysical Corp.* | | | 3,765 | | | | 24,811 | |
Key Energy Services, Inc.* | | | 4,724 | | | | 35,902 | |
Lufkin Industries, Inc. | | | 872 | | | | 47,367 | |
Matrix Service Co.* | | | 687 | | | | 7,798 | |
Mitcham Industries, Inc.* | | | 300 | | | | 5,091 | |
Natural Gas Services Group, Inc.* | | | 294 | | | | 4,357 | |
Newpark Resources, Inc.* | | | 2,112 | | | | 12,461 | |
OYO Geospace Corp.* | | | 188 | | | | 16,918 | |
Targa Resources Corp. | | | 900 | | | | 38,430 | |
Tesco Corp.* | | | 700 | | | | 8,400 | |
Tetra Technologies, Inc.* | | | 2,279 | | | | 16,249 | |
TGC Industries, Inc.* | | | 900 | | | | 8,739 | |
Thermon Group Holdings, Inc.* | | | 300 | | | | 6,213 | |
Union Drilling, Inc.* | | | 183 | | | | 820 | |
Willbros Group, Inc.* | | | 1,017 | | | | 6,570 | |
| | | | | | | | |
| | | | 491,474 | |
| | | | | | | | |
| Packaging and Containers — 0.1% | | | | | | | | |
AEP Industries, Inc.* | | | 238 | | | | 10,365 | |
Graphic Packaging Holding Co.* | | | 5,687 | | | | 31,278 | |
| | | | | | | | |
| | | | 41,643 | |
| | | | | | | | |
| Pharmaceuticals — 3.3% | | | | | | | | |
Achillion Pharmaceuticals, Inc.* | | | 1,700 | | | | 10,540 | |
Acura Pharmaceuticals, Inc.* | | | 153 | | | | 480 | |
Aegrion Pharmaceuticals, Inc.* | | | 900 | | | | 13,356 | |
Akorn, Inc.* | | | 1,613 | | | | 25,437 | |
Allos Therapeutics, Inc.* | | | 1,315 | | | | 2,354 | |
Amicus Therapeutics, Inc.* | | | 500 | | | | 2,750 | |
Ampio Pharmaceuticals, Inc.* | | | 600 | | | | 3,048 | |
Anacor Pharmaceuticals, Inc.* | | | 500 | | | | 3,245 | |
Anika Therapeutics, Inc.* | | | 700 | | | | 9,513 | |
Antares Pharma, Inc.* | | | 1,400 | | | | 5,096 | |
Array Biopharma, Inc.* | | | 2,248 | | | | 7,801 | |
Auxilium Pharmaceuticals, Inc.* | | | 1,565 | | | | 42,083 | |
AVANIR Pharmaceuticals, Inc., Class A* | | | 3,377 | | | | 13,238 | |
BioScrip, Inc.* | | | 1,011 | | | | 7,512 | |
Biospecifics Technologies Corp.* | | | 69 | | | | 1,296 | |
Cadence Pharmaceuticals, Inc.* | | | 814 | | | | 2,906 | |
112
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Pharmaceuticals — (continued) | | | | | | | | |
Clovis Oncology, Inc.* | | | 300 | | | $ | 6,504 | |
Corcept Therapeutics, Inc.* | | | 700 | | | | 3,143 | |
Cornerstone Therapeutics, Inc.* | | | 127 | | | | 804 | |
Cytori Therapeutics, Inc.* | | | 810 | | | | 2,187 | |
Depomed, Inc.* | | | 1,183 | | | | 6,731 | |
Dusa Pharmaceuticals, Inc.* | | | 700 | | | | 3,654 | |
Dyax Corp.* | | | 1,720 | | | | 3,664 | |
Endocyte, Inc.* | | | 500 | | | | 4,110 | |
Furiex Pharmaceuticals, Inc.* | | | 200 | | | | 4,190 | |
Hi-Tech Pharmacal Co, Inc.* | | | 255 | | | | 8,262 | |
Idenix Pharmaceuticals, Inc.* | | | 2,593 | | | | 26,708 | |
Impax Laboratories, Inc.* | | | 1,737 | | | | 35,209 | |
Infinity Pharmaceuticals, Inc.* | | | 328 | | | | 4,448 | |
Ironwood Pharmaceuticals, Inc.* | | | 2,461 | | | | 33,913 | |
Isis Pharmaceuticals, Inc.* | | | 2,810 | | | | 33,720 | |
Keryx Biopharmaceuticals, Inc.* | | | 1,700 | | | | 3,060 | |
Lannett Co, Inc.* | | | 197 | | | | 835 | |
MannKind Corp.* | | | 1,904 | | | | 4,360 | |
MAP Pharmaceuticals, Inc.* | | | 706 | | | | 10,576 | |
Medicis Pharmaceutical Corp., Class A | | | 1,674 | | | | 57,167 | |
Nature’s Sunshine Products, Inc. | | | 200 | | | | 3,020 | |
Nektar Therapeutics* | | | 3,633 | | | | 29,318 | |
Neogen Corp.* | | | 568 | | | | 26,242 | |
Neurocrine Biosciences, Inc.* | | | 1,477 | | | | 11,683 | |
Nutraceutical International Corp.* | | | 196 | | | | 2,989 | |
Obagi Medical Products, Inc.* | | | 351 | | | | 5,360 | |
Omega Protein Corp.* | | | 500 | | | | 3,680 | |
Opko Health, Inc.* | | | 2,976 | | | | 13,690 | |
Optimer Pharmaceuticals, Inc.* | | | 1,095 | | | | 16,994 | |
Orexigen Therapeutics, Inc.* | | | 2,888 | | | | 15,999 | |
Osiris Therapeutics, Inc.* | | | 373 | | | | 4,092 | |
Pacira Pharmaceuticals, Inc.* | | | 800 | | | | 12,832 | |
Pain Therapeutics, Inc.* | | | 779 | | | | 3,653 | |
Par Pharmaceutical Cos., Inc.* | | | 982 | | | | 35,489 | |
Pharmacyclics, Inc.* | | | 1,600 | | | | 87,376 | |
PharMerica Corp.* | | | 820 | | | | 8,954 | |
Pozen, Inc.* | | | 302 | | | | 1,884 | |
Progenics Pharmaceuticals, Inc.* | | | 601 | | | | 5,878 | |
Questcor Pharmaceuticals, Inc.* | | | 1,536 | | | | 81,777 | |
Raptor Pharmaceutical Corp.* | | | 900 | | | | 5,031 | |
Rigel Pharmaceuticals, Inc.* | | | 1,590 | | | | 14,787 | |
Sagent Pharmaceuticals, Inc.* | | | 200 | | | | 3,616 | |
Santarus, Inc.* | | | 1,297 | | | | 9,196 | |
Schiff Nutrition International, Inc. | | | 157 | | | | 2,818 | |
Sciclone Pharmaceuticals, Inc.* | | | 2,277 | | | | 15,962 | |
SIGA Technologies, Inc.* | | | 685 | | | | 1,966 | |
Spectrum Pharmaceuticals, Inc.* | | | 1,414 | | | | 22,002 | |
Sucampo Pharmaceuticals, Inc., Class A* | | | 171 | | | | 1,202 | |
Synageva Biopharma Corp.* | | | 400 | | | | 16,224 | |
Synergy Pharmaceuticals, Inc.* | | | 2,100 | | | | 9,975 | |
Synta Pharmaceuticals Corp.* | | | 721 | | | | 3,944 | |
Synutra International, Inc.* | | | 311 | | | | 1,679 | |
Targacept, Inc.* | | | 703 | | | | 3,023 | |
Theravance, Inc.* | | | 1,816 | | | | 40,351 | |
Threshold Pharmaceuticals, Inc.* | | | 2,000 | | | | 14,800 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Pharmaceuticals — (continued) | | | | | | | | |
USANA Health Sciences, Inc.* | | | 124 | | | $ | 5,099 | |
Vanda Pharmaceuticals, Inc.* | | | 741 | | | | 3,260 | |
Viropharma, Inc.* | | | 1,978 | | | | 46,879 | |
Vivus, Inc.* | | | 2,870 | | | | 81,910 | |
XenoPort, Inc.* | | | 827 | | | | 4,995 | |
| | | | | | | | |
| | | | 1,083,529 | |
| | | | | | | | |
| Pipelines — 0.2% | | | | | | | | |
Crosstex Energy, Inc. | | | 964 | | | | 13,496 | |
Semgroup Corp.* | | | 1,300 | | | | 41,509 | |
| | | | | | | | |
| | | | 55,005 | |
| | | | | | | | |
| Precious Metals — 0.1% | | | | | | | | |
McEwen Mining, Inc.* | | | 7,023 | | | | 21,139 | |
| | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
Consolidated-Tomoka Land Co. | | | 124 | | | | 3,569 | |
Forestar Real Estate Group, Inc.* | | | 863 | | | | 11,055 | |
HFF, Inc., Class A* | | | 700 | | | | 9,758 | |
Kennedy-Wilson Holdings, Inc. | | | 781 | | | | 10,942 | |
Terreno Realty Corp. | | | 175 | | | | 2,644 | |
Thomas Properties Group, Inc. | | | 1,800 | | | | 9,792 | |
| | | | | | | | |
| | | | 47,760 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.5% | | | | | | | | |
AG Mortgage Investment Trust, Inc | | | 288 | | | | 6,189 | |
American Assets Trust, Inc. | | | 800 | | | | 19,400 | |
American Capital Mortgage. Inc. | | | 1,243 | | | | 29,683 | |
Armour Residential REIT, Inc. | | | 5,500 | | | | 39,105 | |
RAIT Financial Trust,Inc. | | | 906 | | | | 4,186 | |
RLJ Lodging Trust | | | 3,200 | | | | 58,016 | |
STAG lndustrial, Inc. | | | 400 | | | | 5,832 | |
Summitt Hotel Properties | | | 700 | | | | 5,859 | |
| | | | | | | | |
| | | | 168,270 | |
| | | | | | | | |
| Retail — 6.3% | | | | | | | | |
Aeropostale, Inc.* | | | 2,284 | | | | 40,724 | |
AFC Enterprises* | | | 559 | | | | 12,935 | |
America’s Car-Mart, Inc.* | | | 227 | | | | 8,819 | |
ANN, Inc.* | | | 1,385 | | | | 35,304 | |
Asbury Automotive Group, Inc.* | | | 749 | | | | 17,744 | |
Barnes & Noble, Inc.* | | | 700 | | | | 11,522 | |
Bebe Stores, Inc. | | | 1,517 | | | | 8,905 | |
Benihana Inc | | | 400 | | | | 6,444 | |
Big 5 Sporting Goods Corp. | | | 381 | | | | 2,880 | |
Biglari Holdings, Inc.* | | | 29 | | | | 11,205 | |
BJ’s Restaurants, Inc.* | | | 620 | | | | 23,560 | |
Bob Evans Farms, Inc. | | | 842 | | | | 33,848 | |
Body Central Corp.* | | | 500 | | | | 4,500 | |
Bravo Brio Restaurant Group, Inc.* | | | 500 | | | | 8,915 | |
Brown Shoe Co., Inc. | | | 954 | | | | 12,316 | |
Buffalo Wild Wings, Inc.* | | | 547 | | | | 47,392 | |
Cabela’s, Inc.* | | | 1,208 | | | | 45,674 | |
Caribou Coffee Co., Inc.* | | | 1,005 | | | | 12,975 | |
Carrols Restaurant Group, Inc.* | | | 213 | | | | 1,265 | |
Casey’s General Stores, Inc. | | | 1,040 | | | | 61,350 | |
113
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Retail — (continued) | | | | | | | | |
Cash America International, Inc. | | | 925 | | | $ | 40,737 | |
Casual Male Retail Group, Inc.* | | | 800 | | | | 2,904 | |
CEC Entertainment, Inc. | | | 572 | | | | 20,804 | |
Citi Trends, Inc.* | | | 303 | | | | 4,678 | |
Coinstar, Inc.* | | | 850 | | | | 58,361 | |
Collective Brands, Inc.* | | | 1,782 | | | | 38,170 | |
Conn’s, Inc.* | | | 804 | | | | 11,899 | |
Cost Plus, Inc.* | | | 500 | | | | 11,000 | |
Cracker Barrel Old Country Store, Inc. | | | 624 | | | | 39,187 | |
Denny’s Corp.* | | | 2,352 | | | | 10,443 | |
Destination Maternity Corp. | | | 578 | | | | 12,485 | |
DineEquity, Inc.* | | | 371 | | | | 16,561 | |
Domino’s Pizza, Inc. | | | 1,629 | | | | 50,352 | |
Einstein Noah Restaurant Group, Inc. | | | 84 | | | | 1,475 | |
Express, Inc.* | | | 2,754 | | | | 50,040 | |
Ezcorp, Inc., Class A* | | | 1,266 | | | | 29,700 | |
Fiesta Restaurant Group, Inc.* | | | 213 | | | | 2,818 | |
Fifth & Pacific CO., Inc.* | | | 2,771 | | | | 29,733 | |
First Cash Financial Services, Inc.* | | | 962 | | | | 38,644 | |
Francesca’s Holdings Corp.* | | | 1,158 | | | | 31,278 | |
Fred’s, Inc., Class A | | | 931 | | | | 14,235 | |
Genesco, Inc.* | | | 795 | | | | 47,819 | |
Gordmans Stores, Inc.* | | | 200 | | | | 3,300 | |
Group 1 Automotive, Inc. | | | 607 | | | | 27,685 | |
Haverty Furniture Cos., Inc. | | | 550 | | | | 6,143 | |
Hhgregg, Inc.* | | | 662 | | | | 7,487 | |
Hibbett Sports, Inc.* | | | 755 | | | | 43,571 | |
Hot Topic, Inc. | | | 1,095 | | | | 10,611 | |
HSN, Inc. | | | 1,079 | | | | 43,538 | |
Jack in the Box, Inc.* | | | 1,214 | | | | 33,846 | |
Jamba, Inc.* | | | 1,100 | | | | 2,156 | |
Jos. A. Bank Clothiers, Inc.* | | | 699 | | | | 29,680 | |
Kenneth Cole Productions, Inc., Class A* | | | 158 | | | | 2,378 | |
Kirkland’s, Inc.* | | | 427 | | | | 4,804 | |
Krispy Kreme Doughnuts, Inc.* | | | 1,322 | | | | 8,448 | |
Lithia Motors, Inc., Class A | | | 494 | | | | 11,387 | |
Luby’s, Inc.* | | | 600 | | | | 4,020 | |
Lumber Liquidators Holdings, Inc.* | | | 933 | | | | 31,526 | |
MarineMax, Inc.* | | | 400 | | | | 3,804 | |
Mattress Firm Holding Corp.* | | | 500 | | | | 15,155 | |
New York & Co., Inc.* | | | 583 | | | | 2,029 | |
Office Depot, Inc.* | | | 8,800 | | | | 19,008 | |
OfficeMax, Inc.* | | | 2,761 | | | | 13,971 | |
Papa John’s International, Inc.* | | | 455 | | | | 21,644 | |
PC Connection, Inc.* | | | 165 | | | | 1,752 | |
Penske Automotive Group, Inc. | | | 1,276 | | | | 27,102 | |
PetMed Express, Inc. | | | 413 | | | | 5,022 | |
PF Chang’s China Bistro, Inc. | | | 525 | | | | 27,022 | |
Pier 1 Imports, Inc. | | | 2,644 | | | | 43,441 | |
Pricesmart, Inc. | | | 531 | | | | 35,848 | |
RadioShack Corp. | | | 3,900 | | | | 14,976 | |
Red Robin Gourmet Burgers, Inc.* | | | 320 | | | | 9,763 | |
Regis Corp. | | | 1,532 | | | | 27,515 | |
Rite Aid Corp.* | | | 17,672 | | | | 24,741 | |
Roundy’s, Inc. | | | 900 | | | | 9,189 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Retail — (continued) | |
Ruby Tuesday, Inc.* | | | 1,513 | | | $ | 10,303 | |
Rue21, Inc.* | | | 379 | | | | 9,566 | |
Rush Enterprises, Inc., Class A* | | | 1,035 | | | | 16,922 | |
Ruth’s Hospitality Group, Inc.* | | | 1,695 | | | | 11,187 | |
Saks, Inc.* | | | 3,241 | | | | 34,517 | |
Shoe Carnival, Inc. | | | 358 | | | | 7,693 | |
Skullcandy, Inc* | | | 407 | | | | 5,759 | |
Sonic Automotive, Inc., Class A | | | 934 | | | | 12,768 | |
Sonic Corp.* | | | 1,532 | | | | 15,351 | |
Stage Stores, Inc. | | | 881 | | | | 16,140 | |
Stein Mart, Inc. | | | 761 | | | | 6,050 | |
Steinway Musical Instruments, Inc.* | | | 125 | | | | 3,062 | |
Susser Holdings Corp.* | | | 302 | | | | 11,225 | |
Systemax, Inc.* | | | 262 | | | | 3,097 | |
Talbots, Inc.* | | | 1,494 | | | | 3,765 | |
Teavana Holdings, Inc.* | | | 290 | | | | 3,924 | |
Texas Roadhouse, Inc. | | | 1,970 | | | | 36,307 | |
The Bon-Ton Stores, Inc. | | | 200 | | | | 1,562 | |
The Buckle, Inc. | | | 849 | | | | 33,595 | |
The Cato Corp., Class A | | | 804 | | | | 24,490 | |
The Cheesecake Factory, Inc.* | | | 1,516 | | | | 48,451 | |
The Children’s Place Retail Stores, Inc.* | | | 694 | | | | 34,582 | |
The Finish Line, Inc., Class A | | | 1,393 | | | | 29,128 | |
The Men’s Wearhouse, Inc. | | | 1,356 | | | | 38,158 | |
The Pantry, Inc.* | | | 454 | | | | 6,674 | |
The Pep Boys - Manny, Moe, & Jack* | | | 1,705 | | | | 16,879 | |
The Wet Seal, Inc., Class A* | | | 2,604 | | | | 8,229 | |
Tuesday Morning Corp.* | | | 1,129 | | | | 4,843 | |
Vera Bradley, Inc.* | | | 500 | | | | 10,540 | |
Vitamin Shoppe, Inc.* | | | 800 | | | | 43,944 | |
West Marine, Inc.* | | | 264 | | | | 3,102 | |
Winmark Corp. | | | 100 | | | | 5,855 | |
Zumiez, Inc.* | | | 703 | | | | 27,839 | |
| | | | | | | | |
| | | | 2,089,669 | |
| | | | | | | | |
| Savings & Loans — 0.9% | | | | | | | | |
Astoria Financial Corp. | | | 2,201 | | | | 21,570 | |
Bank Mutual Corp. | | | 632 | | | | 2,787 | |
BankFinancial Corp. | | | 609 | | | | 4,586 | |
Beneficial Mutual Bancorp, Inc.* | | | 649 | | | | 5,601 | |
Berkshire Hills Bancorp, Inc. | | | 602 | | | | 13,244 | |
BofI Holding, Inc.* | | | 100 | | | | 1,976 | |
Brookline Bancorp, Inc. | | | 2,222 | | | | 19,665 | |
Cape Bancorp, Inc.* | | | 300 | | | | 2,493 | |
Clifton Savings Bancorp, Inc. | | | 150 | | | | 1,561 | |
Dime Community Bancshares Inc. | | | 730 | | | | 9,702 | |
ESB Financial Corp. | | | 194 | | | | 2,561 | |
ESSA Bancorp, Inc. | | | 319 | | | | 3,445 | |
Everbank Financial Corp.* | | | 1,000 | | | | 10,870 | |
First Defiance Financial Corp. | | | 300 | | | | 5,136 | |
First Financial Holdings, Inc. | | | 319 | | | | 3,420 | |
First Pactrust Bancorp, Inc. | | | 200 | | | | 2,372 | |
Flushing Financial Corp. | | | 638 | | | | 8,696 | |
Fox Chase Bancorp, Inc. | | | 420 | | | | 6,065 | |
Home Federal Bancorp, Inc. | | | 253 | | | | 2,656 | |
Home Loan Servicing Solutions Ltd. | | | 700 | | | | 9,380 | |
114
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Savings & Loans — (continued) | | | | | | | | |
Homestreet ,Inc.* | | | 300 | | | $ | 9,597 | |
Investors Bancorp, Inc.* | | | 1,156 | | | | 17,444 | |
Kearny Financial Corp.* | | | 152 | | | | 1,473 | |
Meridian Interstate Bancorp, Inc.* | | | 139 | | | | 1,935 | |
Northfield Bancorp, Inc. | | | 423 | | | | 6,011 | |
Northwest Bancshares, Inc. | | | 2,475 | | | | 28,982 | |
OceanFirst Financial Corp. | | | 327 | | | | 4,696 | |
Oritani Financial Corp. | | | 1,318 | | | | 18,966 | |
Provident Financial Services, Inc. | | | 1,703 | | | | 26,141 | |
Provident New York Bancorp | | | 951 | | | | 7,218 | |
Rockville Financial, Inc. | | | 730 | | | | 8,446 | |
Roma Financial Corp. | | | 126 | | | | 1,074 | |
Territorial Bancorp, Inc. | | | 243 | | | | 5,533 | |
United Financial Bancorp, Inc. | | | 440 | | | | 6,327 | |
Viewpoint Financial Group | | | 866 | | | | 13,544 | |
Westfield Financial, Inc. | | | 784 | | | | 5,723 | |
WSFS Financial Corp. | | | 157 | | | | 6,344 | |
| | | | | | | | |
| | | | 307,240 | |
| | | | | | | | |
| Semiconductors — 3.2% | | | | | | | | |
Aeroflex Holding Corp.* | | | 500 | | | | 3,025 | |
Alpha & Omega Semiconductor, Ltd. | | | 400 | | | | 3,660 | |
Amkor Technology, Inc.* | | | 2,511 | | | | 12,254 | |
Anadigics, Inc.* | | | 1,379 | | | | 2,496 | |
Applied Micro Circuits Corp.* | | | 1,358 | | | | 7,768 | |
ATMI, Inc.* | | | 928 | | | | 19,089 | |
AuthenTec, Inc.* | | | 2,200 | | | | 9,526 | |
Axcelis Technologies, Inc.* | | | 2,000 | | | | 2,400 | |
AXT, Inc.* | | | 600 | | | | 2,370 | |
Brooks Automation, Inc. | | | 1,977 | | | | 18,663 | |
Cabot Microelectronics Corp.* | | | 661 | | | | 19,308 | |
Cavium, Inc.* | | | 1,279 | | | | 35,812 | |
CEVA, Inc.* | | | 671 | | | | 11,816 | |
Cirrus Logic, Inc.* | | | 1,881 | | | | 56,204 | |
Cohu, Inc. | | | 504 | | | | 5,121 | |
Diodes, Inc.* | | | 999 | | | | 18,751 | |
DSP Group, Inc.* | | | 557 | | | | 3,531 | |
Emulex Corp.* | | | 2,606 | | | | 18,763 | |
Entegris, Inc.* | | | 3,370 | | | | 28,780 | |
Entropic Communications, Inc.* | | | 2,032 | | | | 11,460 | |
Exar Corp.* | | | 732 | | | | 5,973 | |
FormFactor, Inc.* | | | 1,172 | | | | 7,583 | |
FSI International, Inc.* | | | 600 | | | | 2,154 | |
Gerber Scientific, Inc.~ | | | 500 | | | | 0 | |
GSI Technology, Inc.* | | | 359 | | | | 1,702 | |
GSl Group, Inc.* | | | 700 | | | | 8,022 | |
Gt Advanced Technologies, Inc* | | | 3,599 | | | | 19,003 | |
Hittite Microwave Corp.* | | | 866 | | | | 44,270 | |
Inphi Corp.* | | | 500 | | | | 4,740 | |
Integrated Device Technology, Inc.* | | | 4,293 | | | | 24,127 | |
Integrated Silicon Solution, Inc.* | | | 500 | | | | 5,045 | |
International Rectifier Corp.* | | | 2,200 | | | | 43,978 | |
Intersil Corp., Class A | | | 4,000 | | | | 42,600 | |
IXYS Corp.* | | | 566 | | | | 6,322 | |
Kopin Corp.* | | | 1,507 | | | | 5,184 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Semiconductors — (continued) | | | | | | | | |
Lattice Semiconductor Corp.* | | | 3,824 | | | $ | 14,416 | |
LTX-Credence Corp.* | | | 1,166 | | | | 7,812 | |
MaxLinear, Inc., Class A* | | | 500 | | | | 2,480 | |
MEMC Electronic Materials, Inc.* | | | 8,700 | | | | 18,879 | |
Micrel, Inc. | | | 1,245 | | | | 11,865 | |
Microsemi Corp.* | | | 2,393 | | | | 44,247 | |
Mindspeed Technologies, Inc.* | | | 600 | | | | 1,476 | |
MIPS Technologies, Inc.* | | | 1,058 | | | | 7,057 | |
MKS Instruments, Inc. | | | 1,396 | | | | 40,386 | |
Monolithic Power Systems, Inc.* | | | 767 | | | | 15,240 | |
MoSys, Inc.* | | | 500 | | | | 1,620 | |
Nanometrics, Inc.* | | | 500 | | | | 7,680 | |
Omnivision Technologies, Inc.* | | | 1,619 | | | | 21,630 | |
Pericom Semiconductor Corp.* | | | 646 | | | | 5,814 | |
Photronics, Inc.* | | | 2,192 | | | | 13,371 | |
PLX Technology, Inc.* | | | 1,260 | | | | 8,001 | |
Power Integrations, Inc. | | | 895 | | | | 33,383 | |
QLogic Corp.* | | | 3,000 | | | | 41,070 | |
Rambus, Inc.* | | | 2,623 | | | | 15,056 | |
Richardson Electronics Ltd. | | | 300 | | | | 3,699 | |
Rubicon Technology, Inc.* | | | 323 | | | | 3,295 | |
Rudolph Technologies, Inc.* | | | 854 | | | | 7,447 | |
Semtech Corp.* | | | 1,909 | | | | 46,427 | |
Sigma Designs, Inc.* | | | 777 | | | | 4,957 | |
Silicon Image, Inc.* | | | 1,839 | | | | 7,613 | |
Standard Microsystems Corp.* | | | 653 | | | | 24,089 | |
Supertex, Inc.* | | | 389 | | | | 7,333 | |
Tessera Technologies, Inc. | | | 1,623 | | | | 24,946 | |
TriQuint Semiconductor, Inc.* | | | 4,777 | | | | 26,274 | |
Ultra Clean Holdings* | | | 400 | | | | 2,572 | |
Ultratech, Inc.* | | | 778 | | | | 24,507 | |
Veeco Instruments, Inc.* | | | 1,093 | | | | 37,555 | |
Volterra Semiconductor Corp.* | | | 691 | | | | 16,204 | |
| | | | | | | | |
| | | | 1,059,901 | |
| | | | | | | | |
| Software — 4.1% | | | | | | | | |
Accelrys, Inc.* | | | 1,566 | | | | 12,669 | |
ACI Worldwide, Inc.* | | | 1,109 | | | | 49,029 | |
Actuate Corp.* | | | 940 | | | | 6,514 | |
Acxiom Corp.* | | | 2,067 | | | | 31,232 | |
Advent Software, Inc.* | | | 935 | | | | 25,348 | |
American Software, Inc., Class A | | | 593 | | | | 4,714 | |
Aspen Technology, Inc.* | | | 2,753 | | | | 63,732 | |
athenahealth, Inc.* | | | 956 | | | | 75,687 | |
Avid Technology, Inc.* | | | 749 | | | | 5,565 | |
Blackbaud, Inc. | | | 1,150 | | | | 29,521 | |
Bottomline Technologies, Inc.* | | | 1,045 | | | | 18,862 | |
Callidus Software, Inc.* | | | 800 | | | | 3,984 | |
CommVault Systems, Inc.* | | | 1,348 | | | | 66,820 | |
Computer Programs & Systems, Inc. | | | 347 | | | | 19,855 | |
Cornerstone Ondemand, Inc.* | | | 1,200 | | | | 28,572 | |
CSG Systems International, Inc.* | | | 781 | | | | 13,496 | |
Deltek, Inc.* | | | 394 | | | | 4,566 | |
Demandware, Inc.* | | | 300 | | | | 7,107 | |
Digi International, Inc.* | | | 657 | | | | 6,728 | |
Ebix, Inc. | | | 736 | | | | 14,683 | |
115
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Software — (continued) | | | | | | | | |
Envestnet, Inc.* | | | 600 | | | $ | 7,200 | |
EPIQ Systems, Inc. | | | 668 | | | | 8,183 | |
ePocrates, Inc.* | | | 200 | | | | 1,604 | |
Fair Isaac Corp. | | | 988 | | | | 41,773 | |
FalconStor Software, Inc.* | | | 626 | | | | 1,634 | |
Geeknet, Inc.* | | | 100 | | | | 1,982 | |
Glu Mobile, Inc.* | | | 1,100 | | | | 6,105 | |
Guidance Software, Inc.* | | | 400 | | | | 3,804 | |
Guidewire Software, Inc.* | | | 400 | | | | 11,248 | |
Imperva Inc* | | | 400 | | | | 11,528 | |
inContact, Inc.* | | | 900 | | | | 4,509 | |
Infoblox, Inc.* | | | 500 | | | | 11,465 | |
InnerWorkings, Inc.* | | | 1,124 | | | | 15,208 | |
Innodata Isogen, Inc.* | | | 1,300 | | | | 8,892 | |
Interactive Intelligence Group, Inc.* | | | 297 | | | | 8,378 | |
JDA Software Group, Inc.* | | | 1,185 | | | | 35,183 | |
Jive Software, Inc.* | | | 600 | | | | 12,594 | |
Mantech International Corp., Class A | | | 739 | | | | 17,344 | |
MedAssets, Inc.* | | | 2,048 | | | | 27,546 | |
Medidata Solutions, Inc.* | | | 544 | | | | 17,773 | |
MicroStrategy, Inc., Class A* | | | 218 | | | | 28,310 | |
MModal, Inc.* | | | 800 | | | | 10,384 | |
Monotype Imaging Holdings, Inc.* | | | 899 | | | | 15,076 | |
Omnicell, Inc.* | | | 935 | | | | 13,688 | |
OPNET Technologies, Inc. | | | 421 | | | | 11,194 | |
Parametric Technology Corp.* | | | 3,225 | | | | 67,596 | |
PDF Solutions, Inc.* | | | 500 | | | | 4,935 | |
PegaSystems, Inc. | | | 430 | | | | 14,181 | |
Progress Software Corp.* | | | 1,786 | | | | 37,274 | |
PROS Holdings, Inc.* | | | 517 | | | | 8,696 | |
QAD, Inc.* | | | 92 | | | | 1,308 | |
QLIK Technologies, Inc.* | | | 2,541 | | | | 56,207 | |
Quality Systems, Inc. | | | 1,004 | | | | 27,620 | |
Quest Software, Inc.* | | | 1,509 | | | | 42,026 | |
RealPage, Inc.* | | | 1,000 | | | | 23,160 | |
Rosetta Stone, Inc.* | | | 202 | | | | 2,796 | |
Schawk, Inc. | | | 187 | | | | 2,375 | |
Sciquest, Inc.* | | | 300 | | | | 5,388 | |
Seachange International, Inc.* | | | 773 | | | | 6,362 | |
SS&C Technologies Holdings, Inc.* | | | 1,100 | | | | 27,500 | |
Synchronoss Technologies, Inc.* | | | 746 | | | | 13,779 | |
SYNNEX Corp.* | | | 794 | | | | 27,385 | |
Take-Two Interactive Software, Inc.* | | | 1,844 | | | | 17,444 | |
Tangoe, Inc.* | | | 1,069 | | | | 22,780 | |
The Ultimate Software Group, Inc.* | | | 716 | | | | 63,810 | |
Tyler Technologies, Inc.* | | | 852 | | | | 34,378 | |
Verint Systems, Inc.* | | | 500 | | | | 14,755 | |
| | | | | | | | |
| | | | | | | 1,343,044 | |
| | | | | | | | |
| Storage & Warehousing — 0.1% | | | | | | | | |
Mobile Mini, Inc.* | | | 877 | | | | 12,629 | |
Wesco Aircraft Holdings, Inc.* | | | 740 | | | | 9,420 | |
| | | | | | | | |
| | | | | | | 22,049 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Telecommunications — 3.0% | |
8X8, Inc.* | | | 1,600 | | | $ | 6,720 | |
ADTRAN, Inc. | | | 1,705 | | | | 51,474 | |
Anaren, Inc.* | | | 312 | | | | 6,115 | |
Anixter International, Inc.* | | | 734 | | | | 38,939 | |
Arris Group, Inc.* | | | 3,281 | | | | 45,639 | |
Aruba Networks, Inc.* | | | 3,413 | | | | 51,366 | |
Atlantic Tele-Network, Inc. | | | 249 | | | | 8,399 | |
Aviat Networks, Inc.* | | | 1,462 | | | | 4,094 | |
Black Box Corp. | | | 562 | | | | 16,129 | |
Calamp Corp.* | | | 1,400 | | | | 10,262 | |
Calix, Inc.* | | | 887 | | | | 7,291 | |
Cbeyond, Inc.* | | | 568 | | | | 3,845 | |
Ciena Corp.* | | | 3,000 | | | | 49,110 | |
Cincinnati Bell, Inc.* | | | 5,985 | | | | 22,264 | |
Comtech Telecommunications Corp. | | | 552 | | | | 15,776 | |
Comverse Technology, Inc.* | | | 6,900 | | | | 40,158 | |
Consolidated Communications Holdings, Inc. | | | 570 | | | | 8,436 | |
DigitalGlobe, Inc.* | | | 845 | | | | 12,810 | |
Extreme Networks, Inc.* | | | 1,947 | | | | 6,698 | |
Fairpoint Communications, Inc.* | | | 600 | | | | 3,690 | |
Finisar Corp.* | | | 2,521 | | | | 37,714 | |
General Communication, Inc., Class A* | | | 986 | | | | 8,194 | |
GeoEye, Inc.* | | | 547 | | | | 8,468 | |
Globecomm Systems, Inc.* | | | 500 | | | | 5,070 | |
Harmonic, Inc.* | | | 3,470 | | | | 14,782 | |
Hawaiian Telcom Holdco, Inc.* | | | 500 | | | | 9,755 | |
HickoryTech Corp. | | | 400 | | | | 4,444 | |
IDT Corp., Class B | | | 300 | | | | 2,943 | |
Infinera Corp.* | | | 2,494 | | | | 17,059 | |
InterDigital, Inc. | | | 1,194 | | | | 35,235 | |
Iridium Communications, Inc.* | | | 1,100 | | | | 9,856 | |
Ixia* | | | 1,313 | | | | 15,782 | |
KVH Industries, Inc.* | | | 354 | | | | 4,425 | |
Leap Wireless International, Inc.* | | | 1,400 | | | | 9,002 | |
LogMeIn, Inc.* | | | 581 | | | | 17,732 | |
Loral Space & Communications, Inc.* | | | 346 | | | | 23,303 | |
Lumos Networks Corp | | | 382 | | | | 3,610 | |
Magicjack Vocaltec Ltd. | | | 700 | | | | 13,300 | |
NeoPhotonics Corp.* | | | 300 | | | | 1,482 | |
Netgear, Inc.* | | | 1,029 | | | | 35,511 | |
Neutral Tandem, Inc.* | | | 926 | | | | 12,205 | |
Ntelos Holdings Corp | | | 382 | | | | 7,201 | |
Oclaro, Inc.* | | | 1,100 | | | | 3,344 | |
Oplink Communications, Inc.* | | | 635 | | | | 8,591 | |
ORBCOMM, Inc.* | | | 1,000 | | | | 3,260 | |
Parkervision, Inc.* | | | 4,100 | | | | 9,758 | |
Plantronics, Inc. | | | 1,267 | | | | 42,318 | |
Preformed Line Products Co. | | | 45 | | | | 2,606 | |
Premiere Global Services, Inc.* | | | 1,656 | | | | 13,894 | |
Primus Telecommunications Group, Inc.* | | | 600 | | | | 9,342 | |
Procera Networks, Inc.* | | | 700 | | | | 17,017 | |
RF Micro Devices, Inc.* | | | 6,851 | | | | 29,117 | |
Rignet, Inc.* | | | 200 | | | | 3,478 | |
Shenandoah Telecommunications Co. | | | 559 | | | | 7,608 | |
ShoreTel, Inc.* | | | 981 | | | | 4,297 | |
116
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Telecommunications — (continued) | | | | | | | | |
Sonus Networks, Inc.* | | | 4,915 | | | $ | 10,567 | |
SureWest Communications | | | 400 | | | | 8,428 | |
Sycamore Networks, Inc.* | | | 624 | | | | 9,060 | |
Symmetricom, Inc.* | | | 959 | | | | 5,744 | |
Telenavinc* | | | 300 | | | | 1,839 | |
Tellabs, Inc. | | | 11,600 | | | | 38,628 | |
Ubiquiti Networks, Inc.* | | | 200 | | | | 2,850 | |
USA Mobility, Inc. | | | 512 | | | | 6,584 | |
Viasat, Inc.* | | | 962 | | | | 36,335 | |
Vonage Holdings Corp.* | | | 3,700 | | | | 7,437 | |
Westell Technologies, Inc.* | | | 1,400 | | | | 3,332 | |
| | | | | | | | |
| | | | 991,722 | |
| | | | | | | | |
| Textiles — 0.1% | | | | | | | | |
G&K Services, Inc., Class A | | | 576 | | | | 17,965 | |
Unifirst Corp. | | | 377 | | | | 24,034 | |
| | | | | | | | |
| | | | 41,999 | |
| | | | | | | | |
| Toys, Games & Hobbies — 0.1% | | | | | | | | |
JAKKS Pacific, Inc. | | | 584 | | | | 9,350 | |
Leapfrog Enterprises, Inc.* | | | 1,876 | | | | 19,248 | |
| | | | | | | | |
| | | | 28,598 | |
| | | | | | | | |
| Transportation — 1.8% | | | | | | | | |
Air Transport Services Group, Inc.* | | | 2,085 | | | | 10,842 | |
Arkansas Best Corp. | | | 795 | | | | 10,017 | |
Atlas Air Worldwide Holdings, Inc.* | | | 848 | | | | 36,896 | |
Bristow Group, Inc. | | | 950 | | | | 38,636 | |
CAI International, Inc.* | | | 260 | | | | 5,169 | |
Celadon Group, Inc. | | | 435 | | | | 7,125 | |
Echo Global Logistics, Inc.* | | | 200 | | | | 3,812 | |
Forward Air Corp. | | | 896 | | | | 28,914 | |
Frontline Ltd. | | | 1,200 | | | | 5,472 | |
Genco Shipping & Trading Ltd. | | | 511 | | | | 1,559 | |
Genesee & Wyoming, Inc., Class A* | | | 1,226 | | | | 64,782 | |
Gulfmark Offshore, Inc., Class A* | | | 879 | | | | 29,921 | |
Heartland Express, Inc. | | | 1,167 | | | | 16,700 | |
HUB Group, Inc., Class A* | | | 1,043 | | | | 37,757 | |
International Shipholding Corp. | | | 141 | | | | 2,659 | |
Knight Transportation, Inc. | | | 1,764 | | | | 28,206 | |
Knightsbridge Tankers Ltd. | | | 574 | | | | 4,672 | |
Marten Transport Ltd. | | | 434 | | | | 9,227 | |
Nordic American Tanker Shipping | | | 1,367 | | | | 18,550 | |
Old Dominion Freight Line, Inc.* | | | 1,406 | | | | 60,866 | |
Overseas Shipholding Group, Inc.* | | | 600 | | | | 6,666 | |
Pacer International, Inc.* | | | 687 | | | | 3,724 | |
Patriot Transportation Holding, Inc.* | | | 69 | | | | 1,624 | |
PHI, Inc.* | | | 293 | | | | 8,148 | |
Quality Distribution, Inc.* | | | 400 | | | | 4,436 | |
RailAmerica, Inc.* | | | 456 | | | | 11,035 | |
Rand Logistics, Inc.* | | | 1,000 | | | | 8,500 | |
Roadrunner Transportation Systems, Inc.* | | | 200 | | | | 3,378 | |
Saia, Inc.* | | | 774 | | | | 16,943 | |
Scorpio Tankers, Inc. | | | 600 | | | | 3,834 | |
Ship Finance International Ltd. | | | 1,084 | | | | 16,943 | |
Swift Transportation Co.* | | | 2,500 | | | | 23,625 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Transportation — (continued) | | | | | | | | |
Teekay Tankers Ltd., Class A | | | 3,193 | | | $ | 14,560 | |
Universal Truckload Services, Inc.* | | | 100 | | | | 1,513 | |
Werner Enterprises, Inc. | | | 1,252 | | | | 29,910 | |
Xpo Logistics, Inc.* | | | 700 | | | | 11,760 | |
| | | | | | | | |
| | | | 588,381 | |
| | | | | | | | |
| Trucking and Leasing — 0.3% | | | | | | | | |
Amerco, Inc.* | | | 295 | | | | 26,541 | |
Greenbrier Cos., Inc.* | | | 447 | | | | 7,858 | |
TAL International Group, Inc. | | | 993 | | | | 33,256 | |
Textainer Group Holdings Ltd. | | | 412 | | | | 15,203 | |
| | | | | | | | |
| | | | 82,858 | |
| | | | | | | | |
| Water — 0.3% | | | | | | | | |
American States Water Co. | | | 562 | | | | 22,244 | |
Artesian Resources Corp., Class A | | | 113 | | | | 2,434 | |
California Water Service Group | | | 1,166 | | | | 21,536 | |
Connecticut Water Service, Inc. | | | 319 | | | | 9,245 | |
Consolidated Water Co., Inc. | | | 312 | | | | 2,586 | |
Middlesex Water Co. | | | 531 | | | | 10,089 | |
Pico Holdings, Inc.* | | | 792 | | | | 17,749 | |
SJW Corp. | | | 288 | | | | 6,915 | |
York Water Co. | | | 297 | | | | 5,313 | |
| | | | | | | | |
| | | | 98,111 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $25,381,181) | | | | 29,520,043 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 6.5% | | | | | | | | |
| Apartments — 0.1% | | | | | | | | |
Associated Estates Realty Corp. | | | 956 | | | | 14,292 | |
Campus Crest Communities, Inc. | | | 700 | | | | 7,273 | |
Education Realty Trust, Inc. | | | 2,405 | | | | 26,648 | |
| | | | | | | | |
| | | | 48,213 | |
| | | | | | | | |
| Building & Real Estate — 1.7% | | | | | | | | |
Agree Realty Corp. | | | 196 | | | | 4,338 | |
Alexander’s, Inc. | | | 57 | | | | 24,573 | |
Anworth Mortgage Asset Corp. | | | 3,331 | | | | 23,484 | |
Apollo Commercial Real Estate Finance, Inc. | | | 400 | | | | 6,428 | |
Capstead Mortgage Corp. | | | 2,775 | | | | 38,600 | |
Colony Financial, Inc. | | | 816 | | | | 14,117 | |
CreXus Investment Corp. | | | 1,961 | | | | 19,943 | |
CYS Investments, Inc. | | | 2,956 | | | | 40,704 | |
Dynex Capital, Inc. | | | 1,407 | | | | 14,605 | |
Getty Realty Corp. | | | 563 | | | | 10,781 | |
Government Properties Income Trust | | | 944 | | | | 21,353 | |
Invesco Mortgage Capital, Inc. | | | 3,007 | | | | 55,148 | |
iStar Financial, Inc.* | | | 2,118 | | | | 13,661 | |
NorthStar Realty Finance Corp. | | | 3,921 | | | | 20,468 | |
Pennymac Mortgage Investment Trust | | | 1,392 | | | | 27,464 | |
Redwood Trust, Inc. | | | 2,277 | | | | 28,417 | |
Resource Capital Corp. | | | 1,700 | | | | 9,061 | |
Starwood Property Trust, Inc. | | | 3,235 | | | | 68,938 | |
Sun Communities, Inc. | | | 690 | | | | 30,526 | |
Two Harbors Investment Corp. | | | 5,600 | | | | 58,016 | |
117
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| REAL ESTATE INVESTMENT TRUSTS — (continued) | |
| Building & Real Estate — (continued) | | | | | | | | |
UMH Properties, Inc. | | | 168 | | | $ | 1,803 | |
Walter Investment Management Corp.* | | | 653 | | | | 15,306 | |
| | | | | | | | |
| | | | 547,734 | |
| | | | | | | | |
| Diversified — 0.5% | | | | | | | | |
Coresite Realty Corp. | | | 500 | | | | 12,910 | |
DuPont Fabros Technology, Inc. | | | 1,950 | | | | 55,692 | |
Entertainment Properties Trust | | | 1,210 | | | | 49,743 | |
PS Business Parks, Inc. | | | 465 | | | | 31,490 | |
Whitestone REIT | | | 200 | | | | 2,762 | |
| | | | | | | | |
| | | | 152,597 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | | | | | | | | |
Potlatch Corp. | | | 1,078 | | | | 34,432 | |
| | | | | | | | |
| Healthcare — 0.8% | | | | | | | | |
Healthcare Realty Trust, Inc. | | | 2,472 | | | | 58,932 | |
LTC Properties, Inc. | | | 917 | | | | 33,269 | |
Medical Properties Trust, Inc. | | | 3,607 | | | | 34,699 | |
National Health Investors, Inc. | | | 657 | | | | 33,454 | |
Omega Healthcare Investors, Inc. | | | 3,148 | | | | 70,830 | |
Sabra Healthcare Reit, Inc. | | | 1,088 | | | | 18,616 | |
Universal Health Realty Income Trust | | | 320 | | | | 13,290 | |
| | | | | | | | |
| | | | 263,090 | |
| | | | | | | | |
| Hotels & Resorts — 0.9% | | | | | | | | |
Ashford Hospitality Trust, Inc. | | | 1,120 | | | | 9,442 | |
Chesapeake Lodging Trust | | | 789 | | | | 13,586 | |
DiamondRock Hospitality Co. | | | 4,523 | | | | 46,135 | |
FelCor Lodging Trust, Inc.* | | | 3,018 | | | | 14,185 | |
Hersha Hospitality Trust | | | 4,269 | | | | 22,540 | |
LaSalle Hotel Properties | | | 2,517 | | | | 73,345 | |
Pebblebrook Hotel Trust | | | 1,409 | | | | 32,844 | |
Strategic Hotels & Resorts, Inc.* | | | 5,012 | | | | 32,377 | |
Sunstone Hotel Investors, Inc.* | | | 3,332 | | | | 36,619 | |
| | | | | | | | |
| | | | 281,073 | |
| | | | | | | | |
| Industrial — 0.5% | | | | | | | | |
DCT Industrial Trust, Inc. | | | 6,582 | | | | 41,467 | |
EastGroup Properties, Inc. | | | 875 | | | | 46,637 | |
First Industrial Realty Trust, Inc.* | | | 2,429 | | | | 30,654 | |
First Potomac Realty Trust | | | 1,492 | | | | 17,561 | |
Monmouth Real Estate Investment Corp., Class A | | | 1,149 | | | | 13,466 | |
| | | | | | | | |
| | | | 149,785 | |
| | | | | | | | |
| Mixed Industrial/Office — 0.6% | | | | | | | | |
CapLease, Inc. | | | 1,735 | | | | 7,200 | |
Colonial Properties Trust | | | 2,616 | | | | 57,918 | |
Cousins Properties, Inc. | | | 3,061 | | | | 23,723 | |
Gladstone Commercial Corp. | | | 152 | | | | 2,532 | |
Investors Real Estate Trust | | | 2,918 | | | | 23,052 | |
Lexington Realty Trust | | | 3,015 | | | | 25,537 | |
Mission West Properties, Inc. | | | 287 | | | | 2,474 | |
One Liberty Properties, Inc. | | | 203 | | | | 3,823 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | | | | | | | | |
| Mixed Industrial/Office — (continued) | | | | | | | | |
Washington Real Estate Investment Trust | | | 1,806 | | | $ | 51,381 | |
Winthrop Realty Trust | | | 777 | | | | 9,448 | |
| | | | | | | | |
| | | | 207,088 | |
| | | | | | | | |
| Office Property — 0.3% | | | | | | | | |
Franklin Street Properties Corp. | | | 1,845 | | | | 19,520 | |
Highwoods Properties, Inc. | | | 2,160 | | | | 72,684 | |
Hudson Pacific Properties, Inc. | | | 900 | | | | 15,669 | |
Parkway Properties, Inc. | | | 593 | | | | 6,784 | |
| | | | | | | | |
| | | | | | | 114,657 | |
| | | | | | | | |
| Real Estate Investment Trusts — 0.1% | | | | | | | | |
Select Income Reit* | | | 500 | | | | 11,880 | |
Western Asset Mortgage Capital Corp.* | | | 500 | | | | 9,745 | |
| | | | | | | | |
| | | | | | | 21,625 | |
| | | | | | | | |
| Regional Malls — 0.2% | | | | | | | | |
Glimcher Realty Trust | | | 3,916 | | | | 40,021 | |
Pennsylvania Real Estate Investment Trust | | | 1,715 | | | | 25,691 | |
Rouse Properties, Inc. | | | 1,000 | | | | 13,550 | |
| | | | | | | | |
| | | | | | | 79,262 | |
| | | | | | | | |
| Storage & Warehousing — 0.2% | | | | | | | | |
CubeSmart | | | 3,125 | | | | 36,469 | |
Sovran Self Storage, Inc. | | | 882 | | | | 44,179 | |
| | | | | | | | |
| | | | | | | 80,648 | |
| | | | | | | | |
| Strip Centers — 0.5% | | | | | | | | |
Acadia Realty Trust | | | 1,120 | | | | 25,962 | |
Cedar Shopping Centers, Inc. | | | 1,026 | | | | 5,181 | |
Equity One, Inc. | | | 1,554 | | | | 32,945 | |
Excel Trust, Inc. | | | 900 | | | | 10,764 | |
Inland Real Estate Corp. | | | 1,788 | | | | 14,984 | |
Kite Realty Group Trust | | | 1,107 | | | | 5,524 | |
Ramco-Gershenson Properties Trust | | | 1,641 | | | | 20,627 | |
Retail Opportunity Investments Corp. | | | 1,300 | | | | 15,678 | |
Saul Centers, Inc. | | | 151 | | | | 6,473 | |
Urstadt Biddle Properties, Inc., Class A | | | 516 | | | | 10,201 | |
| | | | | | | | |
| | | | | | | 148,339 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $1,768,466) | | | | | | | 2,128,543 | |
| | | | | | | | |
| RIGHTS — 0.0% | | | | | | | | |
Hampton Rts
07/31/12~
(Cost $2,177) | | | 300 | | | | 217 | |
| | | | | | | | |
| U.S. TREASURY OBLIGATIONS — 0.3% | | | | | | | | |
U.S. Treasury Bills | | | | | | | | |
0.060%, 07/12/12 | | | 37 | | | $ | 36,999 | |
0.060%, 09/06/12 | | | 25 | | | | 24,997 | |
0.070%, 08/09/12 | | | 30 | | | | 29,998 | |
0.075%, 09/06/12 | | | 20 | | | | 19,998 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $111,991) | | | | | | | 111,992 | |
| | | | | | | | |
118
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | |
| | |
| | | Number of
Shares | | |
Value† | |
| WARRANTS — 0.0% | | | | | | | | |
Clinical Data, Inc.~ | | | 354 | | | $ | 0 | |
CVR Energy, Inc.~ | | | 2,274 | | | | 0 | |
Magnum Hunter Resources Corp.~ | | | 260 | | | | 0 | |
| | | | | | | | |
TOTAL WARRANTS
(Cost $0) | | | | | | | 0 | |
| SHORT-TERM INVESTMENTS — 3.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,087,172) | | | 1,087,172 | | | | 1,087,172 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $28,350,987) | | | | | | $ | 32,847,967 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2012 is $243. |
Plc — Public Limited Company.
REIT — Real Estate Investment Trust.
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Advertising | | $ | 27,665 | | | $ | 27,665 | | | $ | — | | | $ | — | |
Aerospace & Defense | | | 384,305 | | | | 384,305 | | | | — | | | | — | |
Agriculture | | | 119,995 | | | | 119,995 | | | | — | | | | — | |
Airlines | | | 242,024 | | | | 242,024 | | | | — | | | | — | |
Apparel | | | 364,976 | | | | 364,976 | | | | — | | | | — | |
Auto Manufacturers | | | 14,564 | | | | 14,564 | | | | — | | | | — | |
Auto Parts & Equipment | | | 304,711 | | | | 304,711 | | | | — | | | | — | |
Banks | | | 2,049,558 | | | | 2,049,558 | | | | — | | | | — | |
Beverages | | | 68,250 | | | | 68,250 | | | | — | | | | — | |
Biotechnology | | | 773,669 | | | | 773,669 | | | | — | | | | — | |
Building & Real Estate | | | 2,843 | | | | 2,843 | | | | — | | | | — | |
Building Materials | | | 358,093 | | | | 358,093 | | | | — | | | | — | |
Chemicals | | | 528,771 | | | | 528,771 | | | | — | | | | — | |
Coal | | | 107,460 | | | | 107,460 | | | | — | | | | — | |
Commercial Services | | | 2,152,806 | | | | 2,152,806 | | | | — | | | | — | |
Computers | | | 617,489 | | | | 617,489 | | | | — | | | | — | |
Cosmetics & Personal Care | | | 37,148 | | | | 37,148 | | | | — | | | | — | |
Distribution & Wholesale | | | 385,861 | | | | 385,861 | | | | — | | | | — | |
Diversified | | | 9,300 | | | | 9,300 | | | | — | | | | — | |
Diversified Financial Services | | | 695,715 | | | | 695,689 | | | | 26 | | | | — | |
Electric | | | 734,881 | | | | 734,881 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
Electrical Components & Equipment | | $ | 323,156 | | | $ | 323,156 | | | $ | — | | | $ | — | |
Electronics | | | 687,620 | | | | 687,620 | | | | — | | | | — | |
Energy-Alternate Sources | | | 110,704 | | | | 110,704 | | | | — | | | | — | |
Engineering & Construction | | | 191,297 | | | | 191,297 | | | | — | | | | — | |
Entertainment | | | 313,055 | | | | 313,055 | | | | — | | | | — | |
Environmental Control | | | 215,281 | | | | 215,281 | | | | — | | | | — | |
Food | | | 673,664 | | | | 673,664 | | | | — | | | | — | |
Forest Products & Paper | | | 210,240 | | | | 210,240 | | | | — | | | | — | |
Gas | | | 380,338 | | | | 380,338 | | | | — | | | | — | |
Hand & Machine Tools | | | 29,911 | | | | 29,911 | | | | — | | | | — | |
Healthcare Products | | | 1,135,699 | | | | 1,135,699 | | | | — | | | | — | |
Healthcare Services | | | 521,313 | | | | 521,313 | | | | — | | | | — | |
Holding Companies | | | 24,507 | | | | 24,507 | | | | — | | | | — | |
Home Builders | | | 177,812 | | | | 177,812 | | | | — | | | | — | |
Home Furnishings | | | 125,283 | | | | 125,283 | | | | — | | | | — | |
Hotels & Resorts | | | 17,676 | | | | 17,676 | | | | — | | | | — | |
Household Products & Wares | | | 196,100 | | | | 196,100 | | | | — | | | | — | |
Housewares | | | 10,179 | | | | 10,179 | | | | — | | | | — | |
Industrial | | | 49,331 | | | | 49,331 | | | | — | | | | — | |
Insurance | | | 794,881 | | | | 794,881 | | | | — | | | | — | |
Internet | | | 943,636 | | | | 943,636 | | | | — | | | | — | |
Investment Companies | | | 348,664 | | | | 348,664 | | | | — | | | | — | |
Iron & Steel | | | 56,759 | | | | 56,759 | | | | — | | | | — | |
Leisure Time | | | 211,956 | | | | 211,956 | | | | — | | | | — | |
Lodging | | | 96,622 | | | | 96,622 | | | | — | | | | — | |
Machinery - Construction & Mining | | | 18,347 | | | | 18,347 | | | | — | | | | — | |
Machinery - Diversified | | | 450,804 | | | | 450,804 | | | | — | | | | — | |
Media | | | 219,076 | | | | 219,076 | | | | — | | | | — | |
Medical Instruments | | | 8,184 | | | | 8,184 | | | | — | | | | — | |
Metal Fabricate/
Hardware | | | 229,554 | | | | 229,554 | | | | — | | | | — | |
Mining | | | 309,009 | | | | 309,009 | | | | — | | | | — | |
Miscellaneous Manufacturing | | | 697,624 | | | | 697,624 | | | | — | | | | — | |
Office Furnishings | | | 119,014 | | | | 119,014 | | | | — | | | | — | |
Oil & Gas | | | 1,080,271 | | | | 1,080,271 | | | | — | | | | — | |
Oil & Gas Services | | | 491,474 | | | | 491,474 | | | | — | | | | — | |
Packaging and Containers | | | 41,643 | | | | 41,643 | | | | — | | | | — | |
Pharmaceuticals | | | 1,083,529 | | | | 1,083,529 | | | | — | | | | — | |
Pipelines | | | 55,005 | | | | 55,005 | | | | — | | | | — | |
Precious Metals | | | 21,139 | | | | 21,139 | | | | — | | | | — | |
Real Estate | | | 47,760 | | | | 47,760 | | | | — | | | | — | |
Real Estate Investment Trusts | | | 168,270 | | | | 168,270 | | | | — | | | | — | |
Retail | | | 2,089,669 | | | | 2,089,669 | | | | — | | | | — | |
Savings & Loans | | | 307,240 | | | | 307,240 | | | | — | | | | — | |
Semiconductors | | | 1,059,901 | | | | 1,059,901 | | | | — | | | | — | |
119
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Small Cap Index Fund
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS (continued) | | | | | | | | | | | | | |
Software | | $ | 1,343,044 | | | $ | 1,343,044 | | | $ | — | | | $ | — | |
Storage & Warehousing | | | 22,049 | | | | 22,049 | | | | — | | | | — | |
Telecomm
unications | | | 991,722 | | | | 991,722 | | | | — | | | | — | |
Textiles | | | 41,999 | | | | 41,999 | | | | — | | | | — | |
Toys, Games & Hobbies | | | 28,598 | | | | 28,598 | | | | — | | | | — | |
Transportation | | | 588,381 | | | | 588,381 | | | | — | | | | — | |
Trucking and Leasing | | | 82,858 | | | | 82,858 | | | | — | | | | — | |
Water | | | 98,111 | | | | 98,111 | | | | — | | | | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 2,128,543 | | | | 2,128,543 | | | | — | | | | — | |
U.S. TREASURY OBLIGATIONS | | | 111,992 | | | | — | | | | 111,992 | | | | — | |
RIGHTS | | | 217 | | | | — | | | | 217 | | | | — | |
SHORT-TERM INVESTMENTS | | | 1,087,172 | | | | 1,087,172 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 32,847,967 | | | $ | 32,735,732 | | | $ | 112,235 | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
120
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 97.0% | |
| Australia — 8.5% | |
AGL Energy Ltd. | | | 4,057 | | | $ | 61,653 | |
Alumina Ltd. | | | 14,267 | | | | 11,702 | |
Amcor Ltd. | | | 7,351 | | | | 53,663 | |
AMP Ltd. | | | 19,572 | | | | 77,883 | |
APA Group | | | 3,523 | | | | 18,085 | |
Asciano Group | | | 6,617 | | | | 29,721 | |
ASX Ltd. | | | 1,185 | | | | 36,375 | |
Australia & New Zealand Banking Group Ltd. | | | 18,410 | | | | 419,381 | |
Bendigo & Adelaide Bank Ltd. | | | 2,975 | | | | 22,735 | |
BHP Billiton Ltd. | | | 21,918 | | | | 713,920 | |
Boral Ltd. | | | 4,356 | | | | 13,276 | |
Brambles Ltd. | | | 9,730 | | | | 61,710 | |
Caltex Australia Ltd. | | | 1,064 | | | | 14,861 | |
Campbell Brothers Ltd. | | | 432 | | | | 24,219 | |
Centro Retail Australia | | | 8,457 | | | | 17,165 | |
CFS Retail Property Trust | | | 10,914 | | | | 21,783 | |
Coca-Cola Amatil Ltd. | | | 3,398 | | | | 46,697 | |
Cochlear Ltd. | | | 303 | | | | 20,578 | |
Commonwealth Bank of Australia | | | 10,776 | | | | 590,144 | |
Computershare Ltd. | | | 2,605 | | | | 19,912 | |
Crown Ltd. | | | 2,672 | | | | 23,366 | |
CSL Ltd. | | | 3,476 | | | | 140,992 | |
Dexus Property Group | | | 29,914 | | | | 28,625 | |
Echo Entertainment Group Ltd.* | | | 5,022 | | | | 22,142 | |
Echo Entertainment NPV~ | | | 1,004 | | | | 4,398 | |
Fairfax Media Ltd. | | | 8,585 | | | | 4,925 | |
Fortescue Metals Group Ltd. | | | 10,696 | | | | 54,653 | |
Goodman Group | | | 9,436 | | | | 35,729 | |
GPT Group | | | 11,893 | | | | 40,229 | |
GPT Group, In Specie~ | | | 16,419 | | | | 0 | |
Harvey Norman Holdings Ltd. | | | 3,095 | | | | 6,223 | |
Iluka Resources Ltd. | | | 2,473 | | | | 29,187 | |
Incitec Pivot Ltd. | | | 12,659 | | | | 37,399 | |
Insurance Australia Group Ltd. | | | 13,497 | | | | 48,409 | |
Leighton Holdings Ltd. | | | 960 | | | | 16,170 | |
Lend Lease Group | | | 3,777 | | | | 28,090 | |
Lynas Corp Ltd.* | | | 11,331 | | | | 10,028 | |
Macquarie Group Ltd. | | | 2,450 | | | | 66,159 | |
Metcash Ltd. | | | 4,753 | | | | 16,466 | |
Mirvac Group | | | 24,107 | | | | 31,676 | |
National Australia Bank Ltd. | | | 15,358 | | | | 374,084 | |
Newcrest Mining Ltd. | | | 4,992 | | | | 116,169 | |
Orica Ltd. | | | 2,596 | | | | 66,125 | |
Origin Energy Ltd. | | | 7,062 | | | | 88,939 | |
OZ Minerals Ltd. | | | 2,023 | | | | 16,505 | |
Qantas Airways Ltd.* | | | 6,627 | | | | 7,362 | |
QBE Insurance Group Ltd. | | | 8,277 | | | | 114,394 | |
QR National Ltd. | | | 11,327 | | | | 39,678 | |
Ramsay Health Care Ltd. | | | 980 | | | | 22,770 | |
Rio Tinto Ltd. | | | 2,932 | | | | 172,129 | |
Santos Ltd. | | | 5,816 | | | | 64,054 | |
Sims Metal Management Ltd. | | | 1,296 | | | | 12,747 | |
Sonic Healthcare Ltd. | | | 2,518 | | | | 32,933 | |
SP Ausnet | | | 14,355 | | | | 15,044 | |
Stockland | | | 15,423 | | | | 48,951 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Australia — (continued) | | | | | | | | |
Suncorp-Metway Ltd. | | | 8,453 | | | $ | 70,634 | |
Sydney Airport | | | 3,363 | | | | 10,023 | |
TABCORP Holdings Ltd. | | | 5,644 | | | | 17,020 | |
Tatts Group Ltd. | | | 11,171 | | | | 30,103 | |
Telstra Corp. Ltd. | | | 29,331 | | | | 111,133 | |
Toll Holdings Ltd. | | | 4,043 | | | | 16,623 | |
Transurban Group | | | 7,976 | | | | 46,588 | |
Wesfarmers Ltd. | | | 1,001 | | | | 32,546 | |
Wesfarmers Ltd. PPS | | | 5,445 | | | | 167,606 | |
Westfield Group | | | 14,431 | | | | 141,299 | |
Westfield Retail Trust | | | 21,490 | | | | 63,034 | |
Westpac Banking Corp. | | | 20,980 | | | | 458,124 | |
Whitehaven Coal Ltd. | | | 2,966 | | | | 12,751 | |
Woodside Petroleum Ltd. | | | 4,236 | | | | 135,747 | |
Woolworths Ltd. | | | 8,146 | | | | 224,244 | |
WorleyParsons Ltd. | | | 1,385 | | | | 35,964 | |
| | | | | | | | |
| | | | 5,685,652 | |
| | | | | | | | |
| Austria — 0.3% | | | | | | | | |
Andritz AG | | | 483 | | | | 24,838 | |
Erste Group Bank AG* | | | 1,805 | | | | 34,280 | |
Immoeast AG~ | | | 2,678 | | | | 0 | |
IMMOFINANZ AG | | | 6,387 | | | | 20,323 | |
OMV AG | | | 1,135 | | | | 35,695 | |
Raiffeisen International Bank-Holding AG | | | 211 | | | | 6,908 | |
Telekom Austria AG | | | 2,544 | | | | 25,005 | |
Verbund AG | | | 303 | | | | 6,941 | |
Vienna Insurance Group | | | 300 | | | | 12,127 | |
Voestalpine AG | | | 642 | | | | 17,051 | |
| | | | | | | | |
| | | | 183,168 | |
| | | | | | | | |
| Belgium — 1.1% | | | | | | | | |
Anheuser-Busch InBev NV | | | 5,380 | | | | 424,167 | |
Belgacom S.A. | | | 1,133 | | | | 32,219 | |
Colruyt S.A. | | | 647 | | | | 28,865 | |
Delhaize Group S.A. | | | 595 | | | | 21,796 | |
Fortis N.V. | | | 16,326 | | | | 32,421 | |
Groupe Bruxelles Lambert S.A. | | | 471 | | | | 31,971 | |
KBC Groep N.V. | | | 1,139 | | | | 24,087 | |
Mobistar S.A. | | | 172 | | | | 5,891 | |
Solvay S.A. | | | 356 | | | | 35,149 | |
Telenet Group Holding N.V.* | | | 377 | | | | 16,497 | |
UCB S.A. | | | 734 | | | | 37,078 | |
Umicore | | | 797 | | | | 36,850 | |
| | | | | | | | |
| | | | 726,991 | |
| | | | | | | | |
| Bermuda — 0.1% | | | | | | | | |
Seadrill Ltd. | | | 2,355 | | | | 83,992 | |
| | | | | | | | |
| China — 0.1% | | | | | | | | |
Foxconn International Holdings Ltd.* | | | 17,000 | | | | 6,211 | |
Sands China Ltd. | | | 14,800 | | | | 47,612 | |
Yangzijiang Shipbuilding Holdings Ltd. | | | 19,000 | | | | 15,237 | |
| | | | | | | | |
| | | | 69,060 | |
| | | | | | | | |
| Denmark — 1.1% | | | | | | | | |
A.P. Moller - Maersk A/S, B Shares | | | 8 | | | | 52,460 | |
A.P. Moller - Maersk A/S, A Shares | | | 5 | | | | 31,122 | |
Carlsberg A/S, B Shares | | | 764 | | | | 60,305 | |
121
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Denmark — (continued) | |
Coloplast A/S, B Shares | | | 151 | | | $ | 27,151 | |
Danske Bank A/S* | | | 4,513 | | | | 62,751 | |
DSV A/S | | | 1,300 | | | | 25,776 | |
Novo Nordisk A/S, B Shares* | | | 2,704 | | | | 392,180 | |
Novozymes A/S | | | 1,708 | | | | 44,291 | |
TDC A/S | | | 2,500 | | | | 17,374 | |
TrygVesta A/S | | | 303 | | | | 17,033 | |
William Demant Holding A/S* | | | 138 | | | | 12,404 | |
| | | | | | | | |
| | | | 742,847 | |
| | | | | | | | |
| Finland — 0.7% | | | | | | | | |
Elisa Oyj | | | 1,000 | | | | 20,137 | |
Fortum Oyj | | | 2,843 | | | | 53,990 | |
Kesko Oyj, B Shares | | | 513 | | | | 13,411 | |
Kone Oyj, B Shares | | | 992 | | | | 59,910 | |
Metso Oyj | | | 844 | | | | 29,100 | |
Neste Oil Oyj | | | 812 | | | | 9,137 | |
Nokia Oyj | | | 23,448 | | | | 47,834 | |
Nokian Renkaat Oyj | | | 755 | | | | 28,680 | |
Orion Oyj, Class B | | | 750 | | | | 14,206 | |
Pohjola Bank Plc | | | 1,500 | | | | 17,505 | |
Sampo Oyj, A Shares | | | 2,681 | | | | 69,558 | |
Stora Enso Oyj, R Shares | | | 2,865 | | | | 17,639 | |
UPM-Kymmene Oyj | | | 3,605 | | | | 40,782 | |
Wartsila Oyj | | | 1,200 | | | | 39,315 | |
| | | | | | | | |
| | | | 461,204 | |
| | | | | | | | |
| France — 8.5% | | | | | | | | |
Accor S.A. | | | 1,031 | | | | 32,309 | |
Aeroports de Paris | | | 215 | | | | 16,262 | |
Air Liquide S.A. | | | 2,107 | | | | 240,891 | |
Alcatel-Lucent* | | | 15,694 | | | | 25,831 | |
Alstom S.A. | | | 1,188 | | | | 37,587 | |
Arkema S.A. | | | 334 | | | | 21,900 | |
AtoS Origin S.A. | | | 326 | | | | 19,496 | |
AXA S.A. | | | 12,427 | | | | 166,133 | |
BNP Paribas | | | 6,824 | | | | 263,098 | |
Bouygues S.A. | | | 1,339 | | | | 35,930 | |
Bureau Veritas SA | | | 300 | | | | 26,688 | |
Cap Gemini S.A. | | | 938 | | | | 34,524 | |
Carrefour S.A. | | | 3,713 | | | | 68,562 | |
Casino Guichard Perracho S.A. | | | 395 | | | | 34,720 | |
Christian Dior S.A. | | | 328 | | | | 45,109 | |
Cie Generale d’Optique Essilor International SA | | | 1,438 | | | | 133,590 | |
Cie Generale de Geophysique - Veritas* | | | 1,072 | | | | 27,727 | |
CNP Assurances | | | 572 | | | | 6,986 | |
Compagnie de Saint-Gobain | | | 2,628 | | | | 97,103 | |
Compagnie Generale des Establissements Michelin, B Shares | | | 1,222 | | | | 79,951 | |
Credit Agricole S.A.* | | | 7,249 | | | | 31,986 | |
Danone | | | 3,937 | | | | 244,672 | |
Dassault Systemes S.A. | | | 480 | | | | 45,035 | |
Edenred | | | 1,127 | | | | 31,950 | |
Electricite de France S.A. | | | 1,431 | | | | 31,839 | |
Eurazeo | | | 336 | | | | 12,939 | |
Eutelsat Communications S.A. | | | 731 | | | | 22,487 | |
Fonciere Des Regions | | | 114 | | | | 8,196 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| France — (continued) | |
France Telecom S.A. | | | 12,370 | | | $ | 162,646 | |
GDF Suez | | | 8,553 | | | | 203,971 | |
Gecina S.A. | | | 190 | | | | 16,938 | |
Groupe Eurotunnel S.A. | | | 3,383 | | | | 27,498 | |
ICADE | | | 156 | | | | 11,798 | |
Iliad S.A. | | | 177 | | | | 25,631 | |
Imerys S.A. | | | 213 | | | | 10,859 | |
JC Decaux S.A. | | | 400 | | | | 8,821 | |
Klepierre | | | 874 | | | | 28,723 | |
L’Oreal S.A. | | | 1,633 | | | | 191,070 | |
Lafarge S.A. | | | 1,450 | | | | 64,755 | |
Lagardere S.C.A. | | | 642 | | | | 17,921 | |
Legrand S.A. | | | 1,792 | | | | 60,821 | |
LVMH Moet Hennessy Louis Vuitton S.A. | | | 1,709 | | | | 260,093 | |
Natixis | | | 5,860 | | | | 15,785 | |
Pernod-Ricard S.A. | | | 1,383 | | | | 147,887 | |
Peugeot S.A.* | | | 1,186 | | | | 11,696 | |
PPR | | | 467 | | | | 66,562 | |
Publicis Groupe S.A. | | | 900 | | | | 41,160 | |
Remy Cointreau S.A. | | | 148 | | | | 16,260 | |
Renault S.A. | | | 1,218 | | | | 48,638 | |
Rexel S.A. | | | 1,089 | | | | 18,601 | |
Safran S.A. | | | 1,723 | | | | 63,986 | |
Sanofi S.A. | | | 8,220 | | | | 622,262 | |
Schneider Electric S.A. | | | 3,632 | | | | 201,880 | |
SCOR SE | | | 1,095 | | | | 26,546 | |
Societe BIC S.A. | | | 246 | | | | 25,412 | |
Societe Generale* | | | 4,447 | | | | 104,281 | |
Sodexo | | | 682 | | | | 53,103 | |
Suez Environment Co. | | | 1,814 | | | | 19,505 | |
Technip S.A. | | | 663 | | | | 69,095 | |
Thales S.A. | | | 773 | | | | 25,539 | |
Total S.A. | | | 14,447 | | | | 650,245 | |
Unibail-Rodamco SE | | | 582 | | | | 107,211 | |
Vallourec S.A. | | | 763 | | | | 31,177 | |
Veolia Environment S.A. | | | 2,962 | | | | 37,508 | |
Vinci S.A. | | | 3,096 | | | | 144,692 | |
Vivendi S.A. | | | 8,613 | | | | 160,038 | |
Wendel S.A. | | | 211 | | | | 15,624 | |
Zodiac Aerospace | | | 227 | | | | 23,092 | |
| | | | | | | | |
| | | | 5,682,831 | |
| | | | | | | | |
| Germany — 7.2% | | | | | | | | |
Adidas AG | | | 1,451 | | | | 104,005 | |
Allianz SE | | | 3,050 | | | | 306,785 | |
Axel Springer AG | | | 327 | | | | 14,049 | |
BASF SE | | | 6,123 | | | | 425,760 | |
Bayer AG | | | 5,541 | | | | 399,281 | |
Bayerische Motoren Werke AG | | | 2,205 | | | | 159,572 | |
Beiersdorf AG | | | 631 | | | | 40,906 | |
Brenntag AG | | | 300 | | | | 33,200 | |
Celesio AG | | | 516 | | | | 8,446 | |
Commerzbank AG* | | | 22,684 | | | | 38,528 | |
Continental AG | | | 513 | | | | 42,764 | |
Daimler AG | | | 6,083 | | | | 273,367 | |
Deutsche Bank AG | | | 6,257 | | | | 225,836 | |
Deutsche Boerse AG | | | 1,275 | | | | 68,788 | |
122
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Germany — (continued) | |
Deutsche Lufthansa AG | | | 1,383 | | | $ | 15,989 | |
Deutsche Post AG | | | 5,502 | | | | 97,350 | |
Deutsche Telekom AG | | | 18,668 | | | | 204,591 | |
E.ON AG | | | 12,134 | | | | 262,206 | |
Fraport AG Frankfurt Airport Services Worldwide | | | 272 | | | | 14,646 | |
Fresenius Medical Care AG & Co. KGaA | | | 1,369 | | | | 96,690 | |
Fresenius SE & Co. KGaA | | | 896 | | | | 92,770 | |
GEA Group AG | | | 1,218 | | | | 32,463 | |
Hannover Ruckversicherung AG | | | 356 | | | | 21,206 | |
HeidelbergCement AG | | | 964 | | | | 46,281 | |
Henkel AG & Co. KGaA | | | 937 | | | | 51,996 | |
Hochtief AG* | | | 206 | | | | 9,986 | |
Hugo Boss AG* | | | 138 | | | | 13,672 | |
Infineon Technologies AG | | | 6,887 | | | | 46,613 | |
K+S AG | | | 1,027 | | | | 47,017 | |
Kabel Deutschland Holding AG | | | 620 | | | | 38,638 | |
Lanxess AG | | | 527 | | | | 33,351 | |
Linde AG | | | 1,140 | | | | 177,545 | |
MAN SE | | | 281 | | | | 28,740 | |
Merck KGaA | | | 425 | | | | 42,443 | |
Metro AG | | | 665 | | | | 19,392 | |
Muenchener Ruckversicherung AG | | | 1,227 | | | | 173,135 | |
RWE AG | | | 3,410 | | | | 139,451 | |
Salzgitter AG | | | 183 | | | | 7,533 | |
SAP AG | | | 6,159 | | | | 364,709 | |
Siemens AG | | | 5,479 | | | | 460,386 | |
Suedzucker AG | | | 700 | | | | 24,833 | |
ThyssenKrupp AG | | | 2,318 | | | | 37,759 | |
United Internet AG | | | 908 | | | | 15,609 | |
Volkswagen AG | | | 196 | | | | 29,618 | |
Wacker Chemie AG | | | 128 | | | | 8,818 | |
| | | | | | | | |
| | | | 4,796,723 | |
| | | | | | | | |
| Greece — 0.1% | | | | | | | | |
Coca-Cola Hellenic Bottling Co. S.A.* | | | 1,467 | | | | 25,991 | |
OPAP S.A. | | | 1,080 | | | | 6,760 | |
| | | | | | | | |
| | | | 32,751 | |
| | | | | | | | |
| Guernsey — 0.0% | | | | | | | | |
Resolution Ltd. | | | 9,101 | | | | 27,996 | |
| | | | | | | | |
| Hong Kong — 3.0% | | | | | | | | |
AIA Group Ltd. | | | 68,000 | | | | 234,876 | |
ASM Pacific Technology Ltd. | | | 1,700 | | | | 21,730 | |
BOC Hong Kong Holdings Ltd. | | | 24,500 | | | | 75,422 | |
Cathay Pacific Airways Ltd. | | | 10,000 | | | | 16,212 | |
Cheung Kong Holdings Ltd. | | | 9,000 | | | | 111,117 | |
Cheung Kong Infrastructure Holdings Ltd. | | | 4,000 | | | | 24,215 | |
CLP Holdings Ltd. | | | 12,000 | | | | 101,986 | |
First Pacific Co., Ltd. | | | 14,000 | | | | 14,522 | |
Galaxy Entertainment Group Ltd.* | | | 8,000 | | | | 20,127 | |
Genting Singapore Plc | | | 44,000 | | | | 49,429 | |
Hang Lung Group Ltd. | | | 6,000 | | | | 37,099 | |
Hang Lung Properties Ltd. | | | 15,000 | | | | 51,309 | |
Hang Seng Bank Ltd. | | | 5,100 | | | | 70,115 | |
Henderson Land Development Co., Ltd. | | | 5,209 | | | | 28,959 | |
Hong Kong Exchanges & Clearing Ltd. | | | 7,174 | | | | 103,225 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Hong Kong — (continued) | | | | | | | | |
Hopewell Holdings Ltd. | | | 3,500 | | | $ | 10,020 | |
Hutchison Whampoa Ltd. | | | 14,000 | | | | 121,435 | |
Hysan Development Co., Ltd. | | | 3,125 | | | | 11,912 | |
Kerry Properties Ltd. | | | 4,009 | | | | 17,251 | |
Li & Fung Ltd. | | | 38,000 | | | | 73,578 | |
Lifestyle International Holdings, Ltd. | | | 4,500 | | | | 9,916 | |
MGM China Holdings Ltd.* | | | 10,400 | | | | 15,947 | |
MTR Co., Ltd. | | | 9,764 | | | | 33,518 | |
New World Development Ltd. | | | 23,130 | | | | 27,255 | |
Noble Group Ltd. | | | 22,484 | | | | 20,090 | |
NWS Holdings Ltd. | | | 11,186 | | | | 16,360 | |
Orient Overseas International Ltd.* | | | 2,000 | | | | 9,809 | |
PCCW Ltd. | | | 32,000 | | | | 11,802 | |
Power Assets Holdings Ltd. | | | 9,000 | | | | 67,538 | |
Shangri-La Asia Ltd. | | | 8,666 | | | | 16,646 | |
Sino Land Co., Ltd. | | | 18,298 | | | | 27,785 | |
SJM Holdings Ltd. | | | 10,000 | | | | 18,738 | |
Sun Hung Kai Properties Ltd. | | | 11,346 | | | | 134,892 | |
Swire Pacific Ltd., Class A | | | 5,000 | | | | 58,154 | |
The Bank of East Asia Ltd. | | | 10,114 | | | | 36,453 | |
The Hong Kong & China Gas Co., Ltd. | | | 33,253 | | | | 70,639 | |
The Link Real Estate Investment Trust | | | 15,143 | | | | 62,069 | |
Wharf Holdings Ltd. | | | 10,000 | | | | 55,610 | |
Wheelock & Co., Ltd. | | | 7,000 | | | | 26,599 | |
Wing Hang Bank Ltd. | | | 2,046 | | | | 19,895 | |
Wynn Macau Ltd.* | | | 12,400 | | | | 29,260 | |
Yue Yuen Industrial Holdings Ltd. | | | 7,000 | | | | 22,008 | |
| | | | | | | | |
| | | | 1,985,522 | |
| | | | | | | | |
| Ireland — 0.7% | | | | | | | | |
Anglo Irish Bank Corp. Plc~ | | | 3,146 | | | | 0 | |
CRH Plc* | | | 5,239 | | | | 100,370 | |
Elan Corp. Plc* | | | 3,335 | | | | 48,910 | |
Experian Plc | | | 7,107 | | | | 100,266 | |
James Hardie Industries SE | | | 3,154 | | | | 26,005 | |
Kerry Group Plc, Class A | | | 1,174 | | | | 51,467 | |
Ryanair Holdings Plc* | | | 59 | | | | 1,794 | |
Shire Plc | | | 4,000 | | | | 115,079 | |
| | | | | | | | |
| | | | 443,891 | |
| | | | | | | | |
| Israel — 0.6% | | | | | | | | |
The Israel Corp. Ltd. | | | 16 | | | | 9,048 | |
Bank Hapoalim BM* | | | 8,292 | | | | 25,573 | |
Bank Leumi Le-Israel BM* | | | 8,478 | | | | 20,712 | |
Bezeq Israeli Telecommunication Corp. Ltd. | | | 7,500 | | | | 7,980 | |
Elbit Systems Ltd. | | | 300 | | | | 10,330 | |
Israel Chemicals Ltd. | | | 3,410 | | | | 37,730 | |
Mizrahi Tefahot Bank Ltd* | | | 783 | | | | 6,109 | |
NICE Systems Ltd.* | | | 400 | | | | 14,647 | |
Teva Pharmaceutical Industries Ltd. | | | 6,215 | | | | 244,980 | |
| | | | | | | | |
| | | | 377,109 | |
| | | | | | | | |
| Italy — 1.9% | | | | | | | | |
Assicurazioni Generali SpA | | | 7,864 | | | | 106,627 | |
Atlantia SpA | | | 2,293 | | | | 29,267 | |
Autogrill SpA | | | 1,200 | | | | 10,888 | |
Banca Monte dei Paschi di Siena SpA* | | | 33,709 | | | | 8,404 | |
Banco Popolare Societa Cooperative* | | | 7,862 | | | | 10,556 | |
123
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — (continued) | |
| Italy — (continued) | |
Enel Green Power SpA | | | 8,768 | | | $ | 13,894 | |
Enel SpA | | | 42,514 | | | | 137,272 | |
ENI SpA | | | 16,113 | | | | 342,324 | |
Exor SpA | | | 457 | | | | 9,825 | |
Fiat Industrial SpA | | | 5,555 | | | | 54,678 | |
Fiat SpA* | | | 5,103 | | | | 25,728 | |
Finmeccanica SpA* | | | 2,436 | | | | 9,850 | |
Intesa Sanpaolo SpA | | | 63,856 | | | | 90,883 | |
Intesa Sanpaolo SpA | | | 5,114 | | | | 5,823 | |
Luxottica Group SpA | | | 649 | | | | 22,662 | |
Mediaset SpA | | | 4,492 | | | | 7,867 | |
Mediobanco SpA | | | 2,550 | | | | 11,246 | |
Pirelli & C SpA | | | 1,674 | | | | 17,655 | |
Prysmian SpA | | | 1,358 | | | | 20,256 | |
Saipem SpA | | | 1,703 | | | | 75,842 | |
Snam Rete Gas SpA | | | 10,185 | | | | 45,630 | |
Telecom Italia SpA | | | 58,827 | | | | 58,130 | |
Telecom Italia SpA | | | 37,646 | | | | 30,507 | |
Terna Rete Elettrica Nasionale SpA | | | 8,545 | | | | 30,878 | |
Unicredit SpA* | | | 25,652 | | | | 97,262 | |
Unione di Banche Italiane ScpA | | | 6,094 | | | | 19,910 | |
| | | | | | | | |
| | | | 1,293,864 | |
| | | | | | | | |
| Japan — 21.5% | | | | | | | | |
ABC-Mart, Inc. | | | 200 | | | | 7,483 | |
Advantest Corp. | | | 1,200 | | | | 18,759 | |
Aeon Co., Ltd. | | | 4,100 | | | | 51,099 | |
Aeon Credit Service Co., Ltd. | | | 700 | | | | 12,985 | |
Aeon Mall Co., Ltd. | | | 500 | | | | 10,654 | |
Air Water, Inc. | | | 1,000 | | | | 12,125 | |
Aisin Seiki Co., Ltd. | | | 1,200 | | | | 40,113 | |
Ajinomoto Co., Inc. | | | 4,000 | | | | 55,670 | |
Alfresa Holdings Corp. | | | 200 | | | | 10,624 | |
All Nippon Airways Co., Ltd. | | | 5,000 | | | | 14,165 | |
Amada Co., Ltd. | | | 3,000 | | | | 17,750 | |
Aozora Bank Ltd. | | | 5,000 | | | | 11,907 | |
Asahi Breweries Ltd. | | | 2,700 | | | | 58,008 | |
Asahi Glass Co., Ltd. | | | 7,000 | | | | 47,223 | |
Asahi Kasei Corp. | | | 8,000 | | | | 43,365 | |
ASICS Corp. | | | 1,000 | | | | 12,686 | |
Astellas Pharma, Inc. | | | 3,000 | | | | 130,916 | |
Benesse Corp. | | | 400 | | | | 17,909 | |
Bridgestone Corp. | | | 4,200 | | | | 96,449 | |
Brother Industries Ltd. | | | 1,500 | | | | 17,174 | |
Canon, Inc. | | | 7,600 | | | | 303,320 | |
Casio Computer Co., Ltd. | | | 1,500 | | | | 9,836 | |
Central Japan Railway Co. | | | 11 | | | | 86,635 | |
Chiyoda Corp. | | | 1,000 | | | | 12,252 | |
Chubu Electric Power Co., Inc. | | | 4,400 | | | | 71,349 | |
Chugai Pharmaceutical Co., Ltd. | | | 1,800 | | | | 34,123 | |
Citizen Holdings Co., Ltd. | | | 800 | | | | 4,692 | |
Coca-Cola West Co., Ltd. | | | 700 | | | | 12,205 | |
Cosmo Oil Co., Ltd. | | | 6,000 | | | | 15,272 | |
Credit Saison Co., Ltd. | | | 1,000 | | | | 22,234 | |
Dai Nippon Printing Co., Ltd. | | | 3,000 | | | | 23,502 | |
Daicel Chemical Industries Ltd. | | | 2,000 | | | | 12,303 | |
Daido Steel Co., Ltd. | | | 2,000 | | | | 12,463 | |
Daihatsu Motor Co., Ltd. | | | 1,000 | | | | 17,507 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Japan — (continued) | | | | | | | | |
Daiichi Sankyo Co., Ltd. | | | 4,300 | | | $ | 72,506 | |
Daikin Industries Ltd. | | | 1,600 | | | | 45,060 | |
Dainippon Sumitomo Pharma Co., Ltd. | | | 1,400 | | | | 14,304 | |
Daito Trust Construction Co., Ltd. | | | 500 | | | | 47,396 | |
Daiwa House Industry Co., Ltd. | | | 3,000 | | | | 42,555 | |
Daiwa Securities Group, Inc. | | | 11,000 | | | | 41,456 | |
Dena Co., Ltd. | | | 700 | | | | 18,425 | |
Denki Kagaku Kogyo KK | | | 4,000 | | | | 13,983 | |
Denso Corp. | | | 3,300 | | | | 112,764 | |
Dentsu, Inc. | | | 1,300 | | | | 38,533 | |
East Japan Railway Co. | | | 2,200 | | | | 138,141 | |
Eisai Co., Ltd. | | | 1,600 | | | | 70,066 | |
Electric Power Development Co., Ltd. | | | 1,000 | | | | 26,279 | |
FamilyMart Co., Ltd. | | | 500 | | | | 22,884 | |
FANUC Corp., Ltd. | | | 1,300 | | | | 213,695 | |
Fast Retailing Co., Ltd. | | | 400 | | | | 80,037 | |
Fuji Electric Holdings Co., Ltd. | | | 4,000 | | | | 9,758 | |
Fuji Heavy Industries Ltd. | | | 4,000 | | | | 32,408 | |
FUJIFILM Holdings Corp. | | | 2,800 | | | | 53,049 | |
Fujitsu Ltd. | | | 12,000 | | | | 57,429 | |
Fukuoka Financial Group, Inc. | | | 6,000 | | | | 23,430 | |
Furukawa Electric Co., Ltd.* | | | 4,000 | | | | 9,461 | |
Gree, Inc. | | | 800 | | | | 15,914 | |
GS Yuasa Corp. | | | 2,000 | | | | 9,144 | |
Gunma Bank Ltd. | | | 3,000 | | | | 14,194 | |
Hakuhodo Dy Holdings, Inc. | | | 250 | | | | 16,590 | |
Hamamatsu Photonics KK | | | 500 | | | | 16,963 | |
Hankyu Hanshin Holdings, Inc. | | | 8,000 | | | | 40,400 | |
Hino Motors Ltd. | | | 2,000 | | | | 14,476 | |
Hirose Electric Co., Ltd. | | | 200 | | | | 19,798 | |
Hitachi Chemical Co., Ltd. | | | 1,000 | | | | 15,754 | |
Hitachi Construction Machinery Co., Ltd. | | | 1,000 | | | | 18,886 | |
Hitachi High-Technologies Corp. | | | 500 | | | | 12,312 | |
Hitachi Ltd. | | | 31,000 | | | | 191,141 | |
Hitachi Metals Ltd. | | | 1,000 | | | | 11,934 | |
Hitamitsu Pharmaceutical Co., Ltd. | | | 400 | | | | 19,686 | |
Hokkaido Electric Power Co., Inc. | | | 900 | | | | 11,632 | |
Hokuriku Electric Power Co. | | | 1,200 | | | | 18,686 | |
Honda Motor Co., Ltd. | | | 10,900 | | | | 380,361 | |
Hoya Corp. | | | 2,900 | | | | 63,887 | |
IBIDEN Co., Ltd. | | | 500 | | | | 9,057 | |
Idemitsu Kosan Co., Ltd. | | | 100 | | | | 8,970 | |
IHI Corp. | | | 9,000 | | | | 19,251 | |
INPEX Holdings, Inc. | | | 15 | | | | 84,248 | |
Isetan Mitsukoshi Holdings Ltd. | | | 2,500 | | | | 26,561 | |
Isuzu Motors Ltd. | | | 8,000 | | | | 42,851 | |
ITOCHU Corp. | | | 10,600 | | | | 111,413 | |
Itochu Technology Solutions Corp. | | | 300 | | | | 14,479 | |
J. Front Retailing Co., Ltd. | | | 4,000 | | | | 20,106 | |
Japan Petroleum Exploration Co. | | | 300 | | | | 11,422 | |
Japan Prime Realty Investment Corp. | | | 5 | | | | 14,074 | |
Japan Real Estate Investment Corp. | | | 3 | | | | 27,506 | |
Japan Retail Fund Investment Corp. | | | 10 | | | | 15,863 | |
Japan Tobacco, Inc. | | | 6,200 | | | | 183,679 | |
JFE Holdings, Inc. | | | 2,900 | | | | 48,538 | |
JGC Corp. | | | 2,000 | | | | 57,983 | |
Joyo Bank Ltd. | | | 4,000 | | | | 18,201 | |
JS Group Corp. | | | 1,800 | | | | 37,988 | |
124
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Japan — (continued) | |
JSR Corp. | | | 900 | | | $ | 15,616 | |
JTEKT Corp. | | | 1,500 | | | | 15,530 | |
Jupiter Telecommunications Co., Ltd. | | | 12 | | | | 12,235 | |
JX Holdings, Inc. | | | 13,890 | | | | 71,589 | |
Kajima Corp. | | | 7,000 | | | | 20,551 | |
Kamigumi Co., Ltd. | | | 1,000 | | | | 7,955 | |
Kaneka Corp. | | | 2,000 | | | | 11,061 | |
Kansai Paint Co., Ltd. | | | 2,000 | | | | 21,432 | |
Kao Corp. | | | 3,700 | | | | 102,040 | |
Kawasaki Heavy Industries Ltd. | | | 9,000 | | | | 24,682 | |
Kawasaki Kisen Kaisha Ltd. | | | 4,000 | | | | 7,945 | |
KDDI Corp. | | | 19 | | | | 122,567 | |
Keihin Electric Express Railway Co., Ltd. | | | 4,000 | | | | 36,394 | |
Keio Corp. | | | 3,000 | | | | 21,744 | |
Keisei Electric Railway Co., Ltd. | | | 2,000 | | | | 16,895 | |
Keyence Corp. | | | 341 | | | | 84,354 | |
Kikkoman Corp. | | | 1,000 | | | | 12,361 | |
Kinden Corp. | | | 1,000 | | | | 6,549 | |
Kintetsu Corp. | | | 13,000 | | | | 51,831 | |
Kirin Holdings Co., Ltd. | | | 6,000 | | | | 70,716 | |
Kobe Steel Ltd. | | | 18,000 | | | | 21,653 | |
Koito Manufacturing Co. Ltd. | | | 1,000 | | | | 14,012 | |
Komatsu Ltd. | | | 6,200 | | | | 148,002 | |
Konami Corp. | | | 600 | | | | 13,595 | |
Konica Minolta Holdings, Inc. | | | 3,000 | | | | 23,634 | |
Kubota Corp. | | | 8,000 | | | | 73,931 | |
Kuraray Co., Ltd. | | | 2,400 | | | | 31,103 | |
Kurita Water Industries Ltd. | | | 800 | | | | 18,505 | |
Kyocera Corp. | | | 1,100 | | | | 95,194 | |
Kyowa Hakko Kirin Co., Ltd. | | | 2,000 | | | | 20,598 | |
Kyushu Electric Power Co., Inc. | | | 2,800 | | | | 33,217 | |
Lawson, Inc. | | | 400 | | | | 27,973 | |
Mabuchi Motor Co., Ltd. | | | 200 | | | | 7,972 | |
Makita Corp. | | | 700 | | | | 24,556 | |
Marubeni Corp. | | | 11,000 | | | | 73,292 | |
Marui Group Co., Ltd. | | | 1,500 | | | | 11,472 | |
Maruichi Steel Tube Ltd. | | | 300 | | | | 6,457 | |
Mazda Motor Corp.* | | | 20,000 | | | | 27,235 | |
McDonald’s Holdings Co. (Japan), Ltd. | | | 700 | | | | 19,702 | |
Medipal Holdings Corp. | | | 1,500 | | | | 21,248 | |
MEIJI Holdings Co., Ltd. | | | 500 | | | | 22,960 | |
Miraca Holdings, Inc. | | | 400 | | | | 16,607 | |
Mitsubishi Chemical Holdings Corp. | | | 9,500 | | | | 41,879 | |
Mitsubishi Corp. | | | 9,300 | | | | 187,993 | |
Mitsubishi Electric Corp. | | | 13,000 | | | | 108,764 | |
Mitsubishi Estate Co., Ltd. | | | 9,000 | | | | 161,467 | |
Mitsubishi Gas Chemical Co., Inc. | | | 3,000 | | | | 17,055 | |
Mitsubishi Heavy Industries Ltd. | | | 21,000 | | | | 85,368 | |
Mitsubishi Logistics Corp | | | 1,000 | | | | 10,574 | |
Mitsubishi Materials Corp. | | | 7,000 | | | | 20,299 | |
Mitsubishi Motors Corp.* | | | 21,000 | | | | 21,176 | |
Mitsubishi Tanabe Pharma Corp. | | | 1,900 | | | | 27,321 | |
Mitsubishi UFJ Financial Group, Inc. | | | 85,200 | | | | 408,183 | |
Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 460 | | | | 19,134 | |
Mitsui & Co., Ltd. | | | 11,600 | | | | 172,374 | |
Mitsui Chemicals, Inc. | | | 5,000 | | | | 12,521 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Japan — (continued) | | | | | | | | |
Mitsui Fudosan Co., Ltd. | | | 6,000 | | | $ | 116,417 | |
Mitsui OSK Lines Ltd. | | | 6,000 | | | | 21,629 | |
Mizuho Financial Group, Inc. | | | 151,280 | | | | 255,549 | |
MS&AD Insurance Group Holdings, Inc. | | | 3,490 | | | | 61,059 | |
Murata Manufacturing Co., Ltd. | | | 1,400 | | | | 73,641 | |
Nabtesco Corp. | | | 700 | | | | 15,613 | |
Namco Bandai Holdings, Inc. | | | 1,700 | | | | 23,313 | |
NEC Corp. | | | 18,000 | | | | 28,008 | |
Nexon Co. Ltd.* | | | 1,100 | | | | 21,534 | |
NGK Insulators Ltd. | | | 2,000 | | | | 22,147 | |
NGK Spark Plug Co., Ltd. | | | 1,000 | | | | 13,208 | |
NHK Spring Co., Ltd. | | | 1,200 | | | | 12,959 | |
Nidec Corp. | | | 700 | | | | 53,224 | |
Nikon Corp. | | | 2,300 | | | | 70,014 | |
Nintendo Co., Ltd. | | | 700 | | | | 81,747 | |
Nippon Building Fund, Inc. | | | 4 | | | | 38,675 | |
Nippon Electric Glass Co., Ltd. | | | 2,000 | | | | 11,945 | |
Nippon Express Co., Ltd. | | | 5,000 | | | | 20,647 | |
Nippon Meat Packers, Inc. | | | 1,000 | | | | 13,237 | |
Nippon Paper Group, Inc. | | | 800 | | | | 12,700 | |
Nippon Steel Corp. | | | 33,000 | | | | 74,850 | |
Nippon Telegraph & Telephone Corp. | | | 2,900 | | | | 135,229 | |
Nippon Yusen K.K. | | | 13,000 | | | | 34,383 | |
Nissan Motor Co., Ltd. | | | 16,900 | | | | 160,478 | |
Nisshin Seifun Group, Inc. | | | 1,500 | | | | 17,561 | |
Nisshin Steel Co., Ltd. | | | 2,000 | | | | 2,807 | |
Nissin Food Products Co., Ltd. | | | 500 | | | | 19,014 | |
Nitori Holdings Co., Ltd. | | | 300 | | | | 28,368 | |
Nitto Denko Corp. | | | 1,200 | | | | 51,414 | |
NKSJ Holdings, Inc. | | | 2,625 | | | | 55,881 | |
NOK Corp. | | | 1,000 | | | | 21,351 | |
Nomura Holdings, Inc. | | | 24,900 | | | | 93,090 | |
Nomura Real Estate Holdings, Inc. | | | 1,000 | | | | 18,312 | |
Nomura Real Estate Office Fund, Inc. | | | 2 | | | | 11,283 | |
Nomura Research Institute Ltd. | | | 1,000 | | | | 22,006 | |
NSK Ltd. | | | 3,000 | | | | 19,438 | |
NTN Corp. | | | 4,000 | | | | 12,592 | |
NTT Data Corp. | | | 10 | | | | 30,693 | |
NTT DoCoMo, Inc. | | | 99 | | | | 164,736 | |
Obayashi Corp. | | | 4,000 | | | | 17,565 | |
Odakyu Electric Railway Co., Ltd. | | | 4,000 | | | | 39,769 | |
Oji Paper Co., Ltd. | | | 6,000 | | | | 22,989 | |
Olympus Corp.* | | | 1,500 | | | | 24,307 | |
Omron Corp. | | | 1,600 | | | | 33,907 | |
Ono Pharmaceutical Co., Ltd. | | | 600 | | | | 37,704 | |
Oracle Corp. Japan | | | 200 | | | | 8,609 | |
Oriental Land Co., Ltd. | | | 300 | | | | 34,303 | |
ORIX Corp. | | | 680 | | | | 63,373 | |
Osaka Gas Co., Ltd. | | | 12,000 | | | | 50,277 | |
Otsuka Corp. | | | 100 | | | | 8,513 | |
Otsuka Holdings Co., Ltd. | | | 2,400 | | | | 73,669 | |
Panasonic Corp. | | | 15,500 | | | | 126,710 | |
Rakuten, Inc. | | | 4,600 | | | | 47,558 | |
Resona Holdings, Inc. | | | 12,500 | | | | 51,495 | |
Ricoh Co., Ltd. | | | 5,000 | | | | 42,198 | |
Rinnai Corp. | | | 300 | | | | 20,700 | |
Rohm Co., Ltd. | | | 500 | | | | 19,267 | |
Sankyo Co., Ltd. | | | 400 | | | | 19,520 | |
125
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Japan — (continued) | |
Sanrio Co., Ltd. | | | 300 | | | $ | 10,937 | |
Santen Pharmaceutical Co., Ltd. | | | 600 | | | | 24,657 | |
SBI Holdings, Inc. | | | 101 | | | | 7,505 | |
Secom Co., Ltd. | | | 1,400 | | | | 64,203 | |
Sega Sammy Holdings, Inc. | | | 1,200 | | | | 24,410 | |
Seiko Epson Corp. | | | 800 | | | | 8,118 | |
Sekisui Chemical Co., Ltd. | | | 3,000 | | | | 27,872 | |
Sekisui House Ltd. | | | 4,000 | | | | 37,768 | |
Seven & I Holdings Co., Ltd. | | | 4,900 | | | | 147,712 | |
Seven Bank Ltd. | | | 5,300 | | | | 13,610 | |
Sharp Corp. | | | 7,000 | | | | 35,665 | |
Shikoku Electric Power Co., Inc. | | | 1,300 | | | | 27,635 | |
Shimadzu Corp. | | | 1,000 | | | | 8,653 | |
Shimamura Co., Ltd. | | | 200 | | | | 23,111 | |
Shimano, Inc. | | | 500 | | | | 32,781 | |
Shimizu Corp. | | | 5,000 | | | | 17,347 | |
Shin-Etsu Chemical Co., Ltd. | | | 2,800 | | | | 154,190 | |
Shinsei Bank Ltd. | | | 9,000 | | | | 10,949 | |
Shionogi & Co., Ltd. | | | 1,800 | | | | 24,474 | |
Shiseido Co., Ltd. | | | 2,400 | | | | 37,871 | |
Showa Denko K.K. | | | 9,000 | | | | 17,485 | |
Showa Shell Sekiyu K.K. | | | 500 | | | | 3,069 | |
SMC Corp. | | | 400 | | | | 69,351 | |
Softbank Corp. | | | 5,900 | | | | 219,620 | |
Sojitz Corp. | | | 9,400 | | | | 15,553 | |
Sony Corp. | | | 6,800 | | | | 97,235 | |
Sony Financial Holdings, Inc. | | | 1,200 | | | | 19,586 | |
Square Enix Holdings Co., Ltd. | | | 400 | | | | 6,300 | |
Stanley Electric Co., Ltd. | | | 1,300 | | | | 20,189 | |
SUMCO Corp.* | | | 1,000 | | | | 9,097 | |
Sumitomo Chemical Co., Ltd. | | | 9,000 | | | | 27,665 | |
Sumitomo Corp. | | | 7,500 | | | | 104,939 | |
Sumitomo Electric Industries Ltd. | | | 4,700 | | | | 58,566 | |
Sumitomo Heavy Industries Ltd. | | | 3,000 | | | | 13,509 | |
Sumitomo Metal Industries Ltd. | | | 22,000 | | | | 36,291 | |
Sumitomo Metal Mining Co., Ltd. | | | 3,000 | | | | 33,807 | |
Sumitomo Mitsui Financial Group, Inc. | | | 9,000 | | | | 297,314 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 20,430 | | | | 61,058 | |
Sumitomo Realty & Development Co., Ltd. | | | 3,000 | | | | 73,789 | |
Sumitomo Rubber Industries Ltd. | | | 1,200 | | | | 15,630 | |
Suruga Bank Ltd. | | | 1,000 | | | | 10,242 | |
Suzuken Co., Ltd. | | | 400 | | | | 13,503 | |
Suzuki Motor Corp. | | | 2,800 | | | | 57,492 | |
Sysmex Corp. | | | 400 | | | | 15,819 | |
T&D Holdings, Inc. | | | 3,900 | | | | 41,546 | |
Taiheiyo Cement Corp. | | | 7,000 | | | | 16,074 | |
Taisei Corp. | | | 8,000 | | | | 21,442 | |
Taisho Pharmaceutical Holdings Co., Ltd. | | | 300 | | | | 25,370 | |
Taiyo Nippon Sanso Corp. | | | 1,000 | | | | 5,843 | |
Takashimaya Co., Ltd. | | | 1,000 | | | | 7,686 | |
Takeda Pharmaceutical Co., Ltd. | | | 5,200 | | | | 236,090 | |
TDK Corp. | | | 900 | | | | 36,638 | |
Teijin Ltd. | | | 6,000 | | | | 18,265 | |
Terumo Corp. | | | 1,100 | | | | 45,206 | |
The Bank of Kyoto Ltd. | | | 3,000 | | | | 22,730 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Japan — (continued) | | | | | | | | |
The Bank of Yokohama Ltd. | | | 7,000 | | | $ | 33,097 | |
The Chiba Bank Ltd. | | | 5,000 | | | | 30,033 | |
The Chugoku Bank Ltd. | | | 1,000 | | | | 13,032 | |
The Chugoku Electric Power Co., Inc. | | | 2,100 | | | | 34,635 | |
The Dai-ichi Life Insurance Co., Ltd. | | | 60 | | | | 69,488 | |
The Hachijuni Bank Ltd. | | | 4,000 | | | | 20,793 | |
The Iyo Bank Ltd. | | | 1,000 | | | | 7,986 | |
The Japan Steel Works Ltd. | | | 2,000 | | | | 11,042 | |
The Kansai Electric Power Co., Inc. | | | 4,800 | | | | 57,564 | |
The Nishi-Nippon City Bank Ltd. | | | 7,000 | | | | 16,995 | |
The Shizuoka Bank Ltd. | | | 4,000 | | | | 41,157 | |
THK Co., Ltd. | | | 1,000 | | | | 18,905 | |
Tobu Railway Co., Ltd. | | | 7,000 | | | | 36,802 | |
Toho Co., Ltd. | | | 900 | | | | 15,570 | |
Toho Gas Co., Ltd. | | | 3,000 | | | | 18,619 | |
Tohoku Electric Power Co., Inc. | | | 2,500 | | | | 25,119 | |
Tokio Marine Holdings, Inc. | | | 4,900 | | | | 122,956 | |
Tokyo Electric Power Co., Inc.* | | | 7,100 | | | | 13,743 | |
Tokyo Electron Ltd. | | | 1,100 | | | | 51,584 | |
Tokyo Gas Co., Ltd. | | | 16,000 | | | | 81,776 | |
Tokyu Corp. | | | 8,000 | | | | 37,658 | |
Tokyu Land Corp. | | | 3,000 | | | | 14,891 | |
TonenGeneral Sekiyu K.K. | | | 2,000 | | | | 17,783 | |
Toppan Printing Co., Ltd. | | | 4,000 | | | | 26,719 | |
Toray Industries, Inc. | | | 9,000 | | | | 61,370 | |
Toshiba Corp. | | | 27,000 | | | | 102,772 | |
Tosoh Corp. | | | 6,000 | | | | 16,363 | |
TOTO Ltd. | | | 2,000 | | | | 14,913 | |
Toyo Seikan Kaisha Ltd. | | | 1,000 | | | | 12,136 | |
Toyo Suisan Kaisha Ltd. | | | 1,000 | | | | 26,667 | |
Toyoda Gosei Co., Ltd. | | | 400 | | | | 9,221 | |
Toyota Industries Corp. | | | 1,200 | | | | 34,405 | |
Toyota Motor Corp. | | | 18,700 | | | | 754,774 | |
Toyota Tsusho Corp. | | | 1,100 | | | | 21,027 | |
Trend Micro, Inc. | | | 500 | | | | 14,730 | |
Tsumura & Co. | | | 200 | | | | 5,297 | |
Ube Industries Ltd. | | | 7,000 | | | | 16,282 | |
Unicharm Corp. | | | 800 | | | | 45,537 | |
Ushio, Inc. | | | 700 | | | | 8,676 | |
USS Co., Ltd. | | | 110 | | | | 11,869 | |
West Japan Railway Co. | | | 1,000 | | | | 41,138 | |
Yahoo! Japan Corp. | | | 106 | | | | 34,319 | |
Yakult Honsha Co., Ltd. | | | 600 | | | | 23,497 | |
Yamada Denki Co., Ltd. | | | 540 | | | | 27,647 | |
Yamaguchi Financial Group, Inc. | | | 1,000 | | | | 8,819 | |
Yamaha Corp. | | | 1,600 | | | | 16,465 | |
Yamaha Motor Co., Ltd. | | | 1,400 | | | | 13,406 | |
Yamato Holdings Co., Ltd. | | | 2,800 | | | | 45,085 | |
Yamato Kogyo Co., Ltd. | | | 300 | | | | 8,355 | |
Yamazaki Baking Co., Ltd. | | | 1,000 | | | | 13,095 | |
Yaskawa Electric Corp. | | | 2,000 | | | | 15,237 | |
Yokogawa Electric Corp. | | | 2,000 | | | | 20,677 | |
| | | | | | | | |
| | | | 14,371,775 | |
| | | | | | | | |
126
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS —(continued) | |
| Jersey — 0.1% | | | | | | | | |
Randgold Resources Ltd. | | | 592 | | | $ | 53,151 | |
| | | | | | | | |
| Luxembourg — 0.4% | | | | | | | | |
ArcelorMittal | | | 6,745 | | | | 103,195 | |
Millicom International Cellular S.A. | | | 489 | | | | 46,150 | |
SES S.A. | | | 2,033 | | | | 48,068 | |
Tenaris S.A. | | | 3,479 | | | | 61,181 | |
| | | | | | | | |
| | | | 258,594 | |
| | | | | | | | |
| Mexico — 0.0% | | | | | | | | |
Fresnillo Plc | | | 1,200 | | | | 27,487 | |
| | | | | | | | |
| Netherlands — 4.8% | | | | | | | | |
Aegon N.V.* | | | 11,510 | | | | 53,379 | |
Akzo Nobel N.V. | | | 1,530 | | | | 72,009 | |
ASML Holding N.V. | | | 2,806 | | | | 144,106 | |
Corio N.V. | | | 312 | | | | 13,737 | |
Delta Lloyd N.V. | | | 819 | | | | 11,390 | |
European Aeronautic Defence & Sapce Co. N.V. | | | 2,765 | | | | 98,132 | |
Fugro N.V. | | | 506 | | | | 30,693 | |
Gemalto N.V. | | | 526 | | | | 37,779 | |
Heineken Holdings N.V. | | | 748 | | | | 33,504 | |
Heineken N.V. | | | 1,679 | | | | 87,554 | |
ING Groep N.V.* | | | 25,387 | | | | 170,197 | |
Koninklijke Ahold N.V. | | | 7,594 | | | | 94,069 | |
Koninklijke Boskalis Westminster N.V. | | | 452 | | | | 14,915 | |
Koninklijke DSM N.V. | | | 936 | | | | 46,144 | |
Koninklijke KPN N.V. | | | 9,600 | | | | 91,795 | |
Koninklijke Philips Electronics N.V. | | | 6,966 | | | | 137,270 | |
Koninklijke Vopak N.V. | | | 370 | | | | 23,733 | |
QIAGEN N.V.* | | | 1,189 | | | | 19,909 | |
Randstad Holding N.V. | | | 866 | | | | 25,536 | |
Reed Elsevier N.V. | | | 4,586 | | | | 52,319 | |
Royal Dutch Shell Plc, A Shares | | | 25,033 | | | | 843,434 | |
Royal Dutch Shell Plc, B Shares | | | 18,116 | | | | 632,677 | |
SBM Offshore N.V.* | | | 1,230 | | | | 17,046 | |
TNT Express N.V. | | | 1,885 | | | | 22,112 | |
Unilever N.V. | | | 10,922 | | | | 364,855 | |
Wolters Kluwer N.V. | | | 2,234 | | | | 35,520 | |
| | | | | | | | |
| | | | 3,173,814 | |
| | | | | | | | |
| New Zealand — 0.1% | | | | | | | | |
Auckland International Airport Ltd. | | | 6,300 | | | | 12,356 | |
Contact Energy Ltd.* | | | 2,919 | | | | 11,294 | |
Fletcher Building Ltd. | | | 3,438 | | | | 16,273 | |
SKYCITY Entertainment Group Ltd. | | | 4,623 | | | | 12,629 | |
Telecom Corp. of New Zealand Ltd. | | | 13,589 | | | | 25,875 | |
| | | | | | | | |
| | | | 78,427 | |
| | | | | | | | |
| Norway — 0.7% | | | | | | | | |
Aker Solutions ASA | | | 800 | | | | 11,351 | |
DnB NOR ASA | | | 6,092 | | | | 60,576 | |
Gjensidige Forsikring ASA | | | 1,418 | | | | 16,521 | |
Norsk Hydro ASA | | | 6,555 | | | | 29,561 | |
Orkla ASA | | | 5,338 | | | | 38,738 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Norway — (continued) | | | | | | | | |
StatoilHydro ASA | | | 7,235 | | | $ | 172,544 | |
Telenor ASA | | | 4,615 | | | | 77,155 | |
Veripos, Inc.~ | | | 195 | | | | 0 | |
Yara International ASA | | | 1,267 | | | | 55,446 | |
| | | | | | | | |
| | | | 461,892 | |
| | | | | | | | |
| Portugal — 0.1% | | | | | | | | |
Banco Espirito Santo S.A. | | | 10,681 | | | | 7,303 | |
Energias de Portugal S.A. | | | 12,468 | | | | 29,494 | |
Galp Energia SGPS, S.A., B Shares | | | 1,326 | | | | 16,811 | |
Jeronimo Martins SGPS S.A. | | | 1,200 | | | | 20,288 | |
Portugal Telecom SGPS, S.A. | | | 4,543 | | | | 19,897 | |
| | | | | | | | |
| | | | 93,793 | |
| | | | | | | | |
| Singapore — 1.7% | | | | | | | | |
Ascendas Real Estate Investment Trust | | | 15,000 | | | | 25,589 | |
CapitaLand Ltd. | | | 17,000 | | | | 36,655 | |
Capitamall Trust Management Ltd. | | | 14,700 | | | | 22,266 | |
CapitaMalls Asia Ltd. | | | 7,000 | | | | 8,731 | |
City Developments Ltd. | | | 3,000 | | | | 26,742 | |
ComfortDelGro Corp. Ltd. | | | 14,000 | | | | 17,144 | |
DBS Group Holdings Ltd. | | | 12,107 | | | | 133,730 | |
Fraser & Neave Ltd. | | | 6,000 | | | | 33,410 | |
Global Logistic Properties Ltd. | | | 15,000 | | | | 24,971 | |
Golden Agri-Resources Ltd. | | | 42,000 | | | | 22,431 | |
Hutchison Port Holdings Trust | | | 35,100 | | | | 24,921 | |
Jardine Cycle & Carriage Ltd. | | | 1,000 | | | | 36,856 | |
Keppel Corp. Ltd. | | | 9,600 | | | | 78,648 | |
Keppel Land Ltd. | | | 5,431 | | | | 13,976 | |
Olam International Ltd. | | | 10,179 | | | | 14,743 | |
Oversea-Chinese Banking Corp. Ltd. | | | 18,133 | | | | 126,802 | |
SembCorp Industries Ltd. | | | 6,000 | | | | 24,559 | |
SembCorp Marine Ltd. | | | 7,000 | | | | 26,720 | |
Singapore Airlines Ltd. | | | 4,000 | | | | 32,984 | |
Singapore Exchange Ltd. | | | 5,000 | | | | 25,119 | |
Singapore Press Holdings Ltd. | | | 11,000 | | | | 33,981 | |
Singapore Technologies Engineering Ltd. | | | 12,000 | | | | 29,583 | |
Singapore Telecommunications Ltd. | | | 51,000 | | | | 133,557 | |
Starhub, Ltd. | | | 5,000 | | | | 13,552 | |
United Overseas Bank Ltd. | | | 8,345 | | | | 123,919 | |
UOL Group Ltd. | | | 4,000 | | | | 15,680 | |
Wilmar International Ltd. | | | 13,000 | | | | 37,484 | |
| | | | | | | | |
| | | | 1,144,753 | |
| | | | | | | | |
| Spain — 2.6% | | | | | | | | |
Abertis Infraestructuras S.A. | | | 2,542 | | | | 34,354 | |
Abertis Infraestructuras S.A.*~ | | | 127 | | | | 1,711 | |
Acciona S.A. | | | 126 | | | | 7,532 | |
Acerinox S.A. | | | 263 | | | | 2,947 | |
ACS Actividades de Construccion y Servicios S.A. | | | 740 | | | | 15,851 | |
Amadeus IT Holding S.A. | | | 2,087 | | | | 44,216 | |
Banco Bilbao Vizcaya Argentaria, Chile S.A. | | | 30,921 | | | | 220,818 | |
Banco de Sabadell S.A. | | | 13,619 | | | | 26,449 | |
Banco Popular Espanol 1 -12~ | | | 331 | | | | 747 | |
Banco Popular Espanol S.A. | | | 6,965 | | | | 15,754 | |
Banco Santander S.A. | | | 64,141 | | | | 424,310 | |
Bankia S.A.* | | | 4,904 | | | | 5,738 | |
127
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| Spain — (continued) | |
Caixabank I -12 Shares~ | | | 154 | | | $ | 499 | |
Criteria CaixaCorp S.A. | | | 6,815 | | | | 22,188 | |
Distribuidora Internacional de Alimentacion S.A. | | | 3,038 | | | | 14,284 | |
Enagas S.A. | | | 1,161 | | | | 21,184 | |
Ferrovial S.A. | | | 3,335 | | | | 37,611 | |
Gas Natural SDG S.A. | | | 1,984 | | | | 25,474 | |
Grifols S.A.* | | | 1,270 | | | | 32,174 | |
Iberdrola S.A. | | | 25,252 | | | | 119,221 | |
Inditex S.A. | | | 1,523 | | | | 157,426 | |
Mapfre S.A. | | | 5,533 | | | | 11,256 | |
Red Electrica de Espana S.A. | | | 686 | | | | 29,941 | |
Repson YPF S.A. | | | 5,162 | | | | 82,980 | |
Telefonica S.A. | | | 28,556 | | | | 375,896 | |
Zardoya Otis S.A. | | | 1,360 | | | | 15,119 | |
| | | | | | | | |
| | | | 1,745,680 | |
| | | | | | | | |
| Sweden — 2.9% | | | | | | | | |
Alfa Laval AB | | | 1,900 | | | | 32,556 | |
Assa Abloy AB, B Shares | | | 2,037 | | | | 56,885 | |
Atlas Copco AB, A Shares | | | 4,329 | | | | 93,164 | |
Atlas Copco AB, B Shares | | | 2,290 | | | | 43,636 | |
Boliden AB | | | 1,883 | | | | 26,275 | |
Electrolux AB, B Shares | | | 1,462 | | | | 29,094 | |
Elekta AB | | | 608 | | | | 27,783 | |
Getinge AB, B Shares | | | 1,453 | | | | 36,056 | |
Hennes & Mauritz AB, B Shares | | | 6,304 | | | | 226,275 | |
Hexagon AB, B Shares | | | 1,466 | | | | 25,164 | |
Holmen AB | | | 500 | | | | 13,614 | |
Husqvarna AB, B Shares | | | 2,834 | | | | 13,367 | |
Industrivarden AB | | | 1,227 | | | | 15,809 | |
Investment AB Kinnevik, B Shares | | | 1,200 | | | | 24,087 | |
Investor AB, B Shares | | | 3,046 | | | | 58,158 | |
Lundin Petroleum AB* | | | 1,393 | | | | 26,077 | |
Modern Times Group AB, B Shares | | | 200 | | | | 9,257 | |
Nordea Bank AB | | | 17,075 | | | | 147,151 | |
Ratos AB, B Shares | | | 1,400 | | | | 13,294 | |
Sandvik AB | | | 6,508 | | | | 83,463 | |
Scania AB, B Shares | | | 2,380 | | | | 40,787 | |
Securitas AB, B Shares | | | 1,984 | | | | 15,427 | |
Skandinaviska Enskilda Banken AB, A Shares | | | 9,468 | | | | 61,490 | |
Skanska AB, B Shares | | | 2,722 | | | | 41,713 | |
SKF AB, B Shares | | | 2,481 | | | | 48,905 | |
Ssab Svenskt Stal AB, A Shares | | | 1,400 | | | | 11,636 | |
Svenska Cellulosa AB, B Shares | | | 4,140 | | | | 62,114 | |
Svenska Handelsbanken AB, A Shares | | | 3,276 | | | | 107,701 | |
Swedbank AB, A Shares | | | 5,589 | | | | 88,049 | |
Swedish Match AB | | | 1,543 | | | | 62,192 | |
Tele2 AB, B Shares | | | 2,200 | | | | 34,088 | |
Telefonaktiebolaget LM Ericsson, B Shares | | | 20,085 | | | | 183,772 | |
TeliaSonera AB | | | 13,846 | | | | 88,458 | |
Volvo AB, B Shares | | | 8,801 | | | | 100,626 | |
| | | | | | | | |
| | | | 1,948,123 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Switzerland — 8.5% | | | | | | | | |
ABB Ltd.* | | | 14,750 | | | $ | 240,841 | |
Actelion Ltd.* | | | 616 | | | | 25,337 | |
Adecco S.A.* | | | 883 | | | | 39,267 | |
Aryzta AG* | | | 492 | | | | 24,489 | |
Baloise Holding AG | | | 303 | | | | 20,018 | |
Banque Cantonale Vaudoise | | | 32 | | | | 16,959 | |
Barry Callebaut AG* | | | 11 | | | | 10,007 | |
Compagnie Financiere Richemont SA | | | 3,630 | | | | 199,322 | |
Credit Suisse Group AG* | | | 7,897 | | | | 144,492 | |
GAM Holding Ltd.* | | | 1,619 | | | | 18,075 | |
Geberit AG* | | | 256 | | | | 50,503 | |
Givaudan S.A.* | | | 52 | | | | 51,036 | |
Glencore International Plc | | | 8,976 | | | | 41,623 | |
Holcim Ltd.* | | | 1,558 | | | | 86,322 | |
Julius Baer Group Ltd.* | | | 1,367 | | | | 49,563 | |
Kuehne + Nagel International AG | | | 317 | | | | 33,584 | |
Lindt & Spruengli AG* | | | 1 | | | | 36,724 | |
Lindt & Spruengli AG, Participation Certificates* | | | 7 | | | | 21,634 | |
Lonza Group AG* | | | 223 | | | | 9,278 | |
Nestle SA | | | 22,343 | | | | 1,333,383 | |
Novartis AG | | | 15,616 | | | | 873,111 | |
Pargesa Holding S.A. | | | 223 | | | | 13,276 | |
Partners Group Holding AG | | | 84 | | | | 14,940 | |
Roche Holding AG | | | 4,772 | | | | 824,282 | |
Schindler Holding AG | | | 145 | | | | 16,352 | |
Schindler Holding AG, Participation Certificates | | | 341 | | | | 38,126 | |
SGS S.A. | | | 35 | | | | 65,624 | |
Sika AG* | | | 15 | | | | 28,965 | |
Sonova Holding AG* | | | 319 | | | | 30,855 | |
STMicroelectronics N.V. | | | 4,919 | | | | 26,768 | |
Straumann Holding AG | | | 19 | | | | 2,794 | |
Sulzer AG | | | 151 | | | | 17,903 | |
Swiss Life Holding AG* | | | 175 | | | | 16,494 | |
Swiss Prime Site AG* | | | 325 | | | | 27,109 | |
Swiss Re Ltd.* | | | 2,480 | | | | 156,344 | |
Swisscom AG | | | 152 | | | | 61,238 | |
Syngenta AG | | | 630 | | | | 215,665 | |
The Swatch Group AG | | | 204 | | | | 80,629 | |
The Swatch Group AG, Registered Shares | | | 282 | | | | 19,619 | |
UBS AG* | | | 24,447 | | | | 286,083 | |
Xstrata Plc | | | 14,013 | | | | 176,191 | |
Zurich Financial Services AG* | | | 966 | | | | 218,436 | |
| | | | | | | | |
| | | | 5,663,261 | |
| | | | | | | | |
| United Kingdom — 19.6% | | | | | | | | |
3i Group Plc | | | 4,517 | | | | 13,967 | |
Aberdeen Asset Management Plc | | | 5,701 | | | | 23,220 | |
Admiral Group Plc | | | 1,092 | | | | 20,370 | |
Aggreko Plc | | | 1,801 | | | | 58,570 | |
AMEC Plc | | | 2,494 | | | | 39,316 | |
Anglo American Plc | | | 8,991 | | | | 295,491 | |
Antofagasta Plc | | | 2,513 | | | | 42,987 | |
ARM Holdings Plc | | | 8,680 | | | | 68,768 | |
Associated British Foods Plc | | | 2,553 | | | | 51,370 | |
AstraZeneca Plc | | | 8,476 | | | | 378,772 | |
Aviva Plc | | | 19,465 | | | | 83,348 | |
128
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | |
| United Kingdom — (continued) | |
Babcock International Group Plc | | | 1,997 | | | $ | 26,746 | |
BAE Systems Plc | | | 21,719 | | | | 98,466 | |
Balfour Beatty Plc | | | 4,201 | | | | 19,643 | |
Barclays Plc | | | 77,421 | | | | 197,830 | |
BG Group Plc | | | 22,600 | | | | 462,654 | |
BHP Billiton Plc | | | 14,129 | | | | 401,579 | |
BP Plc | | | 128,834 | | | | 860,377 | |
British American Tobacco Plc | | | 13,393 | | | | 680,898 | |
British Land Co. Plc | | | 6,570 | | | | 52,609 | |
British Sky Broadcasting Group Plc | | | 7,355 | | | | 80,183 | |
BT Group Plc | | | 52,408 | | | | 173,655 | |
Bunzl Plc | | | 2,227 | | | | 36,400 | |
Burberry Group Plc | | | 3,180 | | | | 66,210 | |
Carnival Plc | | | 1,274 | | | | 43,559 | |
Centrica Plc | | | 33,554 | | | | 167,768 | |
Cobham Plc | | | 8,466 | | | | 30,843 | |
Compass Group Plc | | | 13,394 | | | | 140,597 | |
Croda International Plc | | | 898 | | | | 31,906 | |
Diageo Plc | | | 16,898 | | | | 435,545 | |
Eurasian Natural Resources Corp. | | | 1,476 | | | | 9,633 | |
Evraz Plc | | | 3,717 | | | | 15,244 | |
G4S Plc | | | 8,409 | | | | 36,751 | |
GKN Plc | | | 10,137 | | | | 28,740 | |
GlaxoSmithKline Plc | | | 33,745 | | | | 766,483 | |
Hammerson Plc | | | 5,215 | | | | 36,219 | |
HSBC Holdings Plc | | | 122,051 | | | | 1,075,491 | |
ICAP Plc | | | 3,290 | | | | 17,415 | |
Imi Plc | | | 2,132 | | | | 27,853 | |
Imperial Tobacco Group Plc | | | 6,709 | | | | 258,485 | |
Inmarsat Plc | | | 3,494 | | | | 26,964 | |
Intercontinental Hotels Group Plc | | | 2,014 | | | | 48,486 | |
International Consolidated Airlines Group SA* | | | 6,233 | | | | 15,622 | |
Intertek Group Plc | | | 932 | | | | 39,047 | |
Invensys Plc | | | 4,412 | | | | 15,377 | |
Investec Plc | | | 3,627 | | | | 21,173 | |
ITV Plc | | | 22,089 | | | | 26,579 | |
J. Sainsbury Plc | | | 6,914 | | | | 32,676 | |
Johnson Matthey Plc | | | 1,505 | | | | 52,193 | |
Kazakhmys Plc | | | 1,454 | | | | 16,485 | |
Kingfisher Plc | | | 15,956 | | | | 71,978 | |
Land Securities Group Plc | | | 4,946 | | | | 57,304 | |
Legal & General Group Plc | | | 37,514 | | | | 75,000 | |
Liberty International Plc | | | 3,734 | | | | 18,864 | |
Lloyds Banking Group Plc* | | | 272,213 | | | | 132,978 | |
London Stock Exchange Group Plc | | | 1,386 | | | | 21,880 | |
Lonmin Plc | | | 1,129 | | | | 13,734 | |
Man Group Plc | | | 8,839 | | | | 10,576 | |
Marks & Spencer Group Plc | | | 10,596 | | | | 54,036 | |
Meggitt Plc | | | 4,952 | | | | 29,965 | |
National Grid Plc | | | 24,307 | | | | 257,606 | |
Next Plc | | | 1,167 | | | | 58,597 | |
Old Mutual Plc | | | 30,757 | | | | 73,148 | |
Pearson Plc | | | 5,413 | | | | 107,403 | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| United Kingdom — (continued) | | | | | | | | |
Petrofac Ltd. | | | 1,906 | | | $ | 41,603 | |
Prudential Plc | | | 17,739 | | | | 205,683 | |
Reckitt Benckiser Group Plc | | | 4,456 | | | | 235,530 | |
Reed Elsevier Plc | | | 8,010 | | | | 64,201 | |
Rexam Plc | | | 6,154 | | | | 40,616 | |
Rio Tinto Plc | | | 8,940 | | | | 424,860 | |
Rolls-Royce Holdings Plc* | | | 12,468 | | | | 168,040 | |
Royal Bank of Scotland Group Plc* | | | 15,687 | | | | 53,137 | |
RSA Insurance Group Plc | | | 27,278 | | | | 46,307 | |
SABMiller Plc | | | 6,315 | | | | 253,365 | |
Schroders Plc | | | 469 | | | | 9,831 | |
Scottish & Southern Energy Plc | | | 6,263 | | | | 136,630 | |
Segro Plc | | | 3,384 | | | | 11,529 | |
Serco Group Plc | | | 3,127 | | | | 26,261 | |
Severn Trent Plc | | | 1,688 | | | | 43,758 | |
Smith & Nephew Plc | | | 5,964 | | | | 59,655 | |
Smiths Group Plc | | | 2,700 | | | | 42,880 | |
Standard Chartered Plc | | | 15,829 | | | | 343,852 | |
Standard Life Plc | | | 16,660 | | | | 60,999 | |
Subsea 7 SA | | | 1,946 | | | | 38,512 | |
Tate & Lyle Plc | | | 2,925 | | | | 29,706 | |
TESCO Plc | | | 54,004 | | | | 262,449 | |
The Capita Group Plc | | | 4,147 | | | | 42,613 | |
The Sage Group Plc | | | 9,331 | | | | 40,611 | |
The Weir Group Plc | | | 1,436 | | | | 34,507 | |
TUI Travel Plc | | | 1,308 | | | | 3,477 | |
Tullow Oil Plc | | | 5,873 | | | | 135,740 | |
Unilever Plc | | | 8,563 | | | | 287,491 | |
United Utilities Group Plc | | | 4,841 | | | | 51,282 | |
Vedanta Resources Plc | | | 511 | | | | 7,324 | |
Vodafone Group Plc | | | 338,066 | | | | 950,219 | |
Whitbread Plc | | | 1,256 | | | | 39,935 | |
WM Morrison Supermarkets Plc | | | 14,652 | | | | 61,139 | |
Wolseley Plc | | | 2,016 | | | | 75,141 | |
WPP Group Plc | | | 8,141 | | | | 98,829 | |
| | | | | | | | |
| | | | 13,061,344 | |
| | | | | | | | |
| United States — 0.1% | | | | | | | | |
Transocean Ltd. | | | 2,097 | | | | 93,799 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $66,853,853) | | | | 64,769,494 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.5% | | | | | | | | |
| Germany — 0.5% | | | | | | | | |
Bayerische Motoren Werke AG | | | 500 | | | | 24,664 | |
Henkel AG & Co. KGaA | | | 1,172 | | | | 77,875 | |
Porsche Automobil Holding SE | | | 1,017 | | | | 50,589 | |
ProSiebenSat.1 Media AG | | | 587 | | | | 13,159 | |
RWE AG NV | | | 206 | | | | 7,649 | |
Volkswagen AG | | | 987 | | | | 156,369 | |
| | | | | | | | |
| | | | 330,305 | |
| | | | | | | | |
129
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| PREFERRED STOCKS — (continued) | |
| United Kingdom — 0.0% | | | | | | | | |
Rolls-Royce Holdings Plc, Class C*~ | | | 1,257,690 | | | $ | 1,970 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $290,517) | | | | 332,275 | |
| | | | | | | | |
| RIGHTS — 0.0% | |
| Spain — 0.0% | |
Zardoya Otis SA* | | | 1,360 | | | | 735 | |
Repsol YPF SA* | | | 5,162 | | | | 3,620 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $3,599) | | | | 4,355 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
| Belgium — 0.0% | | | | | | | | |
Anheuser-Busch InBev N.V.*
07/31/12
(Cost $0) | | | 256 | | | | 0 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.5% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,654,272) | | | 1,654,272 | | | | 1,654,272 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $68,802,241) | | | $ | 66,760,396 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2012 is $9,325. |
ADR — American Depository Receipt.
LP — Limited Partnership.
NVDR — Non Voting Depositary Receipt.
Plc — Public Limited Company.
PPS — Partially Protected Shares.
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.2 | % | | $ | 105,104 | |
Aerospace & Defense | | | 0.6 | % | | | 390,203 | |
Agriculture | | | 1.9 | % | | | 1,245,169 | |
Airlines | | | 0.2 | % | | | 104,128 | |
Apparel | | | 0.4 | % | | | 263,690 | |
Auto Manufacturers | | | 3.5 | % | | | 2,253,468 | |
Auto Parts & Equipment | | | 1.0 | % | | | 662,187 | |
Banks | | | 13.1 | % | | | 8,480,705 | |
Beverages | | | 2.6 | % | | | 1,672,204 | |
Biotechnology | | | 0.3 | % | | | 185,283 | |
Building Materials | | | 1.1 | % | | | 722,670 | |
Chemicals | | | 3.8 | % | | | 2,485,861 | |
Coal* | | | — | %+ | | | 12,751 | |
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | |
Value† | |
Commercial Services | | | 1.5 | % | | $ | 938,167 | |
Computers | | | 0.4 | % | | | 259,463 | |
Cosmetics & Personal Care | | | 0.6 | % | | | 417,424 | |
Distribution & Wholesale | | | 1.3 | % | | | 872,166 | |
Diversified | | | — | %+ | | | 25,589 | |
Diversified Financial Services | | | 1.2 | % | | | 784,384 | |
Diversified Operations | | | 0.2 | % | | | 155,335 | |
Electric | | | 3.1 | % | | | 2,009,873 | |
Electrical Components & Equipment | | | 1.1 | % | | | 698,349 | |
Electronics | | | 1.2 | % | | | 772,217 | |
Energy-Alternate Sources | | | — | %+ | | | 20,835 | |
Engineering & Construction | | | 1.4 | % | | | 883,294 | |
Entertainment | | | 0.2 | % | | | 143,588 | |
Environmental Control | | | — | %+ | | | 18,505 | |
Food | | | 5.6 | % | | | 3,636,251 | |
Food Service | | | 0.2 | % | | | 140,597 | |
Forest Products & Paper | | | 0.3 | % | | | 169,838 | |
Gas | | | 0.7 | % | | | 481,367 | |
Hand & Machine Tools | | | 0.4 | % | | | 260,511 | |
Healthcare Products | | | 0.9 | % | | | 555,885 | |
Healthcare Services | | | 0.2 | % | | | 152,393 | |
Holding Companies | | | 0.9 | % | | | 611,800 | |
Home Builders | | | 0.2 | % | | | 108,195 | |
Home Furnishings | | | 0.4 | % | | | 288,704 | |
Hotels & Resorts | | | 0.1 | % | | | 73,636 | |
Household Products & Wares | | | 0.5 | % | | | 326,305 | |
Industrial | | | 0.3 | % | | | 168,040 | |
Insurance | | | 4.6 | % | | | 2,950,377 | |
Internet | | | 0.3 | % | | | 163,777 | |
Investment Companies | | | 0.3 | % | | | 207,934 | |
Iron & Steel | | | 0.7 | % | | | 466,909 | |
Leisure Time | | | 0.2 | % | | | 134,098 | |
Lodging | | | 0.5 | % | | | 289,797 | |
Machinery - Construction & Mining | | | 0.5 | % | | | 303,688 | |
Machinery - Diversified | | | 1.1 | % | | | 729,806 | |
Media | | | 1.2 | % | | | 763,945 | |
Metal Fabricate/Hardware | | | 0.5 | % | | | 301,575 | |
Mining | | | 4.3 | % | | | 2,793,102 | |
Miscellaneous Manufacturing | | | 1.2 | % | | | 807,274 | |
Mixed Industrial/Office | | | 0.6 | % | | | 415,197 | |
Office & Business Equipment | | | 0.5 | % | | | 353,636 | |
Oil & Gas | | | 7.7 | % | | | 5,002,952 | |
Oil & Gas Services | | | 0.5 | % | | | 301,322 | |
Packaging and Containers | | | 0.2 | % | | | 106,415 | |
Pharmaceuticals | | | 8.2 | % | | | 5,304,506 | |
Pipelines | | | — | %+ | | | 18,085 | |
Real Estate | | | 1.8 | % | | | 1,147,352 | |
Real Estate Investment Trusts | | | 0.5 | % | | | 330,759 | |
Retail | | | 2.7 | % | | | 1,734,244 | |
Semiconductors | | | 0.6 | % | | | 387,933 | |
Shipbuilding | | | 0.1 | % | | | 41,957 | |
Software | | | 0.9 | % | | | 566,615 | |
Storage & Warehousing | | | — | %+ | | | 10,574 | |
Strip Centers | | | 0.4 | % | | | 226,116 | |
Telecommunications | | | 5.9 | % | | | 3,813,413 | |
Textiles | | | 0.2 | % | | | 110,738 | |
Toys, Games & Hobbies | | | 0.2 | % | | | 115,997 | |
Transportation | | | 1.8 | % | | | 1,147,247 | |
130
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Developed International Index Fund
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | |
Value† | |
Venture Capital | | | — | %+ | | $ | 13,967 | |
Water | | | 0.2 | % | | | 152,053 | |
| |
| | | 100.0 | % | | $ | 64,769,494 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | | | | | |
ASSETS TABLE
|
| Description | | Total
Market
Value at
06/30/2012 | | Level 1
Quoted
Price | | Level 2
Significant
Observable
Input | | Level 3
Significant
Unobservable
Input |
COMMON STOCKS | | | $ | 64,769,494 | | | | $ | 171,487 | | | | $ | 64,598,007 | | | | $ | — | |
PREFERRED STOCKS | | | | 332,275 | | | | | — | | | | | 332,275 | | | | | — | |
SHORT-TERM INVESTMENTS | | | | 1,654,272 | | | | | 1,654,272 | | | | | — | | | | | — | |
RIGHTS | | | | 4,355 | | | | | — | | | | | 4,355 | | | | | — | |
| |
TOTAL INVESTMENTS | | | $ | 66,760,396 | | | | $ | 1,825,759 | | | | $ | 64,934,637 | | | | $ | — | |
| |
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 12/31/2011 | | $ | 1,210 | |
Sales | | | (1,200 | ) |
Realized Gain (Loss) | | | (39 | ) |
Change in Appreciation (Depreciation) | | | 29 | |
| | | | |
Balance as of 6/30/2012 | | $ | — | |
| | | | |
It is the Fund’s policy to recognize transfers in and transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
131
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
International Equity Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 99.5% | |
| Australia — 2.6% | |
Coca-Cola Amatil Ltd. | | | 312,633 | | | $ | 4,296,332 | |
Newcrest Mining Ltd. | | | 176,147 | | | | 4,099,133 | |
| | | | | | | | |
| | | | 8,395,465 | |
| | | | | | | | |
| Belgium — 3.0% | | | | | | | | |
Anheuser-Busch InBev NV | | | 123,544 | | | | 9,740,384 | |
| | | | | | | | |
| Brazil — 2.5% | | | | | | | | |
AES Tiete S.A. (Preference) | | | 188,499 | | | | 2,684,128 | |
Cia Energetica de Minas Gerais ADR | | | 157,211 | | | | 2,895,827 | |
Souza Cruz SA | | | 174,939 | | | | 2,541,558 | |
| | | | | | | | |
| | | | 8,121,513 | |
| | | | | | | | |
| Canada — 5.5% | | | | | | | | |
Goldcorp, Inc. | | | 166,880 | | | | 6,282,792 | |
Valeant Pharmaceuticals International, Inc.* | | | 257,194 | | | | 11,537,226 | |
| | | | | | | | |
| | | | 17,820,018 | |
| | | | | | | | |
| China — 2.5% | | | | | | | | |
Baidu, Inc. ADR* | | | 23,747 | | | | 2,730,430 | |
Sands China Ltd. | | | 1,739,522 | | | | 5,596,089 | |
| | | | | | | | |
| | | | 8,326,519 | |
| | | | | | | | |
| Colombia — 1.1% | | | | | | | | |
Ecopetrol SA | | | 66,280 | | | | 3,697,761 | |
| | | | | | | | |
| Denmark — 3.6% | | | | | | | | |
Novo Nordisk A/S, B Shares | | | 82,039 | | | | 11,898,680 | |
| | | | | | | | |
| France — 6.3% | | | | | | | | |
Bureau Veritas SA | | | 77,886 | | | | 6,928,795 | |
Cie Generale d’Optique Essilor International SA | | | 69,456 | | | | 6,452,462 | |
Hermes International | | | 4,195 | | | | 1,288,885 | |
Pernod-Ricard SA | | | 53,821 | | | | 5,755,207 | |
| | | | | | | | |
| | | | 20,425,349 | |
| | | | | | | | |
| Germany — 2.1% | | | | | | | | |
SAP AG | | | 114,437 | | | | 6,776,450 | |
| | | | | | | | |
| Hong Kong — 1.5% | | | | | | | | |
L’Occitane International SA | | | 904,023 | | | | 2,508,931 | |
Wynn Macau Ltd. | | | 1,077,427 | | | | 2,542,409 | |
| | | | | | | | |
| | | | 5,051,340 | |
| | | | | | | | |
| India — 13.0% | | | | | | | | |
HDFC Bank Ltd. | | | 1,181,910 | | | | 12,038,122 | |
HDFC Bank Ltd. ADR | | | 13,291 | | | | 433,286 | |
Hindustan Unilever Ltd. | | | 166,500 | | | | 1,359,641 | |
Housing Development Finance Corp. | | | 1,162,827 | | | | 13,712,229 | |
ITC Ltd. | | | 1,946,174 | | | | 9,062,700 | |
Nestle India Ltd. | | | 34,248 | | | | 2,787,613 | |
Tata Consultancy Services Ltd. | | | 133,600 | | | | 3,083,114 | |
| | | | | | | | |
| | | | 42,476,705 | |
| | | | | | | | |
| Ireland — 1.7% | | | | | | | | |
Paddy Power PLC | | | 83,742 | | | | 5,460,752 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| | |
| Japan — 2.2% | |
Daito Trust Construction Co., Ltd. | | | 38,100 | | | $ | 3,611,579 | |
Nitori Holdings Co., Ltd. | | | 36,850 | | | | 3,484,495 | |
| | | | | | | | |
| | | | 7,096,074 | |
| | | | | | | | |
| Mexico — 2.5% | | | | | | | | |
Fresnillo Plc | | | 200,822 | | | | 4,600,004 | |
Wal-Mart de Mexico S.A.B de C.V., Series V | | | 1,295,633 | | | | 3,466,430 | |
| | | | | | | | |
| | | | 8,066,434 | |
| | | | | | | | |
| Netherlands — 8.2% | | | | | | | | |
Core Laboratories N.V. | | | 62,087 | | | | 7,195,884 | |
Royal Dutch Shell Plc | | | 133,643 | | | | 4,510,552 | |
Unilever N.V. | | | 451,524 | | | | 15,083,394 | |
| | | | | | | | |
| | | | 26,789,830 | |
| | | | | | | | |
| Switzerland — 8.9% | | | | | | | | |
DKSH Holding AG* | | | 48,800 | | | | 2,673,550 | |
Lindt & Spruengli AG, Participation Certificates* | | | 1,772 | | | | 5,476,409 | |
Nestle SA | | | 230,710 | | | | 13,768,281 | |
UBS AG* | | | 618,722 | | | | 7,240,394 | |
| | | | | | | | |
| | | | 29,158,634 | |
| | | | | | | | |
| United Kingdom — 25.3% | | | | | | | | |
British American Tobacco Plc | | | 417,512 | | | | 21,226,247 | |
Bunzl Plc | | | 196,064 | | | | 3,204,611 | |
Diageo Plc | | | 394,431 | | | | 10,166,429 | |
Domino’s Pizza UK & IRL Plc | | | 561,807 | | | | 4,530,026 | |
GlaxoSmithKline Plc | | | 103,633 | | | | 2,353,918 | |
HSBC Holdings Plc | | | 912,664 | | | | 8,042,226 | |
Imperial Tobacco Group Plc | | | 301,067 | | | | 11,599,551 | |
Rolls-Royce Holdings Plc — C Shares*~ | | | 40,290,494 | | | | 63,101 | |
Rolls-Royce Holdings Plc* | | | 380,099 | | | | 5,122,866 | |
SABMiller Plc | | | 250,337 | | | | 10,043,807 | |
Standard Chartered Plc | | | 139,253 | | | | 3,024,983 | |
TESCO Plc | | | 675,006 | | | | 3,280,402 | |
| | | | | | | | |
| | | | 82,658,167 | |
| | | | | | | | |
| United States — 7.0% | | | | | | | | |
Philip Morris International, Inc. | | | 262,646 | | | | 22,918,490 | |
| | | | | | | | |
TOTAL COMMON STOCKS (Cost $266,202,266) | | | | 324,878,565 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.5% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $1,554,311) | | | 1,554,311 | | | | 1,554,311 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $267,756,577) | | | $ | 326,432,876 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
| ~ | Fair valued security. The total market value of fair valued securities at June 30, 2012 is $63,101. |
ADR — American Depository Receipt.
Plc — Public Limited Company.
132
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
International Equity Fund
| | | | |
| Country Weightings as of 06/30/2012†† | |
United Kingdom | | | 25 | % |
India | | | 13 | |
Switzerland | | | 9 | |
Netherlands | | | 8 | |
United States | | | 8 | |
Canada | | | 6 | |
France | | | 6 | |
Other | | | 25 | |
| |
Total | | | 100 | % |
| |
† % of total investments as of June 30, 2012
| | | | | | | | |
COMMON STOCKS
INDUSTRY DIVERSIFICATION | | % of Market
Value | | |
Value† | |
Agriculture | | | 20.7% | | | $ | 67,348,546 | |
Apparel | | | 0.4% | | | | 1,288,885 | |
Banks | | | 9.5% | | | | 30,779,011 | |
Beverages | | | 12.3% | | | | 40,002,159 | |
Commercial Services | | | 3.1% | | | | 10,133,406 | |
Computers | | | 1.0% | | | | 3,083,114 | |
Cosmetics & Personal Care | | | 0.8% | | | | 2,508,931 | |
Diversified Financial Services | | | 4.2% | | | | 13,712,229 | |
Electric | | | 1.7% | | | | 5,579,955 | |
Entertainment | | | 1.7% | | | | 5,460,752 | |
Food | | | 12.4% | | | | 40,396,099 | |
Healthcare Products | | | 2.0% | | | | 6,452,462 | |
Household Products & Wares | | | 0.4% | | | | 1,359,641 | |
Industrial | | | 3.5% | | | | 11,468,759 | |
Internet | | | 1.7% | | | | 5,403,980 | |
Lodging | | | 2.5% | | | | 8,138,498 | |
Mining | | | 2.7% | | | | 8,699,137 | |
Oil & Gas | | | 2.5% | | | | 8,208,313 | |
Oil & Gas Services | | | 2.2% | | | | 7,195,884 | |
Pharmaceuticals | | | 8.0% | | | | 25,789,824 | |
Real Estate | | | 1.1% | | | | 3,611,579 | |
Retail | | | 3.5% | | | | 11,480,951 | |
Software | | | 2.1% | | | | 6,776,450 | |
| |
| | |
| | | 100.0% | | | $ | 324,878,565 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 324,878,565 | | | $ | 69,057,362 | | | $ | 255,821,203 | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 1,554,311 | | | | 1,554,311 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 326,432,876 | | | $ | 70,611,673 | | | $ | 255,821,203 | | | $ | — | |
| |
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 12/31/2011 | | $ | 19,721 | |
Sales | | | (20,207 | ) |
Change in Appreciation/(Depreciation) | | | (486 | ) |
| | | | |
Balance as of 6/30/2012 | | | — | |
| | | | |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
133
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — 96.2% | | | | | | | | |
| Brazil — 8.4% | |
Banco Bradesco S.A. (Preference) | | | 85,600 | | | $ | 1,269,616 | |
BRF - Brasil Foods S.A. | | | 104,200 | | | | 1,569,355 | |
BRF - Brasil Foods S.A. ADR | | | 2,600 | | | | 39,494 | |
CIA de Bebidas das Americas ADR | | | 52,500 | | | | 2,012,325 | |
Cielo S.A. | | | 32,880 | | | | 961,763 | |
PDG Realty S.A. Empreendimentos e Participacoes | | | 202,100 | | | | 355,197 | |
Petroleo Brasileiro S.A. | | | 28,620 | | | | 267,889 | |
Petroleo Brasileiro S.A. (Preference) | | | 61,500 | | | | 556,363 | |
Petroleo Brasileiro S.A. ADR | | | 32,500 | | | | 589,550 | |
Petroleo Brasileiro S.A. ADR | | | 37,200 | | | | 698,244 | |
Raia Drogasil S.A. | | | 21,100 | | | | 211,158 | |
Ultrapar Participacoes S.A. | | | 40,500 | | | | 921,105 | |
Vale S.A. | | | 2,978 | | | | 59,234 | |
Vale S.A. ADR | | | 17,600 | | | | 349,360 | |
Vale S.A. Preferred ADR | | | 54,600 | | | | 1,065,246 | |
| | | | | | | | |
| | | | | | | 10,925,899 | |
| | | | | | | | |
| Chile — 2.1% | | | | | | | | |
Banco Santander Chile ADR | | | 8,300 | | | | 643,167 | |
Cencosud S.A. | | | 117,305 | | | | 645,617 | |
Empresa Nacional de Electricidad S.A. | | | 312,130 | | | | 529,421 | |
Empresa Nacional de Electricidad S.A. ADR | | | 1,500 | | | | 76,545 | |
S.A.C.I. Falabella | | | 90,854 | | | | 830,069 | |
| | | | | | | | |
| | | | | | | 2,724,819 | |
| | | | | | | | |
| China — 8.3% | | | | | | | | |
China Construction Bank Corp., Class H | | | 1,811,930 | | | | 1,251,816 | |
China Pacific Insurance Group Co. Ltd., Class H | | | 348,000 | | | | 1,135,656 | |
China Telecom Corp. Ltd., Class H | | | 2,480,000 | | | | 1,088,584 | |
China ZhengTong Auto Services
Holdings Ltd.* | | | 117,000 | | | | 62,211 | |
Hengan International Group Co. Ltd. | | | 98,000 | | | | 954,633 | |
PetroChina Co. Ltd., Class H | | | 1,116,000 | | | | 1,444,396 | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 165,000 | | | | 1,334,167 | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | | | 390,100 | | | | 490,355 | |
Tencent Holdings Ltd. | | | 74,900 | | | | 2,211,893 | |
Tingyi Cayman Islands Holding Corp. | | | 136,000 | | | | 350,391 | |
Tsingtao Brewery Co. Ltd., Class H | | | 94,000 | | | | 537,142 | |
| | | | | | | | |
| | | | | | | 10,861,244 | |
| | | | | | | | |
| Cyprus — 0.3% | | | | | | | | |
Eurasia Drilling Co. Ltd. GDR | | | 17,910 | | | | 456,705 | |
| | | | | | | | |
| Hong Kong — 2.5% | | | | | | | | |
Ajisen China Holdings Ltd. | | | 432,000 | | | | 300,599 | |
Belle International Holdings Ltd. | | | 347,000 | | | | 594,467 | |
China Mengniu Dairy Co. Ltd. | | | 610,000 | | | | 1,615,277 | |
China Resources Enterprise Ltd. | | | 184,000 | | | | 549,749 | |
Chow Tai Fook Jewellery Group Ltd. | | | 200,800 | | | | 250,586 | |
| | | | | | | | |
| | | | | | | 3,310,678 | |
| | | | | | | | |
| Hungary — 0.8% | | | | | | | | |
Richter Gedeon Nyrt | | | 6,630 | | | | 1,094,191 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| India — 7.9% | |
ACC Ltd. | | | 32,737 | | | $ | 747,291 | |
Asian Paints Ltd. | | | 9,258 | | | | 646,274 | |
Dr. Reddy’s Laboratories Ltd. | | | 26,067 | | | | 772,986 | |
Glenmark Pharmaceuticals Ltd. | | | 102,294 | | | | 668,491 | |
HDFC Bank Ltd. | | | 129,552 | | | | 1,319,528 | |
HDFC Bank Ltd. ADR | | | 3,730 | | | | 121,598 | |
IndusInd Bank Ltd. | | | 109,946 | | | | 673,528 | |
ITC Ltd. | | | 184,460 | | | | 858,970 | |
ITC Ltd. GDR* | | | 67,502 | | | | 314,492 | |
Larsen & Toubro Ltd. | | | 21,085 | | | | 532,534 | |
Reliance Industries Ltd. | | | 27,516 | | | | 366,457 | |
Tata Consultancy Services Ltd. | | | 35,413 | | | | 817,233 | |
Tata Motors Ltd. | | | 237,401 | | | | 1,040,219 | |
Tata Steel Ltd. | | | 91,371 | | | | 729,709 | |
Yes Bank Ltd. | | | 105,100 | | | | 643,705 | |
| | | | | | | | |
| | | | | | | 10,253,015 | |
| | | | | | | | |
| Indonesia — 5.2% | | | | | | | | |
Astra International Tbk PT | | | 1,828,500 | | | | 1,347,968 | |
Bank Central Asia Tbk PT | | | 282,000 | | | | 220,565 | |
Bank Mandiri Persero Tbk PT | | | 1,294,500 | | | | 1,004,436 | |
Indofood Sukses Makmur Tbk PT | | | 1,296,000 | | | | 674,077 | |
Indosat Tbk PT | | | 1,378,500 | | | | 641,138 | |
Kalbe Farma Tbk PT | | | 1,582,000 | | | | 639,786 | |
Lippo Karawaci Tbk PT | | | 13,599,500 | | | | 1,165,793 | |
Telekomunikasi Indonesia Persero Tbk PT | | | 1,218,000 | | | | 1,064,148 | |
| | | | | | | | |
| | | | | | | 6,757,911 | |
| | | | | | | | |
| Japan — 1.0% | | | | | | | | |
Nexon Co. Ltd.* | | | 65,400 | | | | 1,280,299 | |
| | | | | | | | |
| Malaysia — 2.8% | | | | | | | | |
AirAsia BHD | | | 550,100 | | | | 622,620 | |
Axiata Group BHD | | | 687,800 | | | | 1,190,612 | |
CIMB Group Holdings BHD | | | 411,400 | | | | 985,879 | |
Gamuda BHD | | | 82,900 | | | | 92,059 | |
Sime Darby BHD | | | 264,600 | | | | 827,966 | |
| | | | | | | | |
| | | | | | | 3,719,136 | |
| | | | | | | | |
| Mexico — 4.5% | | | | | | | | |
Alfa S.A.B. de C.V. | | | 31,300 | | | | 500,248 | |
Fomento Economico Mexicano S.A.B. de C.V. ADR | | | 21,897 | | | | 1,954,307 | |
Grupo Televisa S.A.B. ADR | | | 36,400 | | | | 781,872 | |
Mexichem S.A.B. de C.V. | | | 144,026 | | | | 619,520 | |
Wal-Mart de Mexico S.A.B de C.V., Series V | | | 733,100 | | | | 1,961,389 | |
| | | | | | | | |
| | | | | | | 5,817,336 | |
| | | | | | | | |
| Peru — 1.6% | | | | | | | | |
Cia de Minas Buenaventura S.A. ADR | | | 23,400 | | | | 888,732 | |
Credicorp Ltd. | | | 9,510 | | | | 1,197,214 | |
| | | | | | | | |
| | | | | | | 2,085,946 | |
| | | | | | | | |
| Philippines — 5.2% | | | | | | | | |
Ayala Corp. | | | 74,698 | | | | 836,514 | |
Bloomberry Resorts Corp.* | | | 998,500 | | | | 226,815 | |
DMCI Holdings Inc. | | | 39,100 | | | | 53,123 | |
134
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Philippines — (continued) | |
Metro Pacific Investments Corp. | | | 13,004,000 | | | $ | 1,295,541 | |
Metropolitan Bank & Trust | | | 671,792 | | | | 1,482,723 | |
Philippine Long Distance Telephone Co. | | | 23,230 | | | | 1,472,826 | |
SM Investments Corp. | | | 78,680 | | | | 1,369,070 | |
| | | | | | | | |
| | | | | | | 6,736,612 | |
| | | | | | | | |
| Poland — 2.3% | | | | | | | | |
Polskie Gomictwo Naftowe
I Gazownictwo S.A.* | | | 567,286 | | | | 707,634 | |
Powszechny Zaklad Ubezpieczen S.A. | | | 10,970 | | | | 1,103,145 | |
Telekomunikacja Polska S.A. | | | 260,140 | | | | 1,215,728 | |
| | | | | | | | |
| | | | | | | 3,026,507 | |
| | | | | | | | |
| Portugal — 1.1% | | | | | | | | |
Jeronimo Martins SGPS S.A. | | | 83,992 | | | | 1,420,037 | |
| | | | | | | | |
| Qatar — 0.5% | | | | | | | | |
Industries Qatar QSC | | | 18,500 | | | | 642,461 | |
| | | | | | | | |
| Russia — 3.1% | | | | | | | | |
Gazprom OAO ADR | | | 91,011 | | | | 862,839 | |
Lukoil OAO ADR | | | 38,785 | | | | 2,175,063 | |
Rosneft Oil Co. OJSC GDR | | | 153,408 | | | | 960,334 | |
| | | | | | | | |
| | | | | | | 3,998,236 | |
| | | | | | | | |
| South Africa — 4.0% | | | | | | | | |
AngloGold Ashanti Ltd. | | | 10,690 | | | | 365,107 | |
AngloGold Ashanti Ltd. ADR | | | 3,950 | | | | 135,643 | |
AVI Ltd. | | | 117,511 | | | | 720,371 | |
Clicks Group Ltd. | | | 127,100 | | | | 836,669 | |
Life Healthcare Group Holdings Ltd | | | 99,400 | | | | 379,086 | |
Naspers Ltd., N Shares | | | 28,260 | | | | 1,509,435 | |
Pick n Pay Stores Ltd. | | | 141,909 | | | | 763,218 | |
Sasol Ltd. | | | 13,600 | | | | 573,680 | |
| | | | | | | | |
| | | | | | | 5,283,209 | |
| | | | | | | | |
| South Korea — 15.4% | | | | | | | | |
Cheil Industries, Inc. | | | 6,557 | | | | 578,547 | |
Cheil Worldwide, Inc. | | | 18,680 | | | | 298,367 | |
Hyundai Engineering & Construction Co. Ltd. | | | 11,422 | | | | 656,809 | |
Hyundai Heavy Industries Co. Ltd. | | | 3,796 | | | | 866,166 | |
Hyundai Motor Co. | | | 11,861 | | | | 2,434,997 | |
Hyundai Steel Co. | | | 87 | | | | 6,477 | |
KB Financial Group, Inc. | | | 16,890 | | | | 551,744 | |
Korea Aerospace Industries Ltd. | | | 19,550 | | | | 506,098 | |
Korean Air Lines Co. Ltd.* | | | 12,727 | | | | 564,628 | |
LG Chem Ltd. | | | 3,207 | | | | 830,213 | |
LG Household & Health Care Ltd. | | | 1,107 | | | | 597,247 | |
Mando Corp. | | | 2,293 | | | | 342,271 | |
NCSoft Corp. | | | 4,220 | | | | 1,012,378 | |
NHN Corp. | | | 3,780 | | | | 829,083 | |
S.M. Entertainment Co.* | | | 11,023 | | | | 469,111 | |
Samsung Electronics Co. Ltd. | | | 5,133 | | | | 5,435,782 | |
Samsung Electronics Co. Ltd. (Preference) | | | 1,701 | | | | 1,122,918 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 2,933 | | | | 582,027 | |
Samsung Life Insurance Co., Ltd. | | | 4,070 | | | | 332,589 | |
Shinhan Financial Group Co. Ltd. | | | 23,768 | | | | 833,249 | |
SK C&C Co. Ltd. | | | 6,476 | | | | 606,286 | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| South Korea — (continued) | | | | | | | | |
Woongjin Coway Co. Ltd. | | | 22,770 | | | $ | 710,979 | |
| | | | | | | | |
| | | | | | | 20,167,966 | |
| | | | | | | | |
| Switzerland — 0.5% | | | | | | | | |
The Swatch Group AG | | | 1,539 | | | | 608,276 | |
| | | | | | | | |
| Taiwan — 6.8% | | | | | | | | |
Advanced Semiconductor Engineering Inc. | | | 18,000 | | | | 14,776 | |
Asustek Computer, Inc. | | | 83,088 | | | | 763,716 | |
Catcher Technology Co. Ltd. | | | 82,000 | | | | 553,465 | |
Chailease Holding Co. Ltd. | | | 257,000 | | | | 375,435 | |
Formosa Plastics Corp. | | | 160,000 | | | | 431,190 | |
Foxconn Technology Co. Ltd. | | | 1,000 | | | | 3,641 | |
Fubon Financial Holding Co. Ltd. | | | 443,632 | | | | 448,981 | |
Hon Hai Precision Industry Co. Ltd. | | | 383,509 | | | | 1,159,558 | |
HTC Corp. | | | 18,543 | | | | 244,824 | |
Lung Yen Life Service Corp. | | | 84,000 | | | | 242,852 | |
MediaTek, Inc. | | | 19,000 | | | | 175,487 | |
MStar Semiconductor Inc. | | | 92,000 | | | | 620,575 | |
Taiwan Cement Corp. | | | 426,000 | | | | 509,474 | |
Taiwan Semiconductor
Manufacturing Co. Ltd. | | | 898,769 | | | | 2,460,351 | |
Uni-President Enterprises Corp. | | | 574,724 | | | | 926,519 | |
| | | | | | | | |
| | | | | | | 8,930,844 | |
| | | | | | | | |
| Thailand — 3.7% | | | | | | | | |
Bank of Ayudhya PCL | | | 117,400 | | | | 109,985 | |
Banpu PCL | | | 7,900 | | | | 111,436 | |
Banpu PCL NVDR | | | 45,800 | | | | 650,994 | |
Kasikornbank PCL | | | 63,100 | | | | 331,123 | |
Kasikornbank PCL NVDR | | | 195,500 | | | | 1,008,069 | |
Land and Houses PCL NVDR | | | 4,563,700 | | | | 1,132,967 | |
PTT PCL | | | 50,000 | | | | 508,501 | |
Siam Cement PCL NVDR | | | 50,600 | | | | 507,125 | |
Supalai PCL | | | 56,900 | | | | 30,914 | |
Thai Airways International PCL* | | | 327,800 | | | | 222,937 | |
Thai Airways International PCL NVDR* | | | 300,400 | | | | 205,497 | |
| | | | | | | | |
| | | | | | | 4,819,548 | |
| | | | | | | | |
| Turkey — 4.1% | | | | | | | | |
Anadolu Efes Biracilik Ve Malt Sanayii A.S. | | | 114,042 | | | | 1,460,316 | |
Haci Omer Sabanci Holding A.S. | | | 200,080 | | | | 842,477 | |
Turk Telekomunikasyon A.S. | | | 197,014 | | | | 806,261 | |
Turkiye Garanti Bankasi A.S. | | | 555,550 | | | | 2,186,926 | |
| | | | | | | | |
| | | | | | | 5,295,980 | |
| | | | | | | | |
| United Kingdom — 1.3% | | | | | | | | |
SABMiller PLC | | | 41,963 | | | | 1,698,441 | |
| | | | | | | | |
| United States — 2.8% | | | | | | | | |
Mead Johnson Nutrition Co. | | | 16,614 | | | | 1,337,593 | |
Samsonite International S.A. | | | 542,400 | | | | 906,103 | |
Yum! Brands, Inc. | | | 20,984 | | | | 1,351,790 | |
| | | | | | | | |
| | | | | | | 3,595,486 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $110,535,214) | | | | 125,510,782 | |
| | | | | | | | |
135
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| EXCHANGE TRADED FUNDS — 0.5% | | | | | | | | |
| Chile — 0.5% | | | | | | | | |
Sociedad Quimica y Minera de Chile S.A. ADR
(Cost $765,983) | | | 13,000 | | | $ | 723,710 | |
| | | | | | | | |
| RIGHTS — 0.0% | | | | | | | | |
| Chile — 0.0% | | | | | | | | |
Cencosud S.A. Rights 07/20/12*
(Cost $0) | | | 12,590 | | | | 4,149 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 3.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $4,269,667) | | | 4,269,667 | | | | 4,269,667 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $115,570,864) | | | $ | 130,508,308 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
ADR — American Depository Receipt.
GDR — Global Depository Receipt.
NVDR — Non Voting Depositary Receipt.
OJSC — Open Joint Stock Company
PCL — Public Company Limited.
Plc — Public Limited Company.
| | | | | | | | |
COMMON STOCKS INDUSTRY
DIVERSIFICATION | | % of Market
Value | | | Value† | |
Advertising | | | 0.2% | | | $ | 298,367 | |
Aerospace & Defense | | | 0.4% | | | | 506,098 | |
Agriculture | | | 0.9% | | | | 1,173,462 | |
Airlines | | | 1.3% | | | | 1,615,682 | |
Auto Manufacturers | | | 2.8% | | | | 3,475,216 | |
Auto Parts & Equipment | | | 0.3% | | | | 342,271 | |
Banks | | | 11.5% | | | | 14,449,878 | |
Beverages | | | 6.1% | | | | 7,662,531 | |
Building Materials | | | 1.0% | | | | 1,256,765 | |
Chemicals | | | 3.3% | | | | 4,090,763 | |
Coal | | | 0.6% | | | | 762,430 | |
Commercial Services | | | 1.0% | | | | 1,204,615 | |
Computers | | | 1.9% | | | | 2,435,700 | |
Cosmetics & Personal Care | | | 0.5% | | | | 597,247 | |
Diversified Financial Services | | | 1.5% | | | | 1,833,974 | |
Electric | | | 0.5% | | | | 605,966 | |
Electrical Components & Equipment | | | 0.2% | | | | 226,815 | |
Electronics | | | 0.9% | | | | 1,159,558 | |
Engineering & Construction | | | 1.1% | | | | 1,334,525 | |
Entertainment | | | 0.4% | | | | 469,111 | |
Environmental Control | | | 0.6% | | | | 710,979 | |
Food | | | 5.8% | | | | 7,240,767 | |
Healthcare Products | | | 0.8% | | | | 954,633 | |
| | | | | | | | |
COMMON STOCKS INDUSTRY
DIVERSIFICATION | | % of Market
Value | | |
Value† | |
Healthcare Services | | | 0.3% | | | $ | 379,086 | |
Holding Companies | | | 3.8% | | | | 4,784,450 | |
Home Builders | | | 0.9% | | | | 1,132,967 | |
Household Products & Wares | | | 0.7% | | | | 906,103 | |
Insurance | | | 3.6% | | | | 4,487,584 | |
Internet | | | 3.2% | | | | 4,053,354 | |
Iron & Steel | | | 0.6% | | | | 736,186 | |
Media | | | 1.8% | | | | 2,291,307 | |
Metal Fabricate/Hardware | | | 0.4% | | | | 553,465 | |
Mining | | | 2.3% | | | | 2,863,322 | |
Miscellaneous Manufacturing | | | 0.5% | | | | 578,547 | |
Oil & Gas | | | 7.7% | | | | 9,710,950 | |
Oil & Gas Services | | | 0.4% | | | | 456,705 | |
Pharmaceuticals | | | 3.6% | | | | 4,513,047 | |
Real Estate | | | 1.5% | | | | 1,927,339 | |
Retail | | | 8.7% | | | | 10,977,825 | |
Semiconductors | | | 7.8% | | | | 9,829,889 | |
Shipbuilding | | | 0.7% | | | | 866,166 | |
Software | | | 1.0% | | | | 1,280,299 | |
Telecommunications | | | 5.9% | | | | 7,479,297 | |
Water | | | 1.0% | | | | 1,295,541 | |
| |
| | |
| | | 100.0% | | | $ | 125,510,782 | |
| | | | | | | | |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | | | | | | | | | | | | | | | |
Brazil | | $ | 10,925,899 | | | $ | 10,925,899 | | | $ | — | | | $ | — | |
Chile | | | 2,724,819 | | | | 2,724,819 | | | | — | | | | — | |
China | | | 10,861,244 | | | | — | | | | 10,861,244 | | | | — | |
Cyprus | | | 456,705 | | | | 456,705 | | | | — | | | | — | |
Hong Kong | | | 3,310,678 | | | | — | | | | 3,310,678 | | | | — | |
Hungary | | | 1,094,191 | | | | — | | | | 1,094,191 | | | | — | |
India | | | 10,253,015 | | | | 436,090 | | | | 9,816,925 | | | | — | |
Indonesia | | | 6,757,911 | | | | — | | | | 6,757,911 | | | | — | |
Japan | | | 1,280,299 | | | | — | | | | 1,280,299 | | | | — | |
Malaysia | | | 3,719,136 | | | | — | | | | 3,719,136 | | | | — | |
Mexico | | | 5,817,336 | | | | 5,817,336 | | | | — | | | | — | |
Peru | | | 2,085,946 | | | | 2,085,946 | | | | — | | | | — | |
Philippines | | | 6,736,612 | | | | — | | | | 6,736,612 | | | | — | |
Poland | | | 3,026,507 | | | | 1,215,728 | | | | 1,810,779 | | | | — | |
Portugal | | | 1,420,037 | | | | — | | | | 1,420,037 | | | | — | |
Qatar | | | 642,461 | | | | — | | | | 642,461 | | | | — | |
Russia | | | 3,998,236 | | | | 3,998,236 | | | | — | | | | — | |
South Africa | | | 5,283,209 | | | | 135,643 | | | | 5,147,566 | | | | — | |
South Korea | | | 20,167,966 | | | | — | | | | 20,167,966 | | | | — | |
Switzerland | | | 608,276 | | | | — | | | | 608,276 | | | | — | |
Taiwan | | | 8,930,844 | | | | — | | | | 8,930,844 | | | | — | |
Thailand | | | 4,819,548 | | | | 842,874 | | | | 3,976,674 | | | | — | |
Turkey | | | 5,295,980 | | | | — | | | | 5,295,980 | | | | — | |
United Kingdom | | | 1,698,441 | | | | — | | | | 1,698,441 | | | | — | |
United States | | | 3,595,486 | | | | 3,595,486 | | | | — | | | | — | |
EXCHANGE TRADED FUNDS | | | 723,710 | | | | 723,710 | | | | — | | | | — | |
136
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
RIGHTS | | $ | 4,149 | | | $ | 4,149 | | | $ | — | | | $ | — | |
SHORT-TERM INVESTMENTS | | | 4,269,667 | | | | 4,269,667 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 130,508,308 | | | $ | 37,232,288 | | | $ | 93,276,020 | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
137
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Real Estate Securities Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| COMMON STOCKS — 6.7% | | | | | | | | |
| Diversified — 0.4% | |
Retail Properties of America, Inc. Class A | | | 37,264 | | | $ | 362,206 | |
| | | | | | | | |
| Healthcare Services — 0.7% | | | | | | | | |
Brookdale Senior Living, Inc.* | | | 36,723 | | | | 651,466 | |
| | | | | | | | |
| Lodging — 3.2% | | | | | | | | |
Hyatt Hotels Corp., Class A* | | | 36,201 | | | | 1,345,229 | |
Orient-Express Hotels Ltd., Class A* | | | 81,118 | | | | 678,958 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 16,906 | | | | 896,694 | |
| | | | | | | | |
| | | | | | | 2,920,881 | |
| | | | | | | | |
| Real Estate — 2.4% | | | | | | | | |
Brookfield Properties Corp. | | | 122,301 | | | | 2,130,484 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $6,238,893) | | | | 6,065,037 | |
| | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 90.6% | | | | | | | | |
| Apartments — 16.4% | | | | | | | | |
American Campus Communities, Inc. | | | 24,595 | | | | 1,106,283 | |
Apartment Investment & Management Co., Class A | | | 70,449 | | | | 1,904,236 | |
AvalonBay Communities, Inc. | | | 18,390 | | | | 2,601,817 | |
Education Realty Trust, Inc. | | | 58,637 | | | | 649,698 | |
Equity Residential | | | 72,064 | | | | 4,493,911 | |
Essex Property Trust, Inc. | | | 8,403 | | | | 1,293,390 | |
Mid-America Apartment Communities, Inc. | | | 23,373 | | | | 1,594,974 | |
UDR, Inc. | | | 42,852 | | | | 1,107,296 | |
| | | | | | | | |
| | | | | | | 14,751,605 | |
| | | | | | | | |
| Diversified — 14.3% | | | | | | | | |
American Assets Trust, Inc. | | | 27,240 | | | | 660,570 | |
American Tower Corp. | | | 23,339 | | | | 1,631,629 | |
Colonial Properties Trust | | | 41,314 | | | | 914,692 | |
Digital Realty Trust, Inc. | | | 27,137 | | | | 2,037,175 | |
DuPont Fabros Technology, Inc. | | | 28,881 | | | | 824,841 | |
Liberty Property Trust | | | 32,720 | | | | 1,205,405 | |
Vornado Realty Trust | | | 66,422 | | | | 5,578,120 | |
| | | | | | | | |
| | | | | | | 12,852,432 | |
| | | | | | | | |
| Healthcare — 7.4% | | | | | | | | |
HCP, Inc. | | | 74,562 | | | | 3,291,912 | |
Health Care REIT, Inc. | | | 7,545 | | | | 439,873 | |
Ventas, Inc. | | | 45,656 | | | | 2,881,807 | |
| | | | | | | | |
| | | | | | | 6,613,592 | |
| | | | | | | | |
| Hotels & Resorts — 3.5% | | | | | | | | |
Hersha Hospitality Trust | | | 133,493 | | | | 704,843 | |
Host Hotels & Resorts, Inc. | | | 152,747 | | | | 2,416,458 | |
| | | | | | | | |
| | | | | | | 3,121,301 | |
| | | | | | | | |
| Industrial — 6.3% | | | | | | | | |
ProLogis, Inc. | | | 170,665 | | | | 5,671,198 | |
| | | | | | | | |
| Manufactured Homes — 1.0% | | | | | | | | |
Equity Lifestyle Properties, Inc. | | | 13,185 | | | | 909,369 | |
| | | | | | | | |
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| | | | | | | | | |
| Office Property — 10.2% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 14,583 | | | $ | 1,060,476 | |
Boston Properties, Inc. | | | 28,939 | | | | 3,136,120 | |
Corporate Office Properties Trust | | | 48,171 | | | | 1,132,500 | |
Hudson Pacific Properties, Inc. | | | 42,160 | | | | 734,006 | |
Kilroy Realty Corp. | | | 9,307 | | | | 450,552 | |
Piedmont Office Realty Trust, Inc., Class A | | | 47,597 | | | | 819,144 | |
SL Green Realty Corp. | | | 23,164 | | | | 1,858,679 | |
| | | | | | | | |
| | | | | | | 9,191,477 | |
| | | | | | | | |
| Regional Malls — 20.2% | | | | | | | | |
General Growth Properties, Inc. | | | 211,728 | | | | 3,830,159 | |
Simon Property Group, Inc. | | | 67,051 | | | | 10,437,159 | |
Tanger Factory Outlet Centers, Inc. | | | 36,879 | | | | 1,181,972 | |
Taubman Centers, Inc. | | | 17,864 | | | | 1,378,386 | |
The Macerich Co. | | | 22,255 | | | | 1,314,158 | |
| | | | | | | | |
| | | | | | | 18,141,834 | |
| | | | | | | | |
| Storage & Warehousing — 7.2% | | | | | | | | |
CubeSmart | | | 72,221 | | | | 842,819 | |
Extra Space Storage, Inc. | | | 47,509 | | | | 1,453,775 | |
Public Storage | | | 28,948 | | | | 4,180,381 | |
| | | | | | | | |
| | | | | | | 6,476,975 | |
| | | | | | | | |
| Strip Centers — 4.1% | | | | | | | | |
Alexander’s, Inc. | | | 1,446 | | | | 623,385 | |
Federal Realty Investment Trust | | | 2,050 | | | | 213,384 | |
Regency Centers Corp. | | | 37,184 | | | | 1,768,843 | |
Weingarten Realty Investors | | | 39,170 | | | | 1,031,738 | |
| | | | | | | | |
| | | | | | | 3,637,350 | |
| | | | | | | | |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $72,124,500) | | | | 81,367,133 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 2.7% | | | | | | | | |
BlackRock Liquidity Funds FedFund
Portfolio - Institutional Shares
(Cost $2,393,631) | | | 2,393,631 | | | | 2,393,631 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $80,757,024) | | | $ | 89,825,801 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
REIT — Real Estate Investment Trust.
138
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Real Estate Securities Fund
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
COMMON STOCKS | | $ | 6,065,037 | | | $ | 6,065,037 | | | $ | — | | | $ | — | |
REAL ESTATE INVESTMENT TRUSTS | | | 81,367,133 | | | | 81,367,133 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 2,393,631 | | | | 2,393,631 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 89,825,801 | | | $ | 89,825,801 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
139
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| AFFILIATED EQUITY FUNDS — 65.8% | |
Penn Series Flexibly Managed Fund* | | | 50,131 | | | $ | 1,366,060 | |
Penn Series Index 500 Fund* | | | 270,239 | | | | 2,732,119 | |
Penn Series Large Cap Growth Fund* | | | 36,683 | | | | 341,515 | |
Penn Series Large Cap Value Fund* | | | 212,561 | | | | 3,073,634 | |
Penn Series Large Core Growth Fund* | | | 65,424 | | | | 683,030 | |
Penn Series Large Core Value Fund* | | | 141,707 | | | | 1,366,060 | |
Penn Series Large Growth Stock Fund* | | | 118,995 | | | | 2,049,089 | |
Penn Series Mid Cap Growth Fund* | | | 104,120 | | | | 1,024,545 | |
Penn Series Mid Cap Value Fund* | | | 81,313 | | | | 1,024,545 | |
Penn Series Mid Core Value Fund* | | | 127,075 | | | | 1,366,059 | |
Penn Series Real Estate Securities Fund* | | | 104,041 | | | | 1,366,060 | |
Penn Series Small Cap Growth Fund* | | | 35,930 | | | | 683,030 | |
Penn Series Small Cap Index Fund* | | | 89,558 | | | | 1,024,545 | |
Penn Series Small Cap Value Fund* | | | 79,146 | | | | 1,366,060 | |
Penn Series SMID Cap Growth Fund* | | | 129,166 | | | | 1,707,575 | |
Penn Series SMID Cap Value Fund* | | | 109,460 | | | | 1,366,060 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $17,338,074) | | | | 22,539,986 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 4.0% | |
Penn Series Quality Bond Fund*
(Cost $1,183,441) | | | 105,082 | | | | 1,366,060 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 29.9% | |
Penn Series Developed International Index Fund* | | | 307,325 | | | | 2,732,120 | |
Penn Series Emerging Markets Equity Fund* | | | 200,694 | | | | 2,049,089 | |
Penn Series International Equity Fund* | | | 286,536 | | | | 5,464,239 | |
| | | | | | | | |
| TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $8,867,054) | | | | 10,245,448 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.3% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $93,402) | | | 93,402 | | | | 93,402 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $27,481,971) | | | $ | 34,244,896 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 22,539,986 | | | $ | 22,539,986 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 1,366,060 | | | | 1,366,060 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 10,245,448 | | | | 10,245,448 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 93,402 | | | | 93,402 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 34,244,896 | | | $ | 34,244,896 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
140
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Moderately Aggressive Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| AFFILIATED EQUITY FUNDS — 56.8% | |
Penn Series Flexibly Managed Fund* | | | 218,701 | | | $ | 5,959,590 | |
Penn Series Index 500 Fund* | | | 1,031,581 | | | | 10,429,283 | |
Penn Series Large Cap Growth Fund* | | | 160,032 | | | | 1,489,897 | |
Penn Series Large Cap Value Fund* | | | 824,286 | | | | 11,919,181 | |
Penn Series Large Core Growth Fund* | | | 285,421 | | | | 2,979,795 | |
Penn Series Large Core Value Fund* | | | 618,215 | | | | 5,959,590 | |
Penn Series Large Growth Stock Fund* | | | 432,607 | | | | 7,449,488 | |
Penn Series Mid Cap Growth Fund* | | | 454,237 | | | | 4,469,693 | |
Penn Series Mid Cap Value Fund* | | | 236,492 | | | | 2,979,795 | |
Penn Series Mid Core Value Fund* | | | 554,380 | | | | 5,959,590 | |
Penn Series Real Estate Securities Fund* | | | 340,418 | | | | 4,469,693 | |
Penn Series Small Cap Growth Fund* | | | 78,374 | | | | 1,489,898 | |
Penn Series Small Cap Index Fund* | | | 390,707 | | | | 4,469,693 | |
Penn Series Small Cap Value Fund* | | | 258,962 | | | | 4,469,693 | |
Penn Series SMID Cap Growth Fund* | | | 450,801 | | | | 5,959,590 | |
Penn Series SMID Cap Value Fund* | | | 358,148 | | | | 4,469,693 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS (Cost $63,248,256) | | | | 84,924,162 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 19.0% | | | | | |
Penn Series High Yield Bond Fund* | | | 320,408 | | | | 2,979,795 | |
Penn Series Limited Maturity Bond Fund* | | | 650,043 | | | | 7,449,488 | |
Penn Series Quality Bond Fund* | | | 1,375,290 | | | | 17,878,771 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $24,789,846) | | | | 28,308,054 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 23.9% | | | | | |
Penn Series Developed International Index Fund* | | | 1,005,555 | | | | 8,939,386 | |
Penn Series Emerging Markets Equity Fund* | | | 583,701 | | | | 5,959,590 | |
Penn Series International Equity Fund* | | | 1,093,790 | | | | 20,858,566 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $30,254,736) | | | | 35,757,542 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $477,274) | | | 477,274 | | | | 477,274 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $118,770,112) | | | $ | 149,467,032 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note) :
| | | | | | | | | | | | | | | | |
ASSETS TABLE
| |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 84,924,162 | | | $ | 84,924,162 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 28,308,054 | | | | 28,308,054 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 35,757,542 | | | | 35,757,542 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 477,274 | | | | 477,274 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 149,467,032 | | | $ | 149,467,032 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
141
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Moderate Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 42.9% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 468,922 | | | $ | 12,778,119 | |
Penn Series Index 500 Fund* | | | 1,516,691 | | | | 15,333,743 | |
Penn Series Large Cap Growth Fund* | | | 274,503 | | | | 2,555,624 | |
Penn Series Large Cap Value Fund* | | | 883,687 | | | | 12,778,119 | |
Penn Series Large Core Growth Fund* | | | 244,792 | | | | 2,555,624 | |
Penn Series Large Core Value Fund* | | | 795,319 | | | | 7,666,871 | |
Penn Series Large Growth Stock Fund* | | | 593,641 | | | | 10,222,495 | |
Penn Series Mid Cap Growth Fund* | | | 519,436 | | | | 5,111,248 | |
Penn Series Mid Core Value Fund* | | | 950,930 | | | | 10,222,495 | |
Penn Series Real Estate Securities Fund* | | | 389,280 | | | | 5,111,248 | |
Penn Series Small Cap Growth Fund* | | | 134,436 | | | | 2,555,624 | |
Penn Series Small Cap Index Fund* | | | 446,787 | | | | 5,111,248 | |
Penn Series Small Cap Value Fund* | | | 296,133 | | | | 5,111,248 | |
Penn Series SMID Cap Growth Fund* | | | 386,630 | | | | 5,111,248 | |
Penn Series SMID Cap Value Fund* | | | 614,333 | | | | 7,666,872 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $84,497,446) | | | | 109,891,826 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 36.0% | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 824,395 | | | | 7,666,872 | |
Penn Series Limited Maturity Bond Fund* | | | 2,676,046 | | | | 30,667,487 | |
Penn Series Quality Bond Fund* | | | 4,128,316 | | | | 53,668,101 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $81,714,755) | | | | 92,002,460 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 18.0% | |
Penn Series Developed International
Index Fund* | | | 1,437,359 | | | | 12,778,119 | |
Penn Series Emerging Markets Equity Fund* | | | 750,918 | | | | 7,666,872 | |
Penn Series International Equity Fund* | | | 1,340,128 | | | | 25,556,239 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $39,454,608) | | | | 46,001,230 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 3.0% | | | | | | | | |
Penn Series Money Market Fund
(Cost $7,666,936) | | | 7,666,936 | | | | 7,666,936 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.1% | | | | | | | | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $283,027) | | | 283,027 | | | | 283,027 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $213,616,772) | | | $ | 255,845,479 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 109,891,826 | | | $ | 109,891,826 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 92,002,460 | | | | 92,002,460 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 46,001,230 | | | | 46,001,230 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 7,666,936 | | | | 7,666,936 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 283,027 | | | | 283,027 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 255,845,479 | | | $ | 255,845,479 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
142
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Moderately Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | | Value† | |
| AFFILIATED EQUITY FUNDS — 32.0% | | | | | | | | |
Penn Series Flexibly Managed Fund* | | | 203,743 | | | $ | 5,551,995 | |
Penn Series Index 500 Fund* | | | 549,159 | | | | 5,551,996 | |
Penn Series Large Cap Value Fund* | | | 191,978 | | | | 2,775,998 | |
Penn Series Large Core Value Fund* | | | 191,978 | | | | 1,850,665 | |
Penn Series Large Growth Stock Fund* | | | 161,208 | | | | 2,775,998 | |
Penn Series Mid Core Value Fund* | | | 344,310 | | | | 3,701,330 | |
Penn Series Real Estate Securities Fund* | | | 140,949 | | | | 1,850,665 | |
Penn Series Small Cap Index Fund* | | | 161,771 | | | | 1,850,665 | |
Penn Series SMID Cap Growth Fund* | | | 139,990 | | | | 1,850,665 | |
Penn Series SMID Cap Value Fund* | | | 148,290 | | | | 1,850,665 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS
(Cost $22,787,885) | | | | 29,610,642 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 53.0% | | | | | | | | |
Penn Series High Yield Bond Fund* | | | 497,491 | | | | 4,626,663 | |
Penn Series Limited Maturity Bond Fund* | | | 1,614,891 | | | | 18,506,651 | |
Penn Series Quality Bond Fund* | | | 1,993,024 | | | | 25,909,312 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $43,258,370) | | | | 49,042,626 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 10.0% | |
Penn Series Developed International
Index Fund* | | | 312,261 | | | | 2,775,998 | |
Penn Series International Equity Fund* | | | 339,661 | | | | 6,477,328 | |
| | | | | | | | |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $7,414,202) | | | | 9,253,326 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 5.0% | | | | | | | | |
Penn Series Money Market Fund
(Cost $4,626,701) | | | 4,626,701 | | | | 4,626,701 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0%
(Cost $78,087,158) | | | $ | 92,533,295 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note):
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 29,610,642 | | | $ | 29,610,642 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 49,042,626 | | | | 49,042,626 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 9,253,326 | | | | 9,253,326 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 4,626,701 | | | | 4,626,701 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 92,533,295 | | | $ | 92,533,295 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
143
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2012 (Unaudited)
Conservative Allocation Fund
| | | | | | | | |
| | | Number of
Shares | | |
Value† | |
| AFFILIATED EQUITY FUNDS — 16.9% | |
Penn Series Flexibly Managed Fund* | | | 154,345 | | | $ | 4,205,906 | |
Penn Series Index 500 Fund* | | | 277,343 | | | | 2,803,937 | |
Penn Series Large Core Value Fund* | | | 145,432 | | | | 1,401,969 | |
Penn Series Large Growth Stock Fund* | | | 81,415 | | | | 1,401,969 | |
Penn Series Mid Core Value Fund* | | | 195,624 | | | | 2,102,953 | |
| | | | | | | | |
TOTAL AFFILIATED EQUITY FUNDS (Cost $9,670,564) | | | | 11,916,734 | |
| | | | | | | | |
| AFFILIATED FIXED INCOME FUNDS — 67.7% | |
Penn Series High Yield Bond Fund* | | | 452,248 | | | | 4,205,906 | |
Penn Series Limited Maturity Bond Fund* | | | 1,529,198 | | | | 17,524,610 | |
Penn Series Quality Bond Fund* | | | 1,995,109 | | | | 25,936,422 | |
| | | | | | | | |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $42,532,733) | | | | 47,666,938 | |
| | | | | | | | |
| AFFILIATED INTERNATIONAL EQUITY FUNDS — 5.0% | |
Penn Series Developed International Index Fund* | | | 157,702 | | | | 1,401,969 | |
Penn Series International Equity Fund* | | | 110,275 | | | | 2,102,953 | |
| | | | | | | | |
| TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $2,856,837) | | | | 3,504,922 | |
| | | | | | | | |
| AFFILIATED MONEY MARKET FUND — 10.0% | |
Penn Series Money Market Fund
(Cost $7,009,902) | | | 7,009,902 | | | | 7,009,902 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS — 0.4% | |
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares
(Cost $259,617) | | | 259,617 | | | | 259,617 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $62,329,653) | | | $ | 70,358,113 | |
| | | | | | | | |
| † | See Security Valuation Note. |
| * | Non-income producing security. |
Summary of inputs used to value the Fund’s investments as of 06/30/2012 are as follows (See Security Valuation Note) :
| | | | | | | | | | | | | | | | |
| ASSETS TABLE | |
| Description | | Total
Market
Value at
06/30/2012 | | | Level 1
Quoted
Price | | | Level 2
Significant
Observable
Input | | | Level 3
Significant
Unobservable
Input | |
AFFILIATED EQUITY FUNDS | | $ | 11,916,734 | | | $ | 11,916,734 | | | $ | — | | | $ | — | |
AFFILIATED FIXED INCOME FUNDS | | | 47,666,938 | | | | 47,666,938 | | | | — | | | | — | |
AFFILIATED INTERNATIONAL EQUITY FUNDS | | | 3,504,922 | | | | 3,504,922 | | | | — | | | | — | |
AFFILIATED MONEY MARKET FUNDS | | | 7,009,902 | | | | 7,009,902 | | | | — | | | | — | |
SHORT-TERM INVESTMENTS | | | 259,617 | | | | 259,617 | | | | — | | | | — | |
| |
TOTAL INVESTMENTS | | $ | 70,358,113 | | | $ | 70,358,113 | | | $ | — | | | $ | — | |
| |
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.
The accompanying notes are an integral part of these financial statements.
144
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality
Bond
Fund | | | High Yield
Bond
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 143,044,418 | | | $ | 188,413,710 | | | $ | 530,595,460 | | | $ | 170,952,635 | |
Foreign currency, at value | | | — | | | | — | | | | — | | | | 8,540 | |
Interest, dividends and reclaims receivable | | | 121,889 | | | | 650,590 | | | | 2,527,961 | | | | 2,582,493 | |
Receivable for investment securities sold | | | — | | | | — | | | | — | | | | 197,055 | |
Receivable from investment adviser | | | 7,585 | | | | — | | | | — | | | | — | |
Receivable for capital stock sold | | | 60,731 | | | | 7,725 | | | | 403,644 | | | | 26,595 | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | — | | | | 10,836 | |
Other assets | | | 3,491 | | | | 4,100 | | | | 10,844 | | | | 3,538 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 143,238,114 | | | | 189,076,125 | | | | 533,537,909 | | | | 173,781,692 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | — | | | | — | | | | 5,000,000 | | | | 10,629,948 | |
Payable for capital stock redeemed | | | 237,273 | | | | 1,423,223 | | | | 3,189,310 | | | | 3,934,070 | |
Payable to investment adviser | | | — | | | | 46,300 | | | | 133,210 | | | | 65,326 | |
Payable to The Penn Mutual Life Insurance Co. | | | 44,102 | | | | 68,799 | | | | 192,321 | | | | 59,127 | |
Net unrealized depreciation of forward foreign currency contracts | | | — | | | | — | | | | — | | | | 66,613 | |
Other liabilities | | | 29,536 | | | | 31,157 | | | | 74,330 | | | | 40,911 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 310,911 | | | | 1,569,479 | | | | 8,589,171 | | | | 14,795,995 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 142,927,203 | | | $ | 187,506,646 | | | $ | 524,948,738 | | | $ | 158,985,697 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 143,044,418 | | | | 185,797,708 | | | | 498,095,144 | | | | 166,859,458 | |
Foreign currency at cost | | | — | | | | — | | | | — | | | | 8,386 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 142,927,203 | | | $ | 183,899,637 | | | $ | 481,022,854 | | | $ | 158,634,950 | |
Undistributed net investment income (loss) | | | — | | | | 879,759 | | | | 5,428,527 | | | | 4,725,440 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | — | | | | 111,248 | | | | 5,997,041 | | | | (8,411,060 | ) |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | — | | | | 2,616,002 | | | | 32,500,316 | | | | 4,036,367 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 142,927,203 | | | $ | 187,506,646 | | | $ | 524,948,738 | | | $ | 158,985,697 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 500 million shares authorized | | | 142,911,277 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | | | | | 40,393,453 | | | | 17,099,218 | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 16,358,312 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 1.00 | | | $ | 11.46 | | | $ | 13.00 | | | $ | 9.30 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
145
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth
Stock Fund | | | Large Cap
Growth
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | — | | | $ | 69,732,578 | | | $ | — | | | $ | — | |
Investments of unaffiliated issuers at value | | | 1,824,581,104 | | | | 126,001 | | | | 193,290,156 | | | | 34,327,158 | |
Interest, dividends and reclaims receivable | | | 4,181,735 | | | | 1 | | | | 98,784 | | | | 31,133 | |
Receivable for investment securities sold | | | 21,156,664 | | | | 920,026 | | | | 291,098 | | | | 5,610,699 | |
Receivable for capital stock sold | | | 6,238,965 | | | | 1,517 | | | | 5,764,265 | | | | 15,119 | |
Other assets | | | 41,304 | | | | 1,598 | | | | 4,538 | | | | 915 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 1,856,199,772 | | | | 70,781,721 | | | | 199,448,841 | | | | 39,985,024 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Call options written, at value | | | 13,885,113 | | | | — | | | | — | | | | — | |
Payable for investment securities purchased | | | 15,419,034 | | | | 901,984 | | | | 229,644 | | | | 414,693 | |
Payable for capital stock redeemed | | | 297,459 | | | | 355 | | | | 33,138 | | | | 5,077,020 | |
Payable to investment adviser | | | 878,108 | | | | — | | | | 97,346 | | | | 17,512 | |
Payable to The Penn Mutual Life Insurance Co. | | | 672,151 | | | | 18,490 | | | | 73,266 | | | | 15,211 | |
Other liabilities | | | 206,034 | | | | 9,493 | | | | 42,748 | | | | 7,865 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 31,357,899 | | | | 930,322 | | | | 476,142 | | | | 5,532,301 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 1,824,841,873 | | | $ | 69,851,399 | | | $ | 198,972,699 | | | $ | 34,452,723 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | | — | | | | 54,586,641 | | | | — | | | | — | |
Investments of unaffiliated issuers at cost | | | 1,657,740,192 | | | | 126,001 | | | | 137,601,542 | | | | 31,214,641 | |
Call options written, premiums received | | | 12,799,208 | | | | — | | | | — | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 1,567,937,369 | | | $ | 59,326,246 | | | $ | 162,091,591 | | | $ | 32,504,197 | |
Undistributed net investment income (loss) | | | 13,637,974 | | | | (65,660 | ) | | | (254,856 | ) | | | (31,333 | ) |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | 77,512,302 | | | | (4,555,124 | ) | | | (18,552,654 | ) | | | (1,132,658 | ) |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 165,754,228 | | | | 15,145,937 | | | | 55,688,618 | | | | 3,112,517 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 1,824,841,873 | | | $ | 69,851,399 | | | $ | 198,972,699 | | | $ | 34,452,723 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | 66,971,944 | | | | | | | | 11,557,644 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | | | | | 5,755,947 | | | | | | | | 3,699,021 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 27.25 | | | $ | 12.14 | | | $ | 17.22 | | | $ | 9.31 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
146
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index
500
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 106,890,114 | | | $ | 164,608,294 | | | $ | 151,117,477 | | | $ | 283,537,182 | |
Interest, dividends and reclaims receivable | | | 52,239 | | | | 184,474 | | | | 374,788 | | | | 362,851 | |
Receivable for investment securities sold | | | 2,002,897 | | | | 9,518,949 | | | | 1,052,810 | | | | 254,594 | |
Receivable for capital stock sold | | | 147,642 | | | | 17,863 | | | | 749,368 | | | | 6,388,654 | |
Futures receivable | | | — | | | | — | | | | — | | | | 105,400 | |
Other assets | | | 2,756 | | | | 4,252 | | | | 3,601 | | | | 14,905 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 109,095,648 | | | | 174,333,832 | | | | 153,298,044 | | | | 290,663,586 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 1,954,286 | | | | 4,661,910 | | | | 1,515,248 | | | | 452,763 | |
Payable for capital stock redeemed | | | 27,370 | | | | 11,029,766 | | | | 153,948 | | | | 183,159 | |
Payable to investment adviser | | | 51,627 | | | | 81,089 | | | | 71,787 | | | | 15,763 | |
Payable to The Penn Mutual Life Insurance Co. | | | 40,737 | | | | 63,672 | | | | 55,711 | | | | 104,988 | |
Other liabilities | | | 21,467 | | | | 31,131 | | | | 28,929 | | | | 54,156 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 2,095,487 | | | | 15,867,568 | | | | 1,825,623 | | | | 810,829 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 107,000,161 | | | $ | 158,466,264 | | | $ | 151,472,421 | | | $ | 289,852,757 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 85,468,393 | | | | 158,977,796 | | | | 123,085,906 | | | | 241,563,068 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 109,399,745 | | | $ | 179,484,587 | | | $ | 157,857,338 | | | $ | 268,960,558 | |
Undistributed net investment income (loss) | | | (74,210 | ) | | | 967,099 | | | | 1,244,999 | | | | 2,478,552 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | (23,747,095 | ) | | | (27,615,920 | ) | | | (35,661,487 | ) | | | (23,689,882 | ) |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 21,421,721 | | | | 5,630,498 | | | | 28,031,571 | | | | 42,103,529 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 107,000,161 | | | $ | 158,466,264 | | | $ | 151,472,421 | | | $ | 289,852,757 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 10,959,238 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 10,245,580 | | | | | | | | 15,706,845 | | | | 28,662,647 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 10.44 | | | $ | 14.46 | | | $ | 9.64 | | | $ | 10.11 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
147
Penn Series Funds, Inc.
Statements of Assets And Liabilities (Unaudited)
June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 101,057,772 | | | $ | 99,821,356 | | | $ | 62,149,167 | | | $ | 32,167,026 | |
Interest, dividends and reclaims receivable | | | 63,734 | | | | 230,423 | | | | 68,658 | | | | 3,069 | |
Receivable for investment securities sold | | | 2,010,140 | | | | — | | | | 669,056 | | | | 375,731 | |
Receivable for capital stock sold | | | 566,126 | | | | 390,622 | | | | 1,773,609 | | | | 3,043,519 | |
Other assets | | | 2,679 | | | | 2,689 | | | | 1,427 | | | | 691 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 103,700,451 | | | | 100,445,090 | | | | 64,661,917 | | | | 35,590,036 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 1,032,339 | | | | — | | | | 1,088,874 | | | | 482,009 | |
Payable for capital stock redeemed | | | 1,790,601 | | | | 15,063 | | | | 20,543 | | | | 8,186 | |
Payable to investment adviser | | | 57,298 | | | | 43,418 | | | | 35,389 | | | | 16,557 | |
Payable to The Penn Mutual Life Insurance Co. | | | 36,790 | | | | 37,597 | | | | 23,331 | | | | 11,782 | |
Other liabilities | | | 16,908 | | | | 19,276 | | | | 13,720 | | | | 6,789 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 2,933,936 | | | | 115,354 | | | | 1,181,857 | | | | 525,323 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 100,766,515 | | | $ | 100,329,736 | | | $ | 63,480,060 | | | $ | 35,064,713 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 90,166,052 | | | | 94,749,669 | | | | 57,277,001 | | | | 29,376,269 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 88,432,466 | | | $ | 93,305,952 | | | $ | 62,260,511 | | | $ | 32,149,819 | |
Undistributed net investment income (loss) | | | (230,434 | ) | | | 604,423 | | | | 235,497 | | | | (132,034 | ) |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | 1,672,763 | | | | 1,347,674 | | | | (3,888,114 | ) | | | 256,171 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 10,891,720 | | | | 5,071,687 | | | | 4,872,166 | | | | 2,790,757 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 100,766,515 | | | $ | 100,329,736 | | | $ | 63,480,060 | | | $ | 35,064,713 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 10,241,147 | | | | 7,962,221 | | | | 5,907,435 | | | | 2,652,522 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 9.84 | | | $ | 12.60 | | | $ | 10.75 | | | $ | 13.22 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
148
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2012
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 37,257,715 | | | $ | 78,748,592 | | | $ | 164,124,586 | | | $ | 32,847,967 | |
Interest, dividends and reclaims receivable | | | 53,020 | | | | 2,231 | | | | 273,478 | | | | 37,138 | |
Receivable for investment securities sold | | | 671,753 | | | | 726,825 | | | | 1,371,323 | | | | 134,645 | |
Receivable for capital stock sold | | | 417,210 | | | | 275,239 | | | | 160,007 | | | | 1,955,627 | |
Futures receivable | | | — | | | | — | | | | — | | | | 37,600 | |
Other assets | | | 793 | | | | 2,125 | | | | 3,992 | | | | 713 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 38,400,491 | | | | 79,755,012 | | | | 165,933,386 | | | | 35,013,690 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 157,614 | | | | 764,725 | | | | 331,520 | | | | — | |
Payable for capital stock redeemed | | | 1,626,005 | | | | 1,283,413 | | | | 17,191 | | | | 30,160 | |
Payable to investment adviser | | | 23,880 | | | | 45,724 | | | | 110,791 | | | | 4,244 | |
Payable to The Penn Mutual Life Insurance Co. | | | 13,793 | | | | 29,973 | | | | 61,620 | | | | 11,987 | |
Other liabilities | | | 7,823 | | | | 14,643 | | | | 29,441 | | | | 37,516 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 1,829,115 | | | | 2,138,478 | | | | 550,563 | | | | 83,907 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 36,571,376 | | | $ | 77,616,534 | | | $ | 165,382,823 | | | $ | 34,929,783 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 35,056,302 | | | | 78,720,298 | | | | 144,312,026 | | | | 28,350,987 | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 32,940,170 | | | $ | 78,472,300 | | | $ | 144,307,315 | | | $ | 29,453,795 | |
Undistributed net investment income (loss) | | | 85,707 | | | | (407,433 | ) | | | 1,049,379 | | | | 166,890 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | 1,344,085 | | | | (476,626 | ) | | | 213,569 | | | | 766,876 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 2,201,414 | | | | 28,293 | | | | 19,812,560 | | | | 4,542,222 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 36,571,376 | | | $ | 77,616,534 | | | $ | 165,382,823 | | | $ | 34,929,783 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 4,082,264 | | | | 9,581,852 | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 2,930,168 | | | | | | | | | | | | 3,054,072 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 12.48 | | | $ | 19.01 | | | $ | 17.26 | | | $ | 11.44 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
149
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Developed
International
Index
Fund | | | International
Equity
Fund | | | Emerging
Markets
Equity
Fund | | | Real Estate
Securities
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value | | $ | 66,760,396 | | | $ | 326,432,876 | | | $ | 130,508,308 | | | $ | 89,825,801 | |
Foreign currency, at value | | | 672,737 | | | | 307,780 | | | | 300,142 | | | | — | |
Interest, dividends and reclaims receivable | | | 220,682 | | | | 1,550,485 | | | | 380,903 | | | | 157,069 | |
Receivable for investment securities sold | | | 67,396 | | | | 1,098,137 | | | | 975,953 | | | | 1,096,374 | |
Receivable from investment adviser | | | 8,086 | | | | — | | | | — | | | | — | |
Receivable for capital stock sold | | | 1,245,680 | | | | 365,500 | | | | 535,062 | | | | 58,065 | |
Net unrealized appreciation of forward foreign currency contracts | | | — | | | | — | | | | 14,208 | | | | — | |
Other assets | | | 630,082 | | | | 7,938 | | | | 3,311 | | | | 1,894 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 69,605,059 | | | | 329,762,716 | | | | 132,717,887 | | | | 91,139,203 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Payable for investment securities purchased | | | 352,091 | | | | 409,139 | | | | 361,756 | | | | 1,073,936 | |
Payable for capital stock redeemed | | | 14,112 | | | | 258,919 | | | | 13,270 | | | | 718,550 | |
Payable to investment adviser | | | — | | | | 221,391 | | | | 125,393 | | | | 49,370 | |
Payable to The Penn Mutual Life Insurance Co. | | | 24,781 | | | | 122,694 | | | | 49,505 | | | | 32,213 | |
Deferred Indian capital gains tax | | | — | | | | — | | | | 155,509 | | | | — | |
Other liabilities | | | 62,317 | | | | 117,246 | | | | 191,061 | | | | 12,315 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 453,301 | | | | 1,129,389 | | | | 896,494 | | | | 1,886,384 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 69,151,758 | | | $ | 328,633,327 | | | $ | 131,821,393 | | | $ | 89,252,819 | |
| | | | | | | | | | | | | | | | |
Investments at cost | | | 68,802,241 | | | | 267,756,577 | | | | 115,570,864 | | | | 80,757,024 | |
Foreign currency at cost | | | 671,022 | | | | 345,715 | | | | 294,669 | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 70,883,795 | | | $ | 324,777,816 | | | $ | 129,850,371 | | | $ | 76,266,173 | |
Undistributed net investment income (loss) | | | 1,313,782 | | | | (690,043 | ) | | | 470,419 | | | | 840,854 | |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | (1,125,287 | ) | | | (54,062,927 | ) | | | (13,303,282 | ) | | | 3,077,015 | |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | (1,920,532 | ) | | | 58,608,481 | | | | 14,803,885 | | | | 9,068,777 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 69,151,758 | | | $ | 328,633,327 | | | $ | 131,821,393 | | | $ | 89,252,819 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.10 par value, 250 million shares authorized | | | | | | | 17,235,797 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 7,775,871 | | | | | | | | 12,907,096 | | | | 6,798,122 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 8.89 | | | $ | 19.07 | | | $ | 10.21 | | | $ | 13.13 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
150
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
ASSETS | | | | | | | | | | | | | | | | |
Investments of affiliated issuers at value | | $ | 34,151,494 | | | $ | 148,989,758 | | | $ | 255,562,452 | | | $ | 92,533,295 | |
Investments of unaffiliated issuers at value | | | 93,402 | | | | 477,274 | | | | 283,027 | | | | — | |
Interest, dividends and reclaims receivable | | | 2 | | | | 4 | | | | 7 | | | | 3 | |
Receivable for investment securities sold | | | 2,191,914 | | | | 8,628,885 | | | | 10,948,783 | | | | 5,085,105 | |
Receivable for capital stock sold | | | — | | | | — | | | | 305,864 | | | | 107,023 | |
Other assets | | | 713 | | | | 3,464 | | | | 5,615 | | | | 2,107 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 36,437,525 | | | | 158,099,385 | | | | 267,105,748 | | | | 97,727,533 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | — | | | | — | | | | 94,960 | |
Payable for investment securities purchased | | | 2,224,791 | | | | 8,783,381 | | | | 10,919,281 | | | | 4,705,372 | |
Payable for capital stock redeemed | | | 2,110 | | | | 13,903 | | | | 7 | | | | 40 | |
Payable to investment adviser | | | 2,267 | | | | 11,846 | | | | 20,429 | | | | 8,317 | |
Payable to The Penn Mutual Life Insurance Co. | | | 12,180 | | | | 56,265 | | | | 93,155 | | | | 34,715 | |
Other liabilities | | | 6,477 | | | | 16,393 | | | | 26,125 | | | | 11,612 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 2,247,825 | | | | 8,881,788 | | | | 11,058,997 | | | | 4,855,016 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 34,189,700 | | | $ | 149,217,597 | | | $ | 256,046,751 | | | $ | 92,872,517 | |
| | | | | | | | | | | | | | | | |
Investments of affiliated issuers at cost | | | 27,388,569 | | | | 118,292,838 | | | | 213,333,745 | | | | 78,087,158 | |
Investments of unaffiliated issuers at cost | | | 93,402 | | | | 477,274 | | | | 283,027 | | | | — | |
| | | | |
COMPONENTS OF NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in Capital | | $ | 27,790,961 | | | $ | 120,970,761 | | | $ | 214,715,303 | | | $ | 78,773,542 | |
Undistributed net investment income (loss) | | | (52,269 | ) | | | (238,309 | ) | | | (388,830 | ) | | | (153,754 | ) |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | (311,917 | ) | | | (2,211,775 | ) | | | (508,429 | ) | | | (193,408 | ) |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 6,762,925 | | | | 30,696,920 | | | | 42,228,707 | | | | 14,446,137 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 34,189,700 | | | $ | 149,217,597 | | | $ | 256,046,751 | | | $ | 92,872,517 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 3,194,525 | | | | 12,855,142 | | | | 22,556,570 | | | | 8,146,895 | |
| | | | | | | | | | | | | | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 10.70 | | | $ | 11.61 | | | $ | 11.35 | | | $ | 11.40 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
151
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2012
| | | | |
| | | Conservative
Allocation
Fund | |
ASSETS | | | | |
Investments of affiliated issuers at value | | $ | 70,098,496 | |
Investments of unaffiliated issuers at value | | | 259,617 | |
Interest, dividends and reclaims receivable | | | 3 | |
Receivable for investment securities sold | | | 2,806,335 | |
Receivable for capital stock sold | | | 580 | |
Other assets | | | 1,388 | |
| | | | |
Total Assets | | | 73,166,419 | |
| | | | |
| |
LIABILITIES | | | | |
Payable for investment securities purchased | | | 2,744,738 | |
Payable for capital stock redeemed | | | 237 | |
Payable to investment adviser | | | 6,474 | |
Payable to The Penn Mutual Life Insurance Co. | | | 24,659 | |
Other liabilities | | | 9,048 | |
| | | | |
Total Liabilities | | | 2,785,156 | |
| | | | |
NET ASSETS | | $ | 70,381,263 | |
| | | | |
Investments of affiliated issuers at cost | | | 62,070,036 | |
Investments of unaffiliated issuers at cost | | | 259,617 | |
| |
COMPONENTS OF NET ASSETS: | | | | |
Paid-in Capital | | $ | 62,520,604 | |
Undistributed net investment income (loss) | | | (106,779 | ) |
Accumulated net realized gain (loss) on investment
transactions and foreign exchange | | | (61,022 | ) |
Net unrealized appreciation (depreciation) in value of investments,
futures contracts and foreign currency related items | | | 8,028,460 | |
| | | | |
NET ASSETS | | $ | 70,381,263 | |
| | | | |
| |
Shares outstanding, $0.0001 par value, 250 million shares authorized | | | 6,151,677 | |
| | | | |
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE | | $ | 11.44 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
152
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Money
Market
Fund | | | Limited
Maturity Bond
Fund | | | Quality Bond
Fund | | | High Yield
Bond
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 1,893 | | | $ | 939 | | | $ | 3,485 | | | $ | 112,582 | |
Interest | | | 162,329 | | | | 1,397,537 | | | | 6,841,695 | | | | 5,654,348 | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 164,222 | | | | 1,398,476 | | | | 6,845,180 | | | | 5,766,930 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 133,440 | | | | 268,568 | | | | 772,304 | | | | 382,422 | |
Administration fees | | | 108,577 | | | | 134,284 | | | | 373,720 | | | | 114,727 | |
Accounting fees | | | 46,138 | | | | 54,707 | | | | 114,526 | | | | 48,188 | |
Director fees and expenses | | | 3,186 | | | | 3,667 | | | | 9,931 | | | | 3,115 | |
Custodian fees and expenses | | | 24,586 | | | | 10,966 | | | | 28,047 | | | | 21,248 | |
Pricing fees | | | 7,702 | | | | 7,013 | | | | 11,894 | | | | 30,316 | |
Professional fees | | | 15,388 | | | | 18,168 | | | | 49,108 | | | | 15,159 | |
Printing fees | | | 9,247 | | | | 10,871 | | | | 29,631 | | | | 9,166 | |
Other expenses | | | 11,969 | | | | 10,473 | | | | 27,492 | | | | 9,746 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 360,233 | | | | 518,717 | | | | 1,416,653 | | | | 634,087 | |
Less: Waivers and reimbursement from advisor | | | 133,440 | | | | — | | | | — | | | | — | |
Less: Waivers and reimbursement from administrator | | | 69,825 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 156,968 | | | | 518,717 | | | | 1,416,653 | | | | 634,087 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 7,254 | | | | 879,759 | | | | 5,428,527 | | | | 5,132,843 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | — | | | | 360,778 | | | | 6,728,771 | | | | (142,666 | ) |
Net realized foreign currency exchange gain (loss) | | | — | | | | — | | | | — | | | | 143,676 | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | — | | | | (536,383 | ) | | | (1,508,587 | ) | | | 4,361,541 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | — | | | | (175,605 | ) | | | 5,220,184 | | | | 4,362,551 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 7,254 | | | $ | 704,154 | | | $ | 10,648,711 | | | $ | 9,495,394 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Flexibly
Managed
Fund | | | Balanced
Fund | | | Large
Growth Stock
Fund | | | Large Cap
Growth
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 11,218,315 | | | $ | 11 | | | $ | 644,104 | | | $ | 152,879 | |
Interest | | | 9,700,104 | | | | — | | | | — | | | | 1 | |
Foreign tax withheld | | | (13,864 | ) | | | — | | | | (1,572 | ) | | | (730 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 20,904,555 | | | | 11 | | | | 642,532 | | | | 152,150 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 5,316,413 | | | | — | | | | 609,589 | | | | 112,871 | |
Administration fees | | | 1,329,103 | | | | 51,359 | | | | 146,182 | | | | 30,783 | |
Accounting fees | | | 246,831 | | | | 5,968 | | | | 58,673 | | | | 14,429 | |
Director fees and expenses | | | 36,546 | | | | 1,426 | | | | 3,993 | | | | 828 | |
Custodian fees and expenses | | | 120,954 | �� | | | 3,906 | | | | 23,650 | | | | 11,411 | |
Pricing fees | | | 18,617 | | | | 1,950 | | | | 12,201 | | | | 3,706 | |
Professional fees | | | 177,374 | | | | 6,828 | | | | 19,369 | | | | 4,163 | |
Printing fees | | | 107,679 | | | | 4,191 | | | | 11,790 | | | | 2,489 | |
Other expenses | | | 104,265 | | | | 4,610 | | | | 11,941 | | | | 2,803 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 7,457,782 | | | | 80,238 | | | | 897,388 | | | | 183,483 | |
Less: Waivers and reimbursement from administrator | | | — | | | | 14,567 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 7,457,782 | | | | 65,671 | | | | 897,388 | | | | 183,483 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 13,446,773 | | | | (65,660 | ) | | | (254,856 | ) | | | (31,333 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 84,924,445 | | | | 318,159 | | | | 4,675,689 | | | | 2,160,088 | |
Net realized gain (loss) on options | | | 3,766,983 | | | | — | | | | — | | | | — | |
Net realized foreign currency exchange gain (loss) | | | 160,465 | | | | — | | | | (288 | ) | | | — | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 13,703,926 | | | | 3,983,485 | | | | 19,206,511 | | | | 707,684 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 102,555,819 | | | | 4,301,644 | | | | 23,881,912 | | | | 2,867,772 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 116,002,592 | | | $ | 4,235,984 | | | $ | 23,627,056 | | | $ | 2,836,439 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
153
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Large Core
Growth
Fund | | | Large Cap
Value
Fund | | | Large Core
Value
Fund | | | Index
500
Fund | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 416,460 | | | $ | 1,776,825 | | | $ | 1,920,982 | | | $ | 2,967,390 | |
Interest | | | — | | | | 1 | | | | 13 | | | | 66 | |
Foreign tax withheld | | | — | | | | (7,998 | ) | | | (14,382 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 416,460 | | | | 1,768,828 | | | | 1,906,613 | | | | 2,967,456 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 326,953 | | | | 518,414 | | | | 447,607 | | | | 98,695 | |
Administration fees | | | 81,738 | | | | 129,604 | | | | 111,902 | | | | 211,488 | |
Accounting fees | | | 37,192 | | | | 53,147 | | | | 47,246 | | | | 80,440 | |
Director fees and expenses | | | 2,348 | | | | 3,728 | | | | 3,176 | | | | 5,879 | |
Custodian fees and expenses | | | 14,270 | | | | 14,508 | | | | 14,309 | | | | 19,609 | |
Pricing fees | | | 3,139 | | | | 4,651 | | | | 3,294 | | | | 7,091 | |
Professional fees | | | 10,356 | | | | 17,411 | | | | 14,750 | | | | 28,029 | |
Printing fees | | | 6,591 | | | | 10,852 | | | | 9,095 | | | | 17,312 | |
Other expenses | | | 8,083 | | | | 11,500 | | | | 10,235 | | | | 26,156 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 490,670 | | | | 763,815 | | | | 661,614 | | | | 494,699 | |
Less: Waivers and reimbursement from administrator | | | — | | | | — | | | | — | | | | 2,570 | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 490,670 | | | | 763,815 | | | | 661,614 | | | | 492,129 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (74,210 | ) | | | 1,005,013 | | | | 1,244,999 | | | | 2,475,327 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 8,793,068 | | | | 115,079 | | | | 3,192,850 | | | | 818,896 | |
Net realized gain (loss) on futures contracts | | | — | | | | — | | | | — | | | | 139,904 | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 3,885,366 | | | | 6,397,555 | | | | 7,148,032 | | | | 21,272,340 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | — | | | | — | | | | 130,754 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 12,678,434 | | | | 6,512,634 | | | | 10,340,882 | | | | 22,361,894 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 12,604,224 | | | $ | 7,517,647 | | | $ | 11,585,881 | | | $ | 24,837,221 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Mid Cap
Growth
Fund | | | Mid Cap
Value
Fund | | | Mid Core
Value
Fund | | | SMID Cap
Growth
Fund | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 304,435 | | | $ | 1,034,449 | | | $ | 549,605 | | | $ | 30,586 | |
Interest | | | — | | | | — | | | | 13 | | | | — | |
Foreign tax withheld | | | 88 | | | | (9,784 | ) | | | (1 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 304,523 | | | | 1,024,665 | | | | 549,617 | | | | 30,586 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 374,683 | | | | 279,583 | | | | 227,684 | | | | 116,121 | |
Administration fees | | | 80,289 | | | | 76,250 | | | | 47,434 | | | | 23,224 | |
Accounting fees | | | 36,693 | | | | 35,266 | | | | 22,136 | | | | 13,675 | |
Director fees and expenses | | | 2,337 | | | | 2,268 | | | | 1,294 | | | | 610 | |
Custodian fees and expenses | | | 10,529 | | | | 9,538 | | | | 20,004 | | | | 8,682 | |
Pricing fees | | | 4,081 | | | | 3,883 | | | | 4,043 | | | | 3,377 | |
Professional fees | | | 10,682 | | | | 9,962 | | | | 6,529 | | | | 3,020 | |
Printing fees | | | 6,749 | | | | 6,418 | | | | 3,898 | | | | 1,829 | |
Other expenses | | | 11,238 | | | | 8,050 | | | | 4,072 | | | | 2,246 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 537,281 | | | | 431,218 | | | | 337,094 | | | | 172,784 | |
Less: Waivers and reimbursement from advisor | | | — | | | | — | | | | — | | | | 10,164 | |
Less: Waivers and reimbursement from administrator | | | 2,324 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 534,957 | | | | 431,218 | | | | 337,094 | | | | 162,620 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (230,434 | ) | | | 593,447 | | | | 212,523 | | | | (132,034 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 3,299,638 | | | | 2,237,590 | | | | 3,137,350 | | | | 290,299 | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 2,060,091 | | | | 3,750,254 | | | | (1,132,457 | ) | | | 2,790,396 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 5,359,729 | | | | 5,987,844 | | | | 2,004,893 | | | | 3,080,695 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 5,129,295 | | | $ | 6,581,291 | | | $ | 2,217,416 | | | $ | 2,948,661 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
154
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2012
| | | | | | | | | | | | | | | | |
| | | SMID Cap
Value
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Index
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 293,700 | | | $ | 48,582 | | | $ | 2,004,812 | | | $ | 255,128 | |
Interest | | | — | | | | 14 | | | | — | | | | 116 | |
Foreign tax withheld | | | — | | | | — | | | | (139 | ) | | | (327 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 293,700 | | | | 48,596 | | | | 2,004,673 | | | | 254,917 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 173,270 | | | | 310,667 | | | | 706,171 | | | | 48,001 | |
Administration fees | | | 27,358 | | | | 62,576 | | | | 124,618 | | | | 24,001 | |
Accounting fees | | | 13,676 | | | | 29,202 | | | | 51,485 | | | | 13,675 | |
Director fees and expenses | | | 713 | | | | 1,863 | | | | 3,521 | | | | 641 | |
Custodian fees and expenses | | | 6,529 | | | | 27,629 | | | | 24,246 | | | | 17,680 | |
Pricing fees | | | 3,514 | | | | 4,121 | | | | 5,248 | | | | 17,372 | |
Professional fees | | | 3,634 | | | | 8,393 | | | | 16,732 | | | | 3,199 | |
Printing fees | | | 2,167 | | | | 5,307 | | | | 10,304 | | | | 1,931 | |
Other expenses | | | 2,452 | | | | 6,271 | | | | 15,368 | | | | 2,243 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 233,313 | | | | 456,029 | | | | 957,693 | | | | 128,743 | |
Less: Waivers and reimbursement from advisor | | | 25,320 | | | | — | | | | 2,399 | | | | 40,716 | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 207,993 | | | | 456,029 | | | | 955,294 | | | | 88,027 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 85,707 | | | | (407,433 | ) | | | 1,049,379 | | | | 166,890 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 1,719,215 | | | | 2,657,712 | | | | 8,307,377 | | | | 997,793 | |
Net realized gain (loss) on futures contracts | | | — | | | | — | | | | — | | | | 58,037 | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 459,668 | | | | 1,604,141 | | | | 833,446 | | | | 1,064,237 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | — | | | | — | | | | — | | | | 30,978 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 2,178,883 | | | | 4,261,853 | | | | 9,140,823 | | | | 2,151,045 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,264,590 | | | $ | 3,854,420 | | | $ | 10,190,202 | | | $ | 2,317,935 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Developed
International
Index
Fund | | | International
Equity
Fund | | | Emerging
Markets
Equity
Fund | | | Real Estate
Securities
Fund | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 1,712,118 | | | $ | 5,995,017 | | | $ | 1,810,845 | | | $ | 1,266,899 | |
Interest | | | 645 | | | | 70 | | | | 493 | | | | — | |
Foreign tax withheld | | | (135,955 | ) | | | (304,836 | ) | | | (199,149 | ) | | | (4,303 | ) |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 1,576,808 | | | | 5,690,251 | | | | 1,612,189 | | | | 1,262,596 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 100,158 | | | | 1,391,329 | | | | 786,585 | | | | 291,016 | |
Administration fees | | | 50,079 | | | | 245,529 | | | | 99,990 | | | | 62,361 | |
Accounting fees | | | 26,709 | | | | 108,157 | | | | 49,941 | | | | 29,102 | |
Director fees and expenses | | | 1,378 | | | | 6,931 | | | | 2,838 | | | | 1,670 | |
Custodian fees and expenses | | | 30,883 | | | | 88,390 | | | | 192,804 | | | | 15,861 | |
Pricing fees | | | 103,351 | | | | 17,101 | | | | 25,752 | | | | 3,504 | |
Professional fees | | | 6,718 | | | | 40,428 | | | | 26,690 | | | | 8,183 | |
Printing fees | | | 4,085 | | | | 20,132 | | | | 8,210 | | | | 4,841 | |
Other expenses | | | 12,648 | | | | 20,580 | | | | 9,230 | | | | 5,204 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 336,009 | | | | 1,938,577 | | | | 1,202,040 | | | | 421,742 | |
Less: Waivers and reimbursement from advisor | | | 139,007 | | | | — | | | | 82,405 | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 197,002 | | | | 1,938,577 | | | | 1,119,635 | | | | 421,742 | |
| | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 1,379,806 | | | | 3,751,674 | | | | 492,554 | | | | 840,854 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | (372,096 | ) | | | 22,258,634 | | | | (2,370,075 | ) | | | 4,719,160 | |
Net realized gain (loss) on futures contracts | | | (45,492 | ) | | | — | | | | — | | | | — | |
Net realized foreign currency exchange gain (loss) | | | 5,145 | | | | (364,588 | ) | | | (110,197 | ) | | | — | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 1,070,721 | | | | (1,924,625 | ) | | | 9,069,727 | | | | 4,904,571 | |
Change in net unrealized appreciation (depreciation) of futures contracts | | | 94,828 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 753,106 | | | | 19,969,421 | | | | 6,589,455 | | | | 9,623,731 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,132,912 | | | $ | 23,721,095 | | | $ | 7,082,009 | | | $ | 10,464,585 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
155
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2012
| | | | | | | | | | | | | | | | |
| | | Aggressive
Allocation
Fund | | | Moderately
Aggressive
Allocation
Fund | | | Moderate
Allocation
Fund | | | Moderately
Conservative
Allocation
Fund | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 7 | | | $ | 32 | | | $ | 407 | | | $ | 255 | |
Interest | | | — | | | | 7 | | | | 9 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Investment Income (Loss) | | | 7 | | | | 39 | | | | 416 | | | | 255 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 15,828 | | | | 74,087 | | | | 121,711 | | | | 46,565 | |
Administration fees | | | 23,742 | | | | 111,131 | | | | 182,567 | | | | 69,848 | |
Accounting fees | | | 5,968 | | | | 7,409 | | | | 12,171 | | | | 5,968 | |
Director fees and expenses | | | 629 | | | | 3,027 | | | | 4,928 | | | | 1,899 | |
Custodian fees and expenses | | | 2,208 | | | | 7,917 | | | | 12,743 | | | | 5,173 | |
Pricing fees | | | 2,078 | | | | 2,108 | | | | 2,110 | | | | 2,082 | |
Professional fees | | | 3,088 | | | | 14,698 | | | | 24,149 | | | | 9,589 | |
Printing fees | | | 1,875 | | | | 8,960 | | | | 14,609 | | | | 5,694 | |
Other expenses | | | 2,298 | | | | 9,011 | | | | 14,258 | | | | 8,618 | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 57,714 | | | | 238,348 | | | | 389,246 | | | | 155,436 | |
Less: Waivers and reimbursement from advisor | | | 5,438 | | | | — | | | | — | | | | 1,427 | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 52,276 | | | | 238,348 | | | | 389,246 | | | | 154,009 | |
| | | | | | | | | | | | | | | | |
Net investment loss | | | (52,269 | ) | | | (238,309 | ) | | | (388,830 | ) | | | (153,754 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gains (losses) on investment transactions | | | 53,538 | | | | (59,347 | ) | | | 1,221,328 | | | | 728,519 | |
Change in net unrealized appreciation (depreciation) of investments
and foreign currency | | | 1,950,346 | | | | 8,473,984 | | | | 10,643,679 | | | | 3,068,073 | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 2,003,884 | | | | 8,414,637 | | | | 11,865,007 | | | | 3,796,592 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,951,615 | | | $ | 8,176,328 | | | $ | 11,476,177 | | | $ | 3,642,838 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Conservative
Allocation
Fund | | | | | | | | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 346 | | | | | | | | | | | | | |
Interest | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Investment Income | | | 346 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 32,433 | | | | | | | | | | | | | |
Administration fees | | | 48,650 | | | | | | | | | | | | | |
Accounting fees | | | 5,968 | | | | | | | | | | | | | |
Director fees and expenses | | | 1,286 | | | | | | | | | | | | | |
Custodian fees and expenses | | | 3,742 | | | | | | | | | | | | | |
Pricing fees | | | 2,044 | | | | | | | | | | | | | |
Professional fees | | | 6,774 | | | | | | | | | | | | | |
Printing fees | | | 3,920 | | | | | | | | | | | | | |
Other expenses | | | 3,714 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Expenses | | | 108,531 | | | | | | | | | | | | | |
Less: Waivers and reimbursement from advisor | | | 1,406 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 107,125 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net investment loss | | | (106,779 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investment transactions | | | 470,014 | | | | | | | | | | | | | |
Change in net unrealized appreciation (depreciation) of investments and
foreign currency | | | 1,462,163 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Gain (Loss) on Investment Securities and Foreign Currency | | | 1,932,177 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,825,398 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
156
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Money Market Fund | | | Limited Maturity Bond Fund | |
| | | Six Months
Ended
6/30/12 | | | Year
Ended
12/31/11 | | | Six Months
Ended
6/30/12 | | | Year
Ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 7,254 | | | $ | 14,798 | | | $ | 879,759 | | | $ | 1,826,135 | |
Net realized gains (loss) from investment transactions | | | — | | | | 998 | | | | 360,778 | | | | 99,174 | |
Net realized foreign exchange gain (loss) | | | — | | | | — | | | | — | | | | — | |
Capital gain distributions received from unaffiliated funds | | | — | | | | — | | | | — | | | | 28 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | — | | | | — | | | | (536,383 | ) | | | 1,616,547 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 7,254 | | | | 15,796 | | | | 704,154 | | | | 3,541,884 | |
| | | | | | | | | | | | | | | | |
Distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | (7,254 | ) | | | (14,798 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Distributions | | | (7,254 | ) | | | (14,798 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 29,300,688 | | | | 126,009,815 | | | | 26,445,714 | | | | 53,650,091 | |
Shares issued in lieu of cash distributions | | | 7,254 | | | | 14,800 | | | | — | | | | — | |
Shares redeemed | | | (40,594,044 | ) | | | (111,800,282 | ) | | | (13,932,820 | ) | | | (35,349,861 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (11,286,102 | ) | | | 14,224,333 | | | | 12,512,894 | | | | 18,300,230 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | (11,286,102 | ) | | | 14,225,331 | | | | 13,217,048 | | | | 21,842,114 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 154,213,305 | | | | 139,987,974 | | | | 174,289,598 | | | | 152,447,484 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 142,927,203 | | | $ | 154,213,305 | | | $ | 187,506,646 | | | $ | 174,289,598 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | — | | | $ | — | | | $ | 879,759 | | | $ | — | |
| | | | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 29,300,688 | | | | 125,986,265 | | | | 2,311,588 | | | | 4,734,426 | |
Shares issued in lieu of cash distributions | | | 7,254 | | | | 14,800 | | | | — | | | | — | |
Shares redeemed | | | (40,594,044 | ) | | | (111,776,732 | ) | | | (1,217,563 | ) | | | (3,121,589 | ) |
| | | | | | | | | | | | | | | | |
| | | (11,286,102 | ) | | | 14,224,333 | | | | 1,094,025 | | | | 1,612,837 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Quality Bond Fund | | | High Yield Bond Fund | |
| | | Six Months
Ended
6/30/12 | | | Year
Ended
12/31/11 | | | Six Months
Ended
6/30/12 | | | Year
Ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 5,428,527 | | | $ | 11,495,631 | | | $ | 5,132,843 | | | $ | 9,995,497 | |
Net realized gains (loss) from investment transactions | | | 6,728,771 | | | | 5,477,423 | | | | (142,666 | ) | | | 2,313,209 | |
Net realized foreign exchange gain (loss) | | | — | | | | — | | | | 143,676 | | | | 52,901 | |
Capital gain distributions received from unaffiliated funds | | | — | | | | 110 | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | (1,508,587 | ) | | | 26,096,154 | | | | 4,361,541 | | | | (8,256,729 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 10,648,711 | | | | 43,069,318 | | | | 9,495,394 | | | | 4,104,878 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 61,460,101 | | | | 112,864,558 | | | | 18,422,888 | | | | 31,457,946 | |
Shares issued in lieu of cash distributions | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | (24,766,012 | ) | | | (97,285,332 | ) | | | (10,222,888 | ) | | | (25,954,893 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 36,694,089 | | | | 15,579,226 | | | | 8,200,000 | | | | 5,503,053 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 47,342,800 | | | | 58,648,544 | | �� | | 17,695,394 | | | | 9,607,931 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 477,605,938 | | | | 418,957,394 | | | | 141,290,303 | | | | 131,682,372 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 524,948,738 | | | $ | 477,605,938 | | | $ | 158,985,697 | | | $ | 141,290,303 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 5,428,527 | | | $ | — | | | $ | 4,725,440 | | | $ | (407,403 | ) |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 4,806,488 | | | | 9,314,487 | | | | 2,016,916 | | | | 3,622,513 | |
Shares issued in lieu of cash distributions | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | (1,930,758 | ) | | | (8,035,835 | ) | | | (1,111,968 | ) | | | (3,000,344 | ) |
| | | | | | | | | | | | | | | | |
| | | 2,875,730 | | | | 1,278,652 | | | | 904,948 | | | | 622,169 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
157
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Flexibly Managed Fund | | | Balanced Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the
year ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 13,446,773 | | | $ | 26,269,498 | | | $ | (65,660 | ) | | $ | (118,179 | ) |
Net realized gains (loss) from investment transactions | | | 84,924,445 | | | | 78,336,144 | | | | 318,159 | | | | 468,755 | |
Net realized gains (loss) on written options | | | 3,766,983 | | | | (2,956,301 | ) | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | 160,465 | | | | 16,088 | | | | — | | | | — | |
Capital gain distributions received from other investment companies | | | — | | | | — | | | | — | | | | 1 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 17,416,195 | | | | (59,122,451 | ) | | | 3,983,485 | | | | 3,072,218 | |
Net change in unrealized appreciation (depreciation) of written options | | | (3,712,269 | ) | | | 5,962,832 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 116,002,592 | | | | 48,505,810 | | | | 4,235,984 | | | | 3,422,795 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 89,358,132 | | | | 142,204,011 | | | | 3,451,850 | | | | 5,415,527 | |
Shares redeemed | | | (35,773,320 | ) | | | (118,559,226 | ) | | | (3,178,169 | ) | | | (7,807,095 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 53,584,812 | | | | 23,644,785 | | | | 273,681 | | | | (2,391,568 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 169,587,404 | | | | 72,150,595 | | | | 4,509,665 | | | | 1,031,227 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 1,655,254,469 | | | | 1,583,103,874 | | | | 65,341,734 | | | | 64,310,507 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 1,824,841,873 | | | $ | 1,655,254,469 | | | $ | 69,851,399 | | | $ | 65,341,734 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 13,637,974 | | | $ | 191,201 | | | $ | (65,660 | ) | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 3,287,004 | | | | 5,644,780 | | | | 288,368 | | | | 484,688 | |
Shares redeemed | | | (1,318,355 | ) | | | (4,705,250 | ) | | | (264,628 | ) | | | (707,207 | ) |
| | | | | | | | | | | | | | | | |
| | | 1,968,649 | | | | 939,530 | | | | 23,740 | | | | (222,519 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Growth Stock Fund | | | Large Cap Growth Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the
year ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (254,856 | ) | | $ | (339,329 | ) | | $ | (31,333 | ) | | $ | (89,617 | ) |
Net realized gains (loss) from investment transactions | | | 4,675,689 | | | | 7,026,841 | | | | 2,160,088 | | | | 1,601,561 | |
Net realized foreign exchange gain (loss) | | | (288 | ) | | | (8,766 | ) | | | — | | | | — | |
Capital gain distributions received from other investment companies | | | — | | | | 14 | | | | — | | | | 4 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 19,206,511 | | | | (9,012,901 | ) | | | 707,684 | | | | (3,576,994 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 23,627,056 | | | | (2,334,141 | ) | | | 2,836,439 | | | | (2,065,046 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 14,652,701 | | | | 27,607,858 | | | | 2,690,552 | | | | 11,662,499 | |
Shares redeemed | | | (15,999,090 | ) | | | (22,953,942 | ) | | | (8,539,610 | ) | | | (5,674,092 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (1,346,389 | ) | | | 4,653,916 | | | | (5,849,058 | ) | | | 5,988,407 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 22,280,667 | | | | 2,319,775 | | | | (3,012,619 | ) | | | 3,923,361 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 176,692,032 | | | | 174,372,257 | | | | 37,465,342 | | | | 33,541,981 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 198,972,699 | | | $ | 176,692,032 | | | $ | 34,452,723 | | | $ | 37,465,342 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (254,856 | ) | | $ | — | | | $ | (31,333 | ) | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 849,956 | | | | 1,797,646 | | | | 280,820 | | | | 1,329,859 | |
Shares redeemed | | | (914,471 | ) | | | (1,468,001 | ) | | | (897,661 | ) | | | (617,821 | ) |
| | | | | | | | | | | | | | | | |
| | | (64,515 | ) | | | 329,645 | | | | (616,841 | ) | | | 712,038 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
158
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Large Core Growth Fund | | | Large Cap Value Fund | |
| | | Six Months
Ended
6/30/12 | | | Year
Ended
12/31/11 | | | Six Months
Ended
6/30/12 | | | Year
Ended
12/31/11 | |
| | | (Unaudited) | | | | | | | | (Unaudited) | | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (74,210 | ) | | $ | (123,224 | ) | | $ | 1,005,013 | | | $ | 2,132,088 | |
Net realized gains (loss) from investment transactions | | | 8,793,068 | | | | 7,151,079 | | | | 115,079 | | | | 13,871,919 | |
Capital gain distributions received from other investment companies | | | — | | | | 7 | | | | — | | | | 38 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 3,885,366 | | | | (13,029,979 | ) | | | 6,397,555 | | | | (23,584,723 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 12,604,224 | | | | (6,002,117 | ) | | | 7,517,647 | | | | (7,580,678 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 2,538,675 | | | | 6,881,273 | | | | 7,261,992 | | | | 27,399,098 | |
Shares redeemed | | | (8,539,831 | ) | | | (23,635,513 | ) | | | (22,369,444 | ) | | | (21,679,867 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (6,001,156 | ) | | | (16,754,240 | ) | | | (15,107,452 | ) | | | 5,719,231 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 6,603,068 | | | | (22,756,357 | ) | | | (7,589,805 | ) | | | (1,861,447 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 100,397,093 | | | | 123,153,450 | | | | 166,056,069 | | | | 167,917,516 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 107,000,161 | | | $ | 100,397,093 | | | $ | 158,466,264 | | | $ | 166,056,069 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (74,210 | ) | | $ | — | | | $ | 967,099 | | | $ | (37,914 | ) |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 243,550 | | | | 702,548 | | | | 494,433 | | | | 1,915,541 | |
Shares redeemed | | | (808,254 | ) | | | (2,478,819 | ) | | | (1,539,641 | ) | | | (1,517,983 | ) |
| | | | | | | | | | | | | | | | |
| | | (564,704 | ) | | | (1,776,271 | ) | | | (1,045,208 | ) | | | 397,558 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Large Core Value Fund | | | Index 500 Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,244,999 | | | $ | 2,256,740 | | | $ | 2,475,327 | | | $ | 4,534,440 | |
Net realized gains (loss) from investment transactions | | | 3,192,850 | | | | 1,514,874 | | | | 818,896 | | | | (1,039,099 | ) |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 139,904 | | | | (158,973 | ) |
Capital gain distributions received from other investment companies | | | — | | | | 11 | | | | — | | | | 372 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 7,148,032 | | | | (10,136,876 | ) | | | 21,403,094 | | | | 1,510,026 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 11,585,881 | | | | (6,365,251 | ) | | | 24,837,221 | | | | 4,846,766 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 4,597,211 | | | | 21,731,745 | | | | 21,955,355 | | | | 40,995,407 | |
Shares redeemed | | | (7,857,370 | ) | | | (31,205,152 | ) | | | (23,948,859 | ) | | | (42,556,815 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (3,260,159 | ) | | | (9,473,407 | ) | | | (1,993,504 | ) | | | (1,561,408 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 8,325,722 | | | | (15,838,658 | ) | | | 22,843,717 | | | | 3,285,358 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 143,146,699 | | | | 158,985,357 | | | | 267,009,040 | | | | 263,723,682 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 151,472,421 | | | $ | 143,146,699 | | | $ | 289,852,757 | | | $ | 267,009,040 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 1,244,999 | | | $ | — | | | $ | 2,478,552 | | | $ | 3,225 | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 483,814 | | | | 2,414,557 | | | | 2,185,043 | | | | 4,492,253 | |
Shares redeemed | | | (831,724 | ) | | | (3,438,172 | ) | | | (2,381,042 | ) | | | (4,652,941 | ) |
| | | | | | | | | | | | | | | | |
| | | (347,910 | ) | | | (1,023,615 | ) | | | (195,999 | ) | | | (160,688 | ) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
159
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Mid Cap Growth Fund | | | Mid Cap Value Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (230,434 | ) | | $ | (470,247 | ) | | $ | 593,447 | | | $ | 783,545 | |
Net realized gains (loss) from investment transactions | | | 3,299,638 | | | | 15,817,273 | | | | 2,237,590 | | | | 16,609,678 | |
Capital gain distributions received from other investment companies | | | — | | | | 299 | | | | — | | | | 197 | |
Net change in unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency | | | 2,060,091 | | | | (23,690,557 | ) | | | 3,750,254 | | | | (24,906,501 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 5,129,295 | | | | (8,343,232 | ) | | | 6,581,291 | | | | (7,513,081 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 7,096,666 | | | | 26,475,051 | | | | 3,332,007 | | | | 13,222,693 | |
Shares redeemed | | | (10,542,536 | ) | | | (26,112,684 | ) | | | (6,631,521 | ) | | | (27,892,724 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (3,445,870 | ) | | | 362,367 | | | | (3,299,514 | ) | | | (14,670,031 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 1,683,425 | | | | (7,980,865 | ) | | | 3,281,777 | | | | (22,183,112 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 99,083,090 | | | | 107,063,955 | | | | 97,047,959 | | | | 119,231,071 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 100,766,515 | | | $ | 99,083,090 | | | $ | 100,329,736 | | | $ | 97,047,959 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (230,434 | ) | | $ | (470,247 | ) | | $ | 604,423 | | | $ | 10,976 | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 696,258 | | | | 2,586,123 | | | | 262,597 | | | | 1,071,865 | |
Shares redeemed | | | (1,024,369 | ) | | | (2,555,675 | ) | | | (524,994 | ) | | | (2,314,817 | ) |
| | | | | | | | | | | | | | | | |
| | | (328,111 | ) | | | 30,448 | | | | (262,397 | ) | | | (1,242,952 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Mid Core Value Fund | | | SMID Cap Growth Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 212,523 | | | $ | 162,000 | | | $ | (132,034 | ) | | $ | (201,350 | ) |
Net realized gains (loss) from investment transactions | | | 3,137,350 | | | | 4,468,362 | | | | 290,299 | | | | 4,928,639 | |
Capital gain distributions received from other investment companies | | | — | | | | 101 | | | | — | | | | 8 | |
Net change in unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency | | | (1,132,457 | ) | | | (5,033,277 | ) | | | 2,790,396 | | | | (5,952,164 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 2,217,416 | | | | (402,814 | ) | | | 2,948,661 | | | | (1,224,867 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 5,865,839 | | | | 17,749,926 | | | | 7,762,231 | | | | 8,051,767 | |
Shares redeemed | | | (4,782,600 | ) | | | (9,890,421 | ) | | | (2,642,438 | ) | | | (5,094,037 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 1,083,239 | | | | 7,859,505 | | | | 5,119,793 | | | | 2,957,730 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 3,300,655 | | | | 7,456,691 | | | | 8,068,454 | | | | 1,732,863 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 60,179,405 | | | | 52,722,714 | | | | 26,996,259 | | | | 25,263,396 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 63,480,060 | | | $ | 60,179,405 | | | $ | 35,064,713 | | | $ | 26,996,259 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 235,497 | | | $ | 22,974 | | | $ | (132,034 | ) | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 535,819 | | | | 1,820,462 | | | | 582,833 | | | | 667,154 | |
Shares redeemed | | | (433,719 | ) | | | (920,072 | ) | | | (195,849 | ) | | | (420,444 | ) |
| | | | | | | | | | | | | | | | |
| | | 102,100 | | | | 900,390 | | | | 386,984 | | | | 246,710 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
160
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | SMID Cap Value Fund | | | Small Cap Growth Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 85,707 | | | $ | 78,242 | | | $ | (407,433 | ) | | $ | (620,333 | ) |
Net realized gains (loss) from investment transactions | | | 1,719,215 | | | | 2,699,204 | | | | 2,657,712 | | | | 9,222,596 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | — | | | | — | |
Capital gain distributions received from other investment companies | | | — | | | | 2 | | | | — | | | | 275 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 459,668 | | | | (4,740,942 | ) | | | 1,604,141 | | | | (17,791,439 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 2,264,590 | | | | (1,963,494 | ) | | | 3,854,420 | | | | (9,188,901 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 6,040,905 | | | | 13,534,382 | | | | 3,631,983 | | | | 15,350,262 | |
Shares redeemed | | | (4,682,852 | ) | | | (5,387,992 | ) | | | (8,316,583 | ) | | | (15,899,144 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 1,358,053 | | | | 8,146,390 | | | | (4,684,600 | ) | | | (548,882 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 3,622,643 | | | | 6,182,896 | | | | (830,180 | ) | | | (9,737,783 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 32,948,733 | | | | 26,765,837 | | | | 78,446,714 | | | | 88,184,497 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 36,571,376 | | | $ | 32,948,733 | | | $ | 77,616,534 | | | $ | 78,446,714 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 85,707 | | | $ | — | | | $ | (407,433 | ) | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 472,655 | | | | 1,131,399 | | | | 181,908 | | | | 766,922 | |
Shares redeemed | | | (369,374 | ) | | | (435,757 | ) | | | (418,616 | ) | | | (763,422 | ) |
| | | | | | | | | | | | | | | | |
| | | 103,281 | | | | 695,642 | | | | (236,708 | ) | | | 3,500 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Small Cap Value Fund | | | Small Cap Index Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,049,379 | | | $ | 815,724 | | | $ | 166,890 | | | $ | 190,837 | |
Net realized gains (loss) from investment transactions | | | 8,307,377 | | | | 10,081,174 | | | | 997,793 | | | | 1,463,996 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | 58,037 | | | | 80,549 | |
Capital gain distributions received from other investment companies | | | — | | | | 276 | | | | — | | | | 55 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 833,446 | | | | (9,152,921 | ) | | | 1,095,215 | | | | (2,875,329 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 10,190,202 | | | | 1,744,253 | | | | 2,317,935 | | | | (1,139,892 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 6,286,298 | | | | 18,205,579 | | | | 5,901,222 | | | | 11,505,624 | |
Shares redeemed | | | (10,458,542 | ) | | | (23,938,469 | ) | | | (2,491,190 | ) | | | (5,114,047 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (4,172,244 | ) | | | (5,732,890 | ) | | | 3,410,032 | | | | 6,391,577 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 6,017,958 | | | | (3,988,637 | ) | | | 5,727,967 | | | | 5,251,685 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 159,364,865 | | | | 163,353,502 | | | | 29,201,816 | | | | 23,950,131 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 165,382,823 | | | $ | 159,364,865 | | | $ | 34,929,783 | | | $ | 29,201,816 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 1,049,379 | | | $ | — | | | $ | 166,890 | | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 360,351 | | | | 1,153,191 | | | | 515,507 | | | | 1,064,653 | |
Shares redeemed | | | (609,315 | ) | | | (1,489,454 | ) | | | (220,692 | ) | | | (466,411 | ) |
| | | | | | | | | | | | | | | | |
| | | (248,964 | ) | | | (336,263 | ) | | | 294,815 | | | | 598,242 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
161
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Developed International Index Fund | | | International Equity Fund | |
| | | For the six months
ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six months
ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited | ) | | | | | | | (Unaudited | ) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,379,806 | | | $ | 1,695,226 | | | $ | 3,751,674 | | | $ | 6,261,878 | |
Net realized gains (loss) from investment transactions | | | (372,096 | ) | | | (271,784 | ) | | | 22,258,634 | | | | 6,482,081 | |
Net realized gains (loss) on futures contracts | | | (45,492 | ) | | | (163,507 | ) | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | 5,145 | | | | 936 | | | | (364,588 | ) | | | (5,246,874 | ) |
Capital gain distributions received from other investment companies | | | — | | | | 2 | | | | — | | | | 84 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 1,165,549 | | | | (9,633,728 | ) | | | (1,924,625 | ) | | | (3,771,669 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 2,132,912 | | | | (8,372,855 | ) | | | 23,721,095 | | | | 3,725,500 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 8,241,380 | | | | 21,666,360 | | | | 12,442,312 | | | | 31,266,226 | |
Shares redeemed | | | (3,080,218 | ) | | | (7,235,871 | ) | | | (17,450,455 | ) | | | (45,178,865 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 5,161,162 | | | | 14,430,489 | | | | (5,008,143 | ) | | | (13,912,639 | ) |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 7,294,074 | | | | 6,057,634 | | | | 18,712,952 | | | | (10,187,139 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 61,857,684 | | | | 55,800,050 | | | | 309,920,375 | | | | 320,107,514 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 69,151,758 | | | $ | 61,857,684 | | | $ | 328,633,327 | | | $ | 309,920,375 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 1,313,782 | | | $ | (66,024 | ) | | $ | (690,043 | ) | | $ | (4,441,717 | ) |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 912,973 | | | | 2,302,313 | | | | 659,801 | | | | 1,770,841 | |
Shares redeemed | | | (341,273 | ) | | | (776,697 | ) | | | (923,925 | ) | | | (2,514,878 | ) |
| | | | | | | | | | | | | | | | |
| | | 571,700 | | | | 1,525,616 | | | | (264,124 | ) | | | (744,037 | ) |
| | | | | | | | | | | | | | | | |
| | |
| | | Emerging Markets Equity Fund | | | Real Estate Securities Fund | |
| | | For the six months
ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six months
ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited | ) | | | | | | | (Unaudited | ) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 492,554 | | | $ | 837,729 | | | $ | 840,854 | | | $ | 801,373 | |
Net realized gains (loss) from investment transactions | | | (2,370,075 | ) | | | 1,214,389 | | | | 4,719,160 | | | | 7,433,978 | |
Net realized gains (loss) on futures contracts | | | — | | | | — | | | | — | | | | — | |
Net realized foreign exchange gain (loss) | | | (110,197 | ) | | | (534,753 | ) | | | — | | | | — | |
Capital gain distributions received from other investment companies | | | — | | | | 10 | | | | — | | | | 3 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 9,069,727 | | | | (27,770,983 | ) | | | 4,904,571 | | | | (3,273,429 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 7,082,009 | | | | (26,253,608 | ) | | | 10,464,585 | | | | 4,961,925 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 10,687,383 | | | | 27,555,524 | | | | 7,362,441 | | | | 12,712,049 | |
Shares redeemed | | | (7,013,504 | ) | | | (22,088,937 | ) | | | (4,920,280 | ) | | | (9,747,478 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 3,673,879 | | | | 5,466,587 | | | | 2,442,161 | | | | 2,964,571 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 10,755,888 | | | | (20,787,021 | ) | | | 12,906,746 | | | | 7,926,496 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 121,065,505 | | | | 141,852,526 | | | | 76,346,073 | | | | 68,419,577 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 131,821,393 | | | $ | 121,065,505 | | | $ | 89,252,819 | | | $ | 76,346,073 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | 470,419 | | | $ | (22,136 | ) | | $ | 840,854 | | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 1,026,214 | | | | 2,579,492 | | | | 586,932 | | | | 1,130,708 | |
Shares redeemed | | | (676,405 | ) | | | (2,026,110 | ) | | | (394,934 | ) | | | (860,104 | ) |
| | | | | | | | | | | | | | | | |
| | | 349,809 | | | | 553,382 | | | | 191,998 | | | | 270,604 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
162
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | | | Moderately Aggressive
Allocation Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment loss | | $ | (52,269 | ) | | $ | (89,262 | ) | | $ | (238,309 | ) | | $ | (428,830 | ) |
Net realized gains (loss) from investment transactions | | | 53,538 | | | | (35,049 | ) | | | (59,347 | ) | | | (273,400 | ) |
Capital gain distributions received from other investment companies | | | — | | | | 1 | | | | — | | | | 2 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 1,950,346 | | | | (927,543 | ) | | | 8,473,984 | | | | (2,384,516 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,951,615 | | | | (1,051,853 | ) | | | 8,176,328 | | | | (3,086,744 | ) |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 4,632,020 | | | | 8,256,425 | | | | 15,759,399 | | | | 37,129,245 | |
Shares redeemed | | | (576,393 | ) | | | (3,278,603 | ) | | | (9,685,830 | ) | | | (18,358,801 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 4,055,627 | | | | 4,977,822 | | | | 6,073,569 | | | | 18,770,444 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 6,007,242 | | | | 3,925,969 | | | | 14,249,897 | | | | 15,683,700 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 28,182,458 | | | | 24,256,489 | | | | 134,967,700 | | | | 119,284,000 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 34,189,700 | | | $ | 28,182,458 | | | $ | 149,217,597 | | | $ | 134,967,700 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (52,269 | ) | | $ | — | | | $ | (238,309 | ) | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 432,346 | | | | 793,723 | | | | 1,351,771 | | | | 3,318,376 | |
Shares redeemed | | | (53,704 | ) | | | (312,759 | ) | | | (850,408 | ) | | | (1,680,334 | ) |
| | | | | | | | | | | | | | | | |
| | | 378,642 | | | | 480,964 | | | | 501,363 | | | | 1,638,042 | |
| | | | | | | | | | | | | | | | |
| | |
| | | Moderate Allocation Fund | | | Moderately Conservative
Allocation Fund | |
| | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | | | For the six
months ended
6/30/12 | | | For the year
ended
12/31/11 | |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment loss | | $ | (388,830 | ) | | $ | (686,767 | ) | | $ | (153,754 | ) | | $ | (265,534 | ) |
Net realized gains (loss) from investment transactions | | | 1,221,328 | | | | 1,540,791 | | | | 728,519 | | | | 615,839 | |
Capital gain distributions received from other investment companies | | | — | | | | 3 | | | | — | | | | 2 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 10,643,679 | | | | (160,260 | ) | | | 3,068,073 | | | | 1,722,254 | |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 11,476,177 | | | | 693,767 | | | | 3,642,838 | | | | 2,072,561 | |
| | | | | | | | | | | | | | | | |
Capital Share Transactions (1): | | | | | | | | | | | | | | | | |
Shares issued | | | 25,514,215 | | | | 44,078,474 | | | | 10,018,899 | | | | 26,903,998 | |
Shares redeemed | | | (5,199,280 | ) | | | (20,248,487 | ) | | | (10,466,411 | ) | | | (12,138,187 | ) |
| | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 20,314,935 | | | | 23,829,987 | | | | (447,512 | ) | | | 14,765,811 | |
| | | | | | | | | | | | | | | | |
Total Increase (Decrease) | | | 31,791,112 | | | | 24,523,754 | | | | 3,195,326 | | | | 16,838,372 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 224,255,639 | | | | 199,731,885 | | | | 89,677,191 | | | | 72,838,819 | |
| | | | | | | | | | | | | | | | |
End of Period | | $ | 256,046,751 | | | $ | 224,255,639 | | | $ | 92,872,517 | | | $ | 89,677,191 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (loss) | | $ | (388,830 | ) | | $ | — | | | $ | (153,754 | ) | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | | | | | | | | | |
Shares issued | | | 2,255,176 | | | | 4,042,085 | | | | 885,669 | | | | 2,475,222 | |
Shares redeemed | | | (460,677 | ) | | | (1,889,173 | ) | | | (922,301 | ) | | | (1,121,043 | ) |
| | | | | | | | | | | | | | | | |
| | | 1,794,499 | | | | 2,152,912 | | | | (36,632 | ) | | | 1,354,179 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
163
Penn Series Funds, Inc.
Statements of Changes in Net Assets
| | | | | | | | |
| | | Conservative Allocation Fund | |
| | | Six Months
Ended
6/30/12 | | | Year
Ended
12/31/11 | |
| | | (Unaudited) | | | | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations: | | | | | | | | |
Net investment loss | | $ | (106,779 | ) | | $ | (173,485 | ) |
Net realized gains (loss) from investment transactions | | | 470,014 | | | | 233,499 | |
Capital gain distributions received from other investment companies | | | — | | | | 2 | |
Net change in unrealized appreciation (depreciation) of investments, futures contracts and foreign currency | | | 1,462,163 | | | | 2,115,152 | |
| | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,825,398 | | | | 2,175,168 | |
| | | | | | | | |
Capital Share Transactions (1): | | | | | | | | |
Shares issued | | | 11,476,250 | | | | 30,482,170 | |
Shares redeemed | | | (6,015,916 | ) | | | (15,089,803 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | 5,460,334 | | | | 15,392,367 | |
| | | | | | | | |
Total Increase (Decrease) | | | 7,285,732 | | | | 17,567,535 | |
Net Assets: | | | | | | | | |
Beginning of period | | | 63,095,531 | | | | 45,527,996 | |
| | | | | | | | |
End of Period | | $ | 70,381,263 | | | $ | 63,095,531 | |
| | | | | | | | |
Undistributed net investment income (loss) | | $ | (106,779 | ) | | $ | — | |
(1) Shares Issued and Redeemed: | | | | | | | | |
Shares issued | | | 1,012,316 | | | | 2,794,967 | |
Shares redeemed | | | (528,909 | ) | | | (1,378,710 | ) |
| | | | | | | | |
| | | 483,407 | | | | 1,416,257 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
164
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | 0.03 | | | | 0.05 | |
Net realized and unrealized gain (loss) on investment transactions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | — | | | | — | | | | — | | | | — | | | | 0.03 | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | (0.03 | ) | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2, 3 | | | 0.01% | # | | | 0.01% | | | | 0.01% | | | | 0.44% | | | | 2.68% | | | | 4.98% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 142,927 | | | $ | 154,213 | | | $ | 139,988 | | | $ | 168,500 | | | $ | 213,973 | | | $ | 96,017 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.22% | * | | | 0.22% | | | | 0.33% | | | | 0.43% | | | | 0.46% | | | | 0.49% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.50% | * | | | 0.49% | | | | 0.47% | | | | 0.48% | | | | 0.46% | | | | 0.49% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.01% | * | | | 0.01% | | | | 0.01% | | | | 0.47% | | | | 2.57% | | | | 4.88% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 The average shares outstanding method has been applied for per share information. 2 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. 3 The Fund’s total return calculation includes a payment by an affiliate. Excluding the effect of this payment from the Fund’s ending net asset value per share, total return for the year ended December 31, 2008 would have been 2.39%. (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, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 11.42 | | | $ | 11.17 | | | $ | 10.76 | | | $ | 10.57 | | | $ | 10.41 | | | $ | 10.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.06 | | | | 0.13 | | | | 0.17 | | | | 0.23 | | | | 0.34 | | | | 0.41 | |
Net realized and unrealized gain (loss) on investment transactions | | | (0.02 | ) | | | 0.12 | | | | 0.24 | | | | (0.04 | ) | | | 0.18 | | | | 0.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.04 | | | | 0.25 | | | | 0.41 | | | | 0.19 | | | | 0.52 | | | | 0.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.36 | ) | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.36 | ) | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.46 | | | $ | 11.42 | | | $ | 11.17 | | | $ | 10.76 | | | $ | 10.57 | | | $ | 10.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 0.35% | # | | | 2.24% | | | | 3.71% | | | | 1.89% | | | | 5.03% | | | | 5.22% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 157,507 | | | $ | 174,290 | | | $ | 152,447 | | | $ | 111,501 | | | $ | 75,660 | | | $ | 57,523 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.58% | * | | | 0.58% | | | | 0.58% | | | | 0.60% | | | | 0.60% | | | | 0.60% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.98% | * | | | 1.14% | | | | 1.56% | | | | 2.20% | | | | 3.24% | | | | 4.55% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | # | | | 50% | | | | 38% | | | | 64% | | | | 106% | | | | 39% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
165
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 12.73 | | | $ | 11.56 | | | $ | 10.90 | | | $ | 10.36 | | | $ | 10.50 | | | $ | 10.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.14 | | | | 0.32 | | | | 0.28 | | | | 0.36 | | | | 0.47 | | | | 0.47 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.13 | | | | 0.85 | | | | 0.38 | | | | 0.26 | | | | 0.07 | | | | 0.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.27 | | | | 1.17 | | | | 0.66 | | | | 0.62 | | | | 0.54 | | | | 0.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | (a) | | | (0.50 | ) | | | (0.46 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | (0.08 | ) | | | (0.18 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | (0.08 | ) | | | (0.68 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.00 | | | $ | 12.73 | | | $ | 11.56 | | | $ | 10.90 | | | $ | 10.36 | | | $ | 10.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 2.12% | # | | | 10.12% | | | | 6.06% | | | | 6.02% | | | | 5.10% | | | | 6.33% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 524,949 | | | $ | 477,606 | | | $ | 418,957 | | | $ | 327,724 | | | $ | 221,730 | | | $ | 183,611 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.57% | * | | | 0.57% | | | | 0.58% | | | | 0.61% | | | | 0.60% | | | | 0.59% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.18% | * | | | 2.62% | | | | 2.48% | | | | 3.38% | | | | 4.44% | | | | 4.71% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 16% | # | | | 44% | | | | 69% | | | | 87% | | | | 273% | | | | 55% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 The average shares outstanding method has been applied for per share information. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. (a) Distributions were less than one penny per share. | |
| | | | | | | |
HIGH YIELD BOND FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 8.72 | | | $ | 8.46 | | | $ | 7.41 | | | $ | 5.05 | | | $ | 7.58 | | | $ | 7.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.30 | | | | 0.62 | | | | 0.61 | | | | 0.56 | | | | 0.58 | | | | 0.58 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.28 | | | | (0.36 | ) | | | 0.44 | | | | 1.80 | | | | (2.40 | ) | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.58 | | | | 0.26 | | | | 1.05 | | | | 2.36 | | | | (1.82 | ) | | | 0.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.71 | ) | | | (0.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.71 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.30 | | | $ | 8.72 | | | $ | 8.46 | | | $ | 7.41 | | | $ | 5.05 | | | $ | 7.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 6.65% | # | | | 3.07% | | | | 14.17% | | | | 46.44% | | | | (23.98% | ) | | | 3.57% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 158,986 | | | $ | 141,290 | | | $ | 131,682 | | | $ | 103,574 | | | $ | 57,995 | | | $ | 86,451 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.83% | * | | | 0.83% | | | | 0.85% | | | | 0.87% | | | | 0.86% | | | | 0.84% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 6.71% | * | | | 7.16% | | | | 7.73% | | | | 8.97% | | | | 8.29% | | | | 6.97% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 34% | # | | | 58% | | | | 61% | | | | 59% | | | | 53% | | | | 67% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
166
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 25.46 | | | $ | 24.71 | | | $ | 21.69 | | | $ | 16.33 | | | $ | 23.72 | | | $ | 25.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.20 | | | | 0.40 | | | | 0.35 | | | | 0.41 | | | | 0.46 | | | | 0.59 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.59 | | | | 0.35 | | | | 2.67 | | | | 4.95 | | | | (6.99 | ) | | | 0.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.79 | | | | 0.75 | | | | 3.02 | | | | 5.36 | | | | (6.53 | ) | | | 1.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | (a) | | | (0.59 | ) | | | (0.58 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.27 | ) | | | (1.93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.86 | ) | | | (2.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 27.25 | | | $ | 25.46 | | | $ | 24.71 | | | $ | 21.69 | | | $ | 16.33 | | | $ | 23.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 7.03% | # | | | 3.04% | | | | 13.92% | | | | 32.92% | | | | (27.83% | ) | | | 4.47% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 1,824,842 | | | $ | 1,655,254 | | | $ | 1,583,104 | | | $ | 1,286,902 | | | $ | 948,507 | | | $ | 1,440,753 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.84% | * | | | 0.84% | | | | 0.85% | | | | 0.85% | | | | 0.85% | | | | 0.83% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.52% | * | | | 1.60% | | | | 1.55% | | | | 2.22% | | | | 2.15% | | | | 2.34% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 36% | # | | | 83% | | | | 67% | | | | 89% | | | | 103% | | | | 61% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| (a) | Distributions were less than one penny per share. |
BALANCED FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 11.40 | | | $ | 10.80 | | | $ | 9.67 | | | $ | 8.19 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.01 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | 0.28 | |
Capital gain distributions received from affiliated funds | | | — | | | | — | | | | — | | | | 0.03 | | | | 0.05 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.75 | | | | 0.62 | | | | 1.15 | | | | 1.46 | | | | (1.81 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.74 | | | | 0.60 | | | | 1.13 | | | | 1.48 | | | | (1.48 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.33 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.33 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.14 | | | $ | 11.40 | | | $ | 10.80 | | | $ | 9.67 | | | $ | 8.19 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 6.49% | # | | | 5.56% | | | | 11.69% | | | | 18.07% | | | | (14.74% | )# |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 69,851 | | | $ | 65,342 | | | $ | 64,311 | | | $ | 60,114 | | | $ | 56,422 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.19% | * | | | 0.18% | | | | 0.18% | | | | 0.17% | | | | 0.22% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 3 | | | 0.23% | * | | | 0.24% | | | | 0.24% | | | | 0.24% | | | | 0.26% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.19% | )* | | | (0.18% | ) | | | (0.18% | ) | | | (0.17% | ) | | | 9.09% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 8% | # | | | 17% | | | | 18% | | | | 19% | | | | 23% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | 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. |
| 3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
The accompanying notes are an integral part of these financial statements.
167
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 15.20 | | | $ | 15.44 | | | $ | 13.22 | | | $ | 9.25 | | | $ | 15.96 | | | $ | 14.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.03 | ) | | | (0.02 | ) | | | — | (a) | | | 0.03 | | | | 0.06 | |
Net realized and unrealized gain (loss) on investment transactions | | | 2.04 | | | | (0.21 | ) | | | 2.24 | | | | 3.97 | | | | (6.71 | ) | | | 1.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.02 | | | | (0.24 | ) | | | 2.22 | | | | 3.97 | | | | (6.68 | ) | | | 1.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | (a) | | | (0.03 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.22 | | | $ | 15.20 | | | $ | 15.44 | | | $ | 13.22 | | | $ | 9.25 | | | $ | 15.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 13.29% | # | | | (1.55% | ) | | | 16.79% | | | | 42.93% | | | | (41.87% | ) | | | 9.16% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 198,973 | | | $ | 176,692 | | | $ | 174,372 | | | $ | 143,167 | | | $ | 89,852 | | | $ | 152,939 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.92% | * | | | 0.93% | | | | 0.94% | | | | 0.97% | | | | 0.98% | | | | 0.94% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.26% | )* | | | (0.19% | ) | | | (0.18% | ) | | | 0.02% | | | | 0.24% | | | | 0.37% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 18% | # | | | 33% | | | | 43% | | | | 58% | | | | 54% | | | | 55% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 The average shares outstanding method has been applied for per share information. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. (a) Distributions and net investment income were less than one penny per share. | |
| | | | | | | |
LARGE CAP GROWTH FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 | | | 2007 | |
Net asset value, beginning of period | | $ | 8.68 | | | $ | 9.31 | | | $ | 8.28 | | | $ | 6.02 | | | $ | 10.98 | | | $ | 11.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.01 | ) | | | (0.02 | ) | | | (0.01 | ) | | | 0.02 | | | | 0.02 | | | | 0.06 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.64 | | | | (0.61 | ) | | | 1.04 | | | | 2.24 | | | | (4.79 | ) | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.63 | | | | (0.63 | ) | | | 1.03 | | | | 2.26 | | | | (4.77 | ) | | | 0.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | (0.06 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (0.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.19 | ) | | | (0.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.31 | | | $ | 8.68 | | | $ | 9.31 | | | $ | 8.28 | | | $ | 6.02 | | | $ | 10.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 7.26% | # | | | (6.77% | ) | | | 12.44% | | | | 37.54% | | | | (43.82% | ) | | | 4.71% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 34,453 | | | $ | 37,465 | | | $ | 33,542 | | | $ | 27,870 | | | $ | 17,537 | | | $ | 29,551 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.89% | * | | | 0.96% | | | | 1.00% | | | | 1.00% | | | | 0.96% | | | | 0.83% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.89% | * | | | 0.96% | | | | 1.00% | | | | 1.12% | | | | 0.96% | | | | 0.87% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.15% | )* | | | (0.25% | ) | | | (0.10% | ) | | | 0.22% | | | | 0.19% | | | | 0.53% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 60% | # | | | 153% | | | | 176% | | | | 121% | | | | 287% | | | | 55% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
168
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 9.29 | | | $ | 9.78 | | | $ | 8.34 | | | $ | 6.14 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | 0.03 | | | | 0.02 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.16 | | | | (0.48 | ) | | | 1.44 | | | | 2.17 | | | | (3.87 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.15 | | | | (0.49 | ) | | | 1.44 | | | | 2.20 | | | | (3.85 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | (a) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.44 | | | $ | 9.29 | | | $ | 9.78 | | | $ | 8.34 | | | $ | 6.14 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 12.38% | # | | | (5.01% | ) | | | 17.27% | | | | 35.89% | | | | (38.45% | )# |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 107,000 | | | $ | 100,397 | | | $ | 123,153 | | | $ | 126,510 | | | $ | 100,096 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.90% | * | | | 0.90% | | | | 0.71% | | | | 0.64% | | | | 0.64% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.90% | * | | | 0.90% | | | | 0.85% | | | | 0.86% | | | | 0.90% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.14% | )* | | | (0.11% | ) | | | (0.01% | ) | | | 0.50% | | | | 0.69% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 57% | # | | | 115% | | | | 115% | | | | 155% | | | | 55% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| (a) | Distributions were less than one penny per share. |
LARGE CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 | | | 2007 | |
Net asset value, beginning of period | | $ | 13.83 | | | $ | 14.47 | | | $ | 12.60 | | | $ | 9.43 | | | $ | 17.65 | | | $ | 19.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.08 | | | | 0.18 | | | | 0.11 | | | | 0.16 | | | | 0.20 | | | | 0.26 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.55 | | | | (0.82 | ) | | | 1.76 | | | | 3.01 | | | | (8.05 | ) | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.63 | | | | (0.64 | ) | | | 1.87 | | | | 3.17 | | | | (7.85 | ) | | | 0.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.25 | ) | | | (0.29 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.12 | ) | | | (2.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.37 | ) | | | (2.66 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.46 | | | $ | 13.83 | | | $ | 14.47 | | | $ | 12.60 | | | $ | 9.43 | | | $ | 17.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 4.56% | # | | | (4.42% | ) | | | 14.84% | | | | 33.62% | | | | (44.62% | ) | | | 3.73% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 158,466 | | | $ | 166,056 | | | $ | 167,918 | | | $ | 143,038 | | | $ | 106,616 | | | $ | 219,951 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.88% | * | | | 0.89% | | | | 0.89% | | | | 0.90% | | | | 0.90% | | | | 0.86% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.88% | * | | | 0.89% | | | | 0.89% | | | | 0.90% | | | | 0.90% | | | | 0.87% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.16% | * | | | 1.24% | | | | 0.86% | | | | 1.53% | | | | 1.42% | | | | 1.25% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 52% | # | | | 87% | | | | 112% | | | | 120% | | | | 228% | | | | 92% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
169
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 8.92 | | | $ | 9.31 | | | $ | 8.43 | | | $ | 7.22 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.08 | | | | 0.14 | | | | 0.12 | | | | 0.14 | | | | 0.07 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.64 | | | | (0.53 | ) | | | 0.76 | | | | 1.07 | | | | (2.78 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.72 | | | | (0.39 | ) | | | 0.88 | | | | 1.21 | | | | (2.71 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.64 | | | $ | 8.92 | | | $ | 9.31 | | | $ | 8.43 | | | $ | 7.22 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 8.07% | # | | | (4.19% | ) | | | 10.44% | | | | 16.76% | | | | (27.05% | )# |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 151,472 | | | $ | 143,147 | | | $ | 158.985 | | | $ | 149,973 | | | $ | 114,167 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.89% | * | | | 0.89% | | | | 0.61% | | | | 0.54% | | | | 0.54% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.89% | * | | | 0.89% | | | | 0.75% | | | | 0.75% | | | | 0.79% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.67% | * | | | 1.52% | | | | 1.46% | | | | 1.94% | | | | 2.40% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 23% | # | | | 51% | | | | 35% | | | | 62% | | | | 31% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | 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. |
INDEX 500 FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 | | | 2007 | |
Net asset value, beginning of period | | $ | 9.25 | | | $ | 9.09 | | | $ | 7.92 | | | $ | 6.28 | | | $ | 10.11 | | | $ | 9.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.09 | | | | 0.16 | | | | 0.14 | | | | 0.13 | | | | 0.17 | | | | 0.17 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.77 | | | | — | | | | 1.03 | | | | 1.51 | | | | (3.82 | ) | | | 0.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.86 | | | | 0.16 | | | | 1.17 | | | | 1.64 | | | | (3.65 | ) | | | 0.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.18 | ) | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.18 | ) | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.11 | | | $ | 9.25 | | | $ | 9.09 | | | $ | 7.92 | | | $ | 6.28 | | | $ | 10.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 9.30% | # | | | 1.76% | | | | 14.77% | | | | 26.11% | | | | (36.08% | ) | | | 5.09% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 289,853 | | | $ | 267,009 | | | $ | 263,724 | | | $ | 249,284 | | | $ | 195,078 | | | $ | 254,462 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.35% | * | | | 0.35% | | | | 0.35% | | | | 0.35% | | | | 0.35% | | | | 0.35% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.35% | * | | | 0.36% | | | | 0.36% | | | | 0.37% | | | | 0.37% | | | | 0.35% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.76% | * | | | 1.71% | | | | 1.68% | | | | 1.97% | | | | 2.02% | | | | 1.64% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 1% | # | | | 4% | | | | 5% | | | | 6% | | | | 6% | | | | 4% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
170
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 9.37 | | | $ | 10.16 | | | $ | 8.01 | | | $ | 5.42 | | | $ | 10.60 | | | $ | 8.47 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.02 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.49 | | | | (0.75 | ) | | | 2.16 | | | | 2.60 | | | | (5.16 | ) | | | 2.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.47 | | | | (0.79 | ) | | | 2.15 | | | | 2.59 | | | | (5.18 | ) | | | 2.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 9.84 | | | $ | 9.37 | | | $ | 10.16 | | | $ | 8.01 | | | $ | 5.42 | | | $ | 10.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 5.02% | # | | | (7.78% | ) | | | 26.84% | | | | 47.79% | | | | (48.87% | ) | | | 25.15% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 100,767 | | | $ | 99,083 | | | $ | 107,064 | | | $ | 82,895 | | | $ | 57,747 | | | $ | 112,637 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.00% | * | | | 1.00% | | | | 1.00% | | | | 1.00% | | | | 1.00% | | | | 0.97% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.00% | * | | | 1.00% | | | | 1.00% | | | | 1.01% | | | | 1.02% | | | | 1.00% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.43% | )* | | | (0.42% | ) | | | (0.14% | ) | | | (0.22% | ) | | | (0.20% | ) | | | (0.46% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 70% | # | | | 110% | | | | 106% | | | | 102% | | | | 162% | | | | 137% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 The average shares outstanding method has been applied for per share information. 2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. | |
| | | | | | | |
MID CAP VALUE FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 11.80 | | | $ | 12.59 | | | $ | 10.01 | | | $ | 6.81 | | | $ | 13.12 | | | $ | 13.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.07 | | | | 0.09 | | | | 0.08 | | | | 0.05 | | | | 0.10 | | | | 0.11 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.73 | | | | (0.88 | ) | | | 2.50 | | | | 3.15 | | | | (6.31 | ) | | | 0.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.80 | | | | (0.79 | ) | | | 2.58 | | | | 3.20 | | | | (6.21 | ) | | | 0.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.10 | ) | | | (0.13 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.80 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.10 | ) | | | (0.96 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.60 | | | $ | 11.80 | | | $ | 12.59 | | | $ | 10.01 | | | $ | 6.81 | | | $ | 13.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 6.78% | # | | | (6.27% | ) | | | 25.77% | | | | 46.99% | | | | (47.26% | ) | | | 3.77% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 100,330 | | | $ | 97,048 | | | $ | 119,231 | | | $ | 92,662 | | | $ | 60,507 | | | $ | 125,718 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.85% | * | | | 0.84% | | | | 0.84% | | | | 0.85% | | | | 0.86% | | | | 0.79% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.85% | * | | | 0.84% | | | | 0.84% | | | | 0.85% | | | | 0.86% | | | | 0.83% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.17 | * | | | 0.70% | | | | 0.71% | | | | 0.69% | | | | 0.89% | | | | 0.73% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 21% | # | | | 106% | | | | 37% | | | | 43% | | | | 58% | | | | 73% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
171
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 10.37 | | | $ | 10.75 | | | $ | 8.57 | | | $ | 6.80 | | | $ | 11.78 | | | $ | 13.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.04 | | | | 0.03 | | | | 0.05 | | | | 0.03 | | | | 0.14 | | | | 0.07 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.34 | | | | (0.41 | ) | | | 2.13 | | | | 1.74 | | | | (4.66 | ) | | | 0.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.38 | | | | (0.38 | ) | | | 2.18 | | | | 1.77 | | | | (4.52 | ) | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (0.07 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.30 | ) | | | (1.48 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.46 | ) | | | (1.55 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.75 | | | $ | 10.37 | | | $ | 10.75 | | | $ | 8.57 | | | $ | 6.80 | | | $ | 11.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 3.66% | | | | (3.53% | ) | | | 25.44% | | | | 26.03% | | | | (38.89% | ) | | | 0.85% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 63,480 | | | $ | 60,179 | | | $ | 52,723 | | | $ | 40,508 | | | $ | 29,895 | | | $ | 48,465 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.07% | * | | | 1.08% | | | | 1.11% | | | | 1.20% | | | | 1.08% | | | | 1.04% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.07% | * | | | 1.08% | | | | 1.11% | | | | 1.20% | | | | 1.08% | | | | 1.05% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.67% | * | | | 0.29% | | | | 0.49% | | | | 0.43% | | | | 1.49% | | | | 0.57% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 42% | # | | | 51% | | | | 75% | | | | 116% | | | | 39% | | | | 40% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
SMID CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 11.92 | | | $ | 12.51 | | | $ | 10.01 | | | $ | 6.51 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.06 | ) | | | (0.09 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.01 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 1.36 | | | | (0.50 | ) | | | 2.54 | | | | 3.54 | | | | (3.48 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.30 | | | | (0.59 | ) | | | 2.50 | | | | 3.50 | | | | (3.49 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.22 | | | $ | 11.92 | | | $ | 12.51 | | | $ | 10.01 | | | $ | 6.51 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 10.91% | # | | | (4.72% | ) | | | 24.85% | | | | 54.15% | | | | (35.00% | )# |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 35,065 | | | $ | 26,996 | | | $ | 25,263 | | | $ | 21,806 | | | $ | 4,250 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.05% | * | | | 1.05% | | | | 1.05% | | | | 1.05% | | | | 1.05% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.12% | * | | | 1.13% | | | | 1.23% | | | | 1.41% | | | | 1.69% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.85% | )* | | | (0.77% | ) | | | (0.36% | ) | | | (0.43% | ) | | | (0.36% | )* |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 54% | # | | | 160% | | | | 95% | | | | 65% | | | | 21% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
172
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 11.66 | | | $ | 12.56 | | | $ | 9.90 | | | $ | 6.80 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.03 | | | | 0.03 | | | | 0.02 | | | | 0.02 | | | | 0.04 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.79 | | | | (0.93 | ) | | | 2.64 | | | | 3.08 | | | | (3.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.82 | | | | (0.90 | ) | | | 2.66 | | | | 3.10 | | | | (3.17 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.48 | | | $ | 11.66 | | | $ | 12.56 | | | $ | 9.90 | | | $ | 6.80 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 1 | | | 7.03% | # | | | (7.17% | ) | | | 26.87% | | | | 45.59% | | | | (31.64% | )# |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 36,571 | | | $ | 32,949 | | | $ | 26,766 | | | $ | 21,142 | | | $ | 4,752 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.14% | * | | | 1.14% | | | | 1.14% | | | | 1.14% | | | | 1.14% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.28% | * | | | 1.31% | | | | 1.36% | | | | 1.52% | | | | 1.83% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.47% | * | | | 0.27% | | | | 0.22% | | | | 0.30% | | | | 1.37% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 28% | # | | | 69% | | | | 81% | | | | 49% | | | | 14% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 18.16 | | | $ | 20.43 | | | $ | 17.15 | | | $ | 10.81 | | | $ | 21.64 | | | $ | 20.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.10 | ) | | | (0.15 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.09 | ) | | | (0.11 | ) |
Net realized and unrealized gain (loss) on investment transactions | | | 0.95 | | | | (2.12 | ) | | | 3.36 | | | | 6.43 | | | | (10.74 | ) | | | 1.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.85 | | | | (2.27 | ) | | | 3.28 | | | | 6.34 | | | | (10.83 | ) | | | 1.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.01 | | | $ | 18.16 | | | $ | 20.43 | | | $ | 17.15 | | | $ | 10.81 | | | $ | 21.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 4.68% | # | | | (11.11% | ) | | | 19.13% | | | | 58.65% | | | | (50.05% | ) | | | 7.72% | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 77,617 | | | $ | 78,447 | | | $ | 88,184 | | | $ | 76,180 | | | $ | 48,008 | | | $ | 99,593 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.09% | * | | | 1.08% | | | | 1.08% | | | | 1.11% | | | | 1.07% | | | | 1.02% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.98% | )* | | | (0.71% | ) | | | (0.45% | ) | | | (0.67% | ) | | | (0.59% | ) | | | (0.50% | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 59% | # | | | 125% | | | | 125% | | | | 163% | | | | 190% | | | | 107% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
173
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 16.21 | | | $ | 16.07 | | | $ | 12.68 | | | $ | 9.99 | | | $ | 14.07 | | | $ | 17.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.11 | | | | 0.08 | | | | 0.11 | | | | 0.09 | | | | 0.09 | | | | 0.12 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.94 | | | | 0.06 | | | | 3.28 | | | | 2.60 | | | | (3.88 | ) | | | (1.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.05 | | | | 0.14 | | | | 3.39 | | | | 2.69 | | | | (3.79 | ) | | | (0.91 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.11 | ) | | | (0.12 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.18 | ) | | | (2.60 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.29 | ) | | | (2.72 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.26 | | | $ | 16.21 | | | $ | 16.07 | | | $ | 12.68 | | | $ | 9.99 | | | $ | 14.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 6.48% | # | | | 0.87% | | | | 26.74% | | | | 26.93% | | | | (27.15% | ) | | | (5.30% | ) |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 165,383 | | | $ | 159,365 | | | $ | 163,354 | | | $ | 132,952 | | | $ | 109,336 | | | $ | 170,004 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.15% | * | | | 1.15% | | | | 1.15% | | | | 1.15% | | | | 1.15% | | | | 1.14% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.15% | * | | | 1.15% | | | | 1.15% | | | | 1.17% | | | | 1.15% | | | | 1.14% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.26% | * | | | 0.51% | | | | 0.80% | | | | 0.86% | | | | 0.66% | | | | 0.64% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 27% | # | | | 47% | | | | 49% | | | | 60% | | | | 66% | | | | 67% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
SMALL CAP INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 10.58 | | | $ | 11.08 | | | $ | 8.78 | | | $ | 6.96 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.06 | | | | 0.08 | | | | 0.08 | | | | 0.07 | | | | 0.04 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.80 | | | | (0.58 | ) | | | 2.22 | | | | 1.75 | | | | (3.04 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.86 | | | | (0.50 | ) | | | 2.30 | | | | 1.82 | | | | (3.00 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.44 | | | $ | 10.58 | | | $ | 11.08 | | | $ | 8.78 | | | $ | 6.96 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 8.13% | # | | | (4.51% | ) | | | 26.20% | | | | 26.15% | | | | (29.96% | )# |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 34,930 | | | $ | 29,202 | | | $ | 23,950 | | | $ | 21,431 | | | $ | 8,208 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.55% | * | | | 0.55% | | | | 0.55% | | | | 0.55% | | | | 0.55% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 0.80% | * | | | 0.91% | | | | 1.30% | | | | 2.01% | | | | 2.09% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.04% | * | | | 0.70% | | | | 0.89% | | | | 0.94% | | | | 1.59% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | # | | | 18% | | | | 56% | | | | 22% | | | | 3% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
174
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 8.59 | | | $ | 9.83 | | | $ | 9.15 | | | $ | 7.12 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.19 | | | | 0.27 | | | | 0.20 | | | | 0.18 | | | | 0.05 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.11 | | | | (1.51 | ) | | | 0.48 | | | | 1.85 | | | | (2.90 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.30 | | | | (1.24 | ) | | | 0.68 | | | | 2.03 | | | | (2.85 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | (a) | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 8.89 | | | $ | 8.59 | | | $ | 9.83 | | | $ | 9.15 | | | $ | 7.12 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 3.49% | # | | | (12.61% | ) | | | 7.43% | | | | 28.52% | | | | (28.50% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 69,152 | | | $ | 61,858 | | | $ | 55,800 | | | $ | 38,491 | | | $ | 12,201 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 0.59% | * | | | 0.59% | | | | 0.59% | | | | 0.59% | | | | 0.59% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.01% | * | | | 1.01% | | | | 1.21% | | | | 2.15% | | | | 4.65% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 4.13% | * | | | 2.80% | | | | 2.27% | | | | 2.27% | | | | 2.06% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 1% | # | | | 1% | | | | 6% | | | | 1% | | | | — | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| (a) | Distributions were less than one penny per share. |
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 17.71 | | | $ | 17.55 | | | $ | 15.80 | | | $ | 13.12 | | | $ | 24.09 | | | $ | 24.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.22 | | | | 0.35 | | | | 0.29 | | | | 0.26 | | | | 0.25 | | | | 0.31 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.14 | | | | (0.19 | ) | | | 1.46 | | | | 2.58 | | | | (10.01 | ) | | | 4.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.36 | | | | 0.16 | | | | 1.75 | | | | 2.84 | | | | (9.76 | ) | | | 4.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (0.43 | ) | | | (0.15 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.78 | ) | | | (4.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (1.21 | ) | | | (4.82 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.07 | | | $ | 17.71 | | | $ | 17.55 | | | $ | 15.80 | | | $ | 13.12 | | | $ | 24.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 7.68% | # | | | 0.91% | | | | 11.08% | | | | 21.74% | | | | (41.28% | ) | | | 20.05% | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 328,633 | | | $ | 309,920 | | | $ | 320,108 | | | $ | 270,907 | | | $ | 213,117 | | | $ | 381,328 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.18% | * | | | 1.20% | | | | 1.24% | | | | 1.27% | | | | 1.27% | | | | 1.16% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.18% | * | | | 1.20% | | | | 1.24% | | | | 1.27% | | | | 1.27% | | | | 1.18% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.29% | * | | | 1.95% | | | | 1.77% | | | | 1.89% | | | | 1.33% | | | | 1.14% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 30% | # | | | 30% | | | | 34% | | | | 48% | | | | 108% | | | | 95% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
The accompanying notes are an integral part of these financial statements.
175
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 9.64 | | | $ | 11.82 | | | $ | 9.92 | | | $ | 5.99 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.04 | | | | 0.07 | | | | 0.02 | | | | 0.03 | | | | — | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.53 | | | | (2.25 | ) | | | 1.88 | | | | 3.90 | | | | (3.99 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.57 | | | | (2.18 | ) | | | 1.90 | | | | 3.93 | | | | (3.99 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | (a) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.21 | | | $ | 9.64 | | | $ | 11.82 | | | $ | 9.92 | | | $ | 5.99 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 5.91% | # | | | (18.44% | ) | | | 19.15% | | | | 65.64% | | | | (39.86% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 131,821 | | | $ | 121,066 | | | $ | 141,853 | | | $ | 102,834 | | | $ | 52,204 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets | | | 1.68% | * | | | 1.68% | | | | 1.62% | | | | 1.58% | | | | 1.58% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.80% | * | | | 1.91% | | | | 2.07% | | | | 2.20% | | | | 1.83% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.74% | * | | | 0.63% | | | | 0.21% | | | | 0.37% | | | | 0.04% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 24% | # | | | 60% | | | | 62% | | | | 70% | | | | 37% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. |
| (a) | Distributions were less than one penny per share. |
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | |
| | | | 2011 1, 3 | | | 2010 1 | | | 2009 1 | | | 2008 1 | | | 2007 | |
Net asset value, beginning of period | | $ | 11.56 | | | $ | 10.80 | | | $ | 8.63 | | | $ | 6.82 | | | $ | 12.00 | | | $ | 18.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.13 | | | | 0.12 | | | | 0.12 | | | | 0.19 | | | | 0.25 | | | | 0.30 | |
Net realized and unrealized gain (loss) on investment transactions | | | 1.44 | | | | 0.64 | | | | 2.05 | | | | 1.62 | | | | (5.02 | ) | | | (3.49 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.57 | | | | 0.76 | | | | 2.17 | | | | 1.81 | | | | (4.77 | ) | | | (3.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.25 | ) | | | (0.33 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (0.16 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (2.42 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.41 | ) | | | (2.91 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.13 | | | $ | 11.56 | | | $ | 10.80 | | | $ | 8.63 | | | $ | 6.82 | | | $ | 12.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 13.58% | # | | | 7.04% | | | | 25.14% | | | | 26.54% | | | | (39.38% | ) | | | (17.87% | ) |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 89,253 | | | $ | 76,346 | | | $ | 68,420 | | | $ | 50,107 | | | $ | 33,240 | | | $ | 53,684 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | 1.01% | * | | | 1.00% | | | | 1.01% | | | | 1.03% | | | | 1.02% | | | | 0.99% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.02% | * | | | 1.09% | | | | 1.26% | | | | 2.93% | | | | 2.30% | | | | 1.37% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 52% | # | | | 144% | | | | 180% | | | | 163% | | | | 86% | | | | 85% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | 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. |
| 3 | Prior to May 1, 2011, the Real Estate Securities Fund was named the REIT Fund. |
The accompanying notes are an integral part of these financial statements.
176
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 10.01 | | | $ | 10.39 | | | $ | 8.96 | | | $ | 6.95 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.01 | ) | | | 0.24 | |
Capital gain distributions received from affiliated funds | | | — | | | | — | | | | — | | | | — | | | | 0.03 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.71 | | | | (0.35 | ) | | | 1.46 | | | | 2.02 | | | | (3.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.69 | | | | (0.38 | ) | | | 1.43 | | | | 2.01 | | | | (2.94 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.10 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | (a) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.11 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.70 | | | $ | 10.01 | | | $ | 10.39 | | | $ | 8.96 | | | $ | 6.95 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 6.89% | # | | | (3.66% | ) | | | 15.96% | | | | 28.94% | | | | (29.39% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 34,190 | | | $ | 28,182 | | | $ | 24,256 | | | $ | 13,875 | | | $ | 1,509 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.33% | * | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 3 | | | 0.36% | * | | | 0.38% | | | | 0.40% | | | | 0.48% | | | | 2.97% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.33% | )* | | | (0.33% | ) | | | (0.33% | ) | | | (0.16% | ) | | | 9.66% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 9% | # | | | 29% | | | | 28% | | | | 39% | | | | 21% | # |
| | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 The average shares outstanding method has been applied for per share information. 2 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. 3 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. (a) Distributions were less than one penny per share. | |
| | | | | | |
MODERATELY AGGRESSIVE ALLOCATION FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 10.93 | | | $ | 11.13 | | | $ | 9.72 | | | $ | 7.64 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.02 | ) | | | 0.39 | |
Capital gain distributions received from affiliated funds | | | — | | | | — | | | | — | | | | 0.01 | | | | 0.05 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.70 | | | | (0.16 | ) | | | 1.44 | | | | 2.09 | | | | (2.65 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.68 | | | | (0.20 | ) | | | 1.41 | | | | 2.08 | | | | (2.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.15 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | (a) | | | — | (a) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.15 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.61 | | | $ | 10.93 | | | $ | 11.13 | | | $ | 9.72 | | | $ | 7.64 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 6.22% | # | | | (1.80% | ) | | | 14.51% | | | | 27.25% | | | | (22.06% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 149,218 | | | $ | 134,968 | | | $ | 119,284 | | | $ | 61,800 | | | $ | 11,656 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.32% | * | | | 0.32% | | | | 0.33% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 3 | | | 0.32% | * | | | 0.32% | | | | 0.33% | | | | 0.34% | | | | 0.70% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.32% | )* | | | (0.32% | ) | | | (0.33% | ) | | | (0.18% | ) | | | 14.72% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | # | | | 30% | | | | 26% | | | | 49% | | | | 21% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | 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. |
| 3 | 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. |
| (a) | Distributions were less than one penny per share. |
The accompanying notes are an integral part of these financial statements.
177
Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 10.80 | | | $ | 10.73 | | | $ | 9.56 | | | $ | 7.93 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.02 | ) | | | 0.40 | |
Capital gain distributions received from affiliated funds | | | — | | | | — | | | | — | | | | 0.01 | | | | 0.06 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.57 | | | | 0.10 | | | | 1.20 | | | | 1.64 | | | | (2.34 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.55 | | | | 0.07 | | | | 1.17 | | | | 1.63 | | | | (1.88 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.19 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | (a) | | | — | (a) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.35 | | | $ | 10.80 | | | $ | 10.73 | | | $ | 9.56 | | | $ | 7.93 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 5.09% | # | | | 0.65% | | | | 12.24% | | | | 20.58% | | | | (18.77% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 256,047 | | | $ | 224,256 | | | $ | 199,732 | | | $ | 100,677 | | | $ | 13,244 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.32% | * | | | 0.32% | | | | 0.32% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 3 | | | 0.32% | * | | | 0.32% | | | | 0.32% | | | | 0.33% | | | | 0.59% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.32% | )* | | | (0.32% | ) | | | (0.32% | ) | | | (0.20% | ) | | | 14.00% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10% | # | | | 26% | | | | 22% | | | | 30% | | | | 23% | # |
| | | | | | | | | | | | | | | | | | | | |
* Annualized # Non-annualized 1 The average shares outstanding method has been applied for per share information. 2 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. 3 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. (a) Distributions were less than one penny per share. | |
| | | | | | |
MODERATELY CONSERVATIVE ALLOCATION FUND For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 10.96 | | | $ | 10.67 | | | $ | 9.75 | | | $ | 8.40 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.02 | ) | | | 0.34 | |
Capital gain distributions received from affiliated funds | | | — | | | | — | | | | — | | | | 0.02 | | | | 0.06 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.46 | | | | 0.33 | | | | 0.95 | | | | 1.35 | | | | (1.74 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.44 | | | | 0.29 | | | | 0.92 | | | | 1.35 | | | | (1.34 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | (a) | | | (0.24 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (0.26 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.40 | | | $ | 10.96 | | | $ | 10.67 | | | $ | 9.75 | | | $ | 8.40 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 4.01% | # | | | 2.72% | | | | 9.32% | | | | 16.19% | | | | (13.48% | )# |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 92,873 | | | $ | 89,677 | | | $ | 72,839 | | | $ | 45,014 | | | $ | 8,313 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.33% | * | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 3 | | | 0.33% | * | | | 0.33% | | | | 0.34% | | | | 0.36% | | | | 0.61% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.33% | )* | | | (0.33% | ) | | | (0.33% | ) | | | (0.22% | ) | | | 11.40% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 18% | # | | | 30% | | | | 35% | | | | 46% | | | | 38% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | 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. |
| 3 | 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. |
| (a) | Distributions were less than one penny per share. |
The accompanying notes are an integral part of these financial statements.
178
Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
| | | | | | | | | | | | | | | | | | | | |
| | | Six Months
Ended
June 30, 20121
(Unaudited) | | | Year Ended December 31, | | | For the period
August 25, 2008
through
December 31, 2008 1 | |
| | | | 2011 1 | | | 2010 1 | | | 2009 1 | | |
Net asset value, beginning of period | | $ | 11.13 | | | $ | 10.71 | | | $ | 10.01 | | | $ | 9.05 | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.02 | ) | | | 0.43 | |
Capital gain distributions received from affiliated funds | | | — | | | | — | | | | — | | | | 0.02 | | | | 0.07 | |
Net realized and unrealized gain (loss) on investment transactions | | | 0.33 | | | | 0.46 | | | | 0.73 | | | | 0.97 | | | | (1.17 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.31 | | | | 0.42 | | | | 0.70 | | | | 0.97 | | | | (0.67 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | — | (a) | | | (0.28 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | — | | | | — | | | | (0.01 | ) | | | (0.28 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.44 | | | $ | 11.13 | | | $ | 10.71 | | | $ | 10.01 | | | $ | 9.05 | |
| | | | | | | | | | | | | | | | | | | | |
Total return 2 | | | 2.79% | # | | | 3.92% | | | | 6.89% | | | | 10.80% | | | | (6.64% | )# |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | $ | 70,381 | | | $ | 63,096 | | | $ | 45,528 | | | $ | 31,405 | | | $ | 8,139 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net expenses to average net assets 3 | | | 0.33% | * | | | 0.33% | | | | 0.33% | | | | 0.33% | | | | 0.33% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of total expenses to average net assets 3 | | | 0.33% | * | | | 0.34% | | | | 0.35% | | | | 0.38% | | | | 0.63% | * |
| | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.33% | )* | | | (0.33% | ) | | | (0.33% | ) | | | (0.21% | ) | | | 13.26% | * |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 15% | # | | | 39% | | | | 46% | | | | 73% | | | | 27% | # |
| | | | | | | | | | | | | | | | | | | | |
| 1 | The average shares outstanding method has been applied for per share information. |
| 2 | 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. |
| 3 | 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. |
| (a) | Distributions were less than one penny per share. |
The accompanying notes are an integral part of these financial statements.
179
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
1 — ORGANIZATION
Penn Series Funds, Inc. (“Penn Series”) was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company (“Penn Mutual”) and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual’s employee benefit plans.
Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a “Fund” and collectively, the “Funds”). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.
Fund of Funds (“FOF”) — 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. The Penn Series FOF are the following Funds: 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 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.
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. Debt and fixed income securities may be valued by recognized independent third-party valuation services, employing methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other electronic data processing techniques. 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.
Securities for which market quotations are not readily available are valued by methods deemed by the Board of Directors to represent fair value. The Penn Series Valuation Committee (the “Valuation Committee”) , established by and subject to oversight by the Board of Directors, develops pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from the Advisor and Administrator. The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Advisor or the applicable sub advisor, 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, illiquidity
180
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
premiums, 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 Advisor or respective sub advisor 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 or suspended, 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. 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.
To assess the continuing appropriateness of third party pricing service security valuations, the Advisor or sub advisor, 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 market by the Advisor or sub advisor, as applicable.
Certain events may occur between the time that foreign markets close, on which securities held by the Funds 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. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval,” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.
The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.
Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:
| | • | | Level 1 — quoted prices in active markets for identical securities |
| | • | | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | • | | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Transfers between levels 1 and 2 during the six month ended June 30, 2012, if any, are shown as notes on the Schedule of Investments of the individual fund.
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Level 3 items at June 30, 2012 consist of $462,240 of equities which were not publically trading. The unobservable inputs used in valuing these securities include prices observed in private transactions by institutional investors involving institutional-sized trades, financial information including the price/sales multiple of publically traded securities determined to be comparable and illiquidity premiums used to discount the value. The valuation technique employed consists of discounting a value in the observed range of either (a) private party transaction prices for an acquisition or dispositions of the stock (or of a comparable class of the stock) or (b) performing an analysis based upon financial information including reference to the price/sales multiple of a comparable publically traded security, as applicable. The range of observed private party transactions for the valued securities subject to these inputs for fair valuation was $14.00-$17.50. The illiquidity premium utilized was 10% and was judgmentally established based on trading price ranges and /or particular terms of the security. Significant increases (decreases) in the prices of observed private party transactions or in financial information including the price/sales multiple would result in directionally similar and proportionate changes to the fair value. Also, changes to the illiquidity premium would cause directionally opposite and proportionate changes in the fair value.
New Accounting Pronouncement — In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-11, “Balance Sheet — Disclosures about Offsetting Assets and Liabilities”. This standard requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 is effective for interim and annual reporting periods beginning after January 1, 2013. At this time, management is evaluating the implications of ASU 2011-11 and its impact on the financial statements has not been determined.
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
Bank Loans — Certain Fund invests in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Funds invest in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). Participations typically result in the Funds having contractual relationships only with the Lender, not with the sovereign borrower. The Funds have the right to receive payments of principal, interest and any fees to which they are entitled from the Lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, the Funds generally have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Funds will not benefit directly from any collateral supporting the Loan in which they have purchased the Participation. As a result, the Funds assume the credit risk of both the borrower and the Lender that is selling the Participation.
SECURITY TRANSACTIONS, INVESTMENT INCOMEAND 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.
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DIVIDENDSTO 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, 2011 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, 2011, 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 ADVISORYAND OTHER CORPORATE SERVICES
Investment Advisory Services
Independence Capital Management, Inc. (“ICMI”), a wholly owned subsidiary of The Penn Mutual Life Insurance Company, serves as investment adviser to each of the Funds. To provide investment management services to the Funds, ICMI has entered into sub-advisory agreements as follows:
| | |
Fund | | Sub-adviser |
| High Yield Bond Fund | | T. Rowe Price Associates, Inc. |
| Flexibly Managed Fund | | T. Rowe Price Associates, Inc. |
| Large Growth Stock Fund | | T. Rowe Price Associates, Inc. |
| Large Cap Growth Fund | | Turner Investments L.P. |
| Large Core Growth Fund | | Wells Capital Management, Inc. |
| Large Cap Value Fund | | OppenheimerFunds, Inc. |
| Large Core Value Fund | | Eaton Vance Management |
| Index 500 Fund | | SSgA Fund Management, Inc. |
| Mid Cap Growth Fund | | Turner Investments L.P. |
| Mid Cap Value Fund | | Neuberger Berman Management, Inc. |
| Mid Core Value Fund | | Lord, Abbett & Co. LLC |
| SMID Cap Growth Fund | | Wells Capital Management, Inc. |
| SMID Cap Value Fund | | Alliance Bernstein, LP |
| Small Cap Growth Fund | | Allianz Global Investors Capital |
| Small Cap Value Fund | | Goldman Sachs Asset Management, LP |
| Small Cap Index Fund | | SSgA Fund Management, Inc. |
| Developed International Index Fund | | SSgA Fund Management, Inc. |
| International Equity Fund | | Vontobel Asset Management, Inc. |
| Emerging Markets Equity Fund | | Morgan Stanley Investment Management, Inc. |
| Real Estate Securities Fund | | Cohen & Steers Capital Management, Inc. |
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Each of the Funds pay ICMI, on a monthly basis, an advisory fee based on the average daily net assets of each Fund, at the following rates pursuant to the investment advisory agreements: Money Market Fund: 0.20% for first $100 million and 0.15% thereafter; Limited Maturity Bond Fund: 0.30%; Quality Bond Fund: 0.35% for first $100 million and 0.30% thereafter; High Yield Bond Fund: 0.50%; Flexibly Managed Fund: 0.60%; Large Growth Stock Fund: 0.65% for the first $100 million and 0.60% thereafter; Large Cap Growth Fund: 0.55%; Large Core Growth Fund: 0.60%; Large Cap Value Fund: 0.60%; Large Core Value Fund: 0.60%; Index 500 Fund: 0.07%; Mid Cap Growth Fund: 0.70%; Mid Cap Value Fund: 0.55% for the first $250 million, 0.525% for next $250 million, 0.50% for next $250 million, 0.475% for next $250 million, 0.45% for next $500 million and 0.425% thereafter; Mid Core Value Fund: 0.72%; SMID Cap Growth Fund: 0.75%; SMID Cap Value Fund: 0.95%; Small Cap Growth Fund: 0.80% for the first $25 million, 0.75% for next $25 million and 0.70% thereafter; Small Cap Value Fund: 0.85%; Small Cap Index Fund: 0.30%; Developed International Index Fund: 0.30%; International Equity Fund: 0.85%; Emerging Markets Equity Fund: 1.18% for the first $2.5 billion and 1.00% thereafter; Real Estate Securities Fund: 0.70%, Aggressive Allocation Fund: 0.10%; Moderately Aggressive Allocation Fund: 0.10%; Moderate Allocation Fund: 0.10%; Moderately Conservative Allocation Fund: 0.10% and Conservative Allocation Fund: 0.10%. The Balanced Fund does not pay an investment advisory fee to ICMI.
For providing investment management services to the Funds, ICMI pays the sub-advisers, on a monthly basis, a sub-advisory fee.
Administrative and Corporate Services
Under an administrative and corporate service agreement, Penn Mutual serves as administrative and corporate services agent for Penn Series. Each of the Funds pays Penn Mutual, on a quarterly basis, an annual fee equal to 0.15% of each Fund’s average daily net assets.
Accounting Services
Under an accounting services agreement, BNY Mellon Investment Servicing (US), Inc. (“BNY Mellon”) serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee based on the average daily net assets of each 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, Emerging Markets Equity, Developed International Index 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 each such portfolio’s average assets, exclusive of out-of-pocket expenses. Each FOF’s minimum annual fee is $12,000. Each international fund’s minimum annual fee is $48,000. The Money Market Fund pays no minimum annual fee. The International Equity, Emerging Markets Equity and Developed International Index Funds pay BNY Mellon 0.080% for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter.
Transfer Agent Services
Under a transfer agency agreement, BNY Mellon serves as transfer agent for Penn Series.
Custodial Services
The Bank of New York Mellon, Inc., serves as custodian for Penn Series. In addition to transaction charges and out-of-pocket expenses, each of the Funds pay The Bank of New York Mellon, Inc., on a monthly basis, an annual custody fee of 0.01%. 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 its investment adviser and sub-advisers under their respective investment advisory agreements and those incurred by Penn Mutual under its administrative and corporate services agreement. ICMI and Penn Mutual have agreed to waive fees or reimburse expenses to the extent the Fund’s total expense ratio (excluding interest, taxes, brokerage, other capitalized expenses and extraordinary expenses, but
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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 | | | 0.80% | | | SMID Cap Growth | | | 1.05% | |
| Limited Maturity Bond | | | 0.90% | | | SMID Cap Value | | | 1.14% | |
| Quality Bond | | | 0.90% | | | Small Cap Growth | | | 1.15% | |
| High Yield Bond | | | 0.90% | | | Small Cap Value | | | 1.15% | |
| Flexibly Managed | | | 1.00% | | | Small Cap Index | | | 0.55% | |
| Balanced* | | | 0.62% | | | Developed International Index | | | 0.59% | |
| Large Growth Stock | | | 1.00% | | | International Equity | | | 1.50% | |
| Large Cap Growth | | | 1.00% | | | Emerging Markets Equity | | | 1.85% | |
| Large Core Growth | | | 1.00% | | | Real Estate Securities | | | 1.25% | |
| Large Cap Value | | | 1.00% | | | Aggressive Allocation* | | | 0.33% | |
| Large Core Value | | | 1.00% | | | Moderately Aggressive Allocation* | | | 0.33% | |
| Index 500 | | | 0.40% | | | Moderate Allocation* | | | 0.33% | |
| Mid Cap Growth | | | 1.00% | | | Moderately Conservative Allocation* | | | 0.33% | |
| Mid Cap Value | | | 1.00% | | | Conservative Allocation* | | | 0.33% | |
| Mid Core Value | | | 1.25% | | | | | | | |
* 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.
Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, ICMI, and Penn Mutual, entered into an agreement whereby ICMI 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, ICMI 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 ICMI 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.
Penn Mutual currently intends to voluntarily waive its administrative and corporate services fees and reimburse expenses so that the Index 500 Fund’s total expenses do not exceed 0.35%. Penn Mutual may change or eliminate all or part of this voluntary waiver at any time. In addition, effective September 1, 2010, Penn Mutual and ICMI currently intend to voluntarily waive a portion of their fees and/or reimburse expenses so that the Emerging Markets Equity Fund’s total expenses do not exceed 1.68%.
If, at the end of each month, there is no liability of ICMI 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 fiscal year have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction shall be recaptured by ICMI and Penn Mutual and shall be payable by the Funds to ICMI and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month.
Penn Mutual and ICMI may recover any administrative fees or advisory fees that were waived in the preceding three fiscal years as long as it would not cause the Fund to exceed its expense limitation.
As of June 30, 2012, 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:
| | | | | | | | | | | | | | | | |
| | | Various Months
Ending
December 31, 2012 | | | Various Months
Ending
December 31, 2013 | | | Various Months
Ending
December 31, 2014 | | | Various Months
Ending
December 31, 2015 | |
| Money Market Fund | | $ | 3,272 | | | $ | 721 | | | $ | 128,050 | | | $ | 69,825 | |
| Mid Cap Growth Fund | | | 15,420 | | | | 2,541 | | | | 1,149 | | | | — | |
| Balanced Fund | | | 39,583 | | | | 36,499 | | | | 33,707 | | | | 14,567 | |
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During the six months ended June 30, 2012, the following Funds recaptured administrative and corporate services fees paid to Penn Mutual and are included in other expenses on the statement of operations:
| | | | |
| Mid Cap Growth Fund | | $ | 3,617 | |
As of June 30, 2012, the following Funds had waived and/or reimbursed advisory fees that are subject to potential recapture by ICMI through the periods stated below:
| | | | | | | | | | | | | | | | |
| | | Various Months
Ending
December 31, 2012 | | | Various Months
Ending
December 31, 2013 | | | Various Months
Ending
December 31, 2014 | | | Various Months
Ending
December 31, 2015 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Money Market Fund | | $ | 87,849 | | | $ | 234,908 | | | $ | 272,008 | | | $ | 133,440 | |
Large Core Growth Fund | | | 239,184 | | | | 173,522 | | | | — | | | | — | |
Large Core Value Fund | | | 261,282 | | | | 206,004 | | | | | | | | | |
SMID Cap Growth Fund | | | 44,102 | | | | 36,023 | | | | 20,314 | | | | 10,164 | |
SMID Cap Value Fund | | | 44,109 | | | | 47,247 | | | | 48,883 | | | | 25,320 | |
Small Cap Value Fund | | | 7,266 | | | | 6,002 | | | | 4,624 | | | | — | |
Small Cap Index Fund | | | 192,617 | | | | 157,501 | | | | 97,702 | | | | 40,716 | |
Developed International Index Fund | | | 345,131 | | | | 282,565 | | | | 257,004 | | | | 139,007 | |
Emerging Markets Equity Fund | | | 459,043 | | | | 448,789 | | | | 115,934 | | | | — | |
Aggressive Allocation Fund | | | 11,429 | | | | 13,439 | | | | 12,299 | | | | 5,438 | |
Moderately Conservative Allocation Fund | | | 5,535 | | | | 3,741 | | | | 499 | | | | — | |
Conservative Allocation Fund | | | 8,824 | | | | 8,080 | | | | 4,176 | | | | 1,406 | |
During the six months ended June 30, 2012, the following Funds recaptured advisory fees paid to ICMI and are included in other expenses on the statement of operations:
| | | | |
| Small Cap Value Fund | | $ | 4,462 | |
| Moderately Conservative Allocation Fund | | | 2,715 | |
Total fees of $102,000 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2012. Other than Penn Series’ Chief Compliance Officer, no person received compensation from Penn Series who is an officer, interested director, or employee of Penn Series, the investment adviser, sub-advisers, administrator, accounting agent or any parent or subsidiary thereof.
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, 2012 are as follows:
| | | | |
| Money Market Fund | | $ | 4,098,057 | |
| Quality Bond Fund | | | 9,446,705 | |
| High Yield Bond Fund | | | 4,624,510 | |
| Flexibly Managed Fund | | | 42,275,816 | |
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| | | | |
| Large Growth Stock Fund | | | 34,784,217 | |
| Index 500 Fund | | | 19,648,562 | |
| Mid Cap Growth Fund | | | 4,856,249 | |
| Mid Core Value Fund | | | 3,341,736 | |
| SMID Cap Growth Fund | | | 4,549,775 | |
| SMID Cap Value Fund | | | 4,289,478 | |
| Small Cap Growth Fund | | | 3,786,622 | |
| Small Cap Value Fund | | | 6,686,503 | |
| International Equity Fund | | | 20,347,601 | |
| Large Core Value | | | 30,732,214 | |
| Emerging Markets Equity | | | 3,798,784 | |
| Small Cap Index Fund | | | 3,113,235 | |
| Developed International Index | | | 2,996,792 | |
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, 2012 were as follows:
| | | | |
| Large Growth Stock Fund | | $ | 44 | |
| Mid Core Value Fund | | | 303 | |
| Small Cap Value Fund | | | 3,171 | |
| Emerging Markets Equity Fund | | | 1,239 | |
5 — PURCHASESAND SALESOF SECURITIES
During the six months ended June 30, 2012, 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 | | $ | 15,002,042 | | | $ | 9,505,994 | | | $ | 22,502,078 | | | $ | 14,163,846 | |
Quality Bond Fund | | | 14,440,975 | | | | 43,429,024 | | | | 51,447,665 | | | | 39,554,972 | |
High Yield Bond Fund | | | — | | | | — | | | | 58,700,014 | | | | 48,479,905 | |
Flexibly Managed Fund | | | — | | | | — | | | | 536,985,185 | | | | 566,913,570 | |
Balanced Fund | | | — | | | | — | | | | 5,866,878 | | | | 5,606,185 | |
Large Growth Stock Fund | | | — | | | | — | | | | 34,519,773 | | | | 44,546,849 | |
Large Cap Growth Fund | | | — | | | | — | | | | 23,703,191 | | | | 29,923,036 | |
Large Core Growth Fund | | | — | | | | — | | | | 60,992,971 | | | | 67,923,606 | |
Large Cap Value Fund | | | — | | | | — | | | | 85,939,979 | | | | 95,741,083 | |
Large Core Value Fund | | | — | | | | — | | | | 33,531,484 | | | | 39,161,273 | |
Index 500 Fund | | | — | | | | — | | | | 3,017,792 | | | | 9,143,909 | |
Mid Cap Growth Fund | | | — | | | | — | | | | 73,551,584 | | | | 75,468,426 | |
Mid Cap Value Fund | | | — | | | | — | | | | 22,512,710 | | | | 21,064,834 | |
Mid Core Value Fund | | | — | | | | — | | | | 25,591,340 | | | | 27,992,397 | |
SMID Cap Growth Fund | | | — | | | | — | | | | 18,209,611 | | | | 15,817,434 | |
SMID Cap Value Fund | | | — | | | | — | | | | 13,336,888 | | | | 9,969,618 | |
Small Cap Growth Fund | | | — | | | | — | | | | 49,059,755 | | | | 53,823,564 | |
Small Cap Value Fund | | | — | | | | — | | | | 44,670,851 | | | | 51,918,394 | |
Small Cap Index Fund | | | — | | | | — | | | | 5,630,495 | | | | 4,606,898 | |
Developed International Index Fund | | | — | | | | — | | | | 4,889,465 | | | | 743,986 | |
International Equity Fund | | | — | | | | — | | | | 96,251,623 | | | | 102,673,862 | |
Emerging Markets Equity Fund | | | — | | | | — | | | | 32,118,426 | | | | 30,567,827 | |
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| | | | | | | | | | | | | | | | |
| | | U.S. Government Securities | | | Other Investment Securities | |
| | | Purchases | | | Sales | | | Purchases | | | Sales | |
Real Estate Securities Fund | | | — | | | | — | | | $ | 46,900,025 | | | $ | 42,465,839 | |
Aggressive Allocation Fund | | | — | | | | — | | | | 7,050,635 | | | | 3,006,022 | |
Moderately Aggressive Allocation Fund | | | — | | | | — | | | | 27,846,538 | | | | 21,721,989 | |
Moderate Allocation Fund | | | — | | | | — | | | | 44,699,907 | | | | 24,605,952 | |
Moderately Conservative Allocation Fund | | | — | | | | — | | | | 17,197,768 | | | | 17,310,977 | |
Conservative Allocation Fund | | | — | | | | — | | | | 15,538,824 | | | | 10,111,106 | |
6 — FEDERAL INCOME TAXES
Each Fund has qualified and intends to continue to qualify as a regulated investment company 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, 2011, 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.
The Act provides that a Regulated Investment Company (“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 accounting principles generally accepted in the United States of America. 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, 2011, primarily attributable to consent dividends, interest accruals on the disposition of securities in default, income recognized from pass-through entities, the disallowance of net operating losses, the expiration of capital loss carryforwards, the tax treatment of Passive Foreign Investment Companies, the redesignation of dividend
188
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
distributions, the reclassification of net foreign currency exchange gains or losses, reclassification of dividends received to return of capital, 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 | |
| Money Market Fund | | | — | | | $ | (998 | ) | | $ | 998 | |
| Limited Maturity Bond Fund | | $ | (1,826,135 | ) | | | (332,969 | ) | | | 2,159,104 | |
| Quality Bond Fund | | | (11,495,631 | ) | | | (4,798,239 | ) | | | 16,293,870 | |
| High Yield Bond Fund | | | (10,344,952 | ) | | | (176,492 | ) | | | 10,521,444 | |
| Flexibly Managed Fund | | | (26,042,063 | ) | | | (22,866,810 | ) | | | 48,908,873 | |
| Balanced Fund | | | 118,179 | | | | 174,227 | | | | (292,406 | ) |
| Large Growth Stock Fund | | | 339,329 | | | | 2,806,333 | | | | (3,145,662 | ) |
| Large Cap Growth Fund | | | 89,617 | | | | — | | | | (89,617 | ) |
| Large Core Growth | | | 123,224 | | | | — | | | | (123,224 | ) |
| Large Cap Value Fund | | | (2,125,137 | ) | | | 26,838 | | | | 2,098,299 | |
| Large Core Value Fund | | | (2,256,740 | ) | | | — | | | | 2,256,740 | |
| Index 500 Fund | | | (4,531,215 | ) | | | — | | | | 4,531,215 | |
| Mid Cap Growth Fund | | | 470,245 | | | | (2,932,829 | ) | | | 2,462,582 | |
| Mid Cap Value Fund | | | (772,569 | ) | | | (2,729,015 | ) | | | 3,501,584 | |
| Mid Core Value Fund | | | (152,960 | ) | | | — | | | | 152,960 | |
| SMID Cap Growth Fund | | | 200,540 | | | | (4,704,270 | ) | | | 4,503,730 | |
| SMID Cap Value Fund | | | (78,242 | ) | | | (3,042,941 | ) | | | 3,121,183 | |
| Small Cap Growth Fund | | | 620,333 | | | | (2,064,310 | ) | | | 1,443,977 | |
| Small Cap Value Fund | | | (815,724 | ) | | | — | | | | 815,724 | |
| Small Cap Index Fund | | | (190,837 | ) | | | (1,532,607 | ) | | | 1,723,444 | |
| Developed International Index Fund | | | (1,659,741 | ) | | | (936 | ) | | | 1,660,677 | |
| International Equity Fund | | | (5,896,426 | ) | | | 4,651,308 | | | | 1,245,118 | |
| Emerging Markets Equity Fund | | | (744,555 | ) | | | 557,713 | | | | 186,842 | |
| Real Estate Securities Fund | | | (801,373 | ) | | | — | | | | 801,373 | |
| Aggressive Allocation Fund | | | 89,262 | | | | (87,023 | ) | | | (2,239 | ) |
| Moderately Aggressive Allocation Fund | | | 428,830 | | | | (289,359 | ) | | | (139,471 | ) |
| Moderate Allocation Fund | | | 686,767 | | | | (2,217,556 | ) | | | 1,530,789 | |
| Moderately Conservative Allocation Fund | | | 265,534 | | | | (857,824 | ) | | | 592,290 | |
| Conservative Allocation Fund | | | 173,485 | | | | (380,428 | ) | | | 206,943 | |
These reclassifications had no effect on net assets or net asset value per share.
189
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2011 and 2010 were as follows:
| | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term
Capital Gains | | | Return of
Capital | | | Total | |
| | | | | | | | | | | | | | | | |
| Money Market Fund | | | | | | | | | | | | | | | | |
2011 | | $ | 14,798 | | | | — | | | | — | | | $ | 14,798 | |
2010 | | | 16,846 | | | | — | | | | — | | | | 16,846 | |
| Limited Maturity Bond Fund | | | | | | | | | | | | | | | | |
2011 | | | 2,024,945 | | | $ | 134,159 | | | | — | | | | 2,159,104 | |
2010 | | | 2,042,945 | | | | 183,340 | | | | — | | | | 2,226,285 | |
| Quality Bond Fund | | | | | | | | | | | | | | | | |
2011 | | | 13,101,804 | | | | 3,192,066 | | | | — | | | | 16,293,870 | |
2010 | | | 11,975,898 | | | | 1,547,373 | | | | — | | | | 13,523,271 | |
| High Yield Bond Fund | | | | | | | | | | | | | | | | |
2011 | | | 10,521,444 | | | | — | | | | — | | | | 10,521,444 | |
2010 | | | 9,212,561 | | | | — | | | | — | | | | 9,212,561 | |
| Flexibly Managed Fund | | | | | | | | | | | | | | | | |
2011 | | | 26,051,118 | | | | 22,857,755 | | | | — | | | | 48,908,873 | |
2010 | | | 21,592,077 | | | | — | | | | — | | | | 21,592,077 | |
| Balanced Fund | | | | | | | | | | | | | | | | |
2011 | | | 1,260,675 | | | | — | | | | — | | | | 1,260,675 | |
2010 | | | 1,227,500 | | | | — | | | | — | | | | 1,227,500 | |
| Large Growth Stock Fund | | | | | | | | | | | | | | | | |
2011 | | | — | | | | — | | | | — | | | | — | |
2010 | | | — | | | | — | | | | — | | | | — | |
| Large Cap Growth Fund | | | | | | | | | | | | | | | | |
2011 | | | — | | | | — | | | | — | | | | — | |
2010 | | | — | | | | — | | | | — | | | | — | |
| Large Core Growth Fund | | | | | | | | | | | | | | | | |
2011 | | | — | | | | — | | | | — | | | | — | |
2010 | | | — | | | | — | | | | — | | | | — | |
| Large Cap Value Fund | | | | | | | | | | | | | | | | |
2011 | | | 2,098,299 | | | | — | | | | — | | | | 2,098,299 | |
2010 | | | 1,372,517 | | | | — | | | | — | | | | 1,372,517 | |
| Large Core Value Fund | | | | | | | | | | | | | | | | |
2011 | | | 2,256,740 | | | | — | | | | — | | | | 2,256,740 | |
2010 | | | 2,243,608 | | | | — | | | | — | | | | 2,243,608 | |
| Index 500 Fund | | | | | | | | | | | | | | | | |
2011 | | | 4,531,215 | | | | — | | | | — | | | | 4,531,215 | |
2010 | | | 4,175,516 | | | | — | | | | — | | | | 4,175,516 | |
| Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
2011 | | | — | | | | 2,928,178 | | | | — | | | | 2,928,178 | |
2010 | | | — | | | | — | | | | — | | | | — | |
| Mid Cap Value Fund | | | | | | | | | | | | | | | | |
2011 | | | 772,569 | | | | 2,729,015 | | | | — | | | | 3,501,584 | |
2010 | | | 729,336 | | | | — | | | | — | | | | 729,336 | |
190
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Ordinary Income and
Short-Term Capital Gains | | | Long-Term
Capital Gains | | | Return of
Capital | | | Total | |
| Mid Core Value Fund | | | | | | | | | | | | | | | | |
2011 | | $ | 152,960 | | | | — | | | | — | | | $ | 152,960 | |
2010 | | | 205,289 | | | | — | | | | — | | | | 205,289 | |
| SMID Cap Growth Fund | | | | | | | | | | | | | | | | |
2011 | | | 397,132 | | | $ | 4,106,598 | | | | — | | | | 4,503,730 | |
2010 | | | 1,694,840 | | | | 700,229 | | | | — | | | | 2,395,069 | |
| SMID Cap Value Fund | | | | | | | | | | | | | | | | |
2011 | | | 500,512 | | | | 2,620,671 | | | | — | | | | 3,121,183 | |
2010 | | | 1,215,070 | | | | 1,134,943 | | | | — | | | | 2,350,013 | |
| Small Cap Growth Fund | | | | | | | | | | | | | | | | |
2011 | | | — | | | | 2,064,310 | | | | — | | | | 2,064,310 | |
2010 | | | — | | | | — | | | | — | | | | — | |
| Small Cap Value Fund | | | | | | | | | | | | | | | | |
2011 | | | 815,724 | | | | — | | | | — | | | | 815,724 | |
2010 | | | 1,133,601 | | | | — | | | | — | | | | 1,133,601 | |
| Small Cap Index Fund | | | | | | | | | | | | | | | | |
2011 | | | 482,738 | | | | 1,240,706 | | | | — | | | | 1,723,444 | |
2010 | | | 591,226 | | | | — | | | | — | | | | 591,226 | |
| Developed International Index Fund | | | | | | | | | | | | | | | | |
2011 | | | 1,660,677 | | | | — | | | | — | | | | 1,660,677 | |
2010 | | | 1,252,982 | | | | 8,355 | | | | — | | | | 1,261,337 | |
| International Equity Fund | | | | | | | | | | | | | | | | |
2011 | | | 1,245,118 | | | | — | | | | — | | | | 1,245,118 | |
2010 | | | 9,361,023 | | | | — | | | | — | | | | 9,361,023 | |
| Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
2011 | | | 186,842 | | | | — | | | | — | | | | 186,842 | |
2010 | | | 56,851 | | | | — | | | | — | | | | 56,851 | |
| Real Estate Securities Fund | | | | | | | | | | | | | | | | |
2011 | | | 801,373 | | | | — | | | | — | | | | 801,373 | |
2010 | | | 759,192 | | | | — | | | | — | | | | 759,192 | |
| Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
2011 | | | 198,066 | | | | 476,564 | | | | — | | | | 674,630 | |
2010 | | | 352,907 | | | | 82,205 | | | | — | | | | 435,112 | |
| Moderately Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
2011 | | | 1,471,131 | | | | 1,651,478 | | | | — | | | | 3,122,609 | |
2010 | | | 2,158,865 | | | | 351,182 | | | | — | | | | 2,510,047 | |
| Moderate Allocation Fund | | | | | | | | | | | | | | | | |
2011 | | | 3,373,611 | | | | 3,649,676 | | | | — | | | | 7,023,287 | |
2010 | | | 4,029,335 | | | | 510,686 | | | | — | | | | 4,540,021 | |
| Moderately Conservative Allocation Fund | | | | | | | | | | | | | | | | |
2011 | | | 1,697,592 | | | | 1,157,199 | | | | — | | | | 2,854,791 | |
2010 | | | 1,742,540 | | | | 269,099 | | | | — | | | | 2,011,639 | |
| Conservative Allocation Fund | | | | | | | | | | | | | | | | |
2011 | | | 1,245,830 | | | | 438,176 | | | | — | | | | 1,684,006 | |
2010 | | | 1,086,356 | | | | 102,472 | | | | — | | | | 1,188,828 | |
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
191
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
Components of distributable earnings:
As of December 31, 2011, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:
| | | | | | | | |
| | | Capital Loss
Carryforward | | | Total
Net Distributable
Earnings
(Accumulated
Losses) | |
| High Yield Bond Fund | | $ | (7,893,376 | ) | | $ | (7,893,376 | ) |
| Balanced Fund | | | (1,032,695 | ) | | | (1,032,695 | ) |
| Large Growth Stock Fund | | | (21,426,799 | ) | | | (21,426,799 | ) |
| Large Cap Growth Fund | | | (3,156,229 | ) | | | (3,156,229 | ) |
| Large Core Growth Fund | | | (31,145,313 | ) | | | (31,145,313 | ) |
| Large Cap Value Fund | | | (25,469,839 | ) | | | (25,469,839 | ) |
| Large Core Value Fund | | | (36,698,562 | ) | | | (36,698,562 | ) |
| Index 500 Fund | | | (17,324,181 | ) | | | (17,324,181 | ) |
| Mid Core Value Fund | | | (6,542,618 | ) | | | (6,542,618 | ) |
| Small Cap Value Fund | | | (6,892,903 | ) | | | (6,892,903 | ) |
| Developed International Index Fund | | | (37,797 | ) | | | (37,797 | ) |
| International Equity Fund | | | (73,685,510 | ) | | | (73,685,510 | ) |
| Emerging Markets Equity Fund | | | (8,458,457 | ) | | | (8,458,457 | ) |
| Real Estate Securities Fund | | | (372,165 | ) | | | (372,165 | ) |
Capital loss carryforwards:
At December 31, 2011, 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, | |
| | | 2013 | | | 2014 | | | 2015 | | | 2016 | | | 2017 | | | 2018 | | | Total | |
High Yield Bond Fund | | | — | | | | — | | | | — | | | $ | 2,802,248 | | | $ | 5,091,128 | | | | — | | | $ | 7,893,376 | |
Balanced Fund | | | — | | | | — | | | | — | | | | — | | | | 1,030,476 | | | $ | 2,219 | | | | 1,032,695 | |
Large Growth Stock Fund | | | — | | | | — | | | | — | | | | 3,795,667 | | | | 17,631,132 | | | | — | | | | 21,426,799 | |
Large Cap Growth Fund | | | — | | | | — | | | | — | | | | — | | | | 3,156,229 | | | | — | | | | 3,156,229 | |
Large Core Growth Fund | | | — | | | | — | | | | — | | | | — | | | | 31,145,313 | | | | — | | | | 31,145,313 | |
Large Cap Value Fund | | | — | | | | — | | | | — | | | | — | | | | 25,469,839 | | | | — | | | | 25,469,839 | |
Large Core Value Fund | | | — | | | | — | | | | — | | | | 8,134,825 | | | | 28,563,737 | | | | — | | | | 36,698,562 | |
Index 500 Fund | | $ | 5,029,803 | | | $ | 1,916,180 | | | $ | 187,860 | | | | 4,110,871 | | | | 2,801,580 | | | | 2,767,741 | | | | 16,814,035 | |
Mid Core Value Fund | | | — | | | | — | | | | — | | | | — | | | | 6,542,618 | | | | — | | | | 6,542,618 | |
Small Cap Value Fund | | | — | | | | — | | | | — | | | | — | | | | 6,892,903 | | | | — | | | | 6,892,903 | |
International Equity Fund | | | — | | | | — | | | | — | | | | 13,367,807 | | | | 53,636,686 | | | | 6,672,017 | | | | 73,685,510 | |
Emerging Markets Equity Fund | | | — | | | | — | | | | — | | | | — | | | | 8,458,457 | | | | — | | | | 8,458,457 | |
Real Estate Securities Fund | | | — | | | | — | | | | — | | | | — | | | | 372,165 | | | | — | | | | 372,165 | |
192
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
At December 31, 2011, 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 | |
| Index 500 Fund | | | — | | | $ | 510,146 | |
| Developed International Index Fund | | $ | 23,414 | | | | 14,383 | |
During the year ended December 31, 2011, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
| | | | |
| High Yield Bond Fund | | $ | 2,703,158 | |
| Flexibly Managed Fund | | | 55,332,662 | |
| Balanced Fund | | | 721,927 | |
| Large Growth Stock Fund | | | 8,139,829 | |
| Large Cap Growth Fund | | | 1,654,754 | |
| Large Core Growth Fund | | | 8,438,490 | |
| Large Cap Value Fund | | | 15,016,348 | |
| Large Core Value Fund | | | 1,823,716 | |
| Mid Cap Growth Fund | | | 14,366,860 | |
| Mid Cap Value Fund | | | 13,388,384 | |
| Mid Core Value Fund | | | 4,718,110 | |
| Small Cap Growth Fund | | | 7,836,864 | |
| Small Cap Value Fund | | | 10,498,926 | |
| International Equity Fund | | | 5,778,339 | |
| Emerging Markets Equity Fund | | | 2,119,788 | |
| Real Estate Securities Fund | | | 7,439,836 | |
Qualified Late-Year Losses:
The following Funds elected to treat the qualified late-year losses as having occurred on January 1, 2012:
| | | | | | | | |
| | | Late-Year
Ordinary Losses | | | Post-October
Capital Losses | |
| Limited Maturity Bond Fund | | | — | | | $ | 249,530 | |
| Quality Bond Fund | | | — | | | | 498,354 | |
| High Yield Bond Fund | | | — | | | | 479,715 | |
| Flexibly Managed Fund | | $ | 18,533 | | | | 1,492,542 | |
| Balanced Fund | | | — | | | | 6,149 | |
| Large Growth Stock Fund | | | — | | | | 1,231,773 | |
| Large Cap Growth Fund | | | — | | | | 20,388 | |
| Large Core Growth Fund | | | — | | | | 1,013,457 | |
| Large Cap Value Fund | | | — | | | | 2,190,563 | |
| Large Core Value Fund | | | — | | | | 437,553 | |
| Index 500 Fund | | | — | | | | 684,886 | |
| Mid Cap Growth Fund | | | — | | | | 1,468,746 | |
| Mid Cap Value Fund | | | — | | | | 889,653 | |
| Mid Core Value Fund | | | — | | | | 190,733 | |
| SMID Cap Value Fund | | | — | | | | 325,283 | |
| Small Cap Growth Fund | | | — | | | | 1,039,131 | |
| Small Cap Value Fund | | | — | | | | 370,207 | |
| Developed International Index Fund | | | 21,161 | | | | 406,978 | |
| International Equity Fund | | | 1,232,157 | | | | 699,706 | |
193
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
| | | | | | | | |
| | | Late-Year
Ordinary Losses | | | Post-October
Capital Losses | |
| Emerging Markets Equity Fund | | | 22,201 | | | | 934,661 | |
| Real Estate Securities Fund | | | — | | | | 139,367 | |
| Aggressive Allocation Fund | | | — | | | | 13,860 | |
| Moderate Allocation Fund | | | — | | | | 13,204 | |
Tax cost of securities:
At December 31, 2011, 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 December 31, 2011 were as follows:
| | | | | | | | | | | | | | | | |
| | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
| Money Market Fund | | $ | 152,964,179 | | | | — | | | | — | | | | — | |
| Limited Maturity Bond | | | 172,250,075 | | | $ | 3,461,601 | | | $ | (309,216 | ) | | $ | 3,152,385 | |
| Quality Bond Fund | | | 434,430,684 | | | | 35,016,376 | | | | (1,240,849 | ) | | | 33,775,527 | |
| High Yield Bond Fund | | | 139,457,215 | | | | 4,105,359 | | | | (4,869,337 | ) | | | (763,978 | ) |
| Flexibly Managed Fund | | | 1,531,426,334 | | | | 181,863,403 | | | | (42,073,173 | ) | | | 139,790,230 | |
| Balanced Fund | | | 58,015,599 | | | | 11,162,452 | | | | (3,834,439 | ) | | | 7,328,013 | |
| Large Growth Stock Fund | | | 141,328,659 | | | | 42,166,507 | | | | (6,253,883 | ) | | | 35,912,624 | |
| Large Cap Growth Fund | | | 35,246,987 | | | | 3,607,420 | | | | (1,318,716 | ) | | | 2,288,704 | |
| Large Core Growth Fund | | | 84,873,287 | | | | 19,137,832 | | | | (1,982,870 | ) | | | 17,154,962 | |
| Large Cap Value Fund | | | 168,517,518 | | | | 13,938,417 | | | | (15,197,187 | ) | | | (1,258,770 | ) |
| Large Core Value Fund | | | 124,548,578 | | | | 21,996,257 | | | | (2,830,940 | ) | | | 19,165,317 | |
| Index 500 Fund | | | 255,708,161 | | | | 64,960,860 | | | | (50,896,815 | ) | | | 14,064,045 | |
| Mid Cap Growth Fund | | | 89,364,656 | | | | 12,536,991 | | | | (3,863,491 | ) | | | 8,673,500 | |
| Mid Cap Value Fund | | | 95,830,575 | | | | 3,090,540 | | | | (1,758,393 | ) | | | 1,332,147 | |
| Mid Core Value Fund | | | 56,188,890 | | | | 7,765,695 | | | | (2,030,211 | ) | | | 5,735,484 | |
| SMID Cap Growth Fund | | | 27,613,759 | | | | 1,682,459 | | | | (1,716,226 | ) | | | (33,767 | ) |
| SMID Cap Value Fund | | | 29,446,521 | | | | 3,600,732 | | | | (1,908,833 | ) | | | 1,691,899 | |
| Small Cap Growth Fund | | | 82,432,779 | | | | 8,392,930 | | | | (12,063,985 | ) | | | (3,671,055 | ) |
| Small Cap Value Fund | | | 141,915,250 | | | | 25,958,298 | | | | (7,809,882 | ) | | | 18,148,416 | |
| Small Cap Index Fund | | | 26,671,525 | | | | 5,932,172 | | | | (2,774,119 | ) | | | 3,158,053 | |
| Developed International Index Fund | | | 64,036,913 | | | | 5,244,162 | | | | (8,636,853 | ) | | | (3,392,691 | ) |
| International Equity Fund | | | 253,728,865 | | | | 68,402,051 | | | | (12,641,595 | ) | | | 55,760,456 | |
| Emerging Markets Equity Fund | | | 116,085,693 | | | | 17,733,673 | | | | (13,329,289 | ) | | | 4,404,384 | |
| Real Estate Securities Fund | | | 73,059,590 | | | | 6,149,712 | | | | (3,116,119 | ) | | | 3,033,593 | |
| Aggressive Allocation Fund | | | 23,738,921 | | | | 4,830,429 | | | | (369,445 | ) | | | 4,460,984 | |
| Moderately Aggressive Fund | | | 114,926,799 | | | | 22,308,318 | | | | (2,237,810 | ) | | | 20,070,508 | |
| Moderate Allocation Fund | | | 195,102,588 | | | | 31,585,028 | | | | (1,716,553 | ) | | | 29,868,475 | |
| Moderately Conservative Allocation Fund | | | 78,843,847 | | | | 11,378,064 | | | | (921,927 | ) | | | 10,456,137 | |
| Conservative Allocation Fund | | | 57,148,464 | | | | 6,566,297 | | | | (531,036 | ) | | | 6,035,261 | |
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.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of December 31, 2011, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.
194
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
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 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 Fund’s investment objectives.
Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, 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 Index 500, Developed International Index and Small Cap Index Funds have entered into futures contracts during the six months ended June 30, 2012. Open futures contracts held by the Index 500, Developed International Index and Small Cap Index Funds at June 30, 2012 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
Fund | | Type | | Futures Contract | | Expiration
Date | | | Number
Of
Contracts | | | Units
per
Contract | | | Closing
Price | | | Unrealized
Appreciation
(Depreciation) | |
| Index 500 | | Buy/Long | | E-Mini S&P 500 Index | | | 9/21/2012 | | | | 62 | | | | 50 | | | $ | 1,356 | | | $ | 129,415 | |
| Small Cap Index | | Buy/Long | | Russell 2000 Mini Index | | | 9/21/2012 | | | | 16 | | | | 100 | | | $ | 795 | | | | 45,242 | |
| Developed International Index | | Buy/Long | | E-Mini MSCI Eafe Index | | | 9/21/2012 | | | | 37 | | | | 50 | | | $ | 1,424 | | | | 123,303 | |
The total market value of futures contracts held in the Index 500, Developed International Index and Small Cap Index Funds as of June 30, 2012 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.
195
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operation.
The Flexibly Managed and Large Cap Value Funds have purchased options to decrease exposure to equity risk. The risk associated with purchased options is limited to premium paid. The Funds also received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.
Transactions in options written during the six months ended June 30, 2012 for the Flexibly Managed Fund were as follows:
| | | | | | | | |
Flexibly Managed Fund | | Number of
Contracts/
Notional Amount | | | Premium Received | |
| Options outstanding at December 31, 2011 | | | 68,601 | | | $ | 11,499,155 | |
| Options written | | | 65,384 | | | | 12,176,423 | |
| Options repurchased | | | (14,314 | ) | | | (2,104,299 | ) |
| Options expired | | | (19,685 | ) | | | (2,877,060 | ) |
| Options exercised | | | (33,813 | ) | | | (5,895,011 | ) |
| | | | | | | | |
| Options outstanding at June 30, 2012 | | | 66,173 | | | $ | 12,799,208 | |
| | | | | | | | |
The total market value of written options held in the Flexibly Managed Fund as of June 30, 2012 can be found in the summary of inputs on the Schedule of Investments.
Forward Foreign Currency Contracts — A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.
The High Yield Bond Fund 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.
196
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
Open forward foreign currency contracts held by the High Yield Bond Fund at June 30, 2012 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) | |
| Buy | | Euro | | Pershing | | | 09/10/2012 | | | | 36,500 | | | | 0.78963 | | | $ | 45,817 | | | $ | 46,224 | | | $ | 407 | |
| Buy | | Euro | | Deutsche Bank | | | 09/10/2012 | | | | 97,000 | | | | 0.78963 | | | | 121,679 | | | | 122,842 | | | | 1,163 | |
| Buy | | Euro | | Pershing | | | 09/10/2012 | | | | 397,000 | | | | 0.78963 | | | | 499,494 | | | | 502,766 | | | | 3,272 | |
| Sell | | Euro | | Goldman Sachs | | | 09/10/2012 | | | | (3,812,000 | ) | | | 0.78963 | | | | (4,762,065 | ) | | | (4,827,565 | ) | | | (65,500 | ) |
| Sell | | Euro | | Pershing | | | 09/10/2012 | | | | (50,530 | ) | | | 0.78963 | | | | (63,598 | ) | | | (63,992 | ) | | | (393 | ) |
| Buy | | Pounds Sterling | | Pershing | | | 07/11/2012 | | | | 2,000 | | | | 0.63853 | | | | 3,155 | | | | 3,132 | | | | (23 | ) |
| Buy | | Pounds Sterling | | Pershing | | | 07/11/2012 | | | | 95,000 | | | | 0.63853 | | | | 149,301 | | | | 148,780 | | | | (521 | ) |
| Buy | | Pounds Sterling | | Pershing | | | 07/11/2012 | | | | 3,000 | | | | 0.63853 | | | | 4,770 | | | | 4,698 | | | | (72 | ) |
| Sell | | Pounds Sterling | | Pershing | | | 07/11/2012 | | | | 2,000 | | | | 0.63853 | | | | 3,203 | | | | 3,132 | | | | (71 | ) |
| Sell | | Pounds Sterling | | Pershing | | | 07/11/2012 | | | | 2,000 | | | | 0.63853 | | | | 3,165 | | | | 3,132 | | | | (33 | ) |
| Sell | | Pounds Sterling | | Pershing | | | 07/11/2012 | | | | (4,000 | ) | | | 0.63853 | | | | (6,477 | ) | | | (6,264 | ) | | | 213 | |
| Sell | | Pounds Sterling | | Barclays Capital | | | 07/11/2012 | | | | (198,000 | ) | | | 0.63853 | | | | (315,869 | ) | | | (310,088 | ) | | | 5,781 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | $ | (55,777 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Open forward foreign currency contracts held by the Emerging Markets Equity Fund at June 30, 2012 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Currency | | Counterparty | | Settlement
Date | | | Foreign
Currency
Contract | | | Forward
Rate | | | U.S.
Contract
Amount | | | U.S.
Contract
Value | | | Unrealized
Foreign
Exchange
Gain/(Loss) | |
| Sell | | Japanese Yen | | UBS | | | 07/5/2012 | | | | (55,491,716 | ) | | | 79.92793 | | | $ | (708,480 | ) | | $ | (694,272 | ) | | $ | 14,208 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,208 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The total market value of forward foreign currency contracts held in the High Yield Bond and Emerging Markets Equity Funds as of June 30, 2012 are classified as Level 2.
The following is a summary of the location of derivatives on the Fund’s Statements of Assets and Liabilities as of June 30, 2012:
| | | | |
| | | Location on the Statements of Assets and Liabilities |
Derivative Type | | Asset Derivatives | | Liability Derivatives |
| Equity contracts | | Investments at value* Net unrealized appreciation in value of investments, futures contracts and foreign currency related items** | | Call options written, at value Net unrealized appreciation in value of investments, futures contracts and foreign currency related items** |
| | |
| Foreign currency contracts | | Net unrealized appreciation of forward foreign currency contracts | | Net unrealized depreciation of forward foreign currency contracts |
197
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
The following is a summary of the Fund’s derivative instrument holdings categorized by primary risk exposure as of June 30, 2012:
| | | | | | | | |
Portfolio | | Asset Derivative Value | | Liability Derivative Value |
| | | Equity contracts | | Foreign currency
contracts | | Equity contracts | | Foreign exchange
contracts |
High Yield Bond Fund | | — | | $10,836 | | — | | $66,613 |
Flexibly Managed Fund | | $7,080 | | — | | $13,885,113 | | — |
Large Cap Value Fund | | 30,485 | | — | | — | | — |
Index 500 Fund | | 129,415 | | — | | — | | — |
Small Cap Index Fund | | 45,242 | | — | | — | | — |
Developed International Index Fund | | 123,303 | | — | | — | | — |
Emerging Markets Equity Fund | | — | | 14,208 | | — | | — |
| | |
Derivative Type | | Location of Gain (Loss) on Derivatives Recognized in Income |
| Equity contracts | | Net realized gain (loss) on futures contracts |
| | Net realized gain (loss) on options |
| | Change in net unrealized appreciation (depreciation) of investments and foreign currency* |
| | Change in net unrealized appreciation (depreciation) of futures contracts |
| | Change in net unrealized appreciation (depreciation) of written options |
| |
| Foreign currency contracts | | Net realized foreign currency exchange gain (loss) |
| | Change in net unrealized appreciation (depreciation) of investments and foreign currency |
| | | | |
| | | Realized Gain (Loss) on Derivatives Recognized in Income |
Portfolio | | Equity contracts | | Foreign currency contracts |
| High Yield Bond Fund | | — | | $383,096 |
| Flexibly Managed Fund | | $3,766,983 | | — |
| Large Cap Value Fund | | (653,195) | | — |
| Index 500 Fund | | 139,904 | | — |
| Small Cap Index Fund | | 58,037 | | — |
| Developed International Index Fund | | (45,492) | | — |
| Emerging Markets Equity Fund | | — | | (29,470) |
| |
| | | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in
Income |
Portfolio | | Equity contracts | | Foreign currency contracts |
| High Yield Bond Fund | | — | | $(225,429) |
| Flexibly Managed Fund | | $(3,727,774) | | — |
| Large Cap Value Fund | | 350,069 | | — |
| Index 500 Fund | | 130,754 | | — |
| Small Cap Index Fund | | 30,978 | | — |
| Developed International Index Fund | | 94,828 | | — |
| Emerging Markets Equity Fund | | — | | 14,208 |
* includes purchased options
** includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day’s variation margin is reported with the Statements of Assets and Liabilities.
198
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2012 (Unaudited)
The table below summarizes the average balance of derivative holdings by fund during the six months ended June 30, 2012. The average balance of derivatives held is indicative of the trading volume of each Fund.
| | | | | | | | | | | | | | | | |
| | | Average Derivative Volume | |
Portfolio | | Forward foreign
currency contracts
(Average Cost) | | | Futures contracts
(Average
Notional Value) | | | Purchased
Options
(Average
Notional Cost) | | | Written Options
(Premiums
Received) | |
High Yield Bond Fund | | $ | (5,621,988 | ) | | | — | | | | — | | | | — | |
Flexibly Managed Fund | | | — | | | | — | | | | 16,845 | | | $ | (10,328,660 | ) |
Index 500 Fund | | | — | | | $ | 4,660,057 | | | | — | | | | — | |
Large Cap Value Fund | | | — | | | | — | | | $ | 141,686 | | | | — | |
Small Cap Index Fund | | | — | | | | 1,056,732 | | | | — | | | | — | |
Developed International Index Fund | | | — | | | | 2,393,596 | | | | — | | | | — | |
| Emerging Markets Equity Fund | | | (539,714 | ) | | | — | | | | — | | | | — | |
8 — CREDITAND 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 Developed International Index, International Equity and the Emerging Markets Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.
9 — CONTRACTUAL OBLIGATIONS
In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.
10 — SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.
199
Penn Series Funds, Inc.
June 30, 2012 (Unaudited)
Disclosure of Portfolio Holdings
The SEC has adopted a requirement that all Funds file a complete schedule of investments with the SEC for their first and third fiscal quarters on Form N-Q. For the Penn Series Funds, Inc., this would be for the fiscal quarters ending March 31 and September 30. The Form N-Q filing is made within 60 days after the end of the quarter. Penn Series Funds, Inc. filed its most recent Form N-Q with the SEC on May 22, 2012. 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, 2012 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
200
Penn Series Funds, Inc.
June 30, 2012
Board Approval of Investment Advisory and Sub-Advisory Agreements
The Penn Series Funds, Inc. (the “Company”) and Independence Capital Management, Inc. (“ICMI”) have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, ICMI (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 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 Value, Large Cap Growth, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, Small Cap Value, Small Cap Growth, International Equity, Real Estate Securities, Large Core Growth, Large Core Value, SMID Cap Growth, SMID Cap Value, Emerging Markets Equity, Small Cap Index and Developed International Index Funds (collectively, the “Sub-Advised Funds” and, together with the Directly Managed Funds, the “Penn Series Funds”).
ICMI acts as “manager of managers” for the Sub-Advised Funds. In this capacity, ICMI has entered into and the Company’s Board of Directors has approved separate sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”) with the sub-advisers (identified below). The sub-advisers provide their services to the Sub-Advised Funds under the supervision of ICMI and the Company’s Board of Directors. Sub-advisers are selected based primarily upon the research and recommendations of ICMI, which evaluates quantitatively and qualitatively each sub-adviser’s skills and investment results in managing assets for specific asset classes, investment styles and strategies, as well as the sub-adviser’s regulatory compliance policies and procedures. ICMI oversees the sub-advisers to ensure compliance with the Sub-Advised Funds’ investment policies and guidelines, and monitors each sub-adviser’s adherence to its investment style.
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of, as well as the continuation of, each Penn Series Fund’s Investment Advisory Agreement(s) be specifically approved by: (i) the vote of the Board or by a vote of the shareholders of the Fund; and (ii) the vote of a majority of the directors who are not parties to the Investment Advisory Agreement(s) or “interested persons” (as defined under the 1940 Act) of any party to the Investment Advisory Agreement(s) (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 ICMI 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.
Consistent with these responsibilities, the Company’s Board called and held a meeting on May 17, 2012 to consider whether to renew the Advisory Agreement between the Company and ICMI with respect to the Penn Series Funds. In preparation for this meeting, the Board provided ICMI with a written request for information and received and reviewed, in advance of the May 17, 2012 meeting, extensive written materials in response to that request, including information as to the performance of the Penn Series Funds versus benchmarks and peer universes, the level of the investment advisory fees charged to the Penn Series Funds, 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 ICMI of providing such services, including a profitability analysis, ICMI’s compliance program, and various other matters. In addition, at the May 17, 2012 meeting, the Board considered whether to renew the Sub-Advisory Agreements between ICMI and the investment sub-advisers listed in the table below (each, a “Sub-Adviser” and, collectively, the “Sub-Advisers”) on behalf of the respective Sub-Advised Funds.
| | |
Sub-Adviser | | Fund |
AllianceBernstein L.P. | | SMID Cap Value Fund |
Allianz Global Investors Capital LLC | | Small Cap Growth Fund |
Eaton Vance Management | | Large Core Value Fund |
Goldman Sachs Asset Management, L.P. | | Small Cap Value Fund |
Lord, Abbett & Co. LLC | | Mid Core Value Fund |
Morgan Stanley Investment Management, Inc. | | Emerging Markets Equity Fund |
201
Penn Series Funds, Inc.
June 30, 2012
| | |
Sub-Adviser | | Fund |
Morgan Stanley Investment Management Company | | |
Morgan Stanley Investment Management Limited | | |
Neuberger Berman Management LLC | | Mid Cap Value Fund |
| OppenheimerFunds Inc. | | Large 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 |
Turner Investments, L.P. | | Mid Cap Growth Fund |
Turner Investments, L.P. | | Large Cap Growth Fund |
Vontobel Asset Management, Inc. | | International Equity Fund |
Wells Capital Management Inc. | | Large Core Growth Fund |
Wells Capital Management Inc. | | SMID Cap Growth Fund |
In response to the Board’s written request for information, each of the Sub-Advisers submitted, in advance of the May 17, 2012 meeting, extensive written materials for consideration by the Board and the Independent Directors. The information provided by ICMI and the Sub-Advisers in connection with the Board meeting was in addition to the detailed information about the Penn Series Funds that the Board reviews during the course of each year, including information that relates to the funds’ operations and the funds’ performance and the services of ICMI 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 ICMI to discuss the written materials provided by ICMI.
The written materials provided by ICMI and the Sub-Advisers addressed, among other matters, the following: (a) the quality of ICMI’s and the Sub-Advisers’ investment management and other services and, with respect to ICMI, its services as a “manager of managers” of the Sub-Advised Funds; (b) ICMI’s and the Sub-Advisers’ investment management personnel; (c) ICMI’s and the Sub-Advisers’ operations and financial condition; (d) ICMI’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) the level of the advisory fees that ICMI and each Sub-Adviser charges a Fund, including breakpoints, compared with the fees each charges to comparable mutual funds and other types of accounts it manages, if any; (f) the level of ICMI’s and each Sub-Adviser’s cost of services provided and estimated profitability from its fund-related operations; (g) ICMI’s and the Sub-Advisers’ compliance program and, if applicable, a description of the material changes made to, and material compliance violations of, the compliance program; (h) ICMI’s and 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.
At the meeting, representatives from ICMI commented on the information delivered to the Board and answered questions from Board members to help the Board evaluate ICMI’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 May 17, 2012 meeting of the Board, the Directors, including the Independent Directors, unanimously approved the Investment Advisory Agreements and approved the selection of ICMI and the Sub-Advisers to act in their respective capacities for the Funds. The Board’s approval was based on its consideration and evaluation of a variety of specific factors discussed at the meeting and at prior meetings during the year, including:
| | • | | the nature, extent and quality of the services provided to the Penn Series Funds under the Investment Advisory Agreements, including the resources of ICMI and the Sub-Advisers dedicated to the Penn Series Funds; |
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| | • | | 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 ICMI and the Sub-Advisers with respect to each Penn Series Fund, including both direct and indirect benefits accruing to ICMI 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 Board of Directors considered the nature, extent and quality of the services provided by ICMI and the Sub-Advisers to the Penn Series Funds and the resources of ICMI and the Sub-Advisers dedicated to the Funds. In this regard, the Directors evaluated, among other things, ICMI’s and the Sub-Advisers’ business, personnel, experience, investment decision process, track record, brokerage practices, any conflicts of interest and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by ICMI and the Sub-Advisers to the Penn Series Funds and the resources of ICMI and the Sub-Advisers dedicated to the Penn Series Funds supported renewal of the Investment Advisory Agreements.
Fund Performance. The Board of Directors considered fund performance in determining whether to renew the Investment Advisory Agreements. 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 of Directors also considered its discussions with ICMI regarding the underperformance of those Sub-Advisers on ICMI’s “watchlist”. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Penn Series Funds (both actual performance and comparable performance) supported renewal of the Investment Advisory Agreements.
Advisory Fees. The Directors considered the level of each Penn Series Fund’s investment advisory fees in light of the services provided and in comparison to those of other comparable mutual funds, including, in particular, mutual funds acting as underlying investments for insurance products, and other types of accounts. The Directors also considered ICMI’s and certain Sub-Adviser’s agreements to waive management and other fees to prevent total fund expenses from exceeding a specified cap and that ICMI and the Sub-Advisers, through waivers, have maintained the Penn Series Funds’ net operating expenses at competitive levels for their distribution channel. Following evaluation, the Board concluded that, within the context of its full deliberations, the 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 ICMI 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 ICMI and the Sub-Advisers, such as soft dollar arrangements, as well as the cost of services provided to the Penn Series Funds. The Directors considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements were reasonable and justified in light of the quality of all services rendered to the Penn Series Funds by ICMI and the Sub-Advisers and their affiliates, if any. 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 ICMI, 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 ICMI. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of ICMI 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 those were passed along to a Penn Series Fund’s shareholders through a graduated investment advisory fee schedule (such as breakpoints) or other means, including any fee waivers by ICMI and its affiliates or the Sub-Advisers. Based on this evaluation, the Board concluded
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that, within the context of its full deliberations, the Penn Series Funds and their shareholders obtain a reasonable benefit from any economies of scale being realized by ICMI 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 compensation under the Investment Advisory Agreements is 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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Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable
Item��10. Submission of Matters to a Vote of Security Holders
The Board of Directors of the Company has a Nominating Committee currently consisting of Messrs. Wright, Pudlin and Bay. The principal responsibility of the Nominating Committee is to consider the qualifications of and to nominate qualified individuals to stand for election to the Board. The Nominating Committee has adopted a charter governing its operations. The Nominating Committee would consider nominees recommended by shareholders, if such nominations were submitted in writing and addressed to the Nominating Committee at the Company’s office in conjunction with a shareholder meeting to consider the election of Directors.
The Nominating Committee may adopt from time to time specific, minimum qualifications that the Nominating Committee believes a director candidate must meet before being considered as a candidate. Currently, there are no minimum qualifications set forth by the Nominating Committee other than with respect to an independent director candidate’s independence from the investment advisers and other principal service providers for the Company.
In identifying potential nominees to the Board, the Nominating Committee considers candidates recommended by any of the following sources: (i) the current Directors; (ii) the Company’s officers; (iii) investment advisers to the Funds; (iv) shareholders; and (v) any other source the Nominating Committee deems appropriate. The Nominating Committee will take into account a wide variety of criteria in considering candidates including the following criteria: (i) knowledge in matters relating to the investment company industry; (ii) any experience as a director or senior officer of public companies; (iii) educational background; (iv) reputation for high ethical standards and personal and professional integrity; (v) any specific financial, technical or other expertise and the extent to which such expertise would complement the Board’s existing mix of skills and qualifications; (vi) the perceived ability to contribute to the ongoing functions of the Board; (vii) the ability to qualify as an independent director; and (viii) such other criteria as the Nominating Committee determines to be relevant. The Nominating Committee will consider and evaluate candidates nominated by shareholders on the basis of the same criteria used to consider and evaluate candidates recommended by other sources.
Item 11. Controls and Procedures
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSRS was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
| (a) | (1) Code of ethics – not applicable to this semi-annual report. |
| | (2) | Separate certification of Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. |
| (b) | Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, are attached. These certifications are being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and are not filed as part of the Form N-CSRS with the commission. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| Penn Series Funds, Inc. | | |
| |
| /s/ Peter M. Sherman | | |
| | |
| By: | | Peter M. Sherman | | |
| | President | | |
| Date: | | September 6, 2012 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| /s/ Peter M. Sherman | | |
| | |
| By: | | Peter M. Sherman | | |
| | President | | |
| Date: | | September 6, 2012 | | |
| | | | |
| /s/ Robert J. DellaCroce | | |
| | |
| By: | | Robert J. DellaCroce | | |
| | Treasurer | | |
| Date: | | September 6, 2012 | | |
